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/biz/ - Business & Finance

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53936735 No.53936735 [Reply] [Original]

What is the right way to go about buying a house?

I'm renting with my wife right now, and we are almost at the point where we have a large enough downpayment saved to get something in our area. We both also have excellent credit.

Do you have any tips to avoid getting ripped off? Are there any obvious traps a newbie might not know about? I'm worried about getting a bad interest rate or paying too much for a shit box, or buying a shit box and not realizing until it's too late.

>> No.53936801

>>53936735
Just buy whatever you can get your hands on before you are priced out

>> No.53936822

>>53936801
No I won't do that. I'm too smart to FOMO.

>> No.53936862

>>53936735
>Do you have any tips to avoid getting ripped off?

Yeah, don't buy a house right now.

Prices won't bottom for at least a year or two, probably more, so any money you spend now is going down the drain.

>> No.53936876

>>53936862
Thanks friend, that's roughly my plan right now. Trying to get my landlord to sign a two year lease.

>> No.53936896

>>53936862
I guess I am confused about the process.

Where should I go to get prequalified and when?
Should I go to my bank first, or talk to a real estate agent first?

>> No.53937082

>>53936735
what kind of megatard asks for actual life advice on /biz/? Go ask this on Reddit, you'll get much better advice.

>> No.53937164

>>53937082
I really hate reddit though.

>> No.53937215

>>53937164
You don't have to make out with it, just go ask questions

>> No.53938950

>>53936896
Yeah, the process sucks. I was thinking about trying to find a buyers agent who holds my hand and walks me through every step. Though that will no doubt be mega expensive too. Nothing else for it but reading books, guides, and asking relentless questions.
Although before that have to figure out what is a reasonable house-goal to aim for.

>> No.53939048

>>53936735
You missed the boat. Find the cheapest rent and keep saving until the next run.

>> No.53939076

>>53936896
The process is get pre approved so you can make offers. It took me 5 years to get a house, lost around 30 offers. I was always looking for the diamond in the rough. Unfortunately, so are all the flippers/people looking for value. It paid off, as my house appreciated 6 figures. COVID and living in cuckville tyranny faggot land of Seattle helped as well.

>> No.53939077
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53939077

Only buy if the buyer premium is low/negative, buying while the premium is high is a near guarantee you'll over pay

>> No.53939158

>>53936896
If you don't bank with a credit union your bank might not even do mortgages anymore, all the big banks cut down massively or cut out entirely their mortgage departments last year. Go with a local mortgage broker, and talk to a broker before looking for a real estate agent so you know your budget

>> No.53939178
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53939178

>>53937082
Fuck off back their faggot

>> No.53939269

>>53936735
Just make sure you can see the rim of the house where the framing meets the foundation. Vinyl siding is a great way to hide rot.