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Carey Frennier

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Location
Plattsburgh, NY
Amanda and I found a home we liked, got a pre-approval and submitted an offer. We found a 3 bedroom, 1 bathroom, 1 car garage, 1700ft^3 house in a very hot area close to the Vermont ferry. It was originally built in 1950 so the previous owner spent most of their money upgrading the necessities.



We focused on the property layout, location and "the bones of the house." It has a new town water main, new roof, new water heater, new furnace, new (resurfaced original) hardwood flooring in ever room except the living room and the kitchen. The house also has 85% new plumbing.



We will have to put some money into updating the 100amp service to 200amps, the removal of the living room carpet and a complete kitchen overhaul. Eventually we will repaint the House and the Garage. The aluminum siding is in perfect condition.



Yesterday the offer was accepted and we are moving forward with a home inspection and then we get the lawyers involved.



I was wondering if anyone has advice for a pair first time home buyers!



I'm going to do my own mini home inspection on Thursday next week.



Does anyone know of any government programs to help us bring the closing costs down or perhaps grant money? Other than the $8,000 tax credit.
 
First, spend the $250 to $300 to get a certified home inspector. Second, get a wood infestation report-also known as a termite letter. This is money well spent I am a real estate broker in Georgia, so I don't know just how it works where you are-but some states will only allow you to negotiate repairs that were found by a professional. Can you tell if the wax ring under the toilet is leaking? What about a thermal seal that has gone bad on a window? Visit my web site for helpful tips www.IvanCrawford.com One last thing-get a home warranty. I recommend Old Republic www.orhp.com
 
In most cases, a home inspection is mandatory. If there are major problems, they will let you know. I would look for water marks in the basement, if it has one. They show up as a white powdery look on walls. Lead paint, in-ground oil tank, and asbestos are things you don't want to find. Check insulation, windows and fuel oil usage. Hope you get a good inspector, one that won't sour the deal too. Good luck!



Gary D.
 
If it's on septic, be sure to have a septic tank inspection. It's separate from a home inspection, but is only a couple hundred dollars (including pumping out the tank) and is well worth it.



We had one done on our place before we moved in and it allowed us to dump $1,500 worth of drain field repairs on the previous owner that we otherwise would have been stuck with.
 
Also, get a real estate attorney from the area you are buying the home. He or she will be worth every penny. They will make sure the deal goes through smoothly, with all I's dotted and T's crossed. If a snag happens along the way, and it might, they act in your best interest.



+1 on the home/termite inspection.



Sign nothing until you absolutely have to. Make the smallest deposit possible to hold, and make sure you can get it all back if you change your mind.



Don't use a buyer broker. They are a scam, especially in the current buyer's market. (I don't care if I offend buyer brokers that might be lurking; the Internet has made you folks obsolete).



TJR
 
I don't know if they have any programs near you that would do a down payment assistant program. We did one when we bought our house 3 years ago. It was through the county we were moving into, we got $5000 to help w/ the down payment. If we stay in the house for 10 years, the $5000 goes away and I don't have to pay back a dime of it. If we move w/in 10 years, we only pay back the $5000, no interest on it. We planned on staying in our house for awhile so we thought it was a great deal. We learned about this through our first time homebuyers course that we were required to take to get a loan. It was kinda funny cause Wells Fargo told us we had to take this course, and the people that did the course steered us away from Wells Fargo and we got our loan at 1.5-2% lower than what Wells Fargo was going to get us. (we only went in to wells fargo to see what we could qualify for)
 
Are you a 1st time buyer? Veteran? then a FHA or VA loan may be a possibility... inspection is a must. Local code enforcer/officer may be a good consult, especially if you want to add on or put up a shed. Look for easements, and survey poles. Old trees can be costly to remove if needed. Call your insurance company, as they may need you to do certain things before they will insure it... Title insurance may be needed, if there are native american land claims on the property... Furnace and water heater condition would also be a concern for me... Good Luck and let us know how you made out...
 
Put 20% down.



Don't expect to make money off the house.



Skip the lawyer if you have any brains at all, the forms are all standard and can be read by anybody with an education.



Put 20% down.



Put 20% down.





Did I mention that you should ALWAYS put 20% down?
 
Check FHA loans, get the first time home owners discount... ALSO don't freak out when you see the truth in lending form !!!!!



As for the home inspections....... I HATE them !!! I am sorry to say that, The guy we used was recommended by the insurance company....



We had fire violations and other issues and he never noted them.... i found this stuff 1 week after digging in the attic and walls after a plumbing leak.. Not the wax seal but the Led bend....



We took the jerk to court..... Got our lousy $275 back... Big deal......



Buyer beware when the banks and real estate wants to stage a house for sale.... The hide a bunch of things...



Watch out for the person always doing Laundry, OR the windows always open, OR the things you least expect..



not scaring you But my house needed 20K of hidden things, stuff we were lied to about, broken apliances.... Yes it could have been worse, but just be careful and DO NOT leave any stone unturned....



And remember the man who said " the joys of home ownership" SHOULD BE SHOT !!!



Todd Z
 
We are first type home buyers.



We are putting 10% down. We are saving what little else we have for home improvements and other fees.



BigDedition, It's on the Spearman Rd. off the Cumberland Head Rd.. It's exactly 1.7 miles from the Ferry. Since my Fiance's job is in VT.
 
Another minor detail, but check the water pressure to make sure it's up to your standard. There is nothing more miserable than low water pressure. Go to the bathroom, turn on the shower/tub on, turn the sink on, and then flush the toilet.



If the house is a 'one-holer' it could be miserable for two people to be using different parts of the bathroom at the same time.
 
Home inspectors are worthless. Forget about them. Take a handyman bud with you and look it all over yourself.



Do not ever get a home owner warranty. Never ever ever. Even if the seller pays for it- refuse it in writing.



Termite inspection well worth it and probably required by your insurance co.



HVAC inspection and service can be helpful if in doubt.



Drive by the house and sit and listen several times at different times of the day and night to check for noises, etc.



Put 20% down. Avoid PMI/MIP if at all possible.



Do not pay points to buy down the interest rate. Waste of money.



Don't be pressured to do anything.



Don't believe anything unless it is in writing.



Before agreeing to the lowest price, ask for things to be thrown in or for credits for new paint, carpeting, appliances, HVAC system, decorating allowance, move-in assistance, etc.



Lawyer not needed. Bank will make sure deal and paperwork from seller/realtor is OK. Can you trust the bank though?



Ask realtor advice for first-time homebuyer incentives. States and some municipalities also have incentives.



Demand copies of electric bills for previous 12 months before signing.



Buy title insurance (bank will probably require this anyway).



Get fixed-rate mortgage. Do not get an adjustable mortgage.
 
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For those saying a lawyer is not needed, I say think again, especially for an older home in the northeast.



Problems lurk around every corner, and it's nice to have the lawyer to back you up during the sale, reviewing the contracts that you sign with the home inspector, etc, if for no other reason that SHOULD there be a problem a year or two after the sale that lawyer is the FIRST person you call.



I remember Gary had some issues with his home in CT. Lawyers aren't needed, until they are needed.



TJR
 
As a first time buyer, I would go with the attorney, but that is me. I did this last summer and the lawyer was a big help. I used the same one I had assist with the close out of all my late wifes affairs (he is a probate judge in addition to being a real estate attorney). It was comforting to have someone review all the forms (the stack was close to an inch thick) and to be able to explain what I was signing in laymans terms.



Home inspection -- I agree with skipping it if you are somewhat savvy with home repairs. Test everything and look everywhere. My buddy had a home inspection and 3 weeks after closing discovered all the new windows were installed wrong -- cost him 18k in repairs for water damage. All he got from the home inspector was his 375.00 back.



Homeowner warranty -- if the seller or agent is throwing one in, ask them to just give you the credit. They gave me one, and it was useless. A simple water leak cost me $80 for them to tell me they could not find anything wrong when I knew I had a leak. Granted, if they had found it, they would have fixed it, but in the long run, I feel it was a waste. My biggest concern was hvac (I knew I was replacing it) and the h2o heater -- costs less than the warranty to replace.



Agree with getting copies of the utility bills -- you don't want sticker shock.



I had rented this house for 3 years before buying it, so I knew what the issues were, it was 20 years old, so I expected that some things would go wrong. I headed some of it off by replacing the HVAC with a more efficient unit (old one was underrated for the house) and cut my utility bill by 200.00 a month -- but it will take me about 5 years to recover the initial outlay.



Congrats on your purchase, lets see some pics!!!



 
agree with tjr. a real eastate attorney is a must.

i used mine for my first purchase in new york and again for my house in florida.

we really didn't need one for the fla house, but the ny house he was needed as the builder was getting a little "dicky" at closing.

as far as inspectors, both of the houses were new, but you still need to make sure that everything was built properly.

it just seems the fla transaction was much easier.



if you can't do 20% down, that is ok , do what you can afford.



best of luck
 
+1 for lead paint issue as mentioned by member above as you stated the home is pre-1978 lead paint ban.



EPA lists much of NE as likely high radon levels - this is not a myth, but a serious health issue and could easily be a problem in your basement and/or surface level. I have personally backed out of an offer I had made on a house because it failed a radon test - very expensive problem to fix.



Other indoor air quality issued may be present - I think you mentioned a new furnace, but does it have old ductwork that needs to be professionally cleaned?



ELF EMFs can be a health issue if the home is not wired properly to cancel these electromagnetic fields.



And finally, I disagree with the member above that stated "home inspectors are worthless," particularly if you don't have the knowledge to find issues yourself. However, you do still need to find an inspector who is skilled and trustworthy.
 
My wife does closings, has for 20 years.



Lawyers are useless and only read what SHE prepares, then they take your money.



Most of the time, the lawyer isn't even aware of the closing until the clients show up at the conference room.



She always says a closing with real estate agents and home owners/buyers can be done in 25 minutes, throw in a lawyer and spend 3 hours for the EXACT SAME THING. They cannot change terms and conditions, those are set by the banks and government agencies.



If you have problems down the road, then get a lawyer.
 

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