Skip to main content

First-Time Homebuyer Needs advice (Buying from Family)

Long-story short,

Grandfather's dying and I'm looking to purchase his home for my parents. The home is expected to cost $100-130k. (I have a more accurate number but keeping it broader for....reasons). I'm also omitting the state for privacy, I hope that isn't a huge deal.

I've never purchased a home before or even entertained the idea and looking for advice. I'd like the responses to focus less on the "Can you afford it? What's your income?" and more looking at the steps I should be taking or the questions I need to be asking.

Have done a lot of reading, but I still don't know the steps I should take. When do I hire a real estate attorney, inspection company, or even a title company?

Anything helps at this point.

Some of my main questions/concerns are below:

I wasn't planning on using a relater since I already have the home picked out. I understand that especially for a first timer, it's nice to have someone else to set up all the appoints (i.e., appraiser, titling company....)

I've gotten a couple pre-approval done, but it was an interesting process. One told me to put down at least 30% to get lower rates. The other told me not to put down too much (stick with the 20%) because my loan would get denied due to closing costs being too high.

I won't be living in the house, so the companies looked at it as an investment property, but I was told that it could be a second home. I live about 300 miles away and will visit more than 14-15 days a year.

submitted by /u/Snap89
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/zpu3yv/firsttime_homebuyer_needs_advice_buying_from/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/