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/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more