First step towards homeowners, again!

[Exodus_2pt0]

Yea no agents in either side, and we found a company that will prep all the paperwork for us. I know the current owners on a personal level, so this is literally a private party deal.

Talked to the loan officer today, and it looks like we are going to be good to go!

We have been looking at homes for 2 years now, and have gone down to see this place and feel in love. As far as pricing goes, I haven't seen anything comparable in the area for any less than 50k more than we are paying.

I'm not too concerned on the build of the home, if there are any issues the third party inspection should show. They did do a lot of work to it though, as they purchased it as a foreclosure back in 2012. I wish I had taken pictures when we went down, I'll see if I can get the owner to snap some for me.

This is the home I will be in when I retire in a little over 30 years. More than enough time to do additions or updates as we see fit. It's perfect for two hobbits like ourselves though. Huge yard, lake across the road, private cul-de-sac shared with 3 or 4 other houses and lots of room to stretch out and breath.

We made a mistake buying our first home back in 2010. We were young and let our real estate agent talk us into buying way out of budget, and it ended badly. Luckily, in may it will be 4 years since the foreclosure finalized, so we will be eligible for my Credit unions first time home buyer program. As of right now we are looking at 3.5% Apr, but won't be able to lock in the rate until 45 days before closure. That's fine though, because my credit is still steadily increasing as I get all my ducks in a row.

[TimeMachinE30]

Well done. Home ownership is cool.

Hope the community around you and schools servicing your kids are just as great.

Nice garage too... lift?

[jrossowvue30]

Yeah, there is a difference in how real estate transactions are completed on the east coast versus west coast. We don't have real estate attorneys who preside over transactions. We have Realtors (brokers and agents) who serve the same function as a real estate attorney on the east coast. They do the exact same things.

I thought that that real estate attorneys were exclusive to the north east and everywhere else used Realtors. I could be wrong.

People love to hate on RE agents, those people sometimes get taken for a ride when purchasing homes without one. A real estate attorney does not preside over a transaction, not in Virginia at least where the OP is buying a home. I'm not sure of any place or state that uses attorneys to do a deal from start to finish. A RE attorney only does the closing once you get a house under contract, so they're only doing the deed prep and title transfer and the associated duties related to ownership passing from a seller to a buyer and taking the deed to be recorded down at the courthouse.

It sounds like the sellers in this case might not be using a listing agent to represent them either, at least you're on equal footing OP.

If anyone goes into a deal that has a listing agent and thinks they're going to save money by not using a buyers agent is a fool. A seller agrees to pay a certain percentage of the sales prices to commission upfront, that's signed in writing as part of they're pre-listing documents. The listing agent then offers up half of that agreed upon commission to a buyers agent as incentive to show and hopefully sell their listing. If you go into a transaction and elect to be unrepresented all you're doing is putting yourself at a disadvantage and giving the listing agent a full commission. Basically either way someone is getting paid, you might as well bring an agent to represent you to the party. Selling of homes and other properties is a highly regulated business, most Realtors are very highly trained and well versed in the laws of real estate and are there for your protection and to keep you from doing something stupid to open yourself up to a lawsuit.

[roguetoaster]

i grew up in one for most of my younger life, if they are renovated well and that one looks like it it should be okay, worst comes to worst he will own the land and could build a new home eventually anyway.

True enough, but they're generally not well built, have some specialized fittings and fasteners that you can't work with unless you find a store that caters to them. That's before we even get in to the roofing issues that are more than likely present when you can't inspect the roof deck.

Whatever the case, if it fits the budget and it's objectively the correct home for the OP/fam then by all means. Just go in to it with a critical mind, more so than with any other purchase.

[kickinindian]

i grew up in one for most of my younger life, if they are renovated well and that one looks like it it should be okay, worst comes to worst he will own the land and could build a new home eventually anyway.

[markseven]

There are plenty of people who care more about the garage then the house. So many people spend so little time inside the house anyway.

If this is the house he will grow old in, then yes.

If he plans to sell and see a greater return on his investment, I'll wager living space trumps garage space for most home buyers. Garage > house is probably a very small percentage of the market.

[Wschnitz]

There are plenty of people who care more about the garage then the house. So many people spend so little time inside the house anyway.

[roguetoaster]

Don't get totally fixated on one place just because of the garage. I know it's easy to do, but in the end it's more valuable to have a nice house (modulars ain't it IMO) and add a garage if needed.

[markseven]

From what I've seen having purchased a home a year ago, real estate agents don't really do much of anything besides search the multiple listing service database and let you into the home to look around.

Get a good real estate attorney, this was the most important thing for us, he knew what he was doing and had worked hundreds of transactions in the area so he knew the local laws and got everything done right the first time.

Screw paying a real estate agent, if you can close without one, more money in your pocket. Wit the advent of the internet, the agent is eventually going to go the way of the dodo bird.

Seller pays RE commissions.

[marshallnoise]

From what I've seen having purchased a home a year ago, real estate agents don't really do much of anything besides search the multiple listing service database and let you into the home to look around.

Get a good real estate attorney, this was the most important thing for us, he knew what he was doing and had worked hundreds of transactions in the area so he knew the local laws and got everything done right the first time.

Screw paying a real estate agent, if you can close without one, more money in your pocket. Wit the advent of the internet, the agent is eventually going to go the way of the dodo bird.

Yeah, there is a difference in how real estate transactions are completed on the east coast versus west coast. We don't have real estate attorneys who preside over transactions. We have Realtors (brokers and agents) who serve the same function as a real estate attorney on the east coast. They do the exact same things.

I thought that that real estate attorneys were exclusive to the north east and everywhere else used Realtors. I could be wrong.

[mbonder]

From what I've seen having purchased a home a year ago, real estate agents don't really do much of anything besides search the multiple listing service database and let you into the home to look around.

Get a good real estate attorney, this was the most important thing for us, he knew what he was doing and had worked hundreds of transactions in the area so he knew the local laws and got everything done right the first time.

Screw paying a real estate agent, if you can close without one, more money in your pocket. Wit the advent of the internet, the agent is eventually going to go the way of the dodo bird.

[marshallnoise]

Congratulations! But I would highly advise having a Realtor preside over the transaction. They practice the law of real estate. There is no harm or offense in practicing your due diligence.

[Exodus_2pt0]

It's a modular technically, but listed as a rancher. There's no moving it, permanent setup. 3 br, 2 full bath. Not the biggest home but the current owners did a lot of renovations when they purchased it 5 years go. Also, 2.5 acre lot so plenty of room to expand if need be down the road.

[markseven]

Congratulations! The property looks wonderful. Is the house a traditional construction on a foundation or is it moveable?

It's great that you have the option to exclude a RE agent.

[markseven]

Congratulations! The property looks wonderful. Is the house a traditional construction on a foundation or is it moveable?

It's great that you have the option to exclude a RE agent.