buying real estate
 

need some info on buying a house/condo

can you just walk into a real estate office and start asking questions? i am kind of a bum, i don't see myself fitting in. also nobody in their right mind would give me a loan due to having no job but what if parents co-sign? should it be no problem after that or could i still run into trouble?

let's put it this way, what is step #1?

Re: buying real estate
 

making urself not look like a bum so u CAN go into an office

Re: buying real estate
 

Walk in and light fire to 100K, and let them know you still have the bankroll for 30/60.

EDIT: Yes I'm being a tool, but you'll get tons of other helpful replies I'm sure.

Re: buying real estate
 

Get your finances together and shop around for a mortgage pre-approval. You can't start looking until you know what you can afford.

Once you have done that, approach a few real estate agents and let them know what you are looking for. Doesn't matter what you look like, etc. - if you have a pre-approval for a certain amount, they will certainly start looking.

Re: buying real estate
 

Get a mortgage broker that you trust (recommendation from family or friends) and start looking into getting pre-approved.

You'll easily be able to get a loan, because you have tons of cash, no? You may have to get a stated income loan, which is like half a point higher than standard, but no biggie.

Then, once you're pre-approved, you'll probably want to get a good realtor, who can start scouting properties for you.

***I can't emphasize this enough***

Make sure your mortgage broker and realtor are trustworthy.

Re: buying real estate
 

Assuming your parents make a good living and have good credit, and I am guessing they with such marvelous offspring (lol), if they were to co-sign, you would most likely have zero trouble and it would be as if it was their credit.

Re: buying real estate
 

Yep. Before that, I'd probably ask around to see if any of my friends know a good/trustworthy real estate agent. If you are referred from a past client, the odds are you will be treated better. If you don't have a job, how are you going to afford a place? Do you have liquid savings? They are definitely going to judge your ability to pay.

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
Walk in and light fire to 100K, and let them know you still have the bankroll for 30/60.

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why not just use that as down payment?

Re: buying real estate
 

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Walk in and light fire to 100K, and let them know you still have the bankroll for 30/60.

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why not just use that as down payment?

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Because that would be plain stupid. Just light the money on fire idiot.

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
making urself not look like a bum so u CAN go into an office

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any way to make this a peachy-less thread? ty

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
If you don't have a job, how are you going to afford a place? Do you have liquid savings? They are definitely going to judge your ability to pay.

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i don't have a job, but i do have income. i also have liquid savings.

Re: buying real estate
 

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Walk in and light fire to 100K, and let them know you still have the bankroll for 30/60.

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why not just use that as down payment?

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It doesn't matter because your reputation as a hit and run artist will prevent you from getting a loan.

Re: buying real estate
 

ok, everyone is talking up this "pre-approved" business, and i'm digging it. problem is i know nothing about any of this stuff. what does that even mean? sounds like a good first step though

Re: buying real estate
 

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ok, everyone is talking up this "pre-approved" business, and i'm digging it. problem is i know nothing about any of this stuff. what does that even mean? sounds like a good first step though

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Do something like Lending Tree, or call a local bank. The mortgage officers will take you through a 10 - 15 minute interview. You'll need all your financial info, but it's relatively painless.

Re: buying real estate
 

The main thing is to hope they havent seen the hot tub pic or the parasailing pic.

Seriously, there are a lot of different options for financing right now. Make sure you do some research on the different options so you dont get snowballed. Also, what is your aim with this purchase? Investment, long term home, combination thereof?

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
</font><blockquote><font class="small">In risposta di:</font><hr />
ok, everyone is talking up this "pre-approved" business, and i'm digging it. problem is i know nothing about any of this stuff. what does that even mean? sounds like a good first step though

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Do something like Lending Tree, or call a local bank. The mortgage officers will take you through a 10 - 15 minute interview. You'll need all your financial info, but it's relatively painless.

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i just don't want to look silly when they ask "where do you work?"

Re: buying real estate
 

A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
The main thing is to hope they havent seen the hot tub pic or the parasailing pic.

Seriously, there are a lot of different options for financing right now. Make sure you do some research on the different options so you dont get snowballed. Also, what is your aim with this purchase? Investment, long term home, combination thereof?

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just looking to live somewhere other than home w/ parents

Re: buying real estate
 

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making urself not look like a bum so u CAN go into an office

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any way to make this a peachy-less thread? ty

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i am being very serious...before u even go looking for a mor. or a house change the fact that u look like a bum (as said by u). Your appearence will be very important...unless u have CASH to pay for this house all at once - this is not an option that im kidding about.

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

Re: buying real estate
 

If you can show that you've earned a reliable income for the past couple of years, that should be enough (combined with a sizeable down payment) to secure a pre-approval. You have filed tax returns, right?

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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unless u have a friend that does this...in most cases yes



like i said in ur post some time ago about this...if u run into problems get a whatever type job for a few months to show income and retry for the loan

ur parents cosigning will all matter on how good thier credit is, net worth, and if they still have income

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
</font><blockquote><font class="small">In risposta di:</font><hr />
</font><blockquote><font class="small">In risposta di:</font><hr />
A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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unless u have a friend that does this...in most cases yes

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what kind of cheddar are we looking at here?

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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No you do not. The mortgage broker will make his money when he gets you the loan.
The fact that you do not have a job will be your main problem. Your parents co-signature will be a must I imagine. Also, it can work in your favor if your parents have good credit, you can get a better interest rate

Re: buying real estate
 

</font><blockquote><font class="small">In risposta di:</font><hr />
If you can show that you've earned a reliable income for the past couple of years, that should be enough (combined with a sizeable down payment) to secure a pre-approval. You have filed tax returns, right?

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only filed tax returns last year, and not for a lot of money

Re: buying real estate
 

Well like I said, get familiar with the various financing options. The reason I asked the question that I did is that it may drive the type of house you want to buy. Given what you answered, Id be inclined to look for a house that you can tolerate living in that has good resalue value. As with any major purchase, have a good idea of what you want or you will get railroaded by the agent. Dont ever forget they work off commission and you will have the proper suspicion of their motives. [img]/images/graemlins/smile.gif[/img]

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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unless u have a friend that does this...in most cases yes

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I bought 2 houses and never had to pay for pre-approval. Mortgage brokers make their money at closing

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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unless u have a friend that does this...in most cases yes

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I bought 2 houses and never had to pay for pre-approval. Mortgage brokers make their money at closing

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i assumed he meant for the whole deal...didnt know he was just checking on "approval" - my bad

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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You shouldn't.

I used a B&amp;M company out here that does this sort of stuff... and like you, I was looking to get pre-approved before I had a job.

I didn't have to pay for this service.

I'd recommend using a flesh and blood person that you can talk to rather than using something online like lending tree.

When it comes time to close, you pay for the service in terms of closing costs. Not sure what's standard... you will need to find out from someone reputable.

Re: buying real estate
 

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The fact that you do not have a job will be your main problem.

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Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins.

He won't have a problem getting a loan.

Re: buying real estate
 

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A mortgage broker will tell you how much money a bank will be willing to lend you or "pre-approved for".

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do you have to pay for this service?

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unless u have a friend that does this...in most cases yes

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I bought 2 houses and never had to pay for pre-approval. Mortgage brokers make their money at closing

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i assumed he meant for the whole deal...didnt know he was just checking on "approval" - my bad

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No problem [img]/images/graemlins/grin.gif[/img]

Re: buying real estate
 

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The fact that you do not have a job will be your main problem.

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Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins.

He won't have a problem getting a loan.

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whoa let's not go crazy

if i could buy the place outright, cash, i would

Re: buying real estate
 

I'm thinking there's pretty much no way you'll be able to get a mortgage by yourself, then, if you cannot prove a reliable source of income in the future. Which is fine...just jointly purchase with your parents, and then buy them out at some juncture in the future. Then you'll have a tangible asset (the real estate) for any future loan needs.

Re: buying real estate
 

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The fact that you do not have a job will be your main problem.

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Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins.

He won't have a problem getting a loan.

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I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan.

Re: buying real estate
 

i'm not wealthy! lies!

Re: buying real estate
 

ray zee should really respond to this thread.

Re: buying real estate
 

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if i could buy the place outright, cash, i would

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You wouldn't want to do that for lots of reasons.

But c'mon, don't be shy. I know you have a gold mansion and a rocket-car already.

Re: buying real estate
 

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i'm not wealthy! lies!

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Does not really matter, go to a mortgage broker and tell him you situation, how much money you have, that your parents will co-sign if mecessary... He will be able to tell you exactly where you stand.
Good luck.

Re: buying real estate
 

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I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan.


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Yeah, if you have even like 10% down, you can get a stated income loan. You'll pay a slightly higher interest rate, but you don't have to "prove" you have income.

You do have to have a good credit score, though.

daryn?

Re: buying real estate
 

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I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan.


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Yeah, if you have even like 10% down, you can get a stated income loan. You'll pay a slightly higher interest rate, but you don't have to "prove" you have income.

You do have to have a good credit score, though.

daryn?

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yeah my credit score is pretty good. i think i posted it in a thread a while back.. maybe it was something like 745?

i definitely can and plan on putting at least 20% down too.