Home Buying in 32258>Question Details

Sara, Home Buyer in 32258

First time home buyer! Questions...

Asked by Sara, 32258 Thu Jan 1, 2009

A friend and I would like to buy a house together. Not really sure where to start and don't want to get caught up in a scam and end up paying too much. We both have great credit, however no down payment. What's the best way to get financing? Do you get all of that sorted out with a mortgage company before you start looking at houses? How do you go about finding a mortgage company?

Then we'd be willing to buy a forecloser or short sale. Is there anything special we need to do to get one of these types of house?

Where to start?
Thanks for your help!

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Answers

12
Hi Sara,

I have been reading the answers of some of the other agents and they are all giving you great advice. One thing I did not see mentioned that you really should consider is sitting down with your friend and having a very serious conversation about purchasing a home together. You should talk about an exit strategy and here is the important part - put it in writing and you both sign it. Allow me to play devil’s advocate. If something happens and you and your friend have a falling out, or one of you needs to move or sell for whatever reason, then the selling situation could get unpleasant for you both. Having a plan in writing and in place prior to purchasing can make for a much smoother exit if the unforeseen happens. I hope this helps and best of luck.

Larry Gatti
Keller Williams Realty
Realtor, ABR, CRS
Cell: 502.314.0907
Office: 502.554.9445
Email: mailto:larry@larrygatti.com
http://www.larrygatti.com
http://www.louisvillehomecenter.com
Web Reference: http://www.larrygatti.com
2 votes Thank Flag Link Mon Jan 5, 2009
Sara:

Hi, I'm Sue Holt, Realtor with Watson Realty. The first step in buying a home is establishing a relationship with a Realtor that you trust. The next step would be to get pre-qualified with a reputable mortgage loan officer. Along with your Realtor, they should be able to advise you on the best and most cost effective way to go. Before executing a contract on a home, you should always have a print out of the most recent SOLDs from the neighborhood, AND A "GOOD FAITH ESTIMATE' from the lender to make sure that you're not paying too much for either. It is possible to buy a home with no money down. A good mortgage lender can advise you. If you need more information or have other questions, please don't hesitate to call me @ 904-923-1094 or email me at: sue@sueholtadvantage.com. I hope this helps!
1 vote Thank Flag Link Fri Jan 2, 2009
Hello Sara,

I am Jorge Nuñez, Realtor with EXiT Real Estate Gallery here in Jacksonville FL.

If scams are main concerns in your transaction to your first home, than my advice to you is to call directly one of the Community Housing Development Organizations like the Housing Partnership of North East Florida. They are on 4401 Emerson Street Jacksonville, Florida 32207 Telephone (904) 398-4424. This is a very safe place to start.

After that you can use my website unique home search engine to find your dream home.

At EXiT Real Estate Gallery we have in house representatives that will as a team come up with the correct answers you must have before buying or selling a home. For wise buyer’s this is a must.

Before you hire someone else to sell or buy your property, give us an opportunity to meet and ask us about our 50-G and our 100% Referral Programs and how we make them work for you together with our EXiT 2-10 Home Warranty Programs. You will then understand why EXiT Realty is the fastest growing real estate franchise ever.

For our clients convenience we also speak Arabic, Chinese, French, German, Korean, Filipino and Spanish.


Jorge Nuñez, Realtor, RECS

Florida HomeBuyer Magazine 2009, Five Star Realtor

Web Reference: http://www.RentingFirst.com
1 vote Thank Flag Link Thu Jan 1, 2009
Hi Sara,

Your 1st step should be to contact a good mortgage lender to get his/her advice and letter of pre/approval . Once you get a letter, connect with an experienced broker so you can see what your $ get you in your area.
The market all over is a buyer's market.
Good Luck
0 votes Thank Flag Link Sat May 14, 2011
Sara,

The first step in buying a home is establishing a relationship with a local Realtor and a Mortgage broker who can guide you trough the entire process.

A mortgage broker can help you find out how much home you can afford so that you can start your home search based on your pre approval!

This is a great time to buy as rates are still low and there is many homes to choose from including motivated sellers, short sales, REO (bank owned foreclosures), HUD(publicly operated housing development), etc.

There is many banks who offer 100% loans, $100.00 down payment loans etc.

If you are interested in checking out HUD homes in your area feel free to contact me directly or check my current listings!!

Viviana Caicedo
Professional Realtor®
HUD Specialist.
100% Real Estate, Inc.
904.891.7230 (Cell)
800.454.3422 Ext 752 (toll-free)
866.677.4613 (fax)

NOTE: Don't forget to ask your realtor about the different kind of real estate ownership you may choose before closing, this is especially important when you are buying property with a friend!

There are a variety of forms of ownership of property. The more common forms of ownership include:

(1) Joint Tenancy: property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as "John and Mary, as joint tenants with right of survivorship and not as tenants in common" establishes title in joint tenancy. Not all the states allow this form of property ownership.

(2) Tenancy in the Entirety: some states have a special form of joint tenancy when the joint tenants are husband and wife -- with each owning one-half. Neither spouse can sell the property without the consent of the other. Words in the deed such as "John and Mary, husband and wife as tenancy in the entirety" establishes title in tenancy by the entireties.

(3) Sole Ownership: owned entirely by one person. Words in the deed such as "John, a single man" establishes title as sole ownership.

(4) Tenants in Common: property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common. Words in the deed such as "Peter, Paul, John and Mary as tenants in common" establishes tenancy in common.

(5) Community Property: only in states that recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common. Words in the deed such as "John and Mary, husband and wife as community property" establishes community property ownership.

The above ways for owning real property are all present interests - that is, the owner has the rights now. There are also future interests - that is, interests in property that come into effect in the future. Typically future interests are based upon the occurrence of a contingency, such as someone dies and the decedent's interest in the property passes in accordance with his/her last will or trust.

Good luck!
0 votes Thank Flag Link Sun Jan 9, 2011
Hello Sara,

Buying your first home can be a scary process if you don't know what you are getting into. I work with a lot of first time buyers so I understand your concerns. If you all are available, let's meet for coffee somewhere and I can answer your questions and walk you through the homebuying process. This will make you all more comfortable with the process and make things easier (and less stressful) in the long run.

Give me a call when you all are ready. I can be reached at 904.860.8102.

Regards~

Nancy M Bateh, Broker-Associate
Exit Southern Heritage Realty
nancybateh@exitrealtyjax.com
904.860.8102
0 votes Thank Flag Link Wed Jan 7, 2009
Sara-
I have one Flagstar REO in Jacksonville that qualifies for 100% financing as long as you plan on occupying it.
6180 Lake Lugano Drive, Jax, FL 32256 Price is $101,000.

I am not sure if that helps you but pretty much everything you are going to want to buy will require at least 3% down.

Call me if I can help.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Fri Jan 2, 2009
Sara, This site will let you see all the fed gov. loan programs and see if might qualify.

http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

This site has a lot of mortgage information plus more. Worth the look IMHO..

http://www.ofheo.gov/PublicInformation.aspx?Nav=136

One step at a time..
Good luck, Dunes
0 votes Thank Flag Link Thu Jan 1, 2009
No shortage of great advice here, Sara;
All of these responses are steering you in the right direction. The bottom line is that a professional Realtor is an integral part of any successful transaction. Most Realtors can refer you to a great Mortgage professional that is adept at finding the best financing for any particulair situation. It is important that you interview your Realtor to make certain that thier area of expertise includes first time buyers, short sales and/or foreclosures. Just like any other profession, there are specialists in Real Estate as well and you are looking for the Realtor that specializes in your area. Any of the professionals that responded on this page (that are in Jax, and preferably in the area you are looking to buy in) would be a good place to start. I do a lot of work for first time buyers because this is one of the few areas that have remained consistent throughout the economic downturn, and there are a number of programs that can help. Most are income restricted and only the USDA program still offers a 100% program. There is also an FHA program that provides funds for fixing up a property so you can look at properties that need some work. I specialize in Mandarin, Southside, 32210, 32221, and 32244 and work with several lenders that specialize in first time buyers and the Florida Bond Program. Feel free to visit my website or to give me a call if I may be of service. Good Luck.
Web Reference: http://www.EricSellsJax.com
0 votes Thank Flag Link Thu Jan 1, 2009
Hi Sara, great question. It is a good idea to speak with a reputable mortgage person before you start looking so that you know how much house you can afford. If you are concerned about being taken advantage of, I would avoid internet lenders and choose someone you can see face to face. We know some great people if you would like a few names to call. Second, get a Good Faith Estimate from each lender and compare apples to apples. You may find a lender with a slightly higher interest rate will be a better choice because of the closing costs.
If you have no down payment, you might qualify for the USDA Housing Program where you can still get a 100% loan. To qualify for this, you have to live in a 'rural' area but there are areas that qualify that are not really in the country and have beautiful communities.

If you want a short sale, you must be patient, as it can take a month or more to get a response from the bank, and several months to close. Foreclosures go faster. You need to find an agent who is experienced with these type of transactions.

There are programs for teachers, policemen, firemen, etc., and the SHIP program for first time homebuyers. If you qualify with the SHIP program, you can get your downpayment and closing costs. There are conditions, of course, but it can give you help getting into a home.

Let us know if we can help and good luck house hunting!
Web Reference: http://teamalters.com
0 votes Thank Flag Link Thu Jan 1, 2009
GREAT question:

You need contact a mortgage broker who is willing to explain 1st time home owner questions.
You could never pay to much you are protected via bank and appraisal issued by bank prior to close bank can t lend money on loan if home is over priced.

Foreclosures and short sales are great way to purchase homes however drama not due to listing/buyers agent just banks way of doing buisness.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 1, 2009
Your best option is to get yourselves pre-qualified before starting to look. that way,you know exactly what you can spend. Also,some sellers will not let their houses be shown except to pre-qualified buyers. Get this in order,then start looking. As for a foreclosure or short sale,there are some bargains out there,but you will need to be very patient. i have known banks to take up to 14 mos. to respond, in summary: get pre-qualified,get an agent & then go for it!
0 votes Thank Flag Link Thu Jan 1, 2009
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