Buying a home for the first time - YUCK!

[Jayna78]

Any advice on the process of buying a house for the first time?

We're currently renting in St. Louis County, MO. We've been renting this house since July 2003 when we moved here. We're ready to purchase our first home, and while we'd love to stay in St. Louis County, closer to everything, we may not, b/c we can get more house for our money (and newer houses) out in St. Charles County, MO, which is to the north and west of us. We'll see.

We're really mad b/c we made our first official offer this weekend, on a 7-year-old vaulted-ceiling ranch home with an unfinished basement, a great master suite, and a killer wrap-around deck in St. Louis County. We offered full price and asked that they neutralize a couple of walls that are very bright and crazy (used to be little girls' bedrooms), but that we'd take care of the rest of the house (crazy busy wallpaper that needs to go!). We also asked for them to replace the carpet, or help us do so, b/c there was lots of wear & tear from the 2 kids, dogs and cats that lived there - there was also a rip in the master bedroom carpet. Anyway, we saw all kinds of potential in the house, and our realtor showed us cost comparisons of similar homes selling in the area, and because this one's basement needs finishing, it was a really good price they asked, and that's why we agreed to pay that price.

They countered our offer, saying they wouldn't help with the carpet (well, that's one thing - we could deal with doing that ourselves, if needed), and they raised the price $3000, and they also said that we had to cover the closing costs - they claimed the $3000 they were raising the price to was going to help them with closing costs, when in actuality, we would be having the loan taken out for an amount $3000 higher than the house listed for, as well as having to cover the other part of the closing costs on top of our down payment, which is just NOT doable, and not fair - if they wanted that much for it, that should've been their asking price. Gotta love aggressive, arrogant, young jerky real estate agents. Our agent thought they were crazy - she's been great - everyone we've talked to thinks these people are nuts. We'll see. We countered that we will take care of all the interior repairs that are needed, but we won't be paying closing costs, and we'll pay the price they asked for the house in the first place. They of course said no. These people are just jerky and stupid. They'll find out that other people aren't going to be stupid and duped into paying more than asking price either, and they'll be sorry they missed out on us.

It's been a stressful process so far, but I guess we got our first house offer out of the way. Anyone have any sage advice about buying a home?

[christa]

I don't have any advice . . . YET!

We're going through the same stage in life . . . trying to find our First Home . . . and so far it's been a pain. We just can't find anything in our price range that's not a hundred years old!!!

I can handle having to replace carpet & paint . . . around here, the heat & air systems are rarely updated, and that will be a fairly big cost to replace.

I can't believe that they actually RAISED the price on you! I would have laughed so hard! Forget them!

Hang in there . . . I'm just trying to have FAITH that there's a home out there for us and we will be in it when the time is right. ;)

[catnapper]

I don't know what to say... though I do know that around here, people are getting their asking price, and above! And if someone around here said they'd meet their price, but requested changes, the homeowners would politely refuse because they know someone else will come along and make the same offer without the added stipulations. BUT, I have no idea if he same could be said for your housing market.

We nearly moved two years ago and found the perfect ranch home too... circa 1970 complete with linoleum, mirrored walls, garsih paper, horrendous carpet. We'd have had to ask for at least another $15,000 in the mortgage to cover all the changes :eek: Thats the tough part of buying a home - knowing that you'll have to change a lot of things and those changes will be very expensive!

[PJ's Mom]

We're going through the same thing right now...because the owner of this house wants to sell now. So we either buy it or we have to move in a month. :(

It's such a stressful thing.

[emily_the_spoiled]

I went through this experience last spring and it is not something I want to do again in the near future. In our area most houses have a list price, but generally people will put in an excalating clause (permitting the real estate agent to raise the offer price to a pre-set limit) and there are no stipulations. You can have a house inspection but it will not let you back out of the sale (even if there is something drastically wrong with the house).

Last spring I was buying a house and spending alot of time travelling for work so it was a baaaaaaaad experience all round.

My only advice is to keep looking, the right house will come along. Be prepared to do some renovation work on any house you buy. And most importantly remember to have a glass of wine (or two) after spending the day house shopping...

[Samantha Puppy]

Unfortunately, sellers do crap like that because they can. The housing market is so that if you get fed up with their crap, someone else will gladly take it and the house will get sold, to their new specifications, and they'll be happy. It sucks, but that's the way it is.

If this house doesn't work out for you, it wasn't mean to be.

Good luck!

[sirrahbed]

Buying a home IS scary!! We bought our first ever in 1997. First, I read everything I could find about buying a home!! I would insist on a full home inspection first of all - this is something you pay for yourself - from a home inspector - but it could well be the best $$$ you dish out. We had ours for about $300 and this person looks for any potential problems with structure, wiring, roof, a/c, furnace, plumbing - everything!! Things you may not know to look for unless you are a builder!
We offered a price that was $5000 less than what they asked. The owner refused so we said "sorry" this was our offer. She changed her mind a few days later and the house was ours - a perfect home for us and I love it!!! I just figured we could offer what we wanted and if it was supposed to be ours - it would!! There are lots of homes on the market and I know they always ask more than they expect to get and would not budge with the offer!:) I feel like the seller needs to be willing to negotiate.

These folks have nerve to actually RAISE their price. Unless you are totally in love with this home, I would laugh and keep looking. That real estate agent works for THEM, and earns a commission from the buying price - just remember that. We bought from an owner as I did NOT want to deal with agents.

Wishing you the best!!

[Maya & Inka's mommy]

I have same advise as Debbie: try to buy directly from owner, not via an agency. In an agency, the price is ALWAYS higher, and the "transaction" is so "cold".
We bought our first house directly from the owner. He loved his house, and also felt we were in love with it too. I t also much easier to negociate!

We sold the house 4 years ago, as we had a new house built.:)

[Corinna]

I want to just mention a couple things. I do currently rent (soon to change I'm working on a owner /buyer planon house we have lived in for 11 years)
But here in the US the tax and banking laws are so confusing get a lawyer on you contracts. I have seen so many people get in to a ton of trouble becouse of stupid stuff. (servays, septic,and even proprty lines)
Sorry the other people we rude but if no one else offers you still may get it but then play ball and offer less since they don't want to help fix the messes. you are then in the drivers seat.
Good luck to you all. I remember my fisrt purchase a older moble home I was a nervous mess.

[Jayna78]

Thanks to you all for your kind posts in regards to our situation. :) It's nice to know we're not the only ones going through all this right now. We have a nice agent helping us, recommended to us through a friend in realty in another state. She has been absolutely great, and she tells it like it is - she doesn't push us to buy anything, etc. She thinks this agent for the house we offered on needs a few lessons in ethics b/c of his behavior so far, but unfortunately, there are probably more like him out there.

In our area, there aren't as many for sale by owner - we've seen a few, but they've been too small, or too expensive. The house we offered on was originally for sale by owner, for over 3 months - they got an agent, lowered the list price $5000, and that's when we found out about this house - we offered on it, and that's of course when they raised the price. Reasonable people would probably accept an offer of full price, and if they had a problem changing anything (though why anyone would try to sell a home with walls that un-neutral is a mystery to me - also with a ripped carpet!), then just say full price, that's it.

It's also customary in our area for sellers to help with closing costs - our agent wouldn't have let us make an unreasonable offer.

Good luck to all of you, and keep me posted on your progress - we're going to be looking at more houses now - there are lots on our radar in the nearby county, which isn't really what we wanted in the first place, but they are nicer and more house for the money - there are still a few to consider in our county, but they aren't as good as these others - we still have to see a few of them though.

[PJ's Mom]

I'm off to go look at a house in about 5 minutes. Wee. :(

I hate this. *sigh*