View Full Version : Looking to buy a house
10-23-2003, 06:33 PM
I am in the market for a new house. I have been meeting with a lot of realitors. Have any of you landend any accounts this way? I have given out a handfull of cards to them, with the intent that they will call back in regards to a house. I didn't give them any pitch about my lawn care company, but have any of you accidently received work this way? Or, have you expressed interest in maintaining any of their properties, then received work? Just wondering. I want to keep it professional and let them do their job for me, but if there is a window...........
Just looking for some feedback from you guys. Thanks
10-23-2003, 09:21 PM
Some can be slow payer, but the agent i bought my current home from has given me enough consistent business, about 1 1/2 times what my morgtage is per month.
10-23-2003, 10:08 PM
I've had mixed luck with realtors although I have a couple of as required arrangements for open houses.
Not to get off topic but I just bought a 100 year old house overlooking Thunder Bay in Lake Superior, private sale, no realtor, saved a bundle. A good real estate lawyer and a good home inspection is all you need. We've already picked up new accounts because I've begun turning the yard into a showcase for my business. If you are willing to renovate the yard yourself, you can save on the purchase price and have a good advertisement for your business.
10-23-2003, 10:30 PM
Expert Lawns, This is where I work.
Drop me a line on where you live and I can give you some names of Builders in your area.
This project is in Ann Arbor
This one is on Van Dyke and Jefferson in Detroit.
We also built an eye clinic in Flint last year. We have them all over Michigan.
10-23-2003, 11:16 PM
Originally posted by cantoo
This project is in Ann Arbor
Where in Ann Arbor is that development? Is that out by the Polo Fields course?
10-24-2003, 08:30 PM
I would love to live on a little bit of land, or have a nice yard as a showcase. But I have little money to work with and know absolutely NOTHING about buying a house. With the interest rate right now, how much do you think I would pay monthly on a $75,000 house. Maybe a 5 year arm?
10-24-2003, 08:33 PM
Cantoo - I live in the Flint, Michigan area. Other areas incude Holly, Fenton, Grand Blanc, Goodrich, Davison, Clio, Mt. Morris, Flushing, Burton.
10-24-2003, 10:02 PM
There are some cheap ones in Flint and perhaps in the Mt. Morris (Beecher)area. Don't even THINK about Holly, Fenton, Flushing, Blanc, Davison, or Goodrich areas for the 75k range...
You MAY want to look into the Burton area for that price range,... it's not too bad out that way.
Technically you "shouldn't" be "talking" with a "few" realtors. You are conractulary bound to one realtor.
Say your viewing houses with realtor X.
You look at a few properties. One of them happens to be contracted by realtor Y.
Then you decide to call another realtor, just by chance this ends up being realtor Y that is now showing you a few others in addition to the ones that X was showing you.
Now you like that first house that X originally showed you. But Y is the selling realtor, and Y showed it to you NOT knowing X had previously showed it.
You end up making an offer on that house.
Realtor X (the original realtor) is technically obligated to obtain commission on that house sale since he ORIGINALLY showed it to you.
It gets real touchy. If they're in different areas, thats one thing, but in the same town......Stick with ONE. If your NOT happy, you have to let him know your not, and that your going to be represented by another.
Just thought I'd pass that on.
10-24-2003, 11:41 PM
Buying your home all depends on your credit! The higher the score the lower the rate (and to know if you are getting screwed by your mortgage broker).
I have been in the mortgage business for the last 4 years, say it is my winter job. If you get a mortgage rate of 6.5 on 30 year fixed your principle and interest payment would be 474.05. The actual par rate for 30 year mortgage conventional today was 5.5 and 15 year in the lower 5 percent. Contrary to popluar belief mortgage rates are not soley determined off of the prime rate, there are other indeces, such as the T-bill.
Before buying a home you should do the following;
1. Check your own credit-ie mycreditreport.com it does not hurt your credit if you pull it yourself.
2. Find out what you can afford or your dti-debt to income ratio, which you do by adding up all of you monthly credit bills(credit cards, lawn mowers, cars) and only if they report on your credit bureau. Divide that by the money you make and if you have 45% or more of your income going to pay debt then you are going to have trouble finding a conventional mortgage.
3. Find out how much money you have to close, the only loan you can get with absolutely no closing fees out of pocket are FHA and you really dont want that you want to get a 100% loan where the only costs are 3% of the closing costs, or better yet 10%
3. Have a single mortgage broker get your info and run it through some lenders for pricing
If you are totally self employed and do not claim any or very much on your taxes then you are either not getting a house until you get your verifiable income up, get a spouse that makes more money and has a higher score, or go stated income or no income no assetst, the last one requires a high score. IF your score is 500 or below count yourself out, 620 or above you qualify as A paper. AND countless other things!
I LEND MONEY IN 48 of the 50 states and will help you out, or at least tell you if you are getting a good deal.
Hope this helps
10-25-2003, 01:53 AM
Wow. Now THERE is a informative post! Thank you. It sure is funny how a network like this works. You just never know WHO you will run across and what all they do. Thanks again.
10-25-2003, 11:23 AM
TLS - I know what you mean. Every realitor I talk to asks me if I'm working with someone yet. I say no, I'm just calling around on prices. I haven't met with a realitor to see any houses yet. When I do, I will sit with them and let them know what it is I'm looking for then work with them only. Thanks for the tip though!
absolutelawnman - that was all chinese to me. My girlfriend used to work as a proccesor at a mortgage company and she knows all the numbers and lingo. She has to explain it to me like I'm a three year old. I only plan to be around here (or at least in that house) for 5 years, tops. So I think I will go on an arm, less interest rate. But thanks, it was a very informative post.
Runner - I am looking in the Burton, Flint, or Carmen school districts. Grand Blanc, Fenton, Holly, and Goodrich are out of the question. I mentioned these in the other post, just so he would know some surrounding cities. Not neccesarily ones I was looking to live in. My mom lives in GB, and girlfriend lives in Fenton. I honestly can't stand Grand Blanc. Fenton is ok, but I've never lived there, it's just a nice town. I am looking in the burton area...Genesee Road, Lapeer Road area. (east side) and also the Saginaw Rd, Bristol Rd area. Grandma lives near 475 and Bristol. That is a nice area as well.
10-27-2003, 10:28 PM
That project is on south Maple just up the hill from McDonalds. We just finished putting the last building there. We also are just finishing on eup on Hippyville just off Jackson by all the car dealers.
Expert lawns, I just had a crew working on the eye clinic in Flint last week. We did it for the Greenbrair group. Your grandmother must live real close to their trailer park subdivision on 475. We also did a house near Fenton last year.
10-28-2003, 12:08 AM
That is where I lived,... near Bristol and 4-75 area. Between 4-75 and Saginaw, on Wells Street. Nice quiet area. No room, though.
10-28-2003, 11:09 AM
Runner - My G-ma is on Wells too. Just off of G.Traverse. nice little house.
Cantoo - I know right where you're talking about. Can't place the eye clinic though.
10-28-2003, 06:02 PM
The first thing you need to do is go to a lender and get pre-qualified to see what you can afford. If you think you can afford a house that's $120,000 and then you go to a bank and can only afford a house that's $100,000 you're just wasting your and the realtor's time. I used to sell real estate and this is the first thing I would tell someone when I started working with them.
If you have time to do the work yourself, look into foreclosures. They area good alternative at getting into something cheaper that may need some fixing up.
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