Piers are stabilizing posts that generally go from the footing to the bedrock on slab foundation homes. Most homes have some type of problem with foundation at some point. I bought my first home three years ago after saving 20% to avoid PMI. I was concerned with the foundation, so asked the seller to get an engineer to look at it. They found a civil engineer to write up some ambiguous "there is nothing wrong with this house" report and a year later I was paying Eden Structural around 15K to stabilize the foundation and it still isn't right. Eden told me they will come out for free and look it over before you buy it. All very good advice given so far in this thread. Try your best to pay it off as quick as you can- Sometimes a 15 yr note payment is not much more that a 30 year. I also wished I would have done more research on the neighbors- there are way too many run down mobiles in my neighborhood. Keep in mind that realtors are much like car salesmen; some are good and honest, but there are plenty that will lie and omit details to make a buck at your expense.
Open and close all doors and windows to make sure they are in proper working condition. If they aren't there could be settling issues with the foundation.
I can tell you that $125K came out to about $1100 per month after the Cleveland County Assessor and State Farm got done. 30 year fixed, FWIW. The worst part was the Assessor, who apparently pulled his numbers out of his butt.
Yep. Cleveland County is almost double Oklahoma County on property taxes. I reside in OKC, but in Cleveland County. My back yard fence is the divide between OKC & Moore.
I don’t know your finances or your life experiences, but I wish someone would have told me to start small, don’t get anything that will end up stressing you out about making your nut and allow you to put money back for repairs. Plan on having $$$ available for closing cost and down payment, and like stated above don’t finance anything until after closing!
For reference my second home after I learned my lessons was only $83k which is around $700/mth & includes ins and tax.
For reference my second home after I learned my lessons was only $83k which is around $700/mth & includes ins and tax.
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Good advice. There's a few I'm gonna look at Wednesday ranging from 70k to 105k. I have 2 jobs so hopefully I'll recover in a good amount of time
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I have been in the mortgage business since 1978 if you have any questions, PM me. As a first time buyer you need to see if you qualify for any down payment assistance programs and/or consider a Mortgage Credit Certificate (MCC) for savings up to $2,000 in you federal income tax bill.
Stay the hell away from OSU
The farther away the cheaper the price.
Pay enough down to be less than 80% of loan to appraisal so you don't pay PMI.
PMI is just a giant rip-off going in somebody's pocket $50-75 a month or more.
The farther away the cheaper the price.
Pay enough down to be less than 80% of loan to appraisal so you don't pay PMI.
PMI is just a giant rip-off going in somebody's pocket $50-75 a month or more.
Be darn sure to use a home inspector, this inspection will tell all thats wrong and allow you to barter better..
DO NOT be afraid to LOW BALL, if ya like it and it's 90k offer 75K or even 70.. This is a MAJOR purchase..
Buying is like playing tennis, you volley the amount back and forth with the seller..
DO NOT be in a hurry, being in a hurry will get ya burned..
I'd suggest a 20% down payment if possible, You don't want to have to pay PMI..
I see mr ed beat me to it..
DO NOT be afraid to LOW BALL, if ya like it and it's 90k offer 75K or even 70.. This is a MAJOR purchase..
Buying is like playing tennis, you volley the amount back and forth with the seller..
DO NOT be in a hurry, being in a hurry will get ya burned..
I'd suggest a 20% down payment if possible, You don't want to have to pay PMI..
I see mr ed beat me to it..
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