The Home Buying Process In Usa: Step By Step

[Shilpaa]

Gp bro
Couple of questions:
Bank lallo Oka 5 banks check cheysam anuko 5 times hard enquiry padutundi kada?
Inspection ayyaka vadu Adi chyapinchu idi change cheyy antey Naku avasaram Ledu ani cheppeyocchaa?? ARM lo teesukovadam better aa fixed lonteesukovadama loan?

 if u plan on selling it after 5 yrs... then ARM for 5 yrs teesukodam better. 

 

but if its once for all investment, then prasthutham interest rates takkuvalo unnayi @ 4% kabatti better to go with fixed 30 yrs. 

actual ga 30 yrs fixed teesukuni if u we able to close it by 18-20yrs then nuvvu chaala plus lo unnatu lekka... so try to do that if possible. 

 

yes paduthundi... also i think after getting done with 1 bank, u can take all those papers and give it to a different bank and discuss with the loan officer over there. vallu sometimes credit check run cheyyakunda... based on previous check, estimate istharu, I have done that. 

so manaki estimates chaalu ga from 3-4 banks...aa estimate ni batti u can decide on the bank. then bank will do the actual credit check. 

 

in this way, u will only have 2 pulls instead of 5 pulls. also if all those are related to the same thing, then u can claim and get rid of them. 

[Lukewalker]

Hi give ur suggestions on this... 

 

we are planning to buy a new construction with a big builder like M/I homes, we bargained and all n finally he gave a figure of 400K anuko... 

 

then we agree and construction starts and closing will be after 6 months. appudu evaluvation appudu home price taggey chances untaya? perigey chances kuda untaya?? asala difference vasthe em cheyyali?? 

also if we are going with builder mortgage company only... so vallu aa difference vasthe chupisthara or cover cheysesthara??

 

 

i know i asked too many ques... just answer what all u can . 

 

6 months lo I dont think there will be a huge difference in appraisal. market is not volatie unless you are in bay area. 

 

but, if you are going with builder;s mortgage company(which I dont support), they will make sure to secure your loan. but they favor builder more. Write up a contract saying that, if appraisal goes way below, you want to walk away with refund of your advance money, they wont do it but atleast you can bragain and get some money back if you absolutely want to walk away. 

 

check your local market, hire an appraiser (usually costs around $200-$300), get his input first about local market and ask his suggestions. 

 

think this way, if you buy the house today and the appraisal goes down after 6 months, what can you do? 

 

so, best bet is to hire an appraisal and get his inputs. All the best !!!

[macha]

6th step digirey asalu sisalinaa cenimaa knapdutundi andariki...

[acuman]

Gp

[Shilpaa]

6 months lo I dont think there will be a huge difference in appraisal. market is not volatie unless you are in bay area. 

 

but, if you are going with builder;s mortgage company(which I dont support), they will make sure to secure your loan. but they favor builder more. Write up a contract saying that, if appraisal goes way below, you want to walk away with refund of your advance money, they wont do it but atleast you can bragain and get some money back if you absolutely want to walk away. 

 

check your local market, hire an appraiser (usually costs around $200-$300), get his input first about local market and ask his suggestions. 

 

think this way, if you buy the house today and the appraisal goes down after 6 months, what can you do? 

 

so, best bet is to hire an appraisal and get his inputs. All the best !!!

ok.

 

why dont u support builder mortgage company ? 

[macha]

Hi give ur suggestions on this... 

 

we are planning to buy a new construction with a big builder like M/I homes, we bargained and all n finally he gave a figure of 400K anuko... 

 

then we agree and construction starts and closing will be after 6 months. appudu evaluvation appudu home price taggey chances untaya? perigey chances kuda untaya?? asala difference vasthe em cheyyali?? 

also if we are going with builder mortgage company only... so vallu aa difference vasthe chupisthara or cover cheysesthara??

 

 

i know i asked too many ques... just answer what all u can . 

attorney review laa okaa point mention chyee contingency kindaa  di include chepinchu...

 

Appraised Contingency

An appraisal contingency protects the buyer, used to ensure a property is valued at a minimum, specified amount. If the property does not appraise for at least the specified amount, the contract can be terminated and the earnest money, in many cases, is refunded to the buyer. An appraisal contingency may include terms that permit the buyer to proceed with the purchase even if the appraisal is below the specified amount, typically within a specified number of days after the buyer receives the notice of appraisal value. The seller might have the opportunity to lower the price to the appraisal amount. The contingency specifies a release date, on or before which the buyer must notify the seller of any issues with the appraisal; otherwise, the contingency will be deemed satisfied and the buyer will not be able to back out of the transaction.

[macha]

6 months lo I dont think there will be a huge difference in appraisal. market is not volatie unless you are in bay area. 

 

but, if you are going with builder;s mortgage company(which I dont support), they will make sure to secure your loan. but they favor builder more. Write up a contract saying that, if appraisal goes way below, you want to walk away with refund of your advance money, they wont do it but atleast you can bragain and get some money back if you absolutely want to walk away. 

 

check your local market, hire an appraiser (usually costs around $200-$300), get his input first about local market and ask his suggestions. 

 

think this way, if you buy the house today and the appraisal goes down after 6 months, what can you do? 

 

so, best bet is to hire an appraisal and get his inputs. All the best !!!

NJ laa brother offered 375k after construction compleat its was 495k he made almost 100k in 9 months..

[andhravodu]

attorney review laa okaa point mention chyee contingency kindaa di include chepinchu...
[font='gandhiserif-regular-webfont']
Appraised Contingency[/font][font='gandhiserif-regular-webfont']
An appraisal contingency protects the buyer, used to ensure a property is valued at a minimum, specified amount. If the property does not appraise for at least the specified amount, the contract can be terminated and the earnest money, in many cases, is refunded to the buyer. An appraisal contingency may include terms that permit the buyer to proceed with the purchase even if the appraisal is below the specified amount, typically within a specified number of days after the buyer receives the notice of appraisal value. The seller might have the opportunity to lower the price to the appraisal amount. The contingency specifies a release date, on or before which the buyer must notify the seller of any issues with the appraisal; otherwise, the contingency will be deemed satisfied and the buyer will not be able to back out of the transaction.[/font]

Good point, but appraisal is a joke man, edo okati chesi, aa amount set chestaru

[macha]

Good point, but appraisal is a joke man, edo okati chesi, aa amount set chestaru

alaa emi ledu man one of my frnd saved almost 30k on this point... he offred 380k but in appraisal laa it turned out to be 353k  so owner had to get down because he dint have any other option..

[Lukewalker]

ok.

 

why dont u support builder mortgage company ? 

 

builder ki oka team untundhi, lender + attorney + realtor. if everything goes well, your experience will be awesome as they know that they are dealing with. If there is an issue from builder's end, they always support builder and put his interests before yours, then nightmare starts. read reviews about that builder online, concentrate on negative reviews and try to address those issues at an early stage. 

[Lukewalker]

NJ laa brother offered 375k after construction compleat its was 495k he made almost 100k in 9 months..

 

damn, he is already sitting on 100K equity in 9 months. 

 

I didnt know NJ market is that good. 

 

maa side $2k perigithe goppa, padakunda unte chaalu ra babu anukuntunna. 

[Shilpaa]

builder ki oka team untundhi, lender + attorney + realtor. if everything goes well, your experience will be awesome as they know that they are dealing with. If there is an issue from builder's end, they always support builder and put his interests before yours, then nightmare starts. read reviews about that builder online, concentrate on negative reviews and try to address those issues at an early stage. 

sry I am not able to understand. what u said is tooo generic, 

 

builder reviews avi chadivaanu... some +ve unnayi some -ve unnayi... but i couldnt find anything specifically about builders loan vs outside bank loan. also inko point enti ante... ippudu i m going with new construction so builder loan vaadu aa same amount conditionally approved annadu. 

bayata bank aa amount ivvamu ante, we cant renegotiate it kada... if builder is giving for 4% bayata bank may give it for 3.8% apart from that, what else should i take care of? 

[Shilpaa]

attorney review laa okaa point mention chyee contingency kindaa  di include chepinchu...

 

Appraised Contingency

An appraisal contingency protects the buyer, used to ensure a property is valued at a minimum, specified amount. If the property does not appraise for at least the specified amount, the contract can be terminated and the earnest money, in many cases, is refunded to the buyer. An appraisal contingency may include terms that permit the buyer to proceed with the purchase even if the appraisal is below the specified amount, typically within a specified number of days after the buyer receives the notice of appraisal value. The seller might have the opportunity to lower the price to the appraisal amount. The contingency specifies a release date, on or before which the buyer must notify the seller of any issues with the appraisal; otherwise, the contingency will be deemed satisfied and the buyer will not be able to back out of the transaction.

elantivi chinaa chinaa local builders tho ithe include cheyyi anachu kaani... 

 

pedda corporate vallani kuda adagacha?? say M/I homes vadiki include this then only i will sign off ani adagacha?? then will he include? 

coz its not just me kada... he is building around 200 homes in that community... from past 1.5 yrs and will be completed by 2017. so andariki ela unnayo rules manaki alaney untaayi emo kada... 

[Lukewalker]

sry I am not able to understand. what u said is tooo generic, 

 

builder reviews avi chadivaanu... some +ve unnayi some -ve unnayi... but i couldnt find anything specifically about builders loan vs outside bank loan. also inko point enti ante... ippudu i m going with new construction so builder loan vaadu aa same amount conditionally approved annadu. 

bayata bank aa amount ivvamu ante, we cant renegotiate it kada... if builder is giving for 4% bayata bank may give it for 3.8% apart from that, what else should i take care of? 

 

lets say appraisal is $350k and house is $400k, then outside banks will not give loan more than $350K. but builder mortgage company vaadu meeru appraisal cheypinchakapothe $400k ki istadu loan. so get the house appraised after it is built from someone outside. 

 

as django mentioned, get the appraisal contingency in the contract, it will save you and get your money back if you dont want to go ahead basing on final appraisal. 

 

lets say you are approved for $350k from outside bank, if the final appraisal is $400k, you can re-negotiate with outside bank and get a loan for $400k. they will be happy to do that. 

 

I dont trust builder's team as they always put his interests first, I can not give specific examples but atleast shop around and compare interest rates. 

[ramana1212]

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