Since snoz is thinking of buying a home, I thought I'd start a thread for her (and the rest of us) to give advice or talk about the home buying or refinancing process.

Hubby and I have bought/sold a few homes and refinanced god knows how many times. We are currently going through another refi on our primary home. Fortunately, this one is with our current mortgage company so the process has been relatively painless as they aren't requiring an updated appraisal or anything. The past couple of times we've tried to refi, it's been halted at the appraisal because home values in our area have gone in the crapper and we'd have had to either put a ridiculous amount of $$ into it or our payments actually would have gone UP (which kind of defeats the purpose of refinancing). With this one, our rate is going to drop about 1.5% and I'm not sure exactly how much our payment will drop.

My advice for snoz is to get preapproved by a mortgage company first...that way, you know exactly how much you can spend. If you've found a realtor that you like and can trust, they should be able to help you find a reputable company to work with and will also have the "inside scoop" on short sales, foreclosures, etc. Nothing would suck more than finding a home to buy, then learning you don't qualify for the mortgage.

^ thanks!  :)

Working with a realtor is almost a necessity, but remember that the realtor works for the seller, not the buyer.  You should also get a homes inspection before you buy, and not from an inspector your realtor recommends, find one youself

Our experience with buying our home was a complete pain in the butt! It makes me not want to ever do it again. We bought a house off of someone who was selling it by owner. We went through a mortgage broker (who didn't seem to know what she was doing). It was such a headache, because we have..umm, let's just say, less than perfect credit. We almost didn't get our house, but finally was able to find a mortgage company that gave us a loan. I think if we ever do it again, we will go through a realtor.

totally plan on getting a relator... I have 3 in mind.  And the home inspection thing is  a no brainer... all the home buying shows I watch hit that fact home time and time again!

totally plan on getting a relator... I have 3 in mind.  And the home inspection thing is  a no brainer... all the home buying shows I watch hit that fact home time and time again!



I hope you watch Holmes on Homes and Holmes Home Inspection. Both give a lot of what to look for.


Cat

I hope you watch Holmes on Homes and Holmes Home Inspection. Both give a lot of what to look for.


Cat


I don't watch tgat as often but maybe I'll start.

So....... this article came out today  ::)



Real Estate Sales Jump 41.6% in March in Santa Barbara County 

Local market stirs to life with high-end South Coast properties leading the way even as county's median price drops 7.1% to $405,380......from $436,360 in Santa Barbara County year-to-date.

There were 171 transactions on the South Coast in March compared to 127 in March 2011....The median price was $640,000 in March compared to $653,000 last year.

“Interest rates are at a 40-year low and prices are more affordable,” Abercrombie said.

http://www.noozhawk.com/article/042912_santa_barbara_county_real_estate_sales

HOLY CRAP!!!! And I'd bet a majority of those houses would fit on my 1st floor!!!!

Here's a reference point: We paid $296K in 2000 for our house, which we built brand new. It's a 2 story with a 2.9 car tandem garage (we're 1 ft. short of being a full 3-car because our builder screwed up >:( and we didn't find out until it was too late), 4 bed/2.5 ba, full basement, just under 3000 sq ft (I think the actual total is 2974, not including the basement, which is now finished and adds another 1100 sq. ft. of usable living space, but that's usually not figured in in total space), and our lot is .46 acres on a circle with 4 houses on it (like a cul-de-sac, but it has a median in the middle, kind of like a capital "D" where the "|" is the main street and the curved ")"section is our "circle").

Our last appraisal valued our house at $325K because there have been a bunch of short-sales in the past couple of years, but our highest put it at $450K in 2008 (when home sales were booming and a majority of the short sales were purchased ::))  Our most recent tax-bill originally tried to value our house at close to $400, but I successfully fought that and managed to get it dropped down to a more reasonable $350....honestly, I couldn't care less what the county "values" our house at because it really has no bearing on what it's really worth, but it DOES have a MAJOR effect on how much our property taxes are ;)

HOLY CRAP!!!! And I'd bet a majority of those houses would fit on my 1st floor!!!!

Here's a reference point: We paid $296K in 2000 for our house, which we built brand new. It's a 2 story with a 2.9 car tandem garage (we're 1 ft. short of being a full 3-car because our builder screwed up >:( and we didn't find out until it was too late), 4 bed/2.5 ba, full basement, just under 3000 sq ft (I think the actual total is 2974, not including the basement, which is now finished and adds another 1100 sq. ft. of usable living space, but that's usually not figured in in total space), and our lot is .46 acres on a circle with 4 houses on it (like a cul-de-sac, but it has a median in the middle, kind of like a capital "D" where the "|" is the main street and the curved ")"section is our "circle").

Our last appraisal valued our house at $325K because there have been a bunch of short-sales in the past couple of years, but our highest put it at $450K in 2008 (when home sales were booming and a majority of the short sales were purchased ::) )



bet you could get 875K if you moved that house here

bet you could get 875K if you moved that house here

This is kinda what my house looks like...of course, I'm adding the basement (well, part of it) into the total square footage (and the bathroom since we have a full bathroom down there ;) It's the same basic style, though....ours is a little wider since we have windows between our garage and front door and the layout inside looks to be a little different...
http://www.realtor.com/realestateandhomes-detail/5550-Campana-Ct_Santa-Barbara_CA_93111_M27181-79667

This is kinda what my house looks like...of course, I'm adding the basement (well, part of it) into the total square footage (and the bathroom since we have a full bathroom down there ;) It's the same basic style, though....ours is a little wider since we have windows between our garage and front door and the layout inside looks to be a little different...
http://www.realtor.com/realestateandhomes-detail/5550-Campana-Ct_Santa-Barbara_CA_93111_M27181-79667


that house is actually over priced...it's in Goleta not Montecito...In Montecito they'd get that price. The only houses that command that much money in Goleta are closer to the ocean.... but still... not bad.... 

I have a question about someone else's house, see if you can answer it. Our family friend Michael whom we've known for quite a very long time, Him and his Mother Paula have lived in the same house, all their lives. A couple of years ago, his mother had passed away, leaving Michael with the house all to himself but now he has committed himself to Creedmore Psychiatric Hospital cause he kept hearing voices for the past few years and the house just sits there on the corner, god knows what's lurking in the house now, sanitary-wise whether it be dust or dirt or whatever clutter is nasty inside. Should us as a nice friend to him should we check up on the house to see what might contain germs or get a home inspector to have someone clean it or should he just sell it? Thanks. :)

I have a question about someone else's house, see if you can answer it. Our family friend Michael whom we've known for quite a very long time, Him and his Mother Paula have lived in the same house, all their lives. A couple of years ago, his mother had passed away, leaving Michael with the house all to himself but now he has committed himself to Creedmore Psychiatric Hospital cause he kept hearing voices for the past few years and the house just sits there on the corner, god knows what's lurking in the house now, sanitary-wise whether it be dust or dirt or whatever clutter is nasty inside. Should us as a nice friend to him should we check up on the house to see what might contain germs or get a home inspector to have someone clean it or should he just sell it? Thanks. :)



he has to make the decision to sell it... I know you can sometimes be OCD about getting stuff clean so you'd be a good person to clean the house for him... do you still talk to him? If so I would ask him if he wanted you guys to check up on the house.  he may not want anyone in there...and he may have been a hoarder or something so it could be a task too big for you... it's really something you need to discuss with him and your parents.

he has to make the decision to sell it... I know you can sometimes be OCD about getting stuff clean so you'd be a good person to clean the house for him... do you still talk to him? If so I would ask him if he wanted you guys to check up on the house.  he may not want anyone in there...and he may have been a hoarder or something so it could be a task too big for you... it's really something you need to discuss with him and your parents.


Last time Our Family saw him was in 2009 or 2010, He came over the house and started getting hysterically upset about his Mother passed away and he also couldn't believe My brother with whom Him, my brother and I we all used to hang out together at his house when we were growing up as kids, He was distraught about that too. All those situations might have taken it's toll on him that it made him unstable. :(

If we get to talk to him one day whenever that is, I can bring it up.

Last time Our Family saw him was in 2009 or 2010, He came over the house and started getting hysterically upset about his Mother passed away and he also couldn't believe My brother with whom Him, my brother and I we all used to hang out together at his house when we were growing up as kids, He was distraught about that too. All those situations might have taken it's toll on him that it made him unstable. :(

If we get to talk to him one day whenever that is, I can bring it up.


If it's been that long is it possible he. (Or someone on his behalf) already made arrangements for the house?


Just out of curiosity- how did this even come up? Did you see the house and think about it? Were your parents talking about it? Or did u just come up with it on your own???

Just out of curiosity- how did this even come up? Did you see the house and think about it? Were your parents talking about it? Or did u just come up with it on your own???

My Parents were talking about him and we were wondering whatever became of him, It's sad that he wound up getting sick in 1995 when My Brother had passed away, He wanted to attend the unveiling but He couldn't, It's unfortunate. :(

To get back to the conversation, I see the house almost every time I pass that block coming home.