Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Few more questions re: Home Buying

Few more questions re: Home Buying

Old Dec 6th 2014, 1:07 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Jan 2014
Posts: 244
brit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond repute
Question Few more questions re: Home Buying

I seem to have been creating a lot of threads since past few weeks, but all have been very helpful up until now.. So thank you'll..

Ive a couple of questions that I need answering to so hoping this will get as many responses (please bear with the long post)!!

1) We have got our pre-approval for a mortgage, and lenders are ok with us using funds from my UK account (for 20% downpayment)..how do I go about transferring it here without the heavy fees?

2) We've seen a home we liked (I'm in the Massachusetts area), so now what are the next steps that needs to be done? Its priced at $450K but the home has since now been delisted (expired), but the owner is still selling. We were thinking of putting $400K offer (like Pulaski mentioned) since its a 16yr old and the basement is unfinished. Would that seem reasonable? It doesn't have gas like we would like (propane heating), but the other aspects of the home scream take me..

3) Now comes the legal aspects since we are new and this is the first home we have no clue what needs to be done from our side while putting an offer and what things to look out for, so all help required please..

For all replies that come, thank you so much!
brit_usa2014 is offline  
Old Dec 6th 2014, 1:27 pm
  #2  
BE Forum Addict
 
Guindalf's Avatar
 
Joined: Sep 2011
Posts: 2,898
Guindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond repute
Default Re: Few more questions re: Home Buying

1) I've never had enough to worry too much about the fees! I'm sure someone with that expertise will be along shortly.

2) The only people who can decide if it's reasonable are the sellers. You can offer what you like, but you will obviously get a counter-offer. The worst that can happen is it gets rejected. Oh, and what does 'delisted (expired)' mean? Is it still on the market or not? If it is, who is the selling agent now? Makes a huge difference to the fees if there's an agent taking 6% from the seller or not as that can be deducted from the offer if it's a private sale. 6% of $450k is $27,000!

3) Get a good property lawyer. If you're not sure how to find one, go to the courthouse and look through the property records and see whose name comes up most often in recently filed deeds. You may even find the information online depending on how switched on the county mat be.
Guindalf is offline  
Old Dec 6th 2014, 1:29 pm
  #3  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 5,918
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by brit_usa2014 View Post

2) We've seen a home we liked (I'm in the Massachusetts area), so now what are the next steps that needs to be done? Its priced at $450K but the home has since now been delisted (expired), but the owner is still selling. We were thinking of putting $400K offer (like Pulaski mentioned) since its a 16yr old and the basement is unfinished. Would that seem reasonable? It doesn't have gas like we would like (propane heating), but the other aspects of the home scream take me..

3) Now comes the legal aspects since we are new and this is the first home we have no clue what needs to be done from our side while putting an offer and what things to look out for, so all help required please..

For all replies that come, thank you so much!
Were you shown the house by a realtor? If so, they will take care of submitting the offer and steer you through the appropriate channels of the contract and house inspection. The fact that the listing has expired doesn't mean that the owner no longer has an obligation to any realtor who brought a buyer to the house, so you should take advantage of their services if that is the case.
Nutmegger is offline  
Old Dec 6th 2014, 1:31 pm
  #4  
Forum Regular
Thread Starter
 
Joined: Jan 2014
Posts: 244
brit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
Were you shown the house by a realtor? If so, they will take care of submitting the offer and steer you through the appropriate channels of the contract and house inspection. The fact that the listing has expired doesn't mean that the owner no longer has an obligation to any realtor who brought a buyer to the house, so you should take advantage of their services if that is the case.
Yes, we were shown the house by a realtor, at that time it was on the market, and now its not!!
brit_usa2014 is offline  
Old Dec 6th 2014, 1:35 pm
  #5  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 5,918
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by brit_usa2014 View Post
Yes, we were shown the house by a realtor, at that time it was on the market, and now its not!!
But you state that the owner still wants to sell the house, so your realtor can still bring your offer to him.
Nutmegger is offline  
Old Dec 6th 2014, 1:36 pm
  #6  
Forum Regular
Thread Starter
 
Joined: Jan 2014
Posts: 244
brit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond reputebrit_usa2014 has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
But you state that the owner still wants to sell the house, so your realtor can still bring your offer to him.
That is correct
brit_usa2014 is offline  
Old Dec 6th 2014, 1:39 pm
  #7  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 5,918
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by brit_usa2014 View Post
That is correct
So tell the realtor who showed you the house that you want to make an offer. It sounds to me as if you will benefit from having someone experienced to walk you through the process, and it won't cost you anything.
Nutmegger is offline  
Old Dec 6th 2014, 2:14 pm
  #8  
Austin. TX.
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 5,579
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
So tell the realtor who showed you the house that you want to make an offer. It sounds to me as if you will benefit from having someone experienced to walk you through the process, and it won't cost you anything.
+1

When you put the offer in, if it's like Texas, there are various items on the documents which you might need help with. In this case, it's very useful to have an agent on your side to put together a total offer that suits you and the seller. Stuff like how fast you can move, various deposits some of which are refundable if you pull out. Your agent will be able to advise you about what to do in case the home inspection finds things to be done (they always do) - what you can expect the seller to repair and what you should be able to do.
petitefrancaise is offline  
Old Dec 6th 2014, 4:28 pm
  #9  
Lost in BE Cyberspace
 
sir_eccles's Avatar
 
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
sir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond repute
Default Re: Few more questions re: Home Buying

1) someone like Xe.com can help. There are transaction limits but for large sums you can contact them directly and negotiate a better rate.
sir_eccles is offline  
Old Dec 6th 2014, 4:37 pm
  #10  
Lost in BE Cyberspace
 
Joined: Jan 2006
Location: San Francisco
Posts: 10,133
Giantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
But you state that the owner still wants to sell the house, so your realtor can still bring your offer to him.
Maybe. It's not clear from the OP's description exactly what the status of it is, namely "delisted (expired), but the owner is still selling". Does that mean it is now "for sale by owner"? If so, then a buyer's realtor may not be interested unless the seller is willing to compensate them.
Giantaxe is offline  
Old Dec 6th 2014, 5:02 pm
  #11  
BE Forum Addict
 
Guindalf's Avatar
 
Joined: Sep 2011
Posts: 2,898
Guindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
But you state that the owner still wants to sell the house, so your realtor can still bring your offer to him.
Originally Posted by brit_usa2014 View Post
That is correct
Originally Posted by Giantaxe View Post
Maybe. It's not clear from the OP's description exactly what the status of it is, namely "delisted (expired), but the owner is still selling". Does that mean it is now "for sale by owner"? If so, then a buyer's realtor may not be interested unless the seller is willing to compensate them.
They seller is still on the hook for the realtor's fees as he introduced the buyer in the first place, so there's no question of a lack of interest.
Guindalf is offline  
Old Dec 6th 2014, 5:12 pm
  #12  
Lost in BE Cyberspace
 
Joined: Jan 2006
Location: San Francisco
Posts: 10,133
Giantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Guindalf View Post
They seller is still on the hook for the realtor's fees as he introduced the buyer in the first place, so there's no question of a lack of interest.
We have no idea whether the seller would contemplate an offer at this point from someone who may cause them still to have to pay to the realtor that was selling the house when the OP viewed it. Really, I think the OP should get their realtor to ascertain exactly what the selling status of the house is, because that's really not clear from what's been said so far.
Giantaxe is offline  
Old Dec 6th 2014, 6:05 pm
  #13  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 47,670
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Few more questions re: Home Buying

1) xe.com or similar

2) As part of the purchase process the mortgage lender is going to get an appraisal, and if the house doesn't appraise for the selling price (or higher) then you're going to have problems with the mortgage.

You will probably also want a buyer's survey, where someone looks over the house and, at least in theory, identifies issues with the stucture and systems, alerting you to the condition of the roof, windows, foundation, exterior wall surface, plumbing, wiring, etc. and any repairs that might be necessary. It wll be up to you, in discussion with your realtor, do decide if the price + repairs is sensible given the likely value of a fully repaired house. ...... We once looked at an old, and potentially attractive Victorian style house, which was listed at $267,000, but need a huge amount of work, including complete rewiring, replumbing, new bathrooms, new kitchen, new wiindows (26 large ones! ), and completely replacing the interior wall surfaces (the owners had tried to get a wallpaper "look" by nailing fabric to the plaster walls, the plaster had then broken and chumnks of it had fallen down behind the fabric! ), ..... plus some other stuff - in short at least $100k of work. We asked our realtor what fully modernised houses of that size and style were going for in that area, ..... she said maybe $300k. ...... So we crossed that house off our list.

Back to your hosue though, at 16 years old, the house is probably still mostly original, so may need a new roof in the next few years, and if the water heater is still original it could fail at any time, likewise the heating system.

3) Going to a realtor will be "easiest" to have him/her hand-hold you through the process. Going to a real estate attorney would be the alternative if you're confident of managing the inspections and what-have-you yourself (though that sonds like "not" in your case). If the seller won't pay 3% to your buyer's agent (realtor), then you're going to have to add 3% to your closing costs. It is not unheard of for a buyer to ask a realtor to show them "for sale by owner" properties on the understanding (contracted) that the buyer will pay the realtor his/her 3% fee if the seller is unwilling to do so.

Last edited by Pulaski; Dec 6th 2014 at 6:13 pm.
Pulaski is offline  
Old Dec 7th 2014, 12:21 pm
  #14  
BE Forum Addict
 
Guindalf's Avatar
 
Joined: Sep 2011
Posts: 2,898
Guindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond reputeGuindalf has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Giantaxe View Post
We have no idea whether the seller would contemplate an offer at this point from someone who may cause them still to have to pay to the realtor that was selling the house when the OP viewed it. Really, I think the OP should get their realtor to ascertain exactly what the selling status of the house is, because that's really not clear from what's been said so far.
Sure, but ANY future sale to the OP will be affected by this...

Originally Posted by brit_usa2014 View Post
Yes, we were shown the house by a realtor, at that time it was on the market, and now its not!!
...which means the realtor has a claim on the commission from the sale. Attempts to circumvent this will almost certainly end up in court.
Guindalf is offline  
Old Dec 7th 2014, 12:58 pm
  #15  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 5,918
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Few more questions re: Home Buying

Originally Posted by Nutmegger View Post
The fact that the listing has expired doesn't mean that the owner no longer has an obligation to any realtor who brought a buyer to the house, so you should take advantage of their services if that is the case.
Originally Posted by Guindalf View Post
Sure, but ANY future sale to the OP will be affected by this...

...which means the realtor has a claim on the commission from the sale. Attempts to circumvent this will almost certainly end up in court.

As I've been pointing out all along. So as the OP obviously needs assistance, it makes no sense not to contact the realtor who showed the house in the first place.
Nutmegger is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.