First time buyer

[ceo_pte]

Most realtors will not take you out if you are not pre-qualified or pre-approved... This time our's did, but I've had others that really didn't want to. Also, if you are using a realtor try to get out of signing any agreement (exclusive) with them. We had a bad experience with one guy and were kind of stuck b/c we had signed an exclusive agreement w/ him. Sometimes they will slip it in on you when you are making the original offer. I would just tell them that you'll go find another realtor or that you will use the seller's realtor. But you gotta move fast in Waldorf, b/c the good houses will not last long.

[Blondie76]

Originally posted by ceo_pte
Most realtors will not take you out if you are not pre-qualified or pre-approved... This time our's did, but I've had others that really didn't want to. Also, if you are using a realtor try to get out of signing any agreement (exclusive) with them. We had a bad experience with one guy and were kind of stuck b/c we had signed an exclusive agreement w/ him. Sometimes they will slip it in on you when you are making the original offer. I would just tell them that you'll go find another realtor or that you will use the seller's realtor. But you gotta move fast in Waldorf, b/c the good houses will not last long.

Since my realtor is my friend I don't think she is going to make me sign anything. And she won't push anything on me, which is good. There are slim pickings in Waldorf right now. I'm more than likely going for a townhouse, hopefully an end unit. I figure it's my first home don't need a big house or anything.

[ceo_pte]

Originally posted by Blondie76
Since my realtor is my friend I don't think she is going to make me sign anything. And she won't push anything on me, which is good. There are slim pickings in Waldorf right now. I'm more than likely going for a townhouse, hopefully an end unit. I figure it's my first home don't need a big house or anything.

Good!
You are right! To me it's more important not to be house poor...

[Blondie76]

Originally posted by ceo_pte
Good!
You are right! To me it's more important not to be house poor...

Definately, so I'm hoping I can find something in a decent neighborhood, for a decent price. (That's not going so well). Does anyone live in St. Mary's or Calvert Co. and work over in DC or VA? What is the drive like? Is it worth it?

[DoWhat (Premo)]

Originally posted by ceo_pte
Good!
You are right! To me it's more important not to be house poor...

And what would be your definition of "House poor"?

[ceo_pte]

Originally posted by DoWhat
And what would be your definition of "House poor"?

UMMMM... You buy too much house (i.e. your mortgage is high), trying to impress someone you don't know, then you and your wife (if you have one) are always stressed over money, you can't afford to furnish the house b/c you can barely make your mortgage payment, then you are both unhappy and it doesn't matter how nice the house looks on the outside, it stinks on the inside...

[Blondie76]

Originally posted by ceo_pte
UMMMM... You buy too much house (i.e. your mortgage is high), trying to impress someone you don't know, then you and your wife (if you have one) are always stressed over money, you can't afford to furnish the house b/c you can barely make your mortgage payment, then you are both unhappy and it doesn't matter how nice the house looks on the outside, it stinks on the inside...

...and you have to live off mac-&-cheese. I'm not a huge fan of mac-&-cheese.

[ceo_pte]

Originally posted by Blondie76
...and you have to live off mac-&-cheese. I'm not a huge fan of mac-&-cheese.

Mac & cheese... how about PB & J... That's all given you don't fall unemployed... Then you'd be selling that home... It's very serious though... I see so many of my friends & family make foolish mistakes, just to impress someone else. If you have been blessed and have enough money to go for that big house, GET IT! I'm not happy with the one I have, but at the right time I will take care of that...

[DoWhat (Premo)]

Originally posted by ceo_pte
UMMMM... You buy too much house (i.e. your mortgage is high), trying to impress someone you don't know, then you and your wife (if you have one) are always stressed over money, you can't afford to furnish the house b/c you can barely make your mortgage payment, then you are both unhappy and it doesn't matter how nice the house looks on the outside, it stinks on the inside...

I always assumed “House Poor” meant putting down an excessive down payment. Then when you need money for something (car, kids braces, …) you have to borrow money from the equity from the house and pay interest to somebody else.

[ceo_pte]

Originally posted by DoWhat
I always assumed “House Poor” meant putting down an excessive down payment. Then when you need money for something (car, kids braces, …) you have to borrow money from the equity from the house and pay interest to somebody else.

Well I guess it depends on who tells you then... I don't know if what I said was right or not, just what i've always been told.

But if you put alot of money down, your monthly payments go down, (in our case $1000 of mortgage = $6-7/month mortgage). But I somewhat agree with you that you can go too far in that direction too. I always say, CASH IS KING!!!