Cleveland Steamers wrote:Hah, I am buying in Missouri so I don't have much risk of falling into the ocean. I was just wondering if anyone had any sort of tips on the actual purchase. I have gone under contract and now have to get an inspection, insurance quotes, work up contigencies for the contract after the inspection, etc.
Work the seller on everything you can possibly find wrong with the house to get some credit. Try to get an appraisal that will come in higher than what you are purchasing it to get a higher loan (less down pay is good). Plus if you need an equity line down the road, the extra value you got on the appraisal will help.
Hopefully no one is getting interest only or negative am loans nowadays. If you do, then you are a fool.
What is the market like in Missouri? San Diego is rough right now.
"Think of how stupid the average person is, and realize half of them are stupider than that." ~George Carlin