Putting in an offer on a home (1st home)

[TheLugNutZ 21]

So were putting an offer in on our 1st home this week. Home is in the Oak Glenn section of Howell (for those of you that are in Monmouth County) and just looking for some input from you guys...

 

TL/DR: Since this is our 1st home I have been trying to do my fair share of research as to what I need to keep an eye out for. I know there are a lot of people on here that have been through this process already. Does anyone have any suggestions? Specific things to keep an eye out for? Things you missed that you look back on and wish you checked out or asked about prior to closing?

 

Any input in advance would be great!

 

Just a little background on what we are looking at.

Center hall colonial built in '85

3br 2,5 bath 2 car garage built on a slab.

Hot tub and AG pool

 

Interior was completely updated in the last few years including appliances, washer/drier, all bathrooms and kitchen. Home has a pellet stove (seems like similar to a woodstove) and a NG fireplace (can be converted back to wood burning).

 

Only things we are unsure of are the AC age (looks a little older), furnace & hot water heater age, and roof age (looks good from the ground from what i can see). Supposedly the seller is going to offer a 1 year warranty on the home, but we are waiting on those details.

 

The seller disclosure wasnt avail when we saw the house on Sunday, it was just put on the market on Thursday last week...

 

This is basically at the top of our budget on the price/taxes. We sacrificed a basement/4th br for the location. The only thing I am concerned about is the AC/Furnace/Water heater/Roof, still waiting on those details. Other than that the home is completely move in ready and doesnt need a penny, not even paint or carpeting...

 

Im thinking since everything else is done, maybe be willing to commit even with the older AC unit. Especially since we will be able to save a little with the rest of the home in immaculate condition....

[71ragtopgoat 23]

I dont know the area. But I always check out the schools. You can change the house around but you cant change the schools.

 

http://www.greatschools.org/

 

Second would be if it's a septic system look it over real good.If its good but old watch out. They can cost up to 50K to replace !

Then check how the house sits on the property and if it might flood. Even though its built on a slab does not save you as the ground beneath it could get soft causing issues.

[TheLugNutZ 21]

I dont know the area. But I always check out the schools. You can change the house around but you cant change the schools.

 

http://www.greatschools.org/

 

Second would be if it's a septic system look it over real good.If its good but old watch out. They can cost up to 50K to replace !

Then check how the house sits on the property and if it might flood. Even though its built on a slab does not save you as the ground beneath it could get soft causing issues.

 

Good info, thanks.

 

Public water/sewer/ nat gas so no worry w/ a well or septic.

 

School and neighborhood was the main reason for Howell. We gave up a little on the size of the home and property to be in a good area.

 

Good point about the water issue. Seller disclosure should show if they have water issues. According to FEMA there have been no reported floods at that address. The elevation is also pretty good, about 85 feet above sea level.

[alec.mc 180]

Another thing to take note of is basement water issues , is it a finished basement? do you plan on finishing it? Waterproofing can be a big ticket item, and very labor intensive if you choose to do it yourself.

 

As for the AC, how old is it? Who makes it? - More importantly, any way to determine the age of the ducts? - Are they orginal to the house? added in afterwards? Is the home a ranch? multi - level?

 

Changing out an evap or condensor could be done fairly easily ( typically ) but if the duct sizes arent up to snuff you can run into another costly issue.

[TheLugNutZ 21]

Another thing to take note of is basement water issues , is it a finished basement? do you plan on finishing it? Waterproofing can be a big ticket item, and very labor intensive if you choose to do it yourself.

 

As for the AC, how old is it? Who makes it? - More importantly, any way to determine the age of the ducts? - Are they orginal to the house? added in afterwards? Is the home a ranch? multi - level?

 

Changing out an evap or condensor could be done fairly easily ( typically ) but if the duct sizes arent up to snuff you can run into another costly issue.

 

Slab so no worry on the basement.

 

Still waiting on more info on the AC unit.

Home is 2 floors and built in '85 so im assuming the duct work is original, but should be in good shape...

[mike 14]

have a home inspection done by a licensed home inspector they will give you a report on every detail of the home ,cost is usually 300-400 dollars.best money spent and if there are any major problems buyer has to fix before closing or you can renegotiate the price good luck on your purchase.

[PeteF 1,044]

Get a good real estate lawyer and have a home inspection.

 

There is a lot of questionable work done by home owners and you don't want to be stuck holding the bag to get it fixed.

[TheLugNutZ 21]

thanks. I def plan on hiring an inspector, no question. Anyone know of a reputable home inspector?

[blksheep 466]

Good luck. First home time buying is scary shit. Do your homework and get an attorney. We used Dean Greseck in Toms River and he was great.

[matt6669 71]

Because your a slab on grade I would suggest a bug and termite inspection. I would also search around for a reptuable home inspector who actually knows what they are doing. Also make yourself available when he/she comes to do the home inspection. If he doesn't pop air vents and look in the ducts for mold etc, start to question him/her. If they don't test the dishwasher etc. Also make sure he turns on several faucets to check water pressure.

 

There's a bunch of other things to, the list just goes on and on, which is why you want to make sure you have a good home inspector.

 

Damn i started typing this, had to walk away for a few minutes to talk with the boss and everyone posted

ooh well

[TheLugNutZ 21]

Because your a slab on grade I would suggest a bug and termite inspection. I would also search around for a reptuable home inspector who actually knows what they are doing. Also make yourself available when he/she comes to do the home inspection. If he doesn't pop air vents and look in the ducts for mold etc, start to question him/her. If they don't test the dishwasher etc. Also make sure he turns on several faucets to check water pressure.

 

There's a bunch of other things to, the list just goes on and on, which is why you want to make sure you have a good home inspector.

 

Damn i started typing this, had to walk away for a few minutes to talk with the boss and everyone posted

ooh well

 

thanks. Termite/bug inspection is something i didnt think about. I will add it to the list. THanks!

[matty 810]

That's cool, the Manasquan reservoir is nearby,its a great park. Monmouth has the best county parks anywhere, IMHO. If you are in a development, I think I know which one, based on age of home. Don't rush it, things will be favorable for buyers awhile longer--

[djg0770 481]

IMO you should have a home inspection by an ASHI certified inspector. It will help you in the long run.

[TheLugNutZ 21]

IMO you should have a home inspection by an ASHI certified inspector. It will help you in the long run.

 

thanks, ill make a note of that.

 

That's cool, the Manasquan reservoir is nearby,its a great park. Monmouth has the best county parks anywhere, IMHO. If you are in a development, I think I know which one, based on age of home. Don't rush it, things will be favorable for buyers awhile longer--

 

Yes the parks are great. I am actually from Monmouth county and after a lot of going back and fourth we decided not to go south...

Def not rushing it, but our lease is up in July and we want to get our daughter into the school system we plan on staying in ASAP so i cant wait too long...

[PeteF 1,044]

Take a walk around the property after a good rain, lots of things like grading issues and leaky gutters show up but would not be obvious on a dry day.

[hd2000fxdl 422]

Also check websites like Zillo for recent sales and see if there are any people have had their property taxes adjusted. City hall tax records are open for all to see. Some towns are even online.

 

(null)

[heaterbob 53]

if the house is 25 years old, the a/c and furnace may be original, and would be due for replacement. if the house has oil heat you need to know if it is an underground tank, if it is that too needs to be replaced before it leaks and the clean up can cost well over 100k

[YWHIC 18]

depending on the homes price.. offer $3-5K less than what they want.. and try to wiggle them to pay closing costs..

[this_is_nascar 162]

So were putting an offer in on our 1st home this week. Home is in the Oak Glenn section of Howell (for those of you that are in Monmouth County) and just looking for some input from you guys...

 

TL/DR: Since this is our 1st home I have been trying to do my fair share of research as to what I need to keep an eye out for. I know there are a lot of people on here that have been through this process already. Does anyone have any suggestions? Specific things to keep an eye out for? Things you missed that you look back on and wish you checked out or asked about prior to closing?

 

Any input in advance would be great!

 

Just a little background on what we are looking at.

Center hall colonial built in '85

3br 2,5 bath 2 car garage built on a slab.

Hot tub and AG pool

 

Interior was completely updated in the last few years including appliances, washer/drier, all bathrooms and kitchen. Home has a pellet stove (seems like similar to a woodstove) and a NG fireplace (can be converted back to wood burning).

 

Only things we are unsure of are the AC age (looks a little older), furnace & hot water heater age, and roof age (looks good from the ground from what i can see). Supposedly the seller is going to offer a 1 year warranty on the home, but we are waiting on those details.

 

The seller disclosure wasnt avail when we saw the house on Sunday, it was just put on the market on Thursday last week...

 

This is basically at the top of our budget on the price/taxes. We sacrificed a basement/4th br for the location. The only thing I am concerned about is the AC/Furnace/Water heater/Roof, still waiting on those details. Other than that the home is completely move in ready and doesn't need a penny, not even paint or carpeting...

 

I'm thinking since everything else is done, maybe be willing to commit even with the older AC unit. Especially since we will be able to save a little with the rest of the home in immaculate condition....

 

 

What I have bolded is my biggest concern. Why are you purchasing at the top-end of your budget? Does that budget assume both you and the wife are working? Does it assume you'll both get raises each and every year for the next 15-30 years? If it's "at the top-end", what's your plan for "gotcha's" that will definitely come along, maybe not today or tomorrow, but eventually? Are you and the wife claiming this to be at your top-end or is the realtor saying that?

 

I'm not trying to be an a**hole about this, but there are 10's of thousands of people, right now, suffering because they bought a home at the "top-end" of their budget. Why can you not purchase something more affordable? Sacrifice of the of the niceties for a better long term gain and lower risks.

[AverageJoe 95]

depending on the homes price.. offer $3-5K less than what they want.. and try to wiggle them to pay closing costs..

3-5K or did you mean 30-50K? House I bought 2 years ago was listed at a fully funished price...I soooo didn't want their furniter and stuff lol, so my first offer was 80K less than their fully furnished asking price, to which they totally laughed at but then came back with a counter...after back and forth a few times, my final offer also included a sincere letter to the owner of the house stating why I wanted the house, this woul dbe my final offer not because it wasn't worth more, but thats as high as I could go (which it wasn't lol) yadd yadda yadda...after all said and done they agreed to take my final offer which was 50K less than their original asking price...my realitor said that when he gave them my letter, the owner's wife started ballin and said take the offer. One thing with houses, owners can get very emotionally attached to them, by writing a letter it kind of helps them take away the attachment as they picture someone else enjoying it as much as they did...makes it more personal.

 

Definitely make sure you're there with the inspector and ask any question that comes to mind...go over stuff like main water shut off valve, the electrical panel, gas shut off valve(if theres gas), where the main sewer drain is...all your major factors for all your utilities...be surprised how many people move into a place, have say a water issue and don't know how to kill the main valve if needed.

 

Also...have your realitor do a history on the listing...it may show as "just put on the market" but its common for people to remove their listings after a while and relist..especially during the holidays. Youl'll see as a new listing, but realitors have access to the back end history.

 

Bring a level to check the floors...as funny as this sounds, its very common for floors not to be level. If it "seems" off...it probably is.

 

Hope this helps

[Red Solo Cup 11]

Get a good home inspector not just a j**koff with a flashlight :-)

Make sure you run the AC and heating systems and see how noisy they are.

The owner should know how old the roof is; if they're an original owner from 1985 and it hasn't been touched, it probably needs a new roof. (would be 27 years old) and the roof deck (plywood) may be rotted or contain mold.

My house was built in 67 and I had to tear off 2 layers of shingles and the plywood but it was worth it to have a good solid roof.

I knew the plywood was rotten so I arranged a price with the roofer in advance for the whole thing.

Learn about proper attic ventilation and insulation.

Also check the drainage of your property and see where the water goes when it rains.

[Melgamatic 66]

Anyone know of a reputable home inspector?

 

I think there may be reputable home inspectors, and possibly honest ones, but I'm not sure there are any competent ones. I have been through a lot of real estate transactions, on both sides, with many inspectors, from cheap to famous ones that service the rich, and they've all missed important things, or blown out of proportion unimportant things.

 

I know you have to have one, but a homeowner friend will probably show you as much....

[TheLugNutZ 21]

What I have bolded is my biggest concern. Why are you purchasing at the top-end of your budget? Does that budget assume both you and the wife are working? Does it assume you'll both get raises each and every year for the next 15-30 years? If it's "at the top-end", what's your plan for "gotcha's" that will definitely come along, maybe not today or tomorrow, but eventually? Are you and the wife claiming this to be at your top-end or is the realtor saying that?

 

I'm not trying to be an a**hole about this, but there are 10's of thousands of people, right now, suffering because they bought a home at the "top-end" of their budget. Why can you not purchase something more affordable? Sacrifice of the of the niceties for a better long term gain and lower risks.

 

Fully understand and agree with you. Top of the budget was set by us, we can "afford" more and still live comfortably, but are choosing not to. Also, this home is USDA funded so no PMI even if we choose not to put money down (which is an option w/ a USDA loan) however we are still putting money down.

 

...after all said and done they agreed to take my final offer which was 50K less than their original asking price...

 

Definitely make sure you're there with the inspector and ask any question that comes to mind...go over stuff like main water shut off valve, the electrical panel, gas shut off valve(if theres gas), where the main sewer drain is...all your major factors for all your utilities...be surprised how many people move into a place, have say a water issue and don't know how to kill the main valve if needed.

 

Also...have your realitor do a history on the listing...it may show as "just put on the market" but its common for people to remove their listings after a while and relist..especially during the holidays. Youl'll see as a new listing, but realitors have access to the back end history.

 

Bring a level to check the floors...as funny as this sounds, its very common for floors not to be level. If it "seems" off...it probably is.

 

Hope this helps

 

Did a little research on what has sold recently and it seems like they are pretty much in line with their asking price expecting to get about $10k less. I think we will put an offer in at 25k less and see what happens.

 

Good points about the gas/water main. Have that on the list..

 

I think there may be reputable home inspectors, and possibly honest ones, but I'm not sure there are any competent ones. I have been through a lot of real estate transactions, on both sides, with many inspectors, from cheap to famous ones that service the rich, and they've all missed important things, or blown out of proportion unimportant things.

 

I know you have to have one, but a homeowner friend will probably show you as much....

 

Yes that is my fear. Were actually heading back there friday night with my father to take a better look at things...

[halbautomatisch 60]

thanks. Termite/bug inspection is something i didnt think about. I will add it to the list. THanks!

 

Your lender is most likely going to require this anyway.

[johnoutdoors 10]

Do a drive by several times, varying day/night, weekday/weekend, AM/PM, see what the neighborhood is like at as many different times as you can. Think about the surrounding area, trains, airports, firehouses, rescue squads, etc that are nearby wont really care that you just moved in and they woke you up at 2 AM. Our first house was near a school that didn't have bussing. Everyday the kids would cut across my lawn throwing soda bottles and wrappers on the ground. There was a rescue squad too. They tried not to run the sirens at night, but sometimes they needed to. Talk to any potential neighbors you see when doing the scouting. You'll be amazed at how much info people will give you if they think you're going to live there.

[Arbelest 29]

I agree with johnoutdoors, potential neighbors who have been in the area a while are the biggest wealth of information and will tell you a lot more then the home owner will.

[TheLugNutZ 21]

great points. thanks

[djg0770 481]

Just a point of information that realtors, home inspectors and lawyers often miss - Contact the town and ask them if there are any open permits on the property. I suggest you do this in writing and ask for written certification that all permits have been closed and inspected on the house.

 

Permits remain with the house, and will become your responsibility if there are any open ones and you buy the house.

 

If you need a pool inspection guy I recommend Toff's http://poolinspect.com/

[Brisco 130]

Home inspections was a racket, but has got better. As others have mentioned, VERY important to have someone good. I had a "friend" that was an inspector in 2002 before I bought my home, that idiot missed some major structural issues. He has since left the business since they require some testing now.

 

Fast forward to now, I have worked with buyers and sellers in my area of expertise(boilers & plumbing), so I get to read a fair number of inspection reports. It seems they will always find something to justify the $800-1200 cost, but that only helps you as the buyer.

 

I am going to recommend a company I have worked with personally. I do not know their rates, but they are excellent(very detailed and thorough): Almost Home, Inc, 732-758-0993.

 

Checking on open permits was a good idea mentioned above, but the towns will not usually issue a C of O if there are open permits.

[djg0770 481]

Checking on open permits was a good idea mentioned above, but the towns will not usually issue a C of O if there are open permits.

 

Yeah - well, he's buying in Howell - where the above situation happened to me, so I was just sharing my real life experience. Many towns only check for a fire extinguisher in the kitchen, smoke detectors and CO detectors during their CCO (certificate of continued occupancy) inspection.