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User Name Thread Name Subject Posted
GUEST,mgarvey@pacifier.com BS: Buying a house; your best tips? (56* d) RE: BS: Buying a house; your best tips? 06 Jan 02


I was a realtor in the mid 80s..the worst possible market..and I worked part time for Seattle's probable top realtor (yes, the one with the billboards all over..) Here is the sum of my knowledge: don't buy with someone unless you absolutely must and there is an exit plan...and it can take a fair amount of time to make splitting any equity worth selling.. never ever buy a house with a bad foundation...we were forbidden at my agency to sell them...get earthquake and flood insurance...get electricity and plumbing updated as soon as possible..maybe before moving in..it wasn't that much at the time..a few thousand for plumbing and likewise electricity...get separate meters...take care of dsl, cable etc. at same time...get agreements in writing about landscaping, exterior decoration, what kinds of vehicles can be parked for how long..noise levels..pets.....if one leaves to get married, travel, whatever...what kind of tenants will be allowed...if both parties move out and it becomes a rental I recommend professional management...get lots of insurance...

various scenarios: one wants to move out and get married, or divorced or whatever...barely any equity built up...do you walk away, insist on selling to get $5,000. Do you insist on selling if it would put people in the hole? Other scenario: house prices triple and one wants out. Other can't afford to buy the other out. Then what? Gangs take over neighborhood. Value goes way way down. (This happened to me). Meth lab moves in next door. When and at what loss or profit do you sell?

mg




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