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From: suze@terak.UUCP (Suzanne Barnett)
Newsgroups: net.consumers
Subject: Re: Re: Need advice on bidding on a house
Message-ID: <746@terak.UUCP>
Date: Tue, 1-Oct-85 20:18:37 EDT
Article-I.D.: terak.746
Posted: Tue Oct  1 20:18:37 1985
Date-Received: Thu, 3-Oct-85 06:38:18 EDT
References: <713@whuxl.UUCP> <1898@bmcg.UUCP>
Organization: Calcomp Display Products Division, Scottsdale, AZ, USA
Lines: 49

> > First of all the prices are outrageous!  I sincerely believe, that
> > real estate agents intentionally jack up the listed price of a house
> > to increase their commission.  So question one:
> > 
> > (1) Does anybody have a formula (or rule of thumb) for coming up with a price
> > offer, based on the listing price, location and/or other factors?
> > 
>      If you are going VA then use the appraised value the VA put on it or
>      go to your local governmental hall of records and find out what the
>      taxes were last year. I believe (If I'm wrong correct me please) taxes
>      are 1% of value appraised.

Perhaps this is so in San Diego, Calif., but, the taxes are
city, state and/or county specific. The rates vary from one
location to another. For example, adjacent suburbs that are
very similar in other ways may use drastically different tax
bases. Likewise, in some cases, it is only the land, in others
only the building and in others both that are taxed.

> 
> > (2) Is it better to deal exclusively with one realtor or use several?
> > 
>      The more the better. You can compare the different prices virses the
>      property offered.

Best to use one realtor who gets to know your desires, needs and
priorities on a home, AND is a member of an MLS.

> 
> > (3) Should I apply for a mortgage now, before I've found a house, or wait
> > until I find one?
> > 
>      I went down to a mortgage company and got qualified for a house I was
>      thinking about buying. The wife didn't like it so I just dropped it but
>      when I told agents that I already was qualified through FHA for $XXXXX
>      dealings went much faster.

You can find out what FHA and VA will set as mortgage limits, and can
get an idea, from your total income, routine expenses and number of
dependants what you could probably qualify for. A good realtor can
get you this information very quickly.
-- 
Suzanne Barnett-Scott

uucp:	 ...{decvax,ihnp4,noao,savax,seismo}!terak!suze
phone:	 (602) 998-4800
us mail: CalComp/Sanders Display Products Division
	 (Formerly Terak Corporation)
	 14151 N 76th street, Scottsdale, AZ 85260