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OT: buying a house (first time home buyer)

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RocketDawg

All-Conference
Oct 21, 2011
18,945
2,066
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The realtor should tell the buyer, and the lawyer should go over the covenants and restrictions at closing, but I haven't seen one that does. Bottom line is ... the buyer is going to sign a form saying they will abide by the rules of the HOA. If they don't, they'll get fined. The responsibility is ultimately on the buyer to find those things out because he's agreeing to them by his signature. And yes, they can be a nightmare if you try to deny that you've seen them and agree to them. A signature says otherwise.

Generally the restrictions and bylaws are for the good of everyone in the neighborhood. If a person doesn't want that, then they should buy elsewhere, not gripe about it once they move in.
 
goindhoo

goindhoo

Junior
Feb 29, 2008
1,182
314
83
Don't bank on the lawyer going over the covenants with you. It would take an hour by themselves. Just like the lawyer is not going to go over the Deed of Trust on a mortgage with you. It would take way too long. He'll hand you a copy and say feel free to familiarize yourself with the covenants. Every subdivision is different and the lawyer is not going to be proficient on every subdivision's covenants.

Also, usually the buyer doesnt sign anything agreeing to abide by the covenants. But by accepting title (a deed) to the property, you accept title subject to all of the existing covenants and restrictions. Very rarely does the buyer ever sign the deed. You should look over the deed and see what all exceptions/restrictions are included.
 
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RocketDawg

All-Conference
Oct 21, 2011
18,945
2,066
113
That's what I said ... "but I haven't seen one that does" ... regardless of the fact that the legal fees part of the closing costs are considerable. The lawyer actually doesn't do much.

And I've bought my house, then refinanced twice ... and every time I had to sign a form saying I was familiar with and would abide by the covenants and restrictions. I don't know how they do it in Mississippi ... perhaps it's different. I was even provided with a full copy. HOA restrictions and covenants are themselves a legal document filed in the courthouse.
 
Maroonbulldog

Maroonbulldog

Redshirt
Mar 3, 2008
345
47
28
If it qualifies for USDA then that is the best option unless you can put 20% down imo. Mortgage insurance continues to go up and usda is a cheaer payment option w the lower/ lowest rates plus no money down. I am a mortgage lender at a bank in Columbus and deal with first time buyers weekly. Been lending for foing on 17 years now. If u want, email me and I can answer a lot of questions for you since I will not have A dog in the hunt. Would be happy to help. [email protected] is my personal email.
 
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HammerOfTheDogs

All-Conference
Jun 20, 2001
10,762
1,546
113
DEFINITELY get a buyer/agent

When Swandawg69 and I bought a house in 1993, we had a family friend who was a Real Estate agent work for us as a Buyer/agent. She did a fantastic job, and we got a house for several thousands dollars under appraisal.

When we were looking for a house in 2006, we thought we could do it on our own. Turns out, the Real Estate agent totally screwed us. We bought a double-wide on 1.48 acres of land, thinking that we could later build our own home. Turns out, Hinds county ordinances said you could only build a new house on 2 acres of land or better....and this one was grandfathered in. Also, she used her own appraiser and we let her pretty much set the price on the house. Not only that, wanted a 30 year mortgage, and she "accidentially" drew up the papers as a 15 year mortgage, costing us several hundred more per month. Finally, the agent presented the couple we were buying the house from as happily married. After we closed, we found out they were divorced and were happy to get rid of the house.

Get a buyer/agent. Like what was said here, get one who's a big *******. At least he'll be working for you, and giving the seller and their real agent fits.
 
jethreauxdawg

jethreauxdawg

Heisman
Dec 20, 2010
10,669
13,851
113
Don't ask your agent which home inspector to use.

crushing said:
Make sure you have a good home inspector and listen carefully to what he has to say.
Click to expand...

Agents want the house to sell. They don't want an inspector that will be too detailed and potentially scare you off, but that is the kind of inspector you need
 
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