I will disclose financial details at a later date. My offer is well below asking price and somewhat lower than my agent suggested. I realized that my goal in this deal isn't to squeeze every penny from the owners. I could have gone that route, and frankly I 'maximize' in most other areas of my life. I want a good deal, but I it doesn't have to be a great deal, and I don't want to take another person to the cleaners.
I found my agent through Redfin. I could have shopped around more, but the first person and I hit it off pretty well. He has been a very good resource. I've looked at 8-10 condos in person and dozens more online. I weighed various mortgage options and ultimately decided on 30-year fixed with 25% down. I could have done 15 years for a lower interest rate, but I don't want to feel 'house poor.' Also, the 30 allows me to max all my tax advantaged accounts. I've shopped around for my lender, and I will probably go with AIMLoan, since their rates were considerably lower. I've researched title companies, and learned they one can save a couple hundred bucks by shopping around. I knew intellectually that taxes/closing costs were high when buying/selling. Now I really appreciate it.
Some of my favorite resources:
- Bogleheads (of course)
- Redfin for searching for properties online
- mtgprofessor.com for all things lender-related
- http://clta.titlewizard.com/wizard/step/county for searching title companies
- Friends who've bought in the area
- My parents (gasp!)
I will post periodic updates as things move along. I couldn't have done it, at least not nearly as wisely, without you.