 Closing home in 2 months...Should I buy furniture yet? |
Hi everyone!
We are buying our first house. We do not close until the end of April, but we have found some really nice pieces of furniture on sale now.
My parents have offered to buy the ... |
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 How to remove mother in law off title of house? |
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 Mortgage question? |
I have a 651 credit score. i have no money to put down, first time homebuyer. i was wondering what programs are available w/no money down. also is a lease/purchase a good idea?
Additional D... |
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 How old where you when you bought your first house? |
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 Is now I good time to buy a home, or should I wait a little longer? |
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 Buyer wants to purchase my condo overpriced. I pay closing? |
I have a 1 br condo that has been on the market for $169,900 in Southern California. It's vacant and very clean.
I received an offer for $177,000 but the buyer wants me to pay a ... |
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 Does putting my name on the deed of a home that my parents own make me a part owner as well? |
| I know all this has to be written and I know that it needs the consent of the people on the deed but my question is if I do get consent and it is written, and my name is added to the deed, will that ... |
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 I am trying to buy a home and having trouble getting my contract approved even though my credit is okay? |
| It is a mega-find. The seller's were only asking $50,000 and it's perfect. The appraiser didn't know much about what he was doing so he appraised it the same as the purchase price (... |
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| Is it a good idea to buy repossessed/foreclosed homes? |
i'm a first-time home buyer and i want to buy a house that i can afford and that won't give me as much stress when it comes to finances. |
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bdmt20
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It took me 6 months of just going to the court house and watching the sale before I bought my house. it is very risky, there is sooooo much information that needs to be looked at and fully understood before buying a house on the courthouse steps. there is a lot of things on paper that affect the house than just what you see when you drive by, when you win the bidding you also win whatever encumberences that come along with that house. bottom line do your homework first and know what your buying or it can become a huge headache. |
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cowgirl
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Yes, as long as you have it inspected. Sometimes it may have been lost due to people on drugs, or over extended themselves financially, etc. |
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tiffiek
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If the price is right and you are up to fixing it up, yes, it is a great bargain and gives you a chance to buy with equity in place. But it has to make economic sense. |
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Sufi
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repossessed or forclosed homes usually have lots of problems. your cost will be less but there are usually lots of things to be fixed. often they have been neglected or left vacant. you have to evaluate each one but usually they have major costs just to make it livable. If it was sellable it would have been sold. Think about how houses end up in that situation. |
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feelinfrgy26
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good buys especially if you are going to flip them to make more money. |
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Hippie Chick
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Sure, why not? They typically need repairs though. |
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shalirha
 |
MY HONEST OPINION IS THAT THOSE TYPE OF HOMES ARE FOR INVESTORS OR FOR PEOPLE WHO DON'T MIND OR HAVE EXTRA MONEY TO SPEND ON REAPIRS. THE REASON I SAY THIS IS THAT IT TAKES AWHILE IN PAPER WORK TO TAKE THESE HOMES FROM THE OWNERS, THEN FOR THE BANKS TO SELL THEM- DURING THIS ENTIRE TIME THE HOUSE IS NOT MAINTAINED IN ANY WAY.
NO MATTER WHAT ALWAYS HAVE AN ENGINEER ( YOUR OWN- NOT HIRED THROUGH YOUR MORTGAGE COMPANY OR BROKER) INSPECT THE PROPERTY - THEY CAN TRULY TELL YOU IF THERE IS ANY MAJOR WORK THAT NEEDS TO BE DONE.
I SAY CLEAN UP YOUR CREDIT THEN SHOP AROUND FOR A GOOD MORTGAGE WITH A GOOD INTREST RATE AND GET THE HOUSE YOU REALLY LIKE THAT YOU CAN MOVE RIGHT INTO WITH LITTLE OR NO RENOVATIONS- UNLESS YOU DO NOT MIND PUTTING IN THE EXTRA TIME AND MONEY ON A FORCLOSED PROPERTY.
IN REGARDS TO A FORECLOSURE KEEP IN MIND THAT THE MONEY USED TO REPAIR OR CLEAN UP THE PROPERTY WILL HAVE TO BE OUTSIDE OF YOUR MORTGAE CAUSE THE BANKS WILL NOT USUALLY LEND OUT TOO MUCH OVER THE REAL VALUE OF THE PROPERTY WHICH MEANS YOU MAY HAVE TO DIP INTO YOUR SAVINGS TO GET THE HOME TO LOOK THE WAY YOU WANT IT BEFORE YOU MOVE IN.
ANYWAY- GOOD LUCK- FORECLOSURE WILL SAVE YOU MORE MONEY IN THE LONG RUN- BUT BE REALISTIC A KNOW WHAT YOUR MONEY CAN DO FOR YOU- NOT WHAT YOU CAN DO FOR THE MONEY.
WEIGHT YOUR OPTIONS A RESEARCH EVERYTHING- YOURSELF. |
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Gray Rock
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I bought one last year. The old owners (who had to move out obviously) put a bunch of dead fish in the sheet rock, in the family room downstairs. We didn't notice it for MONTHS....(not till it hit 104 degrees here in Phoenix!
Yuckky!
Buyer beware...! |
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beancounter
 |
It can be a very good idea. Repossessed/foreclosed homes can often times be purchased well below what you would pay from a real estate company because the seller may be looking to minimize his/her loses and recapture their investment in the property. |
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laidback
 |
There's an advantage to buying this way, one is your getting below market price, which saves you money, yes most of these homes have some work that needs to be done to them, but if you have the resources(i.e. family, friends) to help you with the small repairs then its a good buy and you are walking into equity when the work is done, rule of thumb is buy in a good neighborhood, rather than in a bad, remember location location location,
just make sure that the major things are not in need of repair,(roof furnace...) Good Luck! |
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