Buying a House Thread

[slipkord]

Well guys I’m slowly in the process of fixing up my house to sell it, it was fine when it was just 3 of us but with a baby and accumulating toys and furniture there is just no more room. This weekend I’m going to try and finish painting the inside. Next weekend, lay down some kitchen tile and then start cleaning up the garage and by then it will be close to Thanksgiving. My thought is to put it up for sale early next year, maybe around April. I’m eyeing foreclosures at the moment because I can pick up a 4/2 2000sq ft double car garage and .3 acreage for $148k, which is cheap, other side of town it would go for $180k. It’s definitely a buyers market, so I hope I can sell my house for what I owe on it. Just looking for input and advice here and if anyone has any home buying related questions then post away.

[DV8mAn]

Verify you can secure financing.  That's the tough part these days, even for those with flawless credit.  Good schools in the prospective area?  How about city/county property taxes?  What's the historical trend for housing values in the prospective area?  It may be a "good deal" now, doesn't mean you wont lose your butt going forward.

[b_beau_09]

Just make sure you get a realator who actually gives a damn..  My parents realator we got through a neighbor friend and the guy never called to tell us anything after open houses or showings.  Basically he called to kick us out when someone wanted to see the house, and didn't even call to tell us we could go back.  The only reason they ended up selling the house was because my dad had to stay at the house during a showing and got a chance to talk to the lady who ended up buying it.  I have a feeling that if the government wasn't paying my dad's closing costs and realators fees, that guy wouldn't have gotten paid.

on another note, homes in AL are really cheap right now, you're right it's definitely a buyers market.  and the interest rates are still incredibly low, but I have a feeling it's not going to last much longer.  I would get in contact with a realty and at least get the process moving along right now.

Take anything I say with a grain of salt, because no, I've never bought and sold a house of my own.  I'm only an observer of the process.

[Mike]

I don't know I think things are going to stay about where they are at market and interst wise for another year or so. My plan is to buy in the next year.

[v6sicksspeed]

^ yea, agreed.  i bought my apt last year when interest rates were "rock bottom".  and yet, they're lower now than what i secured. 

im not complaining because i got a real good rate, but it just goes to show that you never know what will happen.

[slipkord]

I'm using the same realtor I used when I bought this house, real good guy, he's shooting me updates and working on securing financing numbers.

[slipkord]

Well great, I just found the perfect house and my wife loves it and so do I. Now I just need to find out how to sell my house and buy this at the same time. But first need to see what I can get loaned. Man I hate buying houses, such a clusterfuck.

[DV8mAn]

Whatever u do, don't do a bridge loan!  Make an offer with a contingency

[slipkord]

Please explain Jason

[Mike]

Do you wiki?

http://en.wikipedia.org/wiki/Bridge_loan

[DV8mAn]

Short answer, dont buy a new house until you sell yours.  If you put in offer on a house before yours closes, add a contingency to your offer.  Bridge load is almost as intelligent as a 3 or 5 yr ARM (sarcasm).

[timot_one]

I wish I was in the position to buy a home.  The only thing I can do is wish you well Jeremy.  I have no advice. 

[Mike]

Right now I'm trying to pay off all the debt I can. I want to go in with CC balances and things at $0.

[v6sicksspeed]

you're a smart guy mike.

slipkord - how long have you owned your current home for - i.e. has it retained (increased) its value since you originally purchased it?

[slipkord]

I just got some fucking rocking lender news...just have to sell my house now.