Welcome

LadyL

We are currently renting a 2 bedroom, 1 bathroom fixer-upper. The rent is 400 a month. This house is owned by his parents--and they are saying that we can purchase the house from them for $60,000. First off, I don't think the house is worth that much. Secondly, it's literally right next to my in-laws, and thirdly, it'll takes a lot of time and money to fix up the house the way it needs to be. We need new plumbing, electrical, windows, floors, etc. We are considering buying a house that has 3+ bedrooms, and 2+ bathrooms. Something that will accomidate us if we decide to have kids. We currently don't have any children and aren't looking to have any in the near future. I think it's the perfect time to purchase a home, considering we don't have kids (that extra expense), we can take advantage of the first time home buyer tax deduction that is only useful this year, the mortgage rates are low, and houses are CHEAP. The problem is, I feel my husband is very uncomfortable with moving into such a big time purchase. He's getting opinions from other people, and they are telling him to save 20% of the mortgage, and only buy a house that is $100,000 or less, and can be fixed up. I'm afraid if we wait to save 20%, we'll be waiting FOREVER to buy a home, and lose the great advantage of the way the market is right now. Not to mention the fact that we are now currently living in a home that needs to be fixed up, and we don't have the time! My husband and I make about $60,000 a year combined, and don't have any debt other than my student loans, which are about $7,000 total. Is there any reason right now we shouldn't go a head and purchase a home? Are there things we should be looking at before we make that leap? Any home buying advice is welcome--neither one of us has every bought one before. Thanks in advance!

Harold

1. Visit at various times of dayThe windows that let in so much light during the day may be a peeping Tom’s dream at night. That seemingly quiet residential street may be a noisy, highway-feeder street during morning or evening rush hour; or it may be near impossible to get from your quiet street across traffic and onto the feeder street in the morning. The adjacent school may seem like a nice perk if you’re buying in the summer, but during the school year, daily playground noise and extra traffic may be more than you bargained for.2. Look through recent newspaper archives“Make sure you’re getting information on what you can’t see,” Levine suggests. Perhaps the municipal water well that feeds your neighborhood has high levels of contaminants or a proposed high-voltage power line may soon be coming through your back yard. You can also check with the city or county to see if there are any proposed projects.3. Talk to neighborsHow many people in the neighborhood own their homes? Sometimes it’s hard to tell at first if you’re choosing a neighborhood that’s primarily rental houses.4. Ask if the neighborhood has an association“Is there a newsletter for it? How often does the neighborhood get together? Do they have a block party every year?” Levine asks. “Even if you don’t plan to attend, the fact that they’re having a gathering says they care about their community, that they want to get to know each other, that they’re willing to socialize that way. People who behave that way are building a community. They’re going to look out for your kids; they’re going to look out for your house. It’s a nice, safe way to celebrate something.”5. Quiz the sellers What problems are they aware of that the house had in the past – even if they’ve been fixed? An ice dam five years ago may have caused water damage that has since been repaired. But it’s good to know that the house may be prone to ice dams so you can take preventive measures rather than find out the hard way. Discovering the basement flooding was solved by building up the landscaping in a particular area will prevent you from leveling the ground there in later years.6. Get a home inspectionVirtually all houses have defects, according to National Association of Exclusive Buyers Agents. Some will be obvious and most will be curable. But knowing what needs fixing can help you negotiate a lower price – or at least prepare you for costs you’re soon to incur. Strongly consider getting inspections, too, for lead paint, radon and wood-eating pests.7. Get detailed records on past improvements This isn’t always possible. But if you’re told the house’s exterior was painted two years ago – and then see a receipt noting the whole project cost just $1,000 – then you’ll be forewarned that cheaper materials were used and that you may be looking at repainting sooner than you thought.8. Don’t just assume remodeling will be a snap If you voice your ideas to the sellers, you may be able to glean valuable insights. For instance, perhaps that shower is in an odd location because, when remodeling 10 years ago, the previous owners discovered a costly structural impediment to putting a shower where it would seem more appropriate.9. Consider the view “So many neighborhoods now have teardowns. So look at the two houses on either side of you. If this neighborhood has had some teardowns, one of those houses might be a candidate. And they may build some behemoth structure that affects your light or the way your house looks or your view,” Levine says.10. Ask for utility bills You may adore the Cape Cod architectural style or the high ceilings and walls of glass in a modern home – but those winter heating and summer cooling bills may push your monthly payments beyond affordable. Ditto for the water bills you’ll pay to maintain a pristine landscape.11. Pay close attention to taxesDon’t just ask what the seller’s most recent tax bill was; ask what several recent tax bills have been. In some areas, houses are re-appraised – and taxed at higher rates – frequently. That great deal and good investment may not seem quite so grand if the property taxes skyrocket year after year. Again, look at newspaper archives or talk to your Realtor about the way taxes are used in this area. In some cities, schools are substantially funded through property taxes – which means you can count on yours increasing regularly.12. Check with city hallNAEBA recommends looking into the property’s and neighborhood’s zoning, as well as any potential easements, liens or other restrictions relating to your property. The seller should disclose these facts, but it’s better to be safe. If you’re using a buyer’s agent, he or she should be able to help you with this.13. Reconsider the bells and whistlesAre you sure you can live with a one-car garage, or a detached garage, or on-street parking? The pool may be a nice bonus, but can you afford the upkeep?14. Explore the surrounding area If

Zeb

3 things and you will have a house,1. get pre approve from bank, wellsfargo ask you for the 3% down of theamountt they approve you for.2. shop around for the forclose market, zillow.com or other reo properties. GETTING realtor will be more expansive. if you have a friend or relative who is into realestate that will help.3. bid on the house, remember not to stop on one house.. shop as many as you want, you need the house no one else does... so shop a house if you like it what ever the bank asking price is give about 40% of the asking price * if house is 100K bid for 40K* nothing wrong with it and it wont cost you a thing. if the offer is accepted you will get the house if not then bid for 2k more if still not accepted then do 1k more use commen sence.Buying house is not hard, you need to know what your getting into thats all.check the link out it will help you..govsales.govThank You

Hector0952

If you pay $400/ month or $ 4,800/ year and you make 60K, you should have the cash on hand to pretty much put at least 50% down. If you do not, then practice for 6 months putting away the cost of a mortgage of at least $700 per month.