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Thread started 04/29/08 8:21am

CarrieMpls

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I think I may be buying a house.

I am looking at foreclosures and finding listings for as low as $50-70,000 in neighborhoods I'd totally live in.

eek

My credit is excellent and with those prices my mortgage payment would be WAY cheaper than my current rent. The city of Mpls even gives you a $10,000 grant for buying foreclosures and as long as you live in the residence for at least 5 years it's forgiven.


I think I'm finally home-hunting. eek!
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Reply #1 posted 04/29/08 8:22am

ArielB

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.
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Reply #2 posted 04/29/08 8:23am

rachel3

Best of luck to you girl!!! biggrin
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Reply #3 posted 04/29/08 8:24am

Imago

That's great!


Look at it as a long term investment.

If you have a multi-story house, you may even want to rent room sout--that's extra cash, and depending on the layout, you may never have to see your roomates.

But if you don't , when the market picks back up, your house will make you far more money, quicker than a 401k plan, savings, etc. will.


Just bear in mind the additional costs (pest control, maintenance, yard work, etc.) that really tends to add up.


Plus you live up north. Living in a house up north normally causes suicidal thoughts, I'm told. shrug
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Reply #4 posted 04/29/08 8:24am

CarrieMpls

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ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.
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Reply #5 posted 04/29/08 8:25am

Muse2NOPharaoh

CarrieMpls said:

I am looking at foreclosures and finding listings for as low as $50-70,000 in neighborhoods I'd totally live in.

eek

My credit is excellent and with those prices my mortgage payment would be WAY cheaper than my current rent. The city of Mpls even gives you a $10,000 grant for buying foreclosures and as long as you live in the residence for at least 5 years it's forgiven.


I think I'm finally home-hunting. eek!


Setting myself up for the same!


JUST DO IT! woot! dancing jig
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Reply #6 posted 04/29/08 8:26am

Muse2NOPharaoh

Although you will never see prices remotly like that here!
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Reply #7 posted 04/29/08 8:28am

CarrieMpls

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Imago said:

That's great!


Look at it as a long term investment.

If you have a multi-story house, you may even want to rent room sout--that's extra cash, and depending on the layout, you may never have to see your roomates.

But if you don't , when the market picks back up, your house will make you far more money, quicker than a 401k plan, savings, etc. will.


Just bear in mind the additional costs (pest control, maintenance, yard work, etc.) that really tends to add up.


Plus you live up north. Living in a house up north normally causes suicidal thoughts, I'm told. shrug


I can only think of one person I'd allow to live with me and I'm not sure if he'd want to. I'm planning to live alone, as usual. And maybe get some more cats so I can finally be the crazy cat lady I'm destined to become. touched

I don't know anyone who pays for pest control here unless there is an unusual problem. The pests all die or hibernate in the winter. smile

The idea of yard work and snow removal kind of disgusts me, but I'm do it all on my own, I wouldn't pay someone to do it. Unless there's a neighborhood kid who wants to earn some extra cash.
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Reply #8 posted 04/29/08 8:28am

CarrieMpls

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Muse2NOPharaoh said:

Although you will never see prices remotly like that here!


I was shocked to see them here. And there will be a whole new round of them on 5/1.
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Reply #9 posted 04/29/08 8:30am

Muse2NOPharaoh

CarrieMpls said:

Muse2NOPharaoh said:

Although you will never see prices remotly like that here!


I was shocked to see them here. And there will be a whole new round of them on 5/1.

Sadly, we are far from seeing the end of this. excellent time to wisely invest however! hug
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Reply #10 posted 04/29/08 8:30am

ArielB

CarrieMpls said:

ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.

oooh, that's pretty cool.
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Reply #11 posted 04/29/08 8:32am

Anxiety

CarrieMpls said:

I am looking at foreclosures and finding listings for as low as $50-70,000 in neighborhoods I'd totally live in.

eek

My credit is excellent and with those prices my mortgage payment would be WAY cheaper than my current rent. The city of Mpls even gives you a $10,000 grant for buying foreclosures and as long as you live in the residence for at least 5 years it's forgiven.


I think I'm finally home-hunting. eek!


do it!

hell, i want to buy a house out here and i don't even need one. i just want to do it because with the crazy listings right now, it's something i could actually do! lol
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Reply #12 posted 04/29/08 8:35am

MrsMdiver

Do it Carrie!

It is a great feeling to own your own home and not rent.

Best wishes and good luck!
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Reply #13 posted 04/29/08 8:39am

veronikka

CarrieMpls said:

ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.


Sounds like a deal to me! Definitely take advantage of it!
Good luck! biggrin
Rhythm floods my heart♥The melody it feeds my soul
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Reply #14 posted 04/29/08 8:44am

JuliePurplehea
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Do it! Being a home owner is great.
Shake it til ya make it dancing jig
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Reply #15 posted 04/29/08 8:44am

luv4u

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If you have an opportunity and it looks good, your job is stable. Go for it!! thumbs up!
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Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
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Reply #16 posted 04/29/08 8:46am

Mach

Best wishes biggrin

Invasion @ Carrie's HOUSE
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Reply #17 posted 04/29/08 8:52am

RodeoSchro

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CarrieMpls said:

ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.


Congratulations! There is nothing like owning your own home. You are building equity instead of paying for someone else to build equity. That's good.

But remember this: A home is a place to live. It is NOT an investment. Buy a home that you like, in a neighborhood in which you want to live.

Whatever you pay for your home, THAT is market value. Whether you buy it from a bank or an individual, it makes no difference. For example, let's say there is a foreclosed home for sale for $75K. The person next door lives in basically the same floorplan, and wants to sell. He can't realistically list his home for more than $75K. Who would pay $125K when they can buy the same house for $75K?

So know that going in. If you buy that home for $75K, that is what it's worth. Eventually, it will increase in value, but I think that's going to take awhile. Believe it or not, we are just beginning to see the effects of the foreclosure crisis on home prices.

Again, pick a home you like, in a neighborhood you like, and at a price you can afford. Then, be a happy homeowner. Good luck!
Second Funkiest White Man in America

P&R's Palladin
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Reply #18 posted 04/29/08 8:56am

CarrieMpls

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RodeoSchro said:

CarrieMpls said:



It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.


Congratulations! There is nothing like owning your own home. You are building equity instead of paying for someone else to build equity. That's good.

But remember this: A home is a place to live. It is NOT an investment. Buy a home that you like, in a neighborhood in which you want to live.

Whatever you pay for your home, THAT is market value. Whether you buy it from a bank or an individual, it makes no difference. For example, let's say there is a foreclosed home for sale for $75K. The person next door lives in basically the same floorplan, and wants to sell. He can't realistically list his home for more than $75K. Who would pay $125K when they can buy the same house for $75K?

So know that going in. If you buy that home for $75K, that is what it's worth. Eventually, it will increase in value, but I think that's going to take awhile. Believe it or not, we are just beginning to see the effects of the foreclosure crisis on home prices.

Again, pick a home you like, in a neighborhood you like, and at a price you can afford. Then, be a happy homeowner. Good luck!


Great advice, and I absolutely agree. I am only looking in neighborhoods I love and will only buy if I find what I'm looking for.
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Reply #19 posted 04/29/08 8:57am

luv4u

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Mach said:

Best wishes biggrin

Invasion @ Carrie's HOUSE


I like that idea. Org invasion? hmmm
Edmonton, AB - canada
Mod Goddess of the SNIP & BAN Making Moves - OF4S
Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #20 posted 04/29/08 9:05am

roodboi

ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


my wife and I only paid $35,000 for our house from a private owner...it's nothing fancy but very cute and charming and in a great neighborhood...other homes in our neighborhood are selling at exceptionally higher prices...ours has appraised very high and when we do decide to build or buy another home, we'll make a hefty profit from this place...we, of course, were very lucky in finding a deal like this...
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Reply #21 posted 04/29/08 9:15am

CarrieLee

CarrieMpls said:

ArielB said:

there are houses for that low? eek

I don't know, I'd be scared tro live in a house for that price. unless it's the rate in the area.


It's only forclosed homes that are that low. The banks are looking to recoup anything they can so the prices drop dramatically. I'm seeing prices of $50-100,000 for houses that would be $125-250,000+ market value. It's insane!
But I think I need to take advantage of it.


Carrie be sure to check if there are any liens on the house. If there are then they automatically go to you if you buy the home. They don't go with the original owner, they go to the new owner. This happened to my mother's friend...she had NO idea. A lot of the time this is the case with foreclosures...if not then you're good to go!

Good luck!
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Reply #22 posted 04/29/08 9:23am

pardonme4livin

CarrieMpls said:

I am looking at foreclosures and finding listings for as low as $50-70,000 in neighborhoods I'd totally live in.

eek

My credit is excellent and with those prices my mortgage payment would be WAY cheaper than my current rent. The city of Mpls even gives you a $10,000 grant for buying foreclosures and as long as you live in the residence for at least 5 years it's forgiven.


I think I'm finally home-hunting. eek!


Yes yes....time to buy.... nod

Lemme know what you do.... and in what neighborhoods you are looking at.... hug
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Reply #23 posted 04/29/08 9:24am

superspaceboy

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And the more you put down, the less your mortgage is. They also give better rates to first time owners too.

Christian Zombie Vampires

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Reply #24 posted 04/29/08 9:27am

CarrieMpls

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pardonme4livin said:

CarrieMpls said:

I am looking at foreclosures and finding listings for as low as $50-70,000 in neighborhoods I'd totally live in.

eek

My credit is excellent and with those prices my mortgage payment would be WAY cheaper than my current rent. The city of Mpls even gives you a $10,000 grant for buying foreclosures and as long as you live in the residence for at least 5 years it's forgiven.


I think I'm finally home-hunting. eek!


Yes yes....time to buy.... nod

Lemme know what you do.... and in what neighborhoods you are looking at.... hug


I'm looking in South Minneapolis and Uptown mostly, probably 2br (but if it was only 1br and super cute I'd do it). I did see one listing for a 3br 1066 sq ft place in Loring Park for $50,000. It must be a condo. I'd totally do something like that too.

I'm gonna see about pre-qualifying for a loan and go from there...
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Reply #25 posted 04/29/08 9:28am

CarrieMpls

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superspaceboy said:

And the more you put down, the less your mortgage is. They also give better rates to first time owners too.


The city grant will basically pay for my down payment which is $10,000. biggrin
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Reply #26 posted 04/29/08 9:58am

MIGUELGOMEZ

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This is great news Carrie.

Go for it!!!!!
MyeternalgrattitudetoPhil&Val.Herman said "We want sweaty truckers at the truck stop! We want cigar puffing men that look like they wanna beat the living daylights out of us" Val"sporking is spooning with benefits"
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Reply #27 posted 04/29/08 10:09am

REDFEATHERS

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Oh go for it!!! You wont regret it! excited

I will prolly be buying another house in the very near future..
I will love you forever and you will never be forgotten - L.A.F. heart
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Reply #28 posted 04/29/08 10:17am

truefunksoldie
r

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Do yourself a favor and hire a real estate attorney to represent you.

Nobody in the transaction has your best interests in mind, not your agent, not the selling agent (they're about commissions), not the closing attorneys, nobody.

Especially if you're buying a foreclosed property, but even if you're buying any property, you really need to hire a real estate attorney to represent you.
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Reply #29 posted 04/29/08 11:23am

CarrieMpls

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OK, apparently I am SOOOOO not ready to buy a house. lol After consulting with a coworker it's not gonna happen for me. Maybe in a few years.
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