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Reply #30 posted 04/29/08 11:26am

SupaFunkyOrgan
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CarrieMpls said:

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.

Why? sounds like the money wasn't too big a hurdle or is it the state of the economy and all that BS?
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Reply #31 posted 04/29/08 11:40am

PaisleyPark508
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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!



Damn!!! The cheapest forclosures you will find in Santa Barbara are in 700,00 range! and they are nothing really to speak off omfg

Congrats Carrie! I hope it really works out for you, it is a wonderful feeling to own a home and no longer pay rent! woot!
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Reply #32 posted 04/29/08 11:54am

MoniGram

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That's awesome! woot!
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Reply #33 posted 04/29/08 12:29pm

CarrieMpls

Ex-Moderator

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SupaFunkyOrgangrinderSexy said:

CarrieMpls said:

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.

Why? sounds like the money wasn't too big a hurdle or is it the state of the economy and all that BS?


There's a lot of stuff I didn't think about. It's a lot more complicated than I was thinking.

confused
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Reply #34 posted 04/29/08 12:41pm

CalhounSq

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CarrieMpls said:

SupaFunkyOrgangrinderSexy said:


Why? sounds like the money wasn't too big a hurdle or is it the state of the economy and all that BS?


There's a lot of stuff I didn't think about. It's a lot more complicated than I was thinking.

confused

Complicated but not impossible! Don't let some coworker kill it for you - if it's something you really can accomplish & you want it just do the research & figure out how. With those prices it's SO worth checking into nod
heart prince I never met you, but I LOVE you & I will forever!! Thank you for being YOU - my little Princey, the best to EVER do it prince heart
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Reply #35 posted 04/29/08 12:44pm

SupaFunkyOrgan
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CalhounSq said:

CarrieMpls said:



There's a lot of stuff I didn't think about. It's a lot more complicated than I was thinking.

confused

Complicated but not impossible! Don't let some coworker kill it for you - if it's something you really can accomplish & you want it just do the research & figure out how. With those prices it's SO worth checking into nod

She's right. It's almost busting the minds of us californians to even contemplate a purchase price of $70,000 grand lol

Kiss some target ass and make it happen! smile

hug
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Reply #36 posted 04/29/08 1:07pm

roodboi

PaisleyPark5083 said:



Damn!!! The cheapest forclosures you will find in Santa Barbara are in 700,00 range! and they are nothing really to speak off omfg



an therein lies much of the problem with the housing market,overpriced homes... and lenders that have been more than willing to finance overpriced homes for people that can't really afford a reasonably priced home, let alone an overpriced one...mortgage lenders, real estate companies and building contractors created much of this current housing mess themselves...
[Edited 4/29/08 16:10pm]
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Reply #37 posted 04/29/08 1:08pm

RodeoSchro

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CarrieMpls said:

SupaFunkyOrgangrinderSexy said:


Why? sounds like the money wasn't too big a hurdle or is it the state of the economy and all that BS?


There's a lot of stuff I didn't think about. It's a lot more complicated than I was thinking.

confused


If you can afford it, now is the time to buy. For the rest of the year, IMHO. You won't see prices this low again.
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Reply #38 posted 04/29/08 1:12pm

Muse2NOPharaoh

RodeoSchro said:

CarrieMpls said:



There's a lot of stuff I didn't think about. It's a lot more complicated than I was thinking.

confused


If you can afford it, now is the time to buy. For the rest of the year, IMHO. You won't see prices this low again.

I do think you will continue to see them plummet awhile longer!
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Reply #39 posted 04/29/08 1:36pm

Slave2daGroove

Watch the property taxes!!!!

Get something in writing that attempts to estimate them from the county. They're typically 15% of the value so you don't want them estimating the 750,000 when you're getting it for half.

In addition to any work, any upkeep or anything else this monthly cost is added on to your mortgage EVERY MONTH. Mine tripled from the original homeowner when I bought my house. It's been unbearable and nobody told me before I made my investment.
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Reply #40 posted 04/29/08 1:38pm

REDFEATHERS

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I cant believe how cheap house prices are in the states! eek
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Reply #41 posted 04/29/08 1:39pm

Imago

Slave2daGroove said:

Watch the property taxes!!!!

Get something in writing that attempts to estimate them from the county. They're typically 15% of the value so you don't want them estimating the 750,000 when you're getting it for half.

In addition to any work, any upkeep or anything else this monthly cost is added on to your mortgage EVERY MONTH. Mine tripled from the original homeowner when I bought my house. It's been unbearable and nobody told me before I made my investment.

oops. This a good point Carrie.


My property taxes, here in florida tripled so I went from a 1,079 dollar a month mortgage payment to $1350 overnight.

Yeah, I'll be keeping my roomate for a while. lol
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Reply #42 posted 04/29/08 1:54pm

CarrieMpls

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Imago said:

Slave2daGroove said:

Watch the property taxes!!!!

Get something in writing that attempts to estimate them from the county. They're typically 15% of the value so you don't want them estimating the 750,000 when you're getting it for half.

In addition to any work, any upkeep or anything else this monthly cost is added on to your mortgage EVERY MONTH. Mine tripled from the original homeowner when I bought my house. It's been unbearable and nobody told me before I made my investment.

oops. This a good point Carrie.


My property taxes, here in florida tripled so I went from a 1,079 dollar a month mortgage payment to $1350 overnight.

Yeah, I'll be keeping my roomate for a while. lol


This all brings me back to, I'm not ready. lol I'm going to start looking into it, but I'm thinking now I'm not making enough, even if I DO find something on the foreclosure list...
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Reply #43 posted 04/29/08 2:18pm

Slave2daGroove

CarrieMpls said:

Imago said:


oops. This a good point Carrie.


My property taxes, here in florida tripled so I went from a 1,079 dollar a month mortgage payment to $1350 overnight.

Yeah, I'll be keeping my roomate for a while. lol


This all brings me back to, I'm not ready. lol I'm going to start looking into it, but I'm thinking now I'm not making enough, even if I DO find something on the foreclosure list...


Owning a home is great and good for writing off income. Just be realistic, if you can afford a $75k house then find the best damn one you can. I think people in the recent past went and bought the $275k when they could only afford the 75k. If you use your head and be realistic with your budget, a new home will find you. Paying rent just goes into someone else's investment, make it your investment.
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Reply #44 posted 04/29/08 2:23pm

Imago

CarrieMpls said:

Imago said:


oops. This a good point Carrie.


My property taxes, here in florida tripled so I went from a 1,079 dollar a month mortgage payment to $1350 overnight.

Yeah, I'll be keeping my roomate for a while. lol


This all brings me back to, I'm not ready. lol I'm going to start looking into it, but I'm thinking now I'm not making enough, even if I DO find something on the foreclosure list...

Just do the math and see if you can afford it, and still be able to absorb occasional emergencies and frivolous spending. IF so, it's a crime to rent.
If not, wait until the situation comes up that allows this and jump at it.
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Reply #45 posted 04/29/08 4:03pm

emm

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own! own! own! woot!

  • my mortgage payment is lower than the rent i was paying
  • the monthly property tax installment evens that out
  • heating is an extra cost as is homeowner's insurance
  • and you have to be prepared for that plumber bill or what have you
    but!
  • in two years i've gained 50K in equity for this place. where else could you do that???
doveShe couldn't stop crying 'cause she knew he was gone to stay dove
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Reply #46 posted 04/29/08 4:18pm

horatio

if I were you I would look into going in on a duplex with someone else who has an excellent financial record. it will make the whole experience more enjoyable because you wont be pinched like most people are for the first couple years when getting into a new property, you will be able to continue living the life you lead far as spending and make the improvements you want.
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Reply #47 posted 04/29/08 4:50pm

XxAxX

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good luck and i hope you find the perfect place. i think they're saying housing prices will fall more toward the end of the year.
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Reply #48 posted 04/29/08 5:18pm

CarrieMpls

Ex-Moderator

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XxAxX said:

good luck and i hope you find the perfect place. i think they're saying housing prices will fall more toward the end of the year.


Yeah, I think I'm gonna start the process in the next month or so and see where I'm at. I feel no real pressure to buy immediately, but I likely will have to find the right foreclosure in order to live in the neighborhoods I'm willing to live in.

And actually, my one person who I wouldn't mind living with said he'd totally be my roommate for the reduced rent. yay! I want to ensure I can do it totally alone, but it's nice to think about too...
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Reply #49 posted 04/29/08 5:41pm

JasmineFire

woot!

congratulations for looking into buying a house. It's a huge step and it's good that you're taking it slow. nod
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Reply #50 posted 04/29/08 5:44pm

One4All4Ever



that's cool ... do it ! biggrin
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Reply #51 posted 04/29/08 5:49pm

NDRU

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It's a good time to buy, but only if you can afford it! The closing costs are expensive and I think that generally mortgages are much more than rent--mine sure is!

Then there's property taxes, upkeep...

But it really is a good time to buy.
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Reply #52 posted 04/29/08 5:50pm

Anxiety

CarrieMpls said:

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.


sad
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Reply #53 posted 04/29/08 6:06pm

CarrieMpls

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NDRU said:

It's a good time to buy, but only if you can afford it! The closing costs are expensive and I think that generally mortgages are much more than rent--mine sure is!

Then there's property taxes, upkeep...

But it really is a good time to buy.


If I can find the right foreclosure it won't be, that's the only thing. I'm finding places with $4-500+ monthly payments. After taxes and insurance, it would still be less than I'm paying right now in rent. I'm gonna start the process and just see where I'm at. Can't hurt to start looking.
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Reply #54 posted 04/29/08 6:07pm

CarrieMpls

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Anxiety said:

CarrieMpls said:

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.


sad


After talking to my brother and a few other people it's not as dire as I thought... it'll just be a matter of really hunting and finding the right thing.
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Reply #55 posted 04/29/08 6:45pm

NDRU

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CarrieMpls said:

NDRU said:

It's a good time to buy, but only if you can afford it! The closing costs are expensive and I think that generally mortgages are much more than rent--mine sure is!

Then there's property taxes, upkeep...

But it really is a good time to buy.


If I can find the right foreclosure it won't be, that's the only thing. I'm finding places with $4-500+ monthly payments. After taxes and insurance, it would still be less than I'm paying right now in rent. I'm gonna start the process and just see where I'm at. Can't hurt to start looking.


The condos across from me are going for half price of 2 years ago.That works out to a reasonable rent for that type of place.

I definitely think you can do it for 5-600!

The only problem is they're more wary about giving loans than they were 2 years ago.
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Reply #56 posted 04/29/08 6:47pm

Anxiety

CarrieMpls said:

Anxiety said:



sad


After talking to my brother and a few other people it's not as dire as I thought... it'll just be a matter of really hunting and finding the right thing.


yay! i think it would be a great project for you right now. hell, around here, i think it's a great project for ANYONE right now. but i think you'd get a lot of good out of it. nod
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Reply #57 posted 04/29/08 6:59pm

CarrieMpls

Ex-Moderator

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NDRU said:

CarrieMpls said:



If I can find the right foreclosure it won't be, that's the only thing. I'm finding places with $4-500+ monthly payments. After taxes and insurance, it would still be less than I'm paying right now in rent. I'm gonna start the process and just see where I'm at. Can't hurt to start looking.


The condos across from me are going for half price of 2 years ago.That works out to a reasonable rent for that type of place.

I definitely think you can do it for 5-600!

The only problem is they're more wary about giving loans than they were 2 years ago.


For condos, yes. But FHA loans are still fairly easy to come by for first-time home buyers. I truly do have an "excellent" credit rating and I was told if you have no late payments on your record for the last 12 months they can't deny you an FHA loan.
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Reply #58 posted 04/29/08 7:02pm

NDRU

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CarrieMpls said:

NDRU said:



The condos across from me are going for half price of 2 years ago.That works out to a reasonable rent for that type of place.

I definitely think you can do it for 5-600!

The only problem is they're more wary about giving loans than they were 2 years ago.


For condos, yes. But FHA loans are still fairly easy to come by for first-time home buyers. I truly do have an "excellent" credit rating and I was told if you have no late payments on your record for the last 12 months they can't deny you an FHA loan.


Yeah, and if you're talking 50-70 I doubt you'll have a problem. God, I should move to where you live! Our "half price" one bedroom condos start at $220,000!
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Reply #59 posted 04/29/08 7:31pm

lovemachine

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Home ownership is huge and you certainly want to look into it and it will be a never ending supply of pride for you but be wary of foreclosures. The banks are very diffucult to deal with and many are assigned to loan brokers with bad deals such as penalties for early payment etc.

Also, we discovered that most of the foreclosures we looked at were gross beyond gross and needed thousands upon thousands of repairs just to make them livable. It seems that anything halfway close to decent were being nabbed by experience flippers with the ability to do the repairs themselves.

The problem with most of the foreclosures is that people didn't have the money for routine upkeep and then as they were leaving they would gut the places. A lady we know said she went to look at a townhouse foreclosure and they had taken the carpet, counters, closet doors and basically anything else that would have any value.

Also, be very very wary of going into places that don't show any pictures of the inside on the listing or very limited pictures. As we found out there is a reason for this smile)
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