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Message Subject Anybody in real estate?
Poster Handle Anonymous Coward
Post Content
Not a Real Estate Agent here but have been through the process several times.

First of all, I cannot imagine anyone wanting to be a home owner at this particular time because of economical and other reasons (Fiscal cliff, Tax increases or loss of home owner deduction), etc. Much better to hold tight and rent untill things get better.

If really firm on wanting to own then you might consider buying a house that is headed for foreclosure. Motivated sellers there.

Another option would be to buy a foreclosed house for 10-15 thousand and spend the rest of your savings putting it back in livable condition. Most have been vandalized (copper plumbing, wiring, air conditioner unit, etc.).

Things to think about.
 Quoting: Anonymous Coward 4555299


"....much better to hold tight and rent until things get better" ???????

How long have you been on GLP?

Kudos to you, OP, for saving a big down payment. I'm just a nobody (not THE nobody)...but I would say you have the right idea to get a cheap house, pay a lot of it down and have hope of paying it off soon, or at the very least, have a payment that is manageable (lower than rent)...especially if you find a place where taxes are extremely low. Yearly taxes (spread out monthly) can be as much as the house payment, effectively doubling your monthly payment. Don't forget to factor the taxes in when you are calculating. Many people don't understand how that works.
 
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