Stosh, it might beworth your time to actually look at some houses in foreclosure with the situation being what it is. Might get a hell of a deal on one.
Meeting with a mortgage guy on Wed.
- Thread starter stosh
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Don't you need to have the money up front for those?
No.
Banks just want them off their books, especially at this time. If you can get approved for a loan, you can buy one no problem.
Sorry for all the dumb questions but how do I find out about foreclosed properties?
Ha, nice!Nope, Kinston NC, the home of.....well.....nothing.
You still working on Submarines?
Well to be honest, Im not sure how you'd filter them out specifically, besides asking a realtor to do it for you. But here's what we did.
Just went on realtor.com and put in a stupid-low price range, like $50-$100,000. Obviously this range will have to vary by your location.
Then we went around and visited these really really cheap properties, most of which needed a good bit of work, and most of which were bank repos. Once we found one we liked, we called the realtor in charge of selling, made an offer and the bank snapped it up as quick as possible.
From what I understand, banks dont like to be in the business of owning homes with payments NOT being made on them, so they'll take often less than what's being asked...which is already cheap.
Im just saying it's an option, especially with all the recent foreclosures... you might find a real steal.
Edit: Added the bold NOT.
Just went on realtor.com and put in a stupid-low price range, like $50-$100,000. Obviously this range will have to vary by your location.
Then we went around and visited these really really cheap properties, most of which needed a good bit of work, and most of which were bank repos. Once we found one we liked, we called the realtor in charge of selling, made an offer and the bank snapped it up as quick as possible.
From what I understand, banks dont like to be in the business of owning homes with payments NOT being made on them, so they'll take often less than what's being asked...which is already cheap.
Im just saying it's an option, especially with all the recent foreclosures... you might find a real steal.
Edit: Added the bold NOT.
Well that's the thing Stosh. Are you willing to forego a little bit of extravagance for the sake of what is probably an ultimately more sound financial decision? I mean you have a new kid and a wife, so maybe a perfect house with no issues at all is a big issue for you, but if you're willing to get your hands dirty... if you're willing to forego some comfort and do some extra work... you could make out well. Im not a real estate expert, so take my advice as anecdotal only. But most people arent willing to do a damn thing...they just want to move into their mcMansion and start watching celebrity apprentice and eating bon bons.
Where we are living right now is a strange market.
I've always kept up with the local MLS listings and while prices haven't really increased they haven't really dropped either. Also there "seems" to be very few foreclosures in this area. I've kept a close eye on houses in my range ($300k which is average around here) and they are still selling pretty well. Not to much sits on the market around here except for the overpriced new houses.
The house we're buying is an older (1977) 3 bedroom cheaper house with 9-acres so aside from moving to a house that will be to small for our growing family we're kind of in the lower end of our market right now.
I will look for foreclosures so I don't miss a deal. Thanks for the heads up.
Any on peaks island?
i have a friend i used to work w/ who has a place on peaks island...i keep meaning to get out there.
It's the one place in the world that I've been to where I feel like I can relax. Typically I go there every year as my summer vacation.
This is the house we rented this year.
http://www.portisland.com/cgi-bin/realty/exec/search.cgi?view=81&template=_publish_listing_rentals.html
Check out the rest of the site they have some great rentals.
I commented last year that as I was walking back to our cottage around 8pm last year there was a little girl about 8-10yrs old walking alone in the light of only the street lights back to her house from the beach how incredible the island is.
It's an amazing island with great people and a wonderful history the residents try to keep alive.
god you sound creepy...
Totally not, I have one of my own and I love the fact that the place is safe enough for people to allow their kids to do that.
nice.. what do you do with the dog?? and how is Ned?
So after meeting with a number of mortgage professionals, taking a number of tours of local homes we offered our current landlords who's house we've been set to buy $40k less then we spoke about 2yrs ago.
We did a TON of research on local houses and the current market. It's a crazy market right now, we were looking through our local craigslist and homes that were listed at $300k 1 month ago are now being listed at $280k. I mean thats LISTED so they assume people will offer less than the LIST price as well.
We did a TON of research on local houses and the current market. It's a crazy market right now, we were looking through our local craigslist and homes that were listed at $300k 1 month ago are now being listed at $280k. I mean thats LISTED so they assume people will offer less than the LIST price as well.
so, what did they say?
Long story but I said we needed an answer by Tuesday so we can lock in rates if need be. The owner said he would let us know by the weekend.
Either way there are homes 2 miles down the road brand new with AC and full 2 car garages for the same price they were asking for the small ranch house we're living in.
that other house sounds better.. is it that you just are used to the house you are in?
The other houses have 1.1 acres this comes with 8.9 of which only 4 is usable and none of the 8.9 is sub-dividable. But I love the land and yes moving would cost us and we are slightly attached to this house (only slightly). We are going to tour the houses down the road on Friday anyway.
for the best deal, let go of emotional attachments and look at the dollars and cents.
but you already know that.
Like I said we're only SLIGHTLY attached to this house. It mostly has to do with the fact that it disrupts our lives to move. WIth an 8month old it makes moving MORE of a hassle.for the best deal, let go of emotional attachments and look at the dollars and cents.
but you already know that.
you can tuck the baby under yr arm during the move.
that is a reason , but not a good one .
now back to 8.9 acres ? Pump track ? Dirt Jumps ?
More like FLOOD PLAIN.
Good point, I'll start loading up the wagon tonight.
That can be fun too!!! ( see below )
Butthat brings up a Big question then, will you be required to have flood insurance ? I had too , till we finally got the goverment to re-raw the lines the way they were suppose to be. and it is EXPENSIVE ! and covers nothing , it was More then my Homeowners significantly!! if you haven't already look into it !
not far behind my House this past weekend
That can be fun too!!! ( see below )
Butthat brings up a Big question then, will you be required to have flood insurance ? I had too , till we finally got the goverment to re-raw the lines the way they were suppose to be. and it is EXPENSIVE ! and covers nothing , it was More then my Homeowners significantly!! if you haven't already look into it !
not far behind my House this past weekend
Actually our house isn't within the flood plain but 4.5 of the 9 acres I could potentially own is. I actually know the boundary of the flood plain because I did all the civil drawings for the property.
My house sits about 10' higher than the 100yr flood height.
Are you hoping to stay in the same county?
If that is the case, can you actually attach any real value to that 4.5 acres?
It doesn't sound like owning that additional acreage is any benefit to you.
Not sure, maybe Orange County or the southern part of Ulster. It's all up in the air right now.
See 2 posts above, I think we're passing on this house.
Score! So I assume you accepted the offer?
Yep!
The house needs some work but it's in a "fringe" area that is growing so we should be able to make our money back in a few years if we decide to sell. Plus it comes with a pink chimney.
Congrats!!!!
Place a bunch of bushes at the bottom of it?