There's a bargain house in my area...

**kork13** · 09-21-2008, 08:10 AM

wow.... If I were in your situation, I'd say that looks very nice, and I'd definitely look closer at it. You might also want to get its value appraised to have that in your back pocket.

**gamecock43** · 09-21-2008, 08:52 AM

Didnt you look at this same house back in the day? It looks familiar...that orange wall...

**ScrimpAndSave** · 09-21-2008, 08:58 AM

Yes! I went to see it when it was $180,000!

I loved it...but it needs work and I wasn't sure that it was worth that much...

...now at $129,900...

**gamecock43** · 09-21-2008, 09:08 AM

It does seem to be a good deal- but that doesnt mean it's the right timing for you.

Only you and your fiance will know that.

**ScrimpAndSave** · 09-21-2008, 09:10 AM

Yeah...I don't want to buy it and have nothing left.

But my dad is saying...if I buy it and live at home till May...while we fix it up...even though I am paying $1000 a month on a mortgage...it may seem like I am wasting it but I am really not because I am getting the house for much less that what it would appraise for.

Also - just because it is listed for $129,900...doesn't mean I have to pay that. Maybe I could bid lower...but I don't know how that works for REO homes.

**momof1in150** · 09-21-2008, 09:38 AM

Originally posted by ScrimpAndSave View Post

Yeah...I don't want to buy it and have nothing left.

But my dad is saying...if I buy it and live at home till May...while we fix it up...even though I am paying $1000 a month on a mortgage...it may seem like I am wasting it but I am really not because I am getting the house for much less that what it would appraise for.

Also - just because it is listed for $129,900...doesn't mean I have to pay that. Maybe I could bid lower...but I don't know how that works for REO homes.

No, you can put an offer in for less. Just remember most foreclosures come as is and you can't get out for the normal reasons (home inspections, termite, etc). Most foreclosures around here are requiring you to have a preapproval letter from your mortgage company/bank. You need to make sure that you can get the appraisal for the amount you want to borrow. If it needs a lot of work you may not get the appraisal.

**ScrimpAndSave** · 09-21-2008, 09:56 AM

I wish I could get it for $100,000! That would be amazing. The houses on the street are worth $170,000 - $190,000.

We could definitely live in it for a while. That would be amazing to be making $110,000 a year (both of us) and only have a $1000 mortgage payment with PITI. Also, he has $130,000 in student loans to pay off ($800-$900 a month), so it would be good to have a very low housing payment...

I am going to see if with my dad. I called and left a message.

**ScrimpAndSave** · 09-21-2008, 03:06 PM

I spoke to my realtor about this house. She is going to show it to us (my dad and I) this week. She says it might go fast because of the price and because they only was $2,500 down. I believe this is the 2% transfer tax...

...so no other closing costs?

I'm a little confused about that one...

**cschin4** · 09-21-2008, 03:49 PM

A "good deal" is only a good deal if it is something you had planned to buy anyway and will you. If you were and are not really looking into the housing the market, then it is not necessarily a good deal. Regardless of what you pay for it, homes come with maintenance, upkeep, and liability. And, getting a good deal doesn't mean that it is necessarily a good buy or good investment.
If you were planning on buying a home, and this is a home you liked and had seriously thought of buying at $180 then it definately warrants a closer look.

**LivingAlmostLarge** · 09-21-2008, 04:04 PM

Problem with foreclosures? If it needs more repairs than immediately apparent to the eye.

**ScrimpAndSave** · 09-21-2008, 05:24 PM

Originally posted by cschin4 View Post

A "good deal" is only a good deal if it is something you had planned to buy anyway and will you. If you were and are not really looking into the housing the market, then it is not necessarily a good deal. Regardless of what you pay for it, homes come with maintenance, upkeep, and liability. And, getting a good deal doesn't mean that it is necessarily a good buy or good investment.
If you were planning on buying a home, and this is a home you liked and had seriously thought of buying at $180 then it definately warrants a closer look.

I was considering it, but my budget would only allow for about $150,000 to be conservative...and now it is $129,900.

**ScrimpAndSave** · 09-21-2008, 05:25 PM

Originally posted by LivingAlmostLarge View Post

Problem with foreclosures? If it needs more repairs than immediately apparent to the eye.

Well, this is why I would hire an inspector to inspect the home before I buy it.

**cschin4** · 09-22-2008, 04:11 AM

WHat kind of repair issues are there? Almost everyone has some minor or not so minor repairs that are just part of the upkeep. And, not all repairs need to be done immediately or some repairs can wait years if not causing any real problems.

**ScrimpAndSave** · 09-22-2008, 07:26 AM

I don't know yet...but I will have a better idea when I bring my dad tonight.

A teacher at my school just told me that another teacher's son bought the house two weeks ago for the asking price of $129,900...so I don't know if there is a bidding war going on or what.

My real estate agent is going to call the bank today to see what is going on. I am supposed to see it at 5:45 tonight - unless it is in fact sold, of course.

Why is this such an emotional ordeal?

I got really excited over it...and now I am really let down.

There's a bargain house in my area...