Posted by Mici n KC
Posted by rahana316
Posted by WinterBride08
Posted by rahana316
I think depending on the type of loan you take out, your income and if the house is being sold by owner, real estate or foreclosure, you will have to put more down.
FH and I just bought a foreclosure house in Freeport. WE had to put 5% downpayment and 5% closing costs.
It's wasn't alot compared to other amounts but it still scared me. That's alot of money for me.![]()
how do you find foreclosure houses? I've always wondered...
I searched and searched remax and mlsli. Most listings tell you if the house is owned by the bank or not.
We found a gorgeous house in Freeport and put in a bid for it. It was tough for us because it was like a damn auction. I put in a bid, wait, someone put in a higher bid, etc. We ended up winning the bid but had to pay list price. BUT the house only cost us $276,000.
The only bad thing with foreclosure is you take a risk. The house is sold as is, no representations. That means if they is liens, violations,etc, you deal with it. The bank will not be responsible.
It's a big headache with foreclosure houses but you save a lot of money.
Yes and the majority of these homes have not been maintained so there is a lot of work that needs to be put into them. So in the end it technically could cost you just as much with the repairs and renovations. Sometimes you can luck out and get a decent house and not have to do a lot of work.
I didn't know closing costs were that high. I thought they were 10k TOPS. We are looking into buying something in the 300's then putting work into it ourselves (FH is really handy Thank God). he will do some and we will higher contracters for the harder things. We figure this way everything will be how we want it
Posted by Mici n KC
Posted by anneandchris
We just started looking into all of our options -- it seems like there are so many.
Did any of you meet with someone a broker or finacial person to discuss all of the options and what was best for you personally.
This is a whole new thing for the both of us and as much as we want family/friends advise we are trying to keep them out of it as much as possible.
Tell me about keeping family out! It's like they know best and all these people bought houses years ago so things change! FH's cousin's fiancee is a mortgage broker so we've worked with him from the beginning. He's been helping us with everything. Although he's marrying into FH's family he isn't family so we've been fine with it because he's keeping everyone else's nose out of it!
Posted by anneandchris
Posted by Mici n KC
Posted by anneandchris
We just started looking into all of our options -- it seems like there are so many.
Did any of you meet with someone a broker or finacial person to discuss all of the options and what was best for you personally.
This is a whole new thing for the both of us and as much as we want family/friends advise we are trying to keep them out of it as much as possible.
Tell me about keeping family out! It's like they know best and all these people bought houses years ago so things change! FH's cousin's fiancee is a mortgage broker so we've worked with him from the beginning. He's been helping us with everything. Although he's marrying into FH's family he isn't family so we've been fine with it because he's keeping everyone else's nose out of it!
That is great -- someone you can trust and keep it away from everyone else. Its not about know what we are spending on the house it just we need to do this our way. Even friends. I started talking about it with a girlfriend and right off the bat it was 'oh no you have to put at least 20% down and you have to do this' -- so I just stopped talking about it.
Wow, I come back from lunch and there are 2 pages of responses! Thanks every1!
Anyone know what is considered a decent credit score for a decent interest rate?
Posted by skinny237
Anyone know what is considered a decent credit score for a decent interest rate?
Posted by Mici n KC
Posted by anneandchris
Posted by Mici n KC
Posted by anneandchris
We just started looking into all of our options -- it seems like there are so many.
Did any of you meet with someone a broker or finacial person to discuss all of the options and what was best for you personally.
This is a whole new thing for the both of us and as much as we want family/friends advise we are trying to keep them out of it as much as possible.
Tell me about keeping family out! It's like they know best and all these people bought houses years ago so things change! FH's cousin's fiancee is a mortgage broker so we've worked with him from the beginning. He's been helping us with everything. Although he's marrying into FH's family he isn't family so we've been fine with it because he's keeping everyone else's nose out of it!
That is great -- someone you can trust and keep it away from everyone else. Its not about know what we are spending on the house it just we need to do this our way. Even friends. I started talking about it with a girlfriend and right off the bat it was 'oh no you have to put at least 20% down and you have to do this' -- so I just stopped talking about it.
This is what I can't stand. It's like you don't do your homework when you're making such a huge purchase!![]()
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