My husband and I are buying our first house together. We were looking at houses that are owned by the bank or even forclosure homes, they are a little cheaper than some of the others. We seen the price for one at 75000…whats that price for ? Is it to get the house out of forclosure ? Or is that the actual price they want ?
And we both fear buying a house because of how many houses that went into foreclosure because the house note payment went up higher we heard to avoid that we get the payments on a “fixed rate.”
Who would be better to go through, a lender, a real estate, reality trac
I mean where do we start and how do we start ?
Thanks for your help
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4 responses so far ↓
1 Saul N // Oct 12, 2008
hello mommyand,
As you work through the foreclosure process, assistance is available to you with 321 Foreclosure. Whether you are in need of assistance with loan or foreclosure counseling or help getting out of a predatory loan, the resources at 321 provide valuable information to get you started. They will send you free information to help you. I’ve included the link below.
ttyl
Melissa
2 mamatsidale // Oct 12, 2008
A good first step would be to work with a community program that helps first time homebuyers. They can help you figure out how much you can afford and also may know of some grants that could help with downpayment costs. You definitely want a fixed rate mortgage.
I would then talk to a real estate salesperson so that you can get an idea of what’s available and narrow down what you are looking for. You can continue to look on your own too.
Depending on where you live, you will also have to find a real estate attorney and a property inspector (highly recommended) once you identify a property that you want to purchase.
Good luck. Now is a great time to buy if you are in a position to do so since there are so many good deals out there.
3 martin s // Oct 12, 2008
Your best bet is to get a Real Estate agent. They will guide you through the process and its all free. Buyers actual do not pay the commission sellers do! Also get a good mortgage broker. They will guide you through the financial portion of you transaction. And yes make sure to get a 30 year fixed loan. If you have a Weichert Realtors near you, they actual may be able to assist you with the entire process. Gook luck and enjoy your new home!
4 douglasdiershow // Oct 12, 2008
Hey Take it easy, its house and its going to be your home. First of all you are protected when you buya home by a variety of sources, First by the lender that provides financing, they wont issue you a loan or let you close on a loan unless the home as clear title, the next is the Title Company issuing title, they wont deliver a title commitmeny unless all of the issues are fixed on title, lastly you need an attorney that is a real estate attorney, all 3 will be in your corner.
When a home is listed thats the asking price, and then there is the negotiated price. Start with realtors.com and get a feel for what home prices are in your area, that will give you a peek into the market. The next thing you want to do is get approved for a mortage, no, not a pre-approval or a authorization to buy a home, but a genuine approval, many mortgage brokers will help you out. they will prequalify you, your income, debt credit and then ask you a variety of down payment programs and based upon that they will enter all your information into the computer and have you a 100% approval. Thats like cash, maybe even better. It shows everyone that you are someone that is ready to make decision and someone who they should have the utmost respect for.
Hey, not buying a home is ludicrous, that like when Chrysler was in a heap of trouble 20 years ago and someone told you to not buy their stock. Hey you had homes appreciating at over 100% in 2 years, why because money was great, now there is a correction in the market, normally a home appreciates double after 10 years. This is the USA, and we may be in some trouble, but our fundamentals are still strong.
I wont want to live anywhere else, like russia, mexico, you dont think these people still dont want to come to the USA do you? Of cousrse they do.
Start, realtor.com is a great start, and the call a nearby mortgage broker or go see you bank, rates are aoround 6%…….Good Luck and welcome to the AMERICAN DREAM. It might not be the best always, but its far above what evers 2nd.
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