Who here is looking for houses?

[jnickell100]

I want to start looking for houses, the market here is shit and the prices are cheap. I am not in any hurry so i would like to get a newer house that needs some work, perhaps due to foreclosure.

Does anyone have tips?

[spartangreen]

need at least a 700 credit score to start getting a lot better interest rates

[Ninersnut]

Will be in about 2-3 years. I still think the market can get a bit lower. By the time I'm ready we will be looking at drastically low prices from what they were.

[tanner40]

Get in tight with a good real estate agent. They can send you deals as they hit the market.

Do as much research as you can before you buy. Have an exit plan (are you going to re-sell, rent it out, etc)

With the market they way it is long-term rentals is a preferable strategy.

You may have to see 100 houses, place offers on 20, to get 1 accepted.

If you initial offer doesn't make you blush it is too much.

Good luck

[FuzzyDunlop]

Will be in about 2-3 years. I still think the market can get a bit lower. By the time I'm ready we will be looking at drastically low prices from what they were.

Came to post this, hold off for 18-24 months, see if you can save more for a DP.

[doublej95]

Avoid houses in short sell, they are nearly impossible to buy. Most have more than one bank lien on them. Look for houses that have already went into foreclosure or a new house that the builder is needing to sell

[jnickell100]

Im only looking right now. I dont actually plan to buy for at least, another 6 months. Just want to get a feel for the market right now. I have heard houses are still supposed to go down for another year or so.

As far as my credit, it should be great. Ive never missed a payment and have credit cards and pay them off instantly.

I would like to find something to fix up to my liking. With new tiles/hardwood floors, re-do the kitchen and bathrooms....Something like that.

[Ninersnut]

Yeah as of now banks are just letting people stay in there houses cause it's cheaper for them so they don't have to worry about the upkeep. Once the banks catch up with mostly everybody the housing market is going to be a worse diaster than what people thought it was.

[Grits n' Gravy]

The more cash you have the better off you are. Also, don't assume you have a good credit score because you pay your bills. Verify it before you even begin looking at homes and correct anything that is wrong.

[milwaukee mike]

Yeah as of now banks are just letting people stay in there houses cause it's cheaper for them so they don't have to worry about the upkeep. Once the banks catch up with mostly everybody the housing market is going to be a worse diaster than what people thought it was.

this.

unless you're really stealing something i would hold off for now. the guys that bought $300-400k houses in florida and nevada for $150k a year ago are now finding them worth $100k.

the value of a house should be roughly 8 times what you would pay to rent it. so around here prices are still way too high, i could rent a decent 4bedroom 3000sqft house for 2k/month so that's 24k/year x 8 or 192,000.
houses like that are still selling for around 350,000 which is ridiculously high considering the supply/demand problems.

the guy buying that house for 350k is paying 2400/month on the mortgage/taxes + maintenance of probably 500/month, why pay 3k/month to own when you can pay 2k/month or less to rent?

[no1here]

no need for a fixer upper as there is plenty available in great shape real cheap. real eastate sends updates lists of foreclosures. pay attention to taxes besides condition. 35K - 75K buys alot

[jnickell100]

So just got my credit score, its at 801. So theres no problem there. Still gonna try and wait and see if prices are going to drop though. They still are super cheap right now and i dont want to miss an opportunity

[crustyme]

fixer upper....

http://cgi.ebay.com/3-BED-DETROIT-HOUSE-AREA-MKT-VAL-UP-83k-NR-/330564502954?pt=Residential&hash=item4cf72e05aa