I've got 27K in savings, and enough income to afford a 100K house. I live in Denver.

Check numbers several ways and remember your priorities. For example, if you are purchasing a house to be a rental...will it generate positive cash flow? That makes more difference than what the price is. If you are buying for yourself  it's a whole different equation.

Why are you waiting?  If you're ready-go for it.  I'm in Colorado Springs, lots of investors out here too.

Relax. Agents are good are explaining how you really need to close a deal right now, with them in the middle. The denver housing market doesn't look that hot, if newspapers are to be trusted.

Keep in mind housing prices are going down in general.

Denver looks like a cyclical market, with predictably lower sales and lower prices in the jan-mar period. If you can wait until then, you're likely to get a better deal.

With that said, I have no idea what's going to happen to the loan part of the equation. Mortgage rates are climbing right now, and I don't really know what they'll look like in a few months, so play the clock at your own risk.

Don't let somebody scare you into spending all your money without doing your own research first. (reading a forum doesn't count .)

metalbot, how did you get the smiley on there?

With the "Insert Image" button above the input box.

Maybe I'm too used to IM-ing, but my post didn't feel complete without a silly little yellow face somewhere in it.

You know, if you put only 18,000 down, that would still leave you with 9k in reserve for emergencies or improvements, if you choose to improve the property. That's still a good sized downpayment. If you find a 90k property, your payments would be around $700/mo. (PIT&I)

The seller can accept whichever offer they choose if there are multiple offers. Cash buyers are generally preferred but don't let that keep you from trying. You can always enter into a buyer's agency agreement with a realtor and have them call you when a good deal is coming on the market. Sometimes even before it hits the MLS. That will give you an advantage over buyers who don't have an agent.

If Aurora is your preferred area, great. But ask your realtor to compare property values over the last few years in Aurora and other Denver areas. You may find that Aurora has a higher rate of foreclosures and short sales and a longer average days on market to sell a home. Also check the ratio of list to sold price. And the crime statistics. Whether you are buying the home to live in or rent it out, you may want to invest your hard earned dollars in an area that has a better chance of maintaining and, hopefully, increasing property values.

The other thing you can do now is to talk to a local mortgage lender and/or your personal banker. They can help you with the financial planning and alert you when there are rate changes or special discounts available that you would qualify for.

You could also talk to your CPA to determine if there is anything you can do to give you a better tax advantage.

Good luck in your endeavor!

Oh, here's a realtor out there you could try talking to. See if you'd like to work with her:

Kristal Kraft ~Denver Real Estate~303-589-2022

You are a rare commodity, a pre-approved buyer with a solid downpayment!  Use this to your advantage.  Find a good realtor, and you will know they are good because they will be excited to work with you, let her know exactly what you want, and put her to work.  Remember, time is on your side, and if you are patient, the perfect home will come along!  I say, if you find it, buy it.  The grass isn't always greener....

I may take the advice to sign a buyer's contract with an agent.  I was working with one lady, but

when she figured out I wasn't in a hurry to buy and that I was very picky she stopped answering my emails.  I just don't want to live in a row of little pink houses. I want a house

that inspires me each day.  It doesn't have to be large, 900 sf might do it. But it does have to

have some charm or character.  I am not looking very hard because I am overwhelmed by the whole

process, especially in regard to dealing with the messy foreclosure market.  Plus I hate my job.

But at 47 years old, and single, I need to be thinking about securing myself down with some roots, and a house is the root I need.  One thing that frustrates me is the photos of the houses are so misleading. The house takes on a completely different look once you're standing

in front of it.  It is very rare to find a house with charm or character for 100K in the Denver area,

I think.