Profile picture for user6266304

I recently have been thinking about buying a home and asked a realtor friend of mine and she said no

  • July 04 2012 - Cumming
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Answers (7)

I would suggest speaking with a local real estate agent who specializes in the particular market in which you are attempting to purchase a property in. I would also speak in depth with a reputable mortgage broker about your options.

Best Regards,
Adrian  
  • July 10 2012
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Some cities are booming right now and others are stagnant. It's a good idea to talk to more local real estate investors or Realtors.

After doing your research then you should have a good idea if it's worth it or not.

Also, look at your finances and figure out how much you can afford for a monthly mortgage payment. Then look at how much you can put down. Then go to a website with a mortgage calculator and plug in the numbers to see what you can afford.
  • July 05 2012
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Profile picture for the_country_hick
I could spend a couple of hours looking on zillow and come with with dozens if not hundreds of examples showing realtors saying now is the time to buy from 2007 to now. During that time prices have only fallen more.

Do not buy a house because now is the time. Buy a house because it makes sense for you to buy it. If you have to pay much more than rent to buy renting probably makes more sense.

Read the links below for some useful information.

"How to determine what you can safely afford to pay towards your monthly mortgage payment. Lenders may give a different number. "

"Does it make more sense to buy, or to rent? Here is the way to find out for sure."

"Why rent if you could buy for less money? Valid reasons inside."

"Do low interest rates really make it a good time to buy a house?"
  • July 05 2012
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Profile picture for Dunes ..
Become informed..it's your money and a lot of it
Don't think looking or using Zillow makes you informed (My opinion)

Give these a look for a start
 Fed. Gov. Site .. it has all the Current Fed Housing Loans (FHA/Vet/USDA ect.) and you search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.....Fed Loans..Housing

I would suggest you read the 9 Steps to Homebuying on the Hud site as they are an excellent guide & Resource plus links to your Local Homebuyer Programs....(Step 3 is interview lenders..Step 5 is interview RE Agents)..Buying a Home

Check out all this information from the Dept. of Justice Web Site...
Competing Models of Real Estate Brokerage

Competition and Real Estate... Real Estate Laws in Your State

You could also make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options

Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link

For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory

You have options/info available .. become familiar with them..
Protect yourself...
IMO..act when you can answer the questions you're asking..yourself

Best of Luck whatever your decision
  • July 05 2012
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Profile picture for sunnyview
You have to run the numbers to see if it makes sense for you. If you can find a place for less than you can rent or even same as rent, it might be time to consider buying.

I would take look at this mortgage qualification calculator and see how much you could afford. What you qualify for and what you can afford can be two different things. Renting means no maintenance and no property tax, but owning means you have to pay for those things.

Do not buy because anyone tells you it is a "good time". Instead decide if it is the right time for you to buy or not. If you are considering it, I would start looking at listings in areas that you like, try to pay down your credit card debt and put a little money aside each month for a down payment. Currently, FHA will require about a minimum 2.5% down of the purchase price, but you will also need some money for inspections and escrow costs.

Run the numbers and read all you can before you contact any agent. If you decide to buy, interview several and do not be tempted to just hire your friend out of the gate. BUying is a big decision and mixing business with friendship can get sticky quickly.
  • July 05 2012
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Profile picture for user6266304
She didn't say no, my question was cut off.  She said now is the time.  I've spent hours reading the info on this website and wonder if I'm crazy to think I can do this.  I would be a first time buyer, I'm 48.  I only make about $40K. I currently have about $3000 in credit card debt.  Clean credit reports and a score of 794 as of June 30 on Equifax. Currently I rent for $858 a month.  I don't know if this is a good or bad idea?  Just wanted others opinions.
  • July 05 2012
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Profile picture for sunnyview
Your realtor friend said no? What else did she say?
  • July 05 2012
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