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Should we buy???

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mzlookingfordeals

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We now have a 3b/3b home which will be paid off in 2012-Worth 200k-220. My husband wants to purchase a 5b foreclosed home for 3k worth 4.5/ 5k. I feel is risky since we don't know abt economy or jobs at this time. What suggestions does anyone have abt this matter. My main concern is selling my current home if offer is accepted. Should we risk it all and make an offer or stay safe and wait until 2012?

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May 03 - Birmingham
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Lynn Miller, "mill7084"

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Honestly unless you have your house SOLD stay put do not I repeat do not buy another home with out selling the first one (not when its under contract when its sold) because unless you have a lot of income two house payments will hurt you in the long run.  The best thing I tell my clients is put it in GODs hands and if is meant to be that property will still be there when you to close on your current home. 

Forget all my advice if you have a rich uncle or something like that but you really need a large safty net. Before I would get to far out on that limb
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May 03
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Randolph L. Smith, "RandolphLSmith"

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You won't get ahead very fast playing it safe.

You can blow it all being too greedy.

If you are unsure, hold off, keep looking, you will KNOW when to strike.

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May 03
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Michael Emery, "MikeEmery"

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If your strategy is to have a contingency in the purchase agreement that allows you to sell your home before having to buy the new home - most likely, the bank won't allow that contingency in the purchase agreement.

Therefore you might be stuck paying two mortgages until your current home is sold. Check with your friendly Realtor to see what the DOM or days on market are for your area, and your neighborhood in particular. DOM is an average of how long it takes for a home to sell. In some parts of Minneapolis the average DOM market can be well over 200 days, and even longer for high end homes.
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May 03
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Linda Strasberg, "L Strasberg"

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"The greatest risk beyond the horizon is the one we cannot see."
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May 03
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Terry Osburn, "PawsitiveRealEstate"

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I think you really need to evaluate your entire reasoning for buying up now ,coupled with your concerns about possible job loss.
I would NOT purchase another home unless your present one has sold.
Too risky in this market.  If there are clear  indications of job instability in your particular professions you need to take into account your ability to carry mortgage payments on another home . I would check with your CPA and let him/her run some numbers for you.Even though there are some good deals out there on larger and bigger homes you must be certain of steady income. You should have a clear plan of action.
If you had addressed this question as we are busting at the seams and need a larger home and you really sounded enthusiastic I might have addressed this differently EXCEPT the need to sell your home first, Unless you have the time and patience and cash flow for being a landlord your present home should sell first. I have seen too many sellers who went out and committed to a new home get themselves in a pickle for not selling their present home first.
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May 03
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SoCal BubbleBrain

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Most readers wishe they had your problems. Your position of having a home that is almost paid is fortunate and enviable. How many upside down owners or ones facing foreclosure would love to be in your shoes?But considering you mentioned the job risk, only purchase the other home if you sell the current one. Linda's advice of rent out the current one and buy a more expensive one is incredibly irresponsible especially at this juncture of the economy. So the plan would be to sell the current home. Purchase new home but don't bite too much off. In case of a job loss. Good luck. 
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May 03
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peanutt5

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If you can't realistically afford both, then sell your current house first if you want to be free to make deals. If you're "risking it all", you're risking too much IMO.
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May 03
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Linda Strasberg, "L Strasberg"

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It sounds to me that the home you're living in you have just about a 100% equity position. Is the concern you're having more about your job situation and being able to handle the higher payment on the new house you'd like to pick up?  Can you rent out your existing home?  It sounds to me like you could pick up a great deal now and rent out the one you're living in.  What if your timing is right now and you could have both? Here I have a 6 bedroom 4200 sq foot beautiful home on a 20,000 sq foot lot custom built for far less than what you're looking to pay.
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May 03
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nvchaz

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I'd wait until 2012... there will be some incredible deals then... McMansions for half off!
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May 03
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White Picture

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If you don't want to be the landlord, then there is the rule "sell low and buy low, sell high and buy high". however it won't hurt to wait.
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May 03
 

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