Any of you dudes copping any of these Foreclosed/Cheap homes?

[luckyluchiano]

How long do you guys see the housing market being crap?

I've been actually thinking about copping a house with in 5 years, paying it off, then probably rent it out if I end up leaving the city.

In Atlanta there are tons of "new" neighborhoods that have dirt cheap homes because people couldnt afford to buy em,etc. I know people talk about the property value of these areas make a poor investment, but hell I`m like hey if I can cop a house dirty cheap, why do the apartment thing and pay the same amount for Rent that I would for a Mortgage?

 

[luckyluchiano]

How long do you guys see the housing market being crap?

I've been actually thinking about copping a house with in 5 years, paying it off, then probably rent it out if I end up leaving the city.

In Atlanta there are tons of "new" neighborhoods that have dirt cheap homes because people couldnt afford to buy em,etc. I know people talk about the property value of these areas make a poor investment, but hell I`m like hey if I can cop a house dirty cheap, why do the apartment thing and pay the same amount for Rent that I would for a Mortgage?

 

[andycrazn]

nope because of the fraudclosure scandal thats still on going.

 

[andycrazn]

nope because of the fraudclosure scandal thats still on going.

 

[patrick chewing]

I bought a condo on a short sale almost a year ago. saved almost 40k on the assessed value. I was in the same boat as you. I was ready to move out, but didnt want to pay somebody else money. If you can do it, and if you have patience, do it. It took me 7 months of waiting from the time i put in my offer, to the time it took me to move in. Short sales and foreclosures can add months on your closing date some times. If your plans are very short term, you will not make out well. I'd say plan on living in the place for 5 years and see how the economy turns out before selling. Buy low, sell high.

Now I just gotta sit tight and wait for the economy to eventually pick up, then i can get some decent gains.

 

[patrick chewing]

I bought a condo on a short sale almost a year ago. saved almost 40k on the assessed value. I was in the same boat as you. I was ready to move out, but didnt want to pay somebody else money. If you can do it, and if you have patience, do it. It took me 7 months of waiting from the time i put in my offer, to the time it took me to move in. Short sales and foreclosures can add months on your closing date some times. If your plans are very short term, you will not make out well. I'd say plan on living in the place for 5 years and see how the economy turns out before selling. Buy low, sell high.

Now I just gotta sit tight and wait for the economy to eventually pick up, then i can get some decent gains.

 

[pig love]

Originally Posted by andycrazn

nope because of the fraudclosure scandal thats still on going.

I would feel like a punk if I got someones crib that lost it to this govt. scandal.

Realtalk Andy

  

 

[pig love]

Originally Posted by andycrazn

nope because of the fraudclosure scandal thats still on going.

I would feel like a punk if I got someones crib that lost it to this govt. scandal.

Realtalk Andy

  

 

[luckyluchiano]

Originally Posted by Patrick Chewing

I bought a condo on a short sale almost a year ago. saved almost 40k on the assessed value. I was in the same boat as you. I was ready to move out, but didnt want to pay somebody else money. If you can do it, and if you have patience, do it. It took me 7 months of waiting from the time i put in my offer, to the time it took me to move in. Short sales and foreclosures can add months on your closing date some times. If your plans are very short term, you will not make out well. I'd say plan on living in the place for 5 years and see how the economy turns out before selling. Buy low, sell high.

Now I just gotta sit tight and wait for the economy to eventually pick up, then i can get some decent gains.

With situations like this you still take loans from a bank right? I`m pretty ignorant to all of this and I`m to lazy to google.  I assume if I save lets say 10 stacks, and have decent credit, I could get a loan and cop one of these joints right?

 

[luckyluchiano]

Originally Posted by Patrick Chewing

I bought a condo on a short sale almost a year ago. saved almost 40k on the assessed value. I was in the same boat as you. I was ready to move out, but didnt want to pay somebody else money. If you can do it, and if you have patience, do it. It took me 7 months of waiting from the time i put in my offer, to the time it took me to move in. Short sales and foreclosures can add months on your closing date some times. If your plans are very short term, you will not make out well. I'd say plan on living in the place for 5 years and see how the economy turns out before selling. Buy low, sell high.

Now I just gotta sit tight and wait for the economy to eventually pick up, then i can get some decent gains.

With situations like this you still take loans from a bank right? I`m pretty ignorant to all of this and I`m to lazy to google.  I assume if I save lets say 10 stacks, and have decent credit, I could get a loan and cop one of these joints right?

 

[mojodmonky1]

Lucky - If you are planning on buying a foreclosed home in the near future, you might be able to save a couple of pennies in closing cost with the current promotion that Fannie Mae is offering

http://www.homepath.com/incentive/index.html

I bought my condo from the bank after they had foreclosed on the previous owner. My situation was similar to Patrick Chewings. My offer was accepted around Sept '09 but I didn't close escrow til the end of April '10. It was a lot of hassle, but to me it was worth it since I got it for less than the appraised and assessed value.

 

[mojodmonky1]

Lucky - If you are planning on buying a foreclosed home in the near future, you might be able to save a couple of pennies in closing cost with the current promotion that Fannie Mae is offering

http://www.homepath.com/incentive/index.html

I bought my condo from the bank after they had foreclosed on the previous owner. My situation was similar to Patrick Chewings. My offer was accepted around Sept '09 but I didn't close escrow til the end of April '10. It was a lot of hassle, but to me it was worth it since I got it for less than the appraised and assessed value.

 

[jesusshuttlesworth34]

Depending on the price of the house...$10,000 and good credit will get you a nice low mortgage that is far less than renting an apartment.

 

[jesusshuttlesworth34]

Depending on the price of the house...$10,000 and good credit will get you a nice low mortgage that is far less than renting an apartment.

 

[luckyluchiano]

Originally Posted by JesusShuttlesworth34

Depending on the price of the house...$10,000 and good credit will get you a nice low mortgage that is far less than renting an apartment.

The only thing I`m iffy about when it comes to the whole thing is being young and I don't want to be tied down to a house if a job else where arises, but then again I could still rent out the property.

 

[luckyluchiano]

Originally Posted by JesusShuttlesworth34

Depending on the price of the house...$10,000 and good credit will get you a nice low mortgage that is far less than renting an apartment.

The only thing I`m iffy about when it comes to the whole thing is being young and I don't want to be tied down to a house if a job else where arises, but then again I could still rent out the property.