Buying a House for the first time

**Brain** · 09-17-2009, 09:59 PM

I am sorry if I offend anyone due to my ignorance! Please help me out!

I am 22 years old with over $20k saved, I am getting kicked out of my cousin's house, it is about time!

I have about a month to find an apartment or a place to live in.

I see CHASE bank-owned foreclosure houses going for $10,000.

I would assume this house needs lots of work, electrical, plumbing, yard work, carpentry and etc. I have great experiences from helping my dad fixing houses, electrical, plumbing and etc! He will be glad to help me out as well!

1) I thought about buying a house instead of apartment.
2) I do plan to live in it, and maybe with a housemate.
3) I am interested in foreclosure house that cost $10,000 that needs a lot of work.
4) I am 24, and know nothing about buying a house and with the things I have to deal with.

I have $20k saved, I really do not want to rent an apartment.

What do you think I should do? Buy a house that's in the worst shape within the range of my savings, or buy a decent house, and use my savings as a downpayment? I heard 20% is the downpayment, is that correct?

**Greg** · 09-18-2009, 05:48 AM

If the house is in real bad shape you might not be able to get a loan.

I think it is a great idea to buy a house instead of renting. Just make sure you have the home inspected so you know how bad it really is.

**M'realestatemaster** · 09-18-2009, 07:58 AM

Why not buy a house? If you really can afford if . Yeah, make sure its in good shape if not and there's a much better apartment go for it.. Where are you planning buy? Do visit our site if your are interested if you want town house in Minneapolis.

**Brain** · 09-18-2009, 09:55 AM

I saw this colonial house for $57,000 in Michigan.

It's 5 bedrooms and 2 bath, a 2.0car garage, 1861 built, sqft: 1789

now I know for a fact I can afford the downpayment on this, I have not visited it yet, but I will assume the worst out of it.

Downpayment is $12,000

If I don't have any credit record, can I still have a co-signer and purchase the house?

**Hanratty** · 09-19-2009, 01:17 AM

Yeah if you have a co-signer whom you trust go for it,I think 12$k down payment is normal and the house details are impressive.I suggest you to g o for it.

**Nick Brian** · 09-19-2009, 06:59 PM

I think buying would be better than renting. There's not much detail about Michigan house. See for yourself and update us. Your assessment is everything. Decide carefully.

**realtypartner** · 09-20-2009, 12:46 AM

Buying a home can be a long, complicated and frightening process, and it is important to be prepared. Knowledge is power when it comes to negotiating the difficult world of home prices, interest rates and mortgage loans. For a first time home buyer, the more information you can gather before you start shopping, the better off you will be.

**Brain** · 09-20-2009, 10:28 AM

Thank for your great and since responses.

I understand its a long process, and yes I will be not be rushing and buying anytime soon. I really would like to take my time and learn more.

I have recently been told that, if a house has been in the market for some quite time now, all offers from it (the prices that the buyer wishes to pay for the house) will be documented? Is this true? If so, how can I get a hold of it?

**real** · 09-20-2009, 03:41 PM

First time buying realestate

**minnesota-mls** · 09-20-2009, 06:34 PM

I would recommend you sit down with a top real estate agent in your area. Better yet, plug in to a first time home buyer seminar in your city.

Here in Minnesota, we offer a free seminar each month, providing all types of info to buyers.

With as many foreclosures that there are for sale on the MLS, buyer's really need a top agent to guide them through the process and offer them some help.

I'm sure you will do great! What a unique time for first time home buyers!!