Thread: Should I buy this house? Can I buy it?

Originally Posted by Pauls to the Wall

I moved into this house for rent 3 weeks ago with my family, but the landlord was apparently refinancing it and ended up losing the home. The guy who owns it now doesn't want to rent to me, he said I can either buy it or stay here until he sells it. I haven't spoken to him directly, just his partner...the mortgage guy. He says he won't sell for less than $50,000

What do you think this place is worth, and why are they so sure I can get it? I'm only 22, my credit is good, I will be working full time making $13 an hour at a hospital and my younger brother will be renting to me probably $200 a month. I'll be getting a car for my fiancee so that she can get a job in retail. Do you think I realistically have a chance of getting this house? Should I get an FHA loan? Should I rent-to-own?

I posted a video on youtube of the house so you guys can help me assess the value. Just go to youtube and type, "Should i buy this house? Can I buy it?" in the search box and my video is the first one.

Other homes in the area show a tax appraisal of between $25,000 and $60,000

Hi "Paul's to the Wall"!

I strongly recommend that you consult both a real estate professional in your area as well as a local bank and/or financing company in your area.

Head to google and type in "yourcity real estate agent" and interview them until you find one you feel comfortable with. Then I would even ask them for a referral of a lender that you could speak with.

Best of luck!

Chase

You should contact a real estate agent local to your area. They will be able to provide you with all the information you are asking for.

Hnn nice you should concern all real estate portals, agents and the banks at the same time. All these are very important... Good Luck

One of my first financial mistakes (and a big one) was passing on a house I was renting... that house tripled in value over the next few years but all I was focused on whas how the last thing that broke, in the house. In retrospect... it wasn't a lot that had gone wrong.

Buy it if you can!

Find a good Realtor in your area. They would be able to give you sound advice on this matter.

Generally, boarder income (e.g., rent paid to you by your brother) does not count as qualifying income. The best thing to do is complete a 1003 loan application and see what comes back. The automated systems they have are pretty fast at issuing a decision. Once the system issues a decision, you'll know what conditions you need to meet in order to get a loan; or, if denied, you'll know what would need to change about your situation in order to qualify at a future point.

My suggestion is you should meet a real estate agent. They will be provide all the information.

To buy house one has to go for investment of huge amount as properties cost much, so i suggest you to take this decision because you can better understand what you wants to buy and what can give you more.

Thanks

It's very nice. To take decision you should consult to a local real estate retailer.