Frustrated First Time Home Buyer

**toledo43611** · 02-25-2009, 10:31 PM

I really need to vent my frustration. Since this is the feedback section; I'll post my frustration about trying to buy a home in the Midwest.

I'm almost convinced when the media claims we are in a buyer's market…they really mean we are in an "investor's market". You can find great deals in this market. But, if you're only approved for an FHA (non 203k) loan...good luck finding one! At least you won't in my neck of the woods. I'm absolutely exhausted with home searching.

I cannot count how many times I came to the table with a strong bid. Only to be denied because some DIY handyman had the cash. I have almost reached the point where I'm ready to just throw my hands up in the air and give up.

I've lost my respect for home flippers. These guys are vulchers; a "fixer upper" (home in need of minor repairs) is listed and POOF! You have the bidding war from hell. Whoever has the biggest bank account (I'm talking upfront cash) gets the house. Whoever planned on actually living in this house is kicked to the curb.

Not to mention, I have seen some of the worst workmanship ever in these rehabbed foreclosed homes! I walked through an "FHA" listed rehab and seen signs of termite damage that some DIY home flipper tried to cover up! These are the guys who stay up till 3am watching "get rich quick" infomercials. Absolute morons; none of whom seem to have the slightest clue about structural integrity. Or a concern that some family will actually be living in these homes (after they make a quick buck).

Even this forum is flooded with prospective "home flippers" (some don't even live in the USA). Why? Because they saw an infomercial about buying cheap foreclosed homes in the US for profit...are you kidding me!?

I just finished reading a thread on this forum about TV ads in the UK. Discussing how to make $$ from flipping forclosed homes in the US.

Personally, the only "rehab" for this problem is for consumers to stop buying flipped houses. Would you pay some handyman $40,000 to slap on some paint and retile your kitchen and bathroom? Then why would you buy a rehabbed foreclosure?

**BrianMac** · 02-26-2009, 04:04 AM

LOL..

I totally can understand your pain. Where you trying to buy?

**minneapolisrealestate** · 04-24-2009, 10:28 AM

If you really want to buy a home, get yourself a great realtor to help you search and put in offers. Don't miss out on the great first time buyer tax credit for this year!!

**wkmattingly** · 04-26-2009, 11:13 AM

I may not have read this correctly so I apoligize if that is the case.

Why are you looking at fixxer uppers if you have to be FHA financed? Kinda like an investor looking at a full priced home. Doesn't make sense. Plus, these have to be good deals or investors wouldn't be going after them. If they aren't good deals and DIYers are buying then they will lose money in the long run.

But, based on what you are saying...if these guys are paying cash. They are pro investors. Diy'ers don't have cash most times.

**luke8000road** · 05-12-2009, 09:31 PM

you 've lost your respect for home flippers. These guys are vulchers; a "fixer upper" (home in need of minor repairs) is listed and POOF! You have the bidding war from hell. Whoever has the biggest bank account (I'm talking upfront cash) gets the house. Whoever planned on actually living in this house is kicked to the curb.

**REITrainingWhse** · 05-14-2009, 05:56 PM

[QUOTE=toledo43611;51842]I'm almost convinced when the media claims we are in a buyer's market

**DebraJackson** · 06-01-2009, 10:13 PM

There are literally dozens and dozens of programs available to the first time home buyer. We cover it all within the pages of this site, and provide complete contact information for you. We sincerely want you to be able to buy your first house and enjoy all the wonderful benefits that home ownership brings.

**Mike in FL** · 06-02-2009, 08:48 AM

From what I've seen, if you are looking into a Bank Owned Foreclosure and are not a cash buyer, you are basically screwed. I've heard of Realtors throwing FHA offers to the bottom of the pile or even in the trash.

If you are looking for a home to buy and to live in, you are not going to get the deal you think you can get unless you are paying cash.

I've heard of deals of 55,000 being acceptted over deals that were 65,000 just because they didn't want to deal with the headache of an FHA loan.

If you want to go FHA, good for you, but you better be coming strong with the offers, meaning...paying more than the listed price.

**jstevenson** · 06-04-2009, 08:46 AM

I never had any respect for home flippers to begin with and I fully understand your frustration in this market.

**AlfredRE** · 06-08-2009, 10:46 AM

Well, like all things, you can't generalize the whole group. I know a home flipper who actually does it because he loves fixing places up. He's just someone making money off what he likes to do.

Although... that's incredibly rare, I'm sure...