Wednesday, January 12, 2011

Wacky, but what if you want to buy a house?

Ellen James Martin, AZ Republic, Jan 9, 2011, says some people still want to buy—and they want bargains!

The nerve.

Anyhow, A real estate agent quoted was bullish on prices heading up for planned communities with gates, presumably, and pools, fitness centers, and schools to go with.

Be warned, though—buying in this market means a longer process, more paperwork, a big down payment. A short sale can take up to nine months. Even longer sometimes.

The advice is to move right along—get your bid in.

Winter is a good time—more competition in spring.

Watch for homeowners under pressure to sell—say someone moved to get a better job or was transferred. They might have two mortgages.

Realtors will tell you things like this now.

If you are waiting to sell your home for more before buying, see if the discount you can get on the purchase is more than what you might get by waiting.

Also look at spec houses builders have—they will often deal.


srdem65 said...

A friend's home will be auctioned in Feb and he's so depressed. I can't find any words of cheer and so many houses are empty now. This is so sad and really scary for our future.
He tried every which way to save his home to no avail.
We all know his home will sell for less than he owes and where's the sense in that.

Star Lawrence said...

I know--a friend of mine of 40 yrs lost her beach condo in Florida...We cry on the phone everyday...What should I say, "At least you got to live at the beach 12 yrs?" I am seeing my career circle the drain...Nothing I do to get clients works anymore...Thirty years...This is all so sad and should not be happening. I feel for your friend...

Star Lawrence said...

I think all these so-called bold and forward thinking and brilliant leaders in DC should just tell the banks to take a balance statement from people, set a rent for them, and call Wash if they, the banks, actually start to go under. Not that baby needs a bailout crap--ooo, the whole econ system is about to go boom. I paid $10K in interest in my mortgage last yr--basically nothing on principal--let them live on that. They don't pay people any interest anyhow, let them invest that money.