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Old 01-30-2008, 04:43 AM   #51
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I have noticed that real estate prices have skyrocketed; however they are not selling. That seems excessive to me unless you're living in vacation-land. In that case, you pay out the wazoo. If you do not live in ski-land, just make a lower offer.
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Old 01-30-2008, 08:00 AM   #52
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LT72284,
Same as some others advised... right now, you have a big advantage: IT IS A BUYER'S MARKET. Even better for you since you don't have property to sell.
Save as much as you can for a down payment and utilize the services of a financial advisor, check with several ones until you find one that makes you feel comfortable and asks you a ton of questions. This means he wants to know more about you because ultimately, you will be the one making the decision.
Relative to the houses posted, they all look amazing but in my opinion they are way too big and will take a ton of money and time to keep up with (gas, electricity, dusting and cleaning, yard, etc.)
Bottom line: Enjoy this time because when you go house hunting, you realize you must know much more of yourself than you actually do.
As sage stated: Check your county office, they probably have a list of foreclosures, non-paid taxes, etc. properties that are good values.
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Old 01-30-2008, 10:09 AM   #53
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hey What You See Is What You Get, Thanks for the advice. Sage had a good idea. I know my cousin bought a 2.3 million dollar house for 500,000$ because the person after so many years had to foreclose on it and the bank only wanted as much as the loan pay off was so they wouldnt go in the red. I have often thought of buying a foreclosed house. I will be sure to find someone who asks me tons of questions.
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Old 01-30-2008, 10:28 AM   #54
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The way they keep saying a recession is upon us (if true) means there will be a lot of foreclosed to chose from. Back in the early 80's there were 200 to 300 homes listed in the classifieds every week. We bought a HUD home then..was only $1600. to move in..I don't know how big of down payment they want now a days.
Just save all the money you can while your living with your parents in case you need to fix a place up, etc. Another expense you may need to consider besides house payments, taxes, insurance is HOA (Home Owner Association)dues. Some of them can be really high. But its good to live in a neighborhood that does enforce deed restrictions to help protect your property values.
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Old 01-30-2008, 11:16 AM   #55
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LT72884,
IMHO: We are in a recession and will remain this way for quite a while (I am worried this may turn into a depression). The real state crisis will continue for a while (the Fed are printing more money to stimulate the economy and create more inflation) and the stock market may go down (just compare any stock price/earning ratio with historical values and you will realize that stocks are overpriced).
I'd imagine it will remain a buyer's market for a while. If you are looking for a house, check how much time and money will be required to maintain it (bills and taxes).
Sage idea is right on, the main thing is that you will readily available cash to pay for the foreclosure and most likely property taxes.

Although real state has been historically a good way to save your earnings from inflation, it has been inflated in an unrealistic way during the 90's due to fiscal policy that moved our economy artifically (dropping interest rates) and printed too much money instead of putting incentives in savings and production of goods. The market is adjusting now, just make sure you take advantage of the opportunity.
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Old 01-30-2008, 04:02 PM   #56
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LT, I know nothing about buying houses (found our house and land online and happened to get a great deal--didn't buy online, it was through the realtor we were already renting through), and it looks like you have gotten a lot of good advice here. Here's another thought (sorry if it has already been brought up--I didn't see it). I guess the best way to say what I mean (since the words don't want to come out right) is to give an example. About an hour from here are two cities right next to each other. One of the cities would be a great place to work, but the cost of everything there is so high that I wouldn't want to live there. The cost of living is much better in the city right next to it. So it would be smart to work in the first city and live in the second. So what I am trying to say is, if you want to live in a certain area but it is too expensive, try another area nearby.

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Old 02-01-2008, 11:13 PM   #57
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LT72884,
Even if this sounds obvious, I don't think it is redundant. If you are going to start looking for a house, check your Credit Score as lenders will use that information to determine interest rates. With that information on hand, check with several institutions to find out how much you can afford...also getting pre-qualified for a price range will help you narrow down your choices in terms of what house you can afford. And last but not least, get informed. Acquire knowledge via books, professional advise, internet, etc. etc.
Good luck!
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Old 02-02-2008, 11:41 AM   #58
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House values are expected to go down another 25 % before it gets better again. I would save every penny I could in case something really great comes up. When you get a house you can afford on your own you might want to take on a room mate and save that money for unexpected emergencies, property taxes etc.
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Old 02-02-2008, 07:54 PM   #59
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Here, property taxes and insurance are included in your house payment.
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Old 02-02-2008, 11:19 PM   #60
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Quote:
Originally Posted by LT72884 View Post
if i had the money right now i would buy this one.

Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah
You and me alone. It would be just about the right house for me. With some small remodoling convert couple of bedrooms into extra kitchen space with 3 stoves 3 sinks, about 6 ovens, I'd be pretty happy. Of course I can only affort about $500.00 bucks a month, and I am not that yong and even have a carier, but ousing is just absolutelly crazy. The feds should have been rasing interest rates back in 98 to slow down the market, well it's too late for that.
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