is this the perfect time to buy a home as june 07.since home prices are coming down.we found this house for 174,900 in california is a short sale .the seller actually owes 230k to his lender.i got approve from the riverside county for 20% down payment assistance wich will be 35K and getting fianance 140K from countrywide with a 6.50 interest on a 30yr fixed rate my payment to be around 10157.00 they said. tell me if sounds like a good deal."first time buyer" we are paying about 795 a month in rent. avergae rent around here 1000 a month.they want only 500 dlls for escrow...please advise me. only......no services please.
2007-06-19 05:43:02 · 4 answers · asked by exttreme_musiclove 2 in Business & Finance ➔ Renting & Real Estate
That is a great deal for you, all the way around. Great price and a great loan. You really should go for it.
You can make up the difference in $ by having the state take less from your income tax. Because you will be able to claim your house payments against your taxes you will actually spend less per year on housing then you are now as a renter.
Congratulations on taking advantage of the present housing market!
2007-06-19 05:51:39 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
I hope that you are not basing the worth of this house on the fact that the seller owes $230K on it. Ascertain the true market value of the house by checking comparable recent sales in the area. It's somewhat rare for a bank to approve a short sale that much below what is owed unless the bank feels that this is the most the market will bear for the property.
If this is the most the market will bear on this property, then it's TRUE worth is $174,900, not $230,000.
2007-06-19 10:39:26 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
pay 500 bucks for an attorney and have her/him look over the deal. Often, if you find a deal like this it is too good to be true.
2007-06-19 05:49:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
sounds perfect. Where is it located? I would buy it. is it through an agent? don't get ripped off by an attorney. Just work with your agent.
2007-06-19 05:51:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋