I recently relocated to the east coast. And I want to purchase a home, but my credit is shot to all hell! I need to know should I even attempt to get a house, or should I just save my money and wait?
2007-09-19 08:09:17 · 7 answers · asked by Deity of Peace 6 in Business & Finance ➔ Renting & Real Estate
Yes, prices HAVE dropped! Note, I said HAVE. Don't count on them going any lower at least in the NORTH EAST. Interest rates will be dropping soon at a good rate. That usually halts the declining market somewhat if not raising prices again. Many sellers have lowered prices drastically but are fed up. The glut of homes for sale have caused the market to freeze. The buyers have to sell homes also - keep that in mind. To call this a Buyers' Market is really not valid. We have had many offers on our home at various stages of pricing but had to table them because the buyers had a home to sell.
If you do not have a home to sell you are good to go. Depending on your finances and what type of house you want this IS a good time to buy. In the Hudson Valley area of NY there are homes for sale in the high $200,0000 to high $300,000 range. These sellers are moving out of state, retiring or just want bigger homes. Keep in mind these are homes that range from ranches to Raised Ranches and are 1000 to just under 2000 square ft in size. Also, they are older homes - over 15 years of age. If you want this type of home then great. However, if you want a home in the over 2300 sq ft size less than 12 years old on at least an acre it will run you about $450,000 to mid $600000 range. I wouldn't too long. As I said prices could start to raise again.
Check out these links for more info on pricing.
http://www.realtor.com/Default.aspx
http://realestate.com/
http://newhomesource.com/
For The Hudson Valley NY--
http://mydreamhouse.com/
Good luck to you!:)
2007-09-19 08:42:15 · answer #1 · answered by ursaitaliano70 7 · 0⤊ 1⤋
It doesn't hurt to try, you never know. But b/c you have poor credit and recently started a new job (unless you were transfered) then you would be considered in the sub prime, which is the section that has been having so many problems lately and almost doesn't exist right now for borrowers. But it never hurts to contact a broker and find out. Just wait on letting them check your credit reports until you are confident that you will be able to attain a loan with an interest rate range that you find acceptable. (of, course they can not tell you for sure until they check your credit, but they can give you an estimate) Also, I strongly discourage going after an ARM even if it seems attractive at the moment. The tend to be dangerous and you end up in a house that you really can not afford.
2007-09-19 15:18:02 · answer #2 · answered by aslania 2 · 0⤊ 0⤋
It is a great time to buy a house right now...buyers market. We are buying a house that is worth around $210K for $195K in Oregon...
Now....my credit is very bad too, but we are being financed. My suggestion is to talk to a bank you feel comfortable with about a home loan, and also a broker who can shop loans for you.
DON'T go thru Wells Fargo. They do not know what the hell they are doing.
Tell them your credit situation as much as you know, what you can put down, and the payment you can afford per month (including taxes and insurance). Have them give you a preapproval based on your income AND have them send it to an underwriter to make sure your credit is good for the loan. This takes time, but is worth it...
Also, if they do not ask you for paystubs, taxes, etc. -a large number of random documents to get your approved, then you need to move on. That is what Wells Fargo did to us and wasted three weeks of our time when we could have gone somewhere else.
Good luck!
2007-09-19 15:22:05 · answer #3 · answered by SisterSue 6 · 0⤊ 0⤋
Hum... your questions ponders many queries young grasshopper... Your credit is shot but what kind of cash do you have on hand? If you have neither then you're stuck but if you want to buy property today it must be wholesale before foreclosure what is called short sales visit platinumreic dot com for more info
Bringing peace to a chaotic real estate market...
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2007-09-19 15:20:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It's a buyers market in most of the country. Just take a look around and don't buy over your budget. A Realtor will try to get you to spend all your money, then some!
2007-09-19 15:14:43 · answer #5 · answered by All American Boy 2 · 0⤊ 0⤋
i think its a good time to buy. unfortunately alot of people had foreclosures and having trouble selling , so i think prices are dropping. but really depends on if you can afford to buy now, and can get a good interest rate.
good luck!!
2007-09-19 15:14:52 · answer #6 · answered by M S 3 5 4 · 0⤊ 0⤋
Go for it. Buy now while prices are dropping.
2007-09-19 15:16:41 · answer #7 · answered by ? 7 · 0⤊ 0⤋