I have about $100,000 in savings. Where do you think I can move to where I can buy cheaply and see real estate go up in a few years? Also, when someone buys a house, legally, how much time can they give you to move out? This is happening too fast for me!!!! Thanks!
2007-11-11 11:24:44 · 9 answers · asked by nervouswendy 1 in Business & Finance ➔ Renting & Real Estate
I don't know if you're currently employed or not. That will make a difference as to whether you are using your $100k savings as a downpayment or a full purchase. You can certainly find a nice condo in the city using 50-60k as a downpayment (if you're employed) or choose Jersey or PA. Most purchasers of a home will require the home to be vacant at closing. However, closing can take anywhere from 30-90 days. Talk to Dad. Where is he moving that you can't go with him?
2007-11-11 16:16:42 · answer #1 · answered by RE Diva 1 · 0⤊ 0⤋
Oddly enough NYC is probably one of the few places where, regardless of the housing market, real estate prices are going to always go up as long as there are people who want to hit it big in the Big Apple.
To be honest, you're taking a risk nowadays if you are trying to 'flip' a property in a few years...if you are able to sit on the property for 10 or more years you will have a better chance of riding out the down portions of the real estate cycle and make a profit.
2007-11-11 16:59:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I don't really know about NYC but 100,000 is a pretty good down payment in Northern Cali (except San Francisco ) but you would more than likely have to have a 2 person income to make payments on a nice house. A 3bd/2ba in a good neighborhood is a about 475000 and real estate always goes up here. When the new owner buys the house he can put in the contract the date that he wants you out of the house. If by the close of escrow you are not out he can charge you a prorated rent for the amt of days you stay. That is really nice of your dad to let you stay there and save your money. My dad is going to let me stay in one of his units for free in S.F. while I get my BSN at S.F. state. Thank god for generous parents.
2007-11-11 11:42:15 · answer #3 · answered by NorCal 2 · 0⤊ 0⤋
Be in touch with a realtor to help you find a place to live cheaply. When someone buys a home, the tenant has 30 to 60 days to vacate the home.
2007-11-11 11:32:37 · answer #4 · answered by Shortstuff13 7 · 0⤊ 0⤋
When someone buys your house, you normally have to be out by closing - that's when all the paperwork is finalized. That can be a few weeks to a month or more after the purchase agreement is signed.
2007-11-11 11:35:06 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
you can buy a littttle house in p.a (temporarily ) and look for a job. keep saving to get a better house. OR just ask him if you can stay with him until you get more money. Help with things around the house (in his new one) and help him move out. dont be lazy and stair at a wall all day HELP HIM DO STUFF GROCERY SHOP FOR HIM, RUN ERRANDS, WHATEVER! im sure hell let you stay eith him youre his daughter
2007-11-11 11:30:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Right now, I'd consider renting and adopting a "wait and watch" attitude on real estate. Residential prices have not bottomed yet.
2007-11-11 11:38:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
usually 30 -60 days after closing.. but since your dad owns it and is selling it.. it's up to him.. he could say tomorrow!
you should of found a place of your own.. and maybe this is his way of saying it!
2007-11-11 11:30:10 · answer #8 · answered by jeselynn_81 5 · 0⤊ 0⤋
If I was buying your house ... I'd want you out by the time it was all settled ... once the contracts have been exchanged ... you're OUT ....
2007-11-11 11:28:46 · answer #9 · answered by deadkelly_1 6 · 1⤊ 0⤋