Question About Buying A House

[BuffaloBill]

Hi Guys,

I have been looking into buying a house for quite some time now, but I am wondering if everyone thinks this is a good time to buy, or do you think I should wait?

The stock market has been going down, and there is a lot of talk of a recession, so I am wondering if you guys feel like this is a good time to buy?

If there ends up being a recession, then I will probably lose out on the deal, but if there ends up not being a recession, then I would guess that the prices are low right now, therefore creating a good deal for myself.

All advice is greatly appreciated.

Thanks guys.

 

[onetrickpony]

Depends a lot on where you plan on purchasing. There are a lot of good deals to be had right now as there are some very motivated sellers.

 

[hammer1]

Educate urself about foreclosures. tons a bargains out there as high as 40% off what selling prices were 2 years ago.
My house was appraised at just under $400,000 2 years ago. The city just sent me a letter that they had 7 properties similar to mine that they had taken for non payment of back taxes. All were in the $225,000 to $250,000 range
My cousin just bought a place on water for $219,000 that had an asking price of $389,000 2 years ago.
The name of the game these days is "Lowball'.
BE VERY CAREFULL.WE MAY NOT BE AT THE BOTTOM OF THIS PRICE DROP YET....MY GUESS IS WE ARE NOT. SO You GET THE PICTURE.

 

[SixFive]

buyers market around here. Take your time.

make sure you get a fixed loan also.

 

[The Boys]

Been trying to sell a house for 6 months now.......lot of lookers, had one offer 100grand under what I'm asking...........not good for me...:scared

 

[Louie diamond]

It's really a renters market.

It's really a renters market.

Going to get a lot worse before it gets better. 2 million ARM's will be due of the next 2 years. Many of those will be upside down and going into forclosure. With already so many forclosures on the market now, getting a 'deal' means nothing. Even after you get your 'deal' there's still a ton of 'deals' out there. IOW, forclosure prices are really 'fair market'. If you find what you like and plan to stay there 5-10 years, you should be fine. But you may find the same type of property for rent less than the interest on a purchase. Which is a better deal than purchasing.

 

[Agent 0659]

:nono: :nono: :nono: :nono:

 

[WhatsHisNuts]

It's a buyers market. As others have mentioned, lots of motivated sellers.

 

[ageecee]

While we are talking foreclosures i see in the paper all the Sheriffs Sale's going on. Property and vehicles being sold on the court house steps. How does this work? Is it an auction they are doing or do you have to put a bid in?


Anyone do this?

 

[Louie diamond]

Ageecee,
You need to be prepared to pay in full at the auction. You will be dealing with profesional buyers who know exactly what something is worth. So you need to do the homework first and spend a little time observing before you buy.

 

[ageecee]

Ageecee,
You need to be prepared to pay in full at the auction. You will be dealing with profesional buyers who know exactly what something is worth. So you need to do the homework first and spend a little time observing before you buy.

Thanks Louie yes i understand you have to pay in full. But do you put a sealed bid in or is it auctioned off to the highest bidder? Do you have to sign up to bid or can you just go up there and start waving your hand?

 

[Louie diamond]

I only went there once so I'm far from an expertt. Here it was done right on the steps. There's an auctioneer and a group around him in a circle. You wouldn't even know what it was if you weren't looking for it. Yes. you raise your hand.

 

[MadJack]

most, if not all, of those sherrif sales for homes are for back unpaid taxes. once you win a bid doesn't necessarily guarantee you're going to get the property. the owners have sometimes as much as a year to catch those back taxes up and they get their house back. they're usually still in their house anyway.

banks usually get an auctioneer to do their foreclosure sales, not the sheriff.

i once bought a house at auction and the bank was right there to protect their interest. had the bid not gotten high enough, they would have bought it back. after the sale they ushered me into the house to sign the papers and get my DP. i had 30 days to settle up in full.

 

[ageecee]

most, if not all, of those sherrif sales for homes are for back unpaid taxes. once you win a bid doesn't necessarily guarantee you're going to get the property. the owners have sometimes as much as a year to catch those back taxes up and they get their house back. they're usually still in their house anyway.

banks usually get an auctioneer to do their foreclosure sales, not the sheriff.

i once bought a house at auction and the bank was right there to protect their interest. had the bid not gotten high enough, they would have bought it back. after the sale they ushered me into the house to sign the papers and get my DP. i had 30 days to settle up in full.

DP?....

 

[freelancc]

it's a very good time to be shopping, but as SixFive and others mentioned... be patient, and don't be in a hurry. :00hour

Foreclosures often have inherent risks and delays that most home buyers are not aware of.:shrug:

anyway.,. just my two cents..:mj07:

 

[WhatsHisNuts]

DP?....

Down Payment

 

[homedog]

Still not a buyer's market in Houston, TX.

 

[Louie diamond]

Still not a buyer's market in Houston, TX.

That means you'd be buying at the top of the market and would make it one of the worst places to buy. They will go down just like the rest of America.

 

[homedog]

That means you'd be buying at the top of the market and would make it one of the worst places to buy. They will go down just like the rest of America.

I don't agree Louie. Why would it be one of the worst places to buy?

 

[Louie diamond]

Because Houston, or any other city in America is not bubble proof. The market can not sustain growth. Getting loans are near impossible for the subprime market and the hoops one has to jump thru on the prime market are really tough. I know someone with an 820 FICO who went thru hell to get financed. With 2mm ARMS due of the next 2 years, the forclosures rate will be rising, not dropping. Making loans even harder. Dropping prices even further.

IOW, anything that is rising now, will fall hard in the next 2 years and come back down to reality. Buying now would mean buying at the top, or near top of the market. Not a good idea.

RE was a big pyramid scheme the past few years. Those that were smart enough to get in and get out ,scored. Those that stayed in are updside down.

If your sharp enough, to get in and out on a flip more power to you. IMO, Prices will drop everywhere.