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| General Discussion Please read our Forum Rules before posting Feel free to talk about anything and everything about money. |
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09-21-2008, 08:50 AM
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There's a bargain house in my area...
Single Family Home - 2638 Eldridge Ave, Palmer Twp, PA, 18045 - Realtor.com
Great school district, great neighborhood...and my dad thinks that this might be a steal. It was on the market for $180,000 back in May...the people had to forclose and now it is bank owned on for sale for $129,900. It is 940 sq. ft. not including the finished basement. Of course, I would need to have it thoroughly inspected to make sure that all of the damages are easy fixes (my dad is Mr. Handyman and would certainly know...). I'm wondering if this is a good starter home for me... 
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09-21-2008, 09:10 AM
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wow.... If I were in your situation, I'd say that looks very nice, and I'd definitely look closer at it. You might also want to get its value appraised to have that in your back pocket.
__________________
"Praestantia per minutus" ... "Acta non verba"
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09-21-2008, 09:52 AM
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Didnt you look at this same house back in the day? It looks familiar...that orange wall...
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09-21-2008, 09:58 AM
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Yes! I went to see it when it was $180,000!
I loved it...but it needs work and I wasn't sure that it was worth that much... ...now at $129,900...
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09-21-2008, 10:08 AM
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It does seem to be a good deal- but that doesnt mean it's the right timing for you.
Only you and your fiance will know that.
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09-21-2008, 10:10 AM
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Yeah...I don't want to buy it and have nothing left.
But my dad is saying...if I buy it and live at home till May...while we fix it up...even though I am paying $1000 a month on a mortgage...it may seem like I am wasting it but I am really not because I am getting the house for much less that what it would appraise for. Also - just because it is listed for $129,900...doesn't mean I have to pay that. Maybe I could bid lower...but I don't know how that works for REO homes.
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09-21-2008, 10:38 AM
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Quote:
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09-21-2008, 10:56 AM
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I wish I could get it for $100,000! That would be amazing. The houses on the street are worth $170,000 - $190,000.
We could definitely live in it for a while. That would be amazing to be making $110,000 a year (both of us) and only have a $1000 mortgage payment with PITI. Also, he has $130,000 in student loans to pay off ($800-$900 a month), so it would be good to have a very low housing payment... I am going to see if with my dad. I called and left a message.
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09-21-2008, 04:06 PM
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I spoke to my realtor about this house. She is going to show it to us (my dad and I) this week. She says it might go fast because of the price and because they only was $2,500 down. I believe this is the 2% transfer tax...
...so no other closing costs? I'm a little confused about that one...
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09-21-2008, 04:49 PM
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A "good deal" is only a good deal if it is something you had planned to buy anyway and will you. If you were and are not really looking into the housing the market, then it is not necessarily a good deal. Regardless of what you pay for it, homes come with maintenance, upkeep, and liability. And, getting a good deal doesn't mean that it is necessarily a good buy or good investment.
If you were planning on buying a home, and this is a home you liked and had seriously thought of buying at $180 then it definately warrants a closer look.
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09-21-2008, 05:04 PM
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Problem with foreclosures? If it needs more repairs than immediately apparent to the eye.
__________________
LivingAlmostLarge Blog
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09-21-2008, 06:24 PM
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09-21-2008, 06:25 PM
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09-22-2008, 05:11 AM
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WHat kind of repair issues are there? Almost everyone has some minor or not so minor repairs that are just part of the upkeep. And, not all repairs need to be done immediately or some repairs can wait years if not causing any real problems.
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09-22-2008, 08:26 AM
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I don't know yet...but I will have a better idea when I bring my dad tonight.
A teacher at my school just told me that another teacher's son bought the house two weeks ago for the asking price of $129,900...so I don't know if there is a bidding war going on or what. My real estate agent is going to call the bank today to see what is going on. I am supposed to see it at 5:45 tonight - unless it is in fact sold, of course. Why is this such an emotional ordeal? I got really excited over it...and now I am really let down.
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09-22-2008, 01:49 PM
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09-22-2008, 02:35 PM
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I know someone else who was trying to buy a foreclosed home through the bank. She said that they accepted more than one application for it and then it was this long process (months) figuring out who would get it. I guess they eventually were approved, but by that time they decided they didn't want it and they were able to get out of it. I don't know all the details-sorry I can't be more helpful. I am posting this info to explain how the teacher's son maybe put an offer down, but so could you.
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09-22-2008, 03:30 PM
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I went to visit it. The basement had mold on the rug. I am guessing it is all over the house (the realtor was worried about that too). She said I would have to have it remediated before I even put in an offer...
...so I guess that is a no go. Is it ok that I feel really broken hearted over it? Ugh. I wish I could get a house ready for us by the time we get married...that would be amazing.
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09-22-2008, 05:40 PM
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No it's only a deal breaker if you want it to be. What would it take for you to accept it? Under $100k? Heck I have little experience, but typically it's what you think it will cost to repair.
__________________
LivingAlmostLarge Blog
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09-22-2008, 06:37 PM
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Well, there are a lot of contingencies. I need to have the inspection done myself and also have the mold tested, give them $2,500 of earnest money before I even make an offer!
I don't think they are going to take a price less than the asking price...especially with all the people that have been looking at it.
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