Well, my girlfriend and I have been working on a deal for the past couple months to find a house. Right now in our area there are lots of cheap homes for sale and found a bunch we like. One in particular that we decided to put in a offer on. It is valued at $170k and was forclosed on so the asking price was only $75k! They dropped it from 90k which it was listed at back in April. So we put an offer in, got accepted that they would take $70k for it, contingent on passing an inspection. Well we've had 3-4 straight days of rain here in lower MI and I guess it's a good thing since when I went there this morning there is a leak into the kitchen and the basement is flooded! If it never rained I would have bought it and then had to deal with the leaks in the winter, or whenever it decided to rain again. So bassically it needs a new roof and foundation sealing, probably just a whole new foundation, around $20k. So it's a blessing in disguise but I'm just pissed off that all the work we put into getting this deal together just went down the drain, literally. Having a bad day...

 

If you invest 20k into it, you are in the house for 90k. If the house is valued at 170k it sounds like you should make an offer at 85 or so and have them fix the foundation and other leaks. Just a thought if you really like the house.

 

Screw that, I'd taken that $70k offer and dropped it to $50 and looked into doing it myself/economically.

 

Thought about it, and still may be an option, but for the loan I was approved for they wouldn't give me more than the sale price. I'd have to get into an equity type loan to have the extra $ to play with, but since this deal is done for now I'm gonna be looking at another lender and real estate company. These folks worked up this deal good but Iseemed to have to explain things to them a few times before they got it, just didn't really live up to my expectations as a professional company like that. We'll see, I'm still young!

 

Nothing wrong with that, much better to be familiar with every action with this purchase. Not like it's a cheap beater vehicle...this is gonna be life changing. You been renting up till now in life?

 

I think you put it in the offer that the seller sells it to you for a higher price, but gives you the difference. This is all handled by the Title company.

 

Yea, I moved to LA when I turned 18 and rented an apartment for 2 years out there, then moved back in with the folks @ 20yrs old, been renting from them for 5 yrs now, so never actually had anything in my name, just give them rent each month. My girl lives with me too so she chips in a bit, but we're ready to get out on our own and now is the time to buy, at least around us stuff is pretty cheap. I've got a line in on another place that is smaller than the one we wanted, but with1.8 acres and still has a decent garage for the bike & weight bench & tools. Problem would be that we'd have to store some stuff in there too so couldn't get my truck or her car in it, but we're used to that. Have to build a loft in it to store more stuff.

 

Buy it, Fix it up, get on a fixer uper house show, sell it.

 

Yeah, I know where your comin from. Been renting off and on since I graduated on '02. Just keep to real low~ball offers and hope you ****** one real cheap. Best of luck man!