Posted by Amy Francis on December 17, 2002 at 22:30:09:
In Reply to: It must be worth it I guess... posted by Edward Nolan on December 17, 2002 at 01:10:59:
Edward,
Thanks so much for your reply. In my angst-ridden haste I posted another version of the same question with more details. Anyway, Edward, this is the deal. I've been looking for a house, specifically a victorian, in upstate ny (the market up here is a seller's market and things in my opinon are inflated. Anyway, I don't own a home and never have. I'm in my late 30s and I finally have money and I want a house YESTERDAY!!! I've been looking for a year. I love the idea of foreclosure investment real estate, but I don't necessarily have to do this with my first house (in fact, I really don't want to) I want a house asap! I'd be happy to pay 150K - 170K for a victorian that needed nothing done to it. For my dream house. But that doesn't exist, and if it did, it would be gobbled up faster than I could ever move on it.
I can have a mortgage in 10 days and close w/in a month for sure assuming everything goes ok on the seller's end.
Anyway, with that said, this house needs some work about 10-15K (that's why I say it's around 10K over priced since one similar nearby needing no work went for it's asking price of 120K a few months ago.
I'd want to buy this house at this price wheter foreclosure was happening or not. I THOUGHT I'd be able to take advantage of foreclosure, but it's more of a nightmare since I won't be able to close w/in a month. Now we have to get bank approval and the title search will be a nightmare.
So, since you now know that I don't have to be carlton fisk (or whatever his name is) on this deal, do you still say walk away? (Have you been talking to my father???) Everyone wants me to walk. This will be the second time if I do.
I really NEED a house as my life completely sucks without one and I can't take it anymore. I HATE real estate agents and the owners I've dealt with thus far have been a parade of freaks. I'm so sick of it I'm ready to GO POSTAL.
The logical thing to do is walk away. But the logical thing for me to do is to buy a small bungalow suitable for a single person. BUT I WANT A BIG VICTORIAN. I don't mind restoring it if it has good bones. BUT, I don't want to get into some labrynth of legal goo either, or worse, buy the place and find out that I'm mired in that goo still.
I really don't know what to do, but since you're a neutral party, and my father specifically asked what I'd do if YOU told me to walk...I decided that if you say walk, I'll sadly, crawl back into my 3 room apartment with no washer and dryer or off Street parking and living with all the truly "special" people that my landlord sees fit to rent to.
I'd move to an apartment, but one that would meet my needs would cost over $1200/month at least, I'd rather sink that equity into a house, even one that's over priced as I stand to lose around 14K on an apartment.
By the way, I run my business out of my apartment and I will out of my house if that tax info helps.
My current apartment is month-to-month $400/month rent.
So, Edward, what do you think?
Thanks again for the reply, I really appreciate it.
Amy
: Amy,
: Hi. You must want this property pretty bad. Let me ask you a question and then we'll move on.
: Do you own any property now, and if so are any of those from pre foreclosures, or foreclosures?
: I don't want to lecture and I feel I may not agree with you moving ahaed with this deal! Look, my niche started in the 25k range, and then progressed upwards. To buy a home, be it a pre foreclosure or foreclosure at 10k over to me would make me turn and find a better deal only since I know that there's tons out their at better prices.
: I'll tell you what... If you buy at their price, then you get your terms. Or, if they buy at your price they get their terms. Thats one rule of the game to always look at first and forever. You only get one or the other but not both. It's a give and take.
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