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[quote="dannygraves"] I even have drawings of everything I did to the house that I plan on leaving in the kitchen cabinets for the new owners (sprinkler system, olutside wall and gates, wall and french doors for the upstairs loft with closet to make 6th bedroom, etc.)

That shows some class.

thanks, yeah, I'm not blaming anyone and I'm not mad... My mother in law bit off more than all of us could chew.
I figure the new owners will be stoked since they will probably get the house at auction for like $300,000 and go inside and find the place in perfect order... Good for them...
I plan on buying a bankowned house for cheep, and I hope the same will happen to me, probably not though...

bank repo's are hot items right now I just dropped an offer on one last night

Has Mom-in-law ever seen your special agent?

ISBB wrote:bank repo's are hot items right now I just dropped an offer on one last night

These repos are harder to get than we figured... Be prepared to fight danny.

We found one that was listed at 150k rv parking, 2 car garage, 10k sq ft lot.. put an offer on it for 175.. and got shot down because they had an offer well over 200k.. OOF...

well, I'm looking at the 250-300 price range, I think it will be easier to find something like that in the range.

The forclosure market is hot for sure. I just bought one myself. Was a model home, so its has upgrades galore. This one was the 2nd one I put an offer on. The first one, I lost. You can get into some pretty good bidding wars. Oh well. Oh yeah, every house I saw had the appliances taken, lol.

Anyway, smoking ass deal. I really couldn't believe how low some of the prices are. House sold in '06 for $300,015, still STARTS at $185k, and I picked this one ( granite, upgraded cabinets, upgraded tile, and all kinds of other stuff, being a model home and all) up for $139k . Couldn't pass it up!

Hang in there Danny, you'll find something nice, but you need to start looking NOW!

ya, I've been looking...
There is this neighborhood called "anthem" and its a real fancy pants part of town and I'm seeing 4 bed 3 bath homes that are 2 years old and sold new for $450 going for $200... so I know they are out there.
Right now I'm working on my credit, I already disputed some negative marks on my credit and experian removed 2 days later still waiting on equifax, and transunion to pull this old macy's card BS off my cred.
I've already started paying off the CCs, with last months mortgaga I paid off 2 cards and another yesterday with the money from the lincoln. I only have 2 cars with any balance now. Since I was in the high 600s, I figure this stuff should bring me closer to my goal of the mid 700s

Then I'm going to save for a down and see what I qualify for. The wife likes some of the new ones, and they can't give them away, so the incentives are killer. I'd rather move in some place with some equity right off the bat though.

im kinda stuck in a delima.. The nice newer homes are stuck in HOA communities.. I cant stand HOA's Plus if i go newer i loose the yard that i want but get the newer fancy crap inside. If i go OLDER there are no hoa's they are affordable and i can find a house with a killer LOT however i got a ton of work to do to them... Looking at another one up around trop and peco's w/ a 8500sq ft lot, 1600 sq ft house, pool huge yard and i can knock out a brick wall and have RV parking...

for about 150 as well.. This place in its peak was estimated value at 322k

you guys looking to buy don't need to rush, the toilet isn't even halfway flushed yet on the housing market.
Buy when a 30y is 8%

My 15 is 4 7/8%.....



Yea, no rush..... find the right property & the right loan.

It's best to buy when rates are high, you can always refi when they go down, but there is no way to fix paying too much up front.

with our current pre-approval we are sitting at 6.5 today could be 7 tomorrow or 5.5 no one knows

Im at 5.75% fixed for 30 on my house.

britincali wrote:Im at 5.75% fixed for 30 on my house.

But the question is, will the house be standing in 30 years?

Knowing the shit way they build things here probably not

dannygraves wrote:ya, I'd rather move in some place with some equity right off the bat though.

Find the REO's then. Most should have at least $30k of equity in them as they sit, as long as the market doesn't drop much more. It is starting to rise a bit now, although only slightly. It has to, the price of materials is going up again, and of course fuel, which will help.

Hard to tell what the mortage rates will do, but I doubt they will go below 5.50% on a 30 year, ever. My mortage on my current house (bought new in Jan. '04) is 5.75%. Thats the lowest that I ever remember seeing.

The new house I just bought we paid cash, but I will have to finance it at some point next year, so who knows what the rate will be at that time, I hope they stay low.

Danny, you can talk to a mortage broker and they will help you out a great deal. They will pre-qualify you now, and also give you some good advice on what else to do to get your credit up a bit. High 600's is plenty for a good home loan. If you were buying a car, then in the 700's would be better, but houses thats pretty good.

cool, thanks for the advise.
Yeah, I talked to Mrs MFDB yesterday, she works at a mortgage place and knows all sorts of people in town, said she'll hook me up! Its all about who you know...right?

dannygraves wrote:cool, thanks for the advise.
Yeah, I talked to Mrs MFDB yesterday, she works at a mortgage place and knows all sorts of people in town, said she'll hook me up! Its all about who you know...right?

Aw crud, can she do anything in Idaho? Nevermind, too late. Scheduled to close on my new place on June 30.

MojoScojo wrote:

dannygraves wrote:cool, thanks for the advise.
Yeah, I talked to Mrs MFDB yesterday, she works at a mortgage place and knows all sorts of people in town, said she'll hook me up! Its all about who you know...right?

Aw crud, can she do anything in Idaho? Nevermind, too late. Scheduled to close on my new place on June 30.

nice

i didnt know thats what mrs mfdb did damn shoulda gave her a call.. We are currently usin B of A for our funding source as they have been the best to deal with so far and have had fairly good rates as well... but we are still in the shopping stages..