So, we have started the process of looking for a house and I have to tell you that it pretty frustrating. We don’t have money to put down and everything is sooooo freakin expensive. I guess this is where working as little as possible between the ages of 21-25 comes back to bite me… And this market… there is no reason homes should be 50%(at least) more expensive than they were last year. My salary sure didn’t go up that much. So, I don’t know if we will be home owners or not, but I do know that we are starting to look into it. Prayers would be appreciated.
Buying a house? 6
Posted by Daniel
on August 25, 2004
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I have seen God do amazing things in the real estate area in the last few months…don’t be frustrated…I’m expecting exciting things!
Dan… if you go through Remax in Hanover to find a home, they are coupled with Baltimore American Mortgage and they will pay all of your closing costs. This really helps, because when Jason and I bought our townhome, we had like 4500 in closing costs (of course we did not know about this deal at the time). We were searching for a single family home a few months ago and met with them about everything, I have a contact in case you are interested: John Neighoff 410-859-4100 ext. 106. He is AWESOME and will work out a loan in a way that benefits you. He will work with what you desire to pay and how to help you out best. As far as down payments… don’t worry about it, you have to have 20k plus to put a dent in your mortgage… just better buy now before interest rates go up again. Also-tip… buy in a newer area where house prices are going up because more homes are being built… resale value is better. We have been here for 11 months and our house is worth 72k more than we bought it for, so if we sell, we’ll have a huge profit… if you buy something old, you may lose money if you need to move sometime. Also look at neighborhoods, if the neighborhoods start to look run down, the worth of your house goes down. Just some tips. Good luck!
Thanks for the tips Sheryl… I have a few clients of mine that we are working with for the closing part(C&T Mortgage and Crown Title… both awesome campanies)… and we talked to a realtor who a co-worker of Alicia’s loved. But the real problem is that prices have already gone up more than we can afford. With what we make we only qualified for a $120,000 loan… which will buy us just about nothing at this point in time in this part of the country. The only things we could buy are run down homes in run down neighbourhoods. It is looking like we will have to wait a few years before we can buy.
There are quite a few extras that most people don’t think about when buying a house. Decorations, curtains, lawnmower, appliances, maintenance, etc.
I’m glad to have some equity, but it cost us in the last 16 years to get to this point. I’m guessing that financially you are better off renting for the near term - That your rent payment is less than a house payment. In the long run, a house payment doesn’t go up (fixed rate anyway), while rent continues to climb. The fact that God isn’t adding additional land to the earth means that prices will likely continue to climb.
If you really want a house - keep looking - and don’t be afraid to make a low offer. The worst they can do is say no. And maybe they will meet you half way. Find someone really needing to sell their home - perhaps already moved, or one spouse moved to the new location. These are situations where people are more motivated to sell, and will counter offer very close to their bottom line.
Keep the word out there that you are looking for a house - maybe even advertise in “Real Estate Wanted” as to what you are looking for. And of course, keep praying for discernment
I agree in part with Dennis. Renting may not be a bad option for now… it is definately a seller’s market… and it’s fine to rent… like he said… rent payment is lower… but in a few years, house values may decrease as the market probably won’t get any better for the seller, (maybe a little). I agree, house prices are awful here… but try areas like Westminister. Some towns, there is more demand-especially close to cities. Also-SHOP mortgage lenders. One qualified us at a low loan-and we new people who worked for them, another qualified us at 100,000 more. Shop around, we only shopped twice and still found we got taken. Also Dan-don’t worry about what is out there… God will send you something if it is in His will you move… we were looking at houses 30-40 thousand dollars more than what we bought this one for, we still don’t know how we came about this one… all I can say is… God works. I will continue to pray for you and Alicia. Also-when she graduates, that may help ya’ll out
Dan-Have you tried looking into condo’s? If anything, go that route… once you have a loan and have paid on it for a few months… they see you are capable of paying payments and when you go to try for a higher loan, it betters your chances. Again-buy newer if you can… 1985 and above… here are some good websites that I have found: http://www.opf.com and http://www.homedatabase.com Try the counties near where you are looking first.