patrick.net
An Antidote to Corporate Media
1,264,421 comments by 15,112 users - brazil66, HeadSet, TechBrosWon online now
Advice on my situation. First time buyer.
invite response
2011 Jul 12, 5:50am 18,813 views 57 comments
« First « Previous Comments 55 - 57 of 57 Search these comments
Have you received a notice of default yet? If not, you've got several months ahead of you. First thing is to ask for a loan modification, perferably under the HAMP program. If you don't qualify for HAMP, ask for an in-house modification.
While you are doing that, make an application for arrears assistance from Keep Your Home California. That is good for up to $15K. There is also an unemployment assistance program that will pay your mortgage for 6 months. Hurry though, before program funds are exhuasted.
Most important, keep in touch with the trustee. Bank will tell you one thing, but it's the trustee that controlls the sale.
Good Luck.
It sounds like you've done your homework. What I like is that you aren't the first owners and the house is older. but here's some questions
1) You might not want to have kids now but it might be a good idea to examine the school systems just in case
2) It's always a good idea to look up other stats about the area. Police logs can be open and crime rates are public.
3) shop around to find out about competition for various services. Energy, communications..heck food. Maybe find out who has done the most plumbing work in the area before you try to do any on your own. Towns can have different plumbing codes
4) With work try to have a plan b if not plan c just in case. I wouldn't recommend going to school at the same time since this is a large purchase. But check with your employers if you have non competitive agreements. Get a list of competitors in the area.
I hope you get the house, AND I hope you do this too. Upgrades, Repairs can be had MUCH MUCH MUCH MUCH MUCH MUCH MUCH cheaper than anyone believes. Say you want a new floor, price out the material at HD. Now, get prices from people that put floors in locally. Remember, take 40% off YOUR cost at HD and that is what they are buying for. You'll be surprised that a fair price to put it in is what your total bill at HD would be.
« First « Previous Comments 55 - 57 of 57 Search these comments
My wife and I offered $105K ($53/square foot) on this house and it was accepted. With $25K down (my savings and investments are at $72K, will be down to $42K if I buy the house due to the down payment and closing costs), our payments on a 15 yr loan will be about $750/month with property taxes and insurance. We are paying $800 rent now, but utilities at the new house will be about $100 more expensive. We are in our late 20s.
We are currently in the inspection period. Foundation is perfect. Roof is new. Well is in great shape. Electric is fine (the circuit box needs a little work). Septic is somewhat worrisome: 15 years old and is a pump/shallow mound leach field. Inside needs painting and could use some remodeling in kitchen and bathroom. Home sold for $335K in 2005.
My wife and I average about $3000-$3500 net income monthly and have no debt. We are both from this area and want to stay here permanently as long as we can keep our jobs. We do not plan to have kids.
With this info would you stay renting or does purchasing this home seem reasonable?
I GREATLY appreciate your time and help and really value this website and forum.
#housing