trying to buy a house, donations appreciated.

[wsuwrhr]

In the spirit of 78 Eliminator's topic, I would like to try my own.
We are trying to buy a house in this crazy market.
Thinking of getting something in the area, maybe a foreclosure.
I don't know what I can give in return, I do think that boating in the near future will be SERIOUSLY reduced.
I was wondering how many of you would like to send me money to help with a down payment. Sounds good to me.
If you have any advise for buying a house in forclosure, or advise at all, it would be appreciated.
Thanks in advance,
Brian
(can machine custom parts for you)
PayPal out of your account to wsuwrhr@yahoo.com
Credit card PayPal to sbparts.com
Cash, checks, accepted also.
[ July 10, 2003, 05:46 PM: Message edited by: wsuwrhr ]

[bigriverdog]

First thing is to get qualified with a lender. A good portion of the current sales are 100% financed so a down is not a big deal. As far as buying a foreclosure, it used to be a good deal. The current market has driven up the prices of hud homes etc, where they are not always the good deal. Get qualified and then go to where you can afford a home. Love to help ya, e-mail me if you wish.

[wsuwrhr]

My long term goal is to buy a house at the river.
Maybe a nice down payment from the future equity I earn in the house I am trying to buy right now. Sound like a plan?
Well if I do, everyone is invited to stay with us when we go to the river. Kinda live RiverDave's place...a common crash-out for the boards.
Brian
[ July 10, 2003, 05:59 PM: Message edited by: wsuwrhr ]

[wsuwrhr]

bigriverdog:
First thing is to get qualified with a lender. A good portion of the current sales are 100% financed so a down is not a big deal. As far as buying a foreclosure, it used to be a good deal. The current market has driven up the prices of hud homes etc, where they are not always the good deal. Get qualified and then go to where you can afford a home. Love to help ya, e-mail me if you wish. Thanks, so far we have gotten pre-qualified at 200,000 which isn't much in this market. Which is why I was thinking about a foreclosure. I really didn't want to have to drive a long distance to work if I could help it.(more money in gas, wear and tear, ect.) That leaves me in San Bernardino, Fontana, Riverside, ect.
Thanks for the ideas.
Brian
Zero down is the problem. That is where we are.

[bigriverdog]

if your credit is good 100% financing is not a prob. if you would like to know what 200k will buy you where, i could help. really no strings I'm not a loan broker.

[wsuwrhr]

Yes let me know, so far I haven't found shit except the cities I listed. It isn't that I dont like the towns, I work in Chino, and Christie is in Rancho. Neither one of us want to commute.
Brian

[burbanite]

Brian,
have you thought about buying on a land contract? Lets you get in for little to no money and you set a term that then allows you to refinance it at that point or before, you are building equity as you go just as you would normally and all of my payments except the small deposit were tax deductible.
With interest rates the way they are it is a good time to get in but the lending institutions have been backed up so much recently that some are not able to guarantee the rate as it is taking so long to process.
Definitely talk to someone in your area familiar with land contracts, not many people have heard of them and I don't know why more don't do it that way - my G.F. is a mortgage lender and that is the way we did my house and hers. Great if you don't want to use a bunch of cash as a deposit.

[wsuwrhr]

Wow Burb,
I think I need to grow an inch or two, or stnad on a chair. That went WAY over my head. I read it a few times and it still doesnt make sense.
Are you talking about buying a peice of property with no house on it?
Brian

[Badboat1]

pre-qualified is the way to go I,am buying 2 now for rental.Just got into it and it is the time for it.This interest rate will not last forever.And not a dime out of pocket either.
BB1

[MagicMtnDan]

Location, location, location.
Buy low, sell high.

[Cs19]

there is a website called sendmeadollar.com check it out.
http://www.sendmeadollar.com/newtitle.gif

[burbanite]

Nope, it is just called a "land contract". A lender is not the person to talk to about this as they don't make any money on them, real estate agents should know the scoop. It is a simple contract between you and the seller.
After my divorce I rented a house, the owner had inherited it when his parents died. He offered to sell it to me as he liked the idea of not paying agents fees, my girlfriend (the mortgage lender) told me about land contracts (she bought her house that way) and it was a good way for me to get into a house in a sort after area for the equivalent of one months rent as a down payment and my monthly payment went to the seller.
The contract was made out for a year, (you can do more), this gave me time in which to refinance the house totally. Equity was building and when the time was right we did a refi (it was not a purchase as I already technically owned it). It appraised at $67000 more than I needed so no mortgage insurance, the whole amount I paid monthly was tax deductible because it was interest only, no principle and here I am with a house. No deposit to speak of and would never have known it existed if it were not for my young lady giving me the inside scoop.
Kind of hard to explain but if you ask around there will be someone who knows about them. There are those who may advise against it but it is likely they won't make money from it....my girlfriend doesn't recommend it to many... :D
[ July 10, 2003, 08:43 PM: Message edited by: burbanite ]

[mtndewdrops]

Clink Clink....sorry just some loose change! I am buying a house in Havasu myself.
If you can find a forclosure that is. With everyone sitting on 100K in equity it isn't going to be easy...Market has been shooting up for a couple of years now.
Hope you find something...Cheers

[Jrocket]

Get something with wheels under it!!!You cant go wrong.

[Bense468]

Talk to my mom. She is in La Verne and is in the Top One percentile of all Realtors Nationwide since 1992. America's Most Referred Realtor since 1998. She will treat you good (no mom jokes please). Here is a link
http://melodiebenson.com/
[ July 10, 2003, 09:04 PM: Message edited by: Bense468 ]

[Mullet]

wsuwrhr:
[QUOTE]
Zero down is the problem. That is where we are. Their is a lone in California called the California Access Loan. It is 103% financing. You may qualify but it is pretty strict. The loan is a FHA first at 97% and a second for the other 6%. This way you can get in for around $1,000 bucks. I know a guy in Yucaipa at Valley View mortgage who knows how to do them. Hope that helps.