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related linksRead more about buying a house
FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
Now if your looking for a move in ready home go look at bank repos for 1st time home buyers it is a great buy,but be ready. You have to search long and hard to find that good home at a good price that's not torn apart from the owner that lost that home. I found mine move in ready,but it took me over a year to find that decent home too.
Homes in Detroit:
The post below states: "the article does not mention is that the house you buy for a buck is not livable". Not quite. The picture clearly shows a boarded up house and the article says there is fire damage which would take "a lot" to fix.
The $20,000 is probably an accurate number for a smaller house. The Wall Street Journal has had articles showing it is now cheaper to buy in Detroit than to rent.
I personally got a house in Detroit that is being rented for about $625 (net after water paid) per month for about $20,000 (it took over $6,000 of cleanup). Detroit is an inefficient market because so many people have destroyed credit and banks are not willing to loan on less than a $50,000 (the banks lost billions).
But it's likely that landlords and buyers will do fine over time. Somebody (John Templeton?) said: "Buy when their is blood in the street." That idea has made a lot of people rich. Unfortunately, I'm not one of them. I've bought a lot of higher risk things that went broke.
PS: My $20,000-$21,000 house (there is some play in the numbers because of pre-paid taxes which are VERY high in Detroit) is only 780-800 sq. feet with a full basement (not included in sq. footage). I looked at 1,300 sq. feet houses that could be obtained for about $30,000.
Do the authors of these articles even consider that these were once peoples' homes? I would love to be able to buy back my old home. I can show you where my daughter took her first steps, but now, I don't have the keys anymore.
I had a bad mortgage company, saw how it was going, and bailed out of that mortgage by refinancing. However, the company I refinanced with was just as bad! If it's any indication how these companies worked, neither one is now able to operate in the state where I live, and I am on a list with the State's Attorney General's Office in a suit against the companies. They had 2 years of my and my spouse's W2's, 6 months worth of my savings, my spouse's savings, our joint checking account statements, and 2 months worth of our pay stubs. Apparently, their math wizards couldn't figure out there was no way we could afford what they sold us. Either that, or they maliciously misled us.
Sure, the article tells you where you can buy someone else's American Dream, but is there any work around it? Did the person leave because they lost their job, then their home, and had to relocate? A house for $30,000 sounds great, but not if you have to commute 3 hours each way to get to somewhere to earn the money to pay the mortgage you'd still need to get.
This article ranks right up there with "Ways to save $1000 for Christmas" and "How to cut your bills in half".