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Few questions about a potential house I'd like to buy.

There is a house my husband and I were interested in looking at. Its a 5 bedroom, 3 bath, 2700 squarefoot home, needs a new roof, a new jacuzzi tub in the masterbath and a few cosmetic things. Its forsale for 144,000. Back in 2006 it was appraised for 317,000. It is bank owned (so it was forclosed on). My husband and I were going to possibly look at it and but in a lower offer. When the previous owner owned it, it was purchased for 117,000, so chances are there is less than 100,000 left on the loan. BUT here is the kicker! Property taxes are 4500 a year for it! That would be 375 a month!!!!! (Thats what we pay in rent right now) Now, do you think it would be worth looking at, and putting an extremely low offer in on it so that with taxes included our monthly payment would be what we could afford? Or should I just take that house off the list of possibilities?

Answer Question

Asked by amy31308 at 10:33 AM on Jun. 25, 2009 in Home & Garden

Level 5 (92 Credits)
Answers (7)
  • I really think that you should look at it and if you like it then make an offer. If you can afford it then it is worth a shot. Good Luck to you.

    Answer by raemommy at 10:39 AM on Jun. 25, 2009

  • It's worth lookimg at and you can get the price of the new roof taken off and the prices of anything else that needs to be fixed

    Answer by Zarviemom19 at 10:39 AM on Jun. 25, 2009

  • Honestly, it sounds like this house is above your means. Don't buy a home that requires you to sock every dime you make into every month. Crap happens, toilets clog, water heaters go out, garbage disposals break get the picture. A roof on a house is a serious cost issue. Whenever you think you may have found 'the' house fore you do yourself a favor. Spend the money and hire yourself an inspector. This is someone who will go over the house with a fine tooth comb and tell you exactly what condition it sits in. If a home is a forclosure typically there are numerous repairs that came up before they lost the home and they were not able to fix them.

    Answer by GrnEyedGrandma at 10:40 AM on Jun. 25, 2009

  • Houses are black holes for money. You need to have a reserve of at least $5,000 for household repairs, unless you are extremely handy.

    Answer by rkoloms at 12:16 PM on Jun. 25, 2009

  • I can understand wanting a house of your own, but if you currently pay rent of $375 if you were to buy this house, even for $110,000 WITH taxes you are looking at a mortgage of close to $1,000!!!

    These days there are a lot of foreclosure homes that may need repair but a lot cheaper....such as a 4 bedroom 2 bath home we looked at that was worth $80,000 but up for sale for $39,900! The kitchen was gutted, and new paint was needed on the walls, so we are considering it only because of it's HUGE gorgeous yard and good neighborhood and schools.

    You have to see if you would even be pre-approved and what for before thinking about a home. And you have to understand that Bank owned homes (foreclosed) homes are already priced low, banks take forever to respond and they usualy expect close to asking, if you low ball it they will most likely counter!

    Answer by Mom2Jack04 at 2:37 PM on Jun. 25, 2009

  • Yes, I am aware of what payments are for it lol. I know how much of a down payment my husband and I have- And I know what our monthly income and bills add up too. That wasn't what I was asking.

    Answer by amy31308 at 12:06 AM on Jun. 26, 2009

  • I would advise having it inspected but for other reasons and not by one of those Home inspectors. Trust me, shell out the extra few dollars and hire a plumber, electrician, heating/ac, and a gen. contractor guys for like an hour. Maybe your own pest control guy too. Our home inspector missed the bats in our attic (1800 to have them removed, they were getting into the house!), and the 1600 dollar gas leak from an improperly capped gas line, that used to go to a fireplace in the bedrooms. That almost killed us. Then you will truly know how much fixing up the house will need and if you can afford the taxes or not. We still have a bathtub upstairs where the overflow drain isn't connected to a pipe so it rains in the kitchen if its used accidentially. It may look cosmetic, but in fact could definitely be a bigger problem. Did the roof trusses mold? Etc. Sometimes, people will allow a money pit to be foreclosed on.

    Answer by Lesli at 6:51 PM on Jun. 26, 2009

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