Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

We are poor

AGGHH it has never been like this my SO jobs has always been there now he lost his job, we had to move in with his mom, we get alone, thats not the problem, So now we are both trying to find jobs, it really sucks. We are here trying to save money, so we can stop renting and start buying, WHOO HOOO!! so has anyone bought a forclosuer home, how does it work?

 
Anonymous

Asked by Anonymous at 5:41 PM on Nov. 3, 2009 in Just for Fun

This question is closed.
Answers (9)
  • It is really hard work to buy a home. At least it was for us. But it was worth it. There are downpayment assistance programs that will pay all your downpayment or will match what you have 3 or 4 to one. You have to be a first time home owner or not have owned a home for a certain number of years. You have to go to a workshop about how to buy a home and fill out lots of paperwork.

    My son was able to get the 3 to one and they also paid some of the other things that go along with buying a home.

    We were looking at foreclosures but the house we ended up getting wasn't a foreclosure. You can look everyday online and see new listings of homes that are dropping their selling price. The house we bought had been listed at $120,000 and we were able to buy it for $72,000. It is in Tucson and all remodled with new floors and kitchen and a pool.
    Gailll

    Answer by Gailll at 5:49 PM on Nov. 3, 2009

  • most foreclosed homes are not as cheap as everyone thinks. you can research them online for ones in your area. you basically pay the bank what the previous owners didn't.
    Anonymous

    Answer by Anonymous at 5:43 PM on Nov. 3, 2009

  • cont.

    Paperwork took weeks. We had a great real estate lady, that is a must. My son is getting the tax credit. He will only get $7200 because of the price of the house. That is a check the IRS sends you to use as you want. He is going to get a used car and pay off credit cards and have money left over.

    His house payments are $511 including insurance and taxes and everything. My son is only 21 and owns his own home. I'm disabled and he lets me live with him. Two years ago we were homeless living in Indiana in a tent.
    Gailll

    Answer by Gailll at 5:56 PM on Nov. 3, 2009

  • i have no clue about buying a home hah but I do wish you the best of luck!!!!!!!!
    LoveKillsSlowly

    Answer by LoveKillsSlowly at 5:56 PM on Nov. 3, 2009

  • More money more problems. It's a rap song. No matter how much money you make you will always have more bills!

    That said, you can look into foreclosures, but more programs are a scam. A lot want cash up front. See a trustworthy loan officer for your options!
    prettyrayray

    Answer by prettyrayray at 6:01 PM on Nov. 3, 2009

  • We bought a foreclosed home 2 months ago. We just watched online and had a good agent to help us. Our home sold 4 years ago for 190,000. We bought it for 82,000. You really need to be active and make sure you know what your getting into. Cheap homes usually mean costly repairs.


    Beware of short sales though. Before this house we had another under contract for 7 months. We had to wait and wait  for the paperwork to hit every desk in the banks office and back again,still with no answer.The term "short" definitely shouldnt be used for this type of sale. We ended up backing out. 

    formykids373

    Answer by formykids373 at 6:03 PM on Nov. 3, 2009

  • You have to thank Obama for this for the both you lossing jobs. Go boy!
    Anonymous

    Answer by Anonymous at 6:19 PM on Nov. 3, 2009

  • You have to thank Obama for this for the both you lossing jobs. Go boy!

    You know...someone told us the very same thing about my husband losing his business. It's a crock....I will tell you honestly that it started hitting the fan before Obama came into office, but if it makes you sleep better at night to answer this way instead of answering the poor woman's original question, so be it.

    OP. You have to be extremely careful with foreclosed homes. While there are many good deals to be had at this time, there are also sometimes additional problems with the homes that your average home for sale might not have. For instance, upkeep on the home may have gone out the window while they were going downhill financially before the actual foreclosure. Definitely get yourself a trustworthy loan officer on board with your plans.
    Anonymous

    Answer by Anonymous at 6:47 PM on Nov. 3, 2009

  • We'll ALL be poor if Obama gets his agenda through.
    Anonymous

    Answer by Anonymous at 1:36 AM on Nov. 4, 2009

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN