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Buying Our First Home!!

My Husband & I are trying to buy a house.We found this cute little house not far from where we live now.It was built in 1933 and is a 3 br 1 bath.We are planning on getting the first time home buyers loan,but they want $52,900 for it and we have yet to see the inside.My husband makes $600-$800 a month,and we have a 22 month old and a baby boy due in March. The house looks ok but needs work done like we are not for sure what that cause is but the back yard feels smushy like plumbing or water draining from a hill.the stairs outside are busted up pretty bad.no garage gravel driveway.and is very small. This house has been on the market for a very long time,they even tried to auction it this past october and no one bought it they have reduced the price a little since then but I think it need to be reduced again but not sure how much we should try to have it reduced.

 
Anonymous

Asked by Anonymous at 4:39 PM on Jan. 29, 2010 in Money & Work

This question is closed.
Answers (12)
  • I am sorry but this does not sound like a good home for you. Does your Husband know how to make the repairs that are needed? It sounds like it needs a lot of work done and the work needs to be done by a professional. Owning a home is costly. You told us how much your Husband makes, do you bring home any money? I don't know what area you all are in, but even at $800 a month I am not sure it is a good idea to buy a home that needs the repairs and has the drainage issues this house does.
    I could be wrong and don't won't to kick you down or anything, but this just seems to have red flags all over it. Even investors are not buying the house.
    kc932

    Answer by kc932 at 5:02 PM on Jan. 29, 2010

  • also has wood paneling for the walls on the inside and needs to be painted on the outside and the land is off to the side instead of having a back yard
    Anonymous

    Answer by Anonymous at 4:41 PM on Jan. 29, 2010

  • i am a sahm untill after i have the baby i have applied everywhere and cant get hired and he is trying to find a better job at the moment as well and our payments wouldnt be but like 317 a month for this house we live in a very small town in TN and properties have to be pretty crazy to be a very high price
    Anonymous

    Answer by Anonymous at 5:16 PM on Jan. 29, 2010

  • You really can't afford that house on that income. It's probably not even worth discussing since you won't be able to get a mortgage.

    UNLESS of course you have piles of cash stacked up some where and you can pay for the whole house. Older homes have a lot of repairs though. And your current income wouldn't be able to take the hit of ANY of them.
    Anonymous

    Answer by Anonymous at 5:25 PM on Jan. 29, 2010

  • I would pass on that one if I were you. It's old, there are repairs that need to be done on the outside, so there will most likely be repairs needed on the inside. And I would steer clear of a house that's been on the market for a really long time.

    When we were house shopping we were thinking about an older home like that. It needed some outside repairs but we thought it was something that wouldn't take much to fix. When we saw the inside with the realtor, we found out it had been on the market for 4 years and the inside was in really bad shape. It would have cost us more to make it livable than the house itself cost.
    Anonymous

    Answer by Anonymous at 5:38 PM on Jan. 29, 2010

  • In my opinion is sounds like a lemon of a house and would steer clear from it. If everyone from the auction didn't take the bait then it must have a lot more problems with it. Usually people who want to purchase things on auction do their homework background before purchasing. Continue to look for another place that doesn't have a lot problems.

    Anonymous

    Answer by Anonymous at 6:51 PM on Jan. 29, 2010

  • Do you mean 600 to 800 a week?
    Anonymous

    Answer by Anonymous at 7:32 PM on Jan. 29, 2010

  • 600-800 a month.......
    Anonymous

    Answer by Anonymous at 7:37 PM on Jan. 29, 2010

  • I agree with most, there aren't many lenders who are going to lend on that income if it is actually $600 - $800 per month. Lenders need to be able to insure their investment - that house does not sound like something they would sell to someone just starting out unless you have 770 credit scores and a 50% down payment. They are more likely to lend you $100k for a NEW home - so they can be sure they can re-sell it if you were to foreclose.

    But on that income, you are VERY hard pressed to find a lender. That is what your mortgage would be, if not more. It depends on where you live, but most mortgages for a 3br 1ba house are at least $700+ per month. And with it being built in 1933, the lender is going to get scared off before you even get a chance.
    RutterMama

    Answer by RutterMama at 7:56 PM on Jan. 29, 2010

  • I don't think a bank would give you loan. You don't make enough for that. I would wait until you have more income. A mortgage payment and other costs for the home should be less than 25 percent of take home. If a bank actually lends to you they are nuts. Save and both of you get better employment and buy when you can purchase a home and not risk losing it to forclosure right after purchase.
    Anonymous

    Answer by Anonymous at 8:01 PM on Jan. 29, 2010

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