Monday, March 24, 2008

Buying a House?

Just bought a place!

A big Thank You to Ross for going over how he just purchased a foreclosure.
  • He figured out what he could afford and asked for referrals from people who had great experiences with a Realtor and great experience with obtaining a mortgage.
  • He visited over 40 foreclosures before deciding.
  • He purchased his home for six figures lower than comparable houses.


Everyone will have an opinion.
  • It's time to buy.
  • It's time to sell.
  • It's time to wait.
At some point everybody is right.
You need to figure out what is right for you.

Personally I think it is a time to wait.
Ross has proven it's a time to buy.

Everyone is at a different point in their life.
To play it safe you should:

  • Buy when you intend to stay in the home for at least 5 years.
  • Have a good credit score of above 700.
  • Have at least a 10% down payment.
  • Six months worth of your costs in cash.
  • Make sure you aren't stretching yourself too much.

Here is a Spreadsheet to help you figure out what you can afford.