Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was browsing on zillow and saw a bunch of houses that were less than 10 years old for 50,000 or less. Has the housing market tanked this badly? I am a first time home buyer on a fixed income and around this range would be what I would feel comfortable buying. Since I don't work I am much more flexible with location so it doesn't necessarily have to be very close or inside of the city itself.
I've never visited Charlotte. Right now I'm trying to determine the area to relocate to so that in time I can buy a house. Currently I live in Maryland and I could never afford a house in the state.
I was browsing on zillow and saw a bunch of houses that were less than 10 years old for 50,000 or less. Has the housing market tanked this badly? I am a first time home buyer on a fixed income and around this range would be what I would feel comfortable buying. Since I don't work I am much more flexible with location so it doesn't necessarily have to be very close or inside of the city itself.
I've never visited Charlotte. Right now I'm trying to determine the area to relocate to so that in time I can buy a house. Currently I live in Maryland and I could never afford a house in the state.
Amazing prices can be found all over Charlotte, but in general, a home in that price range is not going to be in the best of areas.
If you are serious about wanting to come to Charlotte I would suggest you hook up with a really good realtor who can help educate you about the local market over a period of time.
In addition, start reading the Charlotte Observer online regularly to familiarize yourself with local issues and crime hot spots.
I do believe over time you COULD possibly find a home in a decent area close to your range, but you'd need to really understand the lay of the land first
I was browsing on zillow and saw a bunch of houses that were less than 10 years old for 50,000 or less. Has the housing market tanked this badly?
Any home that can actually be lived in...
which doesn't require **substantial** renovation work...
located in a low crime and decent school district...
will cost no less than $100,000 ANYWHERE you might look for such.
But it will still need some renovation to go along with the decorative updating and new appliances...
all of which make the effective threshold for "middle class decent" $125,000 - $150,000.
By comparison... to find that in southern California (or Montgomery County MD) the threshold is $300,000.
I was looking on homepath.com and I seen a ton of foreclosures for around that price and under. I am sure they will need some work, but some were even in decent areas. I would suggest you do your research, because in Charlotte areas can go from decent to bad very quickly.
I have a wonderful realtor that I am working with. She has been so hopefully and she really knows Charlotte, if you would like her info please let me know!
I was looking on homepath.com and I seen a ton of foreclosures for around that price and under. I am sure they will need some work, but some were even in decent areas. I would suggest you do your research, because in Charlotte areas can go from decent to bad very quickly.
I have a wonderful realtor that I am working with. She has been so hopefully and she really knows Charlotte, if you would like her info please let me know!
Ok, so it seems what I need to do then is, decide on the area I want to move to, then rent a room and go from there.
The two biggest stumbling blocks I have right now are, that I'm under lease till jan (though I might be able to get out of it) and how financing would work since I'm on SSDI. I've read that you need to get a letter from your dr says you'll be disabled for X years.
Unless you get a good chunk of change each month from your SSDI, buying anything to fix up is not going to be a wise move. You can blow through a LOT of money in a very short amount of time.
Financing with SSDI, I have no clue how that will work. I'd imagine you will still need the minimum credit score and a down payment. And then you will probably have to meet the income requirements.
You need to check with HUD. They have some amazing programs in place that will even accept a HUD rental voucher as your mortgage payment. These programs are not advertised and people know very little about them. So check with HUD, directly, and see what info you can find. WIth your being on SSDI, you may find you actually qualify for some very innovative home ownership programs.
Ok, so it seems what I need to do then is, decide on the area I want to move to, then rent a room and go from there.
This bit of advice will apply to just about EVERY move anywhere.
Quote:
The two biggest stumbling blocks I have right now are, that I'm under lease till jan...
There may be a small fee but this should be no more than a minor inconvenience this time of year.
Quote:
...and how financing would work since I'm on SSDI.
This is way more than a stumbling block. This is a deal breaker.
If you don't already a very huge pile of cash on hand... like somewhere close to the $50,000 needed
to buy a (marginally) habitable property outright and by that show that you have real skin in the game...
there is no way a responsible lender will finance the purchase of a "fixer upper" property.
It'll be hard enough to get even an equity or home improvement loan.
Unless you get a good chunk of change each month from your SSDI, buying anything to fix up is not going to be a wise move. You can blow through a LOT of money in a very short amount of time.
Financing with SSDI, I have no clue how that will work. I'd imagine you will still need the minimum credit score and a down payment. And then you will probably have to meet the income requirements.
When I increase the selling price to 65,000 on realtor.com 384 properties show up. I've never bought a home before, are all of these homes sub-par?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
