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Old 08-03-2012, 10:52 AM
 
72 posts, read 141,110 times
Reputation: 34

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What is the possibility of finding a 3bedroom/2bath, 2 car garage foreclosure property for under 300k?

I make just over 90k per year and work on the west side of los angeles. I originally considered looking at properties in corona, but I just don't think I can handle the commute. The commute from Irvine up to west LA is bad enough as it is.

Here's my situation...
I'm not going to have 20% to put down on the home. At most, I'll have about 20k, but I might be able to borrow additional money from family if I need to.

I really enjoy remodeling homes, so if I can find a home that doesn't have any structural or electrical issues, but needs things like new flooring, kitchen, bathroom, paint, landscaping, etc, that would be great. If a home came along that didn't need work and fit my budget that would be great, but I really doubt that will come up. So, I am completely open to finding a property that needs work.

I would be living in the home by myself initially, but I'd probably end up renting just one of the rooms out to save some money. I'd really like to stay in the following areas - HB, seal beach, Los alamistos, newport beach, costa mesa, irvine, tustin, lake forest, mission viejo, laguna woods, yorba linda, fountain valley, and foothill ranch.

Based on the inventory that is out there right now, does anyone think that I would have trouble finding a house (not a condo or townhome) for less than 300k - even if it was a foreclosure, short sale, etc?

Thanks
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Old 08-03-2012, 11:17 AM
 
11,715 posts, read 35,970,383 times
Reputation: 7512
In those cities, forget it. You'll get outbid by investors with cash and it won't go under $300k. You'll need to look in Anaheim, Garden Grove, Santa Ana, or Stanton and it'll probably need a lot more than paint and flooring.
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Old 08-03-2012, 11:34 AM
 
Location: Grosse Ile Michigan
26,536 posts, read 62,986,490 times
Reputation: 30570
Maybe a condo
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Old 08-05-2012, 05:00 PM
 
Location: Lafayette, CA
2,518 posts, read 3,404,847 times
Reputation: 617
With your "down payment", you would only qualify for FHA financing, and in that price range, you would only be able to afford home that probably wouldn't fit FHA's requirements of "being fit to live in".

Save money and keep renting, you aren't ready to buy a home in this market.
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Old 08-07-2012, 03:33 PM
 
Location: Long Beach, CA
463 posts, read 1,144,673 times
Reputation: 127
You should considers raising your budget into the 300's.
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Old 08-23-2012, 08:27 PM
 
546 posts, read 566,511 times
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What about foreclosures in good shape for the low $300ks in all-cash?
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Old 08-23-2012, 08:42 PM
 
11,715 posts, read 35,970,383 times
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Quote:
Originally Posted by LagunaMom View Post
What about foreclosures in good shape for the low $300ks in all-cash?
Quote:
Originally Posted by Coldjensens View Post
Maybe a condo
.
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Old 08-29-2012, 05:08 PM
 
619 posts, read 1,946,938 times
Reputation: 259
Quote:
Originally Posted by zeekosu View Post
What is the possibility of finding a 3bedroom/2bath, 2 car garage foreclosure property for under 300k?

I make just over 90k per year and work on the west side of los angeles. I originally considered looking at properties in corona, but I just don't think I can handle the commute. The commute from Irvine up to west LA is bad enough as it is.

Here's my situation...
I'm not going to have 20% to put down on the home. At most, I'll have about 20k, but I might be able to borrow additional money from family if I need to.

I really enjoy remodeling homes, so if I can find a home that doesn't have any structural or electrical issues, but needs things like new flooring, kitchen, bathroom, paint, landscaping, etc, that would be great. If a home came along that didn't need work and fit my budget that would be great, but I really doubt that will come up. So, I am completely open to finding a property that needs work.

I would be living in the home by myself initially, but I'd probably end up renting just one of the rooms out to save some money. I'd really like to stay in the following areas - HB, seal beach, Los alamistos, newport beach, costa mesa, irvine, tustin, lake forest, mission viejo, laguna woods, yorba linda, fountain valley, and foothill ranch.

Based on the inventory that is out there right now, does anyone think that I would have trouble finding a house (not a condo or townhome) for less than 300k - even if it was a foreclosure, short sale, etc?

Thanks
You need cash or at least 50% down to stand a chance in that price range. There is a bidding war among cash investors so go figure...
In late July an 400k listing in Garden Grove had 92 (ninety two) offers the first week. Inventory is low and more buyers than sellers right now. The same madness we had in 2006 but this time prices are lower.
Ppl with cash are trying to get rid of it since rental business seems to yield most revenue plus is a tangible asset.
Lansner on Real Estate
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Old 08-30-2012, 11:20 AM
 
Location: Whittier, CA
494 posts, read 1,605,514 times
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first off, with barely $20k to scrape together you shouldn't be looking at buying... to buy a home you need:

- at the VERY LEAST 10% down + closing costs

- 8 months of emergency reserves for monthly expenses incase of job loss, if you are in a field that is not hot you may want to extend this to 1 year of reserves, incase you haven't noticed the economy has not fully recovered yet and there are still significant downward threats.

- A solid credit score, at least 700 and a good employment history

You can FORGET about the cities you mentioned, they are all SUPER expensive and not in your price range. A 3bd/2ba entry level (1600sqft) condo in those areas will go for $375-425k at least and there is insane competition in that price range...most list prices are being bid UPWARDS.

As a RULE OF THUMB you SHOULD NOT buy a property more than 3 times your gross annual income with 20% down, this is the tried and tested formula that has worked over the years - in your case $90,000 x 3 = $270,000 max. Anything more and you're trying to stretch it thin...life has other obligations as well, you don't want to overbuy and risk losing your house just like SO many people.

Given these factors I think you should keep renting. As others have said there is a bidding war right now from all-cash investors on lower and mid priced properties and you will get outbid in a second.

in MY opinion this mania will die down come fall/winter, prices will soften and inventory will rise.
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Old 05-10-2013, 12:48 AM
 
2 posts, read 1,693 times
Reputation: 10
The all-cash bidding war is not dying down, but increasing. I have bid on five houses, all-cash, in the 390K-440K range. Each time, there were upwards of nine bids at least and I guess I didn't know the right people, or just didn't want to bid so completely over what I felt was a reasonable value for the house. I want to live in the house, not turn it into a rental. Agents are partly responsible. The first thing they say is, "how high are you willing to overbid on the asking price." It is sad that a person wanting to occupy the house is being squeezed out by people wanting to turn nice neighborhoods into rental neighborhoods. I don't see an end.
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