Buying Townhouse/small home. Please help. (Raleigh, Durham: for sale, foreclosure, rent)

[alpeshpandya]

I know someone posted very similar question but I have completely different criteria in my search

Right now I am renting in Durham and paying $800 in rent. The reason why I have started looking for a house is, I think by spending extra 300-400 I can own a townhouse or small detached home.

I am struggling to find nice homes in my price range. Here are my criteria.

1. Price not more than 150K. In case economy goes further down (ya ya I know it is improving) and I lose my job, I don't have too much to lose in house in case of foreclosure.

2. House should be in wake county. I am not someone who will move so often. So I will need to be in good school district for another 7-8 years.

3. I have to search and finalize house myself without help of so called "buyer's agents". I had horrible experience of one well known agent two months back. The biggest problem was, he already had "understanding" with seller and he did not let me negotiate the price (forget about him negotiating). So I don't trust Realtors any more.

4. I need master bedroom at down stairs. Because of physical challenges I cannot climb stairs everyday. I know ranch homes are very expensive for my budget so having master at first floor will work for me.

Sorry for the length of post but I really need help so that I can take advantage of lower interest rates at least.

[MikeJaquish]

Assuming you prefer western Wake or N Raleigh for a commute to Durham?

Most townhomes will have HOA dues in the $90-$160/month range. Make sure you know what the fee is, what assessments may be coming and that you have HOA fees built into your budget.

Consider townhomes in Morrisville, Hamlet in the Park and new construction in Shiloh Grove.
It may be hard to hit the $150,000 at Shiloh Grove, but SPF will often offer incentives and a buydown in the mortgage that will help with the monthly payment.

If you want western Wake County, or N Raleigh, $150,000 is difficult in single family homes. There are some out there, with many of them having issues. You should be prepared to perform repairs and cosmetic renovations.

Of course, if you are a first-time buyer, and hoping to garner the $8,000 tax credit, you need to get under contract within days to close and qualify. If not, you don't need to rush.

I'm sorry you had a bad experience already, FWIW.

[leighbhe]

I recently had clients looking in the same price range. Mike is correct, the monthly HOA fees can be high in some places, so it is definitely something to watch out for.

anyhow, my clients were looking exclusively in wake forest, and surprisingly, we found a lot of options in the 120-130 range. Some were stand alone homes, and others were townhouses. They also needed a master down, so that is all we searched for, and they are out there. I don't know if you want to be in wake forest...............

the places we looked were:

the mews at legacy green
avondale
harris creek townhomes
staffordshire
Bedford (in north raleigh)



Leigh

[alpeshpandya]

Originally Posted by MikeJaquish

Assuming you prefer western Wake or N Raleigh for a commute to Durham?

Most townhomes will have HOA dues in the $90-$160/month range. Make sure you know what the fee is, what assessments may be coming and that you have HOA fees built into your budget.

Consider townhomes in Morrisville, Hamlet in the Park and new construction in Shiloh Grove.
It may be hard to hit the $150,000 at Shiloh Grove, but SPF will often offer incentives and a buydown in the mortgage that will help with the monthly payment.

If you want western Wake County, or N Raleigh, $150,000 is difficult in single family homes. There are some out there, with many of them having issues. You should be prepared to perform repairs and cosmetic renovations.

Of course, if you are a first-time buyer, and hoping to garner the $8,000 tax credit, you need to get under contract within days to close and qualify. If not, you don't need to rush.

I'm sorry you had a bad experience already, FWIW.

Any idea how much SPF negotiates price in Shiloh Grove?

[kickchick2000]

Check out Six Forks North in Raleigh. Smaller homes,most ranch style, close to greenway, and only 10 minutes from ANYTHING you want to do in Raleigh.

[Nicoleorr]

I'm really sorry you had a bad experience with a buyer's agent but the fact is without one you will be in a worse situation. If you buy a home listed with a realtor you can either have a buyer's agent or work with the agent that works for the seller. Bottom line is you cannot represent yourself. All realtors are different just like every other profession. Some are good and some are not. Ask friends or coworkers for their recommendations. A realtor can help you find the perfect place and it's free for you as the buyer. Seller's pay realtor fees in amost all situations. Good Luck!

[july011995]

With all due respect, IF you are seeking a home as you say in "only the 150K range" IN CASE you have to "lose it to foreclosure" as you say, then perhaps you are NOT at all ready to even be consiedring buying a home. Although anyone can lose their home due to circumstances you said that so matter of factly - as if you would simply walk away from it if you lost your job. Sounds like you do NOT have a large emergency savings for such a circumstance and it sounds liek you should be RENTING instead. Please rememebr to think of other people in whatever neighborhood you buy in. Forclosure affects your neighbors home prices. How would YOU like to spend your hard earned money buying a home in a development only to hear your neigbors say "oh well..if I lose my job I will just forclose"...Something to really think about.

[drobdrob]

Originally Posted by july011995

With all due respect, IF you are seeking a home as you say in "only the 150K range" IN CASE you have to "lose it to foreclosure" as you say, then perhaps you are NOT at all ready to even be consiedring buying a home. Although anyone can lose their home due to circumstances you said that so matter of factly - as if you would simply walk away from it if you lost your job. Sounds like you do NOT have a large emergency savings for such a circumstance and it sounds liek you should be RENTING instead. Please rememebr to think of other people in whatever neighborhood you buy in. Forclosure affects your neighbors home prices. How would YOU like to spend your hard earned money buying a home in a development only to hear your neigbors say "oh well..if I lose my job I will just forclose"...Something to really think about.

Excellent point. People need to start taking personal responsibility. Dont bite more than what you can chew! Irresponsible people who have bought more than what they could afford have created this housing mess that our country is in today. Not everyone is qualified to become a homeowner and there is no harm in renting. Please RENT instead!

[JDJeep98]

You might want to talk to the poster of "why is my townhome not selling?".

[nu2durham]

If you want to stay in Durham, there are some townhomes in Hope Valley Farms that are up for sale that I pass every day while driving around the neighborhood. You can take a look at them. There are some within your price range with 2-3 BR. I hope this is helpful!

To see all of the townhomes in that area, just search the zip code 27713 in Trulia. You will also see some in Woodcroft nearby.

There area also some smaller detached homes in the same neighborhoods - HVF and Woodcroft up for sale that would be in your price range.

I hope this info is helpful. You could drive around the area also and see what is up for sale and if you like any of it. I live in this area and it is very safe, very convenient. My neighbors are friendly and considerate. I think that it is definitely okay to look within an certain price range and without an agent. I can relate to your bad experience with an agent... you really have to do some legwork on your own because the agents do earn a commission if they find a home for you, and it is hard to know who you can trust.