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Hey everybody,
I hope everybody is doing well this new year. My name is Nise and I'm a 28 yr old living in Concord. I currently live in a 2br 2ba apt and have been longing to move into a house for a while now. I am a first time home buyer and just got approved for $147,000 on a home, after speaking to a realtor I don't even know if there's hope in me finding a house. I was hoping to find a 3br 2ba house w a small piece of land so i can have a nice size garden (farm) and a backyard. Im hoping on a miracle right now. It would be me, my fiance, my daughter n his (our)son. We're pretty well kept, down to earth and quiet people and I'm praying for a miracle, my credit score is 629 and continuously growing and I've only been w my job for 1.5 years. I would like to move within 2-3 months, honestly by next month....i feel like I'm at a lost end but i have faith that things will work out.....If anybody has recommendations or suggestions or ANYTHING...i would greatly appreciate it.
When searching for a home, it's usually a good idea to only have about 3 non-negotiable criteria. In your case, price is one of those. So then decide your other two. (Yard? Bathroom count? Location? Etc..)
Then study your options.
One thing that could help you is to look at HUD properties. Right now the market is very good for sellers, with so many homes going under contract above the original asking price. But HUD initially only considers bids from to people willing to be owner-occupants and that limits the competition a little bit. HUD properties usually need some repair, and they take longer to close all of the paperwork - another reason some people skip over them as prospects.
Hi Nise, One question: Do you have to live in Concord? If not, but if you still want to live near there, the further away from Charlotte you get (i.e. towards Mount Pleasant or Albemarle) generally speaking the more house you'll get at that kind of challenging (nowadays) price point. This may not be workable for you if commuting is an issue but that's the direction where you're able to find more than the home that admittedly looks like it needs some TLC that the last poster showed. A few examples of what this price point looks like as you head east:
I don't know about the specific location of any of these so it would be worth a little more research and maybe a drive around them (or use Google Street view to get an idea of the upkeep of the area---maps.google.com and then drag the little man icon from the bottom right corner to the street you want to drop him on and look around). And of course, the usual safeguards about hiring your own inspector to make sure the house is structurally sound (as well as other issues like drainage, making sure you know about any easements, encroachments onto the property, owner's title insurance to protect you, not just the lender, etc.) and if you can splurge on a survey, it's a great investment as it's always a good idea to make sure you know where your property boundaries are.
Hey everybody,
I hope everybody is doing well this new year. My name is Nise and I'm a 28 yr old living in Concord. I currently live in a 2br 2ba apt and have been longing to move into a house for a while now. I am a first time home buyer and just got approved for $147,000 on a home, after speaking to a realtor I don't even know if there's hope in me finding a house. I was hoping to find a 3br 2ba house w a small piece of land so i can have a nice size garden (farm) and a backyard. Im hoping on a miracle right now. It would be me, my fiance, my daughter n his (our)son. We're pretty well kept, down to earth and quiet people and I'm praying for a miracle, my credit score is 629 and continuously growing and I've only been w my job for 1.5 years. I would like to move within 2-3 months, honestly by next month....i feel like I'm at a lost end but i have faith that things will work out.....If anybody has recommendations or suggestions or ANYTHING...i would greatly appreciate it.
That’s a tough one to be honest. But, it is possible and you’re just going to have to be realistic with your expectations. I hope your agent was at least helpful and sent you what’s currently available instead of being dismissive. Did your lender specify whether you qualify for any buyers assistance programs or anything? It sounds like you’re extremely discouraged, but it’s possible. Everyone deserves an opportunity to buy a home. You’ll just need to be flexible and realistic.
What area do you work? What areas are you open to considering when purchasing your home?
Definitely not a real estate professional but, if I were in your shoes I would attack the issue like this:
1. Just because I'm approved for this amount am I comfortable actually spending that full amount?
2. How far out into the country am I willing to move and does that lower purchase price or improve my choices enough to make a compelling case for living out there?
3. Is a single or double wide an acceptable option that works for my budget?
3. Is renting a house an option that works?
The market is tough for buyers right now. That is the primary things stopping us from selling right now. Good luck!
If i get this property would i be able to use the rest of my loan to improve the house
Quote:
Originally Posted by Jowel
Hi Nise, One question: Do you have to live in Concord? If not, but if you still want to live near there, the further away from Charlotte you get (i.e. towards Mount Pleasant or Albemarle) generally speaking the more house you'll get at that kind of challenging (nowadays) price point. This may not be workable for you if commuting is an issue but that's the direction where you're able to find more than the home that admittedly looks like it needs some TLC that the last poster showed. A few examples of what this price point looks like as you head east:
I don't know about the specific location of any of these so it would be worth a little more research and maybe a drive around them (or use Google Street view to get an idea of the upkeep of the area---maps.google.com and then drag the little man icon from the bottom right corner to the street you want to drop him on and look around). And of course, the usual safeguards about hiring your own inspector to make sure the house is structurally sound (as well as other issues like drainage, making sure you know about any easements, encroachments onto the property, owner's title insurance to protect you, not just the lender, etc.) and if you can splurge on a survey, it's a great investment as it's always a good idea to make sure you know where your property boundaries are.
Yes i would be ok with moving out of town to get a more desirable home!
I'm particularly fond of 2 of those properties you sent
I didn't know about a lot of the thing you mentioned so I am absolutely taking note.
My lender also set me up w down pay assistance but it was specifically for Charlotte properties,
do you possibly know of any other down payments assistance programs available for somebody like me?
And thank you so much for your input!!
You might want to check when the moratorium on foreclosures is going to be lifted. (Not sure if it has been in NC or not.) I understand you are in a hurry but you could potentially get a better deal on a house in 6 months to a year.
Also, to answer your question above, you can not use the balance of your approved amount to improve your home. You can get a separate loan to do that.
Definitely not a real estate professional but, if I were in your shoes I would attack the issue like this:
1. Just because I'm approved for this amount am I comfortable actually spending that full amount?
2. How far out into the country am I willing to move and does that lower purchase price or improve my choices enough to make a compelling case for living out there?
3. Is a single or double wide an acceptable option that works for my budget?
3. Is renting a house an option that works?
The market is tough for buyers right now. That is the primary things stopping us from selling right now. Good luck!
Hey,
1. Yes i would honestly like more....
2. I'm willing to commute anywhere, i work remotely
3. Yes id consider it
4. Possibly if it's the right home, i honestly want to buy
Thank you!
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