For those of you that offered neighborhood help... (Knoxville: foreclosure, to rent)

[mysticfire0213]

Originally Posted by hiknapster

They want $145,900. Nice neighborhood, nice upgrades, but at 1,560 square feet it might be slightly overpriced.

See, that's kind-of what I was thinking--especially sine I started looking in the 150 range today and found a few I think I like better...

we'll see

[hiknapster]

I would really urge renting first. You are not going to be sure what area suits you until you live here awhile. Heck, I've been here three years and I'm still learning about areas.

When it comes time to own, I'd bet that prices are a bit better. A flood of inventory just came on the market about a month ago. Everyday, there are more foreclosures and more homes for sale. The prices are all over the map.

I wouldn't jump into anything right now.

I'm dying to buy a house, but I am trying to keep the brakes on.

[mysticfire0213]

yeah, I am leaning towards that more and more--I just have this nagging in the back of my mind that something will change with the market before we can buy and then we wont be able to. Common sense tells me that's not going to happen for a while, but this girl is TIRED of living in an apartment in a "home" that's not my own. Ah well..I suppose I'll live--hey, I'll be in TN-and that's a dream come true in and of itself

[hiknapster]

If you've never owned your own home (I haven't either, and I'm 46) and you don't have a good-size downpayment, a house priced at $150,000 is going to be tough to swing on a salary from Sears, or whatnot. Our salary is very good for this area and I won't look at anything above $130,000.

I'm going FHA. Our credit scores are really good, so that we can go conventional, but I like the 3 percent down and that it is backed by the Feds. There's less chance of weird things happening with the mortgage down the road.

Anyway, we qualify for about $160,000. I wouldn't want a payment that high. The only reason I stopped going so low was I realized that if I don't get the interest payments above our standard deduction, I won't be able to itemize.

[mysticfire0213]

well, I work too though-so that will help. But I agree with your thoughts--I dont want to outprice ourselves.

[hiknapster]

Originally Posted by mysticfire0213

well, I work too though-so that will help. But I agree with your thoughts--I dont want to outprice ourselves.

Oh, okay! I work, too. I just don't want to get in too deep. I saw the people in Florida, with their irrational exuberance, spectacularly implode. It's a lesson I took to heart.

Anyway, I think we are pretty much looking at the same houses and I still have no idea where to move. I'm probably going to check out south Knoxville this weekend, even though most posters have cautioned against it. I'd still like to see for myself.

So, I'll let you know what I find out.

By the way, that house in Corryton is in foreclosure. I was laughing when you asked about it, because I was checking it out myself. There's no sign on the front lawn, and the people are still in there. Word on the real estate street is that there is no heating system.

We looked at a beautiful house in Carter. Unfortunately, the roof is leaking and has ruined the attic. Big mold issue. No bank will authorize a mortgage. The agent said that the most he can hope for is a cash investor.

There's six more foreclosures that went on the MLS today.

[mysticfire0213]

LOL! That is funny-that we were looking at the same one!
I have a realtor that knows her stuff pretty well, but since we cant qualify for much of anything yet without a guarantee on hubby's income, I wont pester her about anything unless we are ready--she already spent os much time with us before that fiasco, lol.

I DEFINATELY don't want to strap us out. That's why we hadnt even LOOKED at anything past 125K at all--until he was told what he could be making with sears and I am due a pay increase shortly...so I ventured into looking at some of the 150's KNOWING that a lot have been sitting for a while and people just need them gone.

Please let me know what you think of S knoxville! We looked at a few places there --one we actually really liked but it just wasnt quite suitable for us with the three kids--lady is trying to get rid of the place since she needs to move0it was actually recently lowered and my realtor thinks she would probably be willing to go lower. Now this was about 1.5 months ago, so someone may have gotten it already, but it would have been great sans 3 young kids, whom desperately need a yard.

My realtor lives in S Knox, and even though she's not allowed to give "opinions" she said she was told to stay away from S knoxville when she moved here a few years ago-and she has not ever regretted it. Good luck, and please let me know what you think!

[hiknapster]

I was going to ask you if you had a buyer's agent. I have one and I just adore her. She said that she recently had a couple close on a house in south Knoxville and that they loved it.

However, it seems that the schools are not that great there, and I think I read where the people don't like outsiders. The first one has me worried, but the second I'm not too worried about. I'm pretty friendly!

I was reading my last post and I want everyone to know that I don't think the people in Florida imploded, just the housing market!

[mysticfire0213]

Yep, we do have someone--thanks for thinking of us though! we had called someone when we were down there in March, saw her name on a sign in front of a house for sale--she was no where near friendly OR helpful, so I am glad we found someone who is both. Would recommend her in a heartbeat.

Anyway--the first would be a concern for us as well--second, not so much. I am not your typical "outsider" hehe

[hiknapster]

I've spent the afternoon investigating the area on the internet. Great bang for the buck, horrible schools. Once again, I don't know what to do. Please know that I overthink everything. I've waited so long to buy a house that it has become this monumental decision.

Fortunately, my buyer's agent is very understanding. I hope that we remain friends after I buy the house. She's a great person.

Don't feel bad. The first agent I came in contact with was incredibly rude. The second was very nice but not very helpful. The third was a snake. That's when I hired my buyer's agent.

I would love to buy this summer, as any parent would, but I keep telling myself that September through December is the sweet spot.

For you, there is much more of a dilemma. You don't know what area will be a good fit for you and you don't know where your husband will be working. Although, in the long run, for us, location seems to not matter since I work over in east Knox County and my husband works in Clinton. Anything will be a commute for at least someone, if not both.

If you are looking for great rentals, check craigslist. That's when I first noticed that the area market was in a bit of trouble. Lots of rentals, including many new homes.