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I found a nice home..for 249k. Seller is willing to pay up to 8K in closing costs.
It is in lakes by the bay in cutler bay...right off old cutler road and SW 126 street. Established neighborhood, low HOA of 81 a month.
Built in 1996, 3/2, 1650 square feet. 2-story. 1 car garage. New roof after Wilma. Original A/C. small backyard and houses close together, but very nice landscaping in the back. Inside is nice...pride of ownership throughout.
Do you think prices will fall below 249K for such a home ? I have been back and forth with the seller..it is a buyowner property. I am nervous...don't know if I should dive it or not.
Price seems reasonable, but realistically you might be able to pay less in 6 months. Are you there long-term or short-term? If your looking at more than 5 years, than it seems like a good deal.
Some people in our synagogue live around there, it is a very green, very attractive area.
The guy is not happy that I want to put 1K down and after inspection another 1k down. He wants like 5K and I told him that I am in no position to put 5K down.
I'm with Planetsurf on this one.
Seems he gave the best possible advice. (though I'm skeptical of the 5 year turnaround)
It's the flood zone that scares me but if you can live with that....
With everything happening around me...people losing their jobs, the recession we are in...the DEPRESSION we are heading straight towards, I am honestly scared to buy right now. I have no cash reserves...which is another reason I really shouldn't buy, right? All I have is $$ for the 3% down FHA payment and for closing costs...that's it as far as disposable cash goes.
Well, how is YOUR job? Can you hunker down for the next 6 months and save some more? (After moving into a new place that might be hard.)
Trust me, it's scary buying a place anytime. I'm not Suze Orman, but maybe give yourself 6 months? See how your job situation is then and save, save, save in the meantime. Your kids could still be in their school until the EOY and start fresh in August in a new one.
While we were looking for our first place we were literally eating Ramen noodles for 6 months so we could have $7-10k AFTER we bought our place.
I seriously doubt prices will be higher and possibly a little lower; just keep in mind mortgage rates --- they might be higher.
Last edited by planetsurf; 09-15-2008 at 03:10 PM..
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