Decent home for a cheap price...what's the catch?

[Riverside4ever]

Most banks will not give a morgt for less then $40,000 Even then there are cost's involved that the bank will insist on .. As said before , House inspections ,,, .

[PAhippo]

and something nobody else has mentioned: do you want to live there after you graduate? If you want to stay in the area, assuming you can buy, you could use it as a rental (pros and cons to that to be considered) but if you want to leave the area or have to if you can't find jobs locally in your field, stay with renting. Buying for resale is for those already financially established.

[thecoalman]

Originally Posted by Wells5

The houses of which you speak may have been in the flood caused by tropical storm Lee in 2011. That's why they're cheap.

Very good point and if that is the case I'd want to see pictures of the renovations.

[KellySue301]

Thanks for the advice, everyone. We actually decided to try Kutztown instead after a long discussion due to the different programs offered there and not at BU. So if we did buy a home, we would be there for a long while (getting our BA and also our MA) and then hopefully establishing a job there until we can save up enough to move where we actually want to spend the rest of our lives. My SO would rather rent, and believe me so do I due to the fact that if anything went wrong it would be the landlord's problem, but we can't take buying off the table completely if it ends up being our last resort. Hopefully we are able to find the perfect home with a lovely landlord that doesn't mind multiple-cat-owning tenants! No matter what, in the end, what matters the most is that we can afford it and it works the best for us. If we did buy, Kutztown is only an hour from home and my dad can fix anything and everything so I always have him (especially if I need him to come look at homes!). However renting is still our first option as it would be best for us being first timers!

[DauntlessDan]

Once you have halfway settled on a place contact a realtor to refer one or look in the local paper for that area and hire a home inspector. They may cost several hundred but will save you a lot in the end by discovering serious faults with the property you are about to purchase. Some mortgage companies will mandate that you have an inspection done, which is a GOOD thing. Plus the costs of things to fix you can negogiate towards the asking price of the house to bring down the cost.

[Riverside4ever]

Originally Posted by DauntlessDan

Once you have halfway settled on a place contact a realtor to refer one or look in the local paper for that area and hire a home inspector. They may cost several hundred but will save you a lot in the end by discovering serious faults with the property you are about to purchase. Some mortgage companies will mandate that you have an inspection done, which is a GOOD thing. Plus the costs of things to fix you can negogiate towards the asking price of the house to bring down the cost.

NEVER EVER GET AN HOME INSPECTOR FROM A REAL ESTATE ........


If one is needed hire one yourself .. Dont even tell him the realtors name ( its common for inspectors to get kickbacks from agents to leave certain things outta the report )

Dont TRUST any agent ... They will lie to you to get you to sign on the line .. Its a rough market out there ,, people are starving ..... Hire a inspector 100%on your own and tell them NOTHING .. let them inspect the house and TELL you whats wrong with it ( if anything )