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Old 02-02-2010, 06:37 PM
 
339 posts, read 1,516,541 times
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Quote:
Originally Posted by ddmhughes View Post
Will the banks guide me through the process or leave me on my own is the big question? Personal note: I hate dealing with banks and I am very nervous about dealing with them on an issue that I am very uneducated on.
Please, BEFORE you buy a house, get educated on this topic. Yes, your agent and the bank will guide you through the process, but that does NOT mean they will have YOUR best interest at heart. For them (especially the bank) it is strictly a business deal which means they look out for themselves and their financial interests trumps yours. Buying a house is a multi-step process with lots of transactions and lots of places to get screwed over if you don't know what is going on. A house will be one of, if not the, single biggest purchases you will make in your lifetime. Get educated about the process and the potential traps!
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Old 02-03-2010, 03:22 PM
 
8,518 posts, read 15,616,747 times
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I would NEVER buy a house in this market. As much as home prices have come down, they're still WAY overinflated, especially in CA. Second, unless you're sure you'll be staying for at least 5 years, don't bother making that commitment. I may a good income, have no debt, and only a car payment (I really wish I had paid off my last car instead of trading it in for something newer). I could easily buy a pretty nice house. But I refuse to. Imagine buying a house and having it drop in value right after you buy it. People say renting is just throwing away your money. But I would rather rent than tie up my money in a potentially depreciating asset. To the OP, concentrate on paying off your debts.
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