Home Buying in Renton>Question Details

Alli, Home Buyer in 80020

I want to pay around at most 225 K (cash) for a house. What price range should I look at?

Asked by Alli, 80020 Tue Mar 22, 2011

I inherited some money and want to buy a house. I absolutely do not want to get into a mortgage - I have a serious grudge against the banks since I was badly taken advantage of with a car loan - a mortgage is out of the question.

The most I am able to pay is 225,000. Of course, I would like to pay less than that. What price range should I be shopping for? I am a first-time home buyer.

Thanks in advance.

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BEST ANSWER
Alli;
1. Identify what area you would like to live in.
2. Contact a Real Estate agent in that area and ask the agent to advise you on the list-to-sale ratio.
3. Divide the percentage amount into your $225k and you'll arrive at your approximate top range.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Mar 22, 2011
You are sitting in a great position. I would consider whether or not you want to keep some of that money toward repairs or if you want $225k to get you a move in ready home. Depending on what area you are looking in, I would try and stay under $200k and use the remaining funds to do the necessary repairs or updates. A move in ready home in that price range will get a lot more competition where a fixer may not be as sellable giving you more room for negotiations and putting personal touches on the home. I'd love to help!
0 votes Thank Flag Link Wed Sep 19, 2012
The price range to look will be determined by how properties are priced in the area you look. In the end however, you will need to establish up front how much you're willing to pay, leaving enough left over for closing costs and changes you may want to make.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Wed Mar 23, 2011
This online Buyer Closing Costs Calculator may give you a rough idea of how much money goes into purchasing a home. You should be able to to find something good in the Renton area with your budget. If you need an agent referral just give us a ring. You could also save some money by downloading our coupon on Facebook to save $50 off your home inspection!

Closing Costs Calculator: http://www.mortgage-investments.com/Mortgage_and_real_estate…
0 votes Thank Flag Link Wed Mar 23, 2011
Good for you! You are smart to buy a home. Be mindful when buying that you will have closing costs and ask a realtor to do a buyer closing work sheet for you so that you have a close estimation on closing costs based on the amount you want to spend on a property. You may also want to set aside funds for repairs or remodeling on the home you purchase.
0 votes Thank Flag Link Tue Mar 22, 2011
I mean the price range depends on you and what you like and what you dont like.

You need to figure out areas you want to be in, bedroom / bath minimums / sq.ft size, what are your future plans, how long you will hold the property...

I'm with you on the banks, f them, personally I hate all the banks that screwed the american public. And i'm proud to say im a real estate broker for the past 9 years. I've seen them foreclose on families, give them a couple thousand bucks and said, sorry hit the road. I've seen short sales sit for over a year while they decide if its enough money for the "investor" to take a loss on. In the meanwhile, the home forecloses.

I heard where they set a side $45 billion dollars to get homes modified, but only $1 billion got used... What happen to the other $44 billion?

Lemme know if you need an agent, i can refer you to someone that can truly help you

Sameer
0 votes Thank Flag Link Tue Mar 22, 2011
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