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Susan, Home Buyer in North Carolina

Can I buy a decent home with $25,000 today?

Asked by Susan, North Carolina Fri Sep 19, 2008

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The main problem with the Internet is that information flows so freely without proper clarification. Obviously, from your question; you may find it hard to believe that a $400K home is listed for $30K. I too find that very hard to believe!

What does appear on that link is a property with a lien- the lien, that may already have been satisfied was for $30K. That could be a second mortgage lien, mechanics lien, tax lien or one of many other forms of potential attachments.

Going back to your question; Can I buy a decent home with $25K today?

Yes! a $25K down payment and an additional $25K bring the DP to $50K is a good 20% DP on a $250K purpache. Does $250K buy a "decent" house? Probably not- but it all depends on what one considers decent.
0 votes Thank Flag Link Fri Sep 19, 2008
Yes, $25,000 can buy you a decent house. I just bought one yesterday in Pennsylvania, and its great.

Its 4 bedrooms, 1 den, 1 kitchen, and 1 bathroom, and 2 living rooms and a basement. Yes you can buy a decent house for $25,000. I did.

The inspection passed as Above Average condition. So if the house was given a letter grade, it would be a (B-.). That's not took bad for that price. It was inexpensive because its a small community, low cost of living (but no jobs) which means you'd have to travel further to work, but it only takes me 36 minutes anyway.

Its not perfect, but it certainly isn't bad. The house is 86 years old too. It needed a leak repaired here and there, but that's taken care of now.

So yes you can my friend, but you'll have to search around. The House I bought was originally put up for $50,000, but nobody wanted it because it was too quiet and remote.

So I talked the seller into selling ir for half that price. I hope this answers your question.
0 votes Thank Flag Link Fri Aug 6, 2010
Your 25,000 can be a good down payment, but won't get you a house. But if you are a first time homebuyer, that can be a great start to qualifying for a loan that would get you a home.
Web Reference:
0 votes Thank Flag Link Fri Sep 19, 2008
Depending on where you want to buy. I see you are in North Carolina. If you go on there will be a listing of all the HUD homes available in North Carolina. I checked and there were at least 10 homes that it might be possible for you to get at the pricepoint you were referring to or a little more. You must have a certified Realtor help you with the transaction. If you need help finding one let me know and I will get one for you. Feel free to contact me with any questions.

Jerri M. Sutton, ABR
Accredited Buyer Rep.
0 votes Thank Flag Link Fri Sep 19, 2008
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