Sam

The website below show provide most of the information you are seeking , it will also provide a timetable so you may see what the trends are. - Sun Oct 5 2008, 06:29

If you are looking for an investment, hold out! Chances are things are going to get worst with or without the bailout plan. Also the fed may lower rates within the next 6-12 months

If your planning to live in this house for many years then I bid you good luck. Hope the credit frezze doesn't last much longer. - Thu Oct 2 2008, 18:52

Save your money, clean up the credit score and within two years you will most likely be able to buy a house at a great price! And depending how well your credit score becomes you won't have the high intrest rates on a loan if you get approved today vs a clean & high 600- low 700 credit score. Could amount to $200 a month diffrence just on obtaing a better credit score. Also I belive home prices will continue to fall or at the very best fall slightly. - Wed Sep 3 2008, 15:27

Hi Richard, I am sure all of these people know of someone or they themselves could help you in your quest to purchase your first home. My free advice, is first and foremost free, your total cost is just your time to read my entire paragraph. Also this is my opinion. I just purchase my first home just over a year ago.
These are my recommendations before you contact any broker, & or real-estate agent.

1. Go to the library or the bookstore & read books regarding first time home purchase (the best are "First Time Home buyers" Idiots guide Or Home Buying for Dummies". Read multiple books regarding how to calculate your ability on what you can afford. Most Brokers love to tell you that you can purchase more than you really can. Do not fall into the trap of purchasing a home you cannot afford. It happens more times than one would think. For example do not purchase anything that eats up more than 30% of your monthly net income not to be confused with gross income. This should include real-estate taxes, principal, interest & (association fees, if you are living in a condo or planned community) Fixed interest rate. Fixed interest rate fixed interest rate over the entire life of the loan. Do not mess with variable rate or arm loans. And brokers still push these types of loans.
2. Read more, get independent information non-bias information, brokers & agents can give you great information however they benefit mostly & are dependant on you because they make money from getting your business. You are responsible for yourself so take charge and get the information you need. Do not allow anyone to push you in a direction or make a decision that you do not agree with 100%.
3. Last but not least make sure you take care of what your needs are, not to be confused with what you want.
Example: I need to live close to the train station, I need to live in a safe area, I need two bedrooms one for me and one for my child. I need a house that does not need a new roof, plumbing or electrical.

Now the wants, I want a blue house, with a flat panel tv setup. I want a pool and a fenced in yard. I want to live on the golf course with a view of the 18th green.

Take care of the needs first, then if there is money left over or affordability then go down the list of wants.
if you have anymore questions just ask - Fri Aug 29 2008, 18:35

Lets answer this question entirely.
Current Potential Buyer- Wants to fix it up, and flip it. First and foremost, if you or anyone fixed up this house, could you or someone else sell it for a profit in today’s market? Look at the comps in your area, unless the house you are offering to sell is going for 50% or less than the lowest comparable sell in your neighborhood. Think about this, is there a demand in your area for a newly renovated house and could it command a price that would make a profit after repaying the remaining mortgage amount. Unless the house you are selling is greatly lower in price (50% or more) than I would recommend not selling with this type of financing to a flipper & if the flipper/buyer has less than 6-8 years worth of experience. I would demand traditional financing.

The only time I would use this type of financing strategy is if I was selling some the home to someone on a fixed income, like a retirement, or pension plan, and had to stretch out the years for payment. For example the person who was buying the property couldn't afford to make a $1500 payment per month with a traditional 30yr fix, but could afford $1200 a month, over 41years. They will be paying at a higher interest rate but will be able to make the payment, and you have a steady cash flow every month, if not you get whatever cash has been paid and the house back hopefully without sections of the house torn apart. - Fri Jul 18 2008, 03:58