I've never bought a house - can I really get this so cheap? It say it's for auction on Jan 20th - how to buy?

Asked by Evan Mazur, Portland, OR Sun Jan 18, 2009

I moved to Portland recently and am renting a temporary place - I was amazed to see I could possibly by a house for under $8000. Though I'm still searching for a job, I do have a good chunk of savings, a FICO score of 794 last I checked, and no debts. Unless there is a serious problem with it, I am interested in buying this (or something else with a very low price in Portland) but like I said, I've never bought a house and don't know much about the buying process.
(currently I'm living on SW 32nd Ave)

This question is about this property: http://www.trulia.com/foreclosure/2002985336--NE-139th-Ave-P…

Help the community by answering this question:

+ web reference
Web reference:


June Lizotte,…, , Portland, OR
Sun Jan 18, 2009
$100, 000 spent on a home with 3% down ($4500) at 5% interest for 30 years would make your payment about $512.00/month for principal and interest. You would then add the amount for your taxes and insurance (total of each divided by 12, then add to the p&i payment above. The taxes are posted in public records for each property or on the rmls sheets. Use a 30.00 per month for insurance for a good estimate on a small house such as this would afford you. This rate would be on real estate as long as you qualify for the rate and purchase price. Manufactured homes are considered personal property if they are not on their own land and would not qualify for this low a rate. If you are looking to get the best investment for your money you should consider a piece of real estate for appreciation rather than manufactured homes which depreciate.

Your income and current debts will determine how much you qualify to purchase. Your payment history (credit score) will determine the interest rate you qualify for.

If you would like to know what properties would fall into the price range you are interested in please set of your own private login and search criteria on my web site. You can save favorites and your search criteria will be saved so you don't have to re-enter it every time you visit. If you would like more information I am available by email, phone or via the web site below. I can set up searches for you and send them to you via email as properties come available.

A lot of times buyers want to know agents come recommended or with good references. You may see mine at http://www.qualityservice.org. I have a Platinum rating (the best score possible) as collected from an independent research firm by surveying my past clients. Those ratings are posted publically for all to see at the quality service site. You'll enter my name and state to view my scores.

Your credit score is great. And now is a great time to buy! I wish you well whatever your decision.

June Lizotte, Broker
Providing REAL Service
Prudential NW Properties
6400 SE Lake Rd. Suite 200
Portland, OR 97222
Web Reference:  http://www.junelizotte.com
0 votes
Daniel, , Baton Rouge, LA
Sun Jan 18, 2009

There aint no such thing as a free lunch!

Yes you can buy a crack house for 8K, , yes, you can buy a tax lien on a 200K house, hold the note for 3 to 5 years and get the house

The reality that you will get a great house in a great neighborhood for 100K less than what its worth is slim
0 votes
Janeese Jack…, Agent, Portland, OR
Sun Jan 18, 2009
that is a manufactured home and most likely does not include the space on which it sits!! As soon as you get your job situation settled, I would immediately contact a mortgage broker (please go to http http://:www.janeesejackson.com and click "My Resource Guide" on the left nav bar for a list of very qualified mortgage brokers) and get pre-approved. I agree that a credit score like that makes you prime for qualifying in this market. The next step would be to enlist the services of a real estate broker (and, of course, I'd be happy to help). Feel free to utilize my property search site at http://www.fabulousportland.com . It's free and user-friendly and you can select certain neighborhoods and your preferred price point. Interest rates are very low, prices are very low....it's a good time to get into your first home....
Janeese Jackson, Principal Broker
Real Estate Resource
0 votes
Evan Mazur, , Portland, OR
Sun Jan 18, 2009
That's disappointing - how am I supposed to know what the real price is?

My rent is $550 month utilities included for a one room place. If I bought a house, I'd just be looking for something basic - small is fine, low price is the biggest factor, location of about 10 miles or less to downtown Portland is also something I'd like.

This one is listed not as a foreclosure and is listed at about $20,000
Is that price legit?
0 votes
Dirk Knudsen…, Agent, Hillsboro, OR
Sun Jan 18, 2009
This is not the price. This is the amount that this buyer is behind on their payments.
This home is worth about $150,000 and may be listed. Sorry that Trulia and Realty Trac are making things so confusing for people.

Great Credit Score! You should be a buyer right now. How much is your rent? I bet you could buy less than rent. Let me know what you think!


Dirk Knudsen
Re/Max Hall of Fame
Web Reference:  http://www.theknudsens.com
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more