When you are buying, or selling a home, your most important step to take is choosing the right real estate agent or buyer's agent. The process is very detailed and difficult and you will want someone that could potentially save you from mistakes that can cost a great deal of money.

Monday, August 18, 2008

Frustrated and disheartened buyers

It's all about perspective. Someone in California can't believe what $300,000 will get you in San Antonio but most people in here are looking for houses that are under $150,000. The problem is that everyone is looking for this price range and when you get down below $120,000, most of the inventory available are old houses that need a lot of work. It can be a very frustrating experience for someone who is trying to get a "deal" in this "buyer's market." Add the whole lending situation and you have a recipe for a lot frustrated, disheartened buyers.

I'm not sure when this is all going to turn around, but if you are looking for a home and your budget is below $150,000, here are some things you should consider:

- You have to be willing to make some compromises (Older homes need updates and repairs)
- Forget about $0 down payment, it does not exist any more.
- You have to prove your income, no more stated income loans.
- Be ready for underwriters to scrutinize everything, even if you have good credit.
- It's not your house until you sign the documents and you get the keys.
- Do not make any other major purchase until you buy your house.
- Do not open any credit accounts no matter how small.

posted by Patti Lora

1 Comments:

Blogger edwin said...

Good information about home buying and what that involves in the current market trend. Nice blog page, looks very professional and well done.

August 20, 2008 9:37 PM  

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