tag:blogger.com,1999:blog-12364613.post115460965280672838..comments2024-02-02T07:13:37.313-06:00Comments on Like Merchant Ships: Bargain hunting for housesUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-12364613.post-1154975652536097172006-08-07T13:34:00.000-05:002006-08-07T13:34:00.000-05:00Mrs. Moneydummy, I think the reason your state is ...Mrs. Moneydummy, I think the reason your state is not showing on the HUD Bidselect page is that bidding for your region may be handled by a different government contracted company. You can try the main gov webpage for HUD and navigate from there.<BR/><BR/>Anyway, the HUD system is way too complicated for a first time homebuyer! You'll need an agent to purchase a home through HUD, either way. Definitely start working with an agent. The SELLER pays for your agent's commission, so there is no cost to you. An agent is able to access tax records and full listing information for all houses selling in your region. Even though we ended up finding our last three homes on our own (by computer, driving by, or on the HUD page), we still used an agent each time to help us through the transaction.<BR/><BR/>As far as finding a bargain, you should consider EVERY home purchase as an investor. It is the biggest investment most of us will ever make. If you can buy a home that's undervalued (selling for less than it's worth, for whatever reason) or one that's in a rapidly appreciating neighborhood, you'll build equity without even trying. If you purchase any old home that strikes your fancy, particularly one in a new construction area, you may not be able to get your money back if you have to sell it two years later. Even if this is your dream home, life happens!Meredithhttps://www.blogger.com/profile/08455517419708043340noreply@blogger.comtag:blogger.com,1999:blog-12364613.post-1154623050714914792006-08-03T11:37:00.000-05:002006-08-03T11:37:00.000-05:00I'm so glad you wrote the letter! I was going to s...I'm so glad you wrote the letter! I was going to suggest that--but I'm reading the past week's posts due to being on a business trip this week. You never know why someone might choose to accept your particular offer so it can't hurt!<BR/><BR/>For MoneyDummy--one thing to keep in mind is whether you can personally fix things up or not. My husband and I almost bought a great deal this spring, until we finally remembered that we aren't very good DIYers (yet!). We thought about all the work we could do on the house, but frankly, if we were going to do all that kind of work we would have already done some of it on our own house. And we haven't! Therefor, it's not a good buy for us.<BR/><BR/>I'm a fan of using a buyer's agent, especially for first timers. They are YOUR agent, so they work for you, not for the home seller. (In fact, our agent tried REALLY hard to convince us to not buy this house. And he was right!)<BR/><BR/>I think the first thing you should do is figure out what you guys want in a house. (Ours were our price range, distance from work [I walk], a yard for dogs, condition of house. Neighborhood was not a priority for us, for example.) Then start going to open houses to get a feel for the type of home offered in your price range and see if it matches what you want. This will help you get a sense of your neck of the woods. (I avoided talking to the agents if I could. I wasn't looking to be sold a house or find a realtor. They can be really hard sells, so be careful.)AnnMariehttps://www.blogger.com/profile/05505967972774910106noreply@blogger.comtag:blogger.com,1999:blog-12364613.post-1154618390347442152006-08-03T10:19:00.000-05:002006-08-03T10:19:00.000-05:00LOL. I'm still waiting for your advice, but in the...LOL. I'm still waiting for your advice, but in the meantime, I popped over to the HUD foreclosure list website. My state, along with a few others, had zero listings. I found this odd since most of the other states had dozens. Does zero listings mean that there just don't happent to be any, or does it mean that these states simply don't participate in the program or make the information available on the Internet?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-12364613.post-1154617729363572102006-08-03T10:08:00.000-05:002006-08-03T10:08:00.000-05:00Oh good! You sound so knowledgeable about this, I'...Oh good! You sound so knowledgeable about this, I'm hoping you can answer a few questions for me. <BR/><BR/>Mr. MoneyDummy and I are in the market to buy our first home. We're not looking for an investment property, just a house with an affordable payment. <BR/><BR/>I've tried to do a lot of research, but I'm not certain what precisely I need to know or how to find it out. Plus, I keep getting a lot of conflicting advice: yes, you need a realtor, no you don't. Buy a bargain home, stay away from bargain homes. There are still good deals on the market, you're at the mercy of the realtors . . . you get the idea. <BR/><BR/>So, I guess what I'm saying is that I'm so confused I don't even know what to ask. What, in your expert opinion, is the FIRST thing a person who wants to get a bargain on a home should know, do, or research?Anonymousnoreply@blogger.com