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Old 02-22-2011, 05:55 AM  
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I did the same thing you are doing, just got married then bought a repo house. when you are buying a repo from the bank have paitence (which was very hard to have) they arent as motivated as sellers, but we had a guy we know who does it all on houses come and look it over checked out roof chimney, plumbing, and esp furnace and air cond. those things sometimes are neglegted when just abruptly shut off luckly he was able to get ours going and then the waiting started took a month just to hear if they accepted our offer, and another 2 just to get the keys, we did conventional which is much better than fha here idk if its nationwide but fha is terrible wont loan on a house that has a hole the size of ur fist in the drywall or any missing outlet covers etc. anyway i dont pay much a month got a 1800sqft house with a large 2 car garage, 2 full baths.(one of which is in my garage!! perfect when ur working on the jeep and nature calls) and best of all got a good deal the house went to a guy for 115000 3yrs ago i got it for 70000. so i should have decent equity after i did all the work to bring her back to good condition. funny thing is me and my wife are 22 and we own a house across the street from this 30yr old guy who still lives with his mother, kinda makes me feel good not gonna lie haha.
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Old 02-23-2011, 03:39 PM  
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Independence, Kentucky
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found a foreclosure that i am gonna offer one. asking price is 90, 2 doors down for a very similar house just sold for 116k 2 months ago, so i should start off with decent equity from the get go. house is liviable as is, just needs a little TLC like updated kitchen and bathroom. roof was replaced after a windstorm here 2 years ago, and HVAC is all less than 5 years old as well.
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Old 02-23-2011, 03:53 PM  
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Have you checked out the taxes on the place?

I don't know about KY but up here property taxes are an annual non-amortized expense you need to consider and figure into the monthly equation when you look at the purchase price.
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Old 02-24-2011, 05:33 AM  
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I would like to know the taxes on property in Baltimore as my relatives are recently shifted there and staying at rent and planed to buy the property there.
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Old 02-24-2011, 06:48 PM  
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Independence, Kentucky
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Quote:
Originally Posted by RiponredTJ View Post
Have you checked out the taxes on the place?

I don't know about KY but up here property taxes are an annual non-amortized expense you need to consider and figure into the monthly equation when you look at the purchase price.
thats how it is here in Ky, pay property taxes one a year, usually at the end of the year. taxes vary greatly by city and county.
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Old 02-27-2011, 07:02 PM  
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Independence, Kentucky
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ended up putting a bid in on a foreclosure today. gonna see how it works out
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Old 02-27-2011, 07:19 PM  
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ended up putting a bid in on a foreclosure today. gonna see how it works out
Did you just grab at a price, or did you offer a certain percentage below the listed price?
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