what do ya'll think

1badnightrunner

1badnightrunner

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Hotlanta!!!!!
If everything goes right and I don't die :goodnight: !!!
next monday ( on the 30th ) me and my wife close on our first house!!!
we've rented houses and apartments before BUT never owned one!!
the way the housing market has been hear in GA, I pray to God that were not making the biggest mistake of our lifes!!!
but this is how we got it, this house was a foreclosure from a bank.
it's about a year and a half old, someone lived in it for about 2-3 months and then the bottom feel out here in georgia, so it has set for a year or so...
the company that has it now said that the House apraised for $315k,
but were buying it for $280k!! the house is 2900sqft. two stores
plus a full basement (not finished)
hardwood floors thru the whole first floor, grainit countertops,the shower is hugh!!!just about any kind of up grade you could think of for ur home!! theres nothing that I could think of that we would want even if would have had it built ourself

I guess what i'm wanting to know from everybody is this, Like i said at first this is the first house that i've ever bought and all i've been hearing of late is how bad the housing market is and that it has crashed thru the floor!!!
Am I shotting my self in the foot by buying this house, should I wait for another year or so before we buy a home, or am I making a half way good deal:dontknow:
if anybody knows please fill me in:alberteinstein:
I can build you a road from the ground up that would last for 50 years, but when it comes to the housing market i'm an idoit:stupid:
 
It is a buyers market right now. That isn't to say that it won't go lower. I wouldn't be surprised to see a decent drop still ahead. But, the values have dropped an amazing amount already. Even if it does still drop, I think that it will likely be recouped in the relative short term. Now if you had bought at the apex of the pricing, you would be in big trouble. The house we just got out of lost over 50% of it's value! That's huge.

To make it short, I think you are probably going to be fine, as long as you have confidence that you can stay in the place for at least 5 -10 years.
 
Sounds like you are doing the right thing, depends on your own circumstances (job, marriage,etc.)
 
As long as you can afford it financially, I don't see a problem...This is a buyers market.......and you should have a good amount of equity in it already....Congrats....
 
sounds kind of big for a first house but if you can hang more power to ya
 
1badnightrunner said:
thanks but i'm :afraid: to death
Click to expand...

Sounds like a decent deal. Buying is the way to go because you are building equity. When you rent it is like taking $1,000 bucks (or whatever your rent is) and burning it each month.

Get a fixed rate mortage with no points. DO NOT get an variable rate. That is how people get in trouble and lose their homes as the interest rates creep up. In other words if you can afford the payments then you are fine. If you are going to be strapped to your absoulte limit every month then it is probably too much house for you to buy right now, look for something cheaper/smaller. Simply figure out what your payments/taxes and all that other good stuff is going to be. If you are in a comfortable range then you are good to go. Hope this helps, do not be afraid to buy a home. It is the right decision. Good luck.
 
Great move...financing should be great right now I am guessing you can get a 30 year fixed somewhere from 5.5 to 5.75
 
Yeah, I think now and still for a while to come, it is a good time to buy if you can. You got a lot of house for a good price, which should mean a decent return on your investment in a few short years. Atlanta is a great market, and should bounce back well, in the years to come.

That being said, I wouldn't plan on moving until you have owned the house for at least 5-10 years. Of course, some of that depends on how quickly the market rebounds. But in Atlanta, I believe it is only a matter of time.

What part of Atlanta are you in??
 
Here's the no BS deal right now. If a reputable lender will give you a loan on the house in this market you will be fine. Lenders have made a complete U-turn in this bad market. They will not loan money if there is a chance the loan will go bad or if the home is not worth the asking price.

IMHO, now is a good time to buy as long as you plan to be in the house for 5 years or more and you don't find yourself in a desperate spot to sell. Homes are not selling fast at all unless they are under priced and also have a wow factor. It's good to buy under appraisal but an appraisal is only as good as the person who did it. If you want to know for sure that you are getting a good deal, you need to look at probably 5 similar homes in the area and in the same price range. Then you need to have a realtor give you a listing of recent home sales in the area and see if similar homes are selling for the same price or more than the one you are interested in. This can be tough to figure out because you probably can't see the homes that sold so you don't know how similar they really are. Anyway, good luck.
 
Please, please don't bite off more than you can chew. Only you know what your financial situation is but there is nothing worse then being "House Poor". That means that all you can afford to do is make your monthly house payments which leads to using your credit cards up to their max etc. etc. It's just a hole that you keep digging deeper until it's almost impossible to get out of.

It is better to purchase a house that you can comfortably afford and still afford to do all the things you like to do (like put fuel in your truck). My wife works for a financial institution and I hear horror stories all the time (no names, just situations). I'm glad she has a good financial head on her shoulders or I would be one of those stories.

If this house fits comfortably in your budget then congratulations. Home ownership is one of those great moments in life.
 
My daughter and her husband just had their offer accepted on a house. Needless to say, they are nervous also. It's all part of the experience.

And I'm thrilled too. This fullfills my final monetary commitment to them. They had a choice of a big wedding or a down payment on a house. They chose the house.

One last check to write next week.:) :) :) :) :)
 
the house is in between Dallas and Acworth but it's right on the Border of cobb co.....
theres really nice homes all around where its at, any were from $200k-$750k
and growing!!
but i'm an ole country boy who grew up in trailers most all my life,
I've made really good money most of my life, but to sit and tell that I made smart choices with well, lets just say for me to blow money thats an under statement!!!
i've made alot of changes in the last year, and spending is one of them!!
I guess like a lot of men 32, a wife and 5 kids it's time to grow up!!!
I know theres a lot of guys on here that are more then smart with there life and money, so I just thought i'd ask
 
well i got rid of a lot of debt over the last year, so that means no credit cards, and the lease was up on my nissan armada so that $705 payment is gone to, i had an 03 V-ROD and thats gone ( $420 ) I had an 01 ford pickup $350 a month gone!! so I've gave up lot to get this home
 
1badnightrunner said:
well i got rid of a lot of debt over the last year, so that means no credit cards, and the lease was up on my nissan armada so that $705 payment is gone to, i had an 03 V-ROD and thats gone ( $420 ) I had an 01 ford pickup $350 a month gone!! so I've gave up lot to get this home
Click to expand...
Believe me, I wasn't asking for your financial statement. :D Just don't want you to fall into the same trap so many others do. It can lead to a lot of stress and unhappiness. Financial stress often leads to couples going separate ways.

I truly hope your new house brings you and your family many years of happiness.:congrats:
 
House sounds awesome. Best decision I ever made was to buy my house back in 98.

Fixed 30 year is the only way to go too. Selling, getting rid off all the other crap.....great idea. Post some pics when you close and take possesion.

patrick
 
I am in my first house now for 7 years and it is a great feeling. You make choices with no one to answer to. Remember how the rain sounded for the first time on YOUR ROOF. Remember wondering if it leaked...I kid, congrats, I'm sure you will enjoy
 

One thing that everyone here has overlooked is the situation here with water.

People here(and the politico's in particular), have been whistling past the

graveyard on this issue for years.

This past year we came close to not having enough DRINKING water, the

Govenor asking people to take Navy showers, not flush the toilet,etc; never

mind landscaping, pools, or washing your car. With lake Lanier as low as it is

right now thing's are going to get interesting and I would not count on a

house here as a potential nest egg. (Have a Plan B!):D









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