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The start of my real estate success
I have spent my entire adult life in apartments...
My lease was up on January 31, 2007. In November 2006 I decided it was time to take control of my housing payments and buy a home of my own. I have a decent income, but my finances were in pretty bad shape when I was looking for a house. Credit card debt and a high car payment left me unable to put down a lot of money. I should rephrase that, I was unable to put down anything.
I found a reputable buyer's agent and began my search. We visited several homes in all parts of town. One was great, but too small. Others were huge but in really bad shape. Still others just weren't "cute" - a standard my girlfriend helped me understand. =) I found this house on the net by looking through a local real estate agency's online listings. I sent it to my agent and she found more information about the house and its current owner. One thing that caught my attention was a note from the seller's agent that mentioned the seller was motivated. I guess all home sellers are motivated, but I was able to leverage that to arrive at a creative deal with this particular seller.
The seller was asking $87,900. I liked it - it was "cute", in a fantastic neighborhood, it had a newly remodelled kitchen, and otherwise wouldn't require too much energy and money before it was ready to be moved into.
So we made an offer: $79,000, plus he paid $3000 of my closing costs.
Next I'll tell you about my mortgage...
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I am not a real estate agent, a mortgage broker or an attorney. This is a true story, but your experiences may be different.
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