Want to Purchase A Home? Tips for Couples or Singles

[Conskeeted7]

When I bought foreclosures, I used conventional financing, so I didn't have to come up with anything out of the ordinary.

The only issue that you might find if a property is in a great deal of disrepair is that you may not be able to get insurance coverage for it. This would impede the closing process, since conventional loans require home insurance at closing. With our first foreclosure, although the repairs were cosmetic, the insurance company still wanted us to repair them. They allowed us to start a policy with the contingency that the repairs would be made within 30 days. We actually didn't have the repairs complete, but were able to show receipts from vendors to complete the work and that was enough for them.

[rho4life]

I bought my place in '05. My best advice is to sit down and make an HONEST list of what you have to have and what you want to have. IE, it has to be in a certain zip code, and it would be nice if it had granite counters. Once I came to terms with the fact that my first place was not going to be my dream home, but a step towards my ultimate goal it was a lot easier.

Also, go to some areas you're thinking about living for open houses, and then go back during times of day or night when you're usually coming home. I eliminated one area because once the sun went down the character of the area changed DRASTICALLY and I didn't feel safe.

Good Luck!

[SummerChild]

Great book for those thinking of purchasing a condo, co-op or townhouse -
"Tips and Traps When Buying a Condo, Co-op, or Townhouse" by Robert Irwin.

SC