Geeked! Got a house!

[daves87rs]

Just found out that they took our bid! It's a nice 3 bedroom with an almost finished basement, big yard, and a 2 & 1/2 car garage with a 220...

It does need work, but the price was hard to beat. Never thought I'd grab a HUD home, and the nice thing is that hud offers an escrow for the stuff it needs ( toilet, sink-who takes those? fixing a copper line), and everything else is some trips to Lowes or Home Depot.


We're going to take it easy and not crazy, because I want to be ready for all the costs that come with it.

Any suggestions or comments on the house?

 

[ShelbyGT500]

I read the first sentence as "... they took our bird!" and was like... lolwut?

But nice. Not much to say without pictures but it sounds nice.

 

[01rangerxl]

Congrats! People do all sorts of things to a house when unwillingly forced to give it up. Most will just leave a filthy mess of trash, but sometimes they do start ripping out fixtures.

 

[bigmike]

Take it one project at a time and prioritize. Owning a home is nothing but a project list and there is something always on the list.

You might have buyer's remorse at some point. Alot of people do, but just hang in there.

New toilets and fixtures probably would be nice anyway! I changed all of ours when I moved into a 15 year old house. We wanted something different and more efficient.

Get to know your local hardware guys. It makes a big difference. They'll go out of their way for you if you're nice. The paint, plumbing, and lumber guys are the most important.

 

[bepperb]

Congratulations. They all need work. I went from a 1946 with remodeling every weekend to a 1999 with yard work every weekend. But if you find you like it (and I do) it can be a very rewarding hobby (you actually live in it, unlike most hobbies where you get nothing).

 

[andrewg]

Prioritize. Take it slow. Don't financially burden yourself. Get help from friends to do some of the work. And above all....keep an attitude that you will ENJOY the experience.

 

[RamFan]

Originally Posted By: ShelbyGT500
I read the first sentence as "... they took our bird!" and was like... lolwut?

But nice. Not much to say without pictures but it sounds nice.


U aware?

 

[apwillard1986]

Congratulations! We bought a repo recently. It is a buyers market since the bust but the bust has also made buying complicated. Great credit isn't all you need anymore. It is worth it in the end however.

Foreclosures are dice roll as to condition. Ours was complete and even included working appliances. One down the road was stripped of all wiring, plumbing, fireplace insert, and everything else with any scrap value.

I have learned that it is never really finished but I agree completly with the opinion that it is a fun hobby that is a much better investment than most...

 

[bdcardinal]

Get a good inspection or even get a couple different inspectors to go over everything. You may not be able to work their findings into the deal, but it will give you a good idea on where you stand.

 

[antiqueshell]

Congrats on the house.

I detest those who can't pay the mortgage and then destroy the property because of THEIR problems. I hope that banks start prosecuting these former owners when they damage their foreclosed on property.

Many of these folks bit off more than they could chew with regards to how much home they could afford, heck many of them had NO business buying ANY home whatsoever.

 

[morris]

if you finish the basment youl pay more for taxes.

 

[daves87rs]

Thanks guys!

I have not taken pictures yet.

 

[stxonall8]

looks decent man i just bought a repo myself in dearborn the house next door to mine same model sold for 155000 in 2004 i got mine for 49000. if u want a decent inspection call pro inspection in belleville good luck man.

 

[mechanicx]

The house is somewhat similar to how mine is. The deck and big garage is nice. I also have a concrete drive way and big garage in the back.

 

[daves87rs]

Originally Posted By: stxonall8
looks decent man i just bought a repo myself in dearborn the house next door to mine same model sold for 155000 in 2004 i got mine for 49000. if u want a decent inspection call pro inspection in belleville good luck man.



Thanks! I'll look into that! Bet I'm not too far from ya either. Can I assume west Dearborn? We have good friends who are just a step away from Ford....

 

[crw]

Wow... $38,000, I'd buy the whole street if it were available, and do it like Monopoly.

 

[crw]

>> Any suggestions or comments on the house?

Make sure it's thoroughly checked for mold and asbestos. I've been watching too much Holmes on Homes and Holmes Inspection lately. These might not be a deal breaker at that price point, but you need to know what you are buying. Looks really cool and congrats on getting a piece of the American dream at such a low price point. More money for cars..... lol.

 

[daves87rs]

Originally Posted By: crw
Wow... $38,000, I'd buy the whole street if it were available, and do it like Monopoly.


I kinda thought about that.

This was the cheapest on on the block...though there was another around the same price. The other two were much more...

 

[The_Jeff]

Cool!

Don't get the $49 Home depot toilet. They don't push things along. Not all 1.6 gallon deals are the same. The john is the throne, pay the price like it is.

 

[andyd]

Congrats. Keep track of your expenses, you can deduct them from the taxes upon the sale.