hey, froggy...

[katie]

so what do you know about repo'ed houses and purchasing them? i hear sometimes you can buy a house from the government that's been taken from the owners and you can just pay off their back taxes and the house is yours? something like that? help me, real estate queen!

[Irock]

Yeah, we want the 411 on the HUD.
Do you have to work with some kinda HUD-only realtor or can any realtor help you find one? Do they usually require repairs (the houses, not the realtors)?

[froggorino]

http://www.hud.gov/homes/homesforsale.cfm
and there are several other sites. yah. they will probably require repairs, as the people that got foreclosed on very often were in fuckit mode before they got booted by the bank. they are offered as is, and getting one is a bit like a hostile takeover. your interests mean nothing, and the entire transaction is geared in the bank's favor. the bank will perform absolutely no inspections, either, including the customary termite -- nor treat if any are found.

if you would lke to go this route, make sure your agent (and any agent can do it) is clear headed and can be aggressive if need be. be prepared to pay for all inspections, and understand that the deadlines followed will not be yours. the rules are the banks -- play by them or fuck off.

HUD homes are a different animal, and it may be hard to get an agent to put the amount of time in to the transaction because their payoff is so little. ask around and see if there are any realtors that specialize in that. or i can refer you.

bottom line, they are usually a pain in the ass. you gotta have someone on your side that is ready to ride that all through with you. in my case it was me, so that was fine. but if you go to an agent all starry-eyed with the idea of saving thousands of dollars and doing it your way, just know that they may have a reality-check conversation with you. and if they don't, you need to fire them and find someone else, because they obviously have not dealt with the animal before if they do not start the transaction explaining to you how HUD homes are different, and the purchase can be nervewracking, unsettling, and more expensive than it looks.

that being said, there are some great deals to be had if you are willing to play the game. there are other sites, too. poke around, and have fun!

frog"owner of a foreclosure property"gy

[katie]

hmmm. it sounds like a lot of bullshit for me to go through at this point. i'm just trying to do something meaningful with my money because i am killing myself with work right now to acheive it. i just want to be an independent adult and i can't do that while i'm still living with my parents. ugh. thanks for the info, love.

[froggorino]

http://hud1.towerauction.net/cgi-bin/e12_select.cgi

[katie]

that link leads nowhere! it just says i didn't select a city.

[froggorino]

that's weird. it was supposed to be a link to all avail HUDs in mass. oh well. i suppose it's easy enough to surf the site yourself.

frog" "gy

[katie]

yeah. there arent that many in ma, let alone ones that are cheap. i was looking on other websites and there were some that were WAY cheap. i can't really afford more than $150k and around here, that is tough.

[mere1975]

i can't really afford more than $150k and around here, that is tough.

Move to Texas. Your $150K will go a pretty long way!

- Mere "browse" 1975

[katie]

ha. the problem there is that i don't do the sun. therefore, texas is not the place for me. i'm hoping for like... four rooms (bathroom, bedroom, kitchen, living space) for $150k. maybe 860 sq ft? even that is a lofty ambition for the boston area.

[monet2u]

There are other areas that have the weather you seek and the prices you want...check them out. Moving away (out of state) ensures you leave the nest and for good.

Or maybe you can find something that's a lease to buy option.

[katie]

i really want to stay in the area because i am beginning to build a career in this area and boston theatre is really the scene i want. when i'm ready to open my business(es), then i will contemplate moving out of state where there may be a better market for what i want to do.

[eebs]

i can't really afford more than $150k and around here, that is tough.

Move to Texas. Your $150K will go a pretty long way!

- Mere "browse" 1975

....affordable housing *sigh*

[monet2u]

well good luck katie...you might also consider spending a bit more upfront(or getting a bigger loan) and getting a 2 bdr that way you can rent the room out and share household expenses with another person.

[katie]

yeah, i was thinking about that too. i have a lot of friends who will need housing that i already know i can live with cause i have. i'm worried about being lonely all by myself in a condo.