whats up with this, can i really take over the last 50K owed on a house and be its sole owner? Thats fucking awesome, looks like i might end up being a home owner a year ahead of schedule.

Please tell me more about this program. I haven't heard about this. Are the banks doing this? Where did you get this info from?

Potentially. You should look into bank auctions. It is a good time to buy in many areas of the country, and if you have good credit there IS money out there for you.

However at the same time, there are a lot of people with the same idea as you, so real bargins will be few and far between.

i live in Los Angeles, there is so much cheap real-estate here for the first time in my life. i've seen some 3 bedrooms in long beach going for 20k! i know i'd also have to pay property tax, but still, thats not shit compared to the real costs of a home.

just type foreclosed homes, you'll get a ton of websites with lists of homes and their remaining prices, but you'll usually have to sign up and pay for more detailed information, craigslist works too

Spot on.

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Okay, my whole life has been in the new home industry and occasional buying investment properties to rent out to tenants.




--- If you want to buy a home here is what you do----

First get an idea of how much you will qualify for which is a really simple calculation of Income vs. debts and then they look at credit score and average bank account balance. This will give you a really good starting point to work from.

Second, look at the County Home Auction website (for the county you want to buy a home) and look at the MLA listings that realtors use but most importantly look at *FORECLOSURES* in your county or state(Which is probably the best bet)....
these websites will give you tons of homes to review within the range you may qualify.

Sometimes there are local websites that will offer other homes such as *for sale by owner*...


Now, once you find homes to look at at remember you still should NOT try to max out what you may qualify to get. Banks do not want to get burned a second time! Also, a minimum 5% downpayment will almost always be required unless you are an investor (whole new ball game there). It really looks good if you have a 10% downpayment PLUS your share of the *Closing costs*. I will not get into all those charges, which side seller/buyer pays for which parts,etc etc, etc... The point is to not try and buy your maximum. Stay about 5% below your maximum and it should go through fast and easy.

If you want more information about your area contact a freaking realtor/real estate agent (they get pissed when you do not separate which is which).....

hope this helps.

What are you doing here Tileman? You are spitting in the face of every red blooded American who wants something for nothing and wants the government to insure that no matter how irresponsible they are they will be bailed out.

Man, asking people to be reasonable and take personal responsibility!! What are you, some kind of right wing fanatic????

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Just what we need, another major government social program.


House set to pass sweeping housing rescue bill - Yahoo! News

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If you want change stop electing "liberal: democrats and "radical" Republicans. Find and support true Conservatives; those who believe in fiscal responsibilities, individual accountability, and a smaller government, with less control of your daily life.

Good advice B- (maybe bullet item your points)