Re: OT: Buying a house
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enough for a down payment.
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There are plenty of ways to finance a house without putting down a single dollar. Talk to a few lenders to see what works out for you.
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-First of all, would you settle for a house in place you don't really like but is a great turnover investment opportunity?
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If it's good real estate market purchasing a house that you are planning on turning over in 3-5 years would be a decent investment. For a few hundred more a month that what you are paying now for rent you can probably own and start building equity.
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-Is it possible to find the house of my dreams without a real-estate agent, and if so, what's the best way to go about it? (Newspapers, driving around, internet...) What did you do?
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Newspapers, craigslist, friends, co-workers, etc would be the best places to look. As a buyer though using a real-estate agent will cost you $0 (the agents make their commission from the seller). However if you can find a house without using agents you can probably work with the seller on a better price.
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-What are all the things I'm not thinking of? Secret taxes, hidden maintence things, things of that sort.
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Property taxes, condo fees, home owner association fees, etc. Any seller should be able to tell you exactly how much they cost. Don't forget closing costs. These can be expensive (but some might be tax deductible). A settlement agent should be able to give you a good estimate on closing costs.
Also if you do go without a real estate agent make sure you get a decent lawyer to draw up or review your contract before you sign. This will only cost $200-$300 and is well worth it. Also, make sure you get a home inspection this will cost a couple hundred but it pays for itself if they find something wrong.
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