How to buy house(N.CA) for little down?

[Heinz CA.]

Hey guys just curious, what is best way to buy house(besides obvious, no debt and cash down). We owe prob. 20K each(old debt)good credit, and I make almost 80K year. 3 kids at home f/t and $375 month child spt.Cars paid off. We aren't fancy, Thanks for any ideas, Heinz

 

[tylerin]

Re: How to buy house(N.CA) for little down?

I've bought and sold alot of houses with good success. I would say just get yourself a good Realtor(a friend maybe), and begin there. Personally I buy the worst house in the nicest neighborhood I can afford, and then I fix them up and sell them. Unfortunately Heinz, Concord is a pretty high rent area so I don't know what you can afford. You'll get alot of your tax money back at the end of the year while you're paying off the interest (which will seem like an eternity). Almost enough to make a few mortgage payments. I think my wife will let me sell this house and buy one more, but I doubt it will be in Ca.

 

[Bob in Calif.]

Re: How to buy house(N.CA) for little down?

Howdy Hienz.....<br /><br />In order for you to be able to buy a home in the bay area, assuming you work near Concord, I would suggest you look in your area. I take it you have lived there for a while, so you are aware of the price of housing in the bay area.<br /><br />Get a copy of The Contra Costa Times and go thru the real estate section, as well as the Sunday editions the San Jose Mercury News and the San Francisco Chronicle.<br /><br />When you are at the super market, get a copy of the free real estate magazines, usually by the doors or outside.<br /><br />You can go to www.realtor.com and go to the area you would like live in. This site lists many, many homes in all price ranges. I use it frequently, as I have been wanting to sell my two homes here for a couple of years and move to Hairyzona, either with or without my wife.<br /><br />Your best bet would be to look in the east bay. If you want to move to the peninsula side, count on spending a minium of $350.000 on a older 3 bedroom, 2 bath house, IF you can find one in a decent area for that price. The farther down toward the center of the peninsula you go, the prices keep going up and UP.<br /><br />The days of buying an FHA reposession are basicaly over, although you might not want to raise children where they tend to pop-up.<br />The repo's are usually snapped up by real estate company's, real estate agents and speculators, who do what needs to restore the house and then is returned to the market at full price.<br /><br />I'm sure you are aware that "over bidding" is still going on, especially here on the West Bay.<br />Before you read the weekend real estate sections or the real estate books, pour yourself a stiff drink and get a crying towel before you start.<br /><br />Good luck in your search..........<br /><br /> ...Bob in Calif...<br /> (across the bay from you in Woodside)

 

[Homerr]

Re: How to buy house(N.CA) for little down?

There are a bazillion ways to finance anymore.<br /><br />I bought my house with no down as a first time buyer. I din't have any debts though... (I do now... lol)<br /><br />The more you can put down however...Can cut your payment.<br /><br />Good Luck,<br /><br />H.

 

[Skinnywater]

Re: How to buy house(N.CA) for little down?

Heinz, if I remember you're on the road a lot in your job.<br />Do you have to live in the bay area?<br />The further you get from the bay area, the cheaper a home is going to be.

 

[SeaMasterZ@aol.com]

Re: How to buy house(N.CA) for little down?

he wants good schooling for those three kids tho<br /><br />kids fu .. fudge up your life in a big way, you look at everything differently<br /><br />we live in a high rent area cuz its a good school district, I want to go to delaware where the taxes are cheap and the houses affordable, she wants to hang in here til the kid is off to Big School<br /><br />its all about THE KIDS people!!!!<br /><br />BLAH!<br /><br />All I want to do is raise my boats to be solid productive fishing machines, lol, dammned kid stuff is whompin all my fun money away!

 

[Homerr]

Re: How to buy house(N.CA) for little down?

LOL Castaway...<br /><br /> <br /><br />Ain't it the truth?<br /><br />I am so out of this state after the kids are on their own. (Or if I win the lottery)<br /><br />H.

 

[ezbtr]

Re: How to buy house(N.CA) for little down?

Thanks guys, yes we want to stay in Concord, nice town, great schools, neighborhood, baseball, good commute to work in Fairfield, and have been here for 5+ years. etc. Yes I do tend to travel a bit at times, I can't beleive what I could get on the east coast or midwest!!!!!! 1/3 price of CA. ! Would love a fixer upper in my area. I'll checkout sources mentioned. What about buying at auction????