Yeah Me!!!!

[aps45819]

Not trying to be funny and just wondering... what exactly is a HUD home and what do I need to do to qualify for one of these?

Dept of Housing and Urban Development. They underwrite low income/poor risk folks so they can get a mortage. When they default, HUD puts them up for sale to the general public. You can find some good deals on homes from them. The guy I bought my house from buys HUD homes, fixes them up and resells them at a profit. My place was freshly painted, new carpets and appliances when I moved in.

 

[dems4me]

It's usually a home that's been foreclosed on. Sometimes they need work; others are in move-in condition. Just 'luck of the draw'. :shrug: But you generally have to act quick on 'em b/c investors suck 'em up pretty quick to do the work and turn it around to make some phat bank.

Are they in low income or seedy neighborhoods? I was thnking that would be a home that the government would give me if I quit working and pop out 10kids .... Back to plan A...(being employed and no kids)

 

[dems4me]

Dept of Housing and Urban Development. They underwrite low income/poor risk folks so they can get a mortage. When they default, HUD puts them up for sale to the general public. You can find some good deals on homes from them. The guy I bought my house from buys HUD homes, fixes them up and resells them at a profit. My place was freshly painted, new carpets and appliances when I moved in.

Why do I have the feeling if I asked for your friends number... you'd tell friend to only look for houses on the West Coast :shrug:

 

[Chasey_Lane]

Dems,

It would be a good idea to get financing before you start looking. You mentioned being "pre qualified" but I'm not sure you've actually been "qualified" for financing. Could mean a lot when you're placing a contract on a house.

 

[aps45819]

Why do I have the feeling if I asked for your friends number... you'd tell friend to only look for houses on the West Coast :shrug:

The guy I bought from is not my friend. That's what he does for a living. He lists them thru a local real estate agent.

 

[crabcake]

Why do I have the feeling if I asked for your friends number... you'd tell friend to only look for houses on the West Coast :shrug:

Dear Dems,

Not everyone is out to get you.

Love,
Crabcake74521932684521.01

Dems,

It would be a good idea to get financing before you start looking. You mentioned being "pre qualified" but I'm not sure you've actually been "qualified" for financing. Could mean a lot when you're placing a contract on a house.

x 10! Being able to afford a payment (typical "qualified" statement) and actually having a bank approve you (credit AND income-wise) are two completely different things. I know a lot of buyers right now have a loan essentially on standby so that when something they like hits, they can snag it without delay.

 

[dems4me]

Dems,

It would be a good idea to get financing before you start looking. You mentioned being "pre qualified" but I'm not sure you've actually been "qualified" for financing. Could mean a lot when you're placing a contract on a house.

That's what I did this weekend...spoke with a Lender and received my official prequalification letter. At the speed houses are selling in today's market... you need a prequalification letter... by the time you go and get one the house you want is already sold... this way, I already have it in tow. Thanks for the suggestion though.

BTW, does anyone remember about 6 months ago in the news where a lady just took over someone's house while she was on vacation... she moved in and replaced the lady's furniture and pictureson the wall with her's, etc... :shrug: Anyone know what her sentence was :shrug:






j/k

 

[somdcrab]

No... sometimes I dont





On a good note, I just have more lemons now to squeeze for making lemonade

 

[crabcake]

BTW, does anyone remember about 6 months ago in the news where a lady just took over someone's house while she was on vacation... she moved in and replaced the lady's furniture and pictureson the wall with her's, etc... :shrug: Anyone know what her sentence was :shrug:

And you wonder why I didn't give you directions to my house!

 

[morganj614]

I am already renting in Railroads head..And he let's me dance in there! Shoo!

That's what I did this weekend...spoke with a Lender and received my official prequalification letter. At the speed houses are selling in today's market... you need a prequalification letter... by the time you go and get one the house you want is already sold... this way, I already have it in tow. Thanks for the suggestion though.

BTW, does anyone remember about 6 months ago in the news where a lady just took over someone's house while she was on vacation... she moved in and replaced the lady's furniture and pictureson the wall with her's, etc... :shrug: Anyone know what her sentence was :shrug:





j/k

 

[dems4me]

Dear Dems,

Not everyone is out to get you.

Love,
Crabcake74521932684521.01



x 10! Being able to afford a payment (typical "qualified" statement) and actually having a bank approve you (credit AND income-wise) are two completely different things. I know a lot of buyers right now have a loan essentially on standby so that when something they like hits, they can snag it without delay.

The Lender on the letter is from a bank and has told me what I am officially approved for. Thanks.

 

[Chasey_Lane]

That's what I did this weekend...spoke with a Lender and received my official prequalification letter.

Over the weekend you spoke to a lender (they ran a credit check, followed-up with your employer, etc.) and you've already rec'd the "letter?"

 

[Katie]

When P and I were going through the process of getting the new house(still going through it), we got a pre-approval letter, which stated the exact amount that we could spend, and the loan was approved. The agent brought that letter in with the contract, and we got it. The others just had a pre-qualified letter.

 

[dems4me]

Over the weekend you spoke to a lender (they ran a credit check, followed-up with your employer, etc.) and you've already rec'd the "letter?"

Yes... went over all the info. Don't know whether he needed to call work or not but he received the info. And if there's no snags... he told me what I'm approved for... my licensed realator agent (roommate) that works out of Caldwell Banker called a Lendor she uses and hooked me up so that everything is official and I'm all ready to go look at houses now knowing what Im officially approved for. As for the ltter, it was received by FAX to my house.

 

[dems4me]

When P and I were going through the process of getting the new house(still going through it), we got a pre-approval letter, which stated the exact amount that we could spend, and the loan was approved. The agent brought that letter in with the contract, and we got it. The others just had a pre-qualified letter.

Sorry wasn't trying to mince any words.. I went through the process to receive a "pre-approval" letter - that way I can jump on any houses and not have to wait on bank/lender approval... it was then faxed to my house.

 

[kwillia]

Over the weekend you spoke to a lender (they ran a credit check, followed-up with your employer, etc.) and you've already rec'd the "letter?"

Growing fears credit boom may implode

Unusually loose lending conditions have encouraged record borrowing by speculative-grade companies, with leveraged buy-outs and debt refinancing on both sides of the Atlantic generating more than $100bn of deals in the past eight months.

 

[dems4me]

Growing fears credit boom may implode

thanks for the input... I'll let you name my first 12 girls I have and my first 18 boys!!

 

[somdcrab]

thanks for the input... I'll let you name my first 12 girls I have and my first 18 boys!!

rut roh

 

[dems4me]

rut roh

You better get to work... don't crabs have the potential of laying a million eggs or something like that? :shrug:

 

[somdcrab]

You better get to work... don't crabs have the potential of laying a million eggs or something like that? :shrug:

omg DOES love hurt