7 Things Every Home Buyer Needs to Know

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We purchased a new townhouse 3 years ago, it is 15 miles from where my husband worked. It has dropped 50,000. in value and now my husband and I drive 60 miles to work one way. We are 60 and will loose all of our down payment and renting the house out is probably the only option. Although we may not be able to rent it out for the payment. We have been told to just walk away that we are paying for a dead horse, our real estate agent says he can't sell it because it is too far out of the city and gas is too high so people are not looking to live in a more rural area. One of our neighbors built a new house and just walked away, so their property which is just like ours is now on the market for 154,000. which is below what we owe. The real estate agent has informed us that if their home sells for 154,000, the appraiser will not appraise any other properties just like it for higher than that amount.

wendy of MN 11:26AM April 17, 2010

My Husband and I are relocating our family due to my Husband accepting a promotion with in his company. We are buyers as well as sellers. I hear all the time "the economy is so bad, no one has money, no one can afford to buy a home...etc" Are you nuts? With interest rates as low as they are we should all be out buying a house. The problem is people have bought outside of their means.. Which then cause problems for those of us who aren't loosing our homes but need to sell in order to buy in another location.... catch 22.

Beverly of AZ 6:22PM August 16, 2008

Can you teII me why there has to be so many peopIe invoIved in the house purchase process.I see a house,agree a price and pay the owner...end of story.The onus is on me to accept the detaiIs and condition but that is aII that is necessary.The other 'hangers`on are in it to make money.......

Marie Anne O'Connell of TX 4:46PM August 16, 2008

thanks for the information.I really don't understand real estate and the terms that are used,but I'm learning. Now I'm wainting to close on the house.the thing that are holding my husband and I up is that we had to show that our five percent was source and seasoned money for sixty days I truly don't know what that mean, but we are at the wire.
the McGee's

Helen of MS 4:37PM August 16, 2008

My husbank and I are one of those couples who are afraid to really go out and get a home. I hear some people say it is good some say, dont do it. Thank you for this article. I feel it is time to make a move in the right direction!

Rhonda Turner-Baker of TX 10:38AM August 12, 2008