I’m thinking about buying a property/ house but don’t know how to start.?

Question

I found a vacant property with a old rundown house on 9.25 acres in an area that I really like. I got ahold of the owner and talked to him. He is planning on selling it, and said he would be willing to give a good deal. He��s very old and doesn’t sound like he’s trying to make a huge profit, he just wants to sell to the right person. But it would still be pretty expensive, it’s listed at about $350,000 on Zillow. I don’t have any experience with big purchases like this and honestly I don’t know if it’s even realistic for me but I feel like I have to try. I have a good stable job in the union, but I’m still an apprentice so I don’t make great money at the moment, but I’m a few years I’ll be making pretty good money. So basically I want to find out if this is something that is even realistic for me right now. Who would I talk to first to find out what I can actually afford and if would be worth it?

realtor.sailor · Answer

If it's listed on Zillow you'll probably have to work with an agent.  Contact the agent and have him/her do a comparative market analysis to see what similar homes have sold for.  Buy prior to this talk to a mortgage broker and get qualified for a mortgage.

Anonymous · Answer

I hope you have $100,000.00 for a down payment.

Maxi · Answer

Do you have $50k saved up and are you earning $00k a year, if not then you can't afford it

babyboomer1001 · Answer

Go to your bank, talk to a mortgage loan person, and see what you qualify for, and don't be naive thinking you are going to get a great deal because he is old or doesn't  care about profit.  Sellers always want and expect "fair market value".  That's why it is listed on the MLS.

Kim R · Answer

Talk to a real estate agent and get pre-qualified for a loan so you will know exactly how much money you can pay for any given property, given your current income. What you WILL be making is irrelevant to lenders. I hope you have saved up a nice big down payment.

Anonymous · Answer

Step one:  Don't rely on Zillow to value property.
Step two:  Look up the county tax assessor's value
Step Three: talk to your bank or a mortgage broker about qualifying for a loan and determine how large of a loan is possible.

? · Answer

You really think you can afford a $350k property?

I doubt it.

Pearl · Answer

i would start by talking to the owner, he rnight not charge you that rnuch

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I’m thinking about buying a property/ house but don’t know how to start.?

8 Answers