potential house buy

[vthing98]

ok, so here is an interesting situation. As many of you may know, I've been in the market for a house on and off for the past 3 years. I happen to mention this at Max's a week ago and Jamian, one of my favorite bar tenders, mentions that he needs to sell his house since he just bought a single family house. He has two kids, and is planning on

Comments

yowza

[jlsatud]

Dude ... I make a decent amount of money, but if I had to pay 2550 a month in mortgage, I'd be eating ramen and drinking water. And I think I could only afford to eat Ramen on the even numbered days. :)

Do what's right in your gut ... as someone who had found 2 or 3 "perfect" houses that got sold out from under me, there was always another one around the corner, and eventually the right house was the right price. But you know what you can afford!

[echosupernova]

Out of curiousity, what neighborhood?

You could offer less (like, 300, maybe) and see if he will take it. That's not that much less, and it's not a good market for sellers now.

perry hall / whitemarsh

[vthing98]

just off of honeygo, north of the new weis market.

Also, I could offer less, but since I know the guy, I feel a bit bad doing so.

Know the market

[anonymous]

What are other properties going for in that neighborhood, near by. Are there any foreclosure issues in the neighborhood? What's the ownership to rentals look like?

And Linda makes a good point buying from someone you know could be problematic if you let it get in the way of getting the best deal you can for the house. Look up what he bought it for and how long he's had it., you can get an idea of how much profit he might be getting then and you can negotiate better from there. ALso what are the age of major things like HVAC, the roof. Are there community fees you also have to pay?

-paul

Mortgage payments

[anonymous]

I also agree with Jenny and Linda $2250/month seems like a lot. I pay less than $2K for my mortgage, utilities, TV and internet a month. (of course if you believe my neighbor as quoted in the Sun I live in the the slums of Hampden)

-paul