Buying A House!

These are steps from people I have been asking around for a year to get a house for cheap but I really don’t know if it’s legal it just more of a consolidation of notes when looking and buying a house/land.

Step 1 Credit Report

Go to annualcreditreport.com get your credit report for free to see what kind of loan you can get.

Comments

[pyrodood]

So it seems you are buying the house direct from the seller at the cost of the remainder of the mortgage. However, no one in the right mind would sell you a positive equity house. They are being foreclosed on because they stopped making payments, in this economy many of the people who stopped making payments are upside down on their mortgage, what they owe is more than the current value of the home. So in this case you would be paying more than the value of the house and the lender would be very satisfied to see that you paid it off.
If you are referring to purchasing the house at a lower cost that would be what they call a short sale and the lender has to agree to that.

[onrust]

What a smooth house!.............nice photo.

[Advocat]

... In the USA.

[JakeTobak]

I wouldn't mess with a quitclaim deed, those are dangerous as you could pay the owner only to find out that they have no right to the house or there are liens on the property. I would only use those if you're transferring to family or something.
The best advice I could give is to talk to a Realtor. Chances are that you don't have to pay your realtor a dime if you're the buyer since commissions usually come from the seller.
If it's a short sale, paying the owner may not do you any good since it's the bank that has to approve the sale. I'm not even sure on the legality of that, again, talk to a Realtor and remember that laws may vary by state.
If you're looking to sell one investment property to buy another, read up on "1031 Tax Differed Exchanges"

[nfarrow]

The quitclaim deed is only to stop the foreclosure of the property.

[nfarrow]

Also the closing date is the only time you give up the big amount money

[scoochmaroo]

Have you closed on a new house?
I'd be interested in hearing your personal feelings and thoughts on the whole process!

[Phil B]

When we bought our first house, it was full of the same stress and hurry that we experienced when we were preparing for our wedding, except that buying a house stretched out over several weeks, whereas the wedding took much less time.  Owning a home is good, but each year we had what I call an $800 surprise: replace water line, replace main electrical panel, new septic tank field lines. etc.