Originally Posted by kap17
I work for a mortgage company and I can tell you that there are plenty of good deals to be had if you know where to look. There are a lot of houses for sale by banks and quite a few short sales as well. Also, if you haven't walked away from a government loan, a bankruptcy doesn't look as bad as you think. After 2 years, with a good income (compared to the value of the house you want to buy) and reasonable level of debt (total Debt to Income ratio under 45%) you can get a good 30 year fixed rate around 6.5% right now.
In January 2008, I was pre-qual'd for $299k at 5.125% by Citi® Bank.

In June 2008, I was pre-qual'd for $205k at 6.50% by IndyMac Bank.

In August 2008, I was pre-qual'd for $220k at 6.50% by Countrywide Mortgage.

I was in escrow on a condo in July 2008 and pulled out due to the HOAs, but mostly, because the HOA was doing work on the property that I felt was shoddy. For $270/mo in HOAs - I could purchases $61k at 6.50% more in house - so that's what I am doing - looking to purchase a house.

I was looking in this one neighborhood and by happy coincidence, my Realtor's associate was hired by a woman, just yesterday, who purchased a home in the very neighborhood that I want to buy into. The lady purchased the home in June 2008 at an auction - site, unseen - all cash.

Well, it turned out once the CC&Rs were read, the home couldn't be rented out - it has to be owner occupied.

So, the four of us met this morning, and I made an offer on the house and the house hasn't even listed yet. It'll be listed this afternoon with an offer already pending. Pretty cool. The lady just wants to walk away from the house.

Fingers crossed...

Meanwhile, another house that I made an offer on I had to be pre-qual'd thru the lender bank that owns that house - a company I've never heard of, so I did, and I'm waiting to hear back on that one as well.

But...

This morning I looked at this one house that was perfect for me - I am really big on landscaping and this property was totally decked out in landscaping. The backyard was terraced and had a really nice redwood deck. This house has been on the market for only four days.

My Realtor made a call right then and there and found out there were 16 offers on the house.

I was kinda bummed - that house was so what I could see myself living in...


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