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In this current economy, there are so many opportunities to own your own home. With the market saturated with properties and banks overflowing with inventory the market is primed for creative home buying. I am a full-time student and, for this reason, my income is nontraditional. Additionally, my credit is not so perfect. These factors would make the traditional means of buying a home complicated for me, if not impossible.
Where there is a will there is a way!
What I found was that if I am willing to own my own home, there would be a way to make it happen. As I looked into this, I was amazed at how simple this would be and how willing various professionals in the industry were to help me realize my dream.
What I was interested in was a home that would have a lower payment than the rent that I was currently paying. That way, I had nothing to lose in my pursuit. There are many condos and townhouses out there at unbelievable prices.
Here is how it all worked out for me.
– First I found a townhouse in my area that was priced at less than 25k. This would make my payment less than $200.00 a month. There are HOA fees, but even with that my entire monthly payment would be less than $500.00.
– Next I contacted the Realtor who had listed the property. In an email, I explained my entire financial situation. I told him that I was a full-time student with imperfect credit. I told him how much I could put down and how I would make my mortgage payments. I also explained that I had never purchased a house before and had no idea how the process worked and would appreciate any help.
– Amazingly, I got a quick response with a surprising solution. It was explained to me that there are many investors out there that would be willing to purchase the property in cash. They would make any repairs to make the property livable (carpet, flooring, appliances) and then sell it back to me at a slightly higher price than they paid for it. This way I could avoid having to go through the rigors of bank financing. You do need to be sure that proper and legal paperwork is drawn up for this transaction. There are many agencies out there that will look over the documents on your behalf. And depending on your income or circumstance, this service is often free. All you have to do is a little research.
This was a great learning experience for me. There are real estate agents out there that specialize in such transactions. Another thing that I learned is that there are also auctions that they participate in, with properties that may not be listed. My realtor really helped me out a lot by keeping his eyes open for auctions that may have properties perhaps in better condition or in a better location.
These factors and options can be discussed with a local Realtor. All you need to do is search the internet for low priced properties in your area then contact an agent or broker.
The wonderful ending to this story is that I now am the owner of my own home with unbelievably affordable payments that free me from the stress of worrying about rent payments while I am finishing my degree program.