20 Year Old Looking To Buy Townhome At Sheriff's Auction...
Hello, I am looking to buy a townhome at a sheriff's auction. This is going to be my first house that I have lived in outside of what my parents brought me up in. I am able to get a student loan for about 10K and I would like to get a townhome that roughly sells for around 90K. My question is, is this possible? I am really only looking to live in it for about two years and then sell the townhome and get a new house. Any suggestions and advice would be greatly appreciated.
Hi there, There are lots of ways you can buy that townhouse but all of them probably involve having a preapproval letter from a mortgage lender and/or a down payment, which you can use the student loan for. The Sheriff's Auction will post the guidelines for buying property. If you need a preapproval letter from a lender in order to buy at the auction, try some of the lenders found on this website by clicking on the "lenders" tab. Also, when framing a question on this site, people will respond in greater numbers when you list specifics pertinent to your question. For example, in this case, the auction criteria for buying, your credit score, and when you'll have that student loan money. Good luck!
why sell it in two years? just rent it out when you buy your house. i was in your position a couple years ago. do yourself a favor and save every dime you make and pay off as much as you can. you will not regret it. that's what i did and i now have three properties. [ Edited by 1tycoon on Date 06/29/2004 ]
Start Early Brother......
I saw a small condo for 90k. It was a hud and had been sitting for awhile. I wanted it and even went to look at it, but then I told my self I couldn't afford it. Condo now worth 350k at least.
Another house I didn't go for was going for about 220k, brand new, didn't go for that either. Now this house is worth at aleast 450k. It wasn't untill years later that I started to learn about REI.
Just go for it. Start small and build your way up....... Look for area's that have good Appreciations rates.