Comments on: I Could Buy my Old House for One-Third of the Price?

By: Natalie

Natalie — Mon, 28 Jun 2010 23:57:10 +0000

I found a REO property in Las Vegas across the street from where I used to live. I bought it for $53,000 and put 20% down. I now have a very cheap place to live for the next 20+ years. If we hadn’t bought this property, I would still have to be working instead of staying home with my newborn. The house I was renting before was $1300 a month and now my total house payment including HOA is less than $500/mo. I only had to do about $1000 of repairs to make it livable. I say go for it if you can!

By: alperen

alperen — Fri, 11 Dec 2009 14:58:53 +0000

thnks admin

By: Shaun McGowan

Shaun McGowan — Sat, 28 Nov 2009 03:39:30 +0000

I recently bought a house, in Australia we get State and Federal grants as a first home buyer, during the GFC this was increased to promote and stimulate the economy. Our grants just get eaten up in Stamp Duty, it’s a crock!

By: Elaine Smith

Elaine Smith — Mon, 16 Nov 2009 01:36:06 +0000

In which area of the US is this house being sold?

By: CDI agency

CDI agency — Tue, 10 Nov 2009 19:29:04 +0000

Detroit has homes for well under 50K. I was looking last week and saw some nice homes being listed super cheap. 220K gets you almost 6000sq ft and 5 bedroom home. Although its probably not in the best of neigborhoods there are many good deals out their now.

By: Broke MBA

Broke MBA — Sun, 27 Sep 2009 23:26:00 +0000

That is amazing. Glad you aren’t trying to sell today. Competing with the foreclosure down the street would be a nightmare!

My wife and I are currently under contract for our first home. While the tax incentive is nice, it really had little to do with our timing or decision to purchase. Since our lease is up in December, the tax incentive basically encouraged us to close a month earlier than we would have originally.

By: Raif

Raif — Tue, 15 Sep 2009 06:07:32 +0000

Where do you live that you can buy a house for 50K?

By: G.E. Miller

G.E. Miller — Tue, 08 Sep 2009 23:04:28 +0000

@ David – Good point. Thank you for clarifying.
@ Jason – Sounds like everything worked out perfectly for you. Congrats!

By: Jason Unger

Jason Unger — Tue, 08 Sep 2009 22:33:36 +0000

We bought a house in March — our first home — partially because of the incentives (cheaper prices, lower interest rate, $8,000 credit) but mostly because we needed the space.

We wouldn’t have bought a house just for the financial reasons — we bought because we had our first child and needed to get out of our apartment.

It’s been worth it — we got a great place at a great price, so it worked out.

By: David

David — Tue, 08 Sep 2009 13:47:45 +0000

The first time homebuyers tax credit is set at 10% of the home purchase price up to $8000, so it would not give you almost 20% as your article mentions.

http://www.federalhousingtaxcredit.com/2009/faq.php#3