I’m a 20 year old college student (going to school locally) looking to buy a house. I make just under $40,000/year working while going to school. My parents are asking me to move out, which i’m ok with. I figure my best move would be to by a house, as the housing market is down. I have $10,000 to my name right now

I pay $13,000 a year in schooling out of pocket, no loans. I’m looking at a townhouse

http://www.weichert.com/search/realestate/PropertyListing.aspx?P=20591942&cityid=27943&mls=45%2c74&ptypeid=28%2c21%2c4%2c22&minpr=1&maxpr=200&minbr=3&pg=9

If you have a chance, please follow that link. $144,900 is the current price. It says $904/mo. Is there likely a down payment as well? Or does just the payment sound right?

I plan on having some people live in the place with me, paying $300-$350/mo each. I plan on spending $5,000 on TV’s, furniture, kitchenware, etc.

What am I looking at monthly for heat/electric? The local rate here is $130 for internet/cable/phone. What other expenses would I be looking at?

What is some advice you would give me as I try to figure this all out?

Thanks again!
after 8 months, I have a credit score of 711. Will this help me with a loan? or am I looking at a tough time getting a loan. If my father co-signs, will this help? He makes a good amount of money and has great credit, but would like to stay away from him co-signing if possible

Hi, hear is some advice. Put a profit and loss statement together for the townhouse. The reason I say that is that you are planning on having roommates and your bottom line cost is dependent on several things. The place you are buying looks nice. Other costs are real estate taxes, monthly/annual homeowner costs for the townhouse, upkeep on the townhouse. The 904/mo. is just an estimate of a mortage loan payment so don’t hang your hat on that. You will have a difficult time getting a loan at your age because you will have a lack of credit history. It is a risk to you to buy a townhouse, but, you are correct in that this might be a good time to buy one in Lancaster, PA. It is a beautiful town.

the house is on lilypad court.
in northville michigan

http://realestate.yahoo.com/Michigan/Northville/Homes_for_sale/67755910b3efde29fdc41912d8d4017b;_ylt=AmRfceb8dW_67wPeiuxvSDbnMrQs?typeBak=realestate&p=northville+michigan&type=classified&search=Search&priceLow=255000&priceHigh=260000&bedroomLow=&bathroomLow=

i know it has a number but im not ready to speak with someone yet. i just really want to see some pictures and read the rest of the desc. it doesent have an mls or i would be doing this myself well if anyone knows how to find it anywere else please help or give me the website.

try realtor.com

Since she promotes that her search engine on her site pulls up all MLS listings, could some one not seek a liability case? I know it is against the law for realtors to intentionally bypass FSBO listings, or dicounted brokerage listings. What is amazing is 95% of these sellers she bypasses in her system ARE OFFERING 3% to a selling agent. The other few are offering 2.5%.

I’m one of those excluded, despite being in the MLS and offering a commission. I had my brother call her agency about my home, they told him "it is not something you would be interested in, trust me!" They have never even seen it! Do I have a case?

This is an interesting question.

If she is advertising that she is allowing searches of all MLS properties and is screening out discount brokers and or lower commission offerings I would think that you could file a complaint against her with the MLS, local board of Realtors (if she is a Realtor), the state regulatory agency for agents/brokers for false advertising. You could contact the federal anti-trust attorney(s) they are always happy to look into real estate brokerages. By the way if they can turn up a antitrust case you get treble damages (if you can show that you were damaged).

Good luck

Unless you are a seasoned home buyer & have been through this process many, many times, I’d highly advise you take the assistance of a licensed professional.

It is true you may save some by buying the house at a lower price, but you also will have no representation or assistance in the process. To whom will you make out your earnest money check? The seller? What if he cashes it & spends it & you have no means of him refunding it to you should you decide the house is in too bad of condition after it is inspected because there is a bunch of dry rot in the foundation beams?

What if he decides a week later that someone else is willing to offer more than you did & he now tells you he is voiding your contract? Do you know your legal rights? Chances are if he’s willing to cut agent’s out of it today, he’d cut you out as well, if the right motivation came his way.

Who will handle your escrow? Order inspections and in what order do you have them done? Appraisal first or home inspection?

What if your structural inspection yields problems with the house, but you find yourself frustrated in getting the seller to agree to make any repairs or corrections?

What if moving day comes & you open the door to your new home, only to find the seller has removed all the lighting & plumbing fixtures? Or the seller never made any of the repairs he agreed to? Left the house with a bunch of garbage inside?

There are many horror stories. Also as many good, but it’s a risk going through this process on your own without representation from a professional.