by Carolyn Osborne
(Columbus, OH USA)
Here's why this reader is staying put and NOT buying a house right now. See if you relate to her experience... I live in an old house, in a transitional neighborhood. My house needs major work in the kitchen and bathroom and the basement's not looking too good, either.
So, selling in a bad real estate market is a challenge for a house in good shape in a great neighborhood, but probably close to impossible for me. Also, I bought the house cheap and have been slowly working on it.
I have been paying on the mortgage for eight years (I refinanced once), so I have a lot of untouched equity in the house. I think that is a good thing to have in the current climate. Further, when I refinanced last time, my payments became less than $300.
I couldn't rent a place for that cheap. Even if I end up having job problems because of the economy, I believe I can find $300 a month to stay out of foreclosure.
Finally, in spite of all its problems, I love this house. It was built in the 1920's and it has unpainted woodwork and two stained glass windows. It's only five miles from where I work and I can walk to a grocery store and a pharmacy. When I was on jury duty, I walked to the courthouse.
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How To Buy A House Part 1 Meet your real estate agent and save yourself heartache and headache.
How To Buy A House Part 2 Meet your mortgage lender - Discover why closing loans requires more than quoting the lowest rate or taking an application.
How To Get A Mortgage Part 3 Meet your home inspector and avoid buying a money pit. It's THAT simple!
How To Get A Mortgage Part 4 Meet your real estate appraiser - Don't fall into the trap of thinking the appraisal assures you of a good deal.
How To Get A Mortgage Part 5 Meet your title insurance companies for little known coverage resulting in peace of mind.
How To Get A Mortgage Part 6 Meet your homeowners insurance agent because there is more to getting insurance than the cheapest quote.
How To Get A Mortgage Part 7 Meet your escrow and HUD 1 statement - Find out why escrow is the guardian of your real estate transactions.
Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house.
Ask Kate About Home Buying - Ask a question to get an answer from Kate.
How To Buy A House Q and A - A complete collection of questions about home buying, each with a individual answer from Kate
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