Q & A Buying a Fixer Upper in Odessa TX

Question

I would like to find a fairly cheap house to fix up must be a three bedroom, since finding a house to rent here in Odessa seems to be harder than it looks we are trying this option?

You are not alone. Many people find it difficult to find a house to rent in Odessa TX. If you can buy a home, now is the time. Interest rates are low and home prices are stable.

The first key thing is do you qualify for a loan. Unless you have enough savings to pay cash (most people do not) than you will first want to know if you can qualify for a loan and how much they will lend you based on your current debt and income.

Second, buying a fixer uper is a great way to get into a home with the lowest amount of upfront investment. It is called "sweat equity" because you can build equity in your home by buying low, put your own "sweat" into it and later selling a much more valuable property.

The third consideration is whether the the house qualify for a loan. I already described that you must qualify for a loan but the house must also qualify. Lenders have condition standards that the home must meet. They want to be assured that the property is in reasonable condition before they will be willing to loan the money for a purchase. The reason is that if you default on the loan, they want to know they will be able to recoup their investment when they have to re-sale it.

There are many scenerios to consider so unless you are experienced in real estate, you will want to hire a buyer's agent to assist you through the process of a home purchase. (see Why Hire a Buyer's Agent? )

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