Saturday, June 30, 2012

Buying A Fixer-upper in Odessa TX

Ask the Agent:

Buying a Fixer Upper in Odessa TX

Since my rent just went up again at my apartment and it is impossible to find a house to rent in Odessa, do you think it is a good idea to buy now?

 

buy a house in odessa

Buying a Fixer Upper in Odessa TX

You are not alone. Many people find it difficult to find a house to rent in Odessa.

If you can buy a home, now is the time. Interest rates are low and home prices are stable.

Here are some things to consider…

Do You Qualify for a Home Loan?

The first key thing is do you qualify for a home 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 credit score, current debt and income.

Start with a Low Down Payment

Second, buying a fixer upper in Odessa TX 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 Condition of the Home

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.

Hire a Buyer’s Agent

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? ) As a buyer’s agent, I have helped keep many first time home buyers avoid the pitfalls that can occur when buying a home. Give me a call; I would love to help.

Make It Your Own,

Donna Edwards Realtor

 

Odessa Texas Realtor

Donna Edwards

Author Bio: Donna Edwards is a broker associate of DeRiso & Haynes Realty in Odessa Texas, a highly regarded boutique firm of Odessa Realtors – selling more homes annually than any other firm in Odessa! For more information on how we can best serve your real estate needs, give her a call at 432.934.4439 or by email at donna@OdessaMidlandHomes.com . Also, check out what fabulous clients have to say on her testimonials page!

 

 

 

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