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Advice on House Purchase or Barndo

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    #16
    Mentally prepare to offer and pay over asking price and no repairs request.

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      #17
      What about foreclosures? Are there any out there? Sooner or later some folks may not be able to pay the mortgage due to covid.

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        #18
        Probably going to be easier finding a house on lot and block than a barndo in that price range. Most barndos are on larger pieces of land of 5-10+ acres. Water, electricity, land, and septic will probably put most at the 100-150 without structure.

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          #19
          Originally posted by SabreKiller View Post
          What about foreclosures? Are there any out there? Sooner or later some folks may not be able to pay the mortgage due to covid.
          Not many now. Most banks are not foreclosing. Freddie and Fannie backed mortgages are under a moratorium.

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            #20
            Originally posted by BrianL View Post
            Probably going to be easier finding a house on lot and block than a barndo in that price range. Most barndos are on larger pieces of land of 5-10+ acres. Water, electricity, land, and septic will probably put most at the 100-150 without structure.
            That's kind of how it seems. If I built one I'd find just a half acre to maybe 2 acre piece to put it on.

            Neighborhoods in my area are just insane because of the boom from magnolia and fixer upper garbage.

            Holding out hope I find something. But I've only found one in my budget in the last 6 months. And I got outbid by 15k cash. It was a terrible fixer upper that needed about 35-50k work to be liveable.

            Also, my budget isn't going up any time soon. I'm a HS teacher/coach. So pay is what it is.

            Sent from my SM-G892A using Tapatalk

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              #21
              Also. I know I've always "heard" to run away from manufactured homes. IE- trailers.

              Is that still the case?

              Sent from my SM-G892A using Tapatalk

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                #22
                If you have any remodeling skills then look for a fixer upper. You may qualify for a FHA sweat equity loan as it's called. You get a loan and you fix up the house to cover your down payment etc.

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                  #23
                  My wife and I have been putting everything in place over the last 5 years to build our forever home starting next summer. We will be selling our current house next spring then most likely renting. I hope and pray that a year from now prices will be lower, but if not, we will be renting until prices drop some. I feel for anyone who is planning on buying/building right now or in the next few years. Just too many unknowns.

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                    #24
                    Originally posted by texan4ut View Post
                    If you have any remodeling skills then look for a fixer upper. You may qualify for a FHA sweat equity loan as it's called. You get a loan and you fix up the house to cover your down payment etc.
                    That's what I've been looking for. The problem is around Waco people swoop in and pay 150k for a 70k house that needs 60k of work. Then try to sell it at 250k.

                    Sent from my SM-G892A using Tapatalk

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                      #25
                      Originally posted by Flex View Post
                      That's what I've been looking for. The problem is around Waco people swoop in and pay 150k for a 70k house that needs 60k of work. Then try to sell it at 250k.

                      Sent from my SM-G892A using Tapatalk

                      Yep! I just though it was crazy 8 months ago when trying to buy in the area. Everyone I talked to said I was was crazy for putting in an offer from a FaceTime walkthrough but it was the only way we were able to get a house in Robinson. Luckily our realtor was willing to look at the house on a Sunday that was listed late the previous afternoon.


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                        #26
                        Building and extremely tight budget don’t go anywhere near each other. Unless you have a minimum of 10% overage cash available, don’t even consider building ( and 25% is smarter).

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                          #27
                          What is ballpark average price per foot for a built out barndo?

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                            #28
                            Originally posted by Fmjag64 View Post
                            What is ballpark average price per foot for a built out barndo?
                            I have no idea. Was hoping somebody off here would reach out to me.

                            I still am trying to figure out what I will do.

                            Sent from my SM-G892A using Tapatalk

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                              #29
                              Now days a fully built out is going to cost you probably $130 sq foot and up.

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                                #30
                                No help to offer on the home buying advice. Glad to hear it's settling down for you and the kiddos. Prayers up that you folks find something affordable & comfortable to call home soon.

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