Buy a house right now?

[CatatonicBug]

Okay, thanks everyone for the replies so far.

Let's get more specific. Would you buy a house in Utah right now?

I wish I could buy a house in Utah. SWMBO was born & raised in SLC, and wants sooo badly to go back and be close to her family. I wish I could afford to sell and move her back there.

The problem is that the value of my house has dropped to the point that I couldn't pay off both mortgages with what I would get. If I didn't have a house now, and I didn't have the drive to go to Utah, I wouldn't buy right now. I see our economy falling much lower than it is at the moment, and I think the house prices will be dropping considerably lower in the next few years. I wait until it's on it's way back up again.

[Roy Bean]

I think it is a buyers market. I have my Mothers house for sale. It is nearly 2000 sq.ft. It has four bedrooms with 2 1/2 baths. Insured for $104,000 replacement cost.
I would take $50,000. I have a couple that has applied for a loan. I do hope to sell this house so i can settle the estate. If it doesn't sell i will buy it myself just to close the estate. Roy

http://smg.photobucket.com/albums/v245/roy-b-boy-b/1%20House%20for%20sale/

[Shuriken]

I put in an offer on a house and then was told I had to prequal with Countrywide. Already have 2 prequals from A+ lenders. Screw that. I ain't gettin' into bed with CountryFried....

Offer promptly withdrawn.

[psycoreefer]

I don't get it, why would a seller care where your money is coming from? Thats stupid on their part and I don't blame you for walking away.

[Shuriken]

I don't get it, why would a seller care where your money is coming from? Thats stupid on their part and I don't blame you for walking away.

Here are 3 reasons Countrywide would do it:
1. They already foreclosed once, they don't want to risk doing it again. By forcing you to prequal through them, they have less risk.
2. They want you to prequal through them so that they have the chance to finance you.
3. They want access to all your financials so they can make the highest possible counter offers.

All of it is crap, IMO.

[psycoreefer]

I guess I get 2 and 3 from a greedy business perspective, I hadn't thought about it that way.

1 makes no sense, if you qualified through some other company then when you buy the house Countrywide gets whatever the agreed price is from whomever your loan is through and they no longer have any risk associated with the house. Thats to say that if you didn't make a single payment countrywide would still have their money and whatever bank you used would foreclose on the house.