Belt Auction - Costs of buying a house?

Costs of buying a house?

So, I'm contemplating buying a house/other real estate sometime in the relatively near future. I'm not looking for anything amazing at all, but it would be nice to own a place rather than continue to rent. Just out of curiosity, I've been looking at local properties available.. if someone can help me figure out what I'm reading, that'd be awesome. For instance, this house: http://www.gtimpke.prunw.com/prudential_nw/modules/internet/search/includes/mapsearch/listingpopup.asp?mlsid=266&mlsnumber=8086085&lwsaccountid=113532&detail=gallery looks like it's priced at $7900 TOTAL. With only $47 a month payments (if I were to take out a 30 year loan) and a $395 down payment. How is this possible? I mean, the house is really small and in a small town that's pretty far away from anything.. but still, that is really cheap!! Are there hidden expenses not mentioned? And on that note, what expenses should I expect to pay when I first look to buy a place? I'm really ignorant on this issue, and all the advice I could get would be appreciated. Thank you!!

Public Comments

That's not a house, it's a trailer in a trailer park. The big hit is closing costs, which can include: Attorney's or escrow fees (Yours and your lender's if applicable) Property taxes (to cover tax period to date) Interest (paid from date of closing to 30 days before first monthly payment) Loan Origination fee (covers lenders administrative cost) Recording fees Survey fee First premium of mortgage Insurance (if applicable) Title Insurance (yours and lender's) Loan discount points First payment to escrow account for future real estate taxes and insurance Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable) Any documentation preparation fees
There is an error in the monthly payments, you can expect to be paying more like 500 dollars a month. And with the mortagage crisis most places will want at least 20 to 30 percent down. It could be that the 47 should of been 470. My advice to you is to find a reputible bank or mortgage company and get preapproved first to see what you qualify for then start looking, Good Luck
It's an old trailer. It's in a trailer park. You would own no real estate. You would pay rent on the space. It would decrease in value over time, not increase.
Ohhhhh, you do NOT want that place! find a local broker, not a banker, a broker in your area and talk to them to figure out your options. If you need help finding one, I have a huge list of them I can send you. If you want to email me Ill send it to you. oswaldmortgage@yahoo.com This is my personal email. Im not a broker. I used to be.