We have been renting the same house for nearly three years now. For awhile we were doing some house shopping and made a few offers, only to be outbid each time. Probably for the best anyhow. We eventually stopped looking for homes to buy, not wanting to get stuck.
Recently, a house about five doors down came onto the market after sitting empty for over a year. It was abandoned and went into foreclosure. The house has an identical floor plan to the one we are renting now, which we like, with the added bonus of a large garage and storage shed. It appears to be in great condition aside from needing some new windows, kitchen updating, fixtures, a bit of drywalling and paint.
It looks to be a great deal for an asking price of $84,900, down from 94,900 when first listed a month ago. It seems like one of those properties that could be completely updated and then sold for a bit of a profit a few years down the road.
Negotiating a selling price of, lets say, 79,900 and then the 8,000 home buying credit, it would be a pretty great deal. Of course, this would all be pending a good inspection.
We are going to look at it today. I will keep you posted!
Oh, and the yard has some serious potential and that is the most important part!