Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Looking for a House While on a Budget?

Many of the stories you hear from sellers these days center on how much they had to drop their pricing. Sounds like a great time to buy then, huh? But, if you’ve been through a bankruptcy or are under the weight of some debt, you know that everything still must be done on a budget. So, here are a few tips to keep in mind while trying to find the best deal.

• Be patient. If you rush into a house that sounds like the best idea you could find at the moment, you may end up missing a house that fits your personality and your budget.
• Let the house stay on the market for a while. Typically, sellers are still listing their houses at the highest price they can get. After 90 days, they will most likely lower the price—or at least become more willing to negotiate.
• Check the current state of the home. Has the current resident lived there for a short time or a long time? You may get an
impression of how desperate they are to sell the home, which gives you a little bargaining power. Does it need a lot of repairs? If so, the overall price of the home should be discounted.

Looking for a home is no small feat, even in this economy. If you take a step back and think clearly about what you can afford, you may find yourself with a little more patience—and the perfect home.