How much is a decent house worth in Georgia?

Question

I just got qualified for a house loan for NO MORE than $80k (no co-signers, just me)! I am born and raised in Georgia so I know the houses that I'm used to seeing that are nice (to me) are averaged at around $150-$170k nowadays. I've even looked at houses from $119-$155k and liked them (just not LOVED them). When I think of a house being $80k I honestly think of a broke down house built in 1985 (3bd/1.5ba, no garage, no basement, in the hood)...that needs a lot of work. I'm feeling so defeated like I can't catch a break! My loan officer/real estate agent/friend from church, seems to think otherwise (because of the market today). She thinks she can find me a really nice house either HUD or foreclosed in my range. Should I even get excited about becoming a home owner when I feel like it's impossible to find a house (with the EXTREMELY low loan) that I will want to live in for awhile? What do you think?

Answer 1

Georgia's huge, so I don't know what part of GA you're looking in.  I live on the border of Dekalb and Gwinnett counties, and I would be absolutely floored if you could find a nice, move-in ready, single family home anywhere in metro Atlanta for $80k or less.  If you're outside of the metro area, maybe this is a possibility.  There are great deals in Winder and Jefferson.

The other answer had some good advice.  I know Quicken Loans does something with their mortgage program, where you are actually in a poisition to negotiate the sale of the house as a cash buyer.  I don't know a lot about it, but if you're looking at shortsales/foreclosures/bank-owned properties, you'll be in a much better position if you can submit an offer as a cash buyer.

Answer 2

You are correct to worry.  The cheapest repo houses will not sell to someone who needs a loan.  They want cash.  THey know that your lender (whether it's $80,000 or $800,000) will demand that the repairs be done to the house before the sale closes.  

You can buy a house for $80,000 but it will be old, ugly, beat-up, and won't allow you to get a loan.   Is there any way you can get the $80,000 cash./