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Mama Deb
mamadeb
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December 2010
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Mama Deb [userpic]

My landlady just had the house appraised.

I work in a real estate office. I know what that probably means (probably because she could also be doing it for insurance or tax reasons).

If she's thinking of selling, we have to start thinking of buying something. Not this house, unless it's in our price range (although wouldn't that be nice? She has a gorgeous kitchen.) but a house or a condominium. But buying because I'm tired of living at the whim of someone else. We've been thinking along those lines anyway. And our lease is up in September. Which might be enough time.

So. What would be the first step?

Comments

Step 1. Make a list of all asset accounts and debts.

Step 2. Call mortgage broker. Find out the mortgage you qualify for. Essentially "pre-qualify" which means it's waiting for you to use it.

Step 3. See what that will buy you.

And from there it depends on price range, options, and such. But generally, figuring out what you have, what you owe, and what you qualify for.