Buying a home in Miami?
We are transferring next month to Miami (military) and are thinking about buying a home there, maybe looking into the foreclosures since there seems to be an abundance of them in the area. We will only be there four years so is getting a 7 year ARM or something like that a excellent thought? Most likely looking in the 250,000-300,000 range. Any thoughts?
Foreclosure Angel: Weirder Buys Foreclosed House at Auction and Gave it back to Owner!
December 23rd, 2009 at 11:33 am
Get a 30 year fixed rate! Be safe! What if you can’t sell the home when you need & your ARM adjusts & value is down?
December 23rd, 2009 at 11:43 am
It’s not a excellent thought to buy a home for four years. The markets may be in the toilet right now and seemingly excellent buys to be had, real estate buys are not for the faint of heart. You can get into serious distress and have nothing to show for it. There’s no guarantee of what will happen over the next four years with either the RE market nor the military – WAKE UP AMERICA, we’re in economic crisis here!
Instead, start saving like crazy – does the military have something like a 401k plot which takes the money before you get your hands on it? When you’re out of the military and ready to settle down something, you’ll have a nice down payment and can avoid ARMs.