Buying or Selling a Home/Home Buying
I should be practicing healthcare later this year starting out performing housecalls, eventually buying a three bedroom foreclosed home in the next two to three years, hopefully turning it into a work/live structure, with one B.R. as a bedroom, one B.R. a waiting room, and one B.R. as a treatment room; providing local politics and zoning regs. will allow. Living and working in one structure would seemingly kill two birds with one stone, thus saving money.
I've seen several foreclosed homes over the past year in the $50,000 to $90,OOO range in my geographical area that seem acceptable.
If housing prices were to slide down considerably after I were to purchase such a home, is there any way I could protect my home's purchase price, in the $50,000 to $90,000 price range, from eroding by having some type of mortgage or other contract drafted or some type of insurance taken out at the time of the home's purchase?
Thank you greatly for any direction.
As so many millions of homeowners found out for the past six years, Mike, there really is no way to insure the valuation of any property you may purchase. You really should be out doing research to find the property that suits you best . . . before you buy. Any house you buy will be subject to the economics of its region. For example, if you were to have purchased a house almost anywhere in the Washington D.C. area during the past six years, you would have found very little drop in house valuations.
But you would have had to originally pay 5 to 10 times the price you are looking for now . . . at least. The economics of the D.C. area is propelled by the politics and law professions. That's what I mean by "economics of its region." Do you have such a powerful economical situation going on in your area of Tennessee? I think you get my point. I do wish you well in your new business.