DebinCA

Thank you all for the great responses. Based on your very adamant replies I am going to get an inspection. You made some great points and it'd be silly at this point to just 'trust' the builder. - Fri Feb 22 2008, 12:25

John, yes Los Angeles is extremely over-priced compared to other areas. Why? One reason is because people want to live here. You're recommending people not purchase a home for 3 or 4 years? That's a lot of rent, and no tax benefit. Anyone that lives here knows the rental prices in LA , especially on the westside, are very high and continue to climb. No one has a crystal ball to tell them the future and I do think prices will level out some here, but I don't think the bottom is going to fall out like you seem to be suggesting. But, we're all entitled to our own opinions and this is just mine. I'm not an expert on the real estate market. - Thu Feb 21 2008, 12:40

Wow, Perry, thanks. I always read the questions and answers about foreclosure/REO properties and I think your answer has been the most straight-to-the-point so far. I just went through a frustrating short sale (I didn't get the property) and now I wonder if the bank was waiting/thinking I'd put in another, higher offer. It was a horrible experience and not one I'm eager to repeat in the near future. This 'first timer' just doesn't have the nerves for it. And the "bad energy" statement couldn't be more spot on. Thanks! - Thu Jan 10 2008, 22:46

Carefully weigh the value of the property vs. your sanity. I was in second position in a short sale and it's been nothing but frustration in dealing with the less than stellar listing agent. The lack of communication we (me and my agent) received is staggering. I know with deals like this you are at the mercy of the bank, but this particular listing agent was horrible! We had to beg for updates and the escrow of the first party was supposed to close on Jan 3 and we just heard back today (Jan 9) that it looks like it will close today. I sent an email off to the agent's broker and GM stating my frustration of dealing with an unresponsive agent and the GM wrote back a glowing review of how wonderful and professional this particular agent is (not that I expected anything different). However, it took all that just to get a very short, one sentence email from the listing agent that all contingencies were removed today and escrow should close.

So, is this unusual? I don't know, but tend to think not. Dealing with REO and short sales are a pain for everyone involved and one needs the patience of a saint to go through the process.

I got the feeling that this listing agent felt it was beneath her to deal with a short sale. Again, could be that I just had a really bad experience - but I'd really think it over before going 'there' again.

Good luck! - Wed Jan 9 2008, 16:09

I'm offering my advice as a fellow buyer - and I agree that you should get yourself an agent! I know I wouldn't want to navigate these pesky, ever-changing waters of the real estate market by myself. Follow Jim's advice and find someone to work with first thing in the morning. If you're truly interested you don't want this opportunity to pass you by. Good luck! - Tue Jan 1 2008, 21:47