Ted Shoop

I am not an attorney, Sharon, nor do I know the specific language contained within your particular purchase & sale agreement. I strongly recommend that you seek professional legal consultation on this matter. If I had to guess (based on what limited information that you have furnished), I would say that you could be at risk of not only losing your deposit but potentially be at risk for default and additional damages. Again, seek professional legal advice on this matter ASAP. You'll be glad that you did. - Wed Feb 20 2008, 17:48

Hi John,

It has been my experience that most (if not all) banks will not work directly with a home buyer or investor. They prefer to have at least one agent (either representing the seller or the buyer) in the transaction to ensure that certain disclosures are made and proper protocol is adhered to. Because of the overwhelming number of case files each loss mitigator is handling these days, the short sale package must be complete when submitted along with the offer to stand a reasonable chance of being looked at and seriously considered.

I firmly believe that both home buyers and home sellers deserve representation. The banks usually will not have a problem paying brokerage fees, although they may attempt to negotiate a lower rate with the agent(s).

The best advice that I can offer you is to find a full-time Realtor in your area of interest who is familiar with the short sale process and commit to working exclusively with that agent. Not only will they be able to share vital information and apply their expert negotiating skills but they also know how to effectively interact with listing agents and/or the seller's lender. - Wed Feb 20 2008, 17:41

Welcome to Georgia, Joel. Many of my fellow real estate pros on this posting have already given you some excellent advice, recommendations and resources. You may also want to consider the Buford City Schools in Buford GA since they are also some of the best in the state. Do not overlook the possiblity of sending your children to private schools as well. Based upon what limited info you have provided, may I suggest Suwanee GA as a possible place to call home? I would be delighted to share more with you on this subject if you are not already committed to working with a buyer's agent. The Atlanta Business Chronicle puts out an annual school guide that you may find useful. As a free service, my team can prepare a relocation package full of helpful information including a copy of the most current school guide. Just send us an email or give us a call. Warm regards - Ted - Fri Feb 15 2008, 19:10

Jesse, I am a licensed Realtor in Georgia. Since I am not an attorney, I cannot provide legal advice. I strongly recommend that you seek professional legal advice. Based upon similar situations that I have encountered in Georgia, you could be at risk for more than just the earnest money due to your default (although it will depend on the written language contained in your contract). Again, do not wing it or take chances. Find a good real estate attorney who you can consult with on this matter. - Fri Feb 15 2008, 18:59

You are absolutely entitled to ask questions (and you should). Just bear in mind that your buyer's agent is dealing with a bank (not an individual seller). They have a way of doing things (i.e. their way) when it comes to the sale of REO property (Real Estate Owned) that is different than short sale or when dealing with the prior owner-occupant. Ask good questions, get inspections, and be prepared to wait for answers. They may never come or they may take weeks or months. Patience is definitely a virtue a buyer must have when purchasing these types of properties. Hopefully, the price you paid will make you feel good at the end of the day. Best wishes - Ted - Mon Feb 11 2008, 15:08