David Foote

The information is only as reliable as the agents inputting the data on to the MLS data base. About 60% of the agents only post the school district (#203) and not the name of the grade school. Most of the internet web sites for home listings do not offer this specific search criteria. If you find one that does, then you will only get about 40% of the total listings available (those listings where the agent has posted the name of the shcool). Also, most internet listings stay active on the internet until the sale is complete, so you will have about 20% of the listings you call on already being under contract. The MLS is that a Realtor has available is going to be the most accurate, and a map search AND a school name search will have to be conducted to get the "ALL" the available homes for you. A good Buyers agent can help you. - Thu May 15 2008, 15:54

Just as in any other industry and profession, there are good practioners and there are some really bad ones. Unfortunately you got on the wrong end of the spectrum. All the advice by the other agents here are very good and valid. I would add that perhaps you should inquire about the brokerage firms minimum service guidelines AND then ask the agent about his/her personal marketing outline for conducting business. The firm should have some minimum standards. The agent should be able to improve on this with their own expertise and personal marketing. Shop firms and perhaps interview several agents from each firm until you feel you are going to get the best service and productivity once your current listing expires. When you have something in writing regarding minimum performance duties and marketing guidelines, then you have a contract to hold the agent and the firm accountable to...and potentially grounds for breaking the agreement if they don't perform. Unfortunatley, as some of the other responces have said, there are some things you can control and some things you can't. If there are no buyers in the marketplace, the home just isn't going to sell. - Thu May 15 2008, 15:22

There are 3 levels of "pre-approval". Years ago we had a pre-qualification letters as the 1st level. Here the approval is based on your word with the loan officer about your ability to qualify for a loan. This is the weakest "approval". The 2nd level for a pre-approval is where the loan officer has taken your verbal information and has at a minimum, checked your credit scores. This level of pre-approval has a little more weight to it in which to negotiate your seller down in price because you are a "qualified" buyer. The 3rd level of pre-approval is sometimes called a "commitment Letter". Here, your employment status has been checked and verified, bank accounts and liabilities have also been verified, and a a commitment letter is issued subject only to a signed sales contract, revirification of employment and credit status, the home to buy has a good appraisal price and perhaps some other miscellaneous criteria. With the 3rd level of pre-approval you have the most negotiating power to talk the price down with the seller.
Make sure that you get a "Good Faith Estimate" for the loan you intend to take out so that you know how much cash you will need to close or perhaps negotiate the Seller to pay those costs. Once you are armed with accurrate information about your financial wherewithall, and how much you can put as down payment, then you can decide how much you can afford to pay for a home. You then negotiate to that number. As some of the other agents have suggested, you want a life after your mortgage. Just because a bank says they will lend the amount, take a good look at the monthly cost for the loan, taxes, insurance and association dues....then look at your grocery costs, utility costs and you recretion/social calendar costs. If you have money left over, sock it away for that rainy day emergency fund. If your figures come up short, then perhaps you should consider a home of lesser price. Work with you realtor to advise you along those lines and good luck. - Thu May 15 2008, 14:29