Jessica Beganski

I am familiar with the property you're referring to. The value depends on what you're intending to use it for. If you keep it the way it is - a medical office and one apartment - the value would be one thing versus converting it to two apartments or converting it all to office space if it's allowable.

First, check with WH to make sure you can what you want with the property, if you want to change the use at all. Then, I'd hire an appraiser. - Mon Jul 21 2008, 14:05

The home seller pays the commission to his/her agent who then pays half (usually) to the buyers agent. In order for the buyers agent to receive any commission, you would have to have a contract with that buyers agent. If the buyers agent agrees to give you a rebate from that commission, then you can certainly get a rebate.

Just make sure you get the buyers agent before you submit an offer. If you submit an offer directly to the sellers agent, you may not be able to bring in your own agent - you may have to settle for the seller's agent or another agent in their office. - Fri Jun 20 2008, 13:29

Using an internet site is a good starting point but for an interpretation of the data, you should call the local police department.

I know that when I bought a home in an area that seemingly had higher crime than the rest of the town, I called the police department who explained that most of the crime was against businesses - not against people - in that area because the property was near a very busy commercial area. And the crimes were mostly petty thefts like shoplifting. - Thu May 29 2008, 09:54

The appraiser is looking for the best available. In your case, they might look at colonials in the same town but different school district. Preferably same time period built, similar square footage and features but they will also adjust if they can only find a 3 bedroom cape with a 1 car garage if yours is a four bedroom with a two car garage. Appraisers will generally only look at last 6 months but will note if they had to go farther back. - Wed May 21 2008, 09:08

Maria,
It sounds like you want to and need to sell and therefore, a short sale may be your only option if the property is worth less than what you owe.

Was the bank even willing to do a short sale? And to answer your question about your credit - it depends. Your situation is a little more complicated because if you sold the rental for $190,000, you would be able to pay off your 1st mortgage but also have the HELOC on your primary residence.

I strongly urge you to contact a Realtor who can guide you to a person who is a short sale specialist. There are several things you would need to do and between your Realtor and the short sale specialist, they can best guide you.

I understand you don't want to deal with the property any more but perhaps using a Realtor or property management company in the short term would be able to ease the financial burdens you're facing by getting the other unit rented ASAP. You can still work to get it sold but in the meanwhile, you have tenants. - Mon May 19 2008, 07:43