TRISHA LEE

Jonathan -
The time and effort you take now to straighten out your credit will give you a big payback in the future. Talk with a professional to see what your options are and what the most important and fastest things are to do to improve your score. I also agree with Michael that the 5.1% sounds like a teaser rate or an ARM (adjustable rate mortgage) and you should fully understand those kinds of lending vehicles prior to making a decision.

An ARM has a lower rate at the beginning and can go up dramatically over a relatively short period of time. With the number of houses on the market you might be able to lease something if it's not selling and get out of your apartment. Remember, leasing a house is different than renting an apartment. You may be required to maintain the home (mowing, etc.) and there isn't anyone on premises to fix things immediately. Make sure you understand all the ramifications of the lease (read the fine print).

Good luck.
Trisha Lee REMAX Boone Realty
Columbia, MO (573) 999-1000
email: TrishaLee@Remax.net - Yesterday, 11:49

Claudia -
It probably is just coincidence but I'd check with a local REALTOR that really knows the area if you're looking to purchase. There could be some reason (leak in the lake if it's man made, some kind of adverse commercial or residential development that is going to be built in the future, etc.) I'm not familiar with Keller but I am from Texas. There, as in all lake or waterfront properties (ocean), is a season for selling. It people are looking at that area as a second home or a lot of retirees are looking to relocate because of the amenities, then they have a tendency to look when they're on vacation which is often during the summer months. This has been the case in Florida for a long time where they talk about the selling "season". People come from the north where they're facing ice and snow, see wonderful weather, blue skies and breezes and buy.

Since you're talking about "Hidden Lakes" that might be the case there as well. Anyway, contact someone who's really familiar with that particular area and try to find out if there is something else afoot before making any decisions. Good luck.
Trisha Lee REMAX Boone Realty, Columbia, MO - Mon May 12 2008, 17:36

Cody -
You didn't talk about when you did these mortgages. Would refinancing help you? Talk with a mortgage consultant to see if there are other options for you. Currently I don't know of any program that would allow you to carry the mortgage from one property to another (if that is the question you were asking) so selling and buying a lower priced home would not help if you don't have the money to come to the table and pay what you owe at closing. Keith also pointed out a few other things that might apply like the tax implications, commissions and closing costs.

This is the time to talk with professionals in your area (mortgage, financial planning, etc.) and see what your options are but it doesn't look like selling would be in your best interest at this time.
Good luck and wish I had a different answer for you.
Trisha Lee - Mon May 12 2008, 16:14

Jeff -
You should contact your tax professional as that greatly depends on how you file and which property you choose to claim as your primary residence.
Trisha Lee Columbia, MO 65203 - Sun May 11 2008, 11:14

Dear Zenilde -
30 days is really not a long time for a house to be listed. The average listing time for houses in our market is 90+. That means some sell quickly and others are there for 6 months or more. If the house has issues it will be on the market longer. The more people a house appeals to and the better shape it's in, the faster it goes.

The answer to your question about offering a lower price is really ...it depends. If the seller is not highly motivated to sell they will entertain all offers but only accept one that fits their needs. If they ARE highly motivated (moving to another state for a job, about to lose the house in foreclosure) they might accept something much lower but the only way to really know is to write an offer and see what happens.

I highly recommend (if you're not already doing so) that you work with a REALTOR as a buyers agent who knows your area and can pull comparable sales from the last 3 to 6 months. That should give you an idea whether the property is accurately priced or not. If you don't know a good REALTOR, please contact me and I'll give you the name of several that are highly qualified and know your area. You could interview them and choose one that you'd be comfortable working with.

Having a REALTOR work with you as a buyers agent is a great way to go because:
1) you hire them to be your advocate and watch out for your best interest, someone to be in your corner
2) the listing agent represents the seller and is watching out for THEIR best insterests
3) the commission for the buyers agent is paid by the seller so it doesn't cost you anything to be represented and protected so why WOULDN'T you use a buyers agent
Purchaing a home is probably the most expensive and important financial decision you'll make so you ought to look for a professional to help you make the best decisions. Remember, not all real estate agents are REALTORS and not all REALTORS are created equal. You'd check out the doctor you'd go to and you ought to check out your REALTOR as well.

If you'd lie to contact me for recommended agents, my information is below.
Trisha Lee REMAX Boone Realty, Columbia, MO
ABR (accredited buyers representative) GRI (graduate realtors institute) CRS (certified residential specialist) e-PRO (real estate internet professional)
(573) 999-1000 (cell phone)
TrishaLee@Remax.net (email) - Sat May 10 2008, 10:00