Michael Rizzo

The short answer is to first have a realtor do a good estimate of value on your house in Laveen. That realtor must show you not only where the market was a 2 or 3 months ago, but where its headed. Try to stay away from the "I think" agents. Have them provide you with the hard statistics and you'll be able to make your own decision. If you can get enough to buy a house in the east valley, then your decision is easy. Likely, you'll need two realtors to represent you, one on the listing side and one on the buy side. The two locations are too far apart to expect an agent to be capable of expertly representing you in both areas. That's why I wouldn't take your listing in Laveen, but would be happy to represent you in your purchase in Tempe or Chandler. This is a fantastic time to buy even if the market drops a little more. If you're going to be in your new home for 4 or 5 years, I would bet that any coming depreciation will be more than made up for in a few years. The long and short of it is.....if you wait, your house value may continue to drop and you'll have to wait for it to recover. When your property recovers so are the ones in Tempe and Chandler. You have severe competition with new home builders in Laveen where this is not the case in Tempe and north Chandler. I'd suggest that you formally gather your facts and then make an educated well-informed decision based on fact and not emotion or opinion. Call me if you need an expert in the east valley. - Thu Jul 24 2008, 07:37

Luckily, you are currently on a month to month lease since your original lease expired in March of 2008, assuming your lease was for a year. A simple 30 day notice will get you out of the house. Unfortunately, I doubt your deposit will be returned, not because you don't deserve it, but because its likely in the hands of someone who is not making their mortgage payments. I had a client who was in the exact same situation as you. What I found is that AZ has no safeguards for renters of foreclosing properties. Renters are basically not protected. The bank can't rent you the property after they foreclose because they are obligated to get the property off their books. They are not obligated to give you the refundable deposits because they never got them from the previous owner. Your only recourse to get your deposits back is to take the owner to small claims court. Even if you win, you have to figure out how to collect. I doubt the owner will cut you a check as the gavel is struck. As for showing the house, have the listing agent put the property manager's number on the listing, then have the property manager contact you for the showing. Your obligation is to the property manager for allowing entry, not the listing agent. This will make it more difficult to show since property managers are generally slow about most things. Also, property managers generally don't work on weekends so its unlikely that you'd be called to set up a showing. Lastly, stick to your 48 hour notice right. This all may sound a little harsh, but keep in mind that you shouldn't have to give up your rights when your landlord is putting you thru the ringer with no compensation for the trouble. - Thu Jul 24 2008, 07:12

Another fantastic area to think about is called Solera in the East Valley. Its a wonderful golf community with activities galore. It has two pools, spas, tennis, golf, computer lab, library, ballroom for dances and plays, gameroom, and the list goes on. They also schedule lots of trips to casinos, shopping, etc. The houses are very clean and open with all the bells and whistles. Another benefit is that there are a lot of year-rounders in the community. My mother lives in Sun City and she's the only one left on her cul-de-sac from April to November. Nothing like having neighbors around to visit with. If you are interested in East Valley communities, give me a call. - Thu Jul 24 2008, 06:38

Paula, I feel for you and your situation. What you are referring to is what is known as material facts. You say the agent knew there was damage, but did not relay that to you. How do you know she knew? In any event, she may be liable for your losses. I'd suggest contacting the AZ Department of Real Estate and seeing if you have a legitimate complaint against your agent. There is a fund that all agents contribute to every year that is used to right wrongs. You need to be very factual with no emotion. If she did indeed know about damage to the property and did not relay it, she could be in trouble. I'd also ask why your professional property inspector did not find the damage. Hopefully, you didn't do the inspection yourself. I would never recommend you purchase a used car without a professional looking it over, much less a house that is 30 or 40 times more expensive. Anyway, good luck and I hope it all works out. - Mon Jun 30 2008, 14:07

I can think of only three reasons why you don't want to have representation... 1. You didn't get your money's worth in a previous transaction and felt cheated, or 2. You don't understand the process and who actually pays for your representation, or 3. You like to live life on the edge by going it alone. Unfortunately, there are tons of bad agents, not to be confused with realtors. They are not the same thing as many people think. A realtor has to abide by the ethics policies and standards of the National Association of Realtors. You obviously feel that the only benefit that an agent could give you is the MLS, and since you have access, you don't need an agent, right? Actually, if you have access to the MLS, let me know how because our fees are going up this year by 50% and I'd like to cut my costs. I'd be happy to give you full service, an MLS-like search engine, and you might even be eligible for a rebate under my rebate system. Best of all, you don't pay me a thing. Feel free to visit my website at http://www.TheMbaTeam.com. 2. You don't need to pay for anything in a buying situation, unless you want to pay for represenation. That's up to you, but most buyers opt for the seller to pay everyone's commission. 3. There are so many things that can go wrong in real estate and unless you are up-to-date on all the rules; you could get yourself into trouble. We live in a "sue everyone" society, so why take a chance. Why not let the realtor assume most of the responsibility to make sure the transaction is done perfectly. Anyway, I wish you the best of luck in whatever you decide. Its a great time to be a buyer. Interest rates are on the rise so I wouldn't take too much time in looking. Buying the same house tomorrow vs. today can cost you thousands in interest alone. If you end up choosing someone to help you thru the buying process....make sure they are seasoned and are up-to-date with the latest in real estate. Just because someone has been in real estate for 30 years doesn't mean they know what they're talking about. Real estate changing so fast and in this market, you simply have to know the numbers and where the market is headed. - Sun Jun 29 2008, 10:47

Let's put it this way....most will tell you the official answer is NO, but most do. There seems always to be something wrong with the property that doesn't match the buyer's criteria, if you know what I mean. Most agents also hate to deal directly with the seller because they are fearful the seller will not know real estate well enough to ensure there are no missed deadlines, or the transaction gets messed up due to the seller's lack of knowledge. I'm one of the few that is not subjected to this decision. I am formally employed by my buyers and my pay is 3% of the purchase price. In most cases, the seller pays this fee, but sometimes the buyers make up the difference if the buyer's agent compensation does not come to 3%. The buyers will then reduce the price of the house they are buying by what they have to pay me. So, in effect, the seller is paying the commission no matter whether its the traditional full service, or the flat rate as you suggest. The buyers are never willing to allow the seller to keep the commission he's not paying. Most flat rate real estate companies are struggling in this market and I'd caution you to think hard before trying to sell your home on your own. Real estate agents are way more valuable than just putting your house on the MLS. - Sun Jun 29 2008, 11:24