Elizabeth Weintraub

Hi Mylinh: It sounds like you would like reassurance that the price you paid is fair. You really don't need to get an independent appraiser for that. Given the recent tightening of lending guidelines, it is unlikely that your agent is in cahoots with the appraiser or lender. What you might do is ask your agent to print out what we call a CMA two-liner of all the comparable sales in that area within specific boundaries for the past three months. Then you can look at the statistics yourself. - Wed May 14 2008, 15:52

Having not seen the home myself, it's hard to say. What did your agent say? How did you arrive at the price? Was it an REO or short sale? Bear in mind that if you are getting a loan, the lender will send an appraiser to appraise the home. If it doesn't appraise for the price you are paying, you can then renegotiate with the seller, providing you have an appraisal contingency in your contract. - Wed May 14 2008, 11:10

I refer clients to Delta Property Management, like Jillian, and I also refer them to Homepointe. Both seem reasonable and do a good job. I've heard no complaints about either of them. You can look them up online. Just Google them. - Wed May 14 2008, 11:12

I don't have any success stories concerning a 203K but I do for a Streamline K. The latter is easier to get, doesn't involve inspections and, if you are qualified, you can do some of the work yourself. Google Streamline K. - Tue May 6 2008, 19:03

Hi Rob: We can't touch "family communities" either. It's discrimination. The seven protected classes are: Race
Color
Religion
National Origin
Sex
Handicap
Familial Status

As Mr. Tepper so kindly pointed out, you can do much of this "research" on your own. Then narrow it down to the neighborhoods you want. There is nothing wrong with telling an agent, "I want to live between X & Y Streets and E & W Streets." We can search on those parameters, and we can find homes that fit your specifics, but we can't actively look for homes that address any of the protected classes.

I realize this might make you feel frustrated, because you're most likely thinking if you can't get this information from an agent, who can you get it from? But the truth is an agent can have his or her license yanked for providing this information, and if you find an agent who will do this for you, you're dealing with a person who doesn't understand or doesn't care about breaking the law. And I don't think you want that kind of representation. - Mon May 5 2008, 18:08

Whoa. I'm not touching this with a ten-foot pole. See, the problem is real estate agents can't address your request of ethnicity preferences or we would violate the Fair Housing Act. I'm sorry. - Mon May 5 2008, 17:18

I was out showing a ton of REOs this weekend in College Greens and Rosemont. I've noticed that many banks are now putting in brand new stoves and new carpeting. Banks are also giving buyers incentives. Many REOs are receiving 16 to 20 offers. Of course, these are the hot properties in desirable neighborhoods. If you want to make an offer, I would pay more attention to the days on market and surrounding comparable sales than the list price. Adjustments to pricing are typically made at the 30 - 60 - 90 - 120 day marks. Why not come in a few days before that time period and make the offer you want to make? Where are you looking that you've having such difficulty buying a home that's not selling? - Mon May 5 2008, 13:15