Dianeconaway@remax.net

Absolutely! See my answer to your other question. I worked for builders for 10 years before switching over to residential resales.

Diane Conaway, RE/MAX United, (760) 749-2888 - Yesterday, 19:14

Hi Robert,
I'll let the lenders online here answer your loan questions. Did you know that you can have buyer's representation when working with builders? Be sure to take your Realtor with you on your first trip particularly if there is a sales office. A buyer's representative can negotiate on the price and other options/ upgrades on your behalf and structure the offer for maximum protection for you. If given a choice the CAR Contract is usually better for the buyer than a builder's standard contract. You should be able to negotiate strong with a builder in La Costa. Good luck! - Yesterday, 19:12

I'm more confused. Is your offer being reconsidered? Your agent can see how much they owe by the online tax records. If they vacated 4 months ago it sounds as if the the trustee's sale is about to take place. If so, the listing agent doesn't have a listing any more and the bank can't negotiate because they don't own it yet. If true, it will be coming back on soon as a bank owned (REO) property with a new listing agent with whom your agent will have to resubmit the offer. A short sale would have to be approved by the sellers and then the bank. An REO only by the bank because they now own it outright but be prepared for what happens next. The banks are pricing them low to go and most have multiple offers right away for over the listing price! It's a tough way to be a first time buyer but you'll get a good deal if you persevere. Be sure to get a professional home inspection! Good luck! - Thu Aug 14 2008, 20:27

With only an hour from the time you submitted to the time it was taken off the market I seriously doubt it had anything to do with your offer to the lender. If it is early in the short sale process it can take 30-45 days before any one with authority responds to the offer. If it is late in the process it is possible that the listing agent has a direct line with the negotiator but virtually impossible to get any meaningful response withan hour. More likely that the seller had been in discussion with the lender and may have more hope of keeping the home. Although you overbid the short sale price, you didn't indicate what the seller owed. That could be an important clue although with whether they've been given a Notice of Default or if they're far enough along to have received a Notice of Trustee Sale. It's also possible that they are so far along that they realized the lender wouldn't postpone the sale. All just guesses without more clues. What did your Realtor find out? Short sales are tough and frustrating. Either be the last one in with an offer after the bank has accepted other offers and the previous buyers bailed out or have greater chance of success with a bank owned or regular (not short or bank owned) home that is competitively priced. Good luck! - Thu Aug 14 2008, 19:48

Hi Tina,
Most people generally feel it is best to buy a single family home vs a condo if there are funds to do so. Your down payment is adequate to get cash flow in a lot of areas. I have buyers who are investing in condos near colleges such as SDSU where you can get a very nice one bedroom for $95k or 2 bedroom condo for about $130k. You could buy 2 with your downpayment! You could have a nice 3 bedroom home in parts of North County for $300,000. Rents of about $1700 per month would pencil out nicely. You could also have condos or a house near Cal State San Marcos. I do property management in North County and the fees quoted below are accurate. You have lots of good choices! Good luck. - Mon Aug 11 2008, 18:47

Hi Wayne,

Step 1 is getting preapproved for the financing with a well known, respected lender, bank or credit union.
Step 2 - Interview a couple of local Realtors who specialize in helping buyers. When you find one that you click with and you feel can guide you through the process, jump in with both feet. The transaction can easily be done with you out of the area. If you have specific questions, just ask! My husband was a corpsman at Pendleton. That's what brought us out here 28 years ago! - Mon Aug 11 2008, 13:12