Ed McNamara

It depends on how long you think you are going to live there. If your occupation may call for you to relocated in 3 to 5 years - it is not a good idea. If you know, without a doubt, you will stay in your home for 7 to 10 years you are probably OK. Be careful about using other subdivisions for comparison. Just because homes a half mile away are selling for over $200K does not mean those same buyers will want to live in a subdivision with 5 or 6 home elevations. Ideal Homes can build a decent home. However, like many large builders they save money by keeping their home designs to a minimum so the framers and other trades can build them faster with fewer problems. If you are dealing directly with the builders representative PLEASE have someone review your contract (attorney) and an engineer review your plans. $175,000 for a 1900 sqft is $92 per sq/ft. Subtract the lot, which is at least worth $35,000, and that works out to $73 per sqft. The big question is how do the upgrades compare to other equally priced homes. How many other new (completed) homes priced between $165,000 and $185,000 have you looked at to compare trim, applicances, countertops, fixtrues, lighting etc? How is the lot? Is there more than10ft of land behind the home? There's a lot to understand when buying a home to be built. - Sun Nov 16 2008, 17:40

You really need to contact a real estate attorney. Are you saying the Realtor told you to stop paying your mortage while he/she was trying to get it sold? When you were served the foreclosure notice did you read the document and follow the instructions for advising the attorneys of your intentions? Were you notified of the date and time of the foreclosure sale? The only way I know of to stop the foreclosure process is to bring your mortgage current or sell the property. Once your home is sold at the sheriff's sale you have a few days to redeem the property. I've done plenty of short sales and have closed on properties after the sale but before the confirmation. If you are being offered cash for keys the court must have confirmed the sale and title has passed to the lender. - Thu Aug 21 2008, 20:18

First. let me start by saying there is no set or "normal" commission in real estate. The commission is negotiated between the listing agent/brokerage at the time the listing agreement is signed. The listing agreement specifies the seller is aware the listing brokerage will compensate a selling brokerage for bringing a qualified buyer and closing the transactions. We have become used to the title company making commission splits transparent. In reality, the listing brokerage pays the selling brokerage, not the seller. I disagree that the buyer pays the commission and that commissions are built into the selling price. If that were the case, FSBO's would always sell for less. If a buyer hires a Realtor/real estate agent to assist them in finding a home the buyer brokerage agreement may specify a fee paid by the buyer if the buyer does not ultimately buy a home from the agent. There are many examples of buyers using a real estate agent to look at several homes and then buying directly from a builder or FSBO. The buyer brokerage agreement specifies the conditions in which a buyer may be responsible to pay a real estate agent. I make it very clear that a fee will be paid if I show homes and the buyer ends up closing on a transaction that does not offer a commission or uses another real estate company. - Wed Aug 13 2008, 05:36

I don't think your lender will allow a short sale if you are current on your mortgage. A good starting point is to request a short sale package from your lender to see if you qualify. Typically you will have to provide tax returns/W-2's for the past two years, three months bank statement, 30 days pay stub, a very detailed budget showing your monthly cash flow and a hardship letter explaning why you need to do a short sale. - Sun Aug 3 2008, 17:45

Most REO companies have a website you can sign up to provide BPO's. There is a lot of competition and BPO's may only pay $50 to $65 each. In our area a lot of the information required in the BPO is automated but it still takes approximately 2 hours to complete the BPO. Not much money in this work. Once you provide a few BPO's you'll receive a score (speed in responding andf quality of BPO). The higher the score the more work you'll receive. REO listings can be a tough business. The company I receive listings from require I fund all work upfront and takes about two weeks to reimburse invoices. I've had several thousand dollars in invoices pending. I worked at a Century 21 office that had the all the HUD listings for most of the state. The broker/owner had 20+ years experience in real estate and went all across the country attending meetings/seminars getting her name out as a REO specialist. It's big business - her office closes a lot of properties and in my opinion she works for every penny she makes. Keep in mind most REO properties are problem properties. I just lost a battle with the city and one of my listings is scheduled for demolition. I've spent a lot of time on this property and in the end will not get paid. - Wed Jun 18 2008, 06:20