Thom Colby

It looks like this property sold on 10/10/08 . There are plenty of others available! - Sun Nov 16 2008, 18:40

You've already talen the first step by setting a timeframe when you will be buying. Make sure that you keep your credit in good shape. DON'T obtain new credit, DON'T buy a car, or any other big purchase. Also, don't close credit accounts that you have had forf a long time. Long established credit accounts are a big factor in determining your overall credit score. Save as much money as you can for your down payment and closing costs.

When you are ready to start looking at properties, contact a REALTOR who lives and sells in the area you want to buy.

Hope this helps -

Best of luck,

Thom Colby
949-887-5500
thom@thomcolby.com - Fri Nov 14 2008, 20:41

Brandon -

It sounds like there's a lot more going on than just buying a house together but I'm here for Real Estate questions. In my opinion, it does not matter whether you are married, single, engaged, widowed, divorced or whatever. If you want to buy property seek advice from the people you trust in your life most. The other issue is; who is buying the house and with who's money, and finally how will Title be taken.

If the property is being purchased using primarily one person's money and title is being taken in both names, it will be community property. By the same token, the property could be purchased using that person's $ and Title be taken as that person's "Sole and Separate Property" - sort of like a built-in "pre-nup".

I strongly advise you to seek Legal Counsel and Financial advice even before you start looking for property.

Then, when you do start to look, get a great Realtor to represent you.

I wish you the very best as you move onto this next chapter of your life !

Cheers,

Thom Colby - Tue Nov 11 2008, 19:38

You do not have to "get married". Talk to your Realtor and the Title Company they will advise how to take title. - Mon Nov 10 2008, 18:48

Hi Animal-

In California, if the contract was written on the standard C.A.R. form "RPA", and the buyer has not removed the contingencies, they can walk away - - PERIOD.

I'm going to be blunt - you need to move on QUICKLY - it sounds like the parents have the money and are not going to budge - or they all have buyers remourse. These buyers are NOT going to buy your house and, everyday you delay cancelling the escrow is a day your house is not sold!

Cancel the escrow, and (if you want to keep this Listing Agent) ask them to return your listing to "ACTIVE" in the MLS. Make sure the MLS listed price is what you are truly willing to accept so you can get some good offers. Also, REQUIRE that all buyers are fully pre-approved, have proof of funds to close escrow (in their name), FICOs in the very high 780+, etc. This is NOT the time to delay the inevitable. Your goal is to sell your house. This is a business transaction and the Realtor is your best resource.

Best of luck !

Thom Colby
Broker
949-887-5500 - Mon Nov 10 2008, 18:23

Animal-

This is when your Realtor earns their commission - by guiding you through these issues. Make sure you are engaged in discussion with your Realtor.

Now my .02 - If the buyer has not removed their appraisal or loan contingency and the property has not appraised for the purchase price, you really only have two choices - meet the appraisal price or mutually cancel the escrow. Having said that, make sure you and your Realtor have reviewed the comps on the Appraisal and verified the comps used were appropriate. Another appraisal might not work because 1) lenders are not accepting appraisals other than from their "approved appraisers" and 2) lenders are reducing the value of Comps by 1% per month since their closing date.

So, for example if a comp closed on October 1st for $100,000 and the appraisal was done today, that comp would be reduced to $99,000. Each month it will continue to be reduced by 1%. Likewise if a comp closed 3 months ago your comp would be $97,000. So in essence lenders are taking prices down on average 1% per month - can you continue to lose 1% every month your property does not sell?

Talk to your Realtor -

Best of luck,

Thom Colby - Sun Nov 9 2008, 21:13