Maria Morton's Q&A

This house was listed @ 154 on 7/24/2009; had a contract on 8/11; closed 9/28. Sold price was 151,400. Does that answer your question?

First of all, Zillow estimates are a great place to start but they are often not enough to properly price a home for sale on the open market. You are probably on Zillow because you want to avoid Realtors but a Realtor is who would be able to evaluate your home, tell you what it might sell for today, how long it might take to sell, go over your mortgage info, help you figure out where and when you want/need to move and then see if there is a way for you to do what you want to do. Maybe you can get what you want; maybe you can get what you need; the only way to know for sure is to get a professional opinion. When selecting your realtor, beware of the ones who try to buy your listing by offering a discounted commission or telling you what you want to hear instead of what you need to hear. You need someone who will tell you the truth.

The EMD and  Letter of Preapproval are normal parts of an offer to purchase. The Inspection Period is defined in the contract. The seller has the right to counter terms and price. Since you say they aren't even going to look at your offer unless it's full price, it makes me think you're buying a bank owned property. Your agent will need to work extra hard to communicate with the seller if it is a bank.

No, you do not need an agent to buy. The seller's agent can write the contract for you. Of course, s/he represent the seller so this may not be advisable. Buyer's Agency was created so that buyers would have the same rights of representation as sellers. Will an attorney suffice? Maybe. Generally, attorneys handle contracts. Some will do negotiations. Few will be able to recommend inspectors.If you use a realtor, they will manage the entire transaction from the initial offer to purchase through closing, providing you with their best advice and opinion at each step.

I'm not sure what you mean by "independent." There is a national organization of Realtors who specialize in Buyer's Representation.It is called the Real Estate Buyer's Agent Council. REBAC

I don't think you need to go through a credit repair company. Ask your agent to recommend another lender who can help you with improving your credit score. There may also be local programs that would process a loan for you now - that will depend on your locale, your income, possibly your profession and the property you are trying to purchase.

Will you be paying cash, or will you be financing part of the purchase price? If financing, where are you working? What is your annual income? Do you have a credit history? What is your education history? There are 19 year olds who have bought homes. There are 19 year olds who have completed higher education. There are 19 year olds with lucrative jobs who can be considered a good credit risk. There are also 19 year olds whose family has an excellent reputation, rapport with the local banker, and/or the ability and desire to co-sign a mortgage. Talk to a realtor about your desire to own a home. If it can't be done right away, you can at least develop a plan of action so that you can buy one in the next few years. Good luck!

Just tell your agent why and when you need to extend. If the sellers agree, an amendment can be added to the contract. Your agent will inform the lender and the title company.

That's a tough decision, coliron. Since none of us know if congress will extend the credit and include more than first time buyers, you may have to decide how long you want to wait for their decision. Doesn't congress usually take off for a while around Christmas?

Most counties will have a list of properties on their website. Also, they have to publish in the paper. The website should have instructions on registering and the bidding process. Find out how long the right of redemption period is before bidding.