You want to make sure you do business with someone you can trust and connect with on a business level. This agent doesn't sound like someone you connected with or trusted. I would have suggested you either by phone or in person, interview at least 3 agents. You will get a feel right off the bat with someone you can trust and learn from. Sorry you lost the house. It'll happen when it's meant to be. Good luck Noobie..
Once the person becomes a "buyer", then they have already thought about the whole home buying decision. I agree with everyone that says they should get pre approved. That is the first step for a buyer, period!! The world is an ever changing experience and technology just magnifies that aspect. The buyer must understand that they are going to be faced with many decisions and many different options. The home buying decision is most likely going to be the biggest and most financially impacted step in that person's life. Be a good realtor and guide them through the whole process one step at a time. Be careful, don't be pushy, be honest and respect all their decisions.. Good luck.
It all depends on what you can get out of the refi, how much you need for the new purchase, and whether or not your payments combined are do able incase the renter defaults or moves out and it stays vacant. We really need more info to give you any more detailed answers... Good luck.
Travis may be right with the 7-10 years. When business was good I figured more along the lines of at least 3-4. I'm a statistics kind of person. I would take a three year average sales price, and a three years expected price range and see what they look like. I'm sure there is no possible way to come up with an accurate expected price for 4 or 5 years down the road. This is def going to be a risk, especially if you think about the commissions, interest, and escrow's that will be piled on top of what your payoff will be when it's time to leave. Check out some foreclosure's or short sales's. Maybe you can find a steal and ride it out.
I agree with Jim. You def want your attorney to look over the contract. Maybe you'd be better off with leasing with an option. This in my opinion meant you had a time frame to wave your option of purchase, after this date you would need to renegotiate or get out.. Just my opinion.
As an agent it's not for me to decide whether or not a person "should" or "should not" rent. The buyer has to able to make that financially sound decision on their own. Most renters either rent because they are unsure of how long they will be in the area, or because they don't have the credit to buy. With the more tightened lending practices it's even more difficult for people who have no money down. Having said all of this, it's still your duty as an agent to explain and show all the statistics to renting vs. buying. Let them make their ultimate decision based on the info you give them.
How do other agents answer this question??