You have gotten some good advice, below. You are in control, and your agent should be providing you with the information to back up the "killer deal" analysis. You should be shown homes that are similar to the one you are buying but have the improvements you are intending to make already done, and they should be selling for an amount that is the current contract price on the house, plus your cost of improvements, plus another factor for your labor. (say the house is $150,000. you need to do $50,000 of improvements, you should be seeing homes with those improvements already done selling for - not just asking - $225,000 and up). I think that Brentwood is down to 2-3 months of inventory, down from about 9 months of inventory. That would tend to indicate that the market there is at the bottom, because the homes are selling faster, and some with multiple offers.

But about this particular house - how will you feel if you pass it up this deal, then drive by, and see someone else moving in? If it is no big deal, then go find another house. If it is a big deal, make your agent find out what is happening with the bank, because I have never heard of it taking that long in a Bank-owned property (REO). My guess is is that it is a short sale. Your agent should be able to explain the difference.

Sat May 17 2008, 09:49

Paul,
Since you are feeling that the home you initially offered in may not be the best investment at this point, why not just ask your agent to show you other properties that fit your buying goals? If the bank's representative has not signed all your paperwork, then you can cancel, but I would suggest doing your homework first by seeing other homes to make sure that "Better Buy" is really out there for you.
One of my colleagues advised against purchasing a foreclosure as a first time buyer. That's crazy! The Brentwood market is 80% short sales and foreclosures, and many of those are prime investment opportunities for you to achieve life long wealth. The foreclosure process is different and so is the short sale process, but that's why you work with an experienced agent to make sure that you are well informed about the risks and also the potential rewards.
If you would like to learn more as a first time Buyer, please feel free to visit my educational website called "Learn2OwnIt" where you can register and attend free online live classes to learn about first time buyer topics, foreclosures, short sales, auctions, and more.
Finally, remember that you are empowered to make the best decisions when you are equipped with ALL the information. Make sure that you insist that your agent provide you comps on any property you are interested in and that they carefully review any "Seller Addendum" with you to make sure the terms that are slanted more to protect the seller are still an acceptable risk to you.
Best Wishes to You on Your Home Buying Adventure!
Warmly,
Janice Spencer

Sat May 17 2008, 09:40

Dear Paul,

How many similar homes for sale have you visited? How did they compare? Did you jump at the first offering without further research or are you suffering from a very usual 'buyer's regret'? You need to think about this before walking away. Most importantly, it seems clear you do not trust or respect your Realtors opinion. Why? Think about that and if necessary, find a new realtor.

Mary Muldowney, Prudential Network Realty, Ponte Vedra Beach, FL

Sat May 17 2008, 07:03

The first question I have is have you signed the addendum from the bank and you are waiting for the fully ratified contract, signed by the asset manager? If so, 6 weeks is a long time to wait. The longest one of my clients waited was 4 weeks. It is certainly true that there is plenty of inventory available. In the last 6 weeks the homes that have come on the market have been well price by the banks and we have seen multiple offers on many homes in Brentwood. Trust me when I say there is always another "killer" deal out there. You are the one in control of your transaction, not your realtor. Our market has definitely taken a turn for the better. There are fewer homes coming on the market, the inventory is in the mid 400's and has not been that low since the end of 2006, and there are over 220 homes in contract as of this morning. So the sales are happening however, it will take years before we recover our values.

If you have any questions, contact me at your convenience.

Sat May 17 2008, 06:30

Paul,
I certainly wouldn't rush with the purchase of the property in Brentwood. There is a plenty of choices and prices continue going down. Check the language of your contract, but without addendum being signed after 6 weeks it is most likely unenforceable by now, so you should be able to easily walk away from it. Your agent doesn't seem to have your best interest in mind, so you might want to think about finding a new one. There is plenty of great professionals out there. Good luck.

Sat May 17 2008, 02:38

Dear Brentwood Buyer,
I would be interested in hearing more information about your offer on this property. Your summary doesn't make sense to me really.....If you are no longer interested in the property and your agent says that you are not in a binding contract, then by all means look for something else. If you are looking for your first house, i do NOT recommend buying a foreclosure. If your agent says this home is a steal, have them document the value for you and then pay to have an independent appraiser assess it for you ($400) money well spent. Your bank also will not give you a loan without an appraisal also but you're evidently looking for a bargain along with a HOME.
Feel free to call me if you would like to talk about your situation. I am not a licensed in your state and any ideas i give you should be discussed with your realtor who is working in your best interests. Your Realtor is your advocate and your consultant......YOU ARE THE DECISION MAKER AND FINAL WORD.

Liz Caraway
1-425-391-8566

Sat May 17 2008, 02:34