Paula Bean

Great article Glenn - It's interesting to see how the real estate and mortgage market are in different area's. Although the sub-prime mortgages were a problem, so was the depreciation of housing. I think it is time for everyone to get more educated about real estate and mortgages prior to buying. Many of the consumers I talk with want to spend more than they should, and just because you CAN, doesn't mean you SHOULD. The reason Warren Buffet is so rich right now is that he does not live above his means. Still drives an old car, and lives in the old house he has owned for years. Who knows what the economy will be in the future, or if you lose your job, and I just saw this morning that gas prices are so high, the pumps won't even show pricing over $3.99 in some area's and they have to be replaced or repaired, or switched to charging by the HALF gallon. The market is like a rollercoaster now, everyone should tighten their seat belts and hold on because what goes up, will come down and vice versa. Paula Bean, REALTOR Carib Gulf Realty Group Regional Manager of Florida Division e-PRO Certified Technology Expert Accredited Consultant in Real Estate http://www.HomeOrlando.com

It is truly sad that we live in such a society today where people make their living off of suing others. Whether the agent got awarded fees or not, you can never get back the loss of time you had to spend defending yourself. The Judge and Jury also wasted their time. It would be nice if a Judge could review a case and refuse to let the suit go forward based on merit and evidence. I love Roland Barcos's comment though! If we are to be liable for the loss of value, then we should also be compensated for the appreciation of it ;-) I am waiting for the time to come when someone sues an agent because they let them spend too much money on a house - even though that is the price range they wanted and got approved for, but they couldn't afford it and lost it to foreclosure. Where does this madness end? I'll bet if it weren't for E&O insurance and their willingness to 'settle out of court' to save time and money, THAT is where it would end.

I think Ilyce's comments were right on target. It IS irresponsible to walk away from a comittment you made, and it will hurt their credit. The original question didn't say anything about how big the house was, only that they'd just recently had twins and it was not big enough. I say be glad you have a roof over your head, many do not. Tough it out, the newly born twins won't need much room til they are another year or two older. As an aside, the original question said "My husband and I just had twins and the house that we purchased two years ago is way too small now. We tried selling it privately....." I wonder by that 'privately' comment if they meant For Sale By Owner? If so, I'd get a great agent who knows how to market in that neighborhood, try an auction (they are working great and not what everyone thinks) or hire a certified real estate consultant or an attorney to go over ALL of the options you have. I don't think that walking away is the answer. I also wouldn't advise liquidation one's retirement, BUT that depends on your age and how long it would take for you to replace that money, would it be taxable income or a loan? Your tax bracket, savings, and many other factors that nobody knows in order to give qualified options. Consulting a professional to discuss those options is ALWAYS the best advice because everyone is unique in their situation, motivation and desperation. Paula Bean, REALTOR, e-PRO Certified Technology Expert, Accredited Consultant in Real Estate Helping people with their real estate needs since 1979 in Orlando, FL