Dear George: "We have been looking for two years for a home on a lake. The home must have good water. It must also be the 'right' home for us. As you know, it is not an easy task. We are now considering building a home. We have found a very nice lot. However, now we have concerns about building a home that we can only see on weekends. How could we have control over what kind of work is being done? Can you provide any thoughts or helpful hints?" – Hesitant

Dear Hesitant: There is no such thing as the "perfect home." Even so, many homebuyers are seeking the "perfect home." Whether a home is a resale home or brand new construction, it will never be "the perfect home." Suppose you could design your own home. Let's further suppose you were allowed to make limitless changes (at no additional charge) to the construction drawings. Let's also allow you to make as many changes during construction as you wished without incurring additional charges. (These conditions are not achievable. They are only provided to make a point.) After you moved in to your "perfect home" you would still find something that was not "perfect."

I suggest you use a Realtor® who is familiar with your lake area. Reconsider your resale search guidelines. If you still opt for new construction, it is very important that you have someone local to the construction site that can make frequent visits in order to represent your interests. This might be a real estate broker, an architect, or someone else who is qualified to represent your interests. Have an attorney review the builder's contract BEFORE you sign it. Your goal should be to achieve accountability from those who have been hired to construct a "nearly perfect" home for you.

Dear George: "I signed a contract with a new home builder. Subsequently, I became a victim of ENRON's demise. I was counting on my expected 'bonus' to pay for my down payment and closing costs. After 'lively discussions' with the builder's representative, I finally obtained the builder's agreement to refund my earnest money. That was achieved when I discovered my lender did not approve a loan in an amount the sales price indicated. However, the builder will not return any monies I've paid for upgrades. Additionally, the builder has pointed out to me that if I file suit for return of my upgrade money, he will come 'after me' as he is entitled to do in the contract. I feel like a little guy in a schoolyard being bullied around by a builder who is a corporate giant. So, before going the attorney route, I figured I would get your opinion on the issue." – Little Guy

Dear Little Guy: My opinion as a real estate broker is that the builder's rep messed up "big time." However, my opinion will not help you. You need to contact an attorney.

Dear George: "Is there a government program that grants money to individuals who develop properties in low socio-economic neighborhoods? I would like to purchase property in an economically challenged community for the express purpose of developing the property for section eight housing recipients. Will the government help?" – Developer

Dear Developer: The federal government offers a wide variety of programs to provide incentives to developers of low-income housing. Many of these programs are coordinated with state programs. For more information, visit the HUD site at http://www.hud.gov, the National Association of Realtors® site at http://www.realtors.org, and the National Low Income Housing Coalition site at http://www.nlihc.org.

Dear George: "I want to sell it but don't know where to start. I have a prospective buyer but I don't know how much to ask for the selling price. Do I need to have it appraised? I am afraid the person who is interested does not have good enough credit to qualify for a loan. Will you please give me some advice?" – Confused

Dear Confused: Hire a Realtor® to professionally market your home. A Realtor® will provide detailed advice as to recommended asking price based upon the current market conditions in your area. A Realtor® will also expose your property to the broadest market segment through the Multiple Listing Service in an effort to reach the greatest number of qualified purchasers. Those are only two from among many professional services offered by Realtors®.

Published: March 1, 2002

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