[billwagnon]

I am currently renting a house, and I need to stay in the same school district. My lease is up end of February.

Financially I am just okay - barely. My son starts college next year and will be depending on scholarships / loans, and my daughter just started high school. My ex is heading towards a full time job maybe this year.

My landlord is a big company and they say they want to get out of the single home market. Zillow shows the house I am in sold for $120k in 2006, and they want $150k for it. They have this angle that with the tax deduction for interest paid on a mortgage, my annual outlay would be the same. However I would have the risk of owning the property and I would have a much higher monthly payment. I feel like they are making their problem (the house is in a great location but has a lousy layout) my problem. They said they can move interior walls or whatever to make the deal happen.

I found a property a couple streets over for $85k and the realtor on the phone was asking if I already have a realtor and if I am pre-approved for a mortgage (no and no). My credit rating is very good. I am going to look at the property tomorrow - it is a short sale and is not in foreclosure yet. The house right now cannot get an occupancy permit, but I can do some work myself. I don't know the nature of the problems.

How does this work with realtors so I can find something feasible? Do I have to sign on with a realtor? I am interested in this kind of property (disclosure or distressed property) with the idea of staying in the school district, and selling after 4 years.