http://www.trulia.com/profile/edmundchoi/The latest answers submitted by Edmund Choi to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Selling/Hello_How_long_does_a_home_need_to_be_off_the_ma-196805Answer by Edmund Choi: DOM will reset immediately when the listing expires. However, the more important PMP, cumulative days on market, requires a minimum 30 days to reset. As for cancelling the listing, a termination letter executed by both you and broker/agent is prudent.Wed, 3 Feb 2010 07:47:05 PSThttp://www.trulia.com/voices/Property_QandA/In_a_South_Philly_neighborhood_of_attached_row_hou-195277Answer by Edmund Choi: Detached is always worth more than an attached residence, if they are comparable. Couple of questions. Is the building on a large lot, providing side and rear yards? If not, who owns the vacant lots? Are there windows in the side walls? Are you currently using a portion of the yard for off-street parking? These and other factors will assist in determining market value. You could also contact a Realtor to perform an analysis (free) or hire an appraiser ($$$). Either way, you'll have a better idea of value relative to your purchase in 2008.Thu, 28 Jan 2010 11:26:22 PSThttp://www.trulia.com/voices/Financing/Financing_Rental_Property_Creditworthiness_Co_Si-195157Answer by Edmund Choi: I recently assisted a doctor purchasing a 5-unit and, even with his income and credit rating, he still had to put down 25%. Based on the criteria you have established, I would assume that the properties are single units. If that is the case, uncertain as to how the property will cash flow if you were to go FHA. Good Hunting!Thu, 28 Jan 2010 11:19:31 PSThttp://www.trulia.com/voices/Home_Buying/Looking_for_investment_properties_Undervalued_con-194565Answer by Edmund Choi: Take a look at Court of Henderson, Glenhardie and Old Forge Crossing. Valley Forge Towers probably won't work for your investment matrix. Good Hunting!Tue, 26 Jan 2010 07:49:52 PSThttp://www.trulia.com/voices/Property_QandA/What_is_the_condition_of_this_home_and_what_is_th-194429Answer by Edmund Choi: Perkiomen Woods is a townhouse community located in Upper Providence township, Montgomery county. Conveniently situated to the 422 bypass and new Providence Town Center. In the last 6 months, similar units have sold in a range from $184k-238k. The last 2 resales on Hemlock Dr were $222,500 & $238k. Good Hunting!Tue, 26 Jan 2010 07:34:01 PSThttp://www.trulia.com/voices/Financing/Is_there_a_new_mortgage_regulation_that_can_only_m-194351Answer by Edmund Choi: The Pennsylvania Housing Finance Agency, or PHFA, Tax Credit Advance Loan Program (TCA) allows PHFA borrowers to apply a portion of their 2010 first-time homebuyer tax credit towards the purchase of their home. The program offers an advance in the form of a subordinate loan to those filing for the First-Time Homebuyer Credit (IRS Form 5405). Due to limited funding, the program will be available to homebuyers on a first-come, first-served basis. Click the link below for more details.Mon, 25 Jan 2010 10:38:51 PSThttp://www.trulia.com/voices/Home_Buying/if_you_have_two_quick_claim_deeds_one_with_signatu-193423Answer by Edmund Choi: Please contact an attorney.Thu, 21 Jan 2010 13:49:31 PSThttp://www.trulia.com/voices/Home_Buying/How_to_buy_a_foreclosure_in_Philadelphia_area_-193399Answer by Edmund Choi: Most foreclosures are typically listed with local real estate brokerages and advertised through traditional marketing media for a period of usually 60 days, after which the property will probably be auctioned. If you decide to submit an offer after previewing them, the process usually follows normal procedures, i.e. submitting an agreement of sale with supporting documentation. If your offer is accepted, corporate addenda will usually apply. The most thing to understand is, that although you may be granted an inspection period, the bank is offering the property AS-IS and will not be making repairs or providing repair credits. Closing and title will usually be handled by the bank, however, you can elect your own title company, at your expense. The process may appear to be difficult, but a knowledgeable Realtor will be able to successfully transact this purchase. Good Hunting!Thu, 21 Jan 2010 12:24:49 PSThttp://www.trulia.com/voices/Home_Buying/I_m_interested_in_purchasing_a_foreclosure_prope-192443Answer by Edmund Choi: Purchasing a foreclosure is not complicated if you understand the process, as you have already noted. "As-Is" simply denotes that the bank will not be making any repairs or repair concessions. Similar to a resale purchase contract, a buyer will usually be afforded the opportunity to inspect the premises, albeit the time limit will probably be shorter, say 5-10 days. Good Hunting!Mon, 18 Jan 2010 12:45:40 PSThttp://www.trulia.com/voices/Property_QandA/Is_there_any_more_information_for_this_property_-191592Answer by Edmund Choi: Northwood is a neighborhood nestled in the Lower Northeast section of Philadelphia near Oxford Circle.Fri, 15 Jan 2010 08:36:25 PSThttp://www.trulia.com/voices/Foreclosure/what_is_my_first_step_to_buying_a_home_on_your_for-189284Answer by Edmund Choi: First, obtain a pre-approval. Second, hire a buyer's agent specializing in foreclosures. Third, preview the property. Fourth, make an offer. Good Hunting!Thu, 7 Jan 2010 08:17:09 PSThttp://www.trulia.com/voices/Property_QandA/if_there_is_a_second_mortgage_does_the_buyer_pay_i-185604Answer by Edmund Choi: No. Should be delivered free and clear.Fri, 18 Dec 2009 10:14:29 PSThttp://www.trulia.com/voices/Home_Buying/Does_anyone_have_any_insight_into_trends_in_seller-185590Answer by Edmund Choi: Wouldn't necessarily say "hurting", but nonetheless, these are challenging times for builders. Your assessment, based on my experience, is correct. However, you must be prepared to be flexible on structuring the deal in a manner that meets your expectations. Seller's assist is just one way of monetizing negotiations.Fri, 18 Dec 2009 09:39:53 PSThttp://www.trulia.com/voices/Property_QandA/removed-178706Answer by Edmund Choi: Brianca, Would advise you to hire a buyer's agent and/or real estate attorney. Ask the agent for comparable sales to verify pricing. Submit an agreement with inspection contingencies to understand what defects are present. If you hire a real estate attorney, they can normally perform the title and closing services. However, if you don't, ask the agent for a title company referral. Don't go it alone and don't rely on the Seller. Good Hunting!Fri, 13 Nov 2009 11:56:10 PSThttp://www.trulia.com/voices/Home_Selling/What_is_the_average_DOM_days_on_market_for_a_hom-177582Answer by Edmund Choi: $300-600k from Oct '08 to Oct '09: 84 days.Mon, 9 Nov 2009 08:39:48 PSThttp://www.trulia.com/voices/Home_Buying/Can_I_use_the_first_time_homebuyers_credit_towar-177162Answer by Edmund Choi: The Pennsylvania Housing Finance Agency was providing "bridge loans" assisting 1st time homebuyers in monetizing a portion of the $8,000 tax credit to be utilized towards the purchase of a property. Unfortunately, the agency no longer has the funding available to provide this interim financing. There are however a few other options that may be of assistance and the link has been included below for your reference.Mon, 9 Nov 2009 06:03:24 PSThttp://www.trulia.com/voices/Home_Buying/Is_it_standard_in_PA_to_sign_an_exclusive_agreemen-176369Answer by Edmund Choi: If the Realtor you have selected to assist you in your home search is willing to commit their time and resources, and, more importantly, that you trust them to advocate your interests throughout the process, why wouldn't you show them the consideration of working with them exclusively? The seller has committed to someone to represent their interests. Good Hunting!Thu, 5 Nov 2009 07:23:12 PSThttp://www.trulia.com/voices/Home_Buying/When_asking_for_seller_assist_how_low_can_you_offe-176631Answer by Edmund Choi: Have you been provided a worse-case scenario snapshot of your anticipated closing costs? Have you reviewed a comparable market analysis of the townhouses in and around the subject property? What type of financing are you seeking and what is the maximum seller's assist that the lender will permit? Why has it been suggested that you ask for $4k seller's assist? Based on the units that you have previewed, is this unit the best of the crop; if so, are you willing to walkaway and continue your search if your offer is rejected? Have you determined the seller's motivation? Making an offer is as much science, as it is psychology. Good Hunting!Thu, 5 Nov 2009 07:17:53 PSThttp://www.trulia.com/voices/Property_QandA/My_home_has_been_listed_since_Its_in_a_real_ni-175326Answer by Edmund Choi: Miscommunication of expectations usually results into these failed relationships. Perhaps a conversation with the agent's broker could resolve your situation. If the outcome of the conversation doesn't result in improved performance results, then you'll need to assess your options.Fri, 30 Oct 2009 10:49:10 PDThttp://www.trulia.com/voices/Home_Buying/I_just_received_a_ADDENDUM_SPECIAL_PROVISION_AD-174772Answer by Edmund Choi: Appears you are purchasing a bank-owned property. The addendum provided by the bank supersedes the original agreement of sale and defines the terms of the transaction. Please review it with your agent, in detail.Wed, 28 Oct 2009 10:39:48 PDThttp://www.trulia.com/voices/Financing/If_i_have_an_attic_converted_to_an_in_law_suite_i-174848Answer by Edmund Choi: What is the zoning & use of your property? Single-family or duplex?Wed, 28 Oct 2009 10:34:25 PDThttp://www.trulia.com/voices/Home_Buying/I_am_looking_at_buying_a_k_home_my_income_is_jus-174656Answer by Edmund Choi: The generic response is to contact a mortgage lender and determine what you qualify for based on your financial snapshot today. If the outcome of the conversation allows you the opportunity to purchase a home that meets your needs, then good hunting! However, your debt load will impact your quality of life. By undertaking a house payment (another debt obligation), you will be adding to your monthly outflow (a large chunk at that) and you'll need to ask yourself how it will affect your personal lifestyle and goals, today and into the future. There are obviously more points of conversation to consider, but I leave that to yourself to take the time and evaluate your decision prior to making the largest financial commitment in one's life. Hope this helps.Tue, 27 Oct 2009 11:00:24 PDThttp://www.trulia.com/voices/Property_QandA/This_house_on_Copeland_School_Road_is_supposed_to_-174179Answer by Edmund Choi: Just listed a REO at 1040 Squires Pl, West Chester. Click the link below.Mon, 26 Oct 2009 12:44:52 PDThttp://www.trulia.com/voices/Property_QandA/how_much_-174156Answer by Edmund Choi: Asking price at time of contract was $150k. Was supposed to settle on 10/21/09.Mon, 26 Oct 2009 12:36:30 PDThttp://www.trulia.com/voices/Property_QandA/is_this_property_still_for_sale_-174041Answer by Edmund Choi: Under contract since 5/20/09. Scheduled to settle 11/15/09.Mon, 26 Oct 2009 12:32:26 PDT