http://www.trulia.com/profile/edmundchoi/The latest answers submitted by Edmund Choi to questions asked on Trulia Voicesen-ushttp://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 PDThttp://www.trulia.com/voices/Property_QandA/do_you_need_renter_lic_to_rent_out_your_house_-174230Answer by Edmund Choi: City of Philadelphia requires landlord's to be licensed. Click the link below to be redirected to L&I.Mon, 26 Oct 2009 07:33:10 PDThttp://www.trulia.com/voices/Property_QandA/Is_the_seller_willing_to_rent_this_Or_do_you_ha-173451Answer by Edmund Choi: There are several single family homes and townhomes available for rent. Welcome to Philadelphia, the home of the 2009 National League Champions! I'd rather have a few Super Bowls, like the Steelers. Good Hunting!Thu, 22 Oct 2009 09:26:43 PDThttp://www.trulia.com/voices/Using_Trulia/Does_anyone_know_how_come_some_house_s_descripto-173408Answer by Edmund Choi: Not by chance. Really a function of syndication. Your agent also can manually "enhance" your listing.Thu, 22 Oct 2009 09:18:57 PDThttp://www.trulia.com/voices/Home_Buying/Why_are_prices_consistently_going_down_in_the_area-173125Answer by Edmund Choi: Despite the recession and its underlying causes, Main Line real estate continues to trade hands. Based on September 2009 statistics of single-family homes, the supply/demand ratio indicates an unbalanced market, heavily favoring buyers in Lower Merion Township. However, when you compare today to that of September 2008, the market is definitely operating more efficiently, due primarily to government intervention motivating homebuyers off the sidelines. Economic conditions remain dire and the federal tax credit for first-time homebuyers expires at the end of the year, but available monthly data since May 2009 suggest that the broad decline has ceased. Don’t be afraid of the market…Take advantage of it, especially if you find the right home that meets your needs. You’re looking to buy on the Main Line and are probably well-versed in its advantages today and into the future. Good Hunting!Wed, 21 Oct 2009 08:48:57 PDThttp://www.trulia.com/voices/Home_Buying/is_take_over_of_a_mortgage_easy_to_do_-173190Answer by Edmund Choi: Only if the note is assumable. Otherwise, you would need to "buyout" your mother.Wed, 21 Oct 2009 08:36:38 PDThttp://www.trulia.com/voices/Financing/When_you_are_selling_and_buying_-173171Answer by Edmund Choi: It's all about ratios. I'd discuss your property acquisition plan with a lender to review financing options. The scenario you describe is not uncommon, however lenders are rewriting their requirements daily. Another option to consider would be to sell the property you currently own and upgrade, if you are not comfortable becoming a property manager. Good hunting!Wed, 21 Oct 2009 07:26:18 PDThttp://www.trulia.com/voices/Financing/_year_conventional_or_FHA_loan_with_down_-170693Answer by Edmund Choi: Compare the principal + interest payment for 30 year fixed vs the principal+interest+PMI payment for FHA. Good Hunting!Mon, 12 Oct 2009 07:19:54 PDThttp://www.trulia.com/voices/Property_QandA/What_are_the_taxes_ansd_condo_fee_on_Rustmont_-170153Answer by Edmund Choi: $3,584/taxes $300/mo association It's been awhile since I sold units, but here's a snippet from the home inspection report from another unit (information is deemed reliable, but not guaranteed): The foundation walls are stone. The floor structure system is a wood truss frame system. The structural exterior walls are masonry and frame. The roof structure is a wood truss frame system.Thu, 8 Oct 2009 13:46:01 PDThttp://www.trulia.com/voices/Home_Selling/My_home_is_listed_with_an_agent_my_brother_now_wa-170128Answer by Edmund Choi: Technical answer, if an Exclusive Right to Sell listing contract is in place, is that your listing agent will receive compensation. The listing contract requires that any and all Buyers procured by Seller will be forwarded to the listing agent so that they can facilitate the sale, on your behalf. A more practical response would be to have a conversation with your agent.Thu, 8 Oct 2009 12:41:04 PDThttp://www.trulia.com/voices/Home_Buying/I_am_a_first_time_home_buyer_I_m_ready_to_buy_a-169155Answer by Edmund Choi: I have posted a link at the bottom of this message outlining the requirements to claim the tax credit. Please be reminded that the deadline for the credit is December 1, 2009 and you must have settled on the property by that date. Good Hunting!Mon, 5 Oct 2009 10:56:02 PDThttp://www.trulia.com/voices/Home_Buying/What_is_the_catch_Why_termite_is_done_after_to_-169082Answer by Edmund Choi: Inspection timeframes are usually established within a specified time of execution of contract. 2-3 weeks are execution seems to be quite a long contingency period, considering that the inspections themselves can be performed relatively quickly. As for significance, the wood infestation inspection may be required by the lender, but the radon is more for your personal knowledge.Mon, 5 Oct 2009 10:52:07 PDThttp://www.trulia.com/voices/Home_Buying/can_i_use_the_tax_credit_as_down_payment_or_c-168599Answer by Edmund Choi: PA does offer "PHFA Tax Credit Advance Loan Program". Link below.Mon, 5 Oct 2009 10:35:23 PDThttp://www.trulia.com/voices/Property_QandA/What_is_the_required_closing_costs_on_a_home_in_Pa-167731Answer by Edmund Choi: Mortgage origination costs, title company fees, escrows (as required by lender), transfer tax (buyer portion 1%(Easttown township) or 1.25% (Tredyffrin township) are the main items. Other items may be applied depending on the property.Tue, 29 Sep 2009 08:35:30 PDT