Phil Young

I'm a:	Real Estate Professional
Location:	23323

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Phil Young's Answers (11)

We own a house which has been valued at $259.000, we owe $251000 and we are looking to move to NY. However

Asked Fri Apr 18 2008, 09:47 by Daniela - Greenbrier East - Home Selling - 14 answers

Phil Young answered:

Daniela,

Samantha is correct about renting but you need to secure another mortgage.

I've talked to some loan officers and they confirmed that point with some caveats.

If you think about mortgage companies as investors it might help. Some want to see a 1 year lease and others want to see a 1 year history. In either case you can lease the property and reduce your DTI. The difference is what you might be able to secure on the purchase side.

As a REALTOR(R) I often review the "GOOD FAITH ESTIMATES" for my clients and often recommend a different approach.

I'd like to stress one point: if you can rent and maintain the property, in the long run your Real Estate portfolio will benefit you as long as you can keep good renters!

Good Luck.
Phil
teamfavorite.com - Wed Jun 4 2008, 11:57

I did a search on the solds in Southern Chesapeake in the last 6 months. Most homes sell in 45 days or less. This is based on $250K - $265K without the short sales and bank owned properties.

This is good for you. You're in a good area and price range.

I can email the statistical report. I tried to post the info but it's in a PDF file.
Here's a link to the solds and pending properties. Not all of these will compare to yours but it should help in pricing your property.

http://rein.mlxchange.com/Pub/EmailView.asp?r=985031052&s=VA…

I'd be willing to prepare a detailed Comparative Market Analysis (CMA) if you'd like. It's FREE!

phil@teamfavorite.com - Thu May 29 2008, 07:10

On the surface it looks like you have room for a Full-Service Realtor. You cal call my office and ask for Theresa (456-5490). - Thu May 15 2008, 06:41

Is Zillow...?

Asked Thu May 8 2008, 12:43 by Firsttimer - Alexandria - Market Conditions - 11 answers

Phil Young answered:

Find a reliable agent and ask the right questions or invest a few hundred and take an online Real Estate course.

The local MLS is the best source of Sold data. That's what an appraiser will use, therefore that's what a bank will use.

S Caroline might be different than Virginia when it comes to buyer brokerage agreements. Here we represent either the buyer or seller. If we represent buyer and seller both parties have to agree in writing.

Good Luck & have a GREAT Memorial Day!!! - Mon May 26 2008, 07:43

The estimates are as accurate as my dart game. I don't play darts for money :)

Find a local REALTOR that has access to the MLS. Ask the right questions. Is the market in the neighborhood declining or stable? Are the homes listed overpriced or fair market value?

Using a website to determine values is a bad idea. I use Zillo to market our listings but not to determine a price. My clients would hunt me down and tar & feather me :)

Good Luck! - Thu May 15 2008, 10:10

If you are representing a buyer, how do you feel about accepting a selling bonus?

Asked Fri May 16 2008, 06:49 by Michelle - All locations - Agent2Agent - 18 answers

Phil Young answered:

I tell the buyers up front that any bonus will go to them. Never sold a property with a bonus. I don't list any with bonuses to agents. Never thought an agent needed one to do their job.

On the other side the buyer is always informed of any compensation. My clients never question the amount. If their buyers they usually call me when they sell.

One thing to remember in the real estate world is capital gains. Single limit is $250K, married is $500K. It doesn't take many transactions to reach the limit. Plan for the long term. - Fri May 16 2008, 10:49

Chesapeake V.A. good or should holding out a little while to see how the market goes for a buyer..?? Thanks

Asked Tue Oct 2 2007, 13:49 by Thomas - Chesapeake - Foreclosure - 23 answers

Phil Young answered:

If someone bought at the top of the market and that area declined in value than they will take a loss. (Long Sentence)

Do some math about the tax benefits about homeownership.

There are a few local areas that have declining value. Most neighborhoods have stable values.

Price it Right and it will sell! - Thu May 15 2008, 18:54

Everyone has different housing needs. In our area many military families would rather purchase using their BAH than rent or stay in housing. They can pick the area and schools.

There are a lot of affordable housing options for buyers. Sellers need to do the math and determine whether the bottom line makes sense.

We always assist our clients make sense of the current market. A little more that a traditional REALTOR does for a client. If I say NO!, I mean NO You might not agree at first but I've bought and sold 15 properties myself and never lost a nickle.

One comission won't make or break me. My past clients are more important.

Good Luck!. Call 456-5440 and ask for Theresa if you need an immediate answer.

www.teamfavorite.com - Thu May 15 2008, 09:59

Made an offer then Bank Owned Seller made a verbal counter offer which we accepted. Submitted written

Asked Thu May 15 2008, 08:34 by R Whitman - Toledo - Home Buying - 7 answers

Phil Young answered:

Good Point. You made another offer. The verbal counter means nothing! You accepted nothing, just made another offer. Banks will collect offers until they are satisfied. - Thu May 15 2008, 12:58

There are statute limits on a private seller about returning a timely response. I don't think banks care about that. They can wait and hope a better offer is submitted.

Is your REALTOR on top of the situation? He/She might not be able to break through the bureaucracy. It takes an experienced agent to establish a report with a bank.

Good Luck! - Thu May 15 2008, 10:17

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