Zakiyyah Newman

Hi Ronnie,

I had a client who only had to pay taxes, and we used BOA title company so there was no title fees. However, it is a difficult program to get into. When I tried to get another client into it, it didn't work. It may have actually worked out better that I was able to get them an 80/20 loan and a 3% seller's assist. There is always a program out there they will be better suited to your needs and qualifications. Bank of America is a good place to go. I know one of the bank manager's there personally. His location is 10th and Chestnut. If you have any detailed questions, he can help. His name is Kareem Thomas, and his phone number is 267-886-1064. - Tue May 6 2008, 10:47

Philadelphia, is very unique. In the fact that no one neighborhood is the same as other's. It's really difficult to compare neighborhoods in terms of price. If you are looking in let's say Bella Vista, a realtor or an appraiser would not want to use comps in Queen Village even though the two areas aren't far from each other. That's also the same for Old City and Society Hill, the list goes on. You can determine where you will be living by evaluating how much you can afford, your tolerability and where you'd like to be in proximity to Center City. The further away from the center city you are, you can bet on more space, a back yard or garage, for the same amount you'd be paying closer to the city with no back yard or garage, and less space in terms of sq footage. I hope that helped! - Mon Apr 21 2008, 09:17

James,

Since your relocating from VA, I would suggest Chestnut Hill, East falls, Germantown and Mount Airy to start for you and your family. East Falls is the closest to center city with about 15 min drive into the city. It's very close to the expressway. Chestnut Hill is the furthest and on a good day it will take about 25 mins into the city. The homes in these areas are usually large, old but well maintained, and sit on a tree line street.

Please visit my web page and search these areas. - Sun Apr 6 2008, 12:41

We have to keep in mind that an appraiser’s value is not scientific, and at times no two appraisers will value a home at the same price. Granted I have never seen a case where the difference between two appraisals on the same property was more than $10k. Freddie Mac and Fannie Mae have tightened the belt on home values, so lending institutions and appraiser’s have to full in line

It isn’t uncommon for a bank when foreclosing on a home to obtain an appraisal and multiple BPO’s(broker price opinions) from various real estate agents. A BPO is not an appraisal, but gathered information of recent comparable sold homes, listed homes, and a statement of what that agent feels the home will sell for. The bank gather’s this information from multiple sources at times because they know that know two opinions will be the same. So they take what information they get, analyze it and come up with a value they think the home will sell for.

I’m sure you’ve asked yourself if you should walk away from this house. Hopefully you have that option in your contract. If you wanted…. it isn’t taboo for you to appeal an appraisal, by asking your agent to pull comps and then submitting it to both the appraiser and the bank. These comps have to prove that the value is there. An appraiser usually uses 3 or 4 properties when completing an appraisal, maybe they missed a home that sold, who knows? You will be responsible for the cost of the second appraisal or get the seller to split it cost or have them pay it all together.

With that said, again it all depends on how badly you want the house. As a buyer of course you’d rather the lower amount, but not always will a seller feel that way. In reality it’s the buyer and seller together who set market value, it’s what a buyer is willing to buy it for and a seller is willing to sell it for.

Good luck to you! - Fri Apr 4 2008, 22:30

Mount Airy and Oak Lane. They have a lot of large, well maintained older homes, with lots of character, good yard space, and affordability compared to nearby homes in Chestnut Hill and Montgomery County. - Mon Mar 31 2008, 19:27