I have yet to see a house that was cheap enough or special enough to justify the risk and aggravation involved with buying a foreclosure or a short sale. There are TONS of dumpy homes priced below market value on the market, where you can deal with the seller and not a bank. Buy one of those instead.
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A local Realtor will probably be able to provide the best feedback, but here are some reasons a property tends to stay on the market a while:
- It's overpriced
- It's difficult to show
- It shows poorly
- It is a short sale that is still being negotiated
- It is tenant occupied
- The floor plan is not functional and requires major changes.... more
As a professional and certified mold remediation company owner I can add a few things. First, not all black colored mold is the more virulent type of mold Stachybotris. There are hundreds of species of mold that are black in color. Next, i've inspected and remediated many attics. Usually the black color of mold infested wood us generally a combination of the mold, the wood freezing with an amount of moisture in it where the wood tannins oxidize and change color. You will see many instances for example, where roofing nails poke through sheathing and are surrounded by a black mark. That is not always mold .. if you notice it streaks along the grain of the wood. Mold does not care if it follows wood grain or not. Many times since the nails are colder than the wood, they accumulate water, frost and the result is those streaks. Finally, even roofers today will talk homeowners into ridge vents yet do not retrofit the venting system. With ridge vents you want the air to be drawn from soffit vents and plenty of them and not necessarily gable end vents. The air will be stolen up high from the gable ends and the attic very poorly ventilated. Warm, moist air travels upwards in winter, condenses on the sheathing and in time, results in mold infestation. The good news is that a competent, licensed, insured and certified mold firm can handle an attic remediation very well. Our firm has a standard starting price $895 plus tax for an attic. This does not include removing or replacing insulation, removing or demolition. It takes about a full day and there are no harsh chemicals used but it is highly effective at treating the situation and preventing mold in the future. - hope this helps John Griffin Mold-Remedy.Com... more
I would be delighted to help you but i am not certain if you are looking at Chantilly in northern VA or someplace else. Lets me know i would be able to point you in the right direction. I am here to help you make the best decision for your family based on sound responsible financial guidance. I am available for an in depth no obligation consultation via phone or email included in my profile.... more
There are several differences when making a cash offer. In addition to showing proof that you have the funds to close you will not be required to meet certain conditions that a bank requires such as an appraisal, which you may wish to purchase unless you are positive that the homes value is correct. You will also not be required to purchase a "lenders" title insurance policy. In most cases the closing period for cash offers is shorter since you do not have to wait for the bank to process the loan. Typically in most cash offers the Earnest Money requirement is also higher.
One thing that a cash buyer must do is to be diligent in their investigation of the property. You must be sure of the value, be sure of the condition and be sure that you are making a good investment. One thing about getting a mortgage is that it provides an uneducated buyer something of a safety net. The bank will not risk it's money if they feel that the property is not a worthwhile investment. Cash buyers do not have that safety net so they need to be prepared.
On the positive side, a cash offer is always more attractive to the seller so you may be able to negotiate a little harder with a cash offer.... more
I would call in a professional to see about removing the mold. I think that mold can cause a lot of health problems. You should contact a few different companies to get estimates. http://www.airqualityanalysts.com... more
Please rephrase the question I am confused.... There are many cost associated with selling a home and also re buying one. So if you can solve your problem by extending your garage into a two car garage that may be a good idea. BUT if you have to lose heated square footage to gain unheated square footage then I wouldn't do it. The heated square footage counts for appraisals the garage doesn't.
Plain & Simple: The Commission Agreement is between the seller (the builder) and the broker (real estate company) -- not between the seller (the builder) and the buyer; therefore, this is not an agreement that is possible for a buyer to negotiate as the buyer is not a party to that agreement. However, the buyer can negotiate his/her Purchase Agreement with the seller (the builder).... more
That is really too bad that your new home has plumbing issues. You will want to get them fixed as soon as you can. If you leave plumbing issues they can become much worse. I would find a local plumber to come and take a look. They can offer a lot of good advice and help! Thanks for sharing this information! http://www.bcpsi.com... more
Yes, the mortgage company is not going to lend you the money for a house that is a very bad state of repair. You CAN, however, switch to a renovation loan, such as an FHA 203K or the new Fannie Mae Home Style loan, which will allow you to purchase the home and finance the repairs in the same mortgage. Talk to your lender about options.... more
Stay away. They have led us down the garden path for 4 months now, never giving us a price until they had all of OUR ideas on paper. Then they hit us with a quote over $50000 more than our budget. The whole time they told us it would be in budget.
Now they want $7000 for OUR ideas. We suggested going to an architect half way through but they talked us out of that too knowing that they had more chance of us building with them if they 'owned' our ideas.
We are now starting again.
Their original pricing is NOT what you finally see!... more
Really, the wisest thing to do is to talk to a reputable lender who can let you know what type of loan programs are available to you and how best to proceed. I have several professional lenders that I've worked with for over 10 years who will gladly counsel you.
Happy Hunting and I look forward to hearing from you.
Feel free to call me directly.
Long & Foster Realtors
540-588-8234 - cell... more
This is a great question for a well-seasoned and experienced lender. I'd recommend loan officer Glen Bralley with McLean Mortgage, as he can quickly answer your question and provide you with valuable resources on how to repair credit after a bankruptcy. He's amazing at what he does and truly goes the extra mile to help.
He's best reached at 703-898-5892
NMLS ID: 233063