Well, first, do you have a problem?
Being upside down on a house isn't itself a problem. If you are able to make your payments, you make your payments. After a while, as the real estate market improves and you pay down your mortgage, you won't be upside down any more.
So, just owing more than your home is worth isn't enough for any "program."
If you're not able to make your payments, then you have a variety of options. You can ask your lender for a loan modification. The lender, naturally, will want to make sure that you need a modification. Often, though, that's a reduction in the interest rate, not a reduction of the principal.
If you can't make your payments and your lender won't grant a loan modification, you can try for a short sale. Again, though, you'll have to justify hardship. And, again, your lender will have to approve the sale.
If you go that route, there are a couple of government programs--HAMP and HAFA--that are supposed to speed up the process.
Hope that helps.... more
The median price for the Richmond and surrounding areas in 2006 was $253,083. The median price for the Richmond and surrounding areas in 2009-2010 present is $224,529. That is 11.28% difference.
Real Living Eudailey Real Estate... more
You need speak with that agent's broker, and if that doesn't work, then speak with an attorney.
Actually, you do have other options besides doing a short-sale: deed in lieu, seller financing, etc.... more
Call their broker. Voice your displeasure. Ask to improve the working relationship. Give them a chance to fix the problem, if not ask for a termination of the listing contract and then find another agent who comes highly recommended from other people you know and trust!... more
Certainly, Contact me at 877-360-3636. Do you have a buyer or seller in the Richmond, VA area?
Mason Packard, ABR, GRI, Realtor
Long and Foster Realtors
*Licensed in the Commonwealth of Virginia... more
You may wish to consult with an attorney who specializes in real estate, and see exactly what options you may have--have all paperwork reviewed--you should have been notified of any addendums prior to your contract signing and again your attorney can best advise you.... more
There are three criteria we need to indentify to start a successful home search. What is your goal - for location, price and features? There are so many great options in Richmond, we would need to see what your lifestyle and preferences are, and then let your goals lead us. Hope this helps.
I lived in the Ginter Park area for 20 years and would be glad to help you. Interested in how many bedrooms and sq.ft. ?
For quick search visit my web site and go to mls search type in your interest or emai me at
The appaisal came back under your offer. The property was listed again as active. You had 3 days to negotiate after the appraisal came back under.
What does your agent say about this?? What conversations/coorespondence has he had with the selling agent? When did he know about the appraisal and how long after was the house made active again? Are you in active negotiations with the seller's agent??
There should be more information here.
Stan Reed, Realtor
Keller Williams Realty... more
Good morning, George.
Here is an article that I found on Cap Rates in Richmond VA in 2009. Unfortunately, appraisers look at the cap rate when appraising multi-family properties, therefore, the saavy buyer or a buyer with a saavy realtor will take that into consideration when looking to purchase property in today's economical environment. You will need to weigh the pros and cons of selling in today's market and decide if the time is right to sell for you..