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Financing in 19103 : Real Estate Advice

  • All56
  • Local Info0
  • Home Buying23
  • Home Selling1
  • Market Conditions2

Activity 5
Thu Oct 18, 2012
Frank L. DeFazio answered:
When you purchase buyers usually have to pay 2% (of the purchase price) transfer tax at closing. Philly very low property taxes compared to the Main Line and some homes offer tax abates for up to 10 years. There is also the ever popular city wage tax to consider. Best bet would be to touch base with a tax attorney or accountant because tax laws are pretty complicated and change frequently. If you have more questions visit me at http://www.CenterCityTeam.com ... more
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Mon Sep 17, 2012
Frank L. DeFazio answered:
John Curci's answer below is accurate. The total is basically 5% of the purchase price if you have a mortgage.

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
Frank@CenterCityTeam.com
... more
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Mon Sep 28, 2009
William Polack answered:
Two, no, 3 ways to do this: One is to find that guy on ABC to build it for you...just kidding. Okay, 2 ways. The first is to find out if you want to build it yourself or have someone build for you. You can go to the website ubuildit.com for info on do it yourself. Basically, it's a company that helps you find electrical, plumbing etc contractors and you also get your hands dirty. They offer financing too. The other option is to go through a lender (broker or bank) and ask to do a construction to perm loan. There are 2 types of C-P loans. The first says "I know exactly how much I need to build a house and any overages comes out of my pocket". This is a one time close with closing costs one time. The other says "I'm not sure how much it will cost so I'll close once for the what I think it will cost and close a second time to include overages." This is a two time close and costs more because you are paying for 2 closings. You'll need to get 3 quotes, blueprints and a lender with lots of patience as this takes time to close. You'll be financing the construction part at one rate and then once the house is completed, you close with a permanent rate. This is an awesome project because you get to say what goes where and how. So, step 1: You build it or they build it Step 2: Get quotes Step 3: Get financing Step 4: Find contractors (Find your local home builder association for contacts). Step 5: Close. ... more
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Mon Jan 5, 2009
Michael D Delp answered:
Lawrence,
Yes, there are still lenders with jumbo loans. Qualifying for them just got a little bit more difficult. Credit scores, loan to value and a good appraisal will be key in qualifying. Guidelines are a little bit tighter. Each loan pretty much goes on a case to case basis. I would find a good Loan officer that you trust to help you through the process and see if you could qualify. If you need help, feel free to contact me.
The very best of lck to you!
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com
... more
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Sat Dec 29, 2007
Chris & Stephanie Somers answered:
A buyer can back out based on the contingincies that were elected on the agreement-of-sale . If a contingency protects the buyer, the deposit monies should be returned. I would recommend to speak to your agent to know what type of contingencies the buyer elected and what the time-frames are. In Philadelphia, there is not an attorney review period. ... more
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