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Home Selling in 22030 : Real Estate Advice

  • All46
  • Local Info7
  • Home Buying20
  • Home Selling7
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Activity 7
Sun May 8, 2016
Anglin85050 asked:
It appears the crack was concealed rather than repaired, it's now leaking. It's been 4 years, and this was not found until now. What can I do? I think it's a foundation issue.
0 votes 0 Answers Share Flag
Mon Dec 21, 2015
Scott Godzyk answered:
Most counters from the seller are verbal followed by it put in writing and initialed and or signed. For it to be legally binding, it has to be in writing. The person to be asking why it isnt, is your agent ... more
0 votes 6 answers Share Flag
Mon Dec 21, 2015
Cashmere R answered:
Very tight situation. Loan in this scenario is not advisable. If your problem still persists we can help you. We are specialist in buying distressed houses.

Call us at (347) 674-1542 or fill up the form : http://www.csrrealtyinvesting.com/describe-your-property/ ... more
0 votes 5 answers Share Flag
Mon Nov 30, 2015
Karen and Paul Catania answered:
You can always negotiate. Worse thing they can say is no. But you need to compare builders and make sure they are qualified to build your home. Bottom line means nothing in the beginning. In my area I saw a lot of cheap prices. You can get a fridge, stove, dishwasher, and microwave for $2000 on sale at Home Depot but is that what you plan on putting in your home. In a million dollar home the price can be $15-20k and up for appliances easily. A lot of builders give allowances

$5000 appliances
$10000 flooring
$20000 cabinets
and so on

Anything more expensive is added to your bottom line and most that I saw had very unrealistic allowances even after we told them we wanted this and that they still didn't price things out correctly. So a $500,000.00 start can easily come to $600,000.00 when everything is done.

Also make sure you price in Permits, Well, Septic, Power, Excavating, ect. Some builders do and some don't.
... more
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Mon Oct 19, 2015
Amelia Robinette answered:
These answers are absolutely on the money.

In DC I think it's more important to look at your specific neighborhood and your competition. You may be OK and be able to sell quickly with a floor allowance. Unless you can move out entirely, then stage the property after you move out, then put the property on the market, the inconvenience factor may be really difficult to overcome.

There is a great product available called Rejuvenate - it's amazing, evens out color distortions, fills in scratches a little bit and shines floors beautifully. Try it first and see what your realtor thinks.
... more
0 votes 10 answers Share Flag
Sat Mar 21, 2009
Irina LaMar answered:
Dear Kj:

Unfortunately the condo market was affected the most. Fairfax Ridge and a similar condo development across from Rte 50 called Random Hills are selling for 1.5-1.7 times less than in 2006. I just sold one short sale in Random Hills when the bank accepted around 40% loss on the loan. I am enclosing a link to a CMA of 2+BR Fairfax Ridge condos listed since August 2008, it will give you an idea of today's prices. You can see that the average sale price is around 240,000. The link would stay active for 30 days.
It is really impossible at this point to say when the prices would go back to higher 350s. If you have a difficulty paying your mortgage, loan modification or a short sale could be a solution.
If you need more details or information please let me know.
All the best!
... more
1 vote 2 answers Share Flag
Tue Feb 12, 2008
Don Tepper answered:
When you're referring to your 10% "deposit," I assume you mean your downpayment. A deposit would be money you'd put up prior to purchasing, and which would be refundable under certain, specified situations.

To figure out how you'd come out, you'd need to speak to some Realtors, which it appears you already have. You need to get precise comps for your unit, as well as an estimate of how long it would take to sell at that price. Then your Realtor can calculate other costs that you'd likely incur in selling. And by looking at how much you owe on the unit, the Realtor could make a fairly informed judgment on how much you'd net from the sale. It sounds as if the Realtors you've talked to are suggesting that you'd probably net less than the 10% downpayment. But...have they gone through the entire exercise: pulling comps, calculating costs, etc?

As for renting versus selling, that depends on you and your needs. It's likely that you'd have a negative cash flow if you rented. First, that's the spread between your PITI plus condo fee, on one hand, and your rental income, on the other. Then, from that, you'd subtract the equivalent of 2 months rental per year to account for vacancies. Then subtract about 1.5% of the purchase price annually for repairs. Can you afford to pay that every month? If so, and if you think you're cut out to be a landlord, then you might consider renting it. Or you could hire a management company, pay some more money to them, for them to handle the rental issues.

Do you absolutely, positively have to move? As you've seen, this is not a great time to sell. And you bought at the absolute top of the market. You might be better off sitting tight for a couple more years.

There are ways to maximize your income and possibly sell for a bit more--for instance, by using a lease-option or a land trust. In either case, you'd find someone who wanted to buy. They'd move in, lease from you (or in the case of the land trust, they'd lease from the trust), and at the end of the period hopefully purchase the property. I've posted more details on these techniques elswhere on Trulia.

But if you absolutely, positively have to move, you should seriously consider selling, even if you don't recover your full downpayment. (Lots of people in your situation are ending up having to bring money to closing!)

Hope that helps.
... more
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