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23220 : Real Estate Advice

  • All19
  • Local Info1
  • Home Buying8
  • Home Selling4
  • Market Conditions1

Activity 17
Wed May 17, 2017
Mom asked:
Tue Mar 7, 2017
Sarah Jarvis answered:
Condo values are trickier than they look. Most condos have height and four corners (or more!) of view meaning that a 3rd floor condo facing the street is far different than a ground level condo facing the alley. I would be surprised that a 750 SF condo in the Fan has no recent comparable sales that would indicate value. Condos are a specific skill so make sure your agent understands the condo market. ... more
0 votes 5 answers Share Flag
Mon Aug 15, 2016
Alan May answered:
If you're interested in negotiating on the first house... you'd be giving away a lot of negotiating ability by using the listing agent as your buyer's agent.

I don't recommend it.
0 votes 1 answer Share Flag
Mon May 16, 2016
Dabbacon asked:
Thu Mar 17, 2016
Robyn Tyer asked:
Your website is impossible for Landlords to use. I have over 80 apartments for rent at one time or another and managing the listing once it is placed with you is a nightmare! You need…
0 votes 0 Answers Share Flag
Tue Dec 29, 2015
Dan Tabit answered:
Raine,
Most of these auctions require cash in hand, do not allow previews or inspections and all sales are final. I'd also encourage you to speak to your agent about your interest. They can assist you in countless ways through research, market knowledge etc and you may just have to pay them yourself for this. It is not uncommon to have a buyer's agency arrangement. ... more
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Thu Mar 5, 2015
Sarah Jarvis answered:
We have an entire site dedicated to nothing but condominiums in Richmond Va. It contains a lot of information, not just about condos for sale, but a great deal about financing, management, 'warrantability' and the inside scoop on the projects around Richmond. ... more
0 votes 2 answers Share Flag
Tue Aug 19, 2014
Sarah Jarvis answered:
It depends on the level of the work and whether or not the work was done by a licensed contractor. You may also be able to use the financing contingency, depending on what type of loan you have elected to use. Depending on where you are in the process, you may be able to easily get out of the contract or it could be difficult...hard to say without knowing far more details. ... more
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Wed Apr 30, 2014
Timothy Smalls answered:
Mayfair, since the previous answer came from someone in NEW YORK, they are probably not aware that Oregon Hill is a NEIGHBORHOOD, and not a development. Your best way is Roomster.com. That requires paid subscriptions for people to get direct responses from homeowners. Craigslist is a crapshoot and very shady characters frequent it because its FREE. ... more
0 votes 2 answers Share Flag
Wed Apr 27, 2011
Tina Beasley answered:
Mona,

Hire a competent REALTOR that has experience in dealing with foreclosure properties and construction, like me!

I grew up working in the home building industry and I have sold many foreclosure properties to clients. I'd like to help you. Give me a call anytime.

Tina Beasley
Associate Broker
Envision Real Estate
804-972-9927
... more
1 vote 4 answers Share Flag
Sat Dec 18, 2010
Hilary Miller answered:
You are in a very popular area! I know that a short sale may be one option, but have you considered renting your home? You may be able to hold onto your property until the market is a bit stronger and cover most of your current mortgage payments. This is just a thought.

Hilary Miller
Remax Today
804-837-7256
... more
0 votes 22 answers Share Flag
Tue Nov 23, 2010
Ryan Sanford answered:
Hi Marie- That is a great question. The short sale is an art and very few agents are well versed on them in our area. I would first recommend finding a good buyer's agent that has the CDPE (Certified Distressed Property Expert) designation and a track record of successful completed short sales. Your offer on a short sale should be based on comparable properties that have sold in the last three months. A bank typically is not going to accept an offer of $200K on a home that comps show a value of $300K. However, a good short sale agent knows how to get more favorable results for a low offer. When I represent a buyer on a short sale, I will quiz the listing agent of their experience along with look up past solds on MLS if I am not already familiar with the agent and their short sale experience. In the event the agent has little experience in a short sale, I will try to work closely with that agent and offer to teach the agent through the process so the sale is successful. Short sales are a great way to get a great price on a home if you have the patience and flexibility to wait possibly three to four months to close and a lot longer if the listing agent does not know what they are doing.

Ryan C. Sanford
Supervising Broker
Vice President, Richmond Branch
RE/MAX Allegiance
13204 Hull St Rd
804-218-3409
... more
0 votes 9 answers Share Flag
Mon Nov 15, 2010
Melissa Loughridge Savenko answered:
It seems you are asking this question from the position of the BUYER. If my assessment is correct I have a different answer than above.

Historic tax credits benefit the developer, not a purchaser. If you purchase a home or condo that was renovated as a tax credit project, those tax credits benefit the developer, not you, unless you ARE the owner/developer and this is a tax credit renovation of your own personal residence. Tax credits are a dollar for dollar reduction in personal - or corporate - income tax liability. There are two types of historic renovation tax credits available in Virginia: (1) federal tax credits, which credit the developer with 20% of the qualified rehabilitation expenses ("QREs"), but only for income-producing property; and (2) Virginia state tax credits, which credit the developer 25% of the QREs for any approved renovation project, even a personal residence. If the project is a qualified income-producing project in Virginia, it may qualify for BOTH the federal and state credits, meaning 45% of the QREs as a direct bottom line tax credit.

A tax abatement is a completely different animal and DOES benefit a purchaser. The program works like this: The renovating party, be it developer or home owner, applies for the tax abatement with the City of Richmond Assessor's Office. The City assessor sends someone to evaluate the value of the property BEFORE renovation. That before renovation value is the "base value," or X. After renovation the Assessor's Office sends someone back and determines the after-renovated value of the property, or Y. The difference between Y and X is the "abated amount" and that value, the value added to the property, is exempt from real estate taxes for 7 years in total, and comes back in 25% each year 8-10, until Year 11 when the full assessed value is subject to real estate taxes. This can be a significant financial advantage to a home owner and save tens of thousands of dollars over the 10 year abatement period. An abatement also runs with the property and is transferrable upon sale, if there is any remaining time left.

These programs are technical and this is just a general overview. Consult an expert for detailed guidance. I also have some more detailed analysis on my bog, the address of which is below. Good luck!
... more
1 vote 3 answers Share Flag
Tue Aug 17, 2010
Tom Fleming answered:
George,
Have you had any success in finding a Property Management Company? A friend of mine is starting a Real Estate Brokerage up and he plans to offer Property Management. Being located in The Fan your home would be appealing to many different types of Buyers and Renters. Depending on your situation a full service broker that offers property management and full brokerage might be the best fit for you.

good luck with your decision
Tom
... more
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Mon Jun 28, 2010
Chris Small answered:
Carver is a strong area. Located close to VCU and VUU its a great area for rental. I have sold a lot of houses there to parents of students who went on to keep buying and renting because the money was good. I think there was one house thats a forclosure that has some issues that may have sold high and now be listed low but ingeneral its not that pronounced. Houses are moving in Carver, you almost cant find what you want. ... more
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Tue Jun 9, 2009
Melissa Loughridge Savenko answered:
I think the critical piece of the question here was "in the Fan." The Fan is a designated historic district, and the entire neighborhood is on the National Register of Historic Places. Additionally, it is the largest contiguous collection of Victorian architecture in the United States. Garages here are worth a LOT more than in the standard neighborhood. Many garages don't even fit full-size cars, since they were originally carriage houses. However, even smaller garages are still prized because of the storage capacity they afford. The Victorians just didn't have as much "stuff" as we do!

My broker, who has lived in the Fan for 25+ years and been in real estate for over 34 years, says a garage adds somewhere between $25,000 and $100,000 in value, depending on the size of the garage and the price point of the home. For example, a Monument Avenue home without a garage would be priced $100,000 less than a similar home with a garage. A smaller, attached side street home could get an additional $25,000-$50,000 in value from a garage.

Hope the information helps, happy buying! MLS
... more
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