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Aldie : Real Estate Advice

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  • Home Buying11
  • Home Selling0
  • Market Conditions3

Activity 36
Sun Nov 27, 2016
crimson8888 asked:
nothing but great news when it comes to NV Homes, but in regards to their brother/sister company Ryan nothing but negatives...please advise...
I am looking at Willowsford area by the way...
1 vote 0 Answers Share Flag
Sat Nov 26, 2016
Kevin Sullivan asked:
Sat Sep 10, 2016
Mariyaluci answered:
You need first to decide which sort of FHA construction loan you need:

- A Construction-Permanent Mortgage: You might need one of these if you're buying a fresh site, and want to build (or have contractors build) a new home from scratch.
- A 203(k) Rehab Mortgage: One of these might suit you if you're buying or refinancing an existing home that requires repair, modernization, or even rebuilding. These come in two flavors, but more about those later.

Both types of FHA construction loan add layers of complexity that many lenders don't like. In particular, construction-permanent mortgages are relatively rare, and loan officers have been known to deny they even exist. Whether that's because they really haven't heard of them or just prefer to avoid them depends on the individual.

Either way, finding a lender willing to offer one may prove challenging. But, as with most things in life, perseverance (probably) pays.
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0 votes 16 answers Share Flag
Mon Jun 20, 2016
Palaniong asked:
What are the advantages to these communities and incentives the builders usually offer to be able to decide
0 votes 0 Answers Share Flag
Tue May 17, 2016
Alysse Musgrave answered:
No, you can't.

Don't Let Them Make a Monkey Out of You! Follow the links below.

Alysse Musgrave

Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You! US, Texas, and Spanish versions available. ... more
0 votes 1 answer Share Flag
Tue May 17, 2016
June Buerkle answered:
The only way that could happen is if both parties agree to dissolve the signed contract that the earnest money is securing.

If both parties agree to walk away from the original agreement with no contest, the monies would go back to the prospective buyer ... then you could enter into a new contract (or formally amend the original) with a lower earnest money requirement.

However, if you ever found a seller so inclined as to pay the appraisal, the easier way to do it would be to have them give the cash to the buyer so that the buyer could pay for the appraisal.
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0 votes 1 answer Share Flag
Wed Sep 16, 2015
Amelia Robinette answered:
Sometimes lenders will get a single condo approved for a loan, so it won't show up on HUD. If the effort is to get the entire complex approved (which may be a necessity, depends on what the lender wants) it can take several weeks.

In my experience, even for a one-off condo approval, it's not unusual for it to take 2 to 6 weeks. There are so many variables that no single person can control. In this situation, it's unlikely that it's a lender error, just the shuffling of paperwork across multiple desks which takes time.

What is your agent or loan officer telling you? Hopefully you're represented and have an agent and loan officer who can discuss the details with you.

You can ask for some compensation for the expenses, but they probably won't give it to you. Best option is to ask your loan officer for a credit. Depending on how that goes, you could escalate to his/her management and ask them for some help.

For all borrowers/readers, keep in mind that you're asking for hundreds of thousands of dollars. Lenders have processes that they go through to make sure they'll get paid back. No one 'deserves' a mortgage, and although sometimes the lender questions seem stupid, it's part of what we need to do to get access to that much money.
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0 votes 1 answer Share Flag
Sun Sep 6, 2015
Amelia Robinette answered:
The listing should not have "w/KO" unless there is a specific kick out clause in the contract. The standard HI contingency does not have a kick out clause. It would have to have been added separately in the "Other" section of the Regional Contract, or in the Contingencies & Clauses addendum.

If the listing agent insists on keep w/KO, then you should talk to your broker and request that they contact his/her broker to train the agent on what the different statuses mean and when to use them. NVAR has some great classes on how to manage listings and deep dive into MRIS.

Here's some info from the NVAR site:

Q. What do the various statuses mean? Agents seem to confuse the use of certain statuses such as Contingent with Kick Out vs. No Kick Out.

A. MRIS uses the following status types to indicate a property's availability:

ACTIVE: The property is available for showing with no contingencies, contract or rental application registered against it.

CNTG/KO (Contingent with Kick Out): The property is available, but has a contract with at least one pending contingency that includes a kick out clause.

CNTG/NO KO (Contingent with No Kick Out): The property is available but has a contract with at least one pending contingency, and the pending contingencies do not contain kick out clauses.

APP REG (Application registered): The property is available, but a rental application has been registered on it.

CONTRACT: The property has a ratified contract with no pending contingencies.

SOLD: The property is sold and settled.

RENTED: The listing has been rented.

TEMPORARY OFF: The property is not available for showing. This status is for short term use, 14 days or less, and must have seller approval.

EXPIRED: The listing agreement has expired.

WITHDRAWN: The listing agreement has been terminated prior to its listing expiration date.
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0 votes 1 answer Share Flag
Sat Aug 29, 2015
Sharon Mastrianna answered:
Hello Albert:

Another set of experienced eyes is what you Realtor should be. The salespeople in the office are not working on your best behalf.. Someone to guide you and advise you through the process of buying your new home. There are many, many steps that are involved from foundation to interior to the roof.

Can you negotiate on a new home? You bet you can and I mean above and beyond the builder incentives.

I have done several new construction home sales and I have been there for every inspection and I do my best to visit the site on a weekly basis for my client so that we are aware of what's going on. You would be surprised how many things can be missed during the construction phase.

One very important point. You must also let your Realtor know if you've made any changes or agreed to something that he or she is not aware of. Communication is key.
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0 votes 2 answers Share Flag
Thu Aug 20, 2015
Andy Padmanaban answered:
Hi Albert - Just checking in to see how you were doing in your search or if you have any further questions.

Please feel free to reach out to me for any help.

Andy Padmanaban
Licensed Realtor
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0 votes 10 answers Share Flag
Sat Jul 25, 2015
Andy Padmanaban answered:
Albert - Please give me a call if you have any issues dealing with the builder.

Andy Padmanaban
Licensed Realtor
0 votes 2 answers Share Flag
Sat Jul 25, 2015
Andy Padmanaban answered:
When does your contract expire? If you have reached till pre-drywall I would suggest just stick with her. There are no other options.
If you have any general questions, please feel free to ask me.

Sorry for experience.

Andy Padmanaban
... more
0 votes 3 answers Share Flag
Mon Jun 15, 2015
Scott Godzyk answered:
When it comes to buying a new home, you need an agent famiar with new homes. Most buyers these days find a home and then use an agent to negotiate price and terms. Most builders wont budge on the base price, but when done right, negotiations on upgrades, extras and such added for cost or even no cost are the the biggest benefit to knowing how to write an offer and what to offer. Next is the building process. If the home is not built, they should guide you through the process. Assist with a mortgage, inspections and be there through each step of the way, The builddr looks out for the builder, not the buyer. A good agent does not stand by and watch, they represent the buyer and do it well. ... more
0 votes 1 answer Share Flag
Mon Mar 16, 2015
bhavik123 answered:
Fri Mar 6, 2015
Kim Carnagey answered:
YOU need your OWN representation to protect your BEST interest!!! The sales people for the builders work for the builders, representing them and their best interest. Bring a/your REALTOR with you before you sign anything, as they will help protect your BEST interest making sure the contract is fair and up front about any upgrades, changes,etc. ... more
0 votes 4 answers Share Flag
Mon Feb 23, 2015
Jeannette Karis answered:
I would suggest you talk to a credit union, bank and a mortgage company to see how the loan locks vary - just because one lender does not does not mean they all will not.
0 votes 2 answers Share Flag
Mon Jan 19, 2015
bhavik123 asked:
We have purchase a new home in Northern Virginia, which is going to build and builder told us that the delivery date will be April 26 of this year. I am looking for mortgage rate and…
0 votes 0 Answers Share Flag
Thu Dec 11, 2014
Scott Godzyk answered:
You should get this information and decide if it is right before making an offer or spending money on inspections and mortgage expenses
1 vote 2 answers Share Flag
Sat Oct 18, 2014
Earle Noel answered:
I live in the Stone Ridge development down the street from the ball field and Minnieland. Yes it gets quite noisy here from the departing aircraft out of Dulles when they're climbing out to the west and then turning southbound right over Stone Ridge. The noise can wake you up in the morning when they start departing just before 6am and in the evening a heavy UPS or FEDX freighter departs after 11pm. The noise level varies considerably depending on which section of the development your house is built. I can say that we've become accustomed to the aircraft noise after living here for 4 years but I'm more concerned about the pollutants from the engines as they're climbing over your house under full power. This is why my family will probably relocate elsewhere in the next few months.
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0 votes 8 answers Share Flag
Fri May 23, 2014
SlickFfx answered:
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