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Home Buying in District of Columbia : Real Estate Advice

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  • Local Info11
  • Home Buying38
  • Home Selling4
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Activity 470
Fri Jan 27, 2017
Unknown Name asked:
I'm buying a home in DC. We're scheduled to close tomorrow. Tops was sent to the previous tenant, never replied thus expiring the allowed time. The real estate now calls me saying…
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Thu Jan 19, 2017
Loraarmstrong1977 answered:
How can I get a loan with 595 credit score, I dwn, for a house to rent to own
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Wed Jan 4, 2017
Mandrell.james answered:
Can i use my back pay from social security to put a down payment on a house and purchages it?
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Tue Dec 20, 2016
Susie Kay answered:
Agent's fee is negotiable so I would suggest that you pick up the phone and call a couple realtors and ask them your question. I just have to make a comment about a few hours of work. Even if you have found your buyer the work isn't going to be a few hours. There's a lot more to it behind the scene to ensure a smooth transaction in real estate. I would suggest that you ask the agents that you are interviewing what else do they do after you have found the buyer. ... more
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Mon Dec 19, 2016
Susie Kay answered:
Here in Texas we close at a title company and typically it's the title's job to give clear title.
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Wed Nov 23, 2016
Arobi88 answered:
Yes. In the line of work that federal consultants/contractors do essentially we can always find a job. Though I will say, ALWAYS ALWAYS have more than 6 to 9 months of mortgage and utilities before going into a house and then maintain that when in the house if you can (at the absolute least have no less than 3 months).

I am in that process now.

That type of job security anxiety with government worker during the sequestration in 2012/2013.... and I mean where were they gonna go with the hiring freeze and delayed back pay---had they left then that meant into the world of contracting and less job security than the fed. However, with me being a contractor I had savings and a new contract within the next month.
... more
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Tue Nov 15, 2016
Mitchabear1 answered:
ICan I qualify for a Veterans home loan on a mobile home in a mobile home park in California??
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Wed Oct 19, 2016
Bola Williams answered:
Victoriaannhunt,

If you are still looking to get into your first home please feel free to reach out to me, I know about a few down payment assistance programs that can help you get into your first home! I would be happy to help.

Thanks
... more
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Fri Jul 29, 2016
Gmorgan answered:
yes u can use ur own realtor..banks hate naca
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Tue Jun 7, 2016
Alexawhiteb asked:
I can only seem to find the median. I would like all of the information about each zip code's AVERAGE sale price. It would be perfect if I could find them by year.
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Fri May 13, 2016
Mark answered:
The best way to find out the going real estate commission rate is to put the Realtor fees on the open market and let the Agents bid your commission rate. Commission fees are negotiable and can vary by zip code. We find the best way to compare commission fees is to reverse-auction them. That is why we created ListingBidder.com; a free service for Sellers who can invite agents to submit their marketing plan and commission structure. It is a patent pending process that is saving Sellers thousands.

It is completely free to the Seller and there is no obligation for the Seller to pick the lowest bid or any bid. The whole time the Seller remains anonymous as we never publish your street address or contact information. Sellers can sit back and review marketing plans, commission bids, ratings and reviews. A big win for the Seller. After all, Agents are not charged to register or bid and they have no obligation to bid. Give it a try: https://www.ListingBidder.com
... more
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Fri Mar 18, 2016
Kathy Burgreen answered:
As a former realtor, the truth is realtors control what information is published to websites and what is hidden. Realtors want consumers to contact them for specific information like HOA fees, pets allowed or not, pool access, handicap access, accurate school information, etc.

Therefore, you will have to contact a realtor and have them email you listings with your specific criteria.
... more
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Thu Mar 17, 2016
pcalice asked:
Hi, I am considering buying a condo in DC and learnt that across the unit there is a mechanical room operated by a different management company, which produces noise that can be felt in…
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Thu Mar 17, 2016
Marvin Brown answered:
If's it's a distressed property offer whatever you feel like. Just remember that once you make an offer you can be held liable for it. Start with a very low offer and never commit "good faith" or "hold" money to the property. Remember in most cases these homes belong to banks that in addition to holding the title are also responsible for annual property taxes not to mention maintenance and upkeep of the property. In many cases, particularly in HUD foreclosures, the bank has already received a significant percentage of the market value of the home. The banks are in the process of attempting to undo the damage they did to the housing market during the "sub-prime mortgage meltdown". They hold title to all of this property now but along with the ownership comes the responsibilities. To say that it's a buyers market would be an understatement. Good luck ... more
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Wed Mar 9, 2016
Bola Williams answered:
Hi Nenet97,

It would all depend on what the month cost are for those specific loans, the lending arena has become a bit more strict however and loans and debt are calculated in certain ways.

Your 41k income may be calculated differently, for example if you are a teacher making 41k you are not being paid during the summer and you pay into a union (if you are a teacher in Montgomery County, MD) so your 41k would have more deductions than someone making 41k working a traditional 9-5 schedule.

Your best bet would be to call a lender and talk with them about what you might be approved for.

Feel free to reach out to me and I can put you in contract with two or three lenders that may be able to help you and possibly get you some first time home buyer grants or loans to help with closing cost.

Thanks
... more
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Wed Feb 10, 2016
Amelia Robinette answered:
Down payments for primary residence, conventional financing can be as little as 3%. It all depends on what loan programs you qualify for.

Debt to income ratio should be under 50%

Some lenders allow for 1 month rental history to count the income, again, depends on lender and loan program.

You should call a couple lenders to find out your options and create a plan from there.

any credit score over 740 doesn't really get you anything better.
... more
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Fri Feb 5, 2016
Gemynygrl answered:
I wouldn't see why you couldn't purchase a condo. The fact you work as a contract attorney shouldn't matter. What would matter is how long you have worked in that field and has your employment been steady. How long do you have on your contract and if your contract was to expire is there a chance of extension or would you be able to gain employment somewhere else or even do you plan on becoming self employed. The truth is everyone works on a contract basis and there is never a guarantee someone will go to work tomorrow and have a job. People start out purchasing homes all the time to be laid off either prior or just after closing. My husband worked 23 years for the same employer and was a full time employee and went to work one day and was laid off. He fortunately found employment immediately, even prior to actually being let go and we had the approval to purchase a home near his new job, even before he started work, with just a letter that could have been revoked at any time. Our credit score wasn't even as high as yours. You would most likely have to go full documentation like if you were self employed but you would be able to find a loan. Realtors in fact could consider themselves "contract" employees since they won't get paid until they sell the home on contract. Go online to one of those sites that send your information to several companies and they will find someone. You don't want to go to one company and get turned down because it will take a long time to shop the loan yourself. That's why they have specific companies that handle this. You can also work with a broker but I have found the places online work great. Prior to requesting the loan make sure to have maybe the last years bank statements along with the last 3 year taxes. Usually they only ask for 3 months bank statements but full doc loans want more. Any checks you received as payment make copies to keep for your records if you haven't already. Keep all your bills and any other financial documents you think may be necessary together because they may ask for it. Bottom line is that if you can afford the payment each month and you pay your bills and file your taxes then banks will lend you the money. Also get statements from the person or company who you rent your current home or apartment/condo from since you have to live somewhere. They will use your rental history as proof of your housing credit and paying on time to get the loan. Some companies, if you agree in advance will report your monthly rental payments to the 3 credit bureaus when you pay on time. If the place where you live does that then have them, because it shows the bank you are able to make your rental payment without problems, so the odds are you will make the mortgage payment too. Good luck. ... more
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