Asked by Elaine, Chesapeake, VA Thu May 13, 2010

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KK German, Agent, Virginia Beach, VA
Thu May 13, 2010
Hi Elaine,
I know you have been wishing and hoping for something decent for a while.
Have you considered perhaps a double-wide? It would be far less than buying real estate. It would be your own four walls. Just a thought, I know I answered a few of your questions last summer about foreclosure properties you were interested in.
I would think hard before buying something in Cardinal Estates. Yes, the price might be 'right' if you can afford it, but it still is only a double-wide and then you are paying for the land it sits on. And Cardinal Estates is in a high jet noise zone. I suggest keep working on your savings, or credit profile, whatever is holding you back, and stick to your guns for your real dream home. But just my opinion.
Good luck! KK German
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Erica Smith, Agent, Chesapeake, VA
Thu May 13, 2010
I am sure you have already learned that the property you were interested is under contract from the previous posts. Although there are plenty of incredible houses on the market right now. I would love to have an opportunity to be able to help you. Any questions at all please feel free to give me a call.

Erica Smith
Wainwright Real Estate
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Rick Giannas…, Agent, Virginia Beach, VA
Thu May 13, 2010
Elaine, I see that you selected just looking? If you are just starting out to look the first thing you should do is get pre-approved for a mortgage so you know the exact price range you should be shopping in. Sandra Griifin is a great mortgage broker and I highly recommed you give her a call. She will give you all the info you need to get started. Her number is 757-721-3600.

If you have any other questions please contact me at any time, my cell is 757-572-0672. You can also check out my website: (should be able to click on it or copy and paste to your url)

Have a great Day!

Rick Giannascoli
Blu Skyy Realty
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Kimberly Joh…, Agent, Virginia Beach, VA
Thu May 13, 2010
Elaine, I just called the listing agent ant ,2912 Raven Ave. is under contract, a buyer's inspection has been completed and they're awaiting final lender approval. It's indeed a "fixer-upper" property and is also being sold as a "short/compromised" sale. That means the seller's lender will have to also approve the sale because they'll be accepting less than what is owed on the property as repayment. The homeowner ultimately has the final say in the terms of the sale, but the condition of this property requires the 203K (home renovation loan) Rob mentions.

A 203K loan entails a general contractor being involved on the lending side of the transaction to give price quotes on the work necessary to have the property qualify for the mortgage and be considered "habitable". The buyer is ultimately responsible for having the work completed in a timely fashion (usually 3 months). The work needs pass inspection and then money is drawn out of the mortgage funds to pay for the work. If you're getting a mortgage, it's important to be prequalifed the 203K program unless you have plenty of cash on hand to complete the work.
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Rob Shaw, , Virginia Beach, VA
Thu May 13, 2010
Hi Elaine,

Yes 2912 Raven Ave is still available. This house is a fixer upper. You can only purchase with cash or a FHA 203K loan. Would you still like to see it?

Have a nice day!


Long & Foster Real Estate
Oceanfront Office
317 30th Street
Virginia Beach, VA 23451
Office: (757) 428-4600
Direct: (757) 304-7160
Fax: (757) 491-6184
Toll Free: (800) 941-3333
United States Navy, Retired
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