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Home Selling in McLean : Real Estate Advice

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  • Local Info3
  • Home Buying44
  • Home Selling7
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Activity 7
Janice Graham, Home Buyer in New York, NY
Thu Feb 4, 2016
Janice Graham answered:
Just dealt with this issue and couldn't find out information from a seller's perspective. FHA appraisals stay with the property for 120 days. Lenders call appraisers and can gently explain that they are "really" concerned about the buyers qualifications and the deal. Which lets the appraiser (who sees the sales contract) understand that the lender is not enthusiastic about the appraisal coming in within reach of the current buyer. Appraisals have all sorts of room to move depending on the appraiser. It is a person's perspective based on the data they present to defend the decision. It has to be reasonable and within guidelines but it can and does vary considerably amongst appraisers. That is the reason that FHA wants the appraisal to stay with the property for 120 days so that there is not shopping for appraisals. Needless to say the appraiser collects their payment from the Lender.
As a seller once the appraisal has been done I can challenge the appraisal (ha good luck with that it is a subjective argument) or I can reduce my price to the number I know is not accurate and below market value or I can sell only to conventional or cash buyers. But as a seller you know you have lost a big chunk of the buyer market (FHA buyers) You can also wait 4 months for the appraisal to expire. Great if you have the time. You can hope that an FHA buyer can go cash over the appraised amount. Hey you never know. But in reality it puts the seller in a serious negotiation problem and it is likely that you are going to have to reduce your price.
Some things you might not know. FHA rules are guidelines not law. In other words if a lender or appraiser doesn't follow the rules it appears nothing happens. Case in point the appraisal on my property was low and it was not entered into the system. I nor my real estate agent were made aware of this detail. The Lender has access to the FHA system. They are aware. Good idea #1 have your realtor find a lender and have them look it up in the FHA system to see if the appraisal was even entered. Good idea #2 Have your realtor write in the contract that if the appraisal does not meet contract price that you do not want it entered into the FHA data bank if the loan is not going to be approved.
Another little know fact. A lender can look at the appraisal and decide that it is not reasonable and can simply request another appraisal and go ahead with the new appraisal if it is higher. Now they have to have reason to believe it is low but they are allowed to over rule it so to speak. All they have to do is get another appraisal and keep the other one on file. Good idea #3 just ignore the poor appraisal continue to accept FHA offers. If the buyer is a good bet for the lender it is my belief that they will find away around it.
Being reasonable now I am talking about a property at legitimate market value based on current comps. If you are over inflated in your price forget it. I am also talking about good buyers who have the 3.5% down and closing costs and good enough credit scores to acquire the loan. Good idea #4 don't accept FHA offers contingent on the seller assisting the buyer with closing costs unless you are dropping the price below appraised value. This method only inflates the property value over the legitimate appraised value and you know darned well you are not going to close a sale. Your realtor should advise you of that! Remember FHA does not concern themselves with the seller's issues they just say "hey don't sell".
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Mandy Nickso…, Real Estate Pro in Chantilly, VA
Sat Jan 31, 2015
Mandy Nicksolat answered:
hello:
if you still own your unit- I am a realtor who also lives in Rotonda and I would love to help you sell your unit full service but at only 1% listing fees. Please contact me
Mandy Nicksolat
571-217-8383
Samson Properties
Tysons Corner, VA 22102
zendegi38@hotmail.com
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Uwe Klotz, Home Seller in McLean, VA
Fri Mar 15, 2013
Uwe Klotz answered:
Ayda,

Thank you very much for your offer. We already have a real estate agent (Isabelle Jelinski, Keller&Williams, 703-587-6955). As said in another post, we don't want to place the home for sale in the official channels right now as we can't vacate before the end of June (school year), but we want to generate some interest and go from there. We already have an offer from the first person who has seen the house and I am very confident that we can sell it quickly! There is absolutely no inventory in that price range and home prices are projected to rise this year. Plus, interest rates are still at a historic low.

I have posted the house for sale on Zillow and it is also on Craigslist with more details and pictures.

If you have any potential buyers, who are looking for a nice home in the best school district with easy access to DC and Tyson's Corner, please contact Isabelle to arrange for a house showing.

Uwe
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Erik Weissko…, Real Estate Pro in fairfax, VA
Mon Oct 4, 2010
Erik Weisskopf,ABR,CDPE, answered:
Flossie,

The answers below are accurate. If you would like to get an automated update if/when the property goes to market..or others in the neighborhood..simply let me know. I can be reached by the contact info. below.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
703.216.1222
Erik@AskMeAboutHomes.com
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John Fitzger…,  in Fairfax County, VA
Fri Jul 9, 2010
John Fitzgerald answered:
All the others have really good advice. The new Northern Virginia Association of Realtors lease forms obliviate most of the reasons for doing agent addendums, and they've been well-lawyered. This lease is one real good reason that, in my opinion, other agents have not emphasixed enough.

.The other reason to hire pros is that you thereby get access to professional property management, which rids you of lots of headaches. This is an approach that I would seriously consider.
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Johnny Yanko…, Real Estate Pro in Manassas, VA
Sat Mar 13, 2010
Johnny Yankoviak answered:
Hi Irene:

How are you?

While having a "virtual tour" is nice, it is not a nessescity.

When you say you have 22 photos, are they great photos? Quality is more important than quantity.

Also, are you sure that your house is priced as aggresive as it could be? It is better to get it offer's you can refuse, then not to get in offer's at all. And as far as the "broker's open, some agent's will tell other 's what they want to hear, as opposed to what they need to know.

Hope this helps, good luck!

Johnny Yankoviak
Weichert Realtors
Gainesville, VA
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Joyce Becker, Real Estate Pro in McLean, VA
Thu Jun 12, 2008
Joyce Becker answered:
I work with many buyers that do not want a pool for reasons of cost to maintain or safety with families with children. Fewer buyers want a pool. As apposed to those that do NOT want a pool. ... more
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