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Home Buying in Petersburg : Real Estate Advice

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Activity 7
Thu Sep 29, 2016
answered:
Hi Corey,

Yes you can as long as you're buying a new primary residence, have enough entitlement left & you have enough income to cover the payments.

What are you going to do with your current home?

The VA 2nd tier entitlement has 2 basic components.
1) The 2nd loan has to be over $144,000.
2) You have to have enough remaining entitlement which is based on how much was used & what the VA county loan limit is for the county you want to buy.

For example: Let's say the VA county loan limit is $525,000 in the area you want to buy. Now let's say your current VA loan started out at $200,000. Subtract what you've already used from the county limit to get the max loan amount you would be able to do on a new VA loan without a down payment.
In this example it would look like this:
$525,000 - $200,00 = $325,000.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
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Mon Feb 29, 2016
Sally Grenier answered:
That's a pretty vague question. What do you mean exactly? Are you asking what is the home's VALUE today? Where is this home? How big, how many beds, baths, etc.? Or are you asking how much does it COST to build something similar? Cost is not the same as price or value. ... more
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Fri Jul 13, 2012
Kristin H Martin answered:
I would be happy to send you more info on Walnut Hill...I also have a listing in Petersburg, close to Ft Lee and Lake Chesdin...over an acre lot with 5 bedrooms for 228K...will be in mls later today. If you send me your email address and I will get back to you. You can reach me at Kristin.Martin@longandfoster.com Have a great day!
Kristin Martin
(804)938-5798
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Thu Jul 12, 2012
Wanda Bond answered:
The Fort Lee area encompasses a large area, consisting primarly on the Tri-Cities (Petersburg, Colonial Heights and Hopewell) and the neighborhoring counties of Prince George, Chesterfield, and even Dinwiddie ranks high with folks moving to the area. Let me know how I can help. Your supreme satisfication is my highest priority! ... more
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Mon Oct 31, 2011
Nica Jackson answered:
There are some sellers who will allow you to rent the house with certain terms. For example, paying rent and an additional amount that is set aside in an account to be used towards your closing cost. If you decide not to purchase the home the owner keeps the funds in the escrow account. ... more
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Wed Jan 27, 2010
Wanda Bond answered:
Hi,

I just noticed that NO ONE answered your inquiry of over two months ago. Here's the deal on 2941 W Park Drive.

The listing expired 12/31/2009 after being on the market for more than 14 months. When it was first listed, the asking price was $175,000. At the end of December, the asking price had dropped to $150,000. Its tax-assessed value is presently $166,300. One reason for it not selling is tied to the economy. Petersburg, unfortunately, has been hit rather hard by the housing crisis. Battlefield Park, where this house is located, has seen housing values drop between 15 percent and 25 percent over the past two years. My own house in Walnut Hill is worth approximately 28 percent less than it was appraised for in the summer of 2006.

The good news is that it's a great time to be buying. For sellers, it's not all doom and gloom. While we will likely never see prices as high as they were three years ago, the market appears to be stablizing-- albeit at a slow snail's pace. Three things sell a house -- the location, the condition and price. If all three elements are in concert, the house will sell. It is completely predicated at this time on what the market will bear or put another way, what the buyer offers.

If you want more information on this particular home or any other properties in the area, I'll be very happy to assist you. Email me at carolina_blue_too@yahoo.com or call me at 804-402-1160. My website is up but not 100 percent functional at this writing...it'll be so by week's end. Check it out at www.wandabond.com.

Would love to assist a fellow neighbor in the 'Burg find a new home....any time!

Take care.

Wanda

Wanda Bond, Realtor, CDPE
Weichert - Brockwell & Portwood
207 Temple Avenue, Colonial Heights, VA 23834
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Mon Oct 12, 2009
Vicky Chrisner answered:
The answer depends on your situation, and if you need the money from your Sterling home to buy in Petersburg.

Is your Sterling home listed? For how long? Why hasn't it sold? Could it be price? Think about the worst case scenario. What if your house is not worth what you think it is? What if you get considerably less for it than you expect? Will you still be buying the same house in Petersburg at the same price? If the answer to that is NO, then you need to get your Sterling home solidly under contract before you enter into a sales agreement for the Petersburg property.

My office is in Leesburg, and I work throughout the Loudoun/Dulles area. If you would like to talk with me about the Sterling property in detail, please email or call. Vchrisner@kw.com and 703-669-3142
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