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Philadelphia : Real Estate Advice

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  • Local Info306
  • Home Buying1K
  • Home Selling149
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Activity 3,349
Thu Sep 7, 2017
cynthia brown asked:
Mon Sep 4, 2017
Sierra Williams asked:
I own my home in strawberry mansion, i have no mortgage. I would want to fix it up which would require money that i dont have. It has beautiful bones and high ceilings but needs some new…
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Fri Sep 1, 2017
Wendy asked:
We signed a rental lease only to discover the owner doesn't have Philadelphia's required certificate of rental suitability or a current license to rent out the house to non-family members.…
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Thu Aug 31, 2017
Etwaria Gillette asked:
Thu Aug 31, 2017
LawrenceIMorris answered:
Hey Brandon,

100% with the LLC information. All addresses, phone numbers, SSN/EINs, and other information referenced on the contract should be directly connected to the LLC. Not having to furnish personally identifiable information is a part of the "protection" afforded to LLC's and their owners.

Good luck with your home transaction!

All the best,
Lawrence
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Sun Aug 27, 2017
Tom Pomager asked:
There is no reason for this. He is a good tenant. No Problem for 60 Years. He is Elderly, Upset,
Physical Problems and shaking from this Letter. What can be done?
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Fri Aug 25, 2017
Kathy Burgreen answered:
There is NO law anywhere in the U.S. that says sellers must pay a buyers broker when they are For Sale By Owner. This is strictly realtor sales tactics which borders on harassment. The truth is buyers do need to have a down payment and their closing costs are expensive (higher than sellers). Sellers will collect a profit from the sale of their home, so realtors believe that sellers "SHOULD" take a percentage of their profit and pay the buyers broker because it would be a financial hardship for the buyer to pay their realtor.

In this day of technology with more sellers able to sell by owner, realtors are getting squeezed and they are coming up with any BS story to get the seller to pay their broker fee - whether it's true or not. Sellers don't need to pay and do have he right to negotiate. The huge risk is that realtor will tell their buyer client a made up BS story that your home is whatever and the buyer needs to move on and buy a different home - one that is NOT for sale by owner (listed with a broker).

Bottom line - Sellers doing For Sale By Owner need to stand their ground and don't be intimidated by these realtor threats. What I would do is if the realtor refuses to negotiate, talk to the buyer and hand him a contact card with your info on it. Another method is talk to the buyer in front of the realtor and say: "I would love for you to visit my home without your realtor and since there is no commission fee, we can both save money and I'm willing to negotiate a deal."
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Wed Aug 23, 2017
Kathy Burgreen answered:
As a former realtor and previous renter, I agree with both replies (Sally & LlsaiahM) so let me add information that was left out and you REALLY need to know this.

First - speak with your landlord NOW!!! Explain that you're looking to buy a home when your lease expires and if there is a gap between the time you need to close on a home and when your lease expires in April, if your landlord can negotiate an exit strategy. We did this and it works. What your goal is - in the event that you need to close on your new home in Feb. (for example) and your lease expires in April, you want your landlord to accept 1 month's rent (you pay for March only) instead of 2 (you don't pay for April). OR you can negotiate a flat fee for you to cancel your lease early.
BEWARE - every landlord is different and this strategy depends on if you paid your rent on time every month + if you were NOT one of those pain in the rear tenants. So if you fit this criteria, most landlords are willing to work with their tenants PROVIDED you do this early - not at the last minute. It pays to start early and negotiate. You never know - you may end up a winner and get a great deal that benefits you! Whatever deal you get, MAKE SURE it's in writing and signed by the landlord / property manager. If it's not in writing and signed, there is no deal. Final tip: Be diplomatic and nice. If you sound like a bully, landlords will ask you to leave.

Next - Spend weekends visiting Open Houses. This gives you a feel for your likes and dislikes, what homes actually cost, neighborhood quality, commute to work, grocery store locations, etc. As for realtors and time frames, you need to know that realtors work on commission and are interested in helping people ready to move now - not next April. Therefore, spend the time now saving as much money as possible (every penny you can) because you will need $$$ for a down payment + cash to pay closing costs + cash to move.

Finally - contact a few lenders and have them give you side by side comparisons. Example: what you would qualify if you buy a home now; what you would qualify if you save xxx by Jan.; how much closing costs are in your area, etc.

Hope this helps.
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Mon Aug 21, 2017
Patriciahendricks89 answered:
Thu Aug 17, 2017
Philk99a asked:
It seems like the problems condos can have are more likely to happen with a small complex. It would not take a lot of units being rented out before they outnumbered the non-rental units.…
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Thu Aug 17, 2017
Kathy Burgreen answered:
You need to learn that landlords refuse to accept tenants with previous evictions because they are nervous that you will not pay rent again. You cannot prove that you won't do the same thing again. Proof means a signed letter from your previous landlord that you paid your rent on time every month and that you are up to date. ... more
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Tue Aug 15, 2017
jumboloancenter answered:
Recent updates are now permitted 5% down up to 1.5mil loan amounts. 10% up to 2.5mil. These programs will require a min 700 credit, and complete documented income/assets. Fix rate and ARM, all options require no PMI. ... more
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Tue Aug 15, 2017
Kathy Burgreen answered:
First, you need to speak with the Office Manager or Broker in Charge where your realtor works at and tell this Manager that your realtor is not representing you in your best interests and you want to be reassigned to a new (different) agent. The Manager will do this for you. Bottom line - you need to fire your realtor (broker). NO LICENSED REALTOR in the U.S. would ethically advise a buyer client to purchase a home without a closing attorney or title company and title insurance. This is a fiduciary violation and puts you at a legal risk!

Fire your realtor / broker today!
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Thu Aug 10, 2017
Aquila Dufort asked:
Mon Aug 7, 2017
answered:
Veronika.....There are a lot of great places to invest in Philadelphia. My first thought would be around one of the various colleges in the city. If you would like to contact me I would be happy to refer you to one of my trusted realtors

Joe Cafiero
Guaranteed Rate
joe.cafiero@rate.com
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