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Home Buying in Richmond County : Real Estate Advice

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  • Home Buying7
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Activity 153
Mon Apr 17, 2017
Salvant.scott answered:
I would start with interviewing buyer’s agents. The selection of an advocate to help you navigate this weird world we call real estate is hugely important to the process.

Secondly, I would begin to talk to a lender. You should get a sense of the loan products, process, and costs. The mortgage process can be tricky so don’t get too far before working with your lender.

The last thing is begin to get familiar with housing and values. Never forget that it is a financial decision and making a good deal on a home should be a big part of the goal. Understanding what your money will buy is a critical step in making the best decision for you and your family.
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Wed Apr 12, 2017
Sarah K. asked:
What are the benefits - if any? Are there drawbacks that I should be concerned about?
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Fri Mar 10, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

You will need at least a 580 score to qualify.

Many times going from a 500 to a 580 doesn't take a lot of effort. I can take a look at your credit if you would like me to. We have aced it score simulator that shows me how to get your score up quickly in most cases. This costs nothing.

Then once your score is above 580 you would qualify for an FHA loan that only requires 3.5% down payment and allows you to roll closing costs into the loan.

If you have any questions or would like help with this you are welcome to get in touch with me.
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Tue Mar 7, 2017
Sarah Jarvis answered:
Condo values are trickier than they look. Most condos have height and four corners (or more!) of view meaning that a 3rd floor condo facing the street is far different than a ground level condo facing the alley. I would be surprised that a 750 SF condo in the Fan has no recent comparable sales that would indicate value. Condos are a specific skill so make sure your agent understands the condo market. ... more
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Mon Jan 30, 2017
Rljoneshomes6 answered:
All contracts require several pieces to be considered binding, but in your typical contract you will see a price, financing terms (deposit, mortgage amounts, down payment, rate and amortization), inspection dates and closing dates. There are also numerous Standard Provisions that cover a host of other aspects in the contract including the pest, well and septic inspections (when required) and title conditions (to name a few).

In addition, the expiration date for a contract is another important part of any contract and something that can be used as a strategy.

At the end of the day, a contract can be written in a manner that benefits the buyer or a way that benefits the seller. A good agent understands how to use language to shift the risk away from the party that they represent and onto the other side.
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Fri Dec 23, 2016
Amelia Robinette answered:
in real estate, everything is negotiable. you should know the terms and types of upgrades that are important to you. as with any negotiation, knowing your 'walk away' point is key to getting what you need.

i recommend you interview several different agents to see if any are prepared and experienced enough to represent you in this huge purchase. you need someone who is highly experienced in new construction. builder contracts are quite different than the standard local and state contract forms.

if you have an agent experienced w/new construction, they should know how to negotiate with builders. even better, if you have an agent that has negotiated with THIS builder, you have a leg up.

spend significant time interviewing agents. many people spend more time researching TVs than they do interviewing their representatives to help them with the biggest purchase of their lives. it's OK to talk to a dozen agents if you need to in order to get a rep that works well for you.
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Wed Sep 28, 2016
Marybeth Mayer asked:
It would be very helpfull as I plan my drive tovisit each one without a lot of back tracking
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Sat Sep 10, 2016
Maryhawkey71 answered:
craigs list!!! roflmao!! run up and down hywy w/a sign?
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Tue Sep 6, 2016
Daniel.pierce answered:
All homes are most likely va homes. I have used my va loan before, the VA loan does not refer to a home per say, you still have to qualify for a loan then the VA basically co-signs for you. The main benefit is you can do 0% down. Most homes qualify for va loans but there are few that do not accept va loans ... more
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Tue Aug 30, 2016
Mozannar answered:
First American is the best Home owners warranty in my opinion, they are the only one that i know off, that cover improper install, improper repair or improper modifications, specially to A/C. I had 2-10 Homeowners warranty and it 's a joke, Big joke. I called for a claim on my A/C in May 2016. My house is fully renovated and everything is brand new and under warranty. 2-10 send 6 different contractors for a simple A/C failure. Every 2 weeks, they send a contractor, and never hear from hem again, Spend at least 5 hours to speak to someone every time i called. and they they say their big world. OHH we did not received the diagnostic yet. And finally after 4 month, they denied my repair saying that the unit is installed improperly, it's just improper installed and that's not covered under your 2-10 home owner warranty. I'm like what???!!!. I get a hold go the contractor who installed the A/C and there was nothing wrong with it at all. Both unit are brand new and covered under the warranty for 5 years . All it was that the evaporator need to be cleaned, that's all. After they cleaned it, the A/C is blowing like a freezer. Guys please stay away from 2-10, it's nothing but a rip off. I'm surprised they still in business. First american take my voice, They save my pocket from a 8 thousand dollars repair, It's more money, but worth every dime i spend with them. It cost me about $732 because i took the A/C coverage and the first class Upgrade coverage that cover the improper installation, improper repair, improper modifications and so on. Make your homework and you will realize that I'm correct on this one. And if i'm not. Please let me know if you find a company that cover that for a lower price and i will shift too. Thanks guys for reading. Sam ... more
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Tue Aug 16, 2016
Kathy Burgreen answered:
The following is what lenders need to approve a buyer:

1. Employment & Income - do you work part time or full time? Are you a salaried employee, paid hourly rates, independent contractor or self employed? If you have any income that is off the books, it does not count.

2. Outstanding Debts - do you have student loans, car loans, credit card balances, medical bills, etc.? How much do you owe? If your student loans are on interest based repayment plans, lenders are required to calculate 1% of the balance to your debt. Also if the loans are deferred, lenders are required to add that into your debt to income ratio.

3. Credit Score & Credit History - What is your FICO score? If your FICO score is below 740, lenders can give you a loan but you will pay higher interest rates & additional fees. If your score is below 620, most lenders refuse because the buyer is too risky. A few lenders will give a mortgage but they will charge very high interest rates & high fees.

4. Savings & Investments - do you have at least 3.5% saved for a down payment? The FHA loan requires just 3.5% for a down payment. Ideally you should have at least 10% saved for a down payment. Also do you have additional cash to pay for your closing costs?

Debt to Income Ratio - you need to have this at 43% max.
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Mon Aug 15, 2016
Alan May answered:
If you're interested in negotiating on the first house... you'd be giving away a lot of negotiating ability by using the listing agent as your buyer's agent.

I don't recommend it.
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Thu Aug 4, 2016
Fonda answered:
I am the buyers agent on the purchase of a relo home. I have submitted a list of repairs with inspections. This is my first relo, what should I expect next?
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Thu Apr 28, 2016
Mary asked:
I am in the sales industry and looking to sell my condo, of which I have over $40k in equity and looking to buy a new condo from a local Builder. My dilemma is I just started a new job mid-January…
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Tue Feb 9, 2016
Monica Davis answered:
There are midcentury modern homes in pockets around the James River. Look at the neighborhoods of Crestwood Farms and Highland Hills south of the river and Westham north of the river.
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Mon Feb 1, 2016
Amelia Robinette answered:
mary - no one from trulia monitors this forum. you'll need to contact customer service to get help with this.
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Tue Jan 26, 2016
Eugene answered:
Send me your email and I will be happy to send you a list of homes in the area you are looking to locate. Veterans are not limited to VA property's, any property that accepts VA loans is eligible. I am a veteran and I purchased my home through the VA. If you would like direct assistants contact me ... more
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Sat Jan 16, 2016
Bluehelix3 answered:
I grew up in Bexley in the 70s and 80s. Most of the kids attended private school. I and some others were unfortunate enough to attend Chesterfield schools. It was awful. The education was substandard, resources severely lacking, teachers were shrewish, mediocre at best, always with a sour face, an attitude of petty government entitlement, and a list of contract grievances. German Shepherd drug dogs in the hallways between classes, ONE field trip in my entire time in that terrible school system. The ride on the school bus was an unwanted adventure to the other side of the tracks and the kids with associated behavior problems. Every day. The comment is right on about the surrounding dissimilar homes and the demographic issues. Back then you always had quite a drive just to get to the grocery, shopping, school, even a convenience store. Much of that has changed, but it was never high-end or even mildly "nice." You would pay a fair sum for a beautiful home in Bexley back then, only to have to drive to the West End or other area essentially across town for pleasant shopping in a decent area commensurate with your neighborhood. And the HOA was a bunch of total dicks. No private security, no gate house, no gate, no pool, no golf course, no meeting room...I am not sure what they mean by "planned community when so little was actually planned. Oh but you have the yearly joy of setting up those blasted candles in paper bags in the rain every year. Fun. Richmond blows anyway. Find a better neighborhood in a nicer city. ... more
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Fri Jan 1, 2016
Alysse Musgrave answered:
No, only through a refinance, not a new purchase.

Don't Let Them Make a Monkey Out of You! Follow the links below.

Alysse Musgrave
Consumer Advocate
Exclusive Buyer Agent

Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You! US, Texas, and Spanish versions available. ... more
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Sat Nov 14, 2015
Andy Klemm answered:
That's a valid question. As far as I know that can't be done. May I offer this solution? The Richmond MLS allows multiple recipients of searches. I would be more than happy to set a search up for you. Please send me an email with the search criteria to at your convenience.

An added advantage of using the local MLS is that you will receive accurate real time information and updates.

I'm looking forward to hearing from you. Thanks Andy Klemm, Broker EQUITY REALTY 804-402-2700
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