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Home Buying in Spotsylvania : Real Estate Advice

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  • Home Buying2
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Activity 4
Tue May 26, 2015
Alan May answered:
First, we don't know any of the details of your ratified contract, so we're not in a position to comment.
Second, we are not attorneys, so we're not qualified to comment.
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Wed Apr 1, 2015
Jim Acors answered:
The most common loan being used in the Spotsylvania area is a FHA loan which requires 3.5% of the sales price down, however a lot of Spotsylvania, Caroline and King George all have $0 down loan programs ( USDA and VHDA) and of course if you are eligible for a VA loan that is also $0 down.

Another fee to keep in mind is the costs associated with closing on a home which will most likely be at least a couple thousand dollars. It use to be common to ask for 3% of the sales price in closing costs assistance, but with our local market being so strong it is starting to change.

Another challenge is going to be finding a home around $100,000, while it is definitely possible there is a limited amount of inventory at that price range. If you have any additional questions I would be happy to answer them.

Jim Acors
Realty World Select
1171 Central Park Blvd #200
Fredericksburg Va 22401
... more
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Thu Aug 30, 2012
sonykim60 answered:
$35000 is too low.

Sony Kim
Associate Broker
Keller Williams
703 244 3997
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Fri Jul 27, 2012
Dwayne & Maryanne Moyers answered:
Additional information you should know involves the disclosure of potential short sales in future listings. The changes coming to listings through the Metropolitan Regional Listing Service (MRIS) includes the status of distressed sales. The information provided below was a recent message sent to agents from MRIS. This should help with future home searches.

We are working on providing a consistent, more accurate method for entering and searching for distressed properties. Starting next week, a new Transaction Type field will be added to Matrix and Keystone. All listings must be categorized as one of the following:
Standard sale refers to a property which is available for sale without third party involvement or approval.
Potential Short Sale refers to any property that is underwater and the sale is subject to bank approval.
Foreclosure refers to a property that is subject to foreclosure proceedings. Until the foreclosure proceedings are finalized, the seller still owns the property.
REO (Real Estate Owned) properties are bank or lender owned.
Other/Undisclosed should be selected when you do not have your seller’s permission to disclose the property as a distressed sale.

It will be the sellers decision to disclose if a home is a potential short sale.

Dwayne Moyers, Realtor
Long and Foster Realtors (Woodbridge Office)
Maryanne Moyers, Associate Broker
Long and Foster Realtors (Fredericksburg Office)
Top 2% of Realtors Nationwide
... more
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