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Home Buying in Sterling : Real Estate Advice

  • All48
  • Local Info7
  • Home Buying12
  • Home Selling0
  • Market Conditions4

Activity 20
Tue Dec 9, 2014
Matt Shultz answered:
This is a great question for a well-seasoned and experienced lender. I'd recommend loan officer Glen Bralley with McLean Mortgage, as he can quickly answer your question and provide you with valuable resources on how to repair credit after a bankruptcy. He's amazing at what he does and truly goes the extra mile to help.

He's best reached at 703-898-5892
gbralley@McLeanMortgage.com
www.GlenBralley.com
NMLS ID: 233063

Let Glenn know that Matt Shultz referred you!


Matt Shultz
REALTOR®
Cell: (703) 300-0367
Office: (703) 669-0099
Fax: (703) 669-4104

Keller Williams Realty
50 Catoctin Circle NE
Suite 101
Leesburg, VA 20176

Licensed in Virginia

Visit my website at: www.MattShultzHomes.com

"Like" my Facebook page at: www.facebook.com/MattShultzHomes
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Tue Aug 12, 2014
Jeremy Locke answered:
That is common, the appraisal is the "appraisers opinion of value", if you have some more upgrades than the other homes, and and if the appraisals were done by different people, than there is a good chance they would have different values.

The builder also wants as much money as possible, so they can be difficult to deal with
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Wed Jun 11, 2014
Van Cash To Buyers Garrett answered:
All the other agents have brought up some valid points. Everyone knows buying is always a better option than renting but it's also about what is right for you financially first. So I would sit down with a good loan officer to get pre-approved and get a better idea of what payment and financing options you have. Do you have money for a down payment? How much? Our in house mortgage officers currently have a Zero Money Down financing options for homes under $450k. This is a great option if you do not have much to put down but would limit you to mostly townhouses in the Herndon area depending on size. Finally after you have that all figured out finding a good realtor whom is familiar with the area is very important. They should know what is a not so good deal or what deals you shouldn't pass on.

Give me a call today and I can help you find the right Mortgage officer to start off with and hopefully get you in the best situation right now.

Van Garrett Jr.
Licensed Real Estate Professional
Main:(844) 48DREAM
Cell:(571)295-4414
www.DreamHomesAgent.com
Samson Properties
Cash Back To My Home Buyers to use during closings
***Home Sellers Receive 4.5% For Full Service Listings***
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Tue Aug 27, 2013
Nancy Ames answered:
I'm in the same boat. My Ex. has resided in the home that has both our names on the Bank Loan. He asked for and obtained a Modification and Forged my signature on the documents. I contacted the bank and advised them of this and also contacted and reported this to the Police Dept. Both are doing an investigation. This is as I've been told to be Property Fraud as well as Forgery. Suggest you report your situation to both the bank and the Police Dept. ... more
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Fri Aug 2, 2013
Danilo Bogdanovic answered:
If you're referring to short-sales and foreclosures/bank-owned properties in that community, they're selling for below what a traditional resale would sell for. But that's the norm when it comes to short-sales and foreclosures. So technically, those short-sales and foreclosures are selling for market value based on the condition and type of transaction it is.

If you are unfamiliar with short-sales and foreclosures, I would be happy to explain the differences and nuances of each type of transaction to you in detail.

Danilo Bogdanovic
REALTOR(r)
United Real Estate
703.582.6900 (cell)
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0 votes 2 answers Share Flag
Tue Apr 2, 2013
Chris Irvin answered:
Kim,

Yes you can do this but you will need 30% equity position in the departure residence,a signed lease agreement, and proof of deposit from your tenant.


Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS # 75615/465546
678.251.7889
cirvin@brandmortgage.com
www.chrisirvin.com
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0 votes 11 answers Share Flag
Tue Apr 2, 2013
Chris Irvin answered:
I think Craigslist is hard to beat for listing rental properties especially from a cost perspective.


Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS # 75615/465546
678.251.7889
cirvin@brandmortgage.com
www.chrisirvin.com
... more
0 votes 3 answers Share Flag
Tue Oct 23, 2012
Matt Elliott answered:
Hi KD,

I'm sorry to hear that. My advice would be the following:

First - speak with an attorney. As an agent, I would always recommend that to determine what your recourse is; hopefully your agent has done what he/she needed to do to remove the financing contingency such that your buyer is now in default, where their EMD could be yours to keep. Again, an attorney would help best here. To get your home sold:

1) Try to get the current buyer to look for alternative financing; could be a lender issue. Often times the original buyer can get other type of financing, or VA financing through a different lender. That's the first option and can probably have you closed in 30 days if it works. I would only give them 3 days to show proof that this is completed; I would also follow up directly with their current lender to ask WHY their VA loan was denied at the last minute, and certainly follow up with any subsequent lender to confirm that the issue won't be an issue for this 2nd lender.

2) Simply re-list it, either with your agent or a different agent perhaps, to attract another buyer immediately and once again get it sold. It's likely that much of the money you spent for the repairs is money you would have spent for the 2nd buyer, so that money may not be "wasted" so to speak. It's a good market here in Sterling, and it's likely you'll attract another buyer very quickly.

If I can provide any add'l information, or if you'd like to talk further, please call or email, anytime.

I'm sorry to hear once again, and hope that you're able to get it done soon.

All my best,

Matt Elliott
Keller Williams
703-627-2167
MattE@KW.com
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0 votes 2 answers Share Flag
Mon Oct 22, 2012
Sonal Goda answered:
Hi Kate,

Which contract did you use for your purchase? Was it As-Is?

If it is not an AS-IS sale, and you are using the NVAR regional sales contract, the seller is responsible for doing the repairs for termite/wood-destroying insects. So this is not something you would need to be concerned about.

For radon, did you have a radon contingency? If so, you can ask the seller to install a radon mitigation system, which is very effective in bringing the radon levels well below the "danger" line of 4.0.

Your question is cut off regarding the third issue you were mentioning in your question, so I am not able to address it.

Regarding a credit to cover cost of repairs - it is not usually done by % of sales price. It is usually done based on cost of repairs. So you would figure out the cost of the termite treatment (should have been part of the report), and the radon mitigation system (in the range of $2000 from what I understand) and the third issue. All of that added together is the amount of credit or price reduction you should request if the seller is not repairing.

Feel free to call me if you would like to discuss.

Thanks,
Sonal
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0 votes 6 answers Share Flag
Fri Aug 3, 2012
Thomas Merical answered:
How embarrasimg to be associated with incompetence. Not all Realtors® are created equal. Frankly, your VA loan maybe one of the smartest loans to use at this time. With a VA loan, you have minimal down payment requirements, can get a seller subsidy up to 6% (normal is 3%), I believe up to 9% total; with the additional subsidy which may be used to pay off debt, upgrades among other things. For first time users, no down payment requires a 2.15% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. The BIGGEST future benefit maybe that the Loan is Assumable! That means that you can currently borrow money at a click above 3% Interest (LOWEST Ever basically), then in the future when rates are higher, you can play banker and pass along some savings or allow a Vet that could not purchase otherwise to buy your property, with you making the intererest. In the event that they do not pay, you foreclose on them, regain the property and either sell it, rent it or keep it.

http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=cbdd7b7e9776d97d8a7659f2dff68fdf&rgn=div8&view=text&node=38:2.0.1.1.10.4.347.9&idno=38

Here are the Assumable Rules for a VA Loan. As always, Realtor's® do not provide lending, insurance or make any claims to play lawyer and you should contact a professional in any such field to assure accurate and competent current information.
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Tue May 3, 2011
Vivianne Rutkowski answered:
CONGRATULATIONS!
We are all happy it worked out well for you :-)

Vivianne Rutkowski
KELLER WILLIAMS REALTY
0 votes 12 answers Share Flag
Sun Apr 25, 2010
Pacita Dimacali answered:
Your realtor would have set expectations about short sales: there's nothing short about it except tempers.

And yes, it can and will take time to process. Furthermore, there are no guarantees that a short sale will even be approved.

Although the BPOs may have been ordered, that's not the end of it. Some lenders will or may require more than one BPO. And if there is more than one lender, that complicates the short sale.

And no... you cannot contact the lender or the seller or the seller's agent. Work through your realtor (and hopefully your realtor is also experienced and knowledgeable about short sales). Unless the seller has authorized you to speak to their lenders, there is no way on earth you can get past the first phone call. Besides, you will only serve to muddy the waters. Leave it to the listing agent and the seller to negotiate the short sale with the lenders.

As an experienced short sale realtor, I can boldly say you have no idea what it takes to negotiate a short sale --- regardless of how many times a listing agent calls, faxes, follows up, etc.....a short sale will take time.

Since there are no guarantees to a short sale, and if you cannot wait, then go ahead an look for other properties, and stay away from short sales. You will run into the same situation over and over again.

To get a sense of the challenges we encounter with short sales, visit this forum and you'll see for yourself.
http://www.shortsalesuperstars.com/groups
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Tue Feb 9, 2010
The Spear Realty Group answered:
I am not an attorney nor a tax advisor nor a mortgage advisor. I am a Realtor licensed in the State of Virginia. I would definitely recommend you contact a reputable lender so that you can get sound advice. Let me know if you need some referrals. Understandably, the bank needs to know that the insurance and property taxes are going to be paid so that a lien is not placed on the property. This should not have to involve you nor place you at financial risk. Does the loan currently have an escrow account in place that has been paying taxes and insurance? Is she exempt from paying taxes on this property because of her age? ... more
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Sat Nov 21, 2009
Ji answered:
Thanks for the answer. We have put the request in. The close date would only be 1 week after the closing date. Hard to believe a bank wouldnt grant 1 week extension when its so close to finalizing! ... more
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Tue Mar 10, 2009
Vicky Chrisner answered:
Colleen - we can't steer you to one community or another based on family related or school related things - that's entirely too personal and you need to assess them for yourself. The first poster suggested a web site to look for school info - and I would use those types of resources and check out the schools for yourself to see if they meet your test. They are all going to be easy access to Dulles - although South Riding may be a bit easier, and less expensive since you're not taking the Greenway (about $4 each way from Ashburn to the airport). As for which homes, I quickly ran a search, and found far more homes in Ashburn with brick front and that may have a first floor study - the study thing is tough since many agents choose not to "fill in the blank" on the listing and if the listing agent didn't fill it in, then I can't tell from the listing if it is there or not. But, if you are interested in working with me to help you find your next home, I can do some more leg work for you. In the meantime, check out these listings which all have at least a partial brick front!
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=29491352054
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=29491475655
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Thu Jul 17, 2008
Danilo Bogdanovic answered:
Call Highland Title in Ashburn and ask to speak with Michael McFarlane. He's a well-respected, experienced and knowledgeable real estate lawyer in the area. The number there is 703.723.3300. ... more
0 votes 3 answers Share Flag
Mon Jun 2, 2008
Jonathan Bunn answered:
Hi Holly

This is a great question that many ask. Because you have a ratified deal contingent upon the third party you are not free to place a contract on another property during this time unless you are planning to purchase both. Depending on how your Realtor wrote the contract, you may be able to get out of the current contract and write on the new home if that is your goal.

This is the great frustration with short sales. Because they take sooooo long many times to hear back many people get tired of waiting and begin looking at other homes. Good luck.
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Mon Dec 10, 2007
Monika Kumar answered:
Hi Dear, go to www.monikakumar.ismyreagent.com and click on community information to see if it anwers your Q. Being a Realtor, we are not allwed to comment on that.
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