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Home Buying in Suffolk : Real Estate Advice

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  • Local Info13
  • Home Buying22
  • Home Selling3
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Activity 36
Thu Apr 14, 2016
Lawrence Davis asked:
Wed Nov 25, 2015
Frank Biganski answered:
To answer your question, there aren't any website that will provide you with just rent-to-own properties, but I would strongly urge that you NOT pursue a lease-to own in our area.

I've read and worked with rent-to-own contracts, and they are scary to say the least! The contracts are written in a manner that requires the buyer to obtain a mortgage at some point in time in the future, as the owner will not foot the entire mortgage for 15 or 30 years! And if the buyer doesn't have the credit to buy the home using a regular mortgage in 1, 3 or 5 years, then it's goodbye to the house and all that time, the investor had you making his mortgage payments for them.

I've often seen that these lease-to-own properties are in areas that are not selling, slow to sell, or need a lot of TLC. The investor may have bought the property with the hopes of netting a huge return but when it doesn't sell, most investors will turn the property into a rental.

My advise is wait until your credit score reaches at least a 620 (640 to play it safe), and then consider using a standard type of mortgage to make your purchase. There's some great mortgages available to first time buyers that requires very little down payment (see www.vhda.com). And in my opinion, regardless of the chatter going on about interest rates, I think rates will basically remain unchanged in our area over the coming years.

In most neighborhoods, values have remained the same for the past 2 years as well, with only a few select areas appreciating (mostly priced above $275,000). Although this isn't the best resource to use, navigate to Zillow's Zestimate as it'll provide you with a generic idea on market conditions in any neighborhood and zip code. Again, not the most accurate, but it's close enough to show that you will have opportunity to buy a home in the future, should you not be ready until 2-3 years from today.

Please feel free to call me any time, and I'll be happy to discuss this in greater detail. And also navigate to my website, where I provide a ton of additional information and resources as well.

Kind regards,

Frank Biganski, Residential Real Estate Agent
(757) 303-0517
http://mrtownhome.net/
Reliance Realty, Inc.
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0 votes 2 answers Share Flag
Wed May 20, 2015
Lilaora answered:
If you are eligible for a VA loan, you may be able to find a lender without a bunch of overlays who will consider a 580.

The best plan would be to identify actions to bring credits scores for both of you to > 640. The forums at myfico.com have some excellent contributors who probably can help you build a plan of action.
> http://valoanguidelines.org/credit-score-requirements/

online 570 credit score va home loan supply extensive info and really quick guides you while running
any kind of item. 570 credit score va home loan offers an apparent and easy directions to comply with
while operating and using a product. moreover, the 570 credit score va home loan online supply
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> http://onmelo.com/iki/5/570-credit-score-va-home-loan.pdf
... more
2 votes 4 answers Share Flag
Tue Dec 30, 2014
Jean-Leon Magnotto answered:
Sounds like a question for your agent or an attorney. I would question the wisdom of going into a sale like this unrepresented... Good luck !
0 votes 1 answer Share Flag
Wed Jul 30, 2014
Suzanne Dunlevy answered:
Hi Brenda,
I have a listing that hits many of your items. It's in the Riverview neighborhood. I'm holding it open on Saturday, Aug 2, 2:00-5:00pm.

In the meantime, if there is anything I can do for you, give me a call!

Suzanne
... more
0 votes 4 answers Share Flag
Sun Apr 6, 2014
Jamica Browne answered:
I am a local lender. With some more information I can let you know pretty quickly what you qualify for.

Feel free to contact me anytime.

Jamica Browne
Mortgage Consultant | NMLS #: 129320
6701 Democracy Blvd #401
Bethesda, MD 20817

d: 301-660-3292 | f: 855-595-4233
Jamica.Browne@caliberhomeloans.com apply online at www.homeloanofmyown.com (Full Application)
Licensed in DC, MD and VA
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1 vote 5 answers Share Flag
Tue Jan 14, 2014
Mark Edwards answered:
Kristi,

It's never too early to start looking for a home- it's the biggest investment people make in their lives and the more you look and do your research, the better you will be.

It used to be that people would look for an average of 6 months and around 56 homes before they bought...that was an old survey of 1,100 buyers in the 90's. It's all changed.

Now, people spend an average of 1-4 years discussing it, talking about it, thinking about it. Then they spend an average of 90 days of online research, looking at homes online, websites, etc. Then they go out and look at the ones they've narrowed down. (Based on a national survey of a homebuyers last year)

We have two new home communities in the area- Founders Pointe in Isle of Wight County. There are 11 builders and over 12 homes under construction in different stages. The other is The Riverfront at Harbour View. We have 8 different builders actively building new models. I recommend you come out and see what they're offering, see the latest trends, and compare. It will help you formulate what you like and don't like in a home.

Good Luck! Please let me know if I can be of any help.

Mark Edwards GRI, CSP
Senior Vice-President/Broker
East West Realty
(757) 288-7584

Founders Pointe The Riverfront Liberty Ridge Gatling Pointe
757-238-9009 757-638-9100 757-288-7584 757-288-7584

www.eastwestcommunities.com
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0 votes 4 answers Share Flag
Tue Jan 14, 2014
Mark Edwards answered:
Sean,

Just checking to see if you found a new home yet in the Suffolk area. If not, you may be want to take a look at our new home communities- The Riverfront at Harbour View in north Suffolk and Founders Pointe- located in the Carrollton area of Isle of Wight County located 10 minutes up Route 17.

I'm happy to assist you in any way if you'd like to compare building a new home versus a resale home. Our lot prices start at $85,000 in Founders Pointe currently and $120,000 in The Riverfront.

Good luck in your new home search.

Mark Edwards GRI, CSP
Senior Vice-President/Broker
East West Realty
(757) 288-7584
... more
0 votes 9 answers Share Flag
Mon Sep 23, 2013
Brian Nguyen answered:
This is possible but it depends on others factors as well. These factors include your employment, credit scores, debt, assets, liabilities, etc. If all of these financial details are in place it is definitely possible. The best way to figure this out and to not have to put your financial information all over the internet is to speak with a lender directly. There are lenders like myself that would be more than willing to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 6 answers Share Flag
Wed Jul 24, 2013
Lori Jeltema answered:
I feel that you do need an attorney, along with an experienced agent. There are a lot of documents that the bank will want you to sign. Depending on your loan, you may be asked to sign a promissory note. I would suggest talking with a few agents and definitely consulting an attorney. Feel free to call me if you have questions. ... more
1 vote 10 answers Share Flag
Mon Jul 22, 2013
Cimi Jordan answered:
This home is not for sale at this time...Last known sale was 2000...There are others for Sale on this street, but not at this address....Hope this helps you...If I can help you with another home, please let me know... ... more
0 votes 5 answers Share Flag
Sat Jul 20, 2013
Jeff Lurie answered:
Hi vmhill,

You are not alone with your question. Real estate professionals are asked something similar every day. The truth is, it really depends on your individual situation combined with the willingness of one bank versus another to finance your new loan. You may receive a dozen denials before finding a loan officer who will even sit down to discuss it with you. I obviously cannot make magic happen, but there is a section on my website titled, "What the heck is a Short Sale?". My suggestion would be to take a moment to read it and I would be happy to answer any questions you may have. I have quite a few contacts with loan officers who service Suffolk buyers. The web address is listed in my signature line below.

I look forward to hearing from you!

Jeff Lurie
Wainwright Real Estate
Specializing in Suffolk, Franklin, Smithfield, Chesapeake, and Isle of Wight County
Licensed Real Estate Agent in Virginia
"Let's Make Moves Together!"
www.myopenhouselist.com
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0 votes 5 answers Share Flag
Mon Jul 15, 2013
Jeff Lurie answered:
Hi jeanterri1,

I remember that you were interested in 260 Copeland Rd. As Bob stated, that one is no longer on the market. However, there are quite a few similar properties available in Suffolk. Let me know if I can help you out at all.

Jeff Lurie
Wainwright Real Estate
Specializing in Suffolk, Franklin, Chesapeake, and Isle of Wight County
... more
0 votes 2 answers Share Flag
Fri Jul 12, 2013
Jennifer Tramontana answered:
If this is regarding the property you inquired about yesterday, regarding the short sale, yes, it is still on the market. I have sold several homes in this area of Suffolk and would love to assist you. Please let me know if you are interested in scheduling a viewing.

Jennifer Tramontana, Realtor“(R)."
Keller Williams Elite - Western Branch
4016 Raintree Rd., Suite 300A
Chesapeake, VA 23321
757-673-7488 (office)
757-418-2745 (cell)
... more
0 votes 5 answers Share Flag
Tue May 7, 2013
Robert H. Ashburner, Jr. answered:
Go to www.chooseahomenow.com

Robert H. Ashburner, Jr.
NMLSR # 607856
Monarch Mortgage
300 32nd Street, Suite 300
Virginia Beach, Virginia 23451
Office Direct Line: (757) 390-2235
Cell Phone: (757) 652-5851
Fax: (757) 390-2335
... more
1 vote 1 answer Share Flag
Sun Feb 10, 2013
Misty Mount answered:
This is a question for the mortgage company. VA loans can only be assumed by another military member but your lender could give you other options.

Misty Mount
Long and Foster Realtors
540 903 6686
... more
0 votes 2 answers Share Flag
Fri Feb 8, 2013
Debra (Debbie) Rose answered:
Seriously??

If you're going to resurrect a very old quesiton - at least make it a relevant one!!!!
0 votes 8 answers Share Flag
Wed Jan 23, 2013
ljordan3838 answered:
I have a beautiful 5 bedroom, 4.5 bath , 5 car garage , all brick home in the 23435 area, let me know if you're still interested in finding a home
0 votes 6 answers Share Flag
Wed Jan 23, 2013
ljordan3838 answered:
what size home are you looking for?
0 votes 1 answer Share Flag
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