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Winchester County : Real Estate Advice

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  • Home Buying1
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Activity 5
Wed Apr 16, 2014
Jim & Valerie Clark answered:
Interesting... Teksin asked this question 2 years ago, and we've seen the trend continue. In 2013, this area was up 7%, and the projections for 2014 are as high as 10%. Properties are selling in just a few days again (remember 2005, anyone?), and there seem to be more and more buyers ready to get into something before prices increase. Great time to sell your home! ... more
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Sun Apr 29, 2012
Trevor Curran answered:
Next step: begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
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Mon Aug 30, 2010
Vivianne Rutkowski answered:

Any chance your friend wants to purchase the property so HER HUSBAND can stockpile weapons and train terrorists?

Sadly, my birthday is September 11th, so I am somewhat paranoid about the issue.

I believe there should be some system in place to verify the foreign purchasers' ID's and intent.
Freedom of commerce is good and great; however, that freedom goes too far if other people must pay for it with their lives.
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Sun Jan 24, 2010
Terri Evans answered:
HELOC stands for home equity line of credit, or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount.

For example, using a standard mortgage you might borrow $150,000, which would be paid out in its entirety at closing. Using a HELOC instead, you receive the lender’s promise to advance you up to $150,000, in an amount and at a time of your choosing. You can draw on the line by writing a check, using a special credit card, or in other ways.

Most HELOCs are second mortgages. An increasing number, however, are first mortgages, as yours would be if you used it to refinance your existing first mortgage. Using a HELOC as a substitute for a first mortgage can save a lot of money in the short-run, but is very risky.

I hope this helps. If you have any questions feel free to call me.

Terri Evans
Real Estate Consultant
Licensed in Virginia & West Virginia
Please visit my website for Free information.
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Tue Aug 11, 2009
Natalie Langford answered:
Hi Dagmar13. I wanted to drop a line and counter what the agent from Texas said regarding your agent. Obviously, she isn't licensed in Virginia, and shouldn't be saying anything negative about your agent in the first place. Also, not so obvious, is her complete misunderstanding of the short sale process in our state (VA). She stated that they instruct their clients that if they're not closed in 30-60 days, they should be moving along. However, even a normal sale in Virginia can take 45+ days to close. I ask any agent who brings me an offer on my short sale listings to give me at least 90 days for bank approval. Jimmy, of Virginia, shared some actual trends about our region of the country.

While I don't know who your agent is, it does say a lot about his/her character that they not only showed you a short sale and wrote an offer on it, but also respected your value of the home as HOME and stuck with you for these past 6+ months. While Trulia is a great place to seek information about the real estate process, your own agent (also licensed in your state) has your best interests in mind. Even if you vent here, be sure to share your questions with him/her.
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