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Home Buying in 20019 : Real Estate Advice

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Activity 280
Sat Jan 29, 2011
Jim McCowan answered:
0 votes 2 answers Share Flag
Sun Jan 23, 2011
Don Tepper answered:
It's unclear from your question exactly what you want . . . or want to do.

As I read it, you want to buy a condo "for personal use" and then "use it commercially."

Can't do that. Not without getting it rezoned. And D.C. may be inefficient in a number of areas, but they're very good at enforcing real estate regulations.

However, I'm not sure you're really talking about using it commercially. If you're talking about buying an investment property, that's fine. Just do the numbers and make sure that you understand all the expenses involved, as well as getting a realistic idea of the income. That's not a commercial use.

Just be careful if you apply for a mortgage saying that it's for your primary residence and then immediately turn around and rent it out. That might be considered mortgage fraud.

One other point: A home is not an investment. Many folks (including some Realtors) like to claim it is, but it isn't. You buy a home to live in and to meet your needs. If it appreciates, great. But all those folks trying to do short sales and facing foreclosures? Many of them confused home buying with investing. It wasn't, and isn't. On the other hand, some of the best real estate investments are in places you might not want to live. That's OK. You buy an investment property for cash flow or appreciation. Not for the enjoyment of living there.

If you're talking about an office at home (doesn't sound like it, but am not sure), that's not a commercial use either. Now, it would be if you bought a home and then opened up, say, a hair salon in it. But having a home office isn't a commercial use, either.

And there's no "official publication" addressing those issues. The best thing to do would be to talk to an accountant or a lawyer.

Hope that helps.
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0 votes 3 answers Share Flag
Wed Feb 13, 2013
Dave Griswold/ Lisa Payne-Griswold answered:
Hi Bill, The Asking price may not be what is actually owed. More often than not the bank will raise it.
If it is listed with a Realtor then the Realtor listed it at what he/she believes the bank will take unless the short sale already has an approval on it, If it does then the price your looking at is the price the bank will accept.

All the Best
Dave & Lisa
... more
0 votes 12 answers Share Flag
Tue Jan 11, 2011
Hillary Nash answered:
Hi Ahmet,

The property is currently on the market. Please inbox me your email address and I will send you further details.

Have a great week!

Hillary Nash
hillarynash@mris.com ... more
0 votes 4 answers Share Flag
Wed Dec 29, 2010
Debbie Sanders answered:
Dear Laura,

There is no condo fees with this property. The new owner will own the whole building.

Thank you for your interest.

Tamaki Kurusu
0 votes 6 answers Share Flag
Thu Sep 23, 2010
Jan Brito answered:
You have a ratified contract with the seller that is contingent upon third-party approval (the lender). The lender reviews the offer and determines what an acceptable price is for them. They are taking a loss on the loan, hence the term "short" sale. Many times, the lender counters the offer with a number higher than what was offered. The lender is expecting to get market value for the property, even though market value is often much less than the mortgage balance owed by the seller. In most cases, lenders won't consider a short sale until there's an offer on the property. In order to attract an offer quickly, properties are sometimes listed for a price well below market value. However, when it gets in front of the lender, they will have a broker price opinion done, and sometimes an appraisal as well, and if the price offered is significantly different than fair market value, they'll counter with the higher number. ... more
0 votes 6 answers Share Flag
Sat Sep 18, 2010
Damon J. Brockenberry answered:
The banks does strange things from countering on offers based on a BPO (Broker Price Opinion) rather than an appraisal to taking forever just to give a response which could be they reject an offer. If I were you I would rather know why they change their mind because you could have a negotiator who is unethical, I had one who withdrew the file and said the buyer walked when in fact the buyer never walk & I was the listing agent. Look further into the reason because you could save the deal. Bottom line is no one is supervising the banks to make sure they are doing what they are suppose to do and in some cases it seems they would rather for the house to go to foreclosure than doing a short sale, so the answer is YES they can, they shouldn't but they can. http://www.DamonTheAgent.com ... more
0 votes 3 answers Share Flag
Thu Sep 23, 2010
Jim McCowan answered:
Sat Sep 11, 2010
Jim McCowan answered:
My guess is, no. You'll need to call the city zoning commission Tuesday!
0 votes 7 answers Share Flag
Wed Mar 5, 2014
Daniel Johnson answered:
Lots of activity going on in 601, 701, and 801 Penn Quarter as of late ... a few short sales have popped up so you may be able to pull that off. I would say that finding a 2br 2ba in those buildings is rare, more likely to find a 2:1 or 1:1. Have you had someone prepare a CMA for you? I'd be happy to swing by and do so. Good luck! ... more
0 votes 5 answers Share Flag
Mon Jul 20, 2015
Kelly Putz answered:
Hi C,

The only lender I know of who even offers the physician loan anymore is Suntrust Bank. Perhaps they could help you out with the specifics?

Good luck!

:)
Kelly
0 votes 5 answers Share Flag
Wed Aug 11, 2010
Aaron Smith answered:
Not normally, but it may depend upon the area.
HOA = Hown Owners Association; typically a group in a development that was created at one time; a subdivision, a new township, village, etc. to define, and enforce neighborhood policies.
C/C = Condo/Coop Fees; Condo - typically a building, subdivided into separate living quarters that have community concerns and community amenities; such as common grounds, common walls, roofs, pools, fixtures, elevators, etc; that require fees for maintenance. (also cover management fees and services. Coop - typically a building, owned by a Closely held Private Corporation, for which people buy shares of the Corporate Stock, which entitiles them, as stockholders to live in separate quarters in the building(s) owned by the Corporation. Their fees include the tax payments, since the Corporation is the owner of record.

In these cases, your fees are determined, most often, by a pro-rated share based upon relative ownership; either area, volume, or value.

It would be possible, I suppose for a condo to exist in an area that also has an HOA, and that fees would need to be paid for both, although, it would seem to me to be, more likely, a case of 'mistaken identity' where someone mistakenly listed an amount in two separate places.

You should ask the seller, before making a commitment, though. Your agent can do that for you.

Cordially,
Aaron Smith, REALTOR
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0 votes 2 answers Share Flag
Sun Aug 15, 2010
Don Tepper answered:
No. At least it's not on MRIS. A couple of other nearby ones (at 2216, 2304, and 2420 North Capitol) are listed, but not 2022.
0 votes 3 answers Share Flag
Sat Aug 28, 2010
Christopher Lefebvre answered:
The seller is probably in the middle of a bankruptcy and the sale would need to be approved by the court. If you like the home, don't worry too much about that. Just place an offer on it like you would any other home. Just be aware that the sale may take longer than a normal sale. ... more
0 votes 5 answers Share Flag
Tue Aug 10, 2010
Lanre Folayan answered:
Hello Mj112302. How are you doing? Hope all is well. I would consider probably Anacostia. Also how many bedrooms? How many baths? Do you want a row house? Condo? Single family home? Something with a basement? Backyard. Please e-mail at bswiff@yahoo.com and I would be more than happy to send you a list of homes for sale in DC that best suits your wants,needs and lifestyle. You can also visit my Real Estate Blog site at www.GetDCSold.com. And you can go to my website at www.buyandsellnewhomes.com to view homes for sale in your area of choice. Thank you very much. Have a great weekend. ... more
0 votes 7 answers Share Flag
Sat Jul 31, 2010
Zaza Pasori answered:
Hi,
This listing came on the market on 15-Apr-2010 06:57 PM and the property went under contract twice and came back on the market on both times.

First price change was on 05-06-2010 05:48 PM From $214900 to $204900
Final price reduction was on July 29, 2010 before property went under contract .The reduction was from $204900 to $194900.
Finally property went under contract 07-30-2010 10:03 AM.

I hope this make sense if not please feel free to contact me

Regards,
... more
0 votes 1 answer Share Flag
Wed Nov 16, 2011
Gerald Seegars answered:
If you are concerned about the safety rating of that area, then I suggest you come down for a weekend and check out some listings in the area, chat with local merchants, drive the area at night and chat with the local police department about crime stats.

Several areas of Congress Heights and Anacostia are showing signs of coming up, especially areas close to the river.
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0 votes 7 answers Share Flag
Mon Jul 12, 2010
Noel A Shepherd answered:
Erika,

Because you work primarily in VA buying a condo in NY would be considered a second home and therefore you will be limited to a max. 80% LTV.
0 votes 2 answers Share Flag
Mon Jun 28, 2010
Jason Skipworth answered:
Hi Dara,

The amount of deposit is determined by what you and the seller agree upon. However, I would say somewhere in the range of $5000-$15000.

If by fees you mean closing costs, depending on your lender charges and type of loan, your fees might be around 3% of your agreed upon sales price.

Are you preparing to put in an offer on a place? I am happy to help you!
Jason
... more
0 votes 5 answers Share Flag
Tue Mar 14, 2017
Anna M Brocco answered:
If you qualify, yes--visit with any qualified loan officer(s) first, see if you do qualify and how much--have your credit score checked as their scoring is often different, then go from there--your loan officer will be your best source of advice. ... more
0 votes 31 answers Share Flag
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