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Home Buying in 20037 : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling2
  • Market Conditions0

Activity 280
Tue Apr 23, 2013
Miekeba Jones answered:
Inspection costs vary between a few hundred and a thousand. How many square ft?
0 votes 6 answers Share Flag
Sun Dec 15, 2013
Debra (Debbie) Rose answered:
Your score will hurt, not help the situation.

He could qualify on his own if his income is high enough.

Speak with a loan officer for specific advice on how to get your score up, and how much he can afford without you being on the loan.

Best wishes...........
... more
0 votes 10 answers Share Flag
Sat Apr 6, 2013
brent mendelson answered:
There's not set answer but you don't want to be rushed so 3-4 months ahead of time would be my answer. At least to talk to a lender and get the loan part sorted out first. If you KNOW the credit is ready to go that does save some time. Many people have a good score but a blemish that does cost them more in the form of a higher rate. I see it on an almost daily basis. Many lenders can fix small problems if we have the time to do so. Plus in many markets you are seeing multiple offers so there is a good chance you won't be successful the first time and have to factor that into the timeline as well. Hope this was helpful and please let me know if you have any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
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Tue Apr 2, 2013
James Downing answered:
That is very low compared to many commissions being paid. My confusion on the question is why you are just now negotiating commission if you already have an offer? Did you not have a listing agreement prior; spelling out all of the fees?

Is there an amount you are to pay the co-operating agent (the one bringing the buyer)?
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0 votes 9 answers Share Flag
Mon Dec 29, 2014
Tony Taylor answered:
Renting a Co-Op varies per cooperative and is normally addressed in the bylaws. Most co-ops prefer owner occupants. We can always take with the co-op for this particular property if you are interested.

Tony Taylor, DC Real Estate Guy
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0 votes 7 answers Share Flag
Wed Mar 27, 2013
Troy Patterson answered:
Rent to own is generally on a case by case basis and typically in markets where the seller cannot get a great asking price for his/her property. That means they are few and far between in Washington DC. You are more likely to find them in Prince George's county or out reaches of DC. Your realtor can search the MLS for these properties but there is no criteria to put into the system to search on these opportunities specifically and the realtor would have to comb the listings for them

You should be aware that some owners offer rent to own as a business model. Rent to own security deposits tend to be higher than a typical security deposit. Only about 1/3 of the renters that opt for this "scheme" go through with the purchase. This means that in many cases depending on how you structure the deal, you might lose your higher than normal security deposit. The landlord will also say that your rent is higher than market rates and a portion is going toward your down payment. If not properly structured you could lose that as well. The upshot is to be careful with this idea and be sure that the purchase is what you want.

If you'd like more information, feel free to email me.
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0 votes 2 answers Share Flag
Wed Jun 7, 2017
Lanre Folayan answered:
Sun Mar 24, 2013
Rodwell Smith answered:
Square feet construction cost are determined by your designed requirements and the location of your site. An Architect will be able to get into the details with you if you have already settled on a site for your church. Email me at rsmith@rodwellbuildingservices.com for more coordination of your project. ... more
0 votes 1 answer Share Flag
Sun Dec 22, 2013
Maureen Dwyer answered:
Hi Joshua, You've left some important facts out of your question such as your investment ability, construction ability just to start on they list. There's still some juice left in some transitioning areas or do you want to ground-breaking? I'm well familar with the DC area - all it's quadrants - so would appreciate a conversation.. Please call. ... more
0 votes 9 answers Share Flag
Wed Mar 27, 2013
Jason Skipworth answered:
Aliyyah,

As long as you qualify for a mortgage you should be able to buy a property. Given the upper budget parameter you would probably be able to buy in the outer areas of DC. You will need to wait to qualify for a mortgage once you have had at least 2 paychecks. ... more
0 votes 13 answers Share Flag
Fri Mar 22, 2013
Adriano Gomes answered:
Is a monthly fee you pay to the building's association. Typically the amount to be paid is determined by the size of your unit. The money is used to cover projected expenses for the building maintenance, repair and other expenses. In this particular coop (which I really like!), the listing agent breaks it down as follows: $821 goes to the operating account, $439.46 to cover underlying mortgage and $60.82 for taxes, water and cable. Electricity is not included. I love that building. Not so in love with the fee, though. :) I hope that it answers your question. ... more
0 votes 8 answers Share Flag
Fri Feb 28, 2014
Alyssa Hellman answered:
Hi JAF,

Condo fees in these buildings vary widely. Generally, condo fees in Foggy Bottom can vary from $300-$1,800+. The higher fees generally include the buildings with more amenities, (i.e., the Ritz offers maid services); however, The Columbia Residences (2425 L Street NW) has some of the lower fees in the neighborhood yet offers one of the more serviced buildings with numerous buildings.

If you are interested in more detailed information or have questions on specific buildings, please contact me at ahellman@lnf.com.

Thanks,
Alyssa
... more
0 votes 8 answers Share Flag
Sun Mar 17, 2013
Lanre Folayan answered:
To be honest with you,Long and Foster has one of the best real estate courses in the area. In fact that's where I did my prelicense courses. But once you pass the class please talk to me. I can share some things you should look for in your Real Estate Broker. And no real estate Commission split is not main thing you should be concerned about. Congratulations. And much to you. You can do it. ... more
0 votes 6 answers Share Flag
Mon Feb 25, 2013
Miekeba Jones answered:
Hi Cathy! Generally co-ops have a board that may have a say in decisions of who new occupants will be among other things involving residents.
0 votes 6 answers Share Flag
Sat Feb 23, 2013
Miekeba Jones answered:
Sat Jun 15, 2013
Jason Skipworth answered:
Hi Ashley,

Most any home is eligible for an FHA loan as long as it is in livable condition. But there are several FHA loan products you could use depending on the home's condition. A condo has to already be FHA approved for you to purchase with an FHA loan.
I can answer this more in detail. It's best to work with a local lender who has a good reputation in the market you plan to purchase in. I can recommend several lenders to you.
Contact me if and when you want to discuss further.
Jason@dcliving.com or 202.302.4938.
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0 votes 8 answers Share Flag
Mon Feb 11, 2013
Miekeba Jones answered:
0 votes 4 answers Share Flag
Sun Feb 10, 2013
Maureen Dwyer answered:
Low-balling is an offer that makes no economic sense to the seller. The purpose of an offer is to enter into negotiations or a conversation with the seller. If your offer isn't even acknowledged then you have done yourself a disservice.
Percentages are difficult to assign as this is more art than science. Fifty percent is a definite low-ball offer and completely useless. Do you want to know where in that 1-10% range isn't low-ball? It will depend. The price of the property comes into play because a seller has more wiggle room the higher the price.
Are you insulting or offending the seller, well it just depends. Investors who make offers on ten properties to get one are secure in their business model and the seller or seller's agent knows this is a business decision and nothing personal. Typically they are taking blighted properties and improving the locality. It becomes offensive when the offer is out of line with previously settled properties in the same neighborhood, same condition. It's offensive when the buyer has no understanding of, or wish to understand, the mechanics of maintenance, improvement by a homeowner or the right to a profit by anyone.
I'm not suggesting that everyone's listing price is valid but there are aids to help you get a feel for what should be valid. If you're getting a mortgage, your lender will not be allowing wild speculation. You'll have one or even two appraisals. Your agent will have comps for list and sold prices in the area you're considering so you can see the spreads and concessions. No good buyer's agent wants his/her client to pay too much but neither does he/she want to share an ego trip. The best negotiation is when neither buyer nor seller is completely happy.
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0 votes 9 answers Share Flag
Sun Feb 10, 2013
Alain Picard answered:
If you already wrote up an offer and it has been accepted by the buyer then I would talk to your agent and see if you can walk away at this point without losing your earnest money.
0 votes 5 answers Share Flag
Thu Apr 27, 2017
Lanre Folayan answered:
Just because a house hasnt sold doesnt necessarily mean the price. Though Price is the main reasons why many houses dont sell,its not the only reason. It can be due to lack of PRESENTATION-Home staging and PROMOTION-Marketing ... more
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