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20164 : Real Estate Advice

  • All10
  • Local Info0
  • Home Buying8
  • Home Selling0
  • Market Conditions0

Activity 36
Sun Apr 25, 2010
Vicky Chrisner answered:
Do you have an agent? If so, allow your agent to do his job, including educating you on the process (in other words, answering this question). I do not recommend contacting the bank they can not and will not speak to you, but it will take an hour for you to figure that out once you dial their number. Unfortunately, you have agreed in your contract to wait for a period of time to allow them to do whatever they need to do, and I imagine that you did not put in any requirement for them to regularly provide you with updates. I know, you're anxious because you want this home, but unfortunately this isn't your house yet.... because short sales are so "iffy" I always encourage my buyers to keep looking. ... more
0 votes 7 answers Share Flag
Tue Mar 16, 2010
Reshawna Leaven answered:
Good Afternoon, Home Owner in Sterling

Your options are to renegotiate the terms of the contract. In today's market, your best interest would be to reduce the price to the appraised value since no buyer would be willing to come up with $25,000 when they already have closing costs and other fees associated with the home purchase. If you have any additional questions, feel free to chat with me online at or email me Best wishes to you as you sell your home as a FSBO! ... more
0 votes 12 answers Share Flag
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
0 votes 1 answer Share Flag
Sat Nov 21, 2009
Vicky Chrisner answered:
you need to work through the listing agent and request an extension. i have had no problem getting an extension when there's been a replacement buyer if everything else is good, etc. it's taken me 1-2 weeks to get "re-approval"... BUT, it depends on the bank, their policies, how long ago the SS was approved and if there is a pending foreclosure looming, as well. best of luck. ... more
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Tue Nov 10, 2009
Ramesh Chandra answered:
One of the rate sheets I got yesterday shows 5% upto 417k and 6% for loans above that.
Ramesh Chandra
703 635 8209
0 votes 4 answers Share Flag
Tue Mar 10, 2009
Dina Azzam answered:
I would really advise you to go visit all these communiites at different times. Try the commute to work during rush hour, go to some restaurants in these areas, or talk to some residents who live there, and decide which of them works best for you. All the areas you mentioned are great. You can probably get a little more home for the money if you go to Ashburn, versus Cascades.
Here is a website that will help you compare schools.

Good luck
... more
0 votes 5 answers Share Flag
Sun Mar 8, 2009
Yona Bello answered:
Dear LV,

I know this is frustrating, but this is the scenario with short sales. If you are being represented by a Realtor, have they tried to see why you have not been contacted?

Good Luck!
Yona Bello
... more
0 votes 1 answer Share Flag
Sun Feb 22, 2009
Cindy Jones answered:
The first thing you need to do is contact your lender. If you are qualified to buy a second home they may not look favorably on a short sale of your townhouse. Some homeowners who attempt a short sale find out that because it was an investment property or because they bought a another home that their lender won't let them complete a short sale without triggering either an unsecured loan for repayment or tax liability for tthe difference between the short sale amount and the market value.

Short sales require that you provide evidence a financial hardship including tax returns, investment accounts, recent pay stubs, etc. They won't even consider a short sale unless you are behind in your payments which of course will lower your credit score making it harder for you to get the loan for your new home. Call your first lender before you commit to a new home.
... more
0 votes 4 answers Share Flag
Thu Jan 1, 2009
Bosley Team answered:
Are you working with a Real Estate Agent? If so, talk to them about your options... Either way, you should make sure you understand the eviction process in your area. You may also want to review The Virginia Residential Landlord and Tenant Act.

One way you could avoid the eviction process all together is to negotiate with the seller to have the home vacant prior to you agreeing to close. If the seller is motivated to sell, and the home is not in an immediate threat of going into foresclosure, this should be easy to do. If the home is scheduled to be foreclosed at any moment, you may also need to negotiate an extension with the lender.
... more
0 votes 5 answers Share Flag
Thu Nov 5, 2009
Danilo Bogdanovic answered:

Yes, there are plenty of 3 bedroom homes with a garage and basement available in Sterling and Herndon.

If you let me know exactly what you're looking for, I'll send you a list of available homes immediately. Or you can search yourself and contact me for more information about any homes that peak your interest. Whichever you prefer...

... more
0 votes 8 answers Share Flag
Sat Sep 27, 2008
Tim Freund answered:
TBI is correct in that you cannot lock in until you are much closer to delivery. Additionally the builder likely conditioned their concessions to you're using TBI, which will pretty well lock you into their system. Moreover regarding the Jumbo conforming... all jumbo conforming loans will need to be closed by 12/1 or 12/15 or else they will not be able to be packaged as jumbo conforming - even thought eh deadline is 1/1/09, lenders won't be able to sell them to Freddie/Fannie that late. Since you are at $620K you should be fine under the new Housing Bill's $625K conforming limits. This actually works to your benefit since the interest rate for conforming is lower than the jumbo conforming rate today. Further you will find the approval process, ratios allowed etc., is automated under the conforming limits, so qualifying is easier. As for recouse in the event the rate is higher than you want... you should review your contract to see if there is a cap on the rate that would allow you out of the agreement. But keep in mind, TB wants you close on your $800K+ home, not stick you with a rediculous rate, however the rate will be determined by market conditions at the time you close. You may choose to fight them if necessary to allow you to shop outside without losing your concessions, but TB will be very resistant to this. In the end, if you still qualify even though the rate is higher, you will be required to close. TB has a reputation of wining arbitration cases and keeping deposits as well as collecting legal fees in addition, so that road is really not a wise option. In the end, they build a fine home and their mortgage company is pretty much as good as any other so you will get the best possible rate. Congratulations on your decision - you will almost certainly look back in time and conclude it was a great decision! This really is an excellent time to buy. ... more
0 votes 5 answers Share Flag
Thu Jul 17, 2008
Danilo Bogdanovic answered:
Call Highland Title and Escrow in Ashburn and ask to speak with Michael McFarlane. He's a well respected, experienced and knowledgeable real estate lawyer. The number there is 703.723.3300. ... more
0 votes 3 answers Share Flag
Fri Oct 15, 2010
Glenda Cherry answered:
Without more information, it's hard to give you an answer. Part of the disparity may be caused by the number of foreclosures and short sales in Sterling. When an agent lists a home as a short sale, the price is arbitrary, at best. The lender gives agents no clue as to what they will actually accept until the agent brings them an offer. As a result, many of the prices are just numbers with no bearing on the actual value of the property. If you can provide us with some examples of the disparity you're seeing, we might be able to provide you with more precise information. ... more
0 votes 8 answers Share Flag
Mon Jun 2, 2008
Pacita Dimacali answered:
This is an ethical dilemma that we are encountering more frequently because of the length of time it takes for short sale negotiatiors to respond to an offer. On more than one occasion, I've had a client back out of a short sale offer because we found something better while we were waiting.

At the outset, we tell the listing agents that we recognize the length of time it will take to get a response, and that we reserve the right to keep looking. The listing agent conveys this message to the negotiator in the hopes that they will expedite the process.

But if you are serious about another property more than you are about the previous offer you made, you may want to issue a withdrawal.
... more
0 votes 3 answers Share Flag
Wed Jul 2, 2014
ian cockburn answered:
Contact 1st American...get on their approved list.
0 votes 14 answers Share Flag
Mon Dec 10, 2007
Glenda Cherry answered:
Hi Nicki,
As real estate agents we can't really characterize areas as being either "good" or "bad" ... after all, it's subjective and means different things to different people. Your best bet is to check the crime statistics for the neighborhood ( and talk with the people who live there. You might try walking around the neighborhood on a nice weekend when people are likely to be outside and strike up a conversation. Neighbors usually love to talk! ... more
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