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21401 : Real Estate Advice

  • All29
  • Local Info1
  • Home Buying11
  • Home Selling2
  • Market Conditions3

Activity 92
Wed Nov 18, 2009
Bill Wootan's Team One answered:
I suggest you contact a lender that does FHA 203K loans (the rehab loan is K, not B) and they can guide you - previously they were hard and expensive to do, but they have streamlined them now!

Good Luck!

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Thu Apr 17, 2008
Richard Thomas answered:
There are several factors that go into how much a mortgage will cost you? The size of the mortgage, your FICO scores, the amount of money you are putting down on the property and the type of loan you are pursuing. Once a mortgage lender has this information, they can tell you what kind of mortgages are available to the homebuyer and the estimated costs. ... more
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Tue Jun 3, 2008
J.D. "Dan" & Carol Weisenburger answered:
Steve, I hope you're using a reputable real estate agent with one of their standard contracts. In most states there is a clause regarding the appraisal and in many casses it allows the buyer and seller to reconsider the entire transaction. The important thing to consider is by putting less than 20% down you will be subject to Mortgage Insurance Premium (MIP) payments in addition to the regular mortgage and MIP will not go away until you have amortized the mortgage (paid down) to 80% of the Loan to Value ratio at the time of the original appraisal. Appreciation DOES NOT usually relive the MIP obligation ... more
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Sat Jan 10, 2009
Audrey Hoffman, Home Stager answered:

Have you considered home staging? Often a stager can save a seller money in lieu of costly renovations--updating fixtures, cabinets, painting, accents, et cetera. That being said, key aspects of the home are kitchen and bath.

View comparable properties in your area online to get an idea of what the potential "competition" would be and consider how you can better position your home.

All the best,

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Sun May 17, 2009
Ania Miller answered:
That is a difficult question to answer, things are definately looking up and moving in the right direction.
I believe that if the Seller has reasonable expectations, and prices the home so that it is "in front of the market" and not "chasing the market" then you have a good chance of selling your property.
You may find the answer by asking yourself "what is my motivation"? and what do I have to do to achieve it?
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Thu Apr 24, 2008
John Holmes answered:
Now that we are clear of the holidays I would say we are going to see a slight increase as more sellers come back into the market that said "I want to wait until after the holidays." You also have people who are looking to move up and are willing to give up a little more equity to sell because they can get it back with the low rates.
Second question - It all depends on the direct competition of those currently on the market (usually within a few miles of the sellers property), condition of the home, how much time do you have to sell it, etc.

You need to think like a buyer and look at your competition to really determine your asking price. Keep in mind with so much inventory buyers can be selective. I hear my buyers say things like "for $3000 more I can get a better kitchen down the street" or "This house has the upgrades we want and it's only $100 more a month." You want your home to look like the "sale" or the "deal" without giving it away.


Live in the Crofton Area?
check out
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Thu Jun 19, 2008
Alan May answered:
In most cases, the lender won't allow a "credit" of more than 3%, back to the buyer for closing costs... (NOT downpayment) and in many cases that's becoming even tighter.
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Sun Jan 3, 2010
Jim Welden answered:
Bonbon - as you indicate, county assessed values are not "market" values and the assessed values are really a function of how your county/state handles the home valuation process.

For example, in Colorado, the valuation process is completed every 2 years during the "odd" numbered, in May 2007 my home was given a new value.....the value was based upon market values from 2005 and the first 6 months of my home's valuation was based upon data that was 1-2 years old - that valuation will remain in place until May of if you were looking to buy my home in early 2009, the county's value for my home would be based upon data that was 3-4 years old. I am sure you would agree, the county's valuation of my home is probably out of date and different than the actual market value at that point.

So, depending on how your county /state does the tax valuation process, the county assessed value could be significantly different than the actual "market value" when a home is on the market.

Homes are still bought and sold house by house, neighborhood by neighborhood - I am not downplaying the analyst's comments as there probably are neighborhoods in the country that may see a 20% decline but I feel certain the Denver metro are is not going to see anything close to a 20% decline - my assessment is that it will stay flat or perhaps see a slight increase during the course of 2008. Will there be individual homes in the Denver market that will decline 20%? Possibly - a foreclosure that has been stripped and trashed due to anger could easily see that sort of decline, but that could happen in any market. There are also Denver neighborhoods that have continued to appreciate during the past 12 months. And, during the past 6 months, I have seen several homes sell in less than 7 that every home, or even most homes? No, but it is happening and our inventory of available home is slowly being reduced. I recently heard that the number of sales in the Denver metro area for December 2007 was almost the same as December 2006 - that tells me that there were still a lot of Buyers out in the market and as long as there are a lot of Buyers, the prices will not be tumbling. You may want to find out how many homes sold in your area for the 4th quarter 2007 versus the 4th quarter 2006.

I cannot speak about home prices in your neighborhood but I would not rely on the county assessed values for determining what I might offer for a particular home - good luck in your search and thanks for your question - I will look forward to seeing responses from other parts of the country.
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Thu Apr 24, 2008
James Downing answered:
In Anne Arundel Co for October the Avg Sale Price was 92.34% Avg List Price. Sept it was 91.87%
Comparatively most of the greater DC area has been averging 93-97% most of the year.

Few sellers woud be willing to accept 15% less than asking price; of course it is all depending on the particular property; property condition; days on the market and sellers motivation.

Many sellers cab only an accept an offer that will pay off their exsisting mortgage less taxes, commissions and closing costs. Unless they have owned the home for several years; most sellers could not accept 15% less than asking price, even if they wanted to.

You need to have a Real Estate Agent look at the comparable sales for that particular property. It is hard to use a "blanket average" when making an offer on a specific property.

Keep in mind; traditionally Buyers agents are paid by the sellers not the buyers and your buyers agent must represent your best interests.
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Fri Jan 9, 2009
bonbon answered:
Mansur, I like your balanced and sensible answers too! I think the fear that some potential buyers like me have is that if we buy now and the market continues correcting itself, we might end up regretting our decision. On the other hand, it's good to know that AA County is more stable, for if I find a really good deal, there is very little chance that my property would depreciate below what I bought it for. If I were in California or even Northern Virginia, I'd wait for the price will probably continue falling there. In AA County, it seems to me, it's all about finding the right house at the right price (for the buyer, of course). ... more
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Thu Apr 24, 2008
Art Lane answered:

The worst thing that can happen with a lowball offer is that the seller rejects it outright. Of course that may also set the stage for future considerations of a revised offer with the same seller on a collision track, since a really low offer, just for the sake of a low offer, may signal the seller that you might not be a serious buyer. The other possibilities are that the seller may counter with their own revised price, depending upon the other terms you have included in your offer. Of course they might accept your offer -- you just never (necessarily) know what their motivations are or how anxious they are to sell. The level of seller anxiety is often driven by how long the property has been listed and the time of year your offer is being made. Right now, we're entering into the slowest selling season of the year.

Although I do not know what type of properties or price ranges you might be considering, I've taken the time this morning to pull together all properties that are currently active in Anne Arundel County that were originally listed as far back as April 1, 2007. The included properties must be at least 4BR, 2BA, 2-car and be listed currently for less than $700K. The DOMP number represents the total number of days any property has been on market. Here's the link to the report:

If I can be of further assistance, please don't hesitate to contact me.
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Tue Jul 10, 2007
Rgstevens answered:
The Downs is located on the Severn River on the northwest side of Annapolis. There are two marinas, tennis courts, swimming pool, play ground, club house. Being on the west side of Annapolis there is easy access to BWI, Washington, and Baltimore. While in a heavily wooded area, the community is only five minutes from major shopping centers. It is a community of 220 homes in the upper brackets. It is a very real community with active participation in community functions. ... more
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