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21705 : Real Estate Advice

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Activity 55
Wed Jun 17, 2009
Marney Kirk answered:
Removal from websites can mean a number of things.
Yes, it could mean that it is under contract.
It could also mean that the home has been withdrawn from the market either permanently or temporarily.
A real estate agent can let you know what category the particular home you are interested in falls into.
Thanks!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
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0 votes 4 answers Share Flag
Wed Aug 28, 2013
Chris Highland answered:
I would seek the advice of an atty about how to put an end to the damage. The Mortgage company should not be reporting any information to the credit reporting agencies after the forclosure. ... more
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Wed Mar 4, 2009
Jonathan S Tucker answered:
Judith,

Jon Tucker with RE/MAX 100. Did you mean Daytona Court rental for $1,400. It says 24 hour notice which usually means it has a tenant currently. I also put the listing info below. If this is not the right property, please email me.

Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, www.JonTuckerHomes.com.

6514 DAYTONA CT #A, FREDERICK, MD 21703
ML#: FR6995800 LP: $1,400
Status: ACTIVE DOMM/DOMP: 1/1
Adv Sub: CROSSING
Ownership: Condo, Rent Total Taxes:
Date Avail: 01-Apr-2009 Ground Rent:
Type: Garden 1-4 Floors Area:
Style: Traditional Map Coord: 77
BR/FB/HB: 2/2/0 Tot Fin Sqft:
Lot AC/SF: / HOA/CC Fee: .00/97.95
Model: Yr Blt: 2005
Lvls/Fpl: 1/1 Vacation Y/N: No
Construction: Brick,Vinyl Siding
Basement: No,
Parking: Assigned
# Gar/Cpt/Assgn: //2
Heat/Cool: Natural Gas/Forced Air/Electric/Central A/C
Water/Swr: Public/Public Sewer
List Date: 03-Mar-2009 Update Date: 03-Mar-2009

Showing Information: 24 Hour Notice,Call 1st-Lister,Lockbox-Sentrilock, All Days, -
Company: Charles H. Jamison, Inc. Office/Fax: (301) 428-8200 / (301) 428-8133
List Agent: Franklin Jamison Home/Office: (301) 972-7161 /
Showing: Franklin Jamison Home: (240) 793-4309
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Tue Apr 14, 2009
Fernando Herboso answered:
The reason you should buy is very simple. There has been a huge price reduction in houses already. .chances are that if there is still some left. . it will make very little difference. You can never TIME IT to buy real estate at the bottom of the market. You can only know that the bottom of the market has occurred when is already on it's way up. ... more
0 votes 10 answers Share Flag
Tue Apr 14, 2009
Jonathan S Tucker answered:
Melisa,

I am Jon Tucker with RE/MAX 100. The gov't will hunt you down and shake you upside down! Just kidding!

If the bank has approved the short sale and takes it to settlement, they will bring all taxes, water bills, and any other liens current as of the day of settlement. Otherwise they cannot transfer "free, clear, and marketable title" to your buyer. They will have to approve the final HUD-1 generated by the title company indicating all of those prorations paid up to that day and your bottom line will be zero. You will not have to bring money to the table unless you have agreed to do so already. Sometimes sellers do agree to bring funds. Usually in a short sale they are not in a position or not willing to do so.

Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, www.JonTuckerHomes.com.
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0 votes 2 answers Share Flag
Tue Apr 14, 2009
Chris Highland answered:
Dave,

It is great to see an investor like yourself that is aware of the PHFA laws. I hold the designation pf Certified Distresed Property Expert (CDPE). This gives me an inside understanding on the consumer and banks concerns in the short sale process. I also have over 15 yrs in selling real estate in the Frederick area.Most often these sales fair to get to settlement because the proper ground work is not done prior to submitting an offer the the bank for approval.

You can contact me and I would be willing to work with you in this transaction.
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Fri Jan 23, 2009
Kevin O'Neill answered:
Martin,

The answer to this question is very dependent upon what time frame you are asking about and the type of home you are talking about. For example the downtown Frederick historic district was seeing appreciation while the residential market was depreciating! Also the price range in which you are interested in may be seeing different increases or declines than other price brackets!!

If you respond back with a few more specifics about the time range and details I will be better able to answer your question. The market here in Frederick appreciated very rapidly from 2003 - 2005 and has, like most of the rest of the country, depreciated since then. The rate of depreciation or appreciation simply depends on the details!

If you will share the details... I promise to get back to you with an answer!
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Wed Aug 20, 2008
answered:
I, as a buyer’s agent for a client, found myself in the same situation. I’m assuming it is a short sale since the you said the owner informed you of this.
After talking to several attorneys (who all amazingly agreed on this) this is a problem. The FIRST contract ratified by the homeowner and buyer should be the only contract. Others should be “back-up” offers. The agent must present every offer received to the client but should advise the home seller that there could be consequences if the already accepted offer is not honored. The buyer who has the ratified contract may have a very good case to go after the homeowner. The “Subject to Third Party Approval” addenda is not a reason to continue to accept offers and submit them to the mortgage servicer unless agreed upon by all parties. Of course, this is NOT legal advice. Legal advice must be sought from an attorney. This is the advice that my client received.
Also, MRIS, our Multiple List System says the listing agent MUST change the status from active to “Contract”.
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Thu Aug 21, 2008
voices member answered:
I am not understanding your question. The words "contract" and "offer" are often confused. You first make an offer and once all parites have agreed on all terms and everything has been signed--you have a ratified contract. At this point, unless there is a breach of some sort the seller cannot accept any other offers. Unless there is something I am not getting--if you had a ratified contract and have abided by all deadlines, etc--the seller is in breach if they now decide to take another offer. But since I am not a lawyer--you may be best off running the scenario by one who can best advise you. ... more
0 votes 4 answers Share Flag
Fri Feb 6, 2009
Chris Highland answered:
Hi Chris and Tiffany,
My husband and I have helped people make their home in Frederick for 15+years. With today's market correction and prices, it is possible to find something in your price range (for the first time in a long time.) My husband is a very strong negotiator, and I am known as the friendly one:) Together we enjoy helping families make their home in Frederick. Contact us 301-831-9947 or on our website. ... more
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Wed Jul 16, 2008
Amanda Lopez answered:
I don't work in frederick, so i'm not soliciting, but my suggestion would be to look to see if there is an agents name that keeps popping up in your neighborhood that seems to do a lot of business there. That way they will be familiar with your particular market and you can probably get references from their past clients.

Are there any homes that are current;y for sale where you live? If there are and you want a quick sale, make your house look nicer and then price it lower than the competition.

Cheers,
Amanda
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0 votes 7 answers Share Flag
Fri Jan 23, 2009
..... answered:
Hi John -
Based on Statistics from MRIS for the past 6 months the average % of list price that homes are selling for is 95.31 and the average % of original price is 91.79. I live in the New Market area and can tell you that there are many homes that I would consider a great deal on the market currently. ... more
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Mon Jun 25, 2012
Marvin EMarv Corea answered:
Do you have any specific questions we can help out with?
0 votes 20 answers Share Flag
Fri Mar 28, 2014
..... answered:
It could take up to 45 days for a bank to approve a short sale and they typically do not cover any closing costs. In addition the home is usually sold in as-is condition. For this reason you can usually expect to pay less than market value but by how much is going to vary from one home to another. You'll need to have patience to get through the process. ... more
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Fri Apr 15, 2011
J Lo answered:
What was norm in the past has now become ancient history. There was a time when new build homes increased the price of the existing home values. This topsy turvy market has changed the rules somewhat - to where there are no rules to gauge what will happen.

If your market does not have a glut in inventory - new build or resale home - one should compliment the other. However, in a glut (genuine buyers market) the new build can make for a better deal to the consumer.... I'm not speaking in terms of price alone. If a resale home needs work; it cannot compete with the "like" new build homes.

Each market is unique - from neighborhood to neighborhood. A good agent in your market can tell what your "variables" are.
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