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Home Buying in 22209 : Real Estate Advice

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  • Local Info0
  • Home Buying5
  • Home Selling0
  • Market Conditions1

Activity 87
Sun May 5, 2013
Jamie DeSimone answered:
Hi Shannon,

You may want to speak with a different lender. I know that they have tightened restrictions and in some cases you have to have enough income to qualify to pay both mortgages. How long have you lived in the property? Are there any HOA restrictions that prohibit you from renting until you have lived in the property for a minimum amount of time? I have two great lenders as part of my team that I would be happy to refer you to. Some lenders have the ability to be more creative with the way they structure a loan.

This is a great move-up market so you may want to consider selling your current condo as there is a shortage of properties under $500,000 and you still have a chance of getting a good price on a property over $500,000.

Feel free to contact me with any other questions!

Cheers,
Jamie

Jamie Lee DeSimone
Realtor | Residential Property Enthusiast | Cat Wrangler
Keller Williams Capital Properties - Fairfax
http://www.vahomesbyjamie.com/
Cell: 703-517-5608
Find me on facebook: http://www.facebook.com/vahomesbyjamie
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Thu Mar 14, 2013
Misty Mount answered:
Are you working with an agent? These are great questions for the person you're working with. A short sale can take months to get to closing even after the bank approves it. Your agent can tell you how fast your home should sell based on the market as well as what you should sell for. You can also talk to your agent about possibly renting it if it does not sell.
Use your agent. This is what they get paid for.

Misty Mount
Long and Foster Realtors
540 903 6686
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Wed Aug 14, 2013
Lisa Frensley answered:
I will preface this answer by saying that I'm not an attorney and you should seek proper counsel as this sounds as if you may have a dispute, or you just may be seeking information before committing yourself to a mortgage with someone. That being said, if your name is on the loan documents, you are jointly responsible for the mortgage, period. The bank is holding all parties on the note responsible for making the payment in full and on time. If you need legal counsel, I can recommend an attorney. ... more
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Tue Jan 8, 2013
Maria Morton answered:
There are many Canadians who own real estate in the US and collect rental income. You will have to pay taxes in the states and declare the income with the Canadian government. You might ask the real estate agent assisting you with your purchase to recommend a good tax attorney for a consultation. And/or ask your own tax attorney or accountant. ... more
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Tue Jan 29, 2013
Marcia Burgos-Stone answered:
It will continue to go in cycles. Currently the market is improving. We are headed towards a housing shortage of approximately 800k units by 2030.
0 votes 5 answers Share Flag
Tue Nov 13, 2012
Alan May answered:
I'm not a Virginia agent, and this is the sort of 'grey' area, that would hinge on local customs and traditions. But when worried about things like this... simply clarify it by writing the porch swing into the contract.

In Illinois, where I practice, since the porch swing is "hanging" (not screwed into the ceiling)... it would likely not convey, unless the seller agreed to leave it behind.
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Sat Oct 20, 2012
Paul Nguyen answered:
It really depends on how you want to invest. How do you plan to pay for the investment property (cash, financing)? Also, how long you plan to keep the property for. I do know that River Place does not own it's land and as a result when the lease on the land expires, you will lose the property. ... more
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Sun Oct 21, 2012
Melissa Barkalow answered:
Hi

Now is a great time to buy with rates so low. Do keep in mind if you are thinking of going FHA to make sure the building is FHA approved.

As for buying newer vs older, it really depends on how well the building has been maintained and updated. It would have to be looked at case by case basis, though the majority of older buildings in the courthouse area have been remodeled or are in pretty good shape, due to the location and demand for the area. In the courthouse area there are several buildings that were built post-2000.

Please let me know if you have any additional questions or need help finding the right place.

Thanks

Melissa
mbarkalow@comcast.net
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Mon Nov 19, 2012
Scott Godzyk answered:
Most rent to own homes are not listed that way but listed for sale where the seller muct move but has not sold yet. your best bet is to work with a buyer agent who specializes in rent to own to help call the listing agents to see if their sellers would be open to it ... more
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Fri Oct 19, 2012
Coral Gundlach answered:
It depends on the kind of loan you have on your house and what the interest rate is, and buyer's ability to qualify etc. Typically, when you sell your house with a conventional mortgage the mortgage is paid off at settlement. The buyer will get their own mortgage, and that combined with their down payment will be used to pay off what you owe. Your mortgage would be closed and the buyer has their own, separate mortgage.
If your current mortgage is "assumable" which is the case with FHA and VA mortgages, then, if the buyer gets approved to take over your mortgage, it could happen.
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Sun Sep 9, 2012
Marcia Burgos-Stone answered:
Is this address in MD? This is posted in Arlington Va. :) You can probably find something for that price but I no longer work in Maryland. Someone will post and ask to help you. If not, I can find someone for you.Good luck! ... more
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Sun Sep 9, 2012
Marcia Burgos-Stone answered:
The address doesn't seem to exist. Can you verify the address?
0 votes 3 answers Share Flag
Sat Sep 8, 2012
Cecil Austria answered:
None that I know of but I posted a link below that should help you find one in the area.
0 votes 2 answers Share Flag
Sun Sep 9, 2012
Jane Jensen answered:
It depends on what your goal is. The market here bottomed some time ago and prices are level with increases in some areas. If your goal is safety and positive appreciation, it's probably a safe bet. If your goal is positive cash flow, it depends on how much money you are going to put down. Rents have gone up considerably but depending on what you buy (including, is it is a single family or condo?) and what you owe you may or may not get positive cash flow before or after taxes. You would need to look at each property individually and see what the rental comps are. ... more
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Sat Sep 8, 2012
Erich Cabe answered:
Yes, you can be both a co - owner, or you can simply gift your son the money for the down payment, which most lenders allow.
Erich Cabe
202-320-6469
0 votes 3 answers Share Flag
Sat Oct 20, 2012
Nancy Milton Holtzscher answered:
Hi, Tim:

That's a great question. You'll want to ask your Realtor what the rules are in Virginia.

Here in Southwestern Illinois our contact states that if there is an environmental defect, which would include radon, then the seller -- at his option and expense -- must have the substance remediated, removed, or reduced to an acceptable level prior to closing and provide the buyer proof of re-inspection by the same inspector or a similarly qualified inspector.

OR the seller may terminate the contract by serving termination notice on the buyer with a release of the earnest money.

The buyer, at his sole discretion, may accept the seller's plan of remediation or determine to terminate the contract.

In the event either the seller or buyer elects to terminate the contract due to an environmental defect, the non-terminating party is obligated to sign the document terminating their contract.

So, it's pretty cut and dried here, but Virginia may have other rules and regulations.

By the way, sellers in Illinois, if they decide to lease their property instead, have to also disclose the presence of elevated radon to renters.

Best of luck with your home purchase.
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Tue Sep 25, 2012
Brenda Rowe answered:
Yes, it is expected, and if not there their removal will be received unfavorably by the potential buyer. They are scrapping up money for closing costs, downpayment, etc., and they do not want to buy refrigerator, washer or dryer as part of the deal unless there is some discount in the price to compensate. ... more
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Thu Aug 16, 2012
Alexandra Jadali answered:
Sat Jul 14, 2012
Daniel and Tracy Pierson answered:
How many bedrooms and baths does your home have? Also, what's the approximate square footage of each home?

--Daniel
0 votes 8 answers Share Flag
Fri Jul 13, 2012
Marcia Burgos-Stone answered:
No. Not at all. Every deal is different. If a purchaser needs closing costs, sometimes they will raise the offer price in order to get the cash towards closing. You might want to speak with an experienced Realtor who works in the location you are looking to buy or sell in.

As far as the commission, do you mean to the Realtor? The Realtors are working for free or the sellers are going FSBO? The FSBO sellers in Arlington is extremely low.

I believe you have been given some very inaccurate advice.
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