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30097 : Real Estate Advice

  • All64
  • Local Info6
  • Home Buying35
  • Home Selling5
  • Market Conditions1

Activity 106
Mon Jul 27, 2009
davidwbrower answered:
Avoiding PMI makes sense especially in a year you get an $8,000 tax credit to help offset your down payment. If you have the money to avoid PMI you will be rewarded with lower interest rate and obviously a lower monthly payment. It's never made sense to me to have PMI it's seems like a complete waste of money. Prices are all time low, money is all time cheap.... buying now is just one of those decisions you have to make on a grand scheme of things.. look over the big picture. Whatever you buy could be worth 5% less next year, but the chances of it growing in value and building equity now (after everyone has taken the hit for you) is greater over time than it losing that much more. It all matters about wether you want to pay someone else's mortgage or your own and in 30 years own something even if you do pay 3 times what you borrowed originally. ... more
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Sat Jul 25, 2009
Michael Hammond answered:
Do you currently have an inspector assisting you in this decision, Newb? Or a buyer's agent with building experience? If not, now might be a good time, in my humble opinion. For what it's worth, "people" in general are not normally good barometers of whether construction codes were met during construction. Good Luck in whatever you decide. ... more
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Fri Jul 24, 2009
Heather Peck answered:
Hi CG - Some closing costs are regional and some are somewhat fixed. Closing costs include escrow fee, title insurance (for your lender), recording fees, and homeowners association transfer fees (which I'm assuming there is one in a townhouse community), plus they want you to prepay 2 months of property taxes and insurance into escrow. In Las Vegas, you also have Real Property Transfer Tax. In addition, FHA charges a loan fee for guaranteeing your loan, and your mortgage broker or bank probably also has some fees for using them to purchase. Then, you'll have a home inspection and hopefully you'll purchase a home warranty. By the time you add all these up, they can easily amount to 5-6% of the purchase price of the property in addition to your down payment.

I'm not a tax pro and I'm not giving financial advice, but some of these fees are tax deductible so check with whoever does your taxes.

To cut down fees, if you have a choice as to the title company, make sure they're not overcharging on title insurance or escrow fees. Also, see what your loan broker is charging you for loan fees over and above what FHA charges to guarantee your loan.

Good luck on your new home purchase.

Heather Peck
Rosen & Company West
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Sat Apr 5, 2014
Sam Shueh answered:
It sounds like a storm sewer not sanitary sewer issue. Check with local water district.
If you live in the urban I see it is actually a plus with more land and privacy. Ask your neighborhood realtors to ran "comps" on your side of the home and opposite side and compare the two. Save it for future as I am sure some buyers will ask the very same question. Good luck,,, ... more
0 votes 8 answers Share Flag
Sat Jan 16, 2010
Anna O'Neal answered:
What's the agent for? To represent the renter in purchasing the house? In most cases the seller pays the agent a commission based on a percentage of the sales price. Usually, its 5-7%. If its for a renter, its not common, in my experience, to pay an agent for that. In Georgia, I don't think agents are legally allowed to take non-commission pay or "finders fees". ... more
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Fri Jun 12, 2009
davidwbrower answered:
check with my friends at HSOAGA - they are awesome. Ask for Kathy Delbridge and tell her I sent you. If that loan is available, they'll have it for you! Their contact info is below mine.

David Brower, Assistant Manager/Realtor
Crye-Leike Realtors

Home Savings of America
... more
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Sun May 31, 2009
John Michelena answered:
Simple answer without knowing all of the details- YES!

I'm assuming that the one buying the home has VA eligibility, is credit worthy, and makes sufficient income to qualify for the home by oneself.

I know of a couple of really good and trustworthy lenders that can help you obtain a mortgage.

John Michelena
... more
0 votes 2 answers Share Flag
Sat Feb 5, 2011
davidwbrower answered:
Short sales can be complicated. I have experience in negotiating short sales from both the listing side and from the buyer's side. At this point, I will assume you do not have an agent representing you since you hadn't mentioned your agent. So I must ask the question, "Why in the world would you enter into such a complicated and serious transaction without representation?" It costs you nothing to have an agent and your agent would be able to negotiate and navigate such a complicated procedure, especially a short sale.

As far as how a short sale works... listing agents are put in a complicated spot since the banks can take at least 30 days to respond but it seems like it's realistically more like 45-90 days to actually work out a short sale. I had one last year that took 9 months. Seriously! There is no rhyme or reason sometimes and it just depends on the individual bank holding the first and/or second mortgages. When a short sale offer is submitted with an agent, your agent would generally give a time frame to respond (which in short sales it could be 30-60 days) and a contingency that the offer is subject to lender approval. The seller would sign it and so would you and then you would technically have a "binding agreement" with a contingency. The status in MLS should then be changed to "pending-contingency". Most listing agents don't want to do that, however, because in reality that first person presenting the offer generally doesn't wait around long enough to get an answer from the bank and then the house has been basically "off market" even though it appears in the MLS as under contract. You probably wouldn't waste your time looking at a home that is pending in MLS and agents know that. Probably what was presented to the bank was an offer that was not signed not "bound" with a "binding agreement date" and just sent on to the bank to get the ball rolling for the short sale. Yes, in the meantime, better offers could come in and those offers would be presented as well. Being how complicated and how your interests are not going to be represented by the listing agent - he/she is working hard to help client avoid a foreclosure and get any deal done, not just yours. You should really really really get an agent to represent you. If you do but yours has no experience in dealing with short sales, you should ask him/her to get some help. If you have 45-90 days to wait, you could end up getting a good deal, but you must be patient. Good luck.

If I can help you in any way and you do not have an agency relationship with a broker, please give me a call.
David Brower
Crye-Leike Realtors, Assistant Manager/Realtor
... more
0 votes 12 answers Share Flag
Thu Feb 12, 2009
Michelle Fradella-Barfuss answered:
There is a huge difference between a Buyer's Agent and a Listing Agent. You really need to be careful when choosing an agent to market your home.

You should ask some really hard questions such as:

1. How many listings does the agent currently have?
2. How long has that agent been in Real Estate?
3. How will your home be marketed? (ie. internet advertising, flyers, print ads, signage, open house, etc)
4. Does that agent work FULL TIME or are they a Part-time agent?
5. How many listings has that agent sold, as the Listing Agent?

If your agent is primarily a Buyer's Agent, they will be out on the road quite a bit and a lot of their time is taken. When will they be able to devote time to marketing your home? How will they be able to follow up on showings, and make sure that your home is being marketed in the right places?
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Fri Feb 6, 2009
Dana Schuster answered:
once the house is listed,you will have to use an agent--either the listing agent or one of your own choice.
0 votes 16 answers Share Flag
Tue Mar 3, 2009
Dallas Texas answered:
GREAT QUESTION: It does not matter value of home your buyers agent needs to complete research determine what is best interest for all parties submit a sales offer on property. In some instances if my buyer wants the winning offer we offer more than list price, as long as home appraises for value offered.

Each home has it own circumstance regarding an offer made.
... more
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Mon Dec 1, 2008
The Hagley Group answered:
I would consult with your agent and place an offer that you feel is reasonable.
0 votes 5 answers Share Flag
Mon Dec 1, 2008
Mike answered:
It depends on which state you are in. In Washington State (the OTHER Washington :-) , the opening bid includes all Sr Liens. It would be unlikely that a property would go to foreclosure sale without the 1st knowing about the foreclosure of the second. A Title report is always ordered by the foreclosing Trustee, and all parties with a recorded interest are notified.

In any event, the 1st would bid up to their lien amount where the 2nd then would have the option of bidding on the property. All bids are in CASH or Cashier's checks only. No financing, no personal or business checks and the bid amount has to be paid at the sale. The previous owner has 20 days to vacate. Because of the CASH requirement, more properties go back to the bank than end up being purchased at auction by a bidder. Few people have $200,000 to $300,000 in cash sitting around for this kind of purpose. (Average bid amounts for Seattle Metro). Since there is no "walk through" prior to foreclosure sale, the few properties that are actually bought by bidders are risky, uninspected and have considerable deferred maintenance.

One study shows that on average, banks lose $57,000 per house they take back. This includes all costs and lost opportunity.
... more
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Sun Aug 24, 2008
Eric Reid answered:
You tell me

Active - 3 Properties Found

Bedrooms Full Baths Half Baths List Price Sale Price Days on Market
Min 4 3 0 $348,165 $0
Avg 5 4 0 $374,955 $0
Max 5 4 1 $426,700 $0

Sold - 3 Properties Found

Bedrooms Full Baths Half Baths List Price Sale Price Days on Market
Min 3 2 0 $295,900 $279,900 102
Avg 3 3 0 $321,308 $293,633 118
Max 4 4 0 $349,900 $321,000 144

Looks to me like the average sale price SOLD for a 4 bedroom 4 bath was 321,000
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Fri Jul 18, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
In what respect for what purpose? Please explain.

0 votes 6 answers Share Flag
Wed Aug 19, 2009
Frank Diaz answered:
If you go to the new subdivision, the builder will typically only pay if your agent comes with you on the first visit. If you already have visited, then you could have a problem if you signed anything there. Even if you didn't have a buyer's agreement, do you want to cut the agent out of a commission. It shouldn't make any difference to the builder.
Unfortunately a lot of builders are having a hard time, due to decreased sales. Two big advantages to having an agent:
1. You will be signing 10+ pages of documents. Do you know what all those clauses mean? Can you cancel if financing is not available? Do they keep your deposit? Multiply those questions by 10.
2. What if the builder doesn't perform? Do you want to fight that on your own or have a licensed agency to help you?

I have dealt with two clients in the last year that looked at new construction, then canceled. Neither has gotten their deposit back. Despite all the complaints they have sent to various agencies.

Use the agent - the builder pays the commission and you want someone on your side.
... more
0 votes 24 answers Share Flag
Tue Jul 29, 2008
Audrey Hoffman, Home Stager answered:
Seems to be a lot of similar houses on the marketing, including many with 4/3 or 5/3 vs. your 4/2 (bed/bath). As a stager, I will say the house looks clean (albeit sparse) and uncluttered, which is a great step. Keep us up on your progress.

(ps--I own property in Atlanta myself, ITP)
... more
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Tue Apr 22, 2008
Kathleen Seide answered:
For a lease option you have to actually pay something to purchase the option or it isn't a contract, at least in Florida.

There are a lot of homes in our MLS being offered this way, you can talk to an agent to get info. The property management companies in my area also track this and should be able to help you. ... more
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Thu Jun 4, 2009
Mohit answered:
Wed Mar 26, 2008
Jolie Abreu answered:
Mohit, I have sent you an email detailing my buyer services. I look forward to helping you with your real estate portfolio.

Jolie Abreu
0 votes 3 answers Share Flag
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