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Home Buying in Burke : Real Estate Advice

  • All42
  • Local Info4
  • Home Buying12
  • Home Selling2
  • Market Conditions1

Activity 15
Sat Jan 18, 2014
Jamie Skojec answered:
Are you looking to buy or rent?
0 votes 11 answers Share Flag
Sun Mar 20, 2011
Vicky Chrisner answered:
if you are actually a broker/agent, please talk with someone in your office. this is not the place for you to get information
0 votes 8 answers Share Flag
Wed Dec 8, 2010
Young Choi answered:
They should use current income. As long as your income is rising, they shouldn't have any problem.

You should be able to get best rate for FHA loan or Conventional loan.

Call me 202-509-5606 or email me ... more
0 votes 8 answers Share Flag
Wed Aug 11, 2010
Michael Krotchie answered:
Hi Cheshire,

You're right, usually the closing date is left open until the final stages of a short sale so addendums are not continually extending the date.

A couple of things bother me about your question.

How long has it been since the offer was submitted to Suntrust? If a BPO was completed by the lender it sounds like some progress has been made.

Moreover, it sounds like your seller is using a 3rd party negotiator, which I am always wary of; many times they are unlicensed entities who don't have the homeowners best interest at the top of their priority list.

Can you provide some more details?
... more
0 votes 4 answers Share Flag
Mon Jul 19, 2010
Steve Roake answered:
FHA requires 3.5% down payment. Up to 3% of closing costs can be paid by the seller. I do know of one lender doing 1% down, but I think the requirements are probably pretty stiff to get that approved. Focus on finding some ways to cut back your spending so you can save some money. Google "Dave Ramsey" for ideas. ... more
0 votes 8 answers Share Flag
Sun Jun 5, 2016
Anna M Brocco answered:
Unfortunately, there are no set standards as to how quick a seller needs to respond to an offer--your agent can advise best based on this particular situation--and you can ask your agent to keep checking to see if any decisions have been made or when is the decision expected.. ... more
0 votes 15 answers Share Flag
Mon Jun 21, 2010
Anna M Brocco answered:
What is your agent advising--and have you reviewed recently sold similar properties in the immediate area--if so what does the data suggest as to a fair offer. You can make any offer you wish, and the seller may or may not accept, however and generally, any reasonable offer opens up the negotiating table. ... more
0 votes 10 answers Share Flag
Wed Jan 27, 2010
Kim Hannemann answered:
Well, they put themselves in the position of being a party to the contract, which they have to disclose to all the other parties. It's not a practice of which I have heard or would participate. What does your own agent have to say about it? ... more
0 votes 4 answers Share Flag
Fri Sep 18, 2009
Angela Sargent answered:
Edith-I don't know how long ago you took out this mortgage on your home. However, there is a high likelihood you signed papers stating you would be the owner/occupant of this home.

If your home is in foreclosure now, I would really suggest you not rent it. What unsuspecting family would be hurt by moving in, then receiving notice they would have to be evicted? Not good and terribly stressful for you AND for them.

Have you talked to an attorney about your options? That is the best move for you.

I'm sorry for your grief.
... more
0 votes 4 answers Share Flag
Sun Aug 9, 2009
Marc Blackwood answered:
The home inspection contingency in your contract has a place where you (or your Realtor) specified the number of days within which to respond to any offer or counter offer related to the home inspection. If you look at your contract on the page that should say 'HOME INSPECTION AND RADON TESTING ADDENDUM" you will see what that time period is. Also, note in paragraph 1.i. the last sentence reads:
"The failure of one party to respond to such counter-offer or to remove this contingency within the required response period shall result in the Contract becoming void at the expiration of that response period."
If you did not want the contract to become void then you needed to deliver notice that you were removing the contingency...and you needed to do that before the end of the sellers time period to respond to your counter-offer.

If you need assistance in purchasing a different home and are not already under a buyers agency agreement with another agent, please contact me. I would be happy to assist you.

Marc Blackwood
Linton Hall Realtors
... more
0 votes 2 answers Share Flag
Sun Jun 20, 2010
Monika Kumar answered:
I feel since loss to the bank will be less your chances are getting approved are high. I would not walk away but ask listing agent to post you as soon as things move on. I have closed seller short sales with in a month to 45 days few times. Hang in there at least for 30-45 days, I suggest ... more
0 votes 11 answers Share Flag
Mon Aug 11, 2008
Susan Wesely answered:
I'm sorry that you are in this situation, and, unfortunately, don't know a good attorney in that area. However, please don't throw the baby out with the bath water! From your post, I assume you want the home, are ready to move in, but are annoyed and inconvenienced by this delay. If you walk and don't close somewhere else immediately, your hotel and storage costs could be MUCH worse! You could try asking the bank to reimburse you - it doen't hurt to ask! best of luck! ... more
0 votes 7 answers Share Flag
Mon Apr 6, 2015
Karen Wenzel, e-PRO answered:
A cash offer is where you know that you have the financial means to close on the transaction- absolutely.
You either have a letter of credit from your lender, or documentation that whatever property you choose that you can get financing for it.

Your offer would not be "contingent" on you getting financing. This makes it very strong to the Seller, and puts you in a very good bargaining position. You will need though to provide your agent with documentation that you, in fact, have access to funds to close which he/she would present with your offer.

I have done this many times - with clients and personally. When you may be in a competitive situation with other offers, a Seller may be more inclined to accept your offer rather than one "contingent" on the buyer getting financing, even if your offer is for less money (in some cases)

All the Best to you!
... more
0 votes 13 answers Share Flag
Tue Jun 22, 2010
Margo Ramsey answered:
That is a chancey game to play. Suppose you fall in love with a home priced at 275K and the sellers won't come down to your price range? You've set yourself up for disappointment. Also, don't forget when taking into account how much you have to spend the closing costs. These cover a great range, depending what you're including, but you can probably count on around 10,000 for that price range. What I tell my buyers where we're at is "You own the house, the house doesn't own you. If you have to sacrifice in other areas to make mortgage payments, then perhaps you should reduce the amount you're willing to spend on a house. Good luck ... more
0 votes 17 answers Share Flag
Wed Mar 4, 2009
Monika Kumar answered:
Mary, How long have you owned and what are your long term goals from real estate? There is lot more that I can write here but has to be your situation specific!! In general, as recommended over and over; 5+ years is the key to possibly some appreciation. If you are willing to be Landlord for at least 6+ years, you may walk away with some money BUT again there is significant math involves when you are considering being landlord for that time period! If you feel it is too much hassel then you won't repent at least for next 6 years that you sold.:) OK now it is generic ; what is your location, again that may change things for you little bit here and there and what you own. So Please add few comments so myself and fellow Realtors can provide specific help! Regards, Monika ... more
0 votes 3 answers Share Flag
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