Wow. Did you show up? I hate to say it, but appraisers are more likely to support you if they like you. There is a lot of arbitrary stuff in appraisals - it's opinions and guess work. Some are better than others. It's like that in all industries.
In any case; yes. If your agent is seasoned and resourceful he/she will guide you properly and will challenge the appraisal on your behalf. Even a seasoned agent may not change the minds of every appraiser, but if your agent supports your position, then yes, he/she can challenge it on your behalf.
But, not so fast - don't you have a contingency? Will the sellers lower the price to meet the appraiser? That would be better for you.... more
I would recommend Centreville over Manassas Park. The foreclosures in Manassas have been very high, they have been driving down prices. I also think there are a lot more that will be coming on to the market over the next 30-45 days. Most parts of Centreville will also give you better access to all the major highways. Also once you cross over into Manassas Park it is considered Prince William County, Centreville is still considered Fairfax County. Homes in Fairfax County have held their value much better than Prince William County and I do not see that trend changing. Best of luck in your home search!
I-Agent Realty Inc.
Ask about our 2% cash rebate to all home buyers!... more
I had a client replace the PB piping in a 3 level townhome earlier this year for about $3,500 through http://www.plumbing911.com/ . Believe the price did not include touching up the drywall with new paint afterwards. PB piping is common in homes built late 70's to early 90's - they have more info on their website you may find informative.
Absolutely, with a garage. It is not the norm with townhouses, therefore giving it a competitive edge when you sell. The premium for a garage will vary from complex to complex, but it is a great selling point.... more
If by "not properly released" you mean that the title comoany cannot find a Satisfaction letter from the seller's previous mortgage... this may not be a problem.
Part of the work of a title company is to ensure that all prior liens against a home have been satisified. If the lender was aprivate individual, it is rare for private individuals to take the time (and spend the fee) to record a Satisfaction with the county clerk, which means title companies must chase those documents down (sometimes decades later) when the home owner sells or refinances the property.
The title compaby must track down the prior lien holder and have him/her/them sign a Satisfaction to clear the title. You will not be able to close (nor may the seller sell) until the Satisfaction is obtained. If the lienholder is owed funds, those will comme out of the seller's funds at closing; the title company will obtain a Satisfaction after that,
I would not worry unless the lienholder cannot be located. I cleared two up today for one of my clients (for private mortgages recorded in 2001) in the space of about 30 minutes... the lienholders happened to retain the telephone numbers form 2001 and were immediately available by fax. In other situations it has taken a few days to track the lienholders down.
Assuming I am correctly interpreting your situation, it should take just a few days to clear up the issue.... more
The key to the short sale is to find iout how far along they are, make sure th seller has been approved for the short sale, that the bpo or appraisals have been done and the bank has givin (in writing) what they will accept. If not it could take upwards to 6 months for the process to take place with no guarantees they will accept. Maybe 1 out of 10 shortsales close. I would go with the nromal sale anyday rather than taking the risk. But check the status of the short sale first, if they are just starting out, run dont walk away.... more
Peter, I assume you're asking how much you can get as a rental? Unfortunately, you haven't provided enough information to give you an accurate answer. If you would like to contact me directly, I would be happy to help you. You may use the contact form on my web site to reach me.... more
The questions are; can you afford to pay the difference out of pocket? Can you afford to stay in the home? I would advise waiting it out; unless you absolutely cannot afford your home anymore.
If you must list as a Short Sale; you will need not only an agent who has done short sales - but you will need a lot of luck. Short Sales are very difficult and do significant damage to your credit.... more
You do not need 10% to buy a foreclosure. There are many foreclosures that come onto the mls services. With the new financing reform laws coming out you should be able to get one for 10% down. Take a look at FHA financing as well as they have NonOwner Occupied loans available.
Also there are many seller that will carry 10% or more back on a note. You might want to take a look at that. Something doe snot have to be a foreclosure to be a good buy. Mnay homes are listed and sold at great prices that were short sales and pre-foreclosures. If you have a special auction or some source of foreclosures that is needing more thn 10% down I guess I would suggest borrowing the rest. Using a 401K or retirement plan is a great way to tap that additional downpaymnet.
Just remember the world has chnaged now. It is harder to get a loan but easier to find deals. Go figure.
I see great buys all the time that I can not get my hands on. Just not enough cash!
Best of luck to you in your quest to expand your portfolio.
Dirk T Knudsen
Re\max Hall of Fame
#1 Rated Re\Max team in Oregon
"The Real Estate Doctor"... more