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Chantilly : Real Estate Advice

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Activity 38
Fri Mar 20, 2009
Vicky Chrisner answered:
MP, yes, Short sales are particular to the sellers and the bank(s) involved. I have a real estate blog post that might help you. See below.

The trick with trying to time a short sale is that you must be ready to close whenever you get the word. That could be in a week, that could be next year. The "norm" is 6 - 8 weeks for approval, 3-4 weeks for close from that point. IF you decide to write on a short sale, make sure that the listing agent knows what they are doing - this is critical, and make sure that they will be ratifying a contract before submitting to the bank. Don't play with the ones that are collecting offers and sending them to the bank for approval unratified... you could be waiting in a pool of a dozen offers or more for months, and that is simply unfair.

Be sure, whatever you do, to have a buyers agent working FOR YOU, and make sure that agent knows there way around your market. If you're not working with someone already, I'd be pleased to talk with you about this process in detail. vchrisner@kw.com 703-669-3142
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Thu Sep 22, 2011
theBIGstep answered:
you may want to try south riding - which is right next to chantilly. Must caution though most townhouses in the area will go closer to the high 200K but there are several foreclosures and short sales so you may get lucky! ... more
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Sat Feb 28, 2009
Glenda Cherry answered:
Oliver, you should be asking your agent to provide you with this information. He/she can look at recent sales in the same area (foreclosure, short sales & traditional sales) to come up with an offer that the bank will at least consider. If a property is priced very well, it will likely get multiple offers and the bank will select the offer that nets them the most money. It would be impossible for any of us to tell you what a "good" offer is because we don't know anything about the property or comparable sales. If I were your agent, the first thing I would do is call the listing agent to get as much information as possible.

By the way, if it's the house I think it is, the bank has already accepted an offer ... the agent just hasn't changed the status yet.
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Thu Feb 19, 2009
Alan Strange answered:
As with anything of this nature, consult an attorney. My opinion is that they put that clause in there for a reason and I'm sure it has teeth. I would recommend doing whatever you can to live out the original agreement. See what a real estate attorney thinks about renting since it's not transfering. Good luck. ... more
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Fri Oct 17, 2008
Bill Eckler answered:
Knick,

In our opinion, the very next step is to make sure your offer was presented to the bank and they have it. These are difficult time for the banking industry, complicated by volumes of paper work that is too often lost or misplaced.

The key to a smooth "short sale" transaction(if they exist) is following up, then following up again, followed by following up. It's important that a good relationship is formed with a contact person at the bank that will serve to expadite your paperwork.

You may need to stay after you agent to make sure things are happening. Our recommendation is to have direct contact with the bank contact person at least 3 times a week, if for no other reason then to seek an update.

Good luck,
The "Eckler Team"
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Fri Apr 17, 2009
Cynthia Fleming answered:
That is what I hear from anyone doing short sales - they just drag out indefinitely. I try to stay away from them for this exact reason. I tend to guide my buyers towards REO's since these are bank owned properties and the banks are not in business to sell houses. As a result, then tend to be more motivated to get the deal done. With short sales, the other negative is that the bank is moving forward with the foreclosure process at the same time! This is quite risky because they may foreclose on the property before you ever have a chance to close. These two departments are working independently of each other. Since you are involved with a short sale, I hope this doesn't happen to you and I do wish you luck and hope that everything comes together for you soon! Keep me posted, I'd like to hear about your outcome. ... more
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Tue Feb 1, 2011
Jeff Royce answered:
Big N....generally if you look at townhouses and detached homes at the same price level, the townhouses are going to be larger, nicer, and newer. If you go with a detached house with a yard you are really trading that nicer interior space for the yard. It is really a matter of preference. Some people like a nicer house and go with a townhouse, and others like a little more privacy and some space around them and go with a detached home. ... more
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Wed Aug 3, 2011
Cindy Jones answered:
SInce you are the buyer this is a question you should ask your lender. Are you being charged for each of these appraisals? The seller can not order an independent appraisal and expect your lender to accept it. Lenders are very careful with the numbers in today's market. Have your agent and your lender talk you through what all of this means to you and your contract. ... more
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Tue May 6, 2008
Cindy Jones answered:
Most lenders with a property in foreclosure will not consider a contingent contract. Have YOUR agent get in touch with the listing agent and find out if there is any flexibility. The lender is looking to sell their property and if someone else wants it and can settle sooner they will get it but it never hurts to ask. ... more
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Thu Feb 19, 2009
Glenda Marks answered:
Read the builder's contract to see if that is an option. Hope you have a buyers agent to represent your interests.
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Wed Apr 17, 2013
Glenda Cherry answered:
There are several factors involved in purchasing a manufactured home. First, the purchase price is only for the dwelling itself - you also have to know the charge for the "ground rent" - that is, the monthly charge for the lot on which the manufactured home is located. Second, manufactured homes can't be bought with a traditional mortgage - they're considered personal property (similar to a car or boat) and usually require a personal (unsecured) loan. Third, manufactured homes generally don't appreciate in value like a traditional home - in fact, they actually depreciate in value (again, like a car or boat). While they can be an affordable choice for a first time buyer, they should probably be considered only after looking at more traditional forms of housing. ... more
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Tue Feb 26, 2008
Danilo Bogdanovic answered:
It all depends on the contract language in your specific situation. Some contracts say that you are able to continue marketing your home for sale, but as "Contingent with a Kick Out". Should you receive an offer that you wish to take, you may have to give the orignial contract/buyers the right to remove the contingency within a specified time period. Should they do that, then you may be obligated to continue with the originial offer and not with the subsequent offer.

Are you using the services of a real estate agent? If so, your agent can provide you with further guidance. If not, you should seek the advice of an attorney. I can provide you with the name of one if you'd like.

DISCLAIMER: THIS IS NOT INTENDED AS LEGAL ADVICE OR GUIDANCE. THE EXAMPLES ABOVE ARE ONLY HYPOTHETICAL EXAMPLES. YOU SHOULD CONTACT A LAWYER FOR GUIDANCE IN THIS MATTER.
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Tue Feb 26, 2008
FrankyRealty answered:
Hey Lance,
I need more information.

As a listing broker, I require that a house under contract is always listed as Under Contract with No Kickout versus the "Under Contract" since that status shows too much information.

So you are the seller and you have a contract with a kickout (which means you cna still market it on Craiglist) , and a buyer that has a certain timeframe to sell their place?

Have you looked closely at your contract? It should say something about 3 business days beyond the deadline. But also it might require that the listing agent give notice to the buyer. So if there is a deadline of Feb 1st 2008, but the listing agent doesn't send a notice saying "you have gone past your deadline, you have 3 days before the contingency drops," it might stay on forever.

Just double check the contract. Some require action and notice, and some fall off by default on a particular deadline.

Hope that wasn't too confusing!
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Mon Jan 10, 2011
Cindy Jones answered:
Lance-in the current market your home needs the most exposure possible to make it stand out from the competition. You need to make sure that the agent you hire to list and sell your home uses more than the MLS to make that happen. You need an agent/company that has resources to get your home noticed. Also are you ready to take on the responsibility of negotiating the sale of your home in a buyer's market? WIth so many issues with loan programs will you have the time and knowledge to make sure that if a buyer comes to your door that you will understand the implications of the type of financing they have? There is a lot more to selling a home today than there was 2 years ago. If you think that a flat fee MLS will get you the results that you are looking for then by all means go for it. But make sure you see what they are going to do for you BESIDES the MLS. ... more
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Sat Mar 1, 2008
Monika Kumar answered:
Lance, There shall be number of days mentioned in the contract or the release form being used by both parties. If the property is listed in MLS, it imposes that seller can not market property without mentoning pending release clearly And Can Not accept another contract until release is done. So it is better to let go of a buyer who is no longer interested. ... more
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Wed Apr 5, 2017
Glenda Cherry answered:
Government loans place additional financial and performance obligations on the seller. Certain "non-allowable" fees that are charged by the settlement and/or title companies must be paid by the seller. In addition, the VA appraisals are somewhat more detailed (and may be more expensive) and may require certain repairs that would normally be negotiable with conventional financing. Please feel free to contact me for more information. ... more
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Thu Nov 20, 2008
Vincent McKamy answered:
Elvis - made a good point - IF WE ARE AWARE OF THE LISTING. That is the biggest problem with FSBO. How would I know about your house? When I have clients looking for a house we look in the MLS first, find some houses that interest them than go out and look for them. We are not sitting down in front of a computer surfing the web to find a house. I have had clients ask me to go up to FSBO houses and ask - never sold one yet but it doesn't stop me from asking. Good luck ... more
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Thu Feb 19, 2009
Cindy Jones answered:
A walk out basement is preferable to an underground basement. I'm not sure what "a area walk in" refers to. Trees, then walking trail then homes would be the order for your second question. A lot is going to depend on the entire neighborhood but most buyers would rather be looking at woods than other houses and sometimes walking trails can get busy and restrict privacy. Hope that helps. If you are not working with a Realtor on your search for a new home you should have representation. A Realtor can answer all of these questions for you AND protect you during contract negotations whether you are buying a new home or a resale home. ... more
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