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Fredericksburg : Real Estate Advice

  • All137
  • Local Info16
  • Home Buying30
  • Home Selling7
  • Market Conditions14

Activity 62
Tue Dec 10, 2013
Craig Fauver answered:
<-- Political Science/History Grad, Former History Teacher, Licensed in VA, DC, & MD

0 votes 8 answers Share Flag
Thu Oct 28, 2010
Kevin Olson, Jessica Laude answered:
Most likely there are problems with the home that would not allow for financing. Be aware that some banks want cash only offers because the amount they want is higher than what the home is worth, and anyone with financing will require an appraisal to ensure the loan is not for more than the value of the house. Cash buyers don't always have appraisals done, but in my opinion a cash buyer should have one done every time to protect themselves.

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0 votes 7 answers Share Flag
Thu Oct 28, 2010
Ritu Desai answered:
Well I cannot say about the rental I am sure you can speak to your local Realtor. However I do know that if you do want to convert into an apartment you will need fire department approval also. Since they have to ensure in case of emergency the renter can get out. Also speak to your insurance company on the consequence of converting into a rental apartment. Consider the cost versus income and the details on how you will access the HVAC & other equipment if the renter is renting with out stepping on their privacy issue.
Lastly if you do have to resale the home ask your Realtor how it affects the value of the home.

Good Luck
Associate Broker
Samson Properties
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0 votes 2 answers Share Flag
Wed Oct 6, 2010
Gerard Dunn answered:
I think it is important that the consumer is protected from the perils of Lead Paint - but.........

The new laws are overkill in my opinion.....

They are impacting the ability of homeowners and vendors to do business efficiently and have made it much more expensive for those contractors that re-model.

Time will tell - but I think it is too much....

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and Washington, D.C. for 28 years
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0 votes 1 answer Share Flag
Wed Oct 6, 2010
T.c. Cooksley asked:
0 votes 0 Answers Share Flag
Wed May 25, 2011
Vicky Chrisner answered:
I don't follow the part about not being able to get a construction loan. Maybe you should just look at programs by different lenders? Short of that, rent a house. Surely, your rent + land loan amount won't be more than you'd be paying for the home loan if you could build. Wait out the year if that is really what you need to do, and then build. Be warned, however, that you might be in your rental home 2 years before you can move. Construction doesn't happen overnight. Generally speaking, building (by the way) is not cheaper than buying a resale. Alternatively, you look at selling the land short sale or by giving it back to the bank in a distress arrangement, but you still end up renting, and now you have bad credit and will have difficulty buying in the future.

OR, give the kids up for adoption? Just kidding, but by now you must be feeling that way in 1000 sf with them. Good luck.
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0 votes 2 answers Share Flag
Tue Jul 29, 2014
Cindy Jones answered:
You need to discuss this with the agent representing your side of the transaction. If they have any questions about the way it was worded they can check with their broker or an attorney to determine what the true amount of the credit should be. ... more
0 votes 6 answers Share Flag
Mon Oct 29, 2012
FSBOsuccess answered:
I am about to do the same thing on a temporary basis while my home is being built after selling my current home. Put the back of your piano to an outside wall and farthest away from your neighboring wall. This should help with the noise. I have 2 dogs to move with me including a 5 mth old new puppy. Working now on crate training her (I don't move for another week.) Check out for some great dog training tips on training your dog. ... more
0 votes 2 answers Share Flag
Wed Jul 21, 2010
Don Tepper answered:
You could try, but you probably wouldn't be successful.

You obviously can pay whatever's owed on the mortgage, and buy it as a conventional purchase. That'll work. But you don't want to do that if the home is worth less than what's owed on it. And that's the case with most foreclosures today.

Technically, you could try a short sale, but those take time and it sounds as if it's just about ready to be auctioned off.

Still, don't panic. It'll be available for purchase as a foreclosure. Your Realtor can provide more information.
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0 votes 3 answers Share Flag
Mon Nov 15, 2010
Anna M Brocco answered:
Yes, the builder can try to sell it to you for whatever price he/she wants--but if it appraised lower proceed with caution-- why would you want to pay more than the appraisal number.
0 votes 6 answers Share Flag
Sun Apr 7, 2013
Vicky Chrisner answered:
call the trustee, depends on the bank but read the post below about what usually happens at those auctions.
0 votes 4 answers Share Flag
Wed Dec 16, 2009
Lisa Herr answered:
I have checked around, but need to do a little more investigating.....I will get back in touch with you!
Lisa Herr
Keller Williams Realty
0 votes 2 answers Share Flag
Sat Oct 31, 2009
Michael Straley answered:
One of the values of working with a Realtor is the proprietary information available. I would spend sometime interviewing agents that speak your language and offer the trust and communicatin you can depend upon. We work with several investors and work to save them money not only through negotiations but through clear and concise applicaple presentation of our knowledge and how it will affect their decisions. ... more
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Fri Jun 26, 2009
Daniel Castagna answered:

Sorry to hear you are losing your job, but congrats on the purchase. Refinancing is about several things. its about the amount of equity in the property, how long you have been in the property, your income, your debts, your scores. Its pretty much everything you need to get the financing for the purchase. So, if you lose your job in 2 yrs, adn you tried to refinace, you would be denied for no income. But if you found another job, you might be able to. Hope that helps.

Danny Castagna
Sr Loan Officer
E Mortgage Management
800-793-9633 ext 185
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0 votes 1 answer Share Flag
Sat Jan 30, 2010
Bryan Sereny, Pa answered:
PMI is known as the acronym for private mortgage insurance. Private Mortgage Insurance is used when a borrower has less than 20% for a down payment. Private mortgage insurance protects mortgage lenders against potential losses in the event of borrower default.

If a borrower defaults on his conventional mortgage (goes 90 days late on a payment), the lender files the state-specific foreclosure notice and sends in a claim to the insurance company to recover as much as 20% of the mortgage balance. This, in turn, gives the lender a smaller risk when the lender sells the property to recover their losses.

So it is routine for the bank to first contact the PMI company before approving your offer. Sit tight and your patience will be rewarded.
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0 votes 3 answers Share Flag
Mon Feb 6, 2012
AJ Heidmann answered:
Unless you have equity in the property you are renting out (I think about 30%) they will not count the rental income due to recent changes to prevent "Buy and Bail" situations. Previously, many people would set up a sham renter for the underwater property, then go buy another similar house for a lot less using the "rent" to help them qualify for the extra mortgage. Once they had settled on the new home and moved in, they simply stopped paying the mortgage on the old home and let it go into foreclosure.

Unfortunately, the sins of the past buyers are now woven into todays guidelines and I don't know of any lender that will give you credit for the rental income.

Sorry to be the bearer of bad news.
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0 votes 2 answers Share Flag
Sun Jul 5, 2009
Matt Whitman answered:

The answer is yes. The application fee is gone forever, but there is no such thing as a contract that is not signed. It's merely dead trees and useless unless it's signed.
0 votes 0 Answers Share Flag
Wed Jul 22, 2009
Eunice Waller answered:
Hi Justuz4,
Sorry for your delay. I know you are probably eagerly waiting to move in to your new home. This is such an exciting time in your families life.
If the appraisal has just been ordered, the appraiser can have several days to complete the appraisal depending on your type of loan. It would be best to check with your lender for the timeframe when the appraisal is due and when you will be able to settle on your new home.
Good luck and congratulations!
Warm Regards,
Eunice Waller
Prudential Simpson & Associates

"Helping Families Since 1984!"
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0 votes 2 answers Share Flag
Wed Oct 28, 2009
Vicky Chrisner answered:
I belong to an REO network of agents.... I will tap into that and see what I can find out - what is the address of the property?
0 votes 3 answers Share Flag
Mon May 11, 2009
Eunice Waller answered:
Hi Christopher,
Since this is a short sale (third party approval required) the bank, who is the third party may possibly want to look at more than one offer. Your realtor should keep you informed and advise you so that you can make informed decisions every step of the way. Good luck to you.
Eunice Waller
Prudential Simpson & Associates
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