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Home Buying in Fredericksburg : Real Estate Advice

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  • Local Info16
  • Home Buying30
  • Home Selling7
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Activity 21
Tue Apr 9, 2013
Carolyn Liddell answered:
Yes, I am in the Fredericksburg area and work with investors. I look forward to speaking with you to discuss your criteria.

Carolyn Liddell, Broker
Sun Realty of Fredericksburg
Sun Property Management
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Thu Nov 7, 2013
Sabrina Ash answered:
Hi Michael,

If you are still needing assistance, I could help get you with an agent, that will assist you with the path of home ownership. Please contact me if you wish to proceed.
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Mon Oct 3, 2011
Rita Gibbons answered:
his is best answered by your homeowners insurance carrier. Any damages caused to the house or other structures (such as sheds, garages, etc.) that are covered under the policy should be covered. The shink and swell problems won't be covered under the policy. ... more
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Tue Dec 10, 2013
Tim Moore answered:
I have not sold homes in Fredericksburg since 2001 but I think buying anything now is a good investment. Prices are low, rates are lower and the time is right. Where is Ryan building there? There use to be three companies that were all sort of interconnected in some way - Ryan, Ryland and Rylee homes. Of the three Ryan was the best quality and might be the only one left. ... more
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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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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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Wed Oct 6, 2010
T.c. Cooksley asked:
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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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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
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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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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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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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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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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?
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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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Tue Dec 30, 2008
Eunice Waller answered:
Hi Lynn, I would be happy to answer your question but first I need to know a little more information. Have you already given the $4,000 deposit to Blank Co.? If so, that money sould have been deposited into an escrow account and held in that account until one of two things happen.
1. the transaction closes (settlement on the property occurs and the deed transfers to the new owner(s) )
2. a mutual release is signed by all parties to the transaction stating who receives the deposit
I hope I have answered your question. If you would like to discuss this with me further I would be honored to discuss this situation with you.
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Sun Nov 16, 2008
Margaret Nydell asked:
Sun Jun 7, 2009
AJ Heidmann answered:
Did you happen to sign an addendum from that bank that may have overridden your initial offer on the particular item? Foreclosures are "As-Is", so the bank probably isn't willing to spend the money for something that is irrevlevant in their mind. The cost for an inspection should be under a $100 easily, so if you want the property, it seems like a relatively small additional expense to cover. The bigger issue is whether you have any contingency via your financing or an actual termite inspection contingency to have the inspection done. In Virginia, I have heard that there are on average 4 termite colonies per acre, so chances are you could have a problem, depending on location, construction, etc. Review with your agent the options available to you and they can probably refer a qualified termite inspector to take a look at the property.

Hope this helps you, let us know how it turns out,

AJ Heidmann, ABR, CRS, e-PRO
Coldwell Banker Residential Brokerage, Old Town Alexandria
"Serving Distinctive Clients & Properties in Northern Virginia"
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Thu Jun 5, 2008
Michael Straley answered:
Tough question. You are looking at two very fine areas. Of course, it is always a personal choice and I recommend listing your lifestyle priorites. Commuting, traffic, schools, sidewalks, accessibility to shopping? What is most important to you? There is no magic formula and of course, your contract price and terms must be considered. Buyers do have a third party when financing a home to help them make a good choice, the appraiser. Appraisers review your contract and your purchase and will give you a professional opinion of value. This is a great time to buy, and sooner than later, there will be many people wishing they had scooped up some of the good opportunities we see now. ... more
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Fri Sep 4, 2015
Jamie Chafin answered:
The first order of business would be to have a soil/footing/foundation inspection contingency along wth a whole house inspection contingency within your purchase offer submission. The local building inspection department could probably recommend a soil scientist for the inspection process.

Depending on the age of the house, soil test may have been required prior to the issuance of a building permit. Additionally, most building codes were changed to accomodate the potential of shrink/ swell soil and required a more substantial footing design including reinforcing bar placed in all footings.

If this is not the case, remediation can be done by re-engineering the footing/foundation, but can be quite expensive.

Seek proper inspections by a licensed professional to alliviate your concerns.
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