Hi, Bernadette. Most lenders can do a preapproval letter in less than an hour. They can talk to you on the phone and ask a few questions. run your credit, and then generate a preapproval letter. If you are referring to the final commitment after you find the house you want to buy, then the average time period is 30 days, but it can be done faster if time is critical. Sometimes they can even do it in 1 or 2 weeks.
I hope that helps. If you have more questions, email me at firstname.lastname@example.org. I am an Associate Broker with RE/MAX Town Center (licensed in MD, DC, and VA)... more
It is a shame you didn't do more research prior to hiring an agent. At this point I recommend you contact the agents broker and let them work it out internally - they most likely will assign your listing to another agent in the office that has more experience.... more
Put in the contract an "as is" addendum meaning you are not going to do any repairs or address any cosmetic concerns to the property. This needs to be part of the ratified contract. If you have a ratified
contract and it was contingent on a home inspection then you have to read what the home inspection addendum says. Do you have an agent representing you?... more
If you are comfortable with the sales price and can close the sale without the appraisal being an issue then it would make sense. Have your agent run comps for the neighborhood to help with your decision.... more
Absolutely you can lease to own. You have options. First...have you thought of a Short Sale for your current property. This can help you in the long run when trying to purchase or lease to own another home. Even if you have received a Notice of Intent to Foreclose..we can still help you. Contact me through my website or call me today 443-392-4833 or http://www.MarylandHOMESTeam.com/... more
I completely renovated my basement including an additional full bath and a new bedroom, and mini-kitchen/wet bar (granite countertop and brand new wood cabinets). Also, renovated 1/2 bath and laundry/mud room on the ground floor completely. How much value would that add to my property value (we have 4 bedrooms and 2 full baths upstairs)?? It might help pay off my 2nd mortgage that I ve used for all those renovations by refinancing.... more
There is no metro. Forget about it. Drive. Metro sucks anyway, and it would actually be cheaper to drive, unless the feds are paying your fare, in which case, buy a little house in Arlington like all good government workers do.... more
Based on the feedback and number of showings, it's likely the price. Buyers shop in price ranges and it seems the buyers in your range are expecting something bigger. If you drop your price your house will better fit those buyers expectations and requirements.... more
He will likely use the finished space in the value calculations. it won't matter to the appraiser if it is painted green or blue or has a fancy door or a plain one, the value of finished space vs unfinished will be the real difference. As long as they are not appraising it AS IS would be important. You say they are inspecting it AS IS and I am not sure what you mean by that. Appraisals for refi's are often more lenient than for new purchases.... more
The additions should indeed add value to your home appraisal. The key to getting a good appraisal is to be there when the appraiser comes. Walk him/her through the house and highlight all the "newness" in the house like the windows, roof, AC...all the things most people might miss. The high ticket items like a roof or AC and even windows can be overlooked but represent tens of thousands in added value. Similarly, homes with more bedrooms and baths tend to have a higher value, so your additions should help. Just be sure to give the apprasier the big picture of what it will be like when completed.... more
What a deal! If the trees area yours and she is paying for the removal of the trees, that is a very gracious offer. If the trees are yours, they are technically your responsiblitiy. And if she is offering to pay for the removal and you only have to pay for the stump grinding, you are a lucky homeowner. But if you were not planning on removing the trees any time soon, you could insist that she pay for the whole removal process.
Once again, what a deal! Good luck. Liz... more
I guess? If they can afford the house they will be able to document it though, the only exception I can see is if someone takes their part-time business full-time because it is doing well there should be a shorter waiting period before they qualify, although I just saw a Prosperity Mortgage option that accepts 1 year return for a Schedule C filer, better than 2 I guess.... more
I couldn't explain why Washington Gas services some neighborhoods, but not others.
The lack of public water and sewer in much of Potomac (and many other areas of the County) is the result of County planning. With public water and sewer comes denser developments, more roads, more congestion, etc. So it's all part of the County's master plan.... more
When a home is appraised the apppraiser gives a land value. It is definately an opinion of value but then so is the entire appraisal. In Potomac the land at times can be worth as much if not more than the house. Usually that would happen when the home is smaller and or older. The appraisers have ratios and formulas they use but I don't know how exactly they determine the exact value of the land. Hope this helps.... more