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Richmond : Real Estate Advice

  • All89
  • Local Info20
  • Home Buying20
  • Home Selling4
  • Market Conditions6

Activity 31
Thu Mar 1, 2012
Shaukatali Kadibhai answered:
Everyone will tell the seller needs to lower the price .
But there are other options as well.
1. We all make mistakes and so do appraisals.
The appraisal may not be familair with the area and is coming from Dallas to appraise a Katy home.
2. Get a second local appraisal.
3. Ask your agent to run the comps in the area how he determined the selling price initially.
4. Some of the upgrades to the house may have been forgotten by the appraisal.
Hoping this helps.
Kadi. -
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Sat Apr 14, 2012
Dan answered:
"The houses in my neighborhood are all selling way below market value and i havea lot of equity in my house that i'd hate to loose."

This indicates that you may have no equity in your home. If this is the case then consider strategic default. The home will fall in value from here. Do not make the mistake of waiting for much lower prices as sellers are typically doing today. ... more
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Tue Sep 7, 2010
Faith Floyd answered:
the military and certain other federal employees:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
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Tue Sep 7, 2010
Ashley Sellier answered:
Hello Patsy,

It depends on the comparable homes in the neighborhood. Your best bet is to contact a Realtor to give you a Compartive Market Analysis. This will let you know what your house should sell for. Your Realtor can also give you an estimated net proceeds to give you an estimate of what you will walk away from closing with after paying off your current loan. Your Realtor will also be able to give you an idea of what you could lease your home for. I would love you help you!! ... more
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Tue Oct 27, 2009
Marta Mohan answered:
Although our economy here in the area is doing well as compared to the rest of the States, the lending situation is affecting us now and will continue to do so for quite a while, in my opinion. Basically, there is no money to lend for businesses to grow. Businesses are ready to grow but unless they have the cash they cannot move forward. Even the most educated economists in our country have differing opinions on when this particular situation will change. I will continue to research and post any new develpments in the area. ... more
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Sat Jun 6, 2009
T.E. & Naima Sumner answered:
Financing regulations and rules have changed a lot since 2008.
That may be hard to understand and accept but the billions of dollars of foreclosed mortgages in California, Nevada, and Florida, not to mention every other lesser location, caused massive failures within the banking system, collapsing the single largest mortgage provider, Countrywide, into Bank of America, for example.
We didn't see the run-up in prices in Texas and didn't have to same level of profligate lending that were widespread in those place, but we did have our share of abuses.

These days financing is the biggest single cause of contracts going bad. Last year 580 was acceptable as a credit score. 0% down was acceptable. Now, you need at least 3-1/2% down and a 620 credit score.

The good news is that rates are low. If you can qualify for a loan (in January you did), your payment would be better now anyhow, most likely. See if you can get pre-qualified again with a lender. You may be surprised by a lower monthly payment. The cash down payment, however, is never going to be below 3.5% unless you are a veteran or the house is located in a rural area.
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Wed May 27, 2009
Dallas Texas answered:
All areas have certain deed restrictions of that particular area, range is consider "reasonable" of like homes. HOWEVER you could have an area "backs up " new construction less in value OR more in value.

If you are going purchase perhaps go "middle of road" maybe not most expensive home OR less expensive home .

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Sun May 24, 2015
Shayne Stone answered:
Check out one of my websites to answer this question;
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Wed Aug 12, 2009
Investor answered:
Heard very positive things about the community; great people; great homes!

Economic downturn has put new building on hold for the time-being.
0 votes 2 answers Share Flag
Wed Apr 15, 2015
T.E. & Naima Sumner answered:

I am sorry for the bad news but it could be a blessing in disguise. It's best that you know that now instead of being faced with a monthly mortgage payment that you can't afford.

Yes they should have had at least a doubt if they ran it through the DU. Hopefully you haven't incurred any expenses that you can't recoupe. Go back to the builder and see if they have a home that you like in the 190K range.

Also, did you have a Realtor represent you in your purchase?

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Wed May 6, 2009
Scott Alexander answered:
I'm assuming that your question relates to crime and safety. I would go to the police department to find out about the crime rate in the area. Anecdotal evidence is not valid. BUT, and this is a big but, I would have to know what you really want to know about before I answered that in any detail. My advice is get a good realtor and let him/her help you. ... more
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