Advice

  • (15 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

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How confident are you in the Zestimate...?

Answer

Great Question!You are correct.  Zillow.com uses an algorithm that is not accurate an many cases.  Since I do not work for Zillow, I cannot exapnd on this.However, as an expert in Prince William County, I do know that Zestimates are way off on MOST homes.  When I say most homes, I honestly mean most homes.The only way to get a true value of your home is to compare it to like-kind homes (sq ft, age, etc) that have sold over the last 90-180 days.  Then adjust for market trends (in your case, upwards), add or subtract for certain differences (pool, extra BA, etc).  That will give you Market Value.Bottom line, your home's value is determined by what a buyer is willing to pay in current market conditions.  And, in Prince William County, that is way different than what a zestimate is.(By the way, from what I understand with other agents across the Country, zestimates are accurate in some areas, inaccurate in others, so I am in no way bashing Zillow.com, it is a great site for tons of information.  It is just that all markets are different, and always changing, so no computer program in the world can keep up with that)Greg

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Do finished basements count towards square feet?

Answer

Both other answers are correct, however I just want to add a clarification.  The answer is Yes, finished basements count towards sq ft of home, however, only the upper 2 levels are recorded as "living area" in tax records and MLS.  and that is how your home is "appraised" by your county.  If there were permits done when finishing your basement, it will also show in the tax records.  If no permits were pulled "we see this many times and it is no big deal", then tax records will not show any finished basement.   If you are refinancing or selling, the basement sq ft will show, but you will get added value not by $-sq ft ratio, but by finished sq ft/basement $ amount.  This number is significant based on what is finished and how, i.e. extra bath, granite, media room, etc, etc.  Good Luck.

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what is going on in Woodbridge, VA houseing, i notice there is a jumb in the prices of home.

Answer

The Moyers Team is absolutely correct.  Prices have been rising for a year now, although, not to the extent that you see.  What you see on that home is probably a "flip" by an investor.  They probably bought the house at auction, renovated it, and are selling it at market value.  There is very little inventory right now, and many homes are selling with multiple offers.  This due primarily because 1st time buyers are able to get 30 yr fixed rates at 3.75%, and owning is now less than renting a similar home in this area.

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Would lender in Sh/Sale accept offer equal to ask price or wait for more offers. GMAC in particular

Answer

Hi!  There is a simple answer, and a more complex answer to this question.In a SS situation, you are under a binding contract with the Seller (which is the current owner, since it has not gone to foreclosure).  At this point, other offers cannot be ratified. So, the first answer is no, there will not be multiple offers.The lender typically takes anywhere from 2-8 months to assign a negotiator, do the paperwork and do one of 3 things... 1. Accept offer  2. Reject Offer 3. Counter-Offer  It is not that they "wait", it is simply a matter of organization and efficiency on the lender's part.The "list" price has absolutely no effect whatsoever on the lenders approval.  The lender will approve a short sale based on comparable sales in the neighborhood.  For instance, if a listing agent "lists a property for $200,000 and you offer full price, it will be rejected or countered by the lender if the actual value is $250,000 based on comparable sales.Have your agent do the research to make sure it is priced appropriately.  That is critical for a short sale to actually make it to settlement.  And you should also be prepared for a lengthy wait, however, GMAC is typically one of the quicker ones if there is only a first trust.  If there is a first and a second trust, then another party is involved which complicates and lengthens the process.  Also, if there is mortgage insurance on the property, then that is a 3rd party involved and all have to approve it.Good Luck and have a great day!

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Where in the process of a short sale does the BPO fall?

Response

Great question!  The answer is... no one knows!  The short sale process for a bank varies depending on the negotiator, the seller's position, the listing agent's ability, etc, etc.  but mostly on the negotiator and listing agent. (also be sure your buyer agent leans on the listing agent daily) A BPO will be ordered only AFTER a legitimate purchase contract has been submitted and run through the BofA short sale channels.  This could be a week, a month, or 6 months.  There is never a timeline for them.  As frustrating as it is, this is an unfortunate reality.  In addition to the BPO(s) (they may order 2 or 3), they also do a "desktop appraisal" to make sure the listing and sales price is not too low. (this is quite common with less experienced agents, listing a home too low on short sale).  We have seen 3 short sales in the last 60 days countered-offered by BofA by 10-30% above sales price.. even when comparables supported the sales price.  Be careful on short sales.. make sure the sales price is close to comparable distressed sales and not lower or it may not ever close... even after waiting 6 months to find out the unfortunate news.

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marketing

I just wanted to drop you a note and say your doing an awesome job at marketing your home! The photos and website are done very well. If we have any Buyers in your price range I will be sure to stop "Buy".Good Luck,The Select Realty Savings TeamHttp://www.SelectForSavings.com

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marketing

Answer

Hi Mike!Good luck this weekend!And should you need the services of a professional team, we would be happy to interview for your business! Checking with 3 Realtors is always recommended. We hope to be one of them you talk to!Greg and The Select Realty Savings TeamHttp://www.SelectForSavings.com

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marketing

I just wanted to drop you a note and say your doing a very good job marketing your home and your open house. If we have any Buyers in your price range I will be sure to stop "Buy".Good Luck,The Select Realty Savings TeamHttp://www.SelectForSavings.com

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photos

Your home "sounds" very nice from the description but what about photos of the your property? Have you sought out any advice from a professional? At Select Realty we have low commissions with FULL SERVICE. Please visit our website and see how we can assist you in your home sale. http://www.SelectForSeller.com Please read our testamonials and find out how we can save you THOUSANDS!

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photos

Your home looks absolutely grand from the outside...but what about photos of the inside? Have you sought out any advice from a professional? At Select Realty we have low commissions with FULL SERVICE. Please visit our website and see how we can assist you in your home sale. http://www.SelectForSeller.com Please read our testamonials and find out how we can save you THOUSANDS!

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