Metro Philly 'Bricks and Sticks'

News and Advice about the Philadelphia Suburbs Housing Market

Archive for June 2009

HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can Read the rest of this entry »

Written by Edmund Choi

June 1, 2009 at 8:19 PM

Posted in Real Estate

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Who is Edmund?

Main Line-based Realtor providing professional representation in the acquisition and disposition of real property in the southeastern Pennsylvania counties of Chester, Delaware, Montgomery, & Philadelphia.

Trusted for Service. Respected for Results..

John Matthew Inc., Realtors GMAC Real Estate
410 Lancaster Avenue
Devon, PA 19333
610.293.1616 Office
484.324.4731 Direct

Questions & Answers

if there is a second mortgage does the buyer pay it December 18, 2009
Answer by Edmund Choi: No. Should be delivered free and clear.
Does anyone have any insight into trends in seller assistance for new construction? I'm hearing that builders are hurting and therefore offering December 18, 2009
Answer by Edmund Choi: Wouldn't necessarily say "hurting", but nonetheless, these are challenging times for builders. Your assessment, based on my experience, is correct. However, you must be prepared to be flexible on structuring the deal in a manner that meets your expectations. Seller's assist is just one way of monetizing negotiations […]
Question removed November 13, 2009
Answer by Edmund Choi: Brianca, Would advise you to hire a buyer's agent and/or real estate attorney. Ask the agent for comparable sales to verify pricing. Submit an agreement with inspection contingencies to understand what defects are present. If you hire a real estate attorney, they can normally perform the title and closing services. However, if you […]
What is the average DOM (days on market) for a home in the 19475 ZIP code? 4 bedroom, 2.5 bath, finished basement? November 9, 2009
Answer by Edmund Choi: $300-600k from Oct '08 to Oct '09: 84 days.
Can I use the 8000.00 first time homebuyers credit toward my closing costs? If so, can I put the whol 8000.00 toward closing? November 9, 2009
Answer by Edmund Choi: The Pennsylvania Housing Finance Agency was providing "bridge loans" assisting 1st time homebuyers in monetizing a portion of the $8,000 tax credit to be utilized towards the purchase of a property. Unfortunately, the agency no longer has the funding available to provide this interim financing. There are however a few other o […]
Is it standard in PA to sign an exclusive agreement of representation with a buyer's agent? November 5, 2009
Answer by Edmund Choi: If the Realtor you have selected to assist you in your home search is willing to commit their time and resources, and, more importantly, that you trust them to advocate your interests throughout the process, why wouldn't you show them the consideration of working with them exclusively? The seller has committed to someone to repres […]
When asking for seller assist how low can you offer on a property in the market today? November 5, 2009
Answer by Edmund Choi: Have you been provided a worse-case scenario snapshot of your anticipated closing costs? Have you reviewed a comparable market analysis of the townhouses in and around the subject property? What type of financing are you seeking and what is the maximum seller's assist that the lender will permit? Why has it been suggested that you […]
My home has been listed since 9/14/09. Its in a real nice area near city ave and fairmount park. I don't feel like my agent is doing enough to October 30, 2009
Answer by Edmund Choi: Miscommunication of expectations usually results into these failed relationships. Perhaps a conversation with the agent's broker could resolve your situation. If the outcome of the conversation doesn't result in improved performance results, then you'll need to assess your options.
I just received a ADDENDUM #1 SPECIAL PROVISION ADDENDUM TO THE CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY AT: PROPERTY October 28, 2009
Answer by Edmund Choi: Appears you are purchasing a bank-owned property. The addendum provided by the bank supersedes the original agreement of sale and defines the terms of the transaction. Please review it with your agent, in detail.
If i have an attic converted to an in-law suite, is it considered a 2 family dwelling? Common entrance & untilities. Asking for re-fi purposes. October 28, 2009
Answer by Edmund Choi: What is the zoning & use of your property? Single-family or duplex?

Metro Philly 'Bricks and Sticks'

Archive for June 2009

HUD: Tax Credit Can Be Used on Closing Costs

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