Metro Philly 'Bricks and Sticks'

News and Advice about the Philadelphia Suburbs Housing Market

Archive for July 2009

New “Reg. Z” Rules Could Slow Closings

Starting tomorrow, July 30, you could see transactions slowed as lenders try to navigate changes to rules (”Reg. Z”) on consumer disclosures under the Truth in Lending Act (TILA). By being aware of new time pressures lenders are under, you can help your clients understand what’s going on if transactions you’re working on get delayed prior to closing.

Here’s what’s happening under these “Reg. Z” changes: Read the rest of this entry »

Written by Edmund Choi

July 30, 2009 at 6:57 PM

Posted in Real Estate

Investor Report: Condo Loan Rules

without comments

Investor Report: Condo Loan Rules

by Kenneth R. Harney

FHA has come out with its long-awaited rules on condominium loans, and they’re a mixed bag for investors, second home and other buyers and sellers. Read the rest of this entry »

Written by Edmund Choi

July 9, 2009 at 8:00 PM

Posted in Real Estate

Useful Links

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

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?
I am looking at buying a $300k home, my income is just over $80k/yr, but I have quite a bit of credit debt and student loans for my two degress. I October 27, 2009
Answer by Edmund Choi: The generic response is to contact a mortgage lender and determine what you qualify for based on your financial snapshot today. If the outcome of the conversation allows you the opportunity to purchase a home that meets your needs, then good hunting! However, your debt load will impact your quality of life. By undertaking a house payme […]
This house on Copeland School Road is supposed to be "bank owned" as a foreclosure. Is this price real and if so, what school district.? October 26, 2009
Answer by Edmund Choi: Just listed a REO at 1040 Squires Pl, West Chester. Click the link below.

Metro Philly 'Bricks and Sticks'

Archive for July 2009

New “Reg. Z” Rules Could Slow Closings

Investor Report: Condo Loan Rules

Useful Links

Who is Edmund?

Questions & Answers

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