Tag: financing

Why Are Condos So Hard To Finance?

The good news is that they’re not as difficult as they were several years ago. As Carl Spackler would say … A customer wrote in this morning about an investment property they’re looking to buy in Blacksburg. As many parents of students at Virginia Tech and Radford do, they want to buy a place for their kids to live in while they’re here at school, and the relative stability of the New River Valley market has meant that – for the most part – these have been solid investments. It wasn’t always the case, however. A quick back story … …

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100% Financing IS Available in Blacksburg

For the longest time I’ve been under the impression that 100% loans have not been available within Blacksburg and Montgomery County; those programs just haven’t been available. Then earlier this week, I learned of a program that StellarOne Bank has been offering to do just that. The requirements are: up to $300000 loan value 700 credit score borrower(s) can’t make more than $68800 per household if you’ve had a foreclosure or bankruptcy more than 36 months from loan application, you may still qualify This is potentially really big news for folks who have been struggling to get into the Blacksburg …

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From Inman.com – The Anatomy of a Real Estate Appraisal

This article is cut and pasted from Inman.com, with a link to the full article here.  I didn’t want it disappearing behind their pay wall.  Every area is a little bit different, but this is a good, comprehensive look at the mechanics of a home appraisal.  You can find New River Valley real estate tax rates here. Q: I know that the city appraises a house for tax purposes. Is this the same method that banks use to appraise homes also? A: There’s a lot of confusion about the value estimates that cities generate for homes, so this is a …

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Why Is It Harder To Sell A Blacksburg Condominium?

Recently, I was talking with someone regarding the oversupply of condominiums in the Blacksburg market, and I was asked what I thought it’d take for condos to begin selling again.  I tried to be as honest as possible in my answer, saying that two things needed to happen in order for the condo market in Blacksburg to begin picking up again: the economy needs to improve, and people will need to feel comfortable spending discretionary income on what is often second homes and/or investment properties.  In an uncertain economic climate, many folks with cash to spend are reluctant to do …

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