Wait for the Market to Give You Equity or Sell in a Short Sale? - 02/29/12 11:21 AM
Wait for the Market to Give You Equity or Sell in a Short Sale?
As a Northern Virginia Short Sale Agent, I meet plenty of home owners who are hanging on by the skin of their teeth, waiting for the market to bring back some much needed equity so they can either refinance their existing mortgage(s) or sell and break even. Two-thousand twelve may not be the year to continue to wait out the return of your equity if your principal residence is the one upside down. Here's why.
The Mortgage Debt Forgiveness Act expires at the end of 2012. … (4 comments)
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Northern Virginia Short Sale Quiz: Question #5 - 02/29/12 09:16 AM
Northern Virginia Short Sale Quiz: Question #5
I started this series of questions because there are a lot of misunderstandings about Short Sales in our Northern Virginia market. If you want to catch up with question #1, question #2, question #3 or question #4 just click the appropriate link.
Buyers just submitted an offer of $300,000 on a Short Sale listed for $400,000. The Buyers receive a counter offer from the Sellers for $390,000. Can the Sellers counter their offer of $300,000, or must the original offer be submitted to the bank?
Answer simply YES or NO.
Check back tomorrow for the answer.
… (15 comments)
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Chris Ann Cleland, Individual Top Producer for Long & Foster Gainesville for 2011 - 02/28/12 03:56 PM
Chris Ann Cleland, Individual Top Producer for Long & Foster Gainesville for 2011
Why bury the lead? That's what I learned in my journalism studies while attending George Mason University. Today was Long & Foster REALTORS® Gainesville's annual awards breakfast. Most people come for the breakfast prepared by the omelet chef. Competitive folks like me want to find out who did what in production and celebrate the success stories.
Last year I sold over $8 Million in real estate. A lot of which were Short Sales. I knew I had achieved Chairman's Club status which is the club for those achieving … (20 comments)
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Northern Virginia Short Sale Quiz: Question #4 - 02/26/12 01:51 PM
Northern Virginia Short Sale Quiz: Question #4
Northern Virginia Short Sales are a topic on which there is a TON of misinformation. We've already had question #1, question #2 and question #3. In question #4, we are going to address a really critical point.
Sellers of a Northern Virginia Short Sale with two loans (a 1st trust and a 2nd trust) have just received an offer on their property. The Buyer would like 3% of the sales price in closing cost help.
Who is paying for the closing cost help to the Buyers?
A) The 1st Trust
B) The 2nd Trust
C) The Sellers
… (15 comments)
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Northern Virginia Short Sale Quiz: Question #3 - 02/25/12 01:31 PM
Northern Virginia Short Sale Quiz: Question #3
To clarify some of the major misunderstanding that buyers, sellers and real estate agents have about Northern Virginia Short Sales, I've decided to give you this quiz. We've already had questions #1 and #2. Now we are on to question #3. It's going to involve reading this scenario first.
Buyers and Sellers come to terms with their Northern Virginia Short Sale Contract. In the contract dated May 5th, they agree to the price and to make the settlement date in the regional sales contract on or before September 10th. The Short Sale Addendum reads that the Buyers will … (13 comments)
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Another Manassas, VA Short Sale SOLD! - 02/24/12 04:13 PM
Another Manassas, VA Short Sale SOLD!
This Manassas, VA Short Sale was on and off the market four times starting in August 8, 2008. The first attempt at Short Sale had a denial from the first trust holder, Bank of America. The second go round was better, but Bank of America countered the contracted sales price with an above market value price, so that buyer couldn't settle and the deal fell out. The third attempt, of our consecutive attempts at marketing, fell through on October 3, 2009 when Bank of America's approval letter didn't meet Northern Virginia's definition of Short Sale Approval … (6 comments)
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Northern Virginia Short Sale Quiz: Question #2 - 02/24/12 03:43 PM
Northern Virginia Short Sale Quiz: Question #2
If you'd like to see the first question in my Northern Virginia Short Sale Quiz, click the link provided.
Today's question is one I hear agent's giving both possible answers on, and clearly, there is only one answer.
Can home owners who have had their mortgage debt discharged in a bankruptcy sell their home in a Short Sale?
YES or NO.
Check back tomorrow for the answer.
For Northern Virginia Short Sale Quiz: Question #3, click the link provided.
… (13 comments)
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Should You Include Your Children in the Search for Your Next Home? - 02/23/12 12:23 PM
Should You Include Your Children in the Search for Your Next Home?
The Northern Virginia real estate market is anything but slow. Demand for homes in our area has been outpacing supply, particularly in areas like Western Prince William County. In this type of market, a buyer can find themselves making bids on many homes until they finally go under contract to purchase one. And if they are trying to purchase a Short Sale, there is no guarantee that the sale will even be approved. To say that buyers can get their hopes up multiple times, only be to let down … (46 comments)
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Northern Virginia Short Sale Quiz: Question #1 - 02/23/12 11:06 AM
Northern Virginia Short Sale Quiz: Question #1
Seems there is a lot of misunderstandings about Short Sales in Northern Virginia on the part of buyers, sellers and even other agents. When you've been working with Short Sales like I have since 2007, they really aren't as complicated as people make them out to be. Yet, the stumbling blocks seem to be the same from transaction to transaction.
Let's clear up some of those stumbling blocks right now in a fun way. I'll post a question about Short Sales and give you a multiple choice or true/false or yes/no answer. You put your … (15 comments)
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Keeping Home Owners in Homes They Can't Afford is NOT the Answer - 02/22/12 10:21 AM
Keeping Home Owners in Homes They Can't Afford is NOT the Answer
Our national housing market is still a wreck from the subprime lending fiasco. Some local real estate markets, like the one I work in Northern Virginia, have stabilized and seen some modest increases in value, but that doesn't mean an end to Short Sales and Foreclosures as interest only loans adjust. All too often, the banks that gave out the loans are vilified and our society begs for ways to keep home owners in homes they simply could not, and can not afford. THIS DOES NOT REFER TO PEOPLE WHO HAVE … (12 comments)
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Lowest Priced Listings in Bristow, VA - 02/21/12 10:53 AM
Lowest Priced Listings in Bristow, VA
If you are looking for the lowest priced listings within a particular type of home in Bristow, VA, you are likely searching for the Short Sale or Foreclosure bargain that you have heard tales about. You know, the banks are just slashing prices to get rid of homes, right? You may not like, or even believe what I am about to tell you, but if you don't want to end up buyer's remorse on your Bristow, VA bargain listing, you should pay close attention.
Bristow, VA properties are not priced based on WHO is selling the … (6 comments)
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You Aren't Saving Your Buyer's Agent Anything By Calling the Listing Agent Directly - 02/18/12 11:51 AM
You Aren't Saving Your Buyer's Agent Anything By Calling the Listing Agent Directly
I've worked with many buyers who somehow feel guilty if they are in the preliminary home buying process and don't want to bother me with requests to call this or that Listing Agent for information. Or asking me to accompany them on a fact-finding mission to a new construction builder. My job as a Buyer's Agent does not begin when my client has found their dream home. My job begins when they decide they know they want to buy...even if they don't know what. So when I hear … (20 comments)
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There Isn't a Get Out of Jail Free Card for Real Estate Agents Who Commit Mortgage Fraud - 02/16/12 08:27 PM
There Isn't a Get Out of Jail Free Card for Real Estate Agents Who Commit Mortgage Fraud
Only twice in my real estate career have I been compelled to call the FBI and report mortgage fraud. That's only because I have only encountered it twice. Once when representing a Buyer and another time as a distant observer to a real estate agent who thought they had the secret to winning in a Short Sale.
It started with a call from a nosy neighbor who thought it odd that a home on her street had been listed and sold as a Short Sale, but … (9 comments)
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It's Amazing What Can Happen When You Alert the FBI and Mortgage Companies to Fraud - 02/16/12 07:57 PM
It's Amazing What Can Happen When You Alert the FBI and Mortgage Companies to Fraud
There have been two instances of outright fraud that I have encountered in Northern Virginia in the last two years. The first I encountered because of circumstances that unfolded when my Buyer-client was under contract to purchase a "regular sale." The second was reported to me as suspicious because of my involvement with the FBI on the first deal and I'll post about it another day.
The details of the first incident are long and boring to folks who are not in the real estate industry, and even … (3 comments)
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Should a Northern Virginia Short Sale Buyer Go to Settlement Without Seeing the Approval Letter? - 02/16/12 02:12 PM
Should a Northern Virginia Short Sale Buyer Go to Settlement Without Seeing the Approval Letter?
This was a question I received in my email today. The answer to this question is simple.
NO WAY!
As a Buyer in a Northern Virginia Short Sale transaction, the Short Sale contingency in the contract is not removed until you see the Short Sale approval letters. And that means that the Seller could still back out with that contingency in place.
Furthermore, even when you do see the approval letters, you need to make sure they meet the definition of approval per the contract. In … (6 comments)
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Foreclosures Aren't Dragging Your Home Values Down - 02/15/12 04:12 PM
Foreclosures Aren't Dragging Your Home Values Down
I was in the car the over day listening to Fox News on my satellite radio while running errands. It was a day off and I was thankful for it. Yet, real estate always has a way of creeping in to my head even in my down time. Guess that is what happens when you are passionate about your job.
Anyway, a news story came on about President Obama's new refinance program. Fox had a local news reporter, Doug McKelway, speaking with a Centreville, VA home owner who had decided to take advantage of the refinance program. … (9 comments)
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Victory Lakes Townhouse Report: January 2012 - 02/14/12 08:05 PM
Victory Lakes Townhouse Report: January 2012
Winter in Victory Lakes this year is like a yo-yo. One day it feels like spring, the next you are freezing your rear end off. Luckily, we're seeing much more stability in the Victory Lakes townhouse market. Let's take a look back at the sales activity from the first month of the year. We'll make comparisons to last report (December 2011) and last year (January 2011.)
TOWNHOUSES FOR SALE IN VICTORY LAKES
11 Listings were Active: 8 New Construction, 3 Regular Sales
There were fewer townhouses on the market in January than there were … (1 comments)
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I Learned All I Needed to Know to Close a Short Sale in Elementary School - 02/14/12 06:43 PM
I Learned All I Needed to Know to Close a Short Sale in Elementary School
When it comes to Short Sales, it seems things can get complicated quickly. Since 2007 I have been building a basis of knowledge when it comes to dealing with Short Sale Sellers and Short Sale Banks. My experience certainly helps me best serve my Short Sale clients. Keeping abreast of current regulations and tax codes that affect the sellers is a must. Knowing the ins and outs of the sales contract is also a must. You also have to know how to read a HUD-1 settlement … (15 comments)
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Victory Lakes Single Family Home Report: January 2012 - 02/12/12 04:57 PM
Victory Lakes Single Family Home Report: January 2012
Cold winter winds are whipping through Victory Lakes. Just when you thought we were going to get a mild winter, think again! Luckily downed trees from the 50 mph gusts of Saturday night/Sunday morning are at a minimum.
With the first month of the year behind us, let's take a look at how the Victory Lakes single family home market started in 2012. We'll make comparisons to last report (December 2011) and last year (January 2011.)
SINGLE FAMILY HOMES FOR SALE IN VICTORY LAKES
There were no active listings at the end of … (4 comments)
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The Unknowns You Face as a Seller in a Short Sale - 02/12/12 03:49 PM
The Unknowns You Face as a Seller in a Short Sale
When you are selling your home in a Short Sale, there are a lot of questions that you want answered. There are no guarantees on how a Short Sale will turn out, but when you are working with an experienced Short Sale Agent you will at least get the lay of the land and get a feel for the direction their Short Sale will likely take, and what issues they need to investigate further. Here are some unknowns that I address with potential Short Sale Sellers:
SHORT SALE BANK(S): Will the … (3 comments)
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Kingsbrooke Townhouse Report: January 2012 - 02/11/12 08:55 PM
Kingsbrooke Townhouse Report: January 2012
Maybe Punxsutawney Phil was right when he predicted six more weeks of winter on Groundhog Day this year. The wind is sounding evil tonight as it blows through Kingsbrooke. Seems Old Man Winter is back to blow around some snow and settle below freezing temps over Bristow. Brrrrrrrrr. Who knew it would be this cold in February given the mild temperatures to date?
With January behind us, let's take a look back to Kingsbrooke townhouse sales for the first month of 2012. We'll make our comparisons to last report (December 2011) and last year (January 2011.)
… (2 comments)
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Kingsbrooke Single Family Home Report: January 2012 - 02/10/12 12:21 PM
Kingsbrooke Single Family Home Report: January 2012
Kingsbrooke's mild winter continues, despite the predictions of Punxsutawney Phil on Groundhog Day. I for one am really enjoying the mild temps. It's giving me an opportunity to start the walking regimen I had planned for spring.
That brings me to my next point: As far as the Bristow real estate market is concerned, spring is here. All we need to do is take a look back at the market activity for January 2012 to see that demand for Kingsbrooke single family homes is high. We'll compare what we find to last report (December … (5 comments)
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Integrity in Real Estate - 02/09/12 07:17 PM
Integrity in Real Estate
Integrity is something you should absolutely expect of your REALTOR®. The person you hire to represent you in a real estate transaction should be expected to do what they say they are going to do, and work by the highest moral standards.
While integrity is often used to describe how a REALTOR® works with their clients, it is often sorely lacking in how REALTORS® work with their peers or behind the scenes in general.
A REALTOR® who refuses to perform Dual Agency shouldn't take the opportunity to claim both sides of a transaction in the MLS if the … (9 comments)
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Real Estate is Local: Remember That When Hiring Your Real Estate Agent - 02/09/12 12:15 PM
Real Estate is Local: Remember That When Hiring Your Real Estate Agent
There's nothing worse than watching a home seller suffer at the hands of an agent who is working in an area that they do not know. When we become licensed real estate agents, our license is with the state. Theoretically, that means we can sell anywhere in the state. Ask any full-time, successful real estate agent and you will find that there are even areas served by one MLS that move at their own pace, or have their own idiosyncrasies. Forget trying to navigate the different MLS territories throughout the state … (5 comments)
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Bristow-Gainesville Home Owners: Spring is HERE! - 02/07/12 07:44 PM
Bristow-Gainesville Home Owners: Spring is HERE!
I know, I know. The weather forecast for Bristow-Gainesville this week includes snow. That's definitely a product of winter. While the weather is churning out winter wonders, the real estate market has hit the spring gas pedal. Home buyers in Bristow and Gainesville are having a hard time finding homes because there are so few on the market right now. So when something comes on the market that meets their criteria, the home gets tons of buyer traffic and usually, multiple offers.
Don't wait until everyone else in on the market. Get your home on … (6 comments)
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The Once in a Lifetime Home...If You Find It, Don't Waste Time Haggling - 02/07/12 06:46 PM
The Once in a Lifetime Home...If You Find It, Don't Waste Time Haggling
The Northern Virginia real estate market moves faster than most real estate markets. And while we do tend to see the majority of our buyers go for homes that are cookie cutter repeats in big subdivisions, we don't often see the buyer that wants a truly unique home.
A buyer in the market for a unique property knows it when they find it. They can't stop thinking about it. They have never seen anything like it. And they probably never will see anything like it again. The home … (9 comments)
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Your Home is NOT an Investment - 02/05/12 01:58 PM
Your Home is NOT an Investment
Somehow, during the real estate boom, the prevailing thought in society became that your home was an investment. It kept appreciating and you could draw equity from it for other things. Or, you could flip it in two years and go by an even higher priced home with the money you made off of the sale of the former.
Here's a news flash. Your home is NOT an investment. Here's why:
Your home is not easily liquid, as investments should be. When you need to cash it out, you need to find a buyer for it … (14 comments)
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If You Are Going to Destroy the Home You Once Lived In... - 02/03/12 06:03 PM
If You Are Going to Destroy the Home You Once Lived In...
Too many families have been faced with the heart wrenching situation that the place they had called home is no longer a place they can afford. Some try to maintain some dignity and control by conducting a Short Sale. Others stew in their own malaise, anger and depression and wait for the sheriff to come knocking with the news that the home has sold on the courthouse steps. And too many who end up in the latter category tend to take their sadness, anger and frustration out on the house … (13 comments)
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Taking a Closer Look at a DEAL in Bristow, VA - 02/03/12 03:25 PM
Taking a Closer Look at a DEAL in Bristow, VA
Yesterday I wrote a post on the topic of whether you're interested in finding a deal or a house. Seems some buyers in Bristow, VA are still thinking there are amazing deals to be had out there.
One of the more popular homes in Braemar's community of Bristow is a Yardley model. They are "just right" when it comes to the size of what buyers are seeking in a single family home. They boast open floor plans and are usually found fairly upgraded as they were built during the boom and … (4 comments)
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Why Are Buyers and Sellers Willing to Shoot Themselves in the Foot Over Relatively Small Dollar Amounts? - 02/03/12 02:39 PM
Why Are Buyers and Sellers Willing to Shoot Themselves in the Foot Over Relatively Small Dollar Amounts?
This was a question I was asked by a close friend of mine the other night. I was recounting the tale of another negotiation between buyer and seller gone wrong. On a home in the $400,000 price range, they were stuck over $5,000. This is something I am used to seeing, so I guess I consider it normal. Not being in real estate, she just laughed and went on that if you are spending that much money, what's another $5,000?
If you were negotiating to … (52 comments)
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Do You Want a DEAL or Do You Want a HOUSE? - 02/02/12 02:13 PM
Do You Want a DEAL or Do You Want a HOUSE?
It may surprise buyers in Bristow, VA to know that it is becoming increasingly difficult to have your cake and eat it too. Getting a deal on the house of your dreams is not going to happen in our current market situation. With not even two months of inventory for the buyer demand, we are statistically in a seller's market. It sucks to hear, I know. And it's not what the national media is telling you, but it's the truth.
The reality of the Bristow, VA real estate market for … (16 comments)
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Northern Virginia Winters: Snow Isn't Out of the Question Until We Hit April - 02/01/12 10:34 PM
Northern Virginia Winters: Snow Isn't Out of the Question Until We Hit April
It was a balmy seventy degrees this afternoon in Bristow, VA. I found myself flinging open the windows since I was sweating in my own home. Heck, to walk around the block I had to change into my summer workout clothes. My neighbors are on Facebook bemoaning the mild weather, complaining that we've had no winter.
I like snow as much as the next guy. The last winter we had blizzard upon blizzard (2009-2010) my husband and I had a sledding trail in our back yard that became down … (10 comments)
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