What is a Home of Choice Contingency? - 03/30/12 04:38 PM
What is a Home of Choice Contingency?
A home of choice contingency is a contingency in a real estate sales contract that protects a seller from having to sell their current home if they haven't found their next home.
In Northern Virginia, our home of choice contingency is as follows:
CONTINGENT ON THE SELLER PURCHASING ANOTHER HOME.  This Contract is contingent on until 9pm ______ Days after the Date of Ratification ("Deadline") to allow the Seller to obtain a ratified contract to purchase another home.  This contingency will terminate at the Deadline and this Contract will remain in full force and … (15 comments)

Bristow, VA Short Sale Sellers Welcome - 03/28/12 11:36 AM
Bristow, VA Short Sale Sellers Welcome
If you are looking to sell your Bristow, VA home in a Short Sale, there are some real estate agents in the market that DO NOT want to work with you.  Personally, I don't get that attitude and am offended when I see it advertised.
Unlike agents that pander to the belief that Short Sale Sellers and their properties are somehow less than regular sellers, I understand that Bristow, VA Short Sales are really not that much different than regular sales.  In fact, I have to regularly educate my buyers that there are no discounts … (9 comments)

Bank of America Steps Up the Short Sale Negotiation Process - 03/28/12 11:17 AM
Bank of America Steps Up the Short Sale Negotiation Process
About a week ago, Bank of America sent out a new third party authorization form to Short Sale Agents.  They will no longer accept any other third party authorization form.  So what's so special about Bank of America's new third party authorization form?  Well for starters, you have to be a licensed real estate agent or attorney in good standing with your licensing board to be authorized to speak with Bank of America regarding Short Sales.
It's about time!  I've been preaching this one since 2007.  In the Commonwealth of Virginia, … (6 comments)

A Focused House Hunt is What Gets Results - 03/27/12 12:33 PM
A Focused House Hunt is What Gets Results
Working with buyers I have learned one thing:  a focused house hunt is what gets results.  If everything is an option, you will never find what you are looking for.  Why?  YOU don't even know what you want if your parameters are so broad that hundreds of homes fit the profile.
House hunting is all about elimination.  You need to be able to eliminate types of homes and locations.  Maybe you really need a garage, so a home without one is not what you want.  Maybe you want a specific location, so everything in … (14 comments)

Putting Your Best Foot Forward in a Multiple Offer Situation - 03/27/12 12:23 PM
Putting Your Best Foot Forward in a Multiple Offer Situation
I put a Centreville townhouse on the market last Monday that has had my phone ringing off the hook.  Agents are calling to find out how many offers I have and what they can do to make their offer stand out.  Some agents are calling me after submitting their offers wanting to find out how many others I have received since theirs and if there is anything they can do to make theirs better.  It's not as if any of these agents didn't know that they weren't going to be up … (4 comments)

When It Comes to Real Estate, Your Friends May be Embellishing the Truth - 03/26/12 02:32 PM
When It Comes to Real Estate, Your Friends May be Embellishing the Truth
I can not tell you how many times, as a licensed, professional real estate agent, I have run into stories about the awesome deal my client's friend got.  The tales are like fish stories my Dad used to tell.  You know, the story in which the mega fish that got away changes six inches to a foot in length from one retelling to the next.  That's what the deal you are recounting that your friend got sounds like to me.  Unfortunately for your friend, who wants to be the … (19 comments)

Northern Virginia Housing Shortage - 03/25/12 04:28 PM
Northern Virginia Housing Shortage
There is a definite housing shortage in Northern Virginia, particularly for homes in lower price ranges.  Townhouses, for instance, are flying off the shelves.  Buyer demand has risen as many first time buyers gave entered the market due to historically low mortgage interest rates. 
If you are outgrowing your home and want to move up to something bigger, now is the time to do it.  I am still in shock over this two bedroom, one and a half bathroom townhouse in Centreville that has my phone ringing nonstop.  A couple years ago, a one bathroom home would … (0 comments)

Can You Really Claim to Be a Short Sale Agent if You've Got Someone Else Handling the Short Sale Negotiations? - 03/24/12 09:37 PM
Can You Really Claim to Be a Short Sale Agent if You've Got Someone Else Handling the Short Sale Negotiations?
I received a call last week on a Short Sale listing that had been withdrawn from the MLS.  It was an ambulance chasing Short Sale Agent that was ready to pick up the deal and resuscitate it.  You see, he had made the assumption that the sale was somehow rejected by the banks.  It wasn't.  It was accepted, but the Sellers had decided to ditch the Short Sale and go for loan modification. 
He went on to extoll his glories to me … (19 comments)

Victory Lakes Townhouse Report: February 2012 - 03/24/12 12:23 PM
Victory Lakes Townhouse Report:  February 2012
It's hard to believe that March come in to Bristow, VA with near eighty degree temps.  If this is the beginning of spring, you have to wonder what the summer is going to bring.  Thank goodness Victory Lakes' residents have a nice cool pool to enjoy come Memorial Day weekend.
The Victory Lakes townhouse market also seems to be heating up.  With February behind us, let's take a look back and see how things compare to last report (January 2012) and last year (February 2011.)
TOWNHOUSES FOR SALE IN VICTORY LAKES
8 Listings were Active:  … (3 comments)

Waiting for a Deal in Bristow-Gainesville Real Estate? - 03/23/12 07:35 PM
Waiting for a Deal in Bristow-Gainesville Real Estate? 
If you are waiting for a deal in Bristow or Gainesville, VA real estate, you may be missing the deal that is right in front of your face.  It is so easy to get caught up in the national media hype about it being a buyer's market.  In Bristow and Gainesville, we are actually in a seller's market.  We don't have enough homes for the buyers that want to buy them.  So if you are heading into your house hunt and your idea of success is getting a home for less than a … (8 comments)

Victory Lakes Single Family Home Report: February 2012 - 03/23/12 07:20 PM
Victory Lakes Single Family Home Report:  February 2012
I think it's safe to say that Bristow is officially done with winter.  Making that prediction at the end of February would've made this life long Northern Virginian a little nervous.  I am familiar with the wrath that Mother Nature can throw our way in March.  Howver, things seem to be a lot milder than they've been for the past few years.
Victory Lakes is alive with color as the flowers and trees start to bloom.  Our real estate market is also in full bloom, so let's take a look back at the … (2 comments)

Great Things Happen in Skook - 03/22/12 04:02 PM
Great Things Happen in Skook
My Dad and his family come from Pottsville, PA.  And since Mom had no siblings and her parents died before I even entered kindergarten, our family trips were always to Pottsville to see grandma, uncles, aunts and cousins.  And one of the first blogs I subscribed to here on Active Rain was Erica Ramus.  She's a Broker/Owner in Pottsville, PA.  Reading her blog makes me feel like I am always in touch with the family I have in Pottsville.
Well, when the opportunity presented itself to take a day trip to Pottsville with my cousin Patti, … (18 comments)

Kingsbrooke Townhouse Report: February 2012 - 03/20/12 11:23 AM
Kingsbrooke Townhouse Report:  February 2012
If you are in the market for a townhouse in Bristow, then you know that supply is simple not enough to meet demand.  Kingsbrooke townhouses are flying off the shelves.  Let's take a look back at the resale activity in February and see how it compares last report (January 2012) and last year (February 2011.)
KINGSBROOKE TOWNHOUSES FOR SALE
3 Listings were Active:  1 Foreclosure, 1 Regular Sale, 1 Short Sale

There was one more active listing in Kingsbrooke townhouse in February than there had been in January.  And there is no one type of … (4 comments)

Kingsbrooke Single Family Home Report: February 2012 - 03/20/12 10:39 AM
Kingsbrooke Single Family Home Report:  February 2012
It's the first official day of spring and Kingsbrooke is already coming to life as spring flowers were beginning to bloom at the end of February.  February also brought some more activity to report to the Kingsbrooke single family home market.  Let's take a look at what happened in February and compare to last report (January 2012) and last year (February 2011.)
KINGSBROOKE SINGE FAMILY HOMES FOR SALE
2 Listings were Active:  1 Regular Sale, 1 Short Sale

There were double the single family homes available for sale in Kingsbrooke in February as … (4 comments)

Two Bedroom Centreville Townhouse: Just Listed for $229,000 - 03/19/12 12:50 PM
… (8 comments)

Jumping into the Northern Virginia Real Estate Market Can Be Startling to Relocating Buyers - 03/18/12 11:09 AM
Jumping into the Northern Virginia Real Estate Market Can Be Startling to Relocating Buyers
Northern Virginia is about as recession resilient as you can get.  I'd say recession-proof, but during the housing crisis we, like everyone else in America, lost property value and got hit with a ton of bank owned inventory.  Our housing market recovers much faster and takes less of a hit thanks to our low unemployment rate.  That's what living in the shadow of the Federal government can do for a real estate market.
So when buyers move to Northern Virginia from out of state, they may be … (3 comments)

Being in a Seller's Market Makes it Practically Impossible to Under Price Your Home - 03/16/12 07:43 PM
Being in a Seller's Market Makes it Practically Impossible to Under Price Your Home
Sellers tend to have a fear of under pricing their homes.  Well, I can assure any Seller in Northern Virginia that there is no such thing as under pricing your home given current demand.  Let me illustrate why with an example.
If a Seller's home is priced at $150,000, but the Seller fears that pricing it there may be too low and that it should be more like $170,000, market demand will float the price up.  That happens through multiple offers.  When a home is priced too … (16 comments)

When the Short Sale Gets Approved, but Doesn't Get to Settlement - 03/16/12 07:25 PM
When the Short Sale Gets Approved, but Doesn't Get to Settlement
How can a Northern Virginia Short Sale get approved by the banks involved and not make it to settlement?  Well, that's easy. Either the buyer flaked out and disappeared or the bank didn't agree to accept the net proceeds as payment in full for the mortgage balance.  The latter is the big out for Northern Virginia Short Sale Sellers. 
If you end up getting a Short Sale Approval Letter that requires you to repay the remaining mortgage debt in an unsecured loan after settlement, that's not considered approved in the … (8 comments)

House Hunting: It's Not About the Hunt, It's About the HOUSE - 03/14/12 08:49 PM
House Hunting:  It's Not About the Hunt, It's About the HOUSE
When you're house hunting, especially in a market that moves quickly, it can get addictive to search online for homes.  Digging for the perfect home in listings becomes a bit of a sport. So when you find a home that has tripped your trigger and you're ready to make an offer, stop looking at homes online.
Let's face it, there will always be something there to tempt you, but the thrill of the hunt shouldn't blur the reality that you have found a home you want.  You can talk yourself … (29 comments)

Braemar Townhouse Report: January-February 2012 - 03/12/12 03:09 PM
Braemar Townhouse Report:  January-February 2012
I think it's safe to say that the mild winter of 2011-2012 is behind us.  Spring has sprung in Braemar.  Flowers are blooming much earlier this year as a result of unseasonably warm temperatures we saw in the first two months of the year.  Not only were January and February good to us weather wise, the sales activity for Braemar townhouss was quite favorable.  So are you ready for some good news?  I hope so.  As usual, the stats for Braemar townhouse sales are divided into two categories:  Garage and No Garage.
To start, Townhouses with … (7 comments)

The Unintended Consequences to a Buyer of a Lowball Offer - 03/12/12 11:04 AM
The Unintended Consequence to a Buyer of a Lowball Offer
The Northern Virginia real estate market hasn't been a buyer's market for some time now.  Sure, mortgage interest rates are at an all-time low.  That's favorable to buyers.  Yeah, home prices are still low compared to where they were during the boom.  That's favorable to buyers.  Here's where it's NOT a buyer's market.
The demand for homes is outpacing supply.
Gone are the days when a home would linger on the market.  If you want the home, best to get a serious offer in as soon as possible.  If you want … (19 comments)

Braemar Property Values: January-February 2012 (Heritage Series) - 03/11/12 05:54 PM
Braemar Property Values:  January-February 2012 (Heritage Series)
In the last couple months I have seens some fabulous Heritage Series homes come on the market in Braemar.  This afternoon I had the opportunity to see one that was hands down the best done Yardley I have seen in a long time.  I am sure it will be under contract in a matter of days and will make a great comparable for next report.  For now, let's focus on sales from the first two months of the year in the Heritage Series.  These are the mid-sized single family homes in Braemar, built by Brookfield, … (2 comments)

Braemar Property Values: January-February 2012 (Courtyard Series) - 03/11/12 05:28 PM
Spring has officially begun in the Braemar real estate market.  With January and February behind us, let's take a look back at the resale activity for Braemar homes in the Courtyard Series.  For those who are unfamiliar with Braemar Courtyard homes, they are characterized by their near zero lot line lots and five homes clustered around a private courtyard driveway.  The models of Courtyard homes include the Arlington, Ballston & Clarendon.
In the first two months of 2012, there was one resale of a Braemar Courtyard home.  And for anyone who follows this report, you'll appreciate that there was at least … (0 comments)

Braemar Property Values: January-February 2012 (Carriage Series) - 03/11/12 05:05 PM
Braemar Property Values:  January-February 2012 (Carriage Series)
Today was the first official day of daylight savings time.  And what a lovely day it was in Braemar.  Having the warmth of the sun for an extra hour certainly does make a difference.  The spring real estate market has already seen some successes, so let's take a look back at the first two months of the year and see what happened to property values in the Carriage Series. 
For those unfamiliar, a Braemar Carriage home is characterized by the detached garage or parking spaces in the rear of the home.  There are four types … (0 comments)

Northern Virginia Short Sale Quiz: Question #10 - 03/11/12 11:35 AM
Northern Virginia Short Sale Quiz:  Question #10
Northern Virginia Short Sale transactions are fraught with loads of misinformation.  This series of questions is designed at getting the major misconceptions set straight for buyers, sellers and real estate agents.  If you want to go back to question #9 and work your way through the entire quiz backward, please click the link.
Now here we are at the final question in the quiz.
Sellers who have completed a Short Sale, without declaring bankruptcy, will qualify to purchase another home
A)  Three years past the Short Sale if they missed mortgage payments during the process
… (4 comments)

Why is Wells Fargo Hiring Negotiators That Can't Read HUD-1 Settlement Statements? - 03/08/12 09:44 AM
Why is Wells Fargo Hiring Negotiators That Can't Read HUD-1 Settlement Statements?
When it comes to Wells Fargo Short Sales, I have been a big fan.  Between the Home Mortgage and Home Equity departments, I've had plenty of success....and in very reasonable time frames.  A typical Wells Fargo double header Short Sale, with a home mortgage 1st trust and a home equity 2nd trust, usually takes me about six to eight weeks to get approved.  That was until I met my most recent Wells Fargo Home Equity negotiator.
A HUD-1 settlement statement is the legal sized document that is a balance … (14 comments)

Northern Virginia Short Sale Quiz: Question #9 - 03/08/12 09:15 AM
Northern Virginia Short Sale Quiz:  Question #9
It still amazes me that there are agents listing Short Sales in Northern Virginia that have no idea what is involved in the Short Sale process.  I guess the thought is that if they sat through a Short Sale designation class, they are more than qualified to do a Short Sale.  Either some of these courses aren't teaching reality or the students are buried in their cell phones and tablets the entire time, because some of the worst offenders I've met are agents with Short Sale designations, but I digress.
This series of questions … (8 comments)

Don't Get Sucked In By That Low List Price on Bristow, VA Short Sales - 03/07/12 03:08 PM
Don't Get Sucked In By That Low List Price on Bristow, VA Short Sales
Despite what you've heard in the media about the awesome deals that you can get with Short Sales and Foreclosures, the truth in Bristow, VA is that demand is outpacing supply.  Sure, there are Listing Agents out there that will take a Short Sale listing and price it way below like homes in the same community, but that doesn't mean the Short Sale Bank will approve the Short Sale.  Let me repeat that...
A low list price doesn't mean the Short Sale Bank will approve the Short Sale … (8 comments)

Braemar Property Values: January-February 2012 (Arista Series) - 03/07/12 02:30 PM
Braemar Property Values: January-February 2012 (Arista Series)
Spring hit Braemar about a month early this year.  Normally I notice my crocuses bloom in late March or early April.  This year, they started blooming at the end of February.  It's all the unseasonably warm weather, and believe me, I'm not complaining.  Here's something else I'm not about to complain about...the upswing in Braemar property values.
With the first two months of the year behind us, let's take a look back at the resale activity for the Arista Series homes in Braemar.  These are the large single family homes built by Brookfield Homes … (2 comments)

Northern Virginia's Western Edge Mental Block - 03/06/12 01:11 PM
Northern Virginia's Western Edge Mental Block
The suburbs of Northern Virginia are located, primarily, to the west of Washington, DC.  The further west you go, the less expensive the homes...the slower the pace of life.  You lose that urban feel of being near the city as you get outside the beltway and really nestle into suburbia.
As someone who has been a lifelong resident of Northern Virginia, I can tell you that most of us here in the western suburbs have a mental block when it comes to things further west than we are.  I don't know what it is, but … (9 comments)

Northern Virginia Short Sale Quiz: Question #8 - 03/06/12 12:25 PM
Northern Virginia Short Sale Quiz:  Question #8
Working with Northern Virginia Short Sales since 2007, I have certainly learned more from the Short Sales I've closed than I could ever hope to learn in a Short Sale designation class.  Experience is a phenomenal teacher.  The problem with classes is that they often perpetuate misunderstandings of what REALLY happens in a Short Sale.  That's why I developed this series of questions....to find a new way to get some of the urban legends in the Short Sale world out of the heads of buyers, sellers and real estate agents.
If you've missed any … (5 comments)

What Makes a House a Home? - 03/04/12 01:15 PM
What Makes a House a Home?
Everyone has their own sense of what makes a house a home.  For some it's not home until grandmother's china is on display in the dining room.  For others it isn't home until they've made their own home theater where they'll enjoy movies every weekend.  Most everyone can agree that a house isn't a home until you've added your loved ones.  Maybe you've christened your house by hosting a family Thanksgiving feast.  Or maybe it's a regularly occurring weekend cookout in the warmer months.

For me, one of the most important things that makes … (14 comments)

In Honor of the Upcoming St. Patrick's Day Holiday, Join Bartender, Make it a Double - 03/04/12 11:43 AM
In Honor of the Upcoming St. Patrick's Day Holiday, Join Bartender, Make it a Double
In July 2010 I took my Active Rain involvement to a new level.  I started a group:  Bartender, Make it a Double.  It's a place where you can share your successes or vent about your bad days.  Really, you can post just about anything.  Consider it your Active Rain bar.  We have an open door policy.
As friendly and active a group as we are, we still only have about 320 members of as this post.  So consider this a membership drive.  In honor of St. Patrick's … (6 comments)

Northern Virginia Short Sale Quiz: Question #7 - 03/04/12 11:21 AM
Northern Virginia Short Sale Quiz:  Question #7
Sometimes I feel like a caped crusader in the fight for a true understanding of what a Northern Virginia Short Sale is and how it works.  Not only do buyers and sellers have a hard time understanding the ins and outs of a Short Sale, but so do real estate agents who have little to no experience with them.  As a fun way to get some misunderstandings on the subject cleared up, I've created this Northern Virginia Short Sale Quiz.  We've already have question #1, question #2, question #3, question #4, question #5 and … (6 comments)

Northern Virginia Short Sale Quiz: Question #6 - 03/02/12 03:26 PM
Northern Virginia Short Sale Quiz:  Question #6
To combat the misconceptions that buyers, sellers and even real estate agents have about Northern Virginia Short Sales, I decided to have this series of questions to help answer the most commonly misconstrued areas of a Short Sale.  If you want to catch up with question #1, question #2, question #3, question #4 or question #5 click the appropriate link.
Now, on to the next Short Sale scenario.
John and Susie Jones have made an offer to purchase a Short Sale.  They are not asking for any closing cost assistance, home warranty or inspections … (11 comments)

Mortgage Fraud is Now a Business Plan - 03/01/12 10:37 AM
Mortgage Fraud is Now a Business Plan
Mortgage fraud has apparently become a business plan.  I was stunned to receive a phone call yesterday from an investment group that was approaching Northern Virginia Short Sale Agents about ways to keep home owners in their upside down homes.  How?  By buying the homes at a substantial discount from the Short Sale Bank and reselling it to the home owners at today's market value.  They make money and the home owner gets an instant principal reduction.
I asked them how they didn't consider this mortgage fraud. The answer was that they were private … (24 comments)

Is a Good Idea a Bad Idea When it Solves a Rarely Occurring Short Sale Problem? - 03/01/12 10:18 AM
Is a Good Idea a Bad Idea When it Solves a Rarely Occurring Short Sale Problem?
Yesterday must've been cold call a Short Sale Agent day.  I received two sales calls from investors who had two totally different business plans.  One was actually not a bad idea, though maybe not as useful as the caller thought it was.
This investor group wanted to approach me about a Short Sale I have under contract that has shown up on a foreclosure auction list for mid-March.  They wanted me to know that in the event my Short Sale doesn't look like it's going to … (1 comments)

 
Chris_2841_copy Ambassador_large

Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

More about me…

Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find VA real estate agents and Bristow real estate on ActiveRain.