foreclosures: Is the Market About to Be Flooded with Foreclosures….Again? - 04/18/09 06:26 AM
Most of the larger banks put a moratorium on foreclosures last fall and the impact could be seen throughout Northern Virginia. Inventory decreased, bidding wars started and houses flew off the market. Now the floodgates of foreclosures appear to be ready to open again. And this time some analysts are suggesting … (16 comments)
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foreclosures: Not all Prince William County Foreclosures are Biohazards - 04/06/09 05:51 PM
The press loves to focus on the negative. The housing market is in shambles and all foreclosures are a wreck or so they want you to think. For those of us who are in the trenches everyday we know that there is another side to the story. In Prince William County … (6 comments)
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foreclosures: Another Family Makes a Move-A Few Foreclosure Reminders - 03/23/09 06:01 PM
The landlord didn't say a word but the notice tacked on the front door said it all. The mortgage wasn't being paid and the bank was giving notice of the pending foreclosure action.It isn't a new a new phenomena, in fact I first wrote about this back in October 2007 when … (10 comments)
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foreclosures: REO “MYTHCONCEPTIONS” - 10/17/08 03:51 PM
It never fails when you get a group of buyer's together in Northern Virginia the talk turns to REO properties and the rumors that they have heard from their friends. From experience this year working with buyers on REO purchases I've encountered the following "mythconceptions."
Banks will not turn on the … (17 comments)
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foreclosures: Everything but the Kitchen Sink-An REO Surprise - 10/03/08 10:22 PM
Just when you think you have seen it all in bank owned properties you can still be surprised. This week while showing a newly listed bank owned condo in Northern Virginia my clients and I had to look twice before uttering the phrase "everything but the kitchen sink" applied to the … (48 comments)
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foreclosures: Make Showing Foreclosures Fun - 07/24/08 07:30 AM
Delirious, yes that might be the word to use. In the early morning when sleep eludes you, the mind begins to spin. Did Americans really land on the moon or was it all a Hollywood hoax? Are all of the houses with foreclosures signs in front of them real or … (14 comments)
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foreclosures: How 7% of Mortgages Toppled the Market - 07/15/08 08:30 AM
As the issues with the subprime mortage mess continue to unravel at large and small companies across the US it is interesting to take a look at the numbers. When we look back at the amount and types of loans made we see a simple fact. That only 7% of the loans that were financed … (15 comments)
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foreclosures: How Did the Lender Get You to Shoulder the Load? - 07/05/08 05:48 PM
In Virginia when you sign a listing agreement with a seller it states that the "seller retains full responsibility for the property, including all utilities, maintenance, physical security and liability until title of the property is transferred to purchaser." Seems simple enough or is it in today's market?
When an agent goes to … (10 comments)
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foreclosures: What Happens When Banks Get into the Real Estate Business? - 07/02/08 12:25 PM
A few years ago Realtors® were up in arms about the thought that banks might get into the real estate business. Letters were fired off, hearings were held and the NAR spent thousands to make sure that banks stayed at arms length from the real estate transaction.
Fast forward to today … (59 comments)
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foreclosures: Whatever You Do Don't Open That Door - 06/11/08 07:05 AM
....to the fridge that is. No matter how many times I give out the warning to buyers as we walk in the door of a foreclosure property it happens. It is a habit that just can't be broken.
Obviously knowing what condition that appliances are in when you are thinking about … (18 comments)
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foreclosures: Another Get Rich Quick Scheme Hits the Airwaves - 06/01/08 02:55 PM
That's right you saw it here first. This morning in one of those can't sleep moments I turned on the TV and the latest infomercial on how to make a fortunate buying foreclosures was running. It was one of the many that the unsuspecting public hears everyday. The premise in all of … (10 comments)
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foreclosures: The News Came Knocking and the Assumptions Were Wrong - 05/27/08 07:45 PM
Today our local Washington ABC News Channel came knocking on our office door with a camera crew to put together a story on the high rate of foreclosures close to local military bases. They came with the assumption that due to the high number of military personnel in our area that … (12 comments)
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foreclosures: Foreclosure Negotiations-A Game of Pong Anyone? - 05/20/08 08:06 PM
Long before there was the Wii, Xbox 360 or PlayStation there was the Atari. One of the most popular games on Atari when it first came out was the rousing game of Pong. You could go fast or slow but certainly not anywhere near the speed of today's video games. Technology … (10 comments)
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foreclosures: Snap Your Fingers and Think the Addams Family - 05/03/08 07:30 PM
To me it doesn't matter whether a home is bank owned or not, if you want buyers to consider the property you need to take just a little time to keep up with listing photos and exterior maintenance.
Since my office is in Prince William County we deal with a fair … (22 comments)
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foreclosures: Should I Add Burglar to My Business Card? - 05/01/08 06:06 PM
After the crazy loan issue earlier in the week recounted in my post"The Devil is in the Details" there were high hopes that my second closing for this week, a foreclosure, would make it to the settlement table on time. Despite some last minute concerns about my buyer's loan we were … (31 comments)
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foreclosures: Foreclosure Scammers-The Snake Oil Salesman of Today - 04/23/08 05:58 PM
Are you a homeowner facing foreclosure? If so you need to watch out for companies that are calling and writing you claiming that they can help you beat foreclosure. Unfortunately most of them are scams and they are looking for ways to try and make you part with what may be … (14 comments)
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foreclosures: Multiple Offers on Foreclosures-Why Not? - 04/08/08 07:03 AM
This isn't about the number of Northern Virginia foreclosure properties that are receiving multiple offers (they are) but about a strategy for buyers who are looking to buy foreclosure properties. Over the last few months one of the options that I have suggested to some of my buyers is a multiple offer foreclosure strategy.
Now … (12 comments)
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foreclosures: Prince William County Foreclosures- Lake Ridge Neighborhood Tour - 03/19/08 05:13 PM
Headed out today with clients to see how far we could get through a tour of foreclosure and short sale properties in the Lake Ridge area of Prince William County. It is always interesting to see how lenders have priced properties in the same neighborhoods in very different condition. Two properties … (0 comments)
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foreclosures: Short Sales-Is there a Pot of Gold at the End of the Process? - 03/17/08 04:51 PM
There seems to be a lot of discussion recently about the validity of short sales in the MLS and whether those listings are imaginary listings clogging up the MLS and detracting buyers from "real" listings.
Short sales aren't new. We had them in the 80's and the 90's in Northern Virginia. … (9 comments)
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foreclosures: Prince William County Foreclosures-Starting To Move - 03/16/08 05:09 PM
No one in the Northern Virginia area is going to deny that of all of the localities Prince William County has been hit the hardest by the sub-prime mortgage industry. The cost of homes throughout the county were lower than closer in Fairfax, Arlington and Alexandria Counties and with significant new … (6 comments)
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