northern virginia foreclosures: Spelunking-Its Not Just for Exploring Caves Anymore - 02/05/10 11:21 AM
Back in my college days I used to do a little spelunking. Not serious enough to need loads of equipment but I did own a headlamp and developed an appreciation for how dark and risky caves can be. We won’t talk about bats and other creatures that also enjoyed being in the caves. Suffice it to say guano is not cool. These days my spelunking adventures seem to be on a different track. It isn’t about finding a new cave to explore but finding a foreclosure where the lights are on. In the winter it is dark before more people manage … (16 comments)
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northern virginia foreclosures: Buying a "Pig in a Poke" in Northern Virginia - 11/04/09 03:45 PM
On the surface everything about this home looked good. Granite counters, stainless steel appliances, beautiful bathrooms, large lot, great price. What's not to love? Turns out this little gem was in reality a "pig in a poke." A check of the Fairfax County Building Permit site found permits issued and all of them with an incomplete status next to them. Out of the permits that were pulled by electricians and plumbers we couldn't find any that said the remodeling work had passed inspection. Since the property is being sold "as is" chances are that it might not even have an occupancy permit … (4 comments)
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northern virginia foreclosures: Prince William County Foreclosures- Lake Ridge Properties Are Still HOT! - 11/03/08 03:28 PM
The details of the 700 Billion Dollar "bailout" plan and how it will help the average homeowner in our area is still unknown. However that hasn't kept buyers sitting on the sidelines in Prince William County. Prices in many communities are 50% off of the highs of 2003-2004. Everything from almost new homes that only need cleaning to true contractor specials are available throughout the area. For first time buyers can find a detached home in Lake Ridge under 300K and if you are looking for a Lake Ridge townhouse or condo you can easily find a property under 200K. Investors … (2 comments)
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northern virginia 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 utilities-FALSEVery few banks refuse to turn on the utilities and most of the larger banks such as Countrywide and IndyMac have the utilities on. If they aren't a call to the listing agent should take care of the problem. Don't take no for an answer and if they continue ask … (17 comments)
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northern virginia 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 property.
Missing appliances aren't anything new. In fact no appliances are often better than the ones left behind. But all of the door knobs, plumbing fixtures, light fixtures, wired smoke alarms, built in medicine cabinets and even the cheap builder grade mirrors over the bathroom sinks were gone. The only … (48 comments)
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northern virginia foreclosures: Buying Foreclosures-It Isn’t as Scary As You Might Think - 09/29/08 06:36 PM
Buyers who are considering purchasing a foreclosure property in Northern Virginia are often led to believe that the process is a complete nightmare. In reality the process has a number of the same steps as buying any other property in the area. The biggest difference is the bank addendums and your rights regarding inspections.It is okay to have questions, lots of questions, about buying a foreclosure. When you start the process of buying a foreclosure keep a running list of the questions you have. Read an article in the paper and you don't know what it means, write it down. Has … (3 comments)
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northern virginia foreclosures: The Mailman Knows Where the Next Foreclosure Will Be - 08/25/08 08:43 PM
Think about it for a second. If you want to know who is having trouble paying their mortgage the mailman may be the person to ask. The mailman is the one that is delivering the overdue notices and demand letters from the lenders to the house. It seems they should be the ones we should be asking what's going on in the market. If all real estate is local then who is more local than the mailman?
This might seem a bit far fetched but it is it anymore far fetched than what the national news is reporting? The balance of … (21 comments)
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northern virginia foreclosures: Meteoric Fall in Prices Leads to Scorching Summer Sales - 08/14/08 08:05 AM
Scientist around the world are studying the phenomena of global warming and wondering why the temperature around the world is rising. Perhaps they should take a look at the meteoric fall of prices in Prince William County leaving the county the hottest real estate market in Northern Virginia.
Even though the press likes to focus on the negative on aspects of the market the buyers who are out today are not flip and run investors. It is also interesting to notice the distribution of price ranges. The majority of the sales aren't at the lowest price point of available homes but … (7 comments)
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northern virginia foreclosures: Words of Encouragement for New Bloggers - 08/06/08 12:53 PM
Most of us need to occasional hear or in the case of blogging read that the efforts that we put into our blogs will lead to connections with consumers, community leaders and other local authorities.
Whenever a new blogger post on Active Rain it is always great to see the number of people who stop by and say hello. We read about the success that Active Rain has brought to the businesses of many of the agents, loan officers and stagers and I know in the beginning of my blogging days it helped me know that some interesting things could occur … (86 comments)
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northern virginia foreclosures: Where Does All the Money Go? - 08/06/08 10:23 AM
Touring foreclosure properties can bring up a lot of emotions. Sometimes seeing what a family leaves behind can be sad and other times seeing the condition of a home can make you angry.
Yesterday while showing Northern Virginia foreclosures we caught a glimpse of where thousands of dollars can go instead of toward the mortgage. Rooms full of discarding magazines. Suitcases full of magazines. Bookshelves full of magazines. With the cost of these magazines averaging about $6.00 a pop it didn't take long to see at least one mortgage payment that had been spent at the local bookstore.
Looking at all of the … (10 comments)
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northern virginia foreclosures: Do You Disclose Mold in Your MLS Description? - 08/04/08 07:27 AM
This might be considered a rant by some but it could also be a serious issue for agents who are listing homes with “environmental hazards.” Last night was a miserable night for me with a severe headache and coughing. Today the symptoms include a runny nose and sneezing. But even worse is the fact that my clients are suffering from the same symptoms. The reason is simple. Yesterday we toured five foreclosure properties each of them with a wet and moldy basement.
None of the listings for these properties mentioned mold and there were no notices published on the … (22 comments)
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northern virginia foreclosures: Good Buy Foreclosures in Prince William County (Bristow Edition) - 07/25/08 12:57 PM
Early this week we published an update on foreclosure good buys in the Woodbridge area of Prince William County. Today we are going to take a look at newer homes in the Bristow area of Prince William County. Just as before these are all homes that were built from 2004 forward so in many cases the homes are move-in ready.With the proposed changes to FHA financing raising the required down payment for 3 to 3.5% and the elimination of the down payment assistance programs buyers who have been sitting on the fence for awhile should feel a new sense of urgency … (0 comments)
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northern virginia 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 are they just holograms? What could we possibly find today when showing houses that we haven't seen before?
As the sun rose it came to me. I was in foreclosure overload and I needed to come up with a new way to deal with the stress. And then I figured what to do. … (14 comments)
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northern virginia 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 were Subprime Adjustable Rate Mortgages. Most loans were fixed rate prime loans for fully qualifed buyers.
Yet today the numbers show that those 7% of loans have turned into the largest percentages of foreclosures and an have toppled major banks and lenders across the US. This smallest percentage of loans … (15 comments)
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northern virginia foreclosures: Should Your Clients Play Burglar for You? - 07/12/08 04:58 PM
A while ago I penned a post Should I add Burglar to my Business Card after a round of issues with gaining access to a property. Today I discovered that other agents have their clients do the dirty work for them.
Early in the afternoon my clients and I attempted to view a house that was #1 on our must see list. There were keys in the combination lockbox that did work the upper lock in the door but not the lower lock. Then I spied an electronic lockbox and discovered a different key inside. That key fit the backdoor locks … (16 comments)
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northern virginia 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 and across the country, banks and lenders ARE in the real estate business. In fact in some areas of the country there are more bank owned properties listed in the MLS than there are seller owned properties. What makes this so frightening is that the banks and lenders have no … (59 comments)
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northern virginia 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 buying a home is important. The problem is that most foreclosure properties have the electricity turned off. Even if the fridge was clean it gets stale when the door is closed and no air is circulating. However that isn't the problem. Occasionally when the electricity goes off the fridge hasn't … (18 comments)
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northern virginia foreclosures: Condo Special Assessments-A New Problem in Today’s Market - 06/10/08 08:26 PM
When most people think of special assessments for condo owners they think major common area improvements. In the Northern Virginia area condo owners often see them when it is time to repair the balconies, upgrade the amenities or redo the lobbies but in today's real estate market we also see special assessments for another reason.
Delinquencies and foreclosures are sapping associations of much needed income to keep current on the everyday bills. A few years ago condos in Arlington and Alexandria were flying off the market faster than they could be built. Unfortunately among the buyers who were excited about a … (13 comments)
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northern virginia 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 them is the same. Approach a homeowner facing foreclosure and save them by buying their home for what they owe. Then you can turn around and sell the home and pocket an enormous sum of money in 30 days.
Anyone who has worked with a "pre-foreclosure" in Northern Virginia knows … (10 comments)
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northern virginia 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 has improved the hand to eye coordination way beyond what most of us "old timers" will ever achieve.
However if you are an agent working with lenders trying to get a response to an offer on a foreclosure property you take a step back in time to the days of … (10 comments)
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