Treading Carefully: Multi-Brokerage Team - 12/31/10 06:03 PM
Treading Carefully: Multi-Brokerage Team
Copyright (c) Deanna & Jim's GOLD Team
 
      With the splendid cooperation of excellent broker owners the Deanna and Jim's GOLD Team nowspans two separate, independently branded brokerages.  The brokerages are not teamed. The team members are, however, affiliated with separate brokerages. 
      Accomplishing this required much consideration, much planning and was only possible with the tolerant assistance of our excellent broker owners at both brokerages.  It has also caused us to rethink carefully what kinds of interactions are meaningful on a team.
      This is probably not the first time something like … (0 comments)

"Kitchens by Ana" Announces 1st 3-level Lake Ridge Project! - 12/31/10 05:36 PM
"Kitchens by Ana(sm)" Announces 1st Lake Ridge Project
Copyright (c) 2010, Deanna and Jim's GOLD Team
 
      "Kitchens by Ana" (sm) is a family team of investors dedicated to bringing ultra luxurious design and finishing to rehabilitated homes in the most affordable areas of Northern Virginia.  
      Coming from successful projects in Manassas's Georgetown South and Stoneridge areas "Kitchens by Ana" has is now completeing acquisition of a much neglected, 3 level townhome in Lake Ridge's classic Oakwood area. This home has a fully finished basement, a fenced yard and 3 bedrooms and 2.5 baths now.  Soon … (0 comments)

Short Sale Success! Lake Ridge Homeowner Receives Lender Approval After Difficult Negotiation! - 12/31/10 05:25 PM
Short Sale Success! Lake Ridge Homeowner Receives Lender Approval!
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic
 
     Homeowner's financial circumstances sometimes change due to events beyond their control. When such events make it impossible to continue making the mortgage payments many homeowners pursue a short sale rather than incurring the damage to their credit of a foreclosure.
     Getting a short sale approved requires employing an experienced short sale specialist, such as a Certified Distressed Property Expert (CDPE) who is thoroughly familiar with both the local market and the ins and outs of negotiating with … (0 comments)

Buyer's Guide: Why Banks Aren't So Eager to Allow Repairs Prior to Closing - 12/29/10 05:08 PM
Buyer's Guide: Why Banks Aren't So Eager to Allow Repairs Prior to Closing
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
    Many buyers find the values available in bank-owned (foreclosure, REO) property to be compellingly attractive.  Sometimes there are repairs to remediate deferred maintenance or vandalism that the buyer wants to get done prior to closing.  This turns out to be riskier than the buyer might imagine.  Here are the things the bank's asset manager will be concerned about.
    You, the buyer are asking permission to repair someone else's house. It may never become yours!
… (1 comments)

Seeking Theories as to Where the REOs Went? - 12/28/10 09:31 PM
Seeking Theories as to Where the REOs Went?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
OK folks, in celebration of the end of 2010, we seek your top 10 ideas as to where all the REO listings have gone?  The long-rumored, much discussed, over-hyped "Tsunami," "Flood," "Deluge," and "Blizzard," has not materialized in northern Virgina.
Yes, there are still REOs. Yes we still work with 18+ servicers. Yes we still help buyers buy them once in a while.
But the frequence of REO listings in the MLS is just waaaaaaaaaaaaaay lower than in the glory days of 2008. … (5 comments)

Investor's Guide: Risks of Employing Unlicensed Wholesalers - 12/28/10 08:51 PM
Investor's Guide: Risks of Employing Unlicensed Wholesalers
Copyright (c) 2010 Deanna & Jim's GOLD Team, RE/MAX Olympic
 
   Investors frequently seek opportunities to buy a low-market values.  Systematically, repeatedly finding a stream of such opportunities requires investing in active "farming" of target-rich areas via direct mail, cold-calling (compliant with the do-not-call law), door-knocking, flyers and other means. Or you can seek referrals from the professionals likely to be involved with the people who may need to sell swiftly - divorce lawyers, funeral homes, etc.
   Some investors simply attempt to hire out the research activity to so-called wholesalers.  The wholesaler … (1 comments)

The Duck Joke - 12/28/10 08:37 PM
(The key to this joke is telling it over and over and watching the reactions on the people you tell it to.)
 
There's a guy who walks into a bar with a duck.
"What'll you have?" asks the bartender.
"I'll have a beer," says the guy.
"What about the duck?" asks the bartender.
"He'll have one too!"
… (3 comments)

Prince William County Zoning for 2nd Kitchens - 12/28/10 08:29 PM
Prince William County Zoning for 2nd Kitchens
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Getting a building permit is always recommended to ensure protecting the health and safety of those occupying the building about to be improved.
     When your permit is to improve a home in an area zoned for single family residential use in Prince William County, Virginia, as well as many other jurisdictions, proposing another kitchen is complicated.
     Proposing a full kitchen will not be approved without a zoning waiver because it is a key part of creating … (0 comments)

Short Sale Seller's Guide: Is A Variable Rate Loan a Hardship? - 12/28/10 08:18 PM
Short Sale Seller's Guide: Is a Variable Rate Loan a Hardship?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     Getting a short sale, deed in lieu of foreclosure, or loan modification approved requires that the homeowner document the existence of a recognized financial hardship.
    There are many well documented legitimate hardships. Usually they involve changes in employment, income, expenses, household membership, or medical situations.
    If a homeowner has a variable rate or indexed loan and it is about to begin indexing or has begun indexing AND the payment is going up substantially that may very … (0 comments)

FNMA Loan Servicer Insists on Short Seller Concession ONLY From Seller! - 12/28/10 08:09 PM
FNMA Loan Servicer Insists On Short Seller Concession ONLY From Seller!
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     The wait was over; the bank (one of the Big Four Servicers) had their negotiator contact me.
     Their investor would approve the short sale if the Seller paid them $5,000 at closing.
     After getting the Selling Agent to get the Buyer to agree to pay the $5,000 I courtesy informed the negotiator.
     He thanked me for my efforts but said that his investor requires that no one involved in the transaction … (3 comments)

Agents Who Think They Are Principals - 12/28/10 08:02 PM
Agents Who Think They Are Principals
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     This message thanks all the well-mannered, well-trained, civil, polite salesperson and broker licensees out there who remember that (obviously excluding dealing for our own account) we are NOT the decision makers, our principals, i.e. clients are.
     Our single most important function is to reliably and timely move written offers and counteroffers back and forth to our clients, presenting the offers accurately and factually.  If our clients wish our recommendations we might offer them. 
     But none of us should ever … (3 comments)

Ethics of Owner in Short Sale/Foreclosure Renting to New Tenants - 12/27/10 11:59 AM
Ethics of Owner in Foreclosure Renting to New Tenants
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
     Sometimes a homeowner's finances change due to circumstances beyond their control and they end up unable to make their mortgage payments. Sometimes such homeowners fail to succeed with loan modifications and end having it foreclosed.  This process can take many months and it is not uncommon for the homeowner to vacate the home.   Some clever homeowners then seek to get a little extra cash by listing the vacant home - which they know will be foreclosed - to … (0 comments)

Rent-To-Own: Issues and Answers - 12/27/10 10:49 AM
Rent-To_Own: Potential issues
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     "Rent to own!"  It has a sweet sound that attracts the ear of the wannabe buyer.
     "If you can do it for furniture, why not a house?"  The home furnishings rental business is really the collections business as anyone involved in the supply side of it will tell you.  The furnishings are just the excuse to get an account going. (We'll see if some irate Rent-A-Center or Aaron Rents owner/employees respond.)
     You CAN rent to own.  Here's the best way.  Rent … (2 comments)

Humor: What's Behind That Barred Door - 12/22/10 06:22 PM
Humor: What's Behind That Barred Door?
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic
     The north Stafford County REO property had a side door to the garage barred from the inside.
It was going to be sold AS IS anyway and we figured the bars added security.
     Our landscaper later told us that right behind the door was a bush with a substantial bee's nest in it.
Imagine the surprise if we had pounded the bars off the door and opened it up just after pounding!
… (0 comments)

Humor: Missing Items on a Long-Delayed Cash-For-Keys Walkthrough - 12/22/10 06:18 PM
Humor: Missing Items on a Long-Delayed Cash-For-Keys Walkthrough
Copyright (c) 2010, Deanna & Jim's GOLD Team
   The former homeowner was OK with the idea of cash for keys, but he just kept putting it off and putting it off.
Finally we finagled him into agreeing to a particular day.
   Two of our team members walked through the property.  We were so pleased to finally get possession of the house that we accepted after determining that yes, the roof, floors, walls, doors and windows were still there.
    What was missing?
1. The huge shed in the back yard had … (1 comments)

Humor: Gaining Access to an REO - 12/22/10 06:07 PM
Humor: Gaining Access to an REO
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     It was the spring of 2008. With a new REO assignment printed out I rolled up to the split foyer home in Manassas.  It was sure enough vacant. But no lockbox from a field service company anywhere.  And a walkaround revealed the ground level all buttoned up securely.
     But wait, the small sash window at the right end of the living room's bow window on the second floor was open an inch.  Obviously it could be opened more and used for … (2 comments)

Faucet Sex - A Health and Safety Issue - 12/22/10 05:58 PM
Faucet Sex - A Health and Safety Issue
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     The sellers didn't say anything about it; the listing agent didn't disclose it; the buyer didn't know...
     And now the pesky home inspector or appraisor pointed out that a set of faucets somewhere is reversed. I.e. the one labelled "Hot" is really the cold water and the one labelled "Cold" is really the hot water.
    This needs to be fixed. It presents a legitimate health and safety hazard to current and future occupants of the home.
    If … (1 comments)

$174,900: 9712 Grant Ave, Manassas 20110 "Kitchens by Ana (sm)" - 12/21/10 09:45 PM
… (2 comments)

UNGUARANTEED Winterization Guide - 12/21/10 10:34 AM
UNGUARANTEED Quick & Dirty Winterization Guide for Mild Climates
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     USE A PLUMBER! STOP READING!  
     USE A PLUMBER! STOP READING!
     Well, you are really stubborn!
     A freeze is coming on and it is inconvenient to get a plumber or handyman here right now.  The steps below enable you to provide some degree of protection to a vacant home against water damage due to pipes freezing.
     This post does not address underground sprinkler systems.  This procedure works in northern Virginia where we … (0 comments)

Buyers Guide: If You Insist on Dewinterizing Yourself - 12/21/10 10:06 AM
Buyer's Guide: If You Insist on Dewinterizing Yourself
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     Vacant homes in colder climates are usually winterized to prevent damage due to pipes freezing with water in them.  The best thing to do if you buy such a home is to hire a licensed plumber to dewinterize it. The rest of this message provides a guide to the steps involved if you are determined to do it yourself. 
    THE GOLD TEAM has no liability for the consequences of anyone's application of this guide to any property. Hire a plumber. … (1 comments)

Buyer's Guide: If the Water is Turned Off - 12/21/10 09:40 AM
Buyer's Guide: If the Water is Turned Off
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic Realty
    Due to the opportunities provided by the financial crisis many buyers are purchasing distressed, vacant property, whether through a short sale or after it has been foreclosed.  It is not uncommon to find the water service turned off to such properties.  This message provides an overview of what is involved in turning it back on with minimal unpleasant surprises.
    Once the occupants of a home move out they usually stop paying the utility bills. Once the water supplier quits getting … (3 comments)

Short Sale Seller's Guide: The Importance of the Broker Price Opinion - 12/20/10 05:13 PM
Short Sale Seller's Guide: The Importance of the Broker Price Opinion
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Homeowners financial circumstances sometimes change due to events outside their control, leaving them unable to make their mortgage payments. Many payment-challenged owners will rationally choose to pursue listing their home for short sale once they have determined that a loan modification will not work for them. Too many homeowners, however,  end up in the dark about how to handle a key step enabling a successful transaction.
     The homeowner informs themselves about short sales, chooses … (1 comments)

Disposition of Significant Personal Property Abandoned in REO - 12/20/10 10:29 AM
Disposition of Significant Personal Property Abandoned in REO
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
  Many servicers aren't too concerned about what you do with items whose value is negative or small, i.e. under $300.  Our policy is that it is OK to throw away, or donate to charity such items, but it is not OK for us to sell them.
  Some of the larger items we have discovered abandoned in vacant REO houses:
1. A BMW 535, missing some bumpers and and current tags.  The bank had to arrange for this to disappear in the proper … (2 comments)

Sold and Under Contract Sign Riders? - 12/20/10 10:17 AM
Sold and Under Contract Sign Riders?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Long ago when the world was young we could not wait to install an "Under Contract" or "Sold in XX Days" rider on our yard signs once we had a contract ratified.
     Now we do not put up such riders.  Agents will check the MLS anyway.
     Buyers will call more often without the rider in our experience.
     Does anyone disagree?
… (3 comments)

Can Agents Affiliated at Separate Brokerages Team? - 12/20/10 09:34 AM
Can Agents Affiliated at Separate Brokerages Team?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
    Teams of real estate agents do business together in the same market areas following some agreed upon rules.  
    As long as the rules do not affect fees and commissions there should be no FTC problem.
    Team members can be under the active supervision of their respective principal brokers.
    The team might serve as a marketing co-op or lead generation and distribution mechanism.
    We are really interested in hearing from any agent teams in the Rain who have separate … (2 comments)

Has the Foreclosure Crisis Affected the Number of House Fires? - 12/20/10 09:25 AM
Has the Foreclosure Crisis Affected the Number of House Fires?
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic Realty
     The foreclosure crisis has probably increased the number of house fires in the U.S.  This article identifies three primary causes.
     1. Vacant homes attract squatters.  Squatters tend to be somewhat less careful with taking care where they put out their smokes. Some squatters may use portable stoves. 
     2. Former occupants forced to move by the foreclosure may commit waste which is a fire, or which leads to a fire later.  Vandals may also enter … (3 comments)

About Georgetown South Community Council - 12/20/10 09:03 AM
About the Georgetown South Community Council
Deanna & Jim's GOLD Team, RE/MAX Olympic
The Georgetown South Community Council, Inc. is a non-profit Homeowners Association comprised of 860 town homes in the heart of the City of Manassas, Virginia. This web site facilitates communication between the community, prospective owners and GTS by providing quick and easy access to important information about Georgetown South, GTS Community Council, and Manassas, Virginia and to encourage home ownership in Georgetown South. If you need to contact the office, please call 703-361-4500. The office is open Monday thru Friday (except Tuesday) from 9:00 AM until 5:00 PM and … (0 comments)

"Kitchens by Ana" Starts Another Project in Georgetown South - 12/19/10 12:22 PM
"Heart of the Home: Kitchens by Ana" Starts Another Project in Georgetown South
Copyright (c) 2010 Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     "Kitchens by Ana" is a family team of investors dedicated to delivering stunningly upgraded, luxuriously designed remodeled homes to the most affordable neighborhoods in Northern Virginia - including Stoneridge, Georgetown South and other communities in Prince William County.
     Kitchens by Ana has just been informed that their bid for another distressed property in Georgetown South was accepted. This 2-level, 3 bedroom, 1-bath townhome on Taney backs to a park.
     In … (0 comments)

Listing Photos - 12/16/10 09:57 AM
Listing Photos
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
     Listing agents need to make sure that there is at minimum a front exterior digital photo published for each listing.
     The only reasonable exception is if the seller directs in writing for such a photo not to be published.
     Listings are used as comparables by other agents and appraisers, as well as being reviewed by buyers, the primary audience.
     Some MLSs allow the automatic reuse of the last prior photo for the same property. Absent seller direction failing to take a … (4 comments)

You Found a Home on the Internet for $2700! - 12/16/10 09:51 AM
You Found a Home on the Internet for $2700
Copyright (c) 2010, Deanna and Jim's GOLD Team
 
    You can hardly believe your eyes. There is a brick colonial home in a desirable area which would normally sell for $400-500K.  Yet is is listed for sale at $2700!  
    The keypad is smoking as you dial the phone furiously.  The agent pulls up the listing.
You:    "What is the price on this house?"
Agent: "This is clearly mis-listed. It is most probably for rent rather than for sale. I'll call the listing agent and call you back."
   … (4 comments)

Sellers Guide: Selling the Tractor, Pool Table, Etc With the House - 12/15/10 03:50 PM
Sellers Guide: Selling the Tractor, Pool Table, Etc With the House
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     "We'll include that 2-year old John Deere tractor too."
     "The pool table is included. It was just refurbished and should be worth quite a bit."
     "The camping trailor parked on the apron next to the garage comes with the house."
     Sellers have tried things like this for years.  This approach rarely works well.
     Buyers usually need to borrow money. Their lender secures the note for the loan with … (0 comments)

Assessed Value, Appraised Value and Sales Price - 12/15/10 01:49 PM
Assessed Value, Appraised Value and Sales Price
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic Realty
     Assessed Value, Appraised Value and Sales Price are three different statistics for a real property which are often confused by buyers and/or sellers.
     Assessed Value is established by a local jurisdiction with the authority to levy taxes on real property. The jurisdiction's government establishes their budgetary income due to real taxes and the tax rate. Dividing one number by the other yields the value that the entire jurisdiction must assess for. Conceptually speaking the job of the assessor's office … (0 comments)

Seller's Guide: Cash Offer With Appraisal Contingency - 12/15/10 01:29 PM
Seller's Guide: Cash Offer With Appraisal Contingency
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
     Cash offers to purchase are well-regarded among real estate professionals and home sellers. They usually have a number of advantages over offers involving financing. As a result the buyer making a cash offer make attempt to negotiate a lower price. Not all cash offers are, however, equally desirable.
     The advantages of most cash offers are:
* No need for the buyer to submit a loan application to a lender and wait for it to be processed, underwritten and funded.
… (0 comments)

Buyers Guide: Compete with Modified Appraisal Contingency - 12/15/10 12:59 PM
Buyers Guide: Compete with a Modified Appraisal Contingency
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
     Non-cash buyers with stronger financial positions can use their strength to prevail over weaker buyers attempting to outbid them.
     The most significant appeal of a cash offer is that it usually does not include an appraisal contingency. The Seller has the confidence of knowing that no loan underwriting is required; no third party appraiser will be asked to provide an objective opinion of market value; the house will sell for the offered price if the offer is accepted.
… (2 comments)

The Truth About "Bargain" Houses on Fairfax Streets Named After Airlines - 12/15/10 12:37 PM
The Truth About "Bargain" Houses on Fairfax Streets Named After Airlines
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic
 
     Once or twice every few months we are contacted by an eager buyer who thinks they have found a real bargain - a single family home in the Dulles area of Fairfax County for less than $125,000!  We have seen them listed for prices from $13,999 to $179,000.
     These houses are located in the Meadows of Chantilly, a mobile home park near Dulles International Airport.
     They should be listed as mobile homes. Some … (0 comments)

Buyer's Guide: Using the Same Check for Multiple Concurrent Offers! - 12/15/10 11:45 AM
Buyer's Guide: Using the Same Check for Multiple Concurrent Offers!
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
   The thought tiptoes into the corner of your mind, or your agent's on velvet-slippered feet.  You're so frustrated trying to get an offer ratified on a property that you have resorted to making multiple concurrent offers so that hopefully one will be accepted.  Your agent assures you that as long as there is at least one arbitrarily voidable contingency - home inspection, radon inspection, HOA document review, condo document review - that you can always withdraw from all but … (0 comments)

Short Sale Buyer's Guide: Buying a Short Sale Without an Agent - 12/15/10 11:35 AM
Short Sale Buyers's Guide: Buying a Short Sale Without an Agent
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
       Getting a great deal is important to you.  You need a house for yourself or an investment and figure that a foreclosure or a short sale might be a smart way to get more and pay less.  The flood of foreclosures has dried up like a riverbed in the desert after a flash flood.  There aren't really many left, and those doggone other investors swarm every new one as soon as it hits the market.
… (5 comments)

Top 15 Ways To Sell Your House for Less - 12/13/10 03:28 PM
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
1. Sell the house yourself. 
2. Don't even talk to agents to get comparable sales values.  You know better than anyone what this house is really worth, and you wouldn't want someone to talk you in to taking too little.
3. Make up a flyer yourself and put a tube or "Take One" box of the flyers in the front yard. Make sure to include the price on each flyer.
4. Don't worry about removing any personal property until you have a good contract. No need to waste your … (1 comments)

Top 10 Ways To Buy Below Market Value - 12/13/10 02:56 PM
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic Realty
1. Continuously inform everyone you meet that you are always looking to buy property
2. Advertise in the local classifieds that "We have an investor who needs to buy 10 properties for cash in the next month." You need not reveal that the investor is you!
3. Post flyers on every bulletin board you can find at community centers, laundry mats, etc. offering to help "stop the phone calls, protect your credit, quit worrying, avoid the stress, sell your headache house for cash to me..."
4. Identify counties, cities, zip … (2 comments)

Repair Requests On Foreclosures and Short Sales - 12/12/10 02:03 PM
Repair Requests on Foreclosures and Short Sales
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     Foreclosures (REOs, bank-owned sales), short sales (preforeclosures), auctions, and bankruptcy trustee sales are generally listed as AS IS.  This means that the buyers should understand that the property is offered at the price listed in "AS IS/WHERE IS" condition, that is exactly as it stands when shown.
     Buyer's agents showing AS IS property are obliged to explain that no repairs or changes may be requested.  Buyers are sometimes considerably more reluctant to absorb this information than the price discount … (4 comments)

Tenant and Landlord Both Fail to Collect Cash-For-Keys! - 12/12/10 01:45 PM
Tenant and Landlord Both Fail to Collect Cash-For-Keys!
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
    "Cash For Keys" (CFK) is the vernacular term for what loan servicers now term "Financial Relocation Assistance."  Whatever you call it this is money offered to the occupants of real property in exchange for them agreeing to move themselves and their personal property out in a timely fashion.
    In the case of rental property it is offered to the tenants if they are still in the property.
    These funds may offset loss of a security deposit held by a … (1 comments)

Can Filing Chapter 7 After Foreclosure Stop Eviction? - 12/12/10 01:32 PM
Can Filing Chapter 7 After Foreclosure Stop Eviction?
Copyright (c) Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     You have been worrying about those certified letters from the bank, and their foreclosure attorney for some time now.  First there was one saying notifying you of "Default."  Then there was a "Notice of Trustee Sale."  And now you were notified that the trustee sale completed.
     Now some pesky real estate agent has come to your door to cheerfully explain that "The bank now owns your house, and you need to be planning to move!"
    Well moving … (4 comments)

Income Tax on Investment Property Short Sale? - 12/12/10 01:15 PM
Income Tax on Investment Property Short Sale?
Portions Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
From IRS.GOV: 
    "The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connect with a foreclosure [or deed-in-lieu or foreclosure, or short sale], qualifies for the relief.
… (0 comments)

Landlords Ponder Pre-Paid Leases - 12/12/10 01:01 PM
Landlords Ponder Pre-Paid Leases
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     "Would the landlord let me pay six months, or maybe the entire year rent in advance?" asks the erstwhile tenant. "My credit isn't so good, but I have the money now. This way they would be sure to get it," they continue.
     The listing agent scratches their head and struggles for words.  Finally they say, "Well most professional property managers will run away from those kinds of offers.  I think they are afraid that they will have trouble getting you out at … (2 comments)

Smart Landlords Paint and Carpet First - 12/12/10 12:49 PM
Smart Landlords Paint and Carpet First
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Yikes, the tenant is gone, no rent is coming in and you need a new renter ASAP.  Unfortunately the property needs paint and carpet too!  Hoping to avoid savaging your cash flow anymore than necessary you decide to list it for rental now and use the new tenant's first month's rent or security deposit to help fund the repairs.
     WRONG!
     It is illegal to do anything with the security deposit except put it in a dedicated escrow … (0 comments)

December 12, 2010: Upcoming "Kitchens by Ana" Projects - 12/12/10 12:40 PM
December 12, 2010: Upcoming "Kitchens by Ana" Projects
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     "Kitchens by Ana" (KBA) is a family team of flipping investors dedicated to bringing the values of luxuriously remodeled homes to the most affordable areas in Northern Virginia. KBA purchases and sells its project properties exclusively through Deanna & Jim's GOLD Team at RE/MAX Olympic.
     KBA has completed and sold project homes to delighted new owners at:
9202 Byrd Avenue in Manassas's Georgetown South, (interior unit, 3/1.5)
7634 Shelley Ln in Manassas's Stoneridge. (interior unit, 3/1.5)
     … (0 comments)

Dumfries/Montclair Landlord Rents 4-level, 4-bedroom TH for 27 Months with Escalation - 12/12/10 12:28 PM
Dumfries/Montclair Landlord Rents 4-level, 4-bedroom TH for 27 Months with Escalation
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Landlords must often balance whether to accept a longer term lease or lease for shorter terms in order to have an opportunity to adjust the rent upwards.
     Thanks to working with the GOLD Team a landlord has been able to lease a townhome in Montclair Mews for 27 months with a mid-lease adjustment of plus seven per cent!   Both the tenant and the landlord are happy with this arrangement.
(The GOLD Team has … (1 comments)

Buyers Guide: Short Sales Priced Below Market Value? - 12/03/10 01:37 PM
Buyers Guide: Foreclosures Priced Below Market?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
  The first time buyer calls an agent, "I'd really like to get a bargain. Do you have any short sales?"
  Many buyers have the perception that if they buy short sale homes they will be able to get it for below market value.
   NOT true!  
   Some sellers and some listing agents do price some short sales below market value.  A real property's list price is simply a solicitation for offers to purchase. It is not contractual, nor can it be … (0 comments)

Buyers Guide: Foreclosures Priced Below Market? - 12/03/10 01:25 PM
Buyers Guide: Foreclosures Priced Below Market?
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
  The first time buyer calls an agent, "I'd really like to get a bargain. Do you have any foreclosures?"
  Many buyers have the perception that if they buy foreclosed homes they will be able to get it for below market value.
   NOT true!
   When a loan servicer assigns a bank-owned, foreclosed property to an asset management firm the asset manager assigns it to an experienced REO (Real-Estate-Owned, bank speak for bank-owned) listing agent. 
   The listing agent must determine occupancy, negotiate … (0 comments)

Buyers Guide: Investors Wholesalers Risk Prosecution - 12/03/10 12:43 PM
Buyers Guide: Investors Wholesalers Risk Prosecution
Copyright 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
  Investors often have difficulty finding real estate for their next project on the terms that fit their business models. Some are tempted to negotiate deals with so-called "wholesalers" to bird dog the market and locate properties for them in exchange for contracted fees.
  It is a violation of Virginia (and most other states) law for anyone to contract and/or collect "anything of value" for assisting in the purchase or sale of real property without holding a real estate license and being under the active supervision … (1 comments)

"Kitchens by Ana" Delivers 1 Project, Nears Completion on Next One - 12/03/10 12:21 PM
"Kitchens by Ana" Delivers 1 Project, Nears Completion on Next One
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     One Northern Virginia buyer is now the happy owner of the latest "Heart of the Home: Kitchens by Ana" updated remodeling affordable home.  Purchase of this wonderful home in the Stoneridge, Manassas, community closed on Tuesday November 30, 2010.  Meanwhile Ana's team is hard at work completing their next project - a truly unique end unit on the largest lot in Georgetown South (GTS).
     9712 Grant Avenue will be available for showing by the GOLD … (0 comments)

Short Sale Seller's Guide: My House is Worth Much Less Than I Owe! - 12/03/10 12:00 PM
Short Sale Seller's Guide: My House is Worth Much Less Than I Owe!
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     The financial crisis commencing in the fall of 2007 impacted US housing values very substantially.  Many homeowners find themselves making payments on mortgages which are significantly higher than the current, or near-term future, market value of their home!  In such circumstances some homeowners may contemplate attempting to negotiate a loan modification or short sale of their home.
     Negotiating a loan modification, short sale, or even a deed-in-lieu of foreclosure all require that … (0 comments)

Short Sale Seller's Guide: Selling Investment Property Short - 12/03/10 11:46 AM
Short Sale Seller's Guide: Selling Investment Property Short
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
     Sometimes an investor's financial circumstances change due to events beyond their control. In these situations the investor may become challenged to continue to make the mortgage payments on one or more investment properties.  Investment property is ineligible for loan modification via the administrations Home Affordable Mortgage Program (HAMP). It is also ineligible for US Treasury subsidized short sale or deed-in-lieu of foreclosure via the HAMP Housing Affordable Foreclosure Alternatives (HAMP HAFA) program. Foreclosure is not, however, inevitable.
    Assuming … (0 comments)

Short Sale Seller's Guide: "Jinglemail" Just Walk Away? - 12/03/10 10:28 AM
Short Sale Seller's Guide: "Jinglemail" Just Walk Away?
Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic Realty
    Sometimes a homeowner's financial circumstances change due to events beyond their control and they conclude that they will need to seek more affordable housing.  Once they have concluded that moving is inevitable the next question is short sale, deed-in-lieu of foreclosure, foreclosure, or just walking away.
    Just walking away means simply moving out of the house. If you are polite about it you mail the keys to the bank, hence the euphemism "jingle mail."  Some just move and leave the … (0 comments)

Short Sale Sellers Guide: How to Sell Short Without Damaging Your Credit - 12/03/10 10:09 AM
Short Sale Sellers Guide: How to Sell Short Without Damaging Your Credit
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
   Sometimes a homeowner's financial circumstances change due to events beyond their control and they are challenged to continue making their mortgage payments.  Once they conclude that they will have to move to more affordable housing they often consider whether to try a loan modification, short sale, deed-in-lieu of foreclosure, foreclosure, walking away from the house, or bankruptcy.
   Although individual cases should always be evaluated on their own merits most payment-challenged homeowners without financial problems extending … (0 comments)

Buyers Guide: Buy Without an Agent and SAVE! - 12/01/10 12:16 PM
Buyers Guide: Buy Without an Agent and SAVE!
Copyright (c) Deanna & Jim's GOLD Team, RE/MAX Olympic
    Once upon a time an in-law of this author needed a root canal.  This he-man stated that, "I don't believe in using dental anaesthesia!"  He persuaded his oral surgeon to do the root canal without anaesthesia.  His description afterwards was, "Well, Jim, when he reached in and grabbed the bare end of the nerve with his pliers I decided that I wished I had allowed anaesthesia!"  Unfortunately  for this person by the time the process got to this point it was too late … (1 comments)

Short Sale Sellers Guide: Why NOT to FSBO a Short Sale - 12/01/10 11:10 AM
Short Sale Sellers Guide: Why NOT To FSBO a Short Sale
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
 
     Once upon a time an in-law of this author needed a root canal.  This he-man stated that, "I don't believe in using dental anaesthesia!"  He persuaded his oral surgeon to do the root canal without anaesthesia.  His description afterwards was, "Well, Jim, when he reached in and grabbed the bare end of the nerve with his pliers I decided that I wished I had allowed anaesthesia!"  Unfortunately  for this person by the time the process got to … (0 comments)

Short Sale Sellers Guide: Risks of Deficiency Judgment - 12/01/10 10:22 AM
Short Sale Sellers Guide: Risks of Deficiency Judgment
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
 
   Circumstances change. Sometimes homeowners become challenged to continue paying their mortgages due to changes beyond their control (known as "hardships").  Listing their home for short sale is often a better choice than foreclosure or it's cousin, deed-in-lieu of foreclosure.
   Most short selling homeowners are first-timers at the short sale process.  If the home is located in a "recourse-state," such as the Commonwealth of Virginia, these homeowners may naturally be concerned about the possibility of their mortgage lenders pursuing a … (0 comments)

$1645/month: 4-level, 4-BR, 3.5 bath Montclair TH - 12/01/10 09:43 AM
… (0 comments)

 
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James & Deanna Gilbert

Manassas, VA

More about me…

Samson Properties

Address: 14526 Lee Rd #100, Chantilly, VA, 20151

Office Phone: (703) 969-0410

Cell Phone: (703) 969-0410

Email Me

Master negotiators: 550+ transactions last 12 years. 150+ bank-owned transactions 2007-13. Short sales listed, under contract, and buyer offers pending. First time buyer & investor specialists. MBA, MSE, MA Psychology.


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