Northern Virginia Homes

Why You Need a Real Estate Attorney in Any Real Estate Transaction

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Tue, 17 Nov 2009 12:49:24 -0600

Even if you have a real estate agent, you still need a real estate attorney. This may seem like overkill, but it really isn’t. Some states, such as New York, even require you to use a real estate attorney during the closing process. However, even if you live in a state without this requirement, the reasons for hiring an attorney are sound. A real estate attorney can interpret the legal ramifications of any mortgage or closing documents you may receive and let you know how these documents may affect you. If the attorney sees anything that is not in your best interests, he or she will tell you, giving you a chance to act accordingly. Remember, your attorney is there to protect YOUR interests in any real estate deal. The interests of others involved in the process are not his concern.

While most real estate closings go off without a hitch, there are always a few here and there that have important last-minute problems to be resolved. You never know if a problem is going to come up until it’s right there, in front of your face. You definitely do NOT want to be without an attorney at your side if this were to happen at your closing. An attorney can take care of unforeseen problems immediately, which usually allow the closing to go on as scheduled. If you run into problems without an attorney present, the closing may not happen at all!

Your attorney is essentially your insurance policy at the closing. If a problem comes up, then the fee you paid him will be worth it. If no problem arises, then the fee you paid will simply be like any other insurance premium you pay for a policy that rarely, if ever, gets used. You may not have t o ever use the insurance, but it’s in your interest to have it there in place, just in case something goes wrong. If that happens and you don’t have an attorney, you’ll wish you did. Having a real estate attorney could mean the difference between closing on the house of your dreams and losing it entirely. Which would you prefer?

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

How to Sell Your House Quickly in Any Market

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sun, 15 Nov 2009 19:29:55 -0600

These days, selling a house is not easy. In the down real estate market, people are reluctant to make an investment that has backfired on so many of their friends and neighbors. It’s also much harder to get a mortgage now, so even those who WANT to buy a home may find it to be more difficult than they thought. This is bad news for people who need to sell their houses quickly. Whether you’re selling because you need to get a cheaper place, a bigger place, are facing foreclosure, are getting married, or are getting a job transfer, when you need to sell right away, dealing with a rough real estate market is tough!

Don’t despair, though, because selling a house quickly CAN be done, even with the market in the bad shape it’s in. The first and most obvious thing you can do is lower the price of your house so much that it becomes a virtual steal. This is great for people who already have a lot of equity in their homes and can afford to do so. However, this isn’t the best option for most.

The next best thing you can do is to make your house as charming and inviting as possible. Make it look cozy and almost storybook-like. You want potential buyers to see your house, both inside and out, and think that there’s no way they wouldn’t want to live there. They need to be able to picture a blissful, comfortable life there. Make them feel at home in your house, and they’ll move mountains to make a deal happen.

This means you have to clean things up. Put all clutter away. Make any necessary repairs. You don’t want anything to look ugly or out of place. Re-paint if you have to, and make sure the house smells good when people walk inside. Having a pie or cookies in the oven during visits from buyers is an excellent and proven tactic that gets people clamoring for your house.

If all else fails, you could offer owner financing. People who may want your house but can’t get a mortgage could be prime candidates for owner financing. If you can afford to do it and trust the people you’re selling to to be responsible, owner financing can get your house sold lickety-split.

Building Credit Credibility

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sat, 24 Oct 2009 11:34:05 -0500

Your credibility in the investing world is based upon your credit score. It does not matter if you have purchased one home or ten homes, if your credit score is lower than the threshold used to determine credit approval, you could be facing higher interest rates and even higher mortgage payments. The credit score you have today, does not have to be the one you have tomorrow. Building credit credibility requires a bit of time and a great home budget.

To start the process of rebuilding your credibility, you need to know what factors are lowering your credit score. A complete credit report with credit score is a great place to start. This report will tell you the negative reports that have been filed that are lowering your credit score and thus your loan credibility.

Once you know what factors are hurting you financially, you can make a list of the items you can change today and those that will take a bit more time to resolve. The most immediate changes that can be made include the repayment of current bills, loans and credit cards. Paying your bills on time has a huge effect on the credit score, so even if you pay off every negative past due payment on the credit report, it may not have the same impact as paying your current bills on time would have.

Next, pay off the smaller bills one at a time. If there are silly bills on your credit report that are considered negative and continue to lower your credit score, pay those off. If the bills are larger, contact the companies and try to work out a smaller final payment or a payment plan. Once these bills start being reported as Paid On Time or Paid in Full, the credit score and your credibility will improve.

Time is the key to building credit credibility. The lender does not believe in quick fixes and neither does your credit score. Over time, with patience and attention to paying ALL of your bills on time, the credit score reported by all bureaus will rise and that will mean your actions are paying off. It will take one to two years to rebuild the credibility needed to secure the lowest home interest rates on your loan.

The lower the home interest rate, the less money you will have to repay. This is a huge factor in being able to afford the home you are currently living in and maintaining that credit credibility you have worked so hard to secure.

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

How to Prevent a First Home Mistake

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Fri, 16 Oct 2009 09:55:01 -0500

Buying that first new home is a change that is filled with anxiety, excitement and energy. In the midst of these emotions, a homebuyer could make some very real mistakes that may haunt them for years to come. The process of buying that first home starts with a home search, but is it really a search if the potential buyer has chosen the perfect home without ever looking?

The Internet opens a huge portal in the real estate world. All a buyer needs to do is log onto the Internet and search for homes in a given area. Once the search is narrowed down by price, bedrooms or square footage, there will be a short list of homes that fall into the acceptable category. From here, buyers click on images and maps to find out where the home is located. With enough legwork, the buyer can also find the address and visit the home before even seeing a real estate agent.

This type of search is great for knowledge, but the real estate agent is trained to know about the pros and cons of every home. Just because the home looks great on paper, does not mean it is the perfect home for the buyer. The search should empower the buyer, not limit them to the results only THEY find.

Another huge pitfall is assuming income. Buyers may choose to enter into an adjustable mortgage or an interest only loan for the first few years of homeownership because they PLAN on making more money in the future. This is a huge mistake. Life change, things happen and if that income hike is not there, the mortgage (in full) will eventually come due and the owner will see the Foreclosure sign before they can write the check.

The key word when searching for that first home is LOGICAL. The buyer needs to be logical about the home they need, logical about what they can afford and logical about the amenities in the home. Just because you think you want a particular home does not mean that is really the home you need or the home you will love for the next 30 years.

Owning real estate is a huge step in life and one that should never be taken lightly. A real estate agent, or even a seasoned home owning friend, can help start the search process for that new home and help the virgin buyer steer away from the bad and the ugly choices they may make out of haste.

	*Prince William County Real Estate and Homes for sale*
	Bristow \| Broad Run \| Catharpin \| Dale City \| Dumfries \| Gainesville \| Haymarket \| Manassas \| Manassas Park \| Nokesville \| Occoquan \| Quantico \| Triangle \| Woodbridge \|

Did you read your rental contract?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Tue, 13 Oct 2009 14:36:52 -0500

For some reason, renters have a tendency to skim over the pages of a rental contract and sign their name on the bottom line without really understanding what they have read. This can be a disaster for the renter when the fine print becomes a reality.

There are several key aspects of a rental agreement that need to be overviewed before the lease is signed. These include:

Pets - If you have a pet and the landlord swears you will be able to keep your pet in the rental unit, make sure that phrase is included in the lease. Word of mouth means nothing once you sign the lease and it clearly says, NO PETS.

Guests - Guests are often written into a lease with a time limit on how long they can stay. This time limit is not a legal inclusion, just the most common limit used for rental contracts. If you have a large family and many guests will be coming in and out, make sure that time limit is lifted. No one wants to look at their mom or dad and say, you have to leave because my guest time limit is up.

Lawn Care - If the rental unit has landscaping, will you be in charge of keeping the grass cut and cared for? Many landlords would rather a professional service take care of the landscaping and are willing to add a few extra dollars to the lease to hire an agency.

Sub Leasing - Need a roommate? You can’t have one according to your lease. Roommates and subleasing out an apartment are often forbidden by leasing contracts. Again, if this is an intention in the future, make sure you have the acceptance written into the lease.

	*Prince William County Real Estate and Homes for sale*
	Bristow \| Broad Run \| Catharpin \| Dale City \| Dumfries \| Gainesville \| Haymarket \| Manassas \| Manassas Park \| Nokesville \| Occoquan \| Quantico \| Triangle \| Woodbridge \|

	*Other Northern Virginia Counties and Cities*
	Arlington County \| Alexandria City \| Falls Church City \| Manassas City \| Stafford County \|

Do You Really Want a Home Equity Line of Credit?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Wed, 07 Oct 2009 10:22:03 -0500

Money tends to easily come into the bank account and just as easily disappear. A home equity line of credit, unlike other forms of revolving credit accounts, is based on the equity you have earned in your home. As the line of credit is used, the repayment is like repaying yourself for the money you have spent.

When applying for a home equity line of credit, the homeowner can choose how much of their home equity they wish to use as the basis for their credit line. If they have $100,000 in home equity, they may only want to use $30,000 for home repairs and debt. This equity will then be linked to a credit line that the homeowner can use for any purpose they see fit as long as they can pay the money back.

Unlike a home equity loan, the line of credit is revolving. This means the money will have to be paid back in addition to the current mortgage payment. Much like a credit card payment, the money owed is not figured into the mortgage payment and recalculated for future payments. Thus, the line of credit is far different from refinancing, per se.

While the one time loan seems to offer a bit of freedom because the money does not have to be repaid, so to speak, when the home equity line of credit is repaid, the money is available again for future purposes.

The home equity line of credit is also a great way to teach financial limitations, especially if you are trying to be more budget minded. Taking out a smaller line of credit will limit the homeowner spending. This means even a larger home repair will need to be completed in smaller bits and pieces. As the money is paid back into the line of credit, the repair can continue. The smaller the home equity line of credit is, the more thrifty the homeowner will need to be with the money spent, but the repayment amount will also be smaller.

Choosing a home equity line of credit over a home equity loan means revolving money and that is a great way to continue improving your property and your debt to income ratio if the money is used to pay off high interest loans and credit card balances. The more you pay off with the line of credit, the better your credit score and financial stability.

	*Prince William County Real Estate and Homes for sale*
	Bristow \| Broad Run \| Catharpin \| Dale City \| Dumfries \| Gainesville \| Haymarket \| Manassas \| Manassas Park \| Nokesville \| Occoquan \| Quantico \| Triangle \| Woodbridge \|

How Do You Know When You Are Ready to Buy?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Wed, 30 Sep 2009 09:56:47 -0500

At any given time, there are millions of buyers waiting to snatch up their dream home. These buyers may be preparing to jump into home ownership, or waiting for that dream home to hit the market. Then there are people who believe renting a home is the best way to go. When debating the rent versus buy thought, homeowners will tell you to buy every time but only when you are ready.

Before beginning the process of buying a new home, a 15% down payment needs to be saved. This down payment required on the home could be less, but any home buyer would be happy to have money left in savings after getting that key than running around trying to liquidate assets to keep the home of their dreams.

The closing costs on the home will average about 5% of the price of the home. This is another bit of money that should be saved before the search even begins. If the potential home owner finds the home they wish to buy, they should be ready to buy right then and not after months of saving when that dream home could already be sold.

How much can you afford? This is question that will vary from person to person, but traditionally, the mortgage payment should not be any more than 25% of your total income per month. That is take home income, not gross income because the gross amount is never the same as the amount that available for use on payday. For instance, if a potential buyer brings home $6000 a month, the mortgage should be no more than $1500 a month.

This number may seem conservative, but the true cost of ownership involves more than just the mortgage payment. There are utilities, upkeep and property taxes in addition to home insurance that will need to be paid each month just on the home.

A self run credit report is also a huge item to look over before applying for any mortgage. If you walk into the office blindly, you could lower your credit score without obtaining a mortgage. When the lending company runs your credit report, that could lower your score and if it is too low to meet their lending guidelines, it will be for nothing. When you run your own report, the score is not affected and will not lower.

How to Deal With Bad Neighbors

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Wed, 23 Sep 2009 11:25:29 -0500

You usually have high hopes when you move into a new neighborhood. It’s a brand new life, a new experience, and you want it to go well. While you can choose the best house in the world, an excellent location, and a beautiful neighborhood, you can’t choose your neighbors. What do you do if you get your dream home, only to find that your neighbors are the stuff of nightmares? Here are the best ways to handle the top three types of problem neighbors and still enjoy your new home.

1) Gossips

It’s not uncommon to encounter a neighbor who loves to gossip. This can be extremely annoying, especially when you’re the subject of the gossip. Gossips love to find out every detail about what you’re doing and spread it all around the neighborhood. It’s irritating if you otherwise like the person, and downright upsetting if you don’t like the person at all!

You can deal with a neighborhood gossip by doing nothing to encourage them. Don’t give them too much information about yourself. If they ask you personal questions, either try to change the subject to something about THEM, or just tell them you can’t imagine they’d be interested in such a trivial detail about yourself. You could even outright lie to them (also known as propagating dis-information) if you’re comfortable with that. Just come up with a response you like and that deflects the personal questions in a kind and polite way.

2) People Who Make Too Much Noise

Yes, a fact of neighborhood life is that sometimes people make noise. Sometimes you can understand it and ignore it, such as holiday parties, once a year birthday parties, or the kids trying out new toys outside. But neighbors who are consistently noisy can be a problem. These are the people who play their stereos too loudly outside all the time, the people who mow their lawns at insane hours, those who keep their televisions on high volume with the windows open, etc.

The first thing you should do is let your neighbors know that their noise is bothersome. If kids are the problem, talk to their parents. Try to come up with an equitable solution for everyone. If no solutions can be arrived at, talk to other neighbors to see what can be done, or call the police, if necessary.

3) Creepy Stalkers

Once in a while, you come across a neighbor who just won’t leave you alone. He (or she) invites himself over all the time, makes a point to be outside just as you’re getting home or leaving, and seems to be watching your every move. If you’re unfortunate enough to have this kind of neighbor, you’ve got to tell him that you’re not interested. Don’t give him any reason to think you may actually be a little interested. Keep any communication with this neighbor perfunctory and speak only when necessary. If it continues to be a problem, you may have to go to the police and get a restraining order. However, remember, protecting yourself is your first priority.

*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

How to Get a Construction Loan

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Tue, 22 Sep 2009 10:01:01 -0500

If you’re building a home, you’re going to need a construction loan. The construction loan is different from the mortgage. The construction loan is to pay the contractors to build your house. Once the house is built and the contractors are paid, then your loan will be converted into a regular home mortgage. But before you can move into your dream home, custom designed by you, you’ll need to get a construction loan. If you’ve never done it, here’s how.

First, you choose a lender that will work with you, and find out just how much you can qualify for in financing. Be sure to take down payments and closing costs into consideration. Next, choose a home design and hire a contractor and an architect to do the job. Get these two professionals to give you an estimate of how much it will cost to do the job, and be sure you know how many revisions your architect will allow you to make to the home design plans before chargine you additional money.

Once you’ve got everything all set up with the architect and contractor, go back to the lender and ask for the construction loan. You should already know that the estimated cost of the project will fit in with the financing figure the lender gave you previously. The lender will need to see the plans for the house before releasing any money to you. It will be easiest on you if you get a construction loan that can be automatically converted into a regular mortgage upon completion of the home. This way, you can keep the same lender, which saves a lot of paperwork. However, be aware that you may have to get a separate mortgage from another lender once construction in complete, depending on your individual circumstances.

Construction loans usually need a 10% downpayment (20% if you want to avoid having to get private mortgage insurance). You could also avoid having to get this insurance by piggybacking your loans. To do this, get a first mortgage for 75 to 80% and a second mortgage for the balance of the price of the construction of the home. Once you have the right construction loan and plans for your dream home drawn up and ready to go, it’s time to get started on building. Soon, you’ll be moving in to a great home at an excellent price. What could be better than that?

*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

Should You Buy a Home in a Down Economy

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sat, 19 Sep 2009 15:33:51 -0500

Sure, the economy is down, but the resulting real estate deals out there can be very tempting. With plenty of homeowners desperate to sell their houses and get out from under mortgages they can no longer afford, there are deals available now the likes of which haven’t been seen in decades. If you’re in a position to buy, now is definitely a good time. But how can you be sure your new home purchase is a good idea, or if it will plunge you further into the mires of the recession that have plagued so many already?

Simply pay attention to the following three pointers, and you’ll be in a perfect position to buy a house in a down economy and thrive with it.

1. Take a good look at your finances and make sure you can afford the home you’re considering. This means you need to be either employed or have a stable source of income. The money you make needs to be enough to cover the monthly mortgage payments of the home you’re considering. Today’s stricter lenders will want to know the answers to these questions. Typically, your monthly mortgage payment must not be more than 30% of your monthly income. And remember, the mortgage payment will include taxes and insurance, as well.

2. Decide how long you plan to be in the area. Single people who move around a lot, or people with jobs that require frequent moves may well want to wait to buy a home right now. In the past, you could buy a home and re-sell it again a year or two later for a significant profit. However, trying to do that now would most certainly result in you taking a significant loss. The best rule of thumb right now is to not buy a house unless you plan to stay in the area for at least 3 to 5 years to give the economy time to recover.

3. Ask yourself how well you can really manage your personal finances. If you’re consistently late on monthly payments or if you have trouble making ends meet throughout the month, buying a house now isn’t going to be a good idea for you. You don’t want to get caught up in a cycle of late payments that could totally wreck your monthly budget. Even worse, you don’t want to end up losing your new house to foreclosure like so many others. Only take the plunge and buy a house at this time if you’re very stable with your finances. Follow these three tips, and you just may be ready to buy the house of your dreams.

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Buying a House Using the 2009 Tax Credit

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Thu, 17 Sep 2009 08:37:56 -0500

Did you know that the 2009 stimulus package includes a substantial tax break for first-time home buyers? It’s true. So, if you’re planning on buying a house in the near future, this year is the year to do it. You could end up saving a LOT of money. However, in order to benefit from the tax credit, you need to first know how it works and who qualifies. Here are the details you need to know.

1. What exactly is a first-time home buyer? According to the federal government, and for the purposes of the tax credit, it’s anyone who has literally never owned a home before, or someone who has not owned a home in the past three years.

2. You must be a U.S. citizen of at least 18 years of age to qualify for the program.

3. The house you’re considering buying must be in the United States and you must use it for your principal residence.

4. If you’re a single home buyer, your income must not be more than $75,000 a year. For couples, your income can not be more than $150,000 a year.

5. The house you’re buying can’t be a gift or an inherited home to qualify for the program.

6. You must buy the house between January 1, 2009 and December 1, 2009. These are not move-in dates, but dates of actual closing on and taking legal ownership of the house.

The tax credit can be as much as $8,000 in many cases. If you’re a first-time home buyer, you should seriously consider buying this year, as savings like this may not come around again for a long time. To get in on the action, contact your local HUD office for assistance in filling out the appropriate paperwork.

How to Successfully Rent a Room in Your House

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sun, 13 Sep 2009 15:25:11 -0500

In this economy, most people want to make some extra money any way they can. One rather old-fashioned method that’s coming back into fashion is renting out a room in your house. Our grandparents and their parents often turned to this technique to make ends meet, especially during the Great Depression. Now, renting out a room in your house is making a comeback. If you’ve got extra space, such as an actual bedroom, a garage apartment, an attic or basement, or a separate guest house, you’ve got the potential to make some extra bucks by renting it out.

So, you’ve got the space, you’ve got the desire, how do you get the renters? Here’s how to do it and make it work.

First, make sure your rental space is clean and in good repair. This will make it much more enticing for potential renters. Dust it, vacuum it, paint it, and try to make it look like a comfortable home. You don’t have to spend a fortune to do this, but adding a few inexpensive features, such as new lights or faucets can help you attract a better quality of renter for your property.

Also, when a place looks nice upon rental, the tenant is much more likely to keep the place looking nice on his own. He’s also more likely to pay rent on time. If you’re a flexible landlord and allow your tenant to make small, personal changes to the space to make it seem more like home, your tenant will treat the place as his own. If you take the extra step of making yourself available to your tenant for any questions or concerns they may have, your tenant will feel loyal to you and want to make a good impression on you by keeping the place nice. You can facilitate your availability by responding to questions from your tenant as quickly as possible and not wasting any time in making any necessary repairs (or in hiring someone to make those repairs you can’t do yourself). Keep open communication with your tenant on the progress of any needed repairs, and your tenant will feel that you care about him.

The more your tenant feels cared for in a professional way by you, the more smooth your landlord experience will be. To make everything legal, simply find some rental forms that are appropriate for your state online. You can have an attorney look over them if you like. Once you’ve got everything set up, simply put an ad in the paper or online, and choose the best tenant for you.

	*Prince William County Real Estate and Homes for sale*
	Bristow \| Broad Run \| Catharpin \| Dale City \| Dumfries \| Gainesville \| Haymarket \| Manassas \| Manassas Park \| Nokesville \| Occoquan \| Quantico \| Triangle \| Woodbridge \|

	*Other Northern Virginia Counties and Cities*
	Arlington County \| Alexandria City \| Falls Church City \| Manassas City \| Stafford County \|

Can You Buy a Home After a Foreclosure?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Thu, 10 Sep 2009 09:54:27 -0500

If you’re wondering if you can purchase a new home after gonig through a recent foreclosure, the short answer is yes, However, it’s a difficult process that you shouldn’t jump into unprepared. Your credit is going to be damaged from the foreclosure, and as a result, many of the best lenders will be unwilling to work with you. This leaves you as attractive bait for bottom-feeder mortgage companies that may not be on the up and up. You need to be aware of this and avoid those companies. Plus, remember that even with a decent, medium-grade mortgage company, you’ll still be charged higher interest than you would if you had clean credit.

Obviously, you were foreclosed on because you were unable to make your house payments for a period of 3 months or longer. This situation may have come about for a variety of reasons, and your new mortgage lender will look at what those reasons were. Losing a job will be looked on more favorably than, say, if you were financially irresponsible and lived beyond your means (especially if you’ve since gotten a new job). Sure, that large, fancy home may have been attractive, but if you didn’t take utilities and other costs of owning it into consideration when you signed the morgage papers, you probably got yourself into quite a mess.

Most mortgage lenders, scrupulous or not, will not provide you with a new mortgage loan immediately following a foreclosure or bankruptcy. For the first few years, you’ll be considered a risky investment. While some companies may offer you a new mortgage as early as 6 months following a foreclosure, it may be better to wait even longer, as the interest rate you’ll be offered will be extraordinarily high.

The best approach to buying a house after foreclosure is to work on re-building your credit for a few years. Usually two to three years is sufficient. Try to open new credit accounts, make regular payments, pay on time, and pay off old debt. In two to three years after your foreclosure, you just may be in a perfect position to get a great deal on a new mortgage again.

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Can Filing Bankruptcy Stall Foreclosure?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Mon, 07 Sep 2009 22:13:18 -0500

If you’re attempting to save your home from foreclosure, you may be considering bankruptcy. While it can be done, there are numerous pitfalls in the process, and very few people actually complete the process. Using bankruptcy to forestall foreclosure can end up saddling you with higher monthly payments and lower your credit. For most people facing foreclosure, doing a bankruptcy is just a stop-gap measure to buy themselves some extra time to make plans to move or to work out a solution with their mortgage company.

Filing bankruptcy WILL buy you some time on the foreclosure, but the amount of time you can get will vary from person to person, and largely depends on your financial situation. If you’re using bankruptcy for this purpose, you’ll be filing a Chapter 13 that’s designed to get you caught up on your mortgage payments. Whether or not you ever actually get caught up is irrelevant at this point. A Chapter 13 is where you want to start.

A bankruptcy is designed to give the people facing foreclosure some time under the protection of the law to reorganize their debts and pay back any delinquencies. The court will structure a repayment plan for you for all your debts, including your mortgage. If you make it through the plan, then your debts will be either paid off or current. Once you’re current on your mortgage, the foreclosure process will end and your house will be safe. This can take anywhere from a few months to a few years, depending on the court.

While this is the ideal situation, it isn’t the most common outcome. Many people find themselves unable to keep up with the repayment plan, even with lowered monthly payments. If they miss a payment, the court dismisses their case and the lender can start the foreclosure process again from the date of the original bankruptcy filing. In fact, a homeowner can end up worse off than before, as the bank will often try to add the late payments to the previous debt, which increases the total mortgage payoff. This can only make your credit report look worse, and may even get the attorneys involved again as the mortgage company sends their legal team after you to recoup their investment.

If you can find a way to refinance the property or sell it, you can take the house out of the bankruptcy proceedings and take a small step toward protecting your credit. Taking the house out of the bankruptcy won’t stop the bankruptcy itself, and you can still use it to eliminate your other debts. So yes, a bankruptcy can be used to stall a foreclosure, but it’s not the best strategy. There are other, more financially sound ways to make sure you maintain a decent credit standing and don’t end up owing the bank more than when you started!

Facing Foreclosure–How Long Can You Stay in Your House?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sat, 05 Sep 2009 10:09:29 -0500

Finding out you’re facing foreclosure is a devastating experience, and one of the first questions you’re likely to ask is, “How long can I stay in my house?” Many homeowners facing this situation mistakenly think that they have to move out right away once they get the foreclosure papers in the mail. Fortunately, this is an erroneous assumption. In many cases, you can stay in your house for months, even years, after the initial foreclosure paperwork is filed. Here’s how.

First of all, know that it’s impossible at the start of the process to know just how long it’s going to take to go through to completion. Different states have different foreclosure laws, and the back-up of foreclosure filings made ahead of yours can often hold up the final dispostion of your case for quite a while. In other cases, you may find your case moving through the court system quite swiftly. The important thing is to remain informed throughout the entire process, so you know exactly what’s going on and can make plans accordingly.

First, remember that a foreclosure filing will generally only happen after you’ve missed several mortgage payments and the mortgage company has been unable to get in touch with you regarding it. Once the foreclosure is filed, you’ll typically have already lived in your house for several months without making a payment.

Once the foreclosure notice is filed, you’ll receive notice of this from your local circuit court. You may choose to answer the notice or not. However, by answering the notice, you can often prolong the court proceedings for a few more months, so it’s worth considering. You can also often delay the foreclosure even more by requesting a hearing with the court to defend yourself against the foreclosure suit. You don’t need a lawyer for this, but having one may help you have an easier time of it in court during your hearing.

Basically, the more you fight it, the longer it will take for a final foreclosure determination to take place. Even once your house has officially been turned back over to the bank, you’ll still be given a certain amount of time to move out, usually a week or so. Some homeowners who have been foreclosed on are now actually squatting in their former homes. This means they refuse to move out once the bank has taken ownership. These former homeowners can often get away with this for quite some time if the house is not sold at auction right away (and in this market, the chances of a successful auction sale are minimal). As long as the house is a bank-owned property that isn’t checked on frequently (common for rural properties), you may be able to stay on indefinitely.

Just remember, the longer you can draw out the process, the longer you can stay in your house. There are plenty of people who haven’t made a mortgage payment in 2 years or more who are still in their houses, either through dragging out the court process or by squatting. You can use these tactics, too! Just remember, if your house is foreclosed on, you will eventually have to leave the home, so while you’re staying there as long as you can, also start making plans for where you’ll go when you ultimately do have to move. Saving money for a move during this time is an excellent idea.

	*Prince William County Real Estate and Homes for sale*
	Bristow \| Broad Run \| Catharpin \| Dale City \| Dumfries \| Gainesville \| Haymarket \| Manassas \| Manassas Park \| Nokesville \| Occoquan \| Quantico \| Triangle \| Woodbridge \|

	*Other Northern Virginia Counties and Cities*
	Arlington County \| Alexandria City \| Falls Church City \| Manassas City \| Stafford County \|

Can You Still Buy Real Estate With No Money Down?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Tue, 01 Sep 2009 22:51:34 -0500

The no money down real estate craze was really popular in the 1990’s, with scores of books on the market purporting to tell you how to strike it rich in property ownership without putting any money down to acquire your houses. It’s true that many people did actually become wealthy doing just this. But can you still buy real estate with no money down in this current market, and more importantly, can you still make money with it? The answer is yes!

Here are the top 3 ways you can buy real estate with no money down.

1. Try Land First

Land is extremely easy to buy with no money down. In fact, the smaller the lot, the easier you should be able to acquire it for zero down. It’s extremely common for land owners to sell lots for no (or low) money down. Residential lots are typically easier to get for these types of deals, but in certain under-developed parts of the country, you may still be able to purchase commercial lots for zero bucks. However, the land deals you find may not look like no money down deals at first. Most sellers do ask for a nominal down payment, even if it’s only $100.

You can get around this and make it a no money down deal by borrowing the small downpayment on a credit card or as a personal loan. When you sell the land later for a profit, you can pay off the credit card quite easily, as the amount you’ll be putting on it will be quite small. Further, if you plan to keep the land and put a house on it one day, banks will be much more likely to give you a mortgage if you already own a piece of land outright (land can be very cheap and paid off relatively quickly).

2. 100% Financing

Though banks are tightening up their rules for mortgage lending, you can often still get 100% financing on a property if you have good credit. Alternately, you could find a bank that will loan you the 90% and then get the seller to finance the remaining 10% as a second mortgage. Either way, you put up no up-front money of your own. In this economy, many lenders are willing to make such deals. If you’re financing a high-profit deal, you could get 100% financing from a hard money lender. The lender will charge high fees and interest, but they’re usually used for short-term deals where you expect to sell the property quickly at a a large profit, making the hard money deal worth it.

3. Negotiate With Motivated Sellers

In this market, there are no shortage of highly motivated sellers, and those sellers are frequently willing to negotiate with you. Many sellers have been known to take collateral as a down payment, such as a car or other valuable property. They may also let you take out two mortgage notes with them….one for 80% of the purchase price and one for 20%. The seller can then sell one of the notes to get immediate cash, and you get into the house with no money down. With the real estate market the way it is, it shouldn’t be too hard to find the no money down deal you want!

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

Do I Need a Real Estate Attorney?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Sat, 15 Aug 2009 11:56:28 -0500

The real estate attorney specializes in real estate law. This includes, but is not limited to, the purchase of homes and land and the sales of homes and land. When it comes to real estate transactions, especially those that are purchased directly from the owner of the home, it is important to have a real estate attorney working your side of the sale if a real estate agent will not be involved.

While most people believe the sole purpose of an attorney is to work the courtroom, the fact is, there are many functions of a real estate attorney that have nothing to do with a court of law or breaking of the law. The real estate attorney is there to make sure all sales contracts and buying contracts are legitimate. No matter which side of the sale you are on, the real estate attorney can work between you and the other party to make sure all deals are entered into legally and no one gets shortcut along the way.

No Money For a Real Estate Attorney?

If the home buyer or home seller does not have the money for a real estate attorney, the real estate agent may be able to help with the legalities surrounding the real estate transactions needed to complete a home purchase or home sale. However, it is important to note that not all real estate transactions can be written by the real estate agent.

The Legal Side of Things

If there is a problem with a real estate transaction, even if the real estate attorney was not a part of the transaction, they can be hired to handle the matter in a court of law. This could include improper real estate transactions and sales under false pretenses.

It is important for both the home buyer and the home owner to establish a legal relationship in addition to the sales relationship. The real estate sale is a legal agreement between two people with several forms being required by the old lender and the new lender in addition to the paperwork required at a state and federal level. With such a huge list of paperwork, many home buyers and home owners will find they need help from either a real estate agent or a real estate attorney before the end of the transaction just to get all things in legal working order.

	*Loudoun County Real Estate and Homes*
	Aldie \| Ashburn \| Bluemont \| Dulles \| Great Falls \| Hamilton \| Hillsboro \| Lansdowne \| Leesburg \| Lovettsville \| Middleburg \| Paeonian Springs \| Potomac Falls \| Purcellville \| Round Hill \| South Riding \| Sterling \| Stoneridge \| Waterford \|

Realtor or Real Estate Agent?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Wed, 12 Aug 2009 11:45:30 -0500

Some people believe that a Realtor is the same as a real estate agent. The two terms are not synonymous. In order to become a Realtor, you have to do more than pass the real estate exam or learn the ins and outs of buying and selling homes. It is this little bit extra that may just help you when choosing the best real estate agent for the job.

The Realtor - A Real Estate Agent +

The Realtor is a real estate agent that is true. But, the Realtor is both a real estate broker and a member of the National Association of Realtors. While you cannot be a Realtor without being a real estate agent, you can be a real estate agent without being a Realtor.

The Power of the NAR

The National Association of Realtors is a large organization. There are more real estate agents a part of this organization than any other collection of real estate agents in the world. But, does being a Realtor mean the real estate agent is better at buying and selling homes? The answer is a resounding NO!

In order to become a member of the NAR, the real estate agent must first join the local group of Realtors. Then, they can apply for membership to the national level organization. Becoming a Realtor is about clout and connections for the real estate agent which could provide beneficial to the home owner or buyer, but that does not mean a real estate agent without the Realtor designation is not fully qualified to buy and sell homes.

What Does NAR Membership Do for the Real Estate Agent?

The National Association of Realtors is a trusted group. This means having the Realtor symbol behind your name can increase the trust the home buyer has in you as a real estate agent. This is very important in a real estate market where agents are cutting commissions and spending their own money to promote properties. It is all about perception, but it may be a little about confidence and patience, as well. If the real estate agent takes the time to join the local organization, meet those expectations and then join the national organization, they may just be patient enough to handle the worst of real estate nightmares.

The next time you are on the hunt for a real estate agent, take a look at the website or their ad and look for the Realtor name. It is a symbol of real estate that is not always there.

*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

Five Real Estate Tips Every Buyer (or Seller) Needs to Know

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Fri, 10 Jul 2009 10:56:51 -0500

After reading a real estate article online from 2006, I noticed some very important information hidden between the lines. The article was on hot real estate markets, but the tips given about these markets were more timeless than the market listing itself.

How Do I Know When to Buy?

Renters are the key element in a market of buyers. If there is a huge influx of renters in an area after a real estate crash or economic downfall that means people are again making money. These people want to approach the market with ease, at first, and thus choose to rent a home before buying a home. If the rentals are sky rocketing in an area, the time to but is right now. Take up those pieces of property that are for sale for bottom prices and hold on to that real estate for sale later. (Renting out the homes until the prices rise again is also a great idea!)

How to Gauge When a Neighborhood is on the Cusp of Success

For many real estate investors, the neighborhood that looks iffy may be the next big selling spot in the city. But, how do you gauge the change in a neighborhood. There are three things to look for and all the investor needs is a newspaper and a phone book.

The newspaper will list homes for sale in an area, if the number of homes for sale is doubling monthly, that means the area is on the verge of explosion.

The phone book will be used for a dual purpose. Historically, the popularity of the nightclubs in an area is parallel to the popularity of the real estate. The last place to call is the local coffee shops. If the price of coffee is on the rise, make sure to buy up now because affluent people love great coffee.

What is Dump Hunting?

There are many terms for dump hunting, but essentially it is the art of buying up the less expensive pieces of real estate on the edge of planned communities or thriving residential real estate spots. With time, these “dumps” will meld with the more affluent real estate and the value of the real estate will grow exponentially. That is where the money is made.

The real estate market is showing healthy signs of growth, but remembering the phrase, “Those who do not learn from the past are doomed to repeat it!”, we think now is the time to focus on the tips from the past and move into the next real estate boom.

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

To List or Not to List?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Tue, 30 Jun 2009 22:18:49 -0500

What would make you not take on a property?

While this isn’t a scientific poll or survey, I often wonder what makes some real estate professionals choose one property over another. Is it the location? Or maybe the house itself? What are some of the reasons you choose? Here are a few that come to mind:

•   There is brand new paint on this wall and it looks like a major repair has been done underneath it.
•   The telltale cracks in the block walls, and there have been sinkholes in this zip code.
•   2 five gallon buckets of KILZ in the garage, and they are both empty.
•   It took 20 minutes on a bumpy, pot-hole filled road to get here.
•   The power has been turned off-for 6 months, and the seller is still living there.

Let’s hear some of your reasons. I am sure that everyone has a horror story or two. This should be interesting, even if it isn’t scientific!

House Flipping: Making Money Even in a Down Market

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Fri, 26 Jun 2009 10:44:43 -0500

Even in a depressed real estate market, house flipping is still an excellent source of income if you know how to do it right. The best way to achieve profit through flipping houses is with fixer-uppers. These are houses that are owned by homeowners in financial distress and that need cosmetic repairs, either major or minor. Because of the need for repairs that the homeowner often can not afford to make, you can often easily purchase these homes for pennies on the dollar, fix them up yourself, and sell them at a premium price.

House flipping is like finding a diamond in the rough, polishing it and setting it in a ring or pendant, and selling it for big bucks. Everyone wins! The homeowner gets out of the home with his credit more or less intact and you make a pretty profit.

Plenty of real estate investors have gone on to become quite wealthy using the house flipping model. On the outside, it seems pretty basic, but ther ARE some risks you should be aware of before jumpting in. You’ll have to pay to make any necessary repairs to the property, whether you do them yourself or hire others to do them for you. You’re also taking a risk that the fixed up property will sell at the price you want. You’ll need to do some serious market research ahead of time and make sure that you have the financial resources available to make the repairs.

Doing appropriate research and planning ahead greatly reduces your risk and increases your chances of success. If you know that houses in a certain area usually sell for a certain price if they’re fixed up, you can be reasonably sure of making a profit. You can also look into hard money loans that will give you the short term cash you need to fix the property up without cutting into your profit too much when you pay it back. If the house only needs minor repairs and is in a good neighborhood, your chances of making a success out of your house flipping venture are very high indeed, even in a down real estate market. After all, people are always looking for bargains on good houses in good neighborhoods,and you can give them that.

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|

	*Loudoun County Real Estate and Homes*
	Aldie \| Ashburn \| Bluemont \| Dulles \| Great Falls \| Hamilton \| Hillsboro \| Lansdowne \| Leesburg \| Lovettsville \| Middleburg \| Paeonian Springs \| Potomac Falls \| Purcellville \| Round Hill \| South Riding \| Sterling \| Stoneridge \| Waterford \|

The Real Estate Roller Coaster Ride Continues

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Mon, 22 Jun 2009 18:39:32 -0500

But the end to this ride is right around the next turn

When we look back at the past 18 months, we see one common thread-falling home prices. But we also see inventories rise and fall, and with them the prices are fluctuating as well. Now we are seeing an upturn of sales but the prices are dropping again. What is the cause?

Not enough houses being sold in the same neighborhoods to keep the comparable pricing sustained. When one house sells for $100,000 and another across the street sells for $105,000, the trend is for an increasing sale price. This isn’t happening right now. Short sales and foreclosures are keeping the median pricing lower than it could be.

Many builders are also adding to the issue with market-driven lower prices as well. When all of the 3-bedroom houses in any given community sell for the same price, the prices never increase. Add to this the fact that fewer people are as trusting of real estate as they were 2 years ago, and we have lower prices. Builders are doing there best to sell off their inventories so they can be liquid, or simply be able to borrow more money from their lenders.

But what we aren’t seeing right now is what really lies ahead. The market is gaining strength, much like a baby does, a little at a time. But the amount of strength and the time it takes to get back going are uncertain. Many analysts and professionals say it could be late 2010 before the recession is truly done. I think in some cases, that is feasible. But it will differ from market to market.

Los Angeles and Tampa Bay will see 2 very different results from the ‘end of the recession’. Los Angeles is a market that is fragile by itself without having falling prices thrown into the mix. Tampa Bay’s real estate sector will recover quicker because of the prices themselves beginning lower anyway. As long as the trend to sell more properties continues, both markets will emerge better and stronger.

These are just 2 examples of what the housing slump has done to each and every market. There aren’t many cities or towns that have been insulated from this crisis. But in each case, the professionals pull together and help to shore up the local landscape as it were to keep each other viable. The strong will survive this recession. The real estate market is no place for the weak at heart anyhow.

Regardless of how many more times the market rises and falls and rises and falls, one thing is for certain…the stability will be back and it will be better. Fair prices and closer scrutiny of the buyers and sellers will be of the utmost importance. Ethical business practices and better trained professionals will result in a better overall experience for all parties concerned.

The bottom line in this up and down market is fundamentally simple. Be fair and trustworthy and you will be busier than ever before. Word of mouth will be your best friend. Stay focused and be diligent in all endeavors. And keep a positive attitude at all times. What doesn’t kill you will make you stronger. Better times are on the way.

Tampa Bay Properties | New MLS Listings | More Tampa Updates | MLS Updates | Tampa Homes

B4U Sell Your House in Tampa | Tampa Short Sales

Do Renters Benefit from High Mortgage Rates?

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Wed, 17 Jun 2009 10:36:25 -0500

Despite the effects of recession the real estate mortgage rates have been following a continuous rising trend. In fact recently the home mortgage rates augmented for three weeks continuously striking an eight month high.

30 year mortgage rates averaged 6.42% and 15 year mortgage rates rose from 6.06% to 6.12%. Each of them carried an add-on fee of 0.4 points. 5 year adjustable mortgage rates rose from 6.02% to 6.19%. Its add-on fee is 0.5 points.

The rising mortgage rates have changed the real estate market from a sellers or buyers market into a renters market. Home owners are finding it difficult to meet mortgage payments. To prevent defaults and foreclosures their only option is to sell the house.

The slump in the economy has triggered a downward spiral in the home sale prices. Home owners would always like to sell their homes at a price that matches the actual worth of their homes. Since that price is not forthcoming at present they are deferring sales of real estate in the hope that prices will level out soon and they will get a better deal in a sale transaction. Sales have fallen by 2.6 %- 5.99 million units annually.

Meanwhile they rent their homes so as to recover the high mortgage payments at least partially. Hence more and more homes are available for rent for the renters at very low rent rates.

Renting a home is turning out to be cheaper than buying it in today’s market conditions. This explains the huge spate in the number of renters in the market. They are able to save up to half of the monthly mortgage rates they would have had to pay had they bought the house rather than rented it.

Renters are able to obtain like or better homes for rent for the same amount of money they spend on buying the home with a mortgage loan. Hence they are suspending decisions to buy homes in favor of renting homes.

It is also more advantageous to be a renter than a buyer in the scenario of rising mortgage interest rates, because the home prices are expected to drop further and buying in future will lead to bigger savings and profits for purchasers. It is also better to resort to buying homes after the tornado season that can damage your home and prove expensive if you are not well insured. Renting is thus a cheaper proposition than buying at present.

Tampa Bay Properties | New MLS Listings | More Tampa Updates | MLS Updates | Tampa Homes

B4U Sell Your House in Tampa | Tampa Short Sales

Marketing Real Estate - It’s Not Just About Flyers Anymore

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Thu, 11 Jun 2009 11:12:07 -0500

When no one is buying homes, the real estate agent will not be faltered. There are many ways to promote that parcel from rental buses to free lunches and each offer a different look at how easy it can be to sell a house that just won’t sell.

The Rental Bus

Do you live near a metro area? Why not nix the next open house and jump into a rental bus. The bus can don a picture of the home on the side, thanks to vehicle skins available today, and take the riders on a tour of the metro or rural area of your choice. Then, as a last stop, the bud will pause at the home being marketed. This is not only a great way to get people to the home, but it also shows the potential buyers how much there is to do within a driving distance of the home.

The Free Lunch

There are plenty of businesses willing to lend a helping in hand in return for an equal pat on the back. If you promote your real estate with flyers, why not sell out spaces on those flyers to local businesses. The space could be a barter tactic where a local restaurant offers a free lunch to some potential buyers in exchange for advertising space. Again, this serves a dual purpose. The potential buyer thinks that are getting lunch for free and they are learning how great the business choices are in the community.

The Family Fun Time

Again, the local businesses are hurting just as much as the real estate agent. While one may not have the advertising funds to throw a family fun day, together, several of them might. The idea is to get as many people together as possible and promote local business and local real estate. The more community the potential buyer sees, the more they will be able to envision themselves being a part of that community and the family fun night could be free if there are enough willing patrons.

The days of leaving flyers in a box outside of the home are long gone. People driving by stop to read the flyers and them throw them out when they clean out the car next. In order to sell that real estate we all have to think through a kaleidoscope of ideas.

Tampa Relocation Services | Tampa Military Relocation | Tampa Bank Owned Homes | Tampa Short Sales

Making Money in Real Estate

Northern Virginia Real Estate (Northern Virginia Homes for sale) — Mon, 08 Jun 2009 08:11:03 -0500

When most people commence in the investment of real estate, they do so with lots of fervor, but they become disheartened after failing to achieve their instant fortune. After discovering that they cannot acquire riches easily and quickly, they move to a different investment scheme. A common mistake such investor make is learning several tricks and assuming success is granted.
Another mistake that is commonly made is seeing a different person’s instant success and assuming you will achieve the same results. This hardly happens in reality. Despite having good plans, people fail due to lack of the required effort for achieving their goals. There is so much work required in achieving real-estate success in the long-term, and that is why only few people accomplish it.

The Starting Goals Can be Lofty but Reasonable

It is great to think big, but most people cannot help cringing whenever they overhear someone saying that in their first year of real estate business, their mission is to acquire one million dollars. Although everyone loves dreamers, there exists a line between delusions and dreams. Someone with a yearly income of 50,000 dollars but with no previous experience in the business of real estate can hardly make this sort of money in a year’s time.

What sort of expectations would beginners find realistic? The ideal approach is setting long-term, intermediate and short-term goals. It is important to ensure that these goals are attainable, specific and realistic. This is an outline of how these goals may appear:

• Fifteen years goal: Retirement benefit of a monthly passive income of 10,000 dollars. This requires between three and four million dollars in a free and clear real estate rental.

• Five years goal: Acquire 3 or 4 million dollars of real estate in areas that are steadily appreciating. Flip, fix and buy fiver properties every year at 20,000 dollars average profit to replace the current income.

• One-year goal: Wholesale 2 or 3 properties, flip, fix and buy 2 properties at retail and acquire 3 rental properties for keeps.

• Six-month goal: Do 2 or 3 wholesale flips and buy 1 rental property.

To avoid personal setups where disappointment is certain and financial disaster imminent, the dream of being a millionaire overnight must be forgotten. It is better to focus on the route that is slow but steady while aiming at wealth accumulation systematically with a single deal at any particular time. Assistance should obviously be sought from experts who are qualified and active in this business. Avoiding most of the mistakes on the road to riches ensures that the destination is reached much faster.

	*Fairfax County Real Estate and homes for sale*
	Alexandria \| Annandale \| Burke \| Centreville \| Chantilly \| Clifton \| Dunn Loring \| Fairfax Real Estate \| Fairfax Station \| Falls Church \| Fort Belvoir \| Great Falls \| Herndon \| Lorton \| Mclean \| Oakton \| Reston \| Springfield \| Vienna \|