Stacy Magid's Prince William Real Estate Blog

More on the Home Buyer Tax Credit

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 11 Nov 2009 10:21:05 -0600

Homebuyer Tax Credit Update!

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

To learn what the new tax credit means to you and your clients, take a look at the concise overview below.

In addition, we've put together a script featuring wording you can cut and paste as needed to beat out your competition by connecting with clients who may be able to benefit from the new plan details!

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

Stacy Magid
REALTOR®
Century 21 New Millennium
12581 Milstead Way Suite #400
Woodbridge VA 22192
703-599-5337 (cell)
540-658-2185 (fax)
http://www.princewilliamhomesales.com
stacy@stacymagid.com
PWAR Top Producing Team
Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

Senate Passes Bill to Extend Homebuyer Credit

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 05 Nov 2009 12:47:15 -0600

Originally Posted on NBC4.com

By MARK WELLBORN

Updated 1:16 PM EST, Thu, Nov 5, 2009

The Senate voted late Wednesday to extend the $8,000 first-time home buyer tax credit.

In short, the credit would be extended to home purchases under contract by April 30, 2010, and closed on by June 30th. It would be available to individuals earning up to $125,000, or $225,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law. The proposal would also let existing homeowners qualify for a $6,500 credit if they have lived in their current residence for five years.

This extension of the credit is included in a bill that will also extend unemployment benefits. The measure now goes to the House where it is expected to be supported, and could be voted on as early as Thursday morning. This means that it could be on President Obama's desk for signature as early as next week.

From CNN:

The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

First Published: Nov 5, 2009 11:00 AM EST

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Coles Volunteer Fire Department Haunted Trail

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 29 Oct 2009 15:04:01 -0500

The Coles VFD is having their first Annual Haunted Trail this weekend. Its a great event to get the community together and best of all its FREE.

Fun for the whole family! Festivities include a haunted trail, children's activities, games, food, drinks, candy and more.

Come and join the Coles Volunteer Fire Department.

Friday October 30th
7-11 PM
Saturday October 31st
6-11 PM

13712 Dumfries Road
Manassas, VA 20112
703-791-3400

We're never too busy for your referrals!

IBM Announces Agreement to Acquire Wilshire Credit Corporation Assets

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Mon, 26 Oct 2009 12:33:23 -0500

IBM Announces Agreement to Acquire Wilshire Credit Corporation Assets

ARMONK, NY - 5 October 2009 - IBM (IBM: NYSE) today announced that its mortgage servicing subsidiary has signed an agreement with Bank of America Corporation (BAC:NYSE) to acquire the core operating assets of Wilshire Credit Corporation, including the Wilshire mortgage servicing platform, and hire Wilshire's approximately 900 employees. Terms of the transaction were not disclosed.

The acquisition continues IBM's strategic focus on the mortgage services industry and strengthens its commitment to deliver mortgage business process outsourcing solutions that improve our clients' agility, flexibility and competitiveness as they work to manage their businesses more effectively through dynamic market cycles.

"The acquisition of Wilshire's assets further demonstrates IBM's commitment to delivering robust and innovative mortgage solutions during a difficult time for the mortgage industry," said Eric Ray, general manager, Financial Services Sector, IBM Global Technology Services. "It also reinforces IBM's commitment to leveraging the full capabilities and resources of IBM to partner with our financial services clients in solving their most difficult challenges."

Wilshire's operating assets will become part of IBM's Lender Business Process Services, Inc. business unit, a wholly-owned subsidiary of the IBM Corporation. Wilshire will work with its clients, IBM and Bank of America to transition its mortgage servicing rights and related assets to Bank of America. The agreement remains subject to customary closing conditions. There are no immediate changes taking place for customers as a result of this announcement.

Press Contact:

Bruce McConnel

IBM Media Relations

804-327-4644

wmcconn@us.ibm.com

We're never too busy for your referrals!

Free Credit Seminar on September 19- Century 21 New Millennium

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Fri, 18 Sep 2009 08:40:34 -0500

Please join us for a twenty minute presentation, followed by a question and answer session.

We will cover topics like ....

•- How does a short sale, foreclosure, or bankruptcy affect my credit?

•- What happens to my credit score if I'm late just once on my rent?

•- Do I qualify for better interest rates if my credit score is higher?

•- Should I close my credit card once it is paid off?

•- How does the size of the balance on my credit cards, affect my score?

Credit standards have tightened and the mortgage landscape is changing fast. Learn proven strategies to improve your score, boost your buying power, and the fastest way to recover from a negative entry.

Keynote speaker is Laurie Puccio a Certified Mortgage Planning Specialist with First County Mortgage, LLC.

Saturday, September 19^th at 11:00am or 1:00pm

Location: 12581 Milstead Way, Suite 400, Woodbridge, VA 22192 - at the corner of Hoadly Road and the Prince William Parkway.

Please RSVP to reserve a seat at the session of your choice at:

stacy@stacymaid.com or 703-599-5337

Presented by First County Mortgage, LLC and Century 21 New Millennium.

Each Office is independently Owned and Operated.

We're never too busy for your referrals!

Market Statistics for Woodbridge (22192)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 17 Sep 2009 09:23:10 -0500

Houses continue to sell very quickly in the Woodbridge area. Many with multiple offers and at or above list price. Here are the latest market statistics for the month of August.

While house prices have dropped a bit overall since 2008 the days on market is considerably less.

2009 2008 % Change

Total Sold Dollar Volume:	$ 21,874,055	$ 24,826,301	- 11.89 %
Average Sold Price:	$ 232,703	$ 250,771	- 7.20 %
Median Sold Price:	$ 191,500	$ 223,000	- 14.13 %
Total Units Sold:	94	99	- 5.05 %
Average Days on Market:	72	135	- 46.67 %
Average List Price for Solds:	$ 242,250	$ 288,323	- 15.98 %
Avg Sale Price as a percentage of Avg List Price:	96.06 %	86.98 %

Total NEW listings:	115
Total Properties Marked Contract:	56
Total Properties Marked Contingent Contract:	65
Total NEW pendings (Contracts + Contingents):	121

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

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Market Report for Manassas (20112)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Fri, 04 Sep 2009 14:41:25 -0500

Houses continue to sell very quickly in the Manassas area and Prince William County. Many with multiple offers and at or above list price. Here are the latest market statistics for 07/01/2009 to 07/31/2009.

Total Active Listings: 162

Total NEW listings:	38
Total Properties Marked Contract:	20
Total Properties Marked Contingent Contract:	23
Total NEW pendings (Contracts + Contingents):	43

The Sales Price has gone down slightly since last year in the area and average days on market has been reduced since last year.

Below are the stats between last year and this year:

	2009	2008	% Change
Total Sold Dollar Volume:	$12,930,450	$13,837,700	-6.56%
Average Sold Price:	$349,472	$384,381	-9.08%
Median Sold Price:	$329,900	$379,000	-12.96%
Total Units Sold:	37	36	2.78%
Average Days on Market:	59	94	-37.23%
Average List Price for Solds:	$375,066	$428,071	-12.38%
Avg Sale Price as a percentage of Avg. List Price	93.18%	89.79%

If you are looking to buy or sell a home in the Prince William County area we would be happy to sit down with you and go over the comps for your neighborhood. Feel free to call or email us at any time.

We're never too busy for your referrals!

Navigating Short Sales: What to Do When the Sale Price Leaves You Short

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 02 Sep 2009 14:20:18 -0500

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

•· Refinancing your loan at a lower interest rate

•· Providing a different payment plan to help you get caught up

•· Providing a forbearance period if your situation is temporary

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if

•· Your property is worth less than the total mortgage you owe on it.

•· You have a financial hardship, such as a job loss or major medical bills.

•· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

•· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

•· Help you set an appropriate listing price for your home, market the home, and get it sold.

•· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

•· Ease the process of working with your lender or lenders.

•· Negotiate the contract with the buyers.

•· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include

•· A hardship letter detailing your financial situation and why you need the short sale

•· A copy of the purchase contract and listing agreement

•· Proof of your income and assets

•· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say:

•· If you have only one mortgage, the review can take about two months.

•· With a first and second mortgage with the same lender, the review can take about three months.

•· With two or more mortgages with different lenders, it can take four months or longer.

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

•· You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options.

•· Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.

•· Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Copyright THE NATIONAL ASSOCIATION OF REALTORS® | Headquarters: 430 N. Michigan Ave., Chicago, IL 60611 |
DC Office: 500 New Jersey Ave. NW, Washington, DC 20001 | 1 800 874 6500

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Market Statistics for Woodbridge (22193)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Mon, 31 Aug 2009 10:30:39 -0500

Houses continue to sell very quickly in the Wooodbridge area and Prince William County. Many with multiple offers and at or above list price. Here are the latest market statistics for 07/01/2009 to 07/31/2009.

Total Active Listings: 482

Total NEW listings:	216
Total Properties Marked Contract:	94
Total Properties Marked Contingent Contract:	108
Total NEW pendings (Contracts + Contingents):	202

The Sales Price has remained stable since last year in the area and average days on market has been cut in half since last year.

Below are the stats between last year and this year:

	2009	2008	% Change
Total Sold Dollar Volume:	$25,430,023	$41,474,395	-38.69%
Average Sold Price:	$194,122	$200,359	-3.11%
Median Sold Price:	$160,450	$185,000	-13.27%
Total Units Sold:	131	207	-36.71%
Average Days on Market:	57	104	-45.19%
Average List Price for Solds:	$201,413	$219,293	-8.15%
Avg Sale Price as a percentage of Avg. List Price	96.38%	91.37%

We're never too busy for your referrals!

Market Statistics for Dumfries (22026)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Fri, 28 Aug 2009 11:52:01 -0500

Houses continue to sell very quickly in the Dumfries area and Prince William County. Many with multiple offers and at or above list price. Here are the latest market statistics for 07/01/2009 to 07/31/2009.

Total Active Listings: 120

Total NEW listings:	35
Total Properties Marked Contract:	17
Total Properties Marked Contingent Contract:	23
Total NEW pendings (Contracts + Contingents):	40

The Sales Price has remained stable since last year in the area and average days on market has gone down considerably.. Below are the stats between last year and this year:

	2009	2008	% Change
Total Sold Dollar Volume:	$5,786,400	$5,566,046	3.96 %
Average Sold Price:	$241,100	$242,002	-0.37%
Median Sold Price:	$222,500	$225,796	-1.46%
Total Units Sold:	24	23	4.35 %
Average Days on Market:	33	157	-78.98%
Average List Price for Solds:	$252,514	$267,859	-5.73%
Avg Sale Price as a percentage of Avg. List Price	95.48%	90.35%

We're never too busy for your referrals!

Market Statistics for Woodbridge (22191)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 26 Aug 2009 09:48:54 -0500

Houses continue to sell very quickly in the Woodbridge area. Many with multiple offers and at or above list price. Here are the latest market statistics for 07/01/2009 to 07/31/2009.

Total Active Listings: 382

Total NEW listings:	131
Total Properties Marked Contract:	84
Total Properties Marked Contingent Contract:	73
Total NEW pendings (Contracts + Contingents):	157

While house prices have dropped a bit overall since 2008 the days on market is considerably less.

Here are the stats between last year and this year:

	2009	2008	% Change
Total Sold Dollar Volume:	$19,301,804	$24,770,628	-22.08%
Average Sold Price:	$187,396	$225,188	-16.78%
Median Sold Price:	$155,000	$196,500	-21.12%
Total Units Sold:	103	110	-6.36%
Average Days on Market:	46	118	-61.02%
Average List Price for Solds:	$193,318	$254,055	-23.91%
Avg Sale Price as a percentage of Avg. List Price	96.94 %	88.64 %

Stacy Magid
REALTOR®
Century 21 New Millennium
12581 Milstead Way Suite #400
Woodbridge VA 22192
703-599-5337 (cell)
540-658-2185 (fax)
http://www.princewilliamhomesales.com
stacy@stacymagid.com
PWAR Top Producing Team
Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

We're never too busy for your referrals!

Market Report for Woodbridge (22192)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 26 Aug 2009 08:40:32 -0500

Houses continue to sell very quickly in the Woodbridge area. Many with multiple offers and at or above list price. Here are the latest market statistics for 07/01/2009 to 07/31/2009.

Total Active Listings: 316

Total NEW listings:	117
Total Properties Marked Contract:	58
Total Properties Marked Contingent Contract:	69
Total NEW pendings (Contracts + Contingents):	127

While house prices have dropped a bit overall since 2008 the days on market is considerably less.

Here are the stats between last year and this year:

	2009	2008	% Change
Total Sold Dollar Volume:	$20,119,174	$29,153,655	-30.99%
Average Sold Price:	$221,090	$247,065	-10.51%
Median Sold Price:	$210,000	$216,000	-2.78%
Total Units Sold:	91	118	-22.88%
Average Days on Market:	70	115	-39.13%
Average List Price for Solds:	$230,402	$273,415	-15.73%
Avg Sale Price as a percentage of Avg. List Price	95.96%	90.36%

We're never too busy for your referrals!

We're never too busy for your referrals!

Fox5 Investigates: Foreclosure Sites

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 13 Aug 2009 07:04:55 -0500

Recently our Local Fox5 Station interviewed me regarding websites that keep on popping up that charge people for information about foreclosure properties.I had alerted them to a scam where a site called "ForeclosureAgency.com" was charging potential buyers up to $50 per month to get these listings. They were showng one of my listings that had already sold months prior for a ridiculously low price. There are many of these sites that continue to pop up all over the web and on TV.

Here's the story:

If it looks to good to be true it probably is.

Foreclosure Listings are free from your local real estate agent. Contact us today and we would be happy to provide you with homes that meet your criteria.

Stacy Magid

Realtor

Century 21 New Millennium

703-599-5337 (cell)

http://www.princewilliamhomesales.com

stacy@stacymagid.com

PWAR Top Producing Team

Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

8 Steps to Getting Your Finances in Order

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 12 Aug 2009 20:51:15 -0500

Develop a family budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt-car loans, student loans, revolving balances on credit cards-down to between 8 percent and 10 percent of your total income.
Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
Save for a downpayment. Although it's possible to get a mortgage with only 5 percent down-or even less in some cases-you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
Create a house fund. Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
Keep your job. While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2004. All rights reserved. www.REALTOR.org/realtormag

Stacy Magid

Realtor

Century 21 New Millennium

703-599-5337 (cell)

http://www.princewilliamhomesales.com

stacy@stacymagid.com

PWAR Top Producing Team

Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

5 Things to Understand About Homeowners Insurance

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Tue, 11 Aug 2009 21:00:42 -0500

Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately.
Look for dollar limitations on claims. Even if you are covered for a risk, there may a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
Understand replacement cost. If your home is destroyed you'll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you'll only receive $150,000.
Understand actual cash value. If you chose not to replace your home when it's destroyed, you'll receive replacement cost, less depreciation. This is called actual cash value.
Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it's sufficient if you have significant assets.

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^®

Stacy Magid

Realtor

Century 21 New Millennium

703-599-5337 (cell)

http://www.princewilliamhomesales.com

stacy@stacymagid.com

PWAR Top Producing Team

Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

Potential Home Defects to Watch For

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Mon, 10 Aug 2009 14:19:29 -0500

No home is flawless, but some physical problems can be very expensive. When buying a foreclosure the history of the property is not know so this information can save you lots of money in the future. You should always have a home inspection prior to buying a home but here are a few things to watch for:

Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics.
Shifting foundations. Look for large cracks along the home's foundation.
Drainage. Look for standing water, either around the foundation of the home of in the yard.
Termites. Look for weakened or grooved wood, especially near ground level.
Worn roofs. Look for broken or missing copings and buckled shingles as well as water spots on ceilings.
Inadequate wiring. Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug in the grounding prong.
Plumbing problems. Very low water pressure, banging in pipes.

Stacy Magid

Realtor

Century 21 New Millennium

703-599-5337 (cell)

http://www.princewilliamhomesales.com

stacy@stacymagid.com

PWAR Top Producing Team

Licensed in the Commonwealth of Virginia

We're never too busy for your referrals!

10 Things a Lender Needs from You when Applying for a Mortgage

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Sun, 09 Aug 2009 16:03:31 -0500

W-2 forms or business tax return forms if you're self-employed for the last two or three years for every person signing the loan.
Copies of one or more months of pay stubs from every person signing the loan.
Copies of two to four months of bank or credit union statements for both checking and savings accounts.
Copies of personal tax forms for the last two to three years.
Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value,
Copies of your most recent 401(k) or other retirement account statement.
Documentation to verify additional income, such as child support, pension, etc.
Account numbers of all your credit cards and the amounts of any outstanding balances.
Lender, loan number, and amount owed on other installment loans-student loans, car loans, etc.
Addresses where you lived for the last five to seven years, with names of landlords, if appropriate.

If you are looking to buy a home, call on the Magid & Barnett Team to get started.

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^®

We're never too busy for your referrals!

Beautiful 3 level Condo in Westridge

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 23 Jul 2009 13:22:00 -0500

Stacy Magid | Coldwell Banker Elite | 703-599-5337

4129 Churchman Way, Woodbridge, VA

Condo in Westridge for Sale

2BR/2.5BA Condo

offered at $117,000

Year Built	1988
Sq Footage	1,675
Bedrooms	2
Bathrooms	2 full, 1 partial
Floors	3
Parking	2 Uncovered spaces
Lot Size	Unspecified
HOA/Maint	$320 per month

DESCRIPTION

SOLD AS-IS Beautiful brick front townhouse-condo in Westridge-Somerset community. 3 levels, 2 bedrooms & 2.5 baths. Finished rec room. Seperate Liv-Din Room. 2 Master Suites with separate bathrooms. Please contact Peg Nara (301-606-8679)Bank of America for required pre-approval.

see additional photos below

PROPERTY FEATURES

• Central A/C	• Central heat	• High/Vaulted ceiling
• Family room	• Living room	• Dining room
• Dishwasher	• Refrigerator	• Stove/Oven
• Washer	• Dryer	• Laundry area - inside
• Balcony, Deck, or Patio

COMMUNITY FEATURES

• Clubhouse	• Swimming pool(s)	• Tennis court(s)
• Lake	• Playground

ADDITIONAL PHOTOS

Front	Master Bedroom 1
kitchen	Living Room
Dining Room	Lower Level

Contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 23, 2009, 9:23am PDT

We're never too busy for your referrals!

BEAUTIFUL HOME IN WOODBRIDGE FOR SALE

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Wed, 08 Jul 2009 12:38:00 -0500

Stacy Magid | Coldwell Banker Elite | 703-599-5337

13445 PRINCEDALE DR, Woodbridge, VA

GORGEOUS HOME ON FENCED LOT

4BR/3BA Single Family House

offered at $172,500

Year Built	1987
Sq Footage	1,867
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	1 Car garage
Lot Size	9,918 sqft
HOA/Maint	$0 per month

DESCRIPTION

ABSOLUTELY GORGEOUS HOME ON FENCED LOT. LARGE DECK FOR ENTERTAINING. FAMILY ROOM WITH FIREPLACE. HOME HAS BEEN RECENTLY REMODELED WITH UPGRADED TILED BATHS, HARDWOOD FLOORS, NEW APPLIANCES. MASTER WITH JETTED TUB. YOU WON'T BE DISAPPOINTED. SOLD AS-IS.

ALL BUYERS MUST HAVE A BANK OF AMERICA LENDER LETTER. PLEASE CONTACT PEG NARA 301-606-8679 FOR A PRE-APPROVAL.,

see additional photos below

PROPERTY FEATURES

• Central A/C	• Central heat	• Fireplace
• High/Vaulted ceiling	• Hardwood floor	• Tile floor
• Family room	• Living room	• Breakfast nook
• Dishwasher	• Refrigerator	• Stove/Oven
• Microwave	• Washer	• Dryer
• Laundry area - inside	• Balcony, Deck, or Patio	• Yard
• Jacuzzi/Whirlpool

ADDITIONAL PHOTOS

FRONT	FAMILY ROOM WITH FP
KITCHEN	LIVING ROOM
DECK	FENCED YARD

Contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 8, 2009, 9:47am PDT

We're never too busy for your referrals!

BEAUTIFUL HOME IN DUNBARTON (55+ ACTIVE ADULT COMMUNITY)

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 19 Feb 2009 20:32:06 -0600

Stacy Magid | Coldwell Banker Elite | 703-599-5337

13179 ORMOND DR, Bristow, VA

GORGEOUS HOME IN DUNBARTON- 55+ ACTIVE ADULT

4BR/3.5BA Single Family House

offered at $264,900

Year Built	2005
Sq Footage	3,204
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	0 sqft
HOA/Maint	$245 per month

DESCRIPTION

SELLER TO PROVIDE 6 MONTHS FREE HOA. ACTIVE ADULT GATED COMMUNITY 55 & OLDER. ENJOY THE BEAUTY OF THE 2 SIDED FIREPLACE, LARGE FAMILY ROOM AND SUNROOM. BEAUTIFUL HARDWOOD FLOORS AND A 1ST FLOOR BEDROOM WITH BATH. THE COMMUNITY OFFERS A FITNESS CENTER, INDOOR POOL, CLUBHOUSE, WALKING AND BIKING TRAILS, ONSITE RETAIL AND MANY OTHER GREAT AMENITIES. PROPERTY SOLD AS-IS.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Bonus/Rec room	Dining room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Clubhouse	Fitness center	Swimming pool(s)
Sauna/Spa	Tennis court(s)	Gated property
Secured entry

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 19, 2009, 10:47am PST

We're never too busy for your referrals!

BEAUTIFUL HOME WITH HARDWOOD FLOORS

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Mon, 01 Dec 2008 20:23:26 -0600

Stacy Magid | Coldwell Banker Elite | 703-599-5337

13121 PLATOON DR, Spotsylvania, VA

GORGEOUS HOME WITH HARDWOOD FLOORS

3BR/3BA Single Family House

offered at $220,000

Year Built	2006
Sq Footage	2,500
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	.4 acres
HOA/Maint	$0 per month

DESCRIPTION

THIS BEAUTIFUL HOME HAS HARDWOOD FLOORS, GREAT KITCHEN WITH A LARGE AMOUNT OF CABINETS, A DECK OVERLOOKING THE FENCED BACKYARD AND OVERSIZED 2 CAR GARAGE. 2 ROOMS IN THE BASEMENT CAN BE USED AS BEDROOMS- NO CLOSET. NOT YOUR TYPICAL SHORT SALE, MILITARY ORDERS ARE REQUIRING THIS FAMILY TO MOVE. ALREADY WORKING WITH BANK. ALL WE NEED IS AN OFFER!!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Microwave
Attic	Basement	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking	Clubhouse	Swimming pool(s)
Tennis court(s)	Lake	Playground

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Dec 1, 2008, 6:25pm PST

We're never too busy for your referrals!

Immaculate Home with Woodbridge with Beautiful Hardwood Floors

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 03 Jul 2008 15:28:49 -0500

Stacy Magid | Coldwell Banker Elite | 703-599-5337

4001 Forge Dr, Woodbridge, VA

Immaculate Home in Woodbridge

5BR/2BA Single Family House

offered at $194,740

Year Built	1974
Sq Footage	1,749
Bedrooms	5
Bathrooms	2 full, 0 partial
Floors	2
Parking	2 Uncovered spaces
Lot Size	10,933 sqft
HOA/Maint	$0 per month

DESCRIPTION

Beautiful home with hardwood floors and upgraded kitchen with granite counters. It's so inviting. Sit by the wood burning fireplace and relax. There are fruit trees, a fenced yard and a large deck. The community center and pool is around the corner. Make us an offer today!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Hardwood floor	Family room	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Stainless steel appliances
Attic	Basement	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

COMMUNITY FEATURES

Swimming pool(s)

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 3, 2008, 11:12am PDT

We're never too busy for your referrals!

Great 3 Level Townhome with Hardwood Floors and New Carpet

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 03 Jul 2008 15:11:41 -0500

Stacy Magid | Coldwell Banker Elite | 703-599-5337

3072 Metheny Pl, Dumfries, VA

Great home with Hardwood Floors

4BR/3.5BA Townhouse

offered at $209,900

Year Built	1991
Sq Footage	2,038
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	3
Parking	2 Uncovered spaces
Lot Size	1,759 sqft
HOA/Maint	$76 per month

DESCRIPTION

Beautiful 3 Level bank owned home. Sold As-Is. Beautiful hardwood floors in dining room and living room. Two sided fireplace. Kitchen completely redone with stainless steel appliances. Deck for entertaining. Finished Basement w/Rec room, Full Bath and large laundry room. Commission is paid on sales price less any concessions. Make Us an Offer Today!!!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Hardwood floor	Family room
Living room	Dining room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Stainless steel appliances	Attic
Basement	Washer	Dryer
Laundry area - inside	Balcony, Deck, or Patio

COMMUNITY FEATURES

Swimming pool(s)

Tennis court(s)

Playground

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 3, 2008, 11:03am PDT

We're never too busy for your referrals!

AMAZING PRICE FOR THIS SINGLE FAMILY HOME

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Thu, 12 Jun 2008 09:49:17 -0500

Stacy Magid | Coldwell Banker Elite | smagid@coldwellbankerelite.com | 703-599-5337

4710 Kilbane Rd, Woodbridge, VA

FANTASTIC UPDATED BANK OWNED HOME ON 1/4 ACRE WITH FENCED BACK YARD, SHED AND DECK. SOLD AS-IS BUT SHOWS WELL. NEW HARDWOOD FLOORS ON MAIN LEVEL AND

4BR/2.5BA Single Family House

offered at $159,900

Year Built	1971
Sq Footage	1,847
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	None
Lot Size	9,809 sqft
HOA/Maint	$0 per month

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Hardwood floor	Family room	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Attic	Basement
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

smagid@coldwellbankerelite.com

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 11, 2008, 4:57pm PDT

We're never too busy for your referrals!

STAFFORD TOWNHOME AT A FABULOUS PRICE

Stacy Magid, Prince William County Real Estate (Century 21 New Millennium) — Fri, 02 May 2008 11:12:55 -0500

Stacy Magid | Coldwell Banker Elite | 703-599-5337

124 Austin Run Blvd, Stafford, VA

GREAT BANK OWNED HOME FOR A FABULOUS PRICE

3 Bdrm Townhouse

offered at $140,000

Year Built	1980
Sq Footage	1,780
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	3
Parking	2 Uncovered spaces
Lot Size	1,655 sqft
HOA/Maint	$25 per month

DESCRIPTION

BANK OWNED!!! 3 level townhome with finished basement with walk-out and Deck. Newer appliances, newer kitchen cabinets, newly renovated bathrooms and newer carpet. This home is ready to move in!!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Family room	Living room	Office/Den
Dining room	Dishwasher	Refrigerator
Stove/Oven	Basement	Washer
Dryer	Laundry area - inside

ADDITIONAL PHOTOS

Seller contact info:

Stacy Magid

Coldwell Banker Elite

703-599-5337

For sale by agent/broker

Equal Opportunity Housing

Posted: May 2, 2008, 7:00am PDT

We're never too busy for your referrals!