Lake Ridge VA Real Estate News

This has been on my mind for awhile and I want to talk to homeowners who are thinking of selling their homes by short sale. Folks, as your Realtor it is my job to get you the best price the market will allow. That goes for any home I list, not just homeowners who have equity.

Selling your home by short sale is no different that selling your home the traditional way. You must put your best food forward, take care of your home the best you can and hire a Realtor who will market your home, and get you the best price any other seller could expect to have.  What I expect every seller to do is keep the utilities on, and remain in the home until we are able to secure short sale approval. It is your responsibility to keep your home in good repair as best as possible. It is still your home until it goes to settlement and it is your responsibility.

Don't sell yourselves short just because you cannot afford your mortgage! That is crazy!!!!

Beware of anyone who suggests you list your home really low and says "We only need one contract to send to the bank!" The price really doesn't matter the bank will decide how much the house is worth!

Say What?

I have had several inquires from distressed homeowners who are asking questions. People who and who are exploring what and how a short sale is done.  I keep hearing that they were told just to sell it under market to get a quick sale that they only need one offer to start the process!

Yes, a seller only needs one offer, however you want it to be a Fair Market Value

"My take on this is, it serves no one when a homeowner lists their home for a ridiculously low price just to get the short sale process started. In my opinion this is extremely bad advice."

Let's say you did that. You acceped an offer, sent it to the bank, and then months later after everyone has been anticipating short sale approval the bank responds and says we need to sell the home for tens of thousands more or we just foreclose. Everyone looses in that situation. Not only you, but your neighbors, the buyer and the buyers agent, the title company, the loan officer and everyone who worked so hard  for months trying to get your home to settlement.The only person who could possibly benefit is your listing agent who has been getting all those phone calls from buyers who are bottom fishing for a good deal. 

Here is important fact. Anyone can sell a home under market! It is always best to list your home with someone who knows the area well, knows the fair market value in your community and who has a track record of getting short sale homes to the closing table. 

Think about it this way. 

Let's assume your home value wasn't upside down.  The Realtor determines that if you sell your home for Fair Market Value or just a tad below, you would realize a $100,000 profit at settlement.  You would be thrilled. Right? Now just imagine how you would would feel if that Realtor said to you, I think you should just list it for $50,000 under market just to get a quick sale, because it really doesn't matter. My guess is your response to that idea, would be to kick that Realtor to curb so fast it would make their head spin!

There is a better way, and one that you can still hold your head high when you sell.

           Do You Have Questions?  You Can Reach me direct at 703-851-3085 or  contact me by email . 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's. 

More and more these days in the Prince William County Virginia area, many homes that are truly gorgeous and renovated are not available to the first time buyer who is preapproved for an FHA Loan.

Everyday, I work with buyers who call all excited when they see a home in their price range that is perfect for them based on the photo's that they are seeing.

Then I have to drop the bombshell when they ask."Peggy, What Does NO FHA LOANS due to FHA Seasoning Mean In The Comments?"

Well, that seller cannot accept an FHA Loan. The only way you can buy that home would be to use Conventional Financing. That means you would need an additional one and half percent down payment to equal the minimum five percent down payment rule on Conventional Loans.

So let's say it was a $225,000 house x Five percent down payment= $11,250.

However FHA only requires a three and half percent down payment which = $7850.

That means you the buyer would need an additional $3400. to go to settlement.

The next question is always. Why?

Simply put. FHA has extended a ruling that allows investors who buy a foreclosed home to be able to FLIP them after the home has seasoned 90 days. This ruling is in effect until May 2010. So what that means is a person can buy a FORECLOSED HOME only, and renovate it and flip it at a higher cost. This program is in place to help revitalize neighborhoods across America and it's working. Most of these flips are stunning as seen in some of the photo's above. Now is it fair than an investor can buy a foreclosed home for cheap and fix it up and make tens of thousands of dollars in a few months? Yes...because they take the risk and they have the ability to qualify and have the vision needed to transform ugly homes into showplaces!

The good news is the these homes are MOVE-IN Ready and will require almost nothing except paint and your personal touch to make them home.

So what do you do as a Buyer to insure you can buy one of these homes:

1. Make sure your Buyers Agent know the rules and checks out everything about this home so you do not get caught up in a contract where you cannot perform.
2. Talk with your Loan Officer to see if you can qualify for a Conventional Home Loan
3. In today's market the more flexible a buyer you are, the more opportunities you will have. 
4. Do you need help finding a home?
5. Find out now what kind of home loan you qualify for GET STARTED HERE

 contact me by email 

              Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 
      
                
                
        

Take a look at the map below. Run your mouse over the streets or area's you are curious about. You can move the map east,west, south or north. You can also change the search criteria and you can save the homes you like or set up a search for your new home. Try it!

Whether you are looking to buy or sell, I can help!

When Results Count-Count On Erick and Company

                                              Call Peggy James today at 703-851-3085

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

The other day, I was assisting a military family who just arrived from Hawaii to Virginia.They wanted to buy a home and move in quickly since they have three children, two cats and a dog. They felt sure when arriving in town, they could easily find a home and move in within 20/30 days. Imagine their shock when I had to share with them that buying a home and moving in, in a few weeks was going to be a tall order! "There were stunned to learn that the Woodbridge Virginia area they left a few years ago with excess inventory and sellers begging to sell their homes has turned into a raging Sellers Market and it's totally different now."

Not to worry that's what Realtors do, we help you figure out all of your options. 

First I took them to see several foreclosed homes, approved short sales and I had a list of  and in your budget then a foreclosure or short sale may be good options. However if you are the kind of person who does not like stress and drama and the unknown...choose a new home and have it built! It's just like the old Burger King commericals. You get it your way!

After looking at all their options. This relocating family decided on the sure thing. They purchased a new home at Ryan Homes. So now the family can head off to New York, Dad can go to work and I will be checking on the progress and sending reports until the home is ready in late October or November.Now the kids  can enjoy the summer go visit with family in New York, dream, and plan and focus on getting things lined up for when they move into their new home in fall.

.                                         What kind of home are you searching for?

Chances are we know if you are looking quick delivery homes we know where they are and we can save you time and energy. Note: Erick Blackwelder and I both worked new homes prior to becoming full time Realtors. We know all the pitfalls and the phases a home must go through until it yours. Call the office 703-590-2252  or contact me by email and tell me what your searching for, chances are we know where it is or we can set you up on an alert system that will alert you when your dream home comes on the market! This is a Free Home Finder Service we offer our clients.  

Did you know we scrub the MLS Database Weekly for Foreclosure Homes? GET INSTANT ACCESS.  

Would you like to search for homes in your price range right now in the Woodbridge, Lake Ridge, Manassas Virginia area? Just follow this link   ---   SEARCH WOODBRIDGE AREA HOMES NOW.

      Do You  Have Questions About Real Estate?  

Call Peggy James today at 703-851-3085

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

That's a great question Greg, thanks for asking?  Let me share with you what I explained to Greg.

Traditionally the summer months are very slow. However this real estate market isn't like any market we've ever experienced.

In fact Chris Gordon of Channel 4 News called the other day,asking the same question, the media was working on a story, wanting to know if as a Realtor in the field, I'm seeing a shift or a change. I explained"you bet we are! The market has been trying to kick start for a few months now." So what do I think is the uunderlying reason homes are selling so fast?"

• The $8000 tax credit ends in less than 5 months!
• Interest rates have started to creep up and that changes a buyers Buying Power
• Less foreclosures are entering the market
• Buyers have become more realistic about putting in offers on Short Sale homes ( and are now willing to be patient)

Currently if you looking a home priced under $500,000 in Prince William County chances are very good you will be amoung many competing for the same home. Gone are the days when you would see a home on line, call a Realtor, go look at the house, wait a few days to "think about it" and then write a contract. If a buyer attempts that in today's market you will be a day late and a $ short every time.  I wish I had better news especially if you've been sitting waiting to buy. As a Realtors it is ourmake the market, it's is our job to coach you on your options, and help you find a home that will meet your wants,needs and desires within your budget

Call me or email me and all of us at Erick and Company will help you get the home you've been dreaming of. Remember, you have until November 30th, 2009 to qualify for the $8000 Home Buyer Credit. What are you waiting for time is running out.

If you are a homeowner, now is a great time to think about selling. Actually if you do not have to rely on a bank for short sale approval, you may find yourself in a very good situation. Give me a call and let's see what's possible. I think you might be surprised at your options!

Call Peggy James today at 703-851-3085

or contact me by email 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

                                                      Bank Owned Home Ready Is Waiting For You      

                                                                       Offered at  $329,000

              CALL US TODAY IF YOU WOULD LIKE TO SEE THIS HOME. IT'S IN MOVE-IN CONDITION

                                                                                    703-590-2252

Are you curious about market conditions in our area, where is it going, what's happening?Take a look at the most recent statistic's and market news reports from the NVAR ( Northern Virginia Association of Realtors) Read May Reports and Market Reports.

                                                  Erick and Company 

               Has Listed This Short Sale In Woodbridge VA
                             

Click here to view MLS Listing 

To Learn More about this home and the area Read More Here 

As of 6/17/09  The backup offer withdrew! We are now excepting a backup offer on this beautiful home.

List Price is $320,000 

*******************************************************

Chevy Chase Mortgage (1st Trust) 

Suntrust Mortgage (2nd Trust)

If you would like to submit an offer on this home contact me or contact your Buyers Agent. We will need the following to present to the seller. 

• Note-the process can take as long as 60 days or longer for answer, this is a two loan short sale.
• We will need a signed Contract with Lender Letter and Earnest Money Deposit.
• This home is being sold "AS IS" please use the Short Sale Contingency Addendum.     
• Seller prefers RGS Title -Lake Ridge Office to be used ( they have the file already) 

Homeowners: if you think you need to sell your home by short sale, please don't hesitate to call. Erick and Company has systems and staff to get help you deal with your bank.

Wow...I received my Exit Success Card in the mail this week!  I couldn't help myself, I started hitting the Staples Button that sits on the edge of desk.

That Was Easy!

What is an Exit Success Card? Well, Exit Realty calls it mailbox money, however if you live in a high cost area like the Northern Virginia area, it's a lot more than mailbox money. It's mortgage money and car payments and money for my retirement account!

As an Exit Realty Agent when you invite/introduce another agent to Exit  Realty and they join, you will receive an Exit Success Card.( that is of course if they mention your name) the Exit Success card is a Pay Card! Every time your sponsored agent closes a real estate transaction, Exit Corporate deposits 10% of the gross commission dollars collected onto your Exit Card.

Yup...you read that right!

In our area, let's just take the average sale of $250,000.Imagine a $250,000 Sale with a three percent commission. That's $7,500 Gross. Well Exit Corporate calculates 10% of that and makes a $750.00 deposit onto your Exit Success Card. This happens for each agent you sponsor and you can earn up to $10,000 per year- per agent!  Depending on who follows you to Exit, you could have a significant cash infusion very soon..on your Success Card.

Well I don't know about you, however that extra cash can help me grow my real estate career and help  balance the ups and downs of commissioned income.

I wish I had known about Exit when I started real estate, I'd be retired by now.  "In my opinion Exit Realty is the best real estate company I've ever seen." Speaking of retirement, guess what? Exit continues to send you money after you retire ( as long as your sponsors are still producing) The deposits are reduced to 7% of the gross commission, however when your traveling about or visiting with family, money still comes in. And if you die....well your family member is still cared for.  Yes we can name a beneficiary and that person will continue to receive your sponsored agents bonus money. The payments are reduced to 5% of the gross commission but isn't nice to know that money still flows in to your loved one! To me that is huge.

How much retirement income can you expect to receive from you current broker?

Do you have questions? Just call me I will be happy to share why I like the Exit family. Want to learn more.. Listen to Steve Morris founder of Exit Realty explain how everything works.

If this post leads you to seek the financial security for your family, will you help me help mine? Call me so I can put you in touch with a local Exit Broker in your area or when you interview please share with them you read this post and it was Peggy James of Exit 1st Choice Realtyin Woodbridge Virginia 22192 who opened your eyes to Exit Realty. Don't hesitate to call with questions.703-851-3085

Short Sales with Saxon Mortgage has proven to be extremely challenging over the past seven months. My file is so thick and I have hundreds of calls documented. Over those months, I Googled Saxon and I've read the bad press. So,if you asked me four even two  months ago about the company I would have had a story to tell.

However, it appears changes are in the works in  Fort Worth,Texas. Because in mid March I was assigned a new Loss Specialist who works for Saxon Mortgage. He is a dream Loss Specialist. He not only answers my email, he follows up with phone calls. He's warm and friendly and knows the process from a lenders point of view. From the time I had a Short Sale Approval Letter in seven days after he was assigned the case. His email says "Global Recovery Specialist". I was a little worried when the letter came in with the wrong name on it ( because the first buyer back out of the contract) I received the revised letter one hour after I sent the request!

So Saxon Mortgage folks if you read this...THANKS!  The distressed sellers are relieved, and the purchasers are excited about home ownership and both Realtors involved know all the hard work they have put in over the months in helping two families attain in need.

Another home saved......

If you need to sell by short sale, don't be shy we are experienced.

Call me 703-851-3085

Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

What Will You Do With Your $8000 First Time Buyer Tax Credit?

First time buyers who purchased with our help last fall, who have just completed there tax returns are learning now that they are getting $7500, $8400, and more back this year. 

Eric and Meg purchased a very nice single family home with a big porch and a two car garage. They skipped town home living all together.  We found them an amazing home. They are expecting their first child and the tax credit will come in handy for all the added expenses they face this year.

Angie and Alan purchased a single family home with a large flat lot and a sun room. It's was totally refurbished and it appraised for $15,000 more than they purchased it for. They are reporting that the tax credit will help buy a new HVAC Unit for that home to help keep them all warm and cozy in their new home.

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Matt and his wife April purchased a gorgeous end unit town home. They were renting and thought they could never afford to buy. However with Prince William County home prices dipping so low, a dream became a reality! The money they are getting back is going to pay off credit card debt and to buy a little furniture for the home.

Tanya and Mike bought a town home in Lake Ridge and" they used the $7500 first time buyer tax credit to pay off credit card bills and were able to buy a used car for CASH!" They are now debt free except for the monthly mortgage payment. Prior to this they were renting and facing an increase in rent. Now they not only get the tax credit, they are homeowners here in Lake Ridge Virginia.

Britton  relocated to Reston Virginia, She purchased a large three bedroom condo and she is using the credit to buy new appliances and replace the old counters with granite counters! Way to go Britton.

Lisa a young teacher and single mom was able to secure a great starter townhome for her and her son right in the heart of Lake Ridge Virginia. It has three levels, three bedrooms and two and half baths, and a fenced yard. She can walk to the grocery store, the park, pool and playground. I ran into her the other day and she said she hasn't filed her taxes yet. She said "She's thinking of finishing off the basement in her townhome with the tax credit."

Clay and Stephanie just settled last  week, and they were going home to do their taxes. They had not filed yet and learned they could get that $8000 tax credit on this years return! The money is going to buy new fixtures, a rug and new lighting and paint for their home. They were heading to Lowes right after settlement.

Wes and Grace just settled on a gorgeous single family home in Parkway West near Manassas. They were renting in Westridge in Lake Ridge Virginia and decided to see what kind of home they could get.  Oh my they got a gorgeous two year old Stanley Martin home just off Liberia Rd. Since the home was in such great condition, I guess they can do anything they want with that money. "I'm seeing a Flat Screen above the fireplace in the family room!" I'll be calling them next week to see what the verdict is.....

I have two questions for you?

1.   Do you think the $8000 Tax Credit is working to boost our economy?
2.    What could you do with $8000 this  year?

Start Searching for you new home today

Isn't it time we handed you the keys to your new home?

Remember it doesn't cost you a penny to work with one of the Most Experienced Buyer Agents around. Both Erick Blackwelder and I would be honored to help you find your home.

Give me a call or Contact Me and lets gets started!

703-851-3085

Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's