Lake Ridge Virginia Real Estate Help For Sellers and Buyers

The local real estate market has picked up to a pace we haven't seen since early 2003.

Showings are up dramatically on our listings, my friends in the new homes arena are reporting amazing traffic and across Prince William and Northern Virginia inventory is low. So it appears spring market has arrived early this year.

Breaking News---the home located at 12280 Tilney Ct, Lake Ridge Virginia went under contract is 10 Days!

Listed for $845,000. 

For more information on this home or to search the local MLS Listings Click Here

Do you need to sell your home?

I truly believe Marketing Matters!

If you are a home buyer searching for a realtively new home, that is ready to move in turn the key ready, start your engines. We have a new listing coming on the market this morning priced at $489,900. The home is a Stanley Martin but Briley Model with luxury bath, four bedrooms, three finished.

Lockbox will be on this afternoon.

Home is located at

16409 Chattanooga Ln, Woodbridge VA, 22191

Just Listed- Lockbox goes on this morning.

End Unit Townhouse with full fenced back yard in parklike setting.

Home is being offered by Short Sale, two loans.

Interior needs an entire face lift to bring it into 2012. This is a great investor opportunity.

Showings only between 9-5 pm Monday through Friday -NO EXCEPTIONS.

Address: 14329 North Park Ct, Dale City Virginia 22193.

List Price $125,000

If you have an iPhone or an iPad and you are looking for a home in the Northern Virginia or Prince William County Virginia area...we have an APP for that.

So imagine this, you've decided to take a drive and just go through neighborhoods you like. If you upload our FREE app, you can then just push the GPS icon in the bottom left corner of the APP,  and in seconds the house you are in front of, appears in full color with the price, the interior photos and everything the listing agent has posted about that sellers home.

No kidding! It's that easy.....

"This home finder APP is a real time saver for anyone who is looking for a home, or even if you just want to know what homes are selling for in your neighborhood."

How do you get it? It's easy.  Watch this video tutorial I did to show you how it works!

Finally it's SOLD!  I have been  assisting a family in the Westridge Subdivision with the sale of their home. The sellers called me after they had watched Erick and Company recently list and sell two homes in the acreage section off Tilney Ct . Both Tilney Ct sellers had tried sell and failed, prior to hiring  Erick and Company .

What makes this listing different is , the homeonwers were upside down.The challenge was they had two loans. Bank of America is the first loan and USAA is the junior lien holder ( aka-the second trust mortgage) As luck would have it, the sellers were eligible for the HAFA Program. This is a huge advantage for the seller  since Bank of America participates in the HAFA program and if the homeowner qualifies, Bank of America automatically waive any rights to a deficiency. It is important to request the HAFA package asap.

We listed the home and as luck would have it, the home received two offers within 20 days. A cash offer for $350,000 from an investor group ( don't get me started this is a great topic for another blog post) that the seller quickly rejected. And a very reasonable offer from a VA Buyer which the seller negotiated and finally accepted. This process may have been quicker if we could have submitted the HAFA Package prior to listing. We did not have any problems with value, since I make sure the home is listed at market value regardless if it is a short sale or not. It is my duty to get the seller as much as I can for their home and to do my part to protect neighborhood home values.

As we entered the eighth month, everyone nerves were beginnng to fraye. This short sale is proof Bank of America, still has major kinks in the short sale process. Bank of America has outsourced the HAFA approval process to UTLS. So not only did we have to get the short sale request approved through Bank of America we had to  wait for Bank of America to get the HAFA approval from UTLS.  Then we needed to get the lender in second positions ( USAA)  to agree to the short sale as well.

Over the summer months the sellers received approval for the HAFA program and received notice they would  receive a $3000 moving incentive.  Now all we had to do was wait for Bank of America and USAA to grant the short sale approval request and issue the seller their short sale approval letter. Finally in November it happened we had both shorrt sale letters in hand! Everyone was thrilled!  The buyers, the sellers, the buyers loan officer, the title company, the home inspector, the buyers agent and myself finally were able to exhale.

Settlement was scheduled for Thanksgiving Week. The buyer loan was locked and all contract contingencies were removed according to the terms set forth in the contract.  Both moves were set up and utilites were transfered, everything was going according to plan.

Then a BOMB WENT OFF! 

What happened? 

Bank of America rejected the final Hud-1 in the last hour!  Bank of America/HAFA will only allow $6000 to be paid to the Junior Lein holder (USAA) and USAA wanted over $13,000. Sellers were willing to pay, but Bank of America would not allow the Junior Lien holder to get anymore than $6000 period. The seller had to wire voluntarily the addition money between $6000 and the $13,200 to USAA. Unfortuntely, the USAA decision maker was on leave during the Thanksgiving Holiday week.  No one else in USAA could or would take responsibility of simply crediting the seller's loan balance and drafting the revised short sale letter to reflect the payment the seller made to allow everyone to settle on November 23rd. No one would answer until the following Monday.Worse, Bank of America's short sale approval letter was scheduled to expire on November 25th, 2011.  The title company  requested  Bank of America extend the short sale approval letter the very day they rejected the Hud-1, because we were coming up on the Thanksgiving Weekend. The response was...that can take up to ten days to complete that task. "Seriously? Are you kidding me? What are the buyers and sellers to do? What about the lock-in. No one at the bank seemed to care. No One...it will get done when it gets done. No one seems to care about the human toll of their lack of action!

A week passes, and no response to the calls to Bank of America. Trying to unturn every stone, I decide to Tweet the Bank of America Help Team on Twitter. I was pleasantly surprised to get a response quickly. In fact, "I am thrilled to say that the Bank of America Twitter Help Team was able to get a supervisor to call and expidite our transaction." Fast forward a week......

Great news for all! We  went to Settlement Today! Bank of America forwarded the revised short sale letter last week and so did USAA! Whew, that was a tough one.

Note: Not all short sale transactions are as challenging. I have helped homeowners short sell from start to finish in 90 days. However, Bank of America short sales always make me the listing agent feel like I must defend my reputation as a good listing agent.

Erick and Company has a wonderful track record to get homeowners under contract and settled quickly. Review our RESULTS here.  Typically when we list a home for sale and the home goes under contract, the process is very straight forward. Follow the terms of the contract, remove the contingencies, negotiate and head to settlement.  As you can see...buying or selling a short sale takes a great deal of patience for all involved.

           If you need help selling your home by short sale, call me...I can help. 703-851-3085.

Well if you live in Northern Virginia, you can see this amazing holiday light show in person. Just load up the car and head to Collingwood Rd, in Alexandria Virginia. 

It's time to break down the numbers. As a full time real estate professional, I have access to all the data anyone could ask for with regard to the real estate market condition, recent sales and activity. So I thought I would share what's really happening in the local Lake Ridge, Virginia area more precisely the 22192 zip code area.

Stats are an important part of buying a home and selling a home. For example when I come to list your home I want to give you the seller a realistic view of "what's happening not only in your subdivision but the overall zip code area." This will help you understand the big picture. For example if you have a luxury home and you want to price it at $810,000, my recommendation based on the data would be "are you sure? If so you must be willing to sit on the market for quite some time! The numbers don't lie!"  Starting with a higher price can be the one thing that keeps your home on the market for months versus proudly displaying a SOLD sign within a few weeks. Notice between the $500,000 and $800,000 price range only seven homeowners closed on their homes in June 2001! Yet their are more than 35 active homeowners in that price range trying to sell. Competition is steep!

So what do the stats tell us. Alot! If you look at the single family homes in 22192 priced in the $300- $399 price range, the active inventory heading into July was 26 homes. So that is less than a two months supply of homes on the market. If this keeps up sellers will be paying less closing costs for home buyers and standing on their price. Note: for those sellers whom are motivated... offering closing cost assistance to first time home-buyers is always a good idea!

So fast forward to August 10th, 2011. You may ask "what's happening right now in the local Lake Ridge Virginia real estate market."

Well today in the 22192 Zip Code area their are 82 Detached Homes For Sale. Take a look right here

• 17 detached homes are priced under $300,000! (Brisk Price Point- 13 Under Contract -Pending Settlement!)
• 22 detached homes are priced between $300,000 and $400,000 ( Brisk Price Point-20 -Under Contract!)
• 24 detached homes are priced between $400,000 and $500,000 ( Brisk Price Point-14-Under Contract!)
•  7 detached homes are priced between $500,000 and $600,000 ( 3 - Under Contract) 
•  6 detached homes are priced between $600,000 and 1 Million Dollars ( 3 -Under Contract!)
•  6 detached homes are priced between 1 Million and 2 Million Dollars. ( None- Under Contract...)

So in a nutshell. If you own a single family home in the $300,000 to $500,000 price range and you are thinking of selling...your timing is great. If you are a prospective buyer and you are looking for a single family home in Lake Ridge priced between $300,000 and $500,000 be prepared to put your best foot forward, get pre-approved before we submit your offer and be prepared you might have some competition!

Curious what your home might sell for? Find Out Right Now Start Here 

                                           Have a question? Let's talk contact me by email  or call 703-851-3085.

Contact Peggy James or Erick Blackwelder  of Erick and Company  ofExit 1st Choice Realty, WoodbridgeVA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252(Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's.

I was working with a relocating buyer the other day. He's been here awhile and his family has just arrived in the area, so now it is time to seriously pick out a place to live. As I was driving to the next home, I asked the husband what has been the worst part of the relocation so far.

He said- "Traffic...learning how to get to and from work!"

He further explained, after driving by myself, taking the bus from the place where I am staying in Lake Ridge Virginia, and trying the VRE I learned about Slugging. So I decided to try it one morning. That is an awesome system!" Peggy, it is like  legal hitch hiking!"

Why was he so excited?  Because Slugging is FREE!

Imagine that, in the Nations Capitol and surrounding sub-burbs you can stand at a local commuter lot and jump in a strangers car and get a Free ride to work everyday, to and from.

This is one of the best video's I've seen that lets you the commuter see and experience exactly what Slugging is and how you do it. Presented by CNN and Money Magazine watch now 

Now below is Erick Blackwelder my real estate partner (as well as my brother-in-law) who shares with you information about traffic, and just confirms that if your friends have told you that the traffic in the DC Area is horrible, and that commuting is awful..."that you have honest friends!"

• Map of local Slug Line Locations around the Beltway View Here
• The Slugging Message Board View Here
• To view more real estate tips from Erick and Peggy visit Erick and Company on YouTube-View Here

"We Know Woodbridge Virginia and surrounding area's! Do You Need Help?"  

                      Have a question? Let's talk contact me by email  or call 703-851-3085.

Contact Peggy James or Erick Blackwelder  of Erick and Company  ofExit 1st Choice Realty, WoodbridgeVA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252(Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's.

This week I am starting a blog series called This Weeks Caller. Everyday, I get calls from home buyers and sellers who have questions about the market. Over the past month, I have featured one call a week on the front of our website in the yellow box called This Weeks Caller.

These are some of the calls, questions I answered this week:

#1.-I would like to see a Foreclosure Home. It is Vacant. Can't you just give me the code?

My answer to this one is absolutely NO.The caller said but my other REALTOR® ( friend of the family who I hate...just gave us the code to get in) I said well not this REALTOR®.  If you would like to see a home for sale, I will be more than happy to show it to you. Please forward your pre-approval letter to me, and then we can set up a time.

#2- Is there a way to buy a home with a low down payment and avoid PMI?

You might be surprised to know the answer is yes! ACACIA Federal Savingsis offering a five percent down loan with no PMI read more here

#3.  Will the landlord of 11166 Alendale Ctwait until my lease ends  at the end of August ?

11166 Alendale Ct  off Davis Ford Rd, in Manassas is now Vacant and Ready for new tenants. The home was listed at $2400 a month and has just been reduced to $2200. I will check with the landlord however what you are asking them to do is SUCK up two months of mortgage payments waiting for your lease to end. I will let you know what they say.

#4. Peggy, your name was given to me by the owners of 3388 Vineland Place. Can you help me?

My answer was of course we can. Thank you for calling. Can you do me a favor, just fill out this formso I can better serve you. In less than a few days, that caller has now talked with a loan officer, and has received information on the  value of their current home and is looking forward to purchasing a move up home.

#5. Peggy, why do you use those Ugly Yellow Signs on the weekends?

This call was from the homeowners who's home I have just listed. I mistakenly forgot to share with her why I use the Ugly Yellow corrugated directional signs on weekends to bring attention to her home. She called all upset saying she pulled them all up. Read what my answer was

#6. Hi, Can You Give Me The Number For the HOA in Princeton Woods.

It was from another local REALTOR®who was frustrated trying to find the management company for a community. The good news is I had the answer. I directed here to the PWAR HOA Database

           Have a question? Let's talk contact me by email  or call 703-851-3085.

Contact Peggy James or Erick Blackwelder  of Erick and Company  of Exit 1st Choice Realty, 14029 Crossing Place,Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252(Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's

Brisk Rental Market, Positive Cash Flow, Less Than 30 Days To Rent Your Lake Ridge Virginia Home...

This is the message I have been able to give several townhome owners in the past month.

The rental market in the Lake Ridge Virginia area is quiet brisk. Many landlords are able to command a rental payment greater than their mortgage payment. People are seeking long term leases for two to three   years.

Have you been dreaming of buying a larger home? Have you ever thought about renting your home?
It might be worth exploring the possibilities.

• The BRAC has brought an influx of people to the area.
• Many of these folks own homes eslewhere they cannot sell
• This is the driving force in today's brisk rental market
• How much can you rent your townhome for? Call me, let's talk....

Here are the current rental statistics for Lake Ridge Townhomes. 

                        Please don't hesitate to contact me by email  or call 703-851-3085.

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252(Office).Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's

When searching for a local Realtor, many buyers and sellers are turning to the Internet to check out the differences between Realtors.

Why? 

Because the last thing you want to do is work with someone who doesn't know the neighborhoods and who doesn't know the real estate market conditions. 

Who is a good Realtor for  you?  That depends. You need a Realtor who will work the way you need:

For example I am a full time Realtor. I like you the home buyers to ride in the car with me. So we can discuss different options available to you. It helps me understand what you are looking for, what kind of lot you like, what appeals to you when we drive through the different neighborhoods. I learn quickly what you do and do not like. Keep in mind,I am plugged into the Multiple Listing Service practically 24/7. If something new enters the Woodbridge, Lake Ridge or Manassas Virginiareal estate market, chances are good, I know right where that house is, what the neighborhood is like and how long the commute is and  I will be able to address many of your answers. If I can't I will find the answer.

When it comes to selling your home. It is always best to align yourself with a local Realtor who knows whats happening to the local inventory, who knows the difference between a track home, a custom home, a planned subdivision and acreage lots. Someone who knows how to coordinate the terms you need whether you are moving across town, buying a move-up home or moving to across country. When I come to your home to take a look at what you have to sell.  I come with my computer, and can show you all the homes that have recently SOLD or that are listed for sale in your neighborhood. You get to see, exactly what the real estate market conditions are like right now. Together we look at all of your options on how best to proceed.

So if you need a good Realtor who works hard for you. Just Google Peggy James in Woodbridge Virginia. Take a look at my successes. Read the reviews of others, then you can decide if I am the right Realtor for you.

 Another way to find a good Realtor in the Lake Ridge, Woodbridge, ManassasVirginia area is to ask you favorite local lender. Loan officers who pre-approve you for a home loan know lots of Realtors they like to work with. Realtors they know that take care of their clients. For example Markita Aldridge Woods of Westridge surprised me when she wrote this blog post I Know,Like and Trust Peggy James of Exit Realty. Gosh....that was nice.

Ok, lets talk traffic. I received a call from a relocating buyer just the other day and the person said they are willing to commute from Stafford to Washington DC daily. They prefer to drive their own car. Rather than just having a Realtor share the realities with them, I thought I would ask all of you.

What advice do you have for people who will be commuting to?

• Stafford Virginia to DC?
• Lake Ridge Virginia to the District of Columbia?
• Manassas Virginia to DC?
• What are all of  you experiencing with getting to Fort Belvoir Virginia?

Let's help these folks out and help them make the right decision for them.

Comment below please....

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).Give us a call and wecan "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's .