The phone rang, it was a person relocating to the Prince William County Virginia area in a few weeks and they have been searching for a nice rental home in Lake Ridge, Woodbridge, Lorton and Dumfries Virginia area. They quickly realized nice rentals are hard to come and you need a bank loan just to pay for the first months rent, security deposit and pet deposit. The caller said, it is so expensive here. " In order to put in an application to try to rent a little single family home, the agent they talked to said they need certified checks for the application processing fee ( $50 each) then a two thousand dollar certified check for the deposit and then another certified check for $2000 if we are approved for deposit and they need another certified check for $750 pet deposit for the two dogs! "
"Peggy...that's $4750.00 to get a rental. Why would anyone do that? Isn't it less expensive for me to at least consider buying a home instead of renting?"
I answerd, well it depends on your situation and your ability to qualifiy. The caller then said, that is why I called you. I read your post about Is It Really True a VA Buyer Can Buy a Home No Money Down. Can we come talk with you. We're thinking it might be better to just try to buy. I have a VA Loan that I have never used, we have very good credit and we just need help, we don't know the area at all. Then the caller said; "What I want to know is, can I do that is less than forty five days or so. We need to be in a home before the holidays. We also want to make sure we are in Eastern Prince William County Virginia area that is close to I-95, Fort Belvoir and Quantico . My wife will be working up near the Springfield Virginia area, and I will be working at Quantico Virginia."
I'm meeting with them this weekend. However, I wanted to share this with you all.
Let me show you a Rent Versus Buy example that may help you see the big picture! The calculations below our from the Realtors MRIS Database. The example below shows what the breakdown looks like when you are renting a home for $2000 a month. Another assumption in this example is I am working with the caller who is VA Eligible and can purchase with a Zero Down Payment and I am able to negotiate most closing costs for the buyer.
How is that possible? Here's the breakdown...
Disclaimer:The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
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Just ask me peggy@erickandcompany.com
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
In a conversation with a recent customer, I found I could save them almost $400 a month vs what they have been paying in rent. Talk about a WIN-WIN.
The biggest question I ask is "how long do you plan to be in the area?" Makes a big difference.
That's a great calculator you have, Peggy. Best wishes for a productive meeting this weekend
Kathy-$400 would be a WIN/WIN for anyone's family budget. Renters just assume that it is less expensive to rent.
Cindy- You bring up a great point. If it is less than three years... some serious conversations need to take place. If they want to buy, the home the veteran selects must make a good rental if they are transferred. Chances are in the veteran is young in their career, they will be returning to the Northern Virginia a few times in their military career. In the example I gave, I forgot to mention these folks are coming here to stay. The veteran is no longer active duty and came to the Washington area for a government job. The only reason they were considering renting was they thought they could find a home, neogotiate a contract, do a home inspection, get it appraised by the time they arrive. I said... we sure can! Let's talk.
Hi Lotte- Our MLS System is great. It is called MRIS. All the tools are on the tool bar so when we are in front of the computer with a propective renter/buyer we can show them the real numbers.