Lake Ridge Virginia Real Estate Help For Sellers and Buyers

Tips For Buying or Selling a home right now in Woodbridge Virginia

Tue, 15 May 2012 03:54:07 -0700

As inventory dwindles in the Prince William County Virginia area, home buyers and sellers are left scratching their heads. Home-buyers are trying to figure out is now the time to buy? Those that go looking and hesitate on putting an offer in on a home, learn the hard wasy that the homes are selling before they make up their minds. Some home buyers are still afraid prices willl drop, or they might pay too much or that the home won't appraise.

"I've been a Realtor for over twenty five years, everyone who buys a home thinks and feels this way. Buy a home you love, that fits your wants needs and desires and you will always be happy in the end."

Homeowners who are uncomfortable with the fact homes are selling too quickly when they go on the market tend to list their homes higher. This strategy in today's real estate market typically leads to price reductions. The reasons are simple. The home buying public has data and statistic's the can access online. Home buying consumers are smart. They can tell when a home is over priced. The result...they do not cross your threshold.

Tips For Sellers:: If your agent can show you the online traffic is excellent and the marketing is working however prospective buyers are not crossing your threshold, it is price. Adjust your price and your terms until you find the magic number.

Tip for Home Buyers: If you see a home you like that has been on the market awhile, don't assume something is wrong with it. Chances are the sellers will be thrilled to hear your offer. A good buyers agent ( the agent who works for you!) will sit down with you and review all the most recent sales in the community where the home is located. A good buyers agent will help you structure an offer that will be acceptable to the seller. It might take a few counter offers, but if you are willing to go after the house you want...chances are good you will get it!

Check out some of our most recent sales in and around the Woodbridge Virginia area.

12844 Misty Lane in Old Bridge Estates- We are helping a buyer buy this home listed for $240,000
12300 Taverner Loop- County Center Single Family Home Under Contract for full price $450,000
16409 Chattanooga Lane-Powells Landing in Woodbridge Virginia -Under Contract for $475,000
13004 Emmet Ct-Lynnwood Subdivision- We found the buyer for this home- Listed for $499,985
14329 North Park Ct- Dale City Virginia just settled for $130,000 by Short Sale.
15072 Maple Glen Ct- Montclair Virginia- First time buyer get this townhome for $155,000!

Do you need help buying a home or selling your home? Call me 703-851-3085. We can help. Acutally, we need homes to sell right now!

Check out homes for sale right now in the Woodbridge Virginia area View Now

Are you curious what your home will sell for in today's real estate market. I'll be happy to send you a market snapshot. Tell me about your home Start Here

Find out what's for sale today in Woodbridge Virginia Click here

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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.

He Said..."Do you want to buy a house, or learn a lesson!"

Fri, 11 May 2012 05:24:00 -0700

The other day I was passing by Erick Blackwelder my partner and he was talking to a prospective home-buyer.

The prospective first time buyer asked " How low can we go and how much closing costs can we get on this house?"

Erick's listened attentively and asked " Well that depends. Do you want to buy a house or learn a lesson?"

Everything depends on:

how the house shows in comparison to the others you saw during your house hunt
how many homes are on the market. ( is a balanced market, sellers market or buyers market?
how is the home priced based on the comparable sold homes
the terms you hope to get ( terms: closing costs you want the seller to pay, settlement date, repairs etc..)

Erick Blackwelder and myself have been assiting homebuyers for over twenty years here in the Woodbridge, Lake Ridge, Manassas Virginia area.

We are expert negotiators and we sell more homes than most agents in the area.

Did you know it doesn't cost you a penny to have a top producing, skilled real estate working as your Buyers Agent?

If you are thinking it is time to buy a home, first things first. First you need to know how much home can you afford to buy.The best way to do that is to get pre-approved for a home loan. We have several loan officers that we trust to help your through the process VIEW HERE

Here are the next steps to take:

Come sit down with myself of Erick Blackwelder of The Erick and Company Team and let's get acquainted. If you can share with us, what you hope to find, what features you want, what would make you say "That's the house I want!" then we can start to find that home for you.
We will set you up on email alerts. What we do is add all your personal criteria into our system and then you will be notified by email from the system when any home enter the market that matches your specific criteria. Note, these are not just homes we list. No matter what company, what real estate agent or for sale by owner enters the MLS system, you will be notified. This says you all that time sitting on the computer looking at house after house getting frustrated. Consider it your personal match maker. ( This service is FREE!)
Call us when you see a house you want to look at. The one that peeked your interest enough that you think to yourself. " " I wonder if this is the house?"
You found the house! This is when we sit down with you and write an offer up. At this time we review the neighborhood data and surrounding neighborhood data to see what other similar homes sold for. We can share with you what the sellers paid in closing costs for the buyer, how long did the process take and what did that house look like compared to the one you like. Special Note: in this situation, we work as your Buyers Agent. We do not work for the sellers!
We present the offer to the Sellers Agent. Then we all wait for a response.
Negotiations Time-depending on your offer and how many offers the seller receives this process can be a few hours to a few days. This is the time when nerves are frayed. Trust me when I say, this is Erick's favorite part of being a REALTOR. He thrives on negotiations!
Counter Offer- in most cases an offer to buy a home is countered. If the sellers want to change something on the offer we presented, they will strike through a clause, an item or a date and send it back for your review. This is how we hammer out all the details of you wanting to buy the home and the sellers wanting to sell.
Ratification- this is your main GOAL. When you get the call from Erick or myself that the seller accepted your offer, we will say your contract is RATIFIED!

Do you have questions about the buying process or how to get started? Just ask us now Email now

Find out what's for sale today in Woodbridge Virginia Click here

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Home with Full In-Law Apartment Now For Sale in Lake Ridge Virginia

Thu, 10 May 2012 04:03:29 -0700

The home located at 4240 Chelson Court in Woodbridge Virginia is one of the most flexible floor-plans I have seen in a long, long time. This home comes with a in-law apartment. Actually the owners of this home had this apartment built for their Mom. They asked the contractor to help them make the home feel like a home for her, with windows and lots of open space. The result was and is today one of the best most spacious and bright in-law apartments I have ever seen in my real estate career of twenty years.

The apartment boasts a living room, breakfast room area, full kitchen, lots of closets for storage, and a window over the sink looking out the back yard. Best of all it has a sliding glass door keyed to make coming and going easy. Their is a huge bathroom with a shower with grab bars and bench seat, a big vanity, linen closet and stack washer and dryer in the apartment. This is like a little home within a home!

You be the judge. What your in-law like this apartment?

The home at 4240 Chelson Ct, in Woodbridge Virginia has one of the most flexible floorplans I have seen. Not only does it have this amazing custom designed in-law apartment, it also has a huge finished room over the garage. This awesome space has a private staircase to and from the kitchen area as well as a private bath. It has lots of windows to view all that nature has to over overlooking the parkland and stream.

If you are searching for a home that will grow with you ever changing needs, then put 4240 Chelson Ct on your list of homes to see. It will delight you at every turn.

For More Information and photos View Here

MLS# PW7784757

Find out what's for sale today in Woodbridge Virginia Click here

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Take a tour of 13000 Taverner Loop in Woodbridge Virginia priced at $450,000

Fri, 04 May 2012 01:22:51 -0700

If you are looking for a turn the key ready to move into home in Woodbridge Virginia, then the home at 13000 Taverner Loop just might be what you are looking for. Erick Blackwelder and myself have recently listed this fabulous home in the County Center area just outside of Lake Ridge Virginia.

Erick took some wonderful photo's and posted a video to help you see what $450,000 can buy you here in Woodbridge Virginia. Keep in mind this home boasts 4600 finished square feet, a two car garage, plenty of parking and the neighborhood is absolutely lovely.

13000 Tavener Loop Can Be Yours Click here to learn more http://13000tavenerloop.canbyours.com/

Via Erick Blackwelder, full time Realtor throughout Woodbridge Virginia. (Cell: 703-677-1120):

Home For Sale At County Center In Woodbridge

Lovely Home With 3 Finished Levels

Model Home Condition And Move-In Ready

Take a tour through this newly listed home on Taverner Loop in County Center.







Want to see more? Watch the video below to see all 3 levels of this lovely home.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge and Prince William County.

"Hey Erick, I have a question...."

Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st 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".

You can hire us to sell your home in Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Gainesville, Garrisonville, and Triangle.

You can hire us to help you buy a home throughout all of Prince William County Virginia. Manassas Park, Haymarket, Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, and Dale City.

Equal Housing opportunity.

Find out what's for sale today in Woodbridge Virginia Click here

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Find Waterfront and Waterview Homes in Prince William County Virginia

Tue, 01 May 2012 13:13:27 -0700

Prince William County Virginia has many options for those who love the sound, and peaceful views that a waterview and waterfront home offer. Just share with us what you are looking for an we can find it. Are you just looking for a peaceful view or a place to sink your boat in deep water? With communities such as Occoquan,Montclair, Woodbridge Triangle, Lake Ridge, Lake Jackson and Lake Manassas Virginia you have a lot of options.

To view homes for sale right now with waterviews, waterfont or water access in Prince William County Virginia CLICK HERE

Find out what's for sale today in Woodbridge Virginia Click here

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Local Lawn Equipment Repair Company Does House Calls In Prince William County Virginia

Mon, 30 Apr 2012 16:21:07 -0700

You learn something new everyday in this business and when I do I like to share it with others. This post is for all of you who live on acreage lots, or you have lots of lawn equipment. Did you know there is a lawn tractor service repair company in the Woodbridge Virginia area who makes house calls? Neither did I.

Well today, I had the pleasure of meeting Mr. Tim Davis. Mr. Davis works at Davis Lawn Tractor Repair. We had a lawn tractor that needed repair and had no way of getting it to the local lawn repair shop here in Woodbridge Virginia. Another business person in the county said " why don't you call Davis Lawn Tractor Repair ? Well, we called. Davis Lawn Tractor Repair sent Mr Davis. Imagine my surprise when he arrived and repaired our lawn tractor in less than an hour!

As you can see from the photos I took above this company comes prepared to take on any challenge. That's some workshop.

Wow... I feel like hitting the Staples Button on my desk and saying " That was easy!"

We didn't have to borrow someone's truck to bring it to the local repair shop we normally go to. We didn't have to pay for a pick up and delivery fee.

Do you need this service...you can contact them ONLINE Start Here

I went ahead and wrote a review on Yelp as well VIEW HERE

Find out what's for sale today in Woodbridge Virginia Click here

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A Sunday Morning Drive Through The Villages of Idlewild in Fredericksburg Virginia

Sun, 29 Apr 2012 12:56:44 -0700

Are you looking for a new place to call home? Maybe you are relocating to Quantico Virginia or Dahlgren.

Well then if you haven't seen The Villiages of Idelwild in Fredericksburg...then take a quiet Sunday morning drive with Patty Blackweler the Ryan Homes sales person as she highlights the community.

The Villiages is Idlewild is a well kept secret. If you didn't know where to look, you would never know it was there. So come with us as we take a drive through this outstanding community Located between Rt 3 and Rt 1 in Fredericksburg Virginia.

To learn more about the community read the post I wrote about the community called The Small Town Community Feel You've Been Looking For Click here

To see a sample of what the model looks like click here- MLS#FB7461526

Find out what's for sale today in Woodbridge Virginia Click here

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Currently The Lake Ridge Virginia area has over 43 Single Family Homes for Sale

Sat, 28 Apr 2012 05:08:05 -0700

Currently The Lake Ridge Virginia area has over 43 Single Family Homes for Sale.

If you are pre-approved for a home priced between $400,000 and $700,000 then chances are you will find what you are looking for in and around Lake Ridge Virginia.

Currently there are 43 single family homes for sale in that price range!

This home looks brand new....I currently have this one listed for $450,000. The home is huge!

The smallest homes have at least twenty one hundred square feet and many or larger and some boast as much as six thousand finished square feet. Best of all, I have seen so many that have been updated with new kitchens, and baths and even though many of the homes are over twenty years of age, I can show you homes that are move-in ready show stoppers.

I've been a local real estate agent for over twenty years specializing in the 22192 zip code area. It's where I live, work and play. Lake Ridge has been and continues to be a wonderful area for those commuting to Washington DC, Chrystal City Virginia, The Pentagon, Fort Belvoir, Quantico Virginia area's.

Why....because it has three ways out of the community. It is not land locked. We have Old Bridge Rd, Smoketown Rd and the Prince William Parkway all heading to I-95 north or south. Best of all we have rush hour commuter bus service, slug lines at the park and ride lots and a huge concentration of commuters heading to each location daily. So no matter if you choose to drive, take the bus, join a van pool or slug a ride. Getting to work is easy from the Lake Ridge Virginia area.

To view all the homes currently listed in Woodbridge Virginia right now that are Actively For Sale.. simply follow this link

Heading to Fort Belvoir Virginia? The base is approximately twelve miles from the Lake Ridge Virginia area. Check out the homes for sale near the base then decide if Lake Ridge is a good fit for you Homes for sale near Fort Belvoir VA

Heading to Quantico Marine Base? Well that is about ten miles from Lake Ridge Virginia. Check out the homes for sale in Triangle, Quantico, Dumfries and Woodbridge Virginia. VIEW HERE

***note, this post was written on April 28th, 2012. Inventory levels are up this week in Lake Ridge as more and more homeowners who plan to relocate when school gets out. This is the best inventory we have had in months! Now is the time to buy.***

Find out what's for sale today in Woodbridge Virginia Click here

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Need Stumps Ground or Tree's Trimmed? You may want to call Robert

Sat, 28 Apr 2012 04:03:33 -0700

I needed some work done around the yard, you know tree's need to trimmed and a few stumps need to be ground down. So I remember a few guys who had come through our subdivision last fall offer stump grinding services and tree trimming services. I found the card and we called them.

They were on time, did a great job and were on their way. If you are in Prince William County Virginia and you are looking for someone who has reasonable rates check around, however Robert and his son need work, and will handle the task that needs to be complete at a rate better than the competition.

So their name goes on the list of service providers that I would recommend to my real estate clients and customers.The company was called Countryside Tree Service 540-717-6168

If you believe is helping out the little guy...here's your chance.

If you are looking for a good Buyers Agent to help you find a home to buy, don't hesitate to give me a call. Have a super weekend!

Find out what's for sale today in Woodbridge Virginia Click here

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"Just Listed" 13000 Taverner Loop, Woodbridge Virginia 22192 Priced at $450,000

Wed, 25 Apr 2012 07:43:30 -0700

The owners of 13000 Taverner Loop in Woodbridge Virginia have hired The Erick and Company Team to assist them with the sale of their home MI Built home called the Charleston Model. What makes this one special is the condition, the price and the fact it has over 4600 square feet of finished living space! There are four bedrooms, three and half baths and a two car garage.

From the moment we pulled up to the home we knew this was one that you would be excited to see. If you've been looking for a like new home with high ceilings, two story foyer, hardwood floors and three finished levels then you are going to love this home. Especially if you want features like a tray ceiling in the master bedroom, a luxury master bathroom, his and her walk-in closets,not to mention a must see man cave in walkout basement. The owners of this home have spared no expense on the hardscapes around the home from the front walkway, to the brick front stoop to the stamped concrete patio surrounded by privacy bushes!

The home is located in the beautiful subdivison called Prince William County Center centerally located near the County Complex ( near Ruby Tuesday's ) off the Prince William Parkway. This is a well established sidewalk community with a community pool.

Take a tour right now http://www.exite-listings.com/etour.html/TOURID/93581

For more information or to schedule a showing. Call us today 703-851-3085

Find out what's for sale today in Woodbridge Virginia Click here

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$8000 Tax Credit Revisited 2012

Tue, 17 Apr 2012 03:38:02 -0700

I have a listing appointment scheduled this week for a past client. The homeowner called to say in the past four years life has been wonderful. She got married, and has enjoyed her home, how she got married and now has baby number two on the way, and now they need a larger home.

The great news is the couple has a wonderful income, credit is good, home values have risen enough that she can sell.

But, there is something I will need to remind this homeowner. She purchased here home with the $8000 First Time Buyer Tax Credit. Before she decides to Sell or Rent the home, I really need to coach them on their options. In my opinion before they decide to do anything. They need to talk with their tax professional.

That is why I am re-blogging $8000 Tax Credit Revisited 2012.

Via Morris "Bill" Austin (Team Price Real Estate ~ Partner):

Remember the home buyers tax credit craze of 2008, 2009, 2010? I do and it's time to take a refresher course.

That's right it's time to get back up to speed on the rules. Why? Well, as you may recall there were all kind of rules around getting the $8000 tax credit. We are now approaching the time limits on being able to sell those homes and the owner not having to repay the $8000 tax credit if they use phase II or III.

I am not a tax accountant or tax attorney. If you used one of the various tax credit be sure to consult with your tax accountant or tax attorney so you know exactly how this may/will affect your tax return.

There were three (3) phases of the tax credits that buyers may have used. With the passage of time, I am now starting to get questions about how these rules impact selling these homes.

Phase I was in 2008. The basics were; First-time home buyers who purchased new homes in 2008, subject to certain criteria, were eligible for a maximum credit of $7,500, which must be repaid over a 15-year period. Essentially this was an interest free loan for 15 years. If you sell your home before the repayment is complete you are responsible for repaying the balance in the same year that you close the sale of your home. The theory was that if you lived in the home for several years the value of your home would rise more than enough to cover this tax liability. I must say I was a little skeptical of this at the time it was unfolding. I counseled several first time buyers, back then, about the long term of the loan and the consequence of selling in just a few years.

Phase II was in 2009. The basics were; First-time home buyers who purchased new homes in 2009, subject to certain criteria, were eligible for a maximum credit of $8,000, which does not have to be repaid. There is a restriction on the last part of that sentence, which does not have to be repaid. The buyer must live in the home for residential purposes and not resell for three (3) years. This particular restriction is why I am writing this blog. We are at the beginning of the three (3) year waiting period thus starting the release from the repayment clause. This will continue to unfold throughout the year.

Phase III was also in 2009. The basics were; Long-time residents who purchased homes after November 6, 2009, subject to certain criteria, were eligible for a maximum credit of $6,500, which does not have to be repaid. Again the three (3) year restriction applies regarding reselling a home bought and claiming the $6500 tax credit.

Here is a recap of this repayment requirement for phase 2 & 3: If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.

Remember to consult your accountant or tax attorney. I am not either of those thus this is not intended to be tax advise.

Bill Austin ~ Serving the Austin TX Metro and surrounding counties.

Care ~ Communication ~ Experience ~ Call ~ Text ~ Email

512-709-6343 ~ bill@teamprice.com

Team Price Real Estate ~ D. Price Broker

Find out what's for sale today in Woodbridge Virginia Click here

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Luxury Homes in Lake Ridge Virginia- Acreage, Golf Course Lots even Waterviews

Mon, 16 Apr 2012 03:03:25 -0700

Luxury Homes in Lake Ridge Virginia, Search For Homes Here.

Lake Ridge Virginia 22192- Lake Ridge has some amazing homes on acreage lots, golf courses and even waterview of the Occouquan. They are all minutes from I-95 South or North and the Prince William County Parkway to the West.

SEARCH FOR LAKE RIDGE VIRGINIA LUXURY HOMES HERE!

CONTACT ME DIRECT MORE INFORMATION 703-851-3085

VISIT MY WEBSITE TODAY LakeRidgeVAHomesForSale.com

Find out what's for sale today in Woodbridge Virginia Click here

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Foreclosed Family Gets To Hit The RESET Button!

Sat, 14 Apr 2012 03:59:47 -0700

Foreclosed Family Gets To Hit The RESET Button!

When you choose to hit the reset button on your computer, it goes through a process of clearing the memory of what just happened and allows the system to reset and restart.

Well that's exactly what happened this afternoon in Woodbridge Virginia. A family that suffered through the humiliation and angst of a unwanted foreclosure, turned the key and entered into a home they just purchased today!

Their story isn't unique, I am writing this to inspire anyone who facing or experiencing short sale hell or worse foreclosure right now. You can get through this situation, and you can own a home again.

I met this couple at an open house about six weeks ago. In talking with them, I learned they had VA Eligibility.They shared with me they had purchased a home like many of us back in 2005, 2006 time frame. When the real estate values tanked and the economy was at it's worse they were facing a transfer. They could not rent, or sell for what they owed. They requested help from the bank(s) involved. They got the run around. The bank encouraged them to do a short sale. They did. They hired an experienced short sale agent, and soon the home was under contract with a cash offer to the bank. The only thing was months into the process,they learned the second trust would not agree to the terms of the short sale. The second trust stood there ground and would not negotiate a short payoff forcing the homeowners into FORECLOSURE.

They did not want to leave their home...
All they needed was the bank to work with them( like so many of you...)
They lost the battle, they lost their home, they lost their good credit rating.

Most people have heard,that a foreclosure lasts on your credit for ten years or longer. It does. However, in the case of these folks, they always paid on time. The only issue was the house payment and value. I asked them to talk with a local lender.

Today is proof that when one door closes another opens. Today this couple walked up to a stunning like new single family home with three finished levels, two car garage with a fenced back yard and deck.

Why am I sharing this with you?

Because no matter how bad it gets, you will make it through. This couple did everything right. They held their heads up high, knew they had done everything humanly possible to try and work things out. They finally had to let go. So after foreclosure they rented, continued doing what they always did, paying their bills on time. They tried to save as much money as possible for a down payment on another home.

Over the past two years.. they were hopeful they would be able to hit the reset button, dump the old memories and start over.

GOAL MET!

Today was a good day! I loved the smile on thier faces today when I handed them the keys to the house. I helped them feel better and best of all the have a VA Loan, with a historically low fixed rate for thirty years!

Find out what's for sale today in Woodbridge Virginia Click here

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If Your Thinking of Selling Your Home. Visit Open Houses This Weekend!

Sat, 14 Apr 2012 06:22:30 -0700

For those of you thinking of selling your home OPEN HOUSES are a great place to start. In fact this weekend in the Lake Ridge Virginia area to date their are 17 OPEN HOUSES scheduled.

Why should you consider visiting Open House this weekend?

You get to see how other homeowners (your competition) have staged their homes to sell
You get to see how their home compares to yours
You get to see the updates or lack there of compared to your home
You typically can get a list of other OPEN HOUSES in the area
You typically can talk with the REALTOR® hosting the Open House to learn about the current market conditions
You get to see how that REALTOR®is with other buyers and sellers and what their knowledge base is.
You get a glimpse of how that REALTOR® would be working for you if you choose to hire them.

Learn how the Erick and Company Team can sell your home fast and for top $. Learn what we do that will make your home stand out against the competition.

Click on the list of OPEN HOUSES in blue box to get more information and directions. Print the list and you are good to go! Have Fun..

Stop in and see me at 12128 Darnley Rd in Westridge Subdivision. Here's a sneak peek of the house View Here

Find out what's for sale today in Woodbridge Virginia Click here

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A short sale in simple terms is the same process as buying a home only in reverse.

Sat, 14 Apr 2012 05:37:47 -0700

You are searching the Internet for answers. You have learned your home is not worth what you thought, you need or want to sell, you cannot rent your home for what the mortgage payment is....you are STUCK.

A short sale may be your best option.

Remember back when you purchased your home? Remember the lender needed two years tax returns, two months bank statements, two years W-2's ( or 1099) and they needed two months current pay stubs not to mention other things. Well the process of selling by short sale is simply the same process only in reverse. You need to show the bank that you are on a slippery slope. That you cannot rent your home, or sell your home for what you owe on it and you need to do a short sale.

However, I need to share with you some important information. The Mortgage Debt Relief Act expires at the end of 2012. This bill was signed in 2007 and it was extended due to the struggling economy. What this act does is it protects homeowner who get Short Sale Approval from their mortgage company. In other words if your home sells for $200,000 less than what you paid for it, you will not be taxed on the difference. After 2012, if the bill expires...they we revert back to what has always happened if you asked your bank for a short sale.

Twenty years ago, if you requested to sell short, the bank would have said yes. But... they would have stamped your mortgage as not paid in full. Then you the homeowne would have received a 1099 form for the difference. Depending on your tax rate that could be a significant payment to the IRS!

Currently the HAFA Program is the best program out there. I have helped several homeowners get HAFA Short Sale Approval. HAFA gives you to homeowner $3000 at closing to help with moving costs. If you are accepted into HAFA their is no deficiency judgment! That is a huge incentive. The HAFA program is set to expire on December 31st, 2012.

Who is eligible? You may be eligible for HAFA if you meet all of the following criteria:

You live in the home or have lived there within the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

Here is the form to get started with HAFA.

Here is more information on our website on how to begin the process of a short sale. Don't wait...most of these programs expire at the end of 2012. You will KICK YOURSELF if you miss that deadline. The short sale approval I received this past week for one of our sellers took a total of 60 days from start to finish. They go to closing at the end of the month.

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