Archive for the 'Real Estate News' Category
New Treasury Rules to Speed Short Sale Process
March 17th, 2010 Categories: Real Estate News
The U.S. Treasury Department, effective April 5, will institute new rules and procedures designed to speed the short sale process.
Short sales occur when a homeowner owes more on the property than the property is worth. The property is put on the market with the bank agreeing to accept the lower amount. (This is also know as being “upside down” on a mortgage.)
The homeowners walk away with nothing - except that they do not have a foreclosure on their record - and the bank recovers at least part of the money owed.
It sounds like a relatively simple system but most real estate agents, myself included, would tell you otherwise. Undoubtedly the banking system was not prepared for the rapid rise in short sales over the past two years, nor were uniform systems in place.
According to an excellent article in the Washington Post, sellers, going forward, can expect the following from participating lenders:
- Sellers must be unqualified for a loan modification or unable to afford the modification.
- The bank will set an acceptable value of the home upfront, based on an appraisal or broker’s price opinion.
- Lenders must approve or deny a purchase within 10 days of it being submitted.
- Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments and unpaid mortgage debt will be forgiven.
- These mortgage payments will not be shown as late on credit reports.
- At closing, sellers are entitled to as much as $1500 from the government to cover relocation expenses.
Although unfortunate for the homeowner, short sales are an excellent way for first time home buyers to get into the market. If you want to know more about searching for short sales or if you are a property owner who needs to list a short sale, give me a call at 703.927.4554.
Michael
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It’s March Madness and Time to Put Your House in Order
March 11th, 2010 Categories: Real Estate News
March madness is upon us. Whether you are a rabid basketball fan, a St. Patrick’s Day fanatic or you dance in delight on the first day of spring (March 21), it’s enough to bring out the madness in all of us and a great time to get your house in order.
The Washington Post had a March checklist in the “local living” section today and I thought I would pass it along in case you missed it:
1 - Clean Your Closets
- Take everything out, sort and recycle what you don’t need
- Vacuum (how many of us ever do that to a closet?)
- Install multi-level rods and shelves to take advantage of space
- If clothes are dusty, tumble them briefly in the dryer before returning to the closet.
2 - Tune Up Your Air Conditioner
- Schedule a heating and air-conditioning company to do a thorough maintenance check which should include checking the components, lubricating fans and motors, tightening or changing belts, testing the capacitors and crankcase heater and calibrating the thermostat.
- Do your own maintenance by keeping the condenser screen clear of leaves, grass clippings, pollen and other debris.
3 - Tidy the Garden
- At the very least, rake leaves, sweep, cut back spent perennial foliage (if you didn’t do it in the fall) and
- Check hardscape items for winter damage.
Two other suggestions -
- Attend a native plant symposium at the National Arboretum on March 27 and indulge in plants that will bring birds and butterflies to your back yard.
- Attend the Washington Home and Garden Show this weekend and look for inspiration, whether it’s how to carve space out of cramped quarters or lower your utility bills.
So, what part of March madness are you going to take on?
Michael
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Alexandria Ranks in Top 25 Richest Counties in America
March 9th, 2010 Categories: Alexandria, Real Estate News
Alexandria ranks in the top 25 richest counties in America according to a new report by Forbes Magazine.
With a population of 140, 657, a median income of $85,135 and with 65 percent of the residents over the age of 25 having a college degree, Alexandria comes in at number 23 on the overall list.
Although a city and not technically a country, Forbes noted that Alexandria functions like a county because of its size.
Overall, seven counties on the top 25 list are on the outskirts of Washington, DC:
#1 - Loudoun County
#2 - Fairfax County (parts of which include Alexandria postal codes)
#9 - Stafford County
#12 - Stafford County
#14 - Prince William County
#21 - Charles City Country
#23 - Alexandria City County
And just in case you were wondering - we have houses available in all price ranges. I’d love to help you find one.
Michael
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