Archive for May, 2009
HAP-Military Families There May Be Help for You
May 27th, 2009 Categories: Military Relocation, Selling Thoughts
Military families stationed at Fort Belvoir, the Pentagon, Quantico and other Military District of Washington installations who purchased a home prior to July 1, 2006 may find that Homeowner Assistance Program (HAP) may offer some relief if you have upcoming PCS orders to move.
This week I had the opportunity to start working with a family applying for HAP benefits. The official guidelines for the program are still pending but the counselor I spoke with in Savannah says they already have over 1300 applications waiting. We have a listing agreement in place (one of the requirements) and as soon as the final program rules are announced we will be ready to market their home.
The HAP program is aimed towards helping:
Active Duty Military Personnel with PCS orders who are upside down on their mortgage
Wounded soldiers who must relocate due to medical conditions (wounded after 9/1/2001)
Surviving Spouses (death of military member after 9/1/2001)
According to the Homeowners Assistance Program information the Department of Defense (DoD) will reimburse the covered groups up to 95% of their loss if their homes was purchased prior to July 1 2006.
If you live in Northern Virginia and you are anticipating PCS orders this summer and you qualify for HAP, now is the time to start gathering your documents and call the HAP Field Office for our area (located in Savannah) at 800-861-8144 for additional information.
Download information on how to apply for the HAP program.
| Discussion: 1 Comment »
| Discussion: 1 Comment »
Military Sponsors-Do You Remember the Days?
May 22nd, 2009 Categories: Military Relocation, Real Estate Ramblings
If you have been in or around the military as long as I have, there are some things you remember fondly and others that weren’t so great. One of the best things our family encountered was our “sponsor.” The member of your unit who started sending you information about your new assignment before you arrived. The sponsor was assigned to help make the transition from one installation to another as smooth as possible.
Back in the day the sponsor loaded up packets of information and mailed them off to you. There were maps, directions to various locations on the installation, local lore, things to do and what ever else was available. Gaining the knowledge of their experience before you arrived was invaluable.
Today much of what a new arrival is looking for can be found on line. The “sponsors” have faded away and been replaced by friends who may already be stationed in the area or Realtors® who know the area installation themselves. No matter what you find on-line the personal connection and knowledge still say more than a cut and dried outline you find in the in-processing handbook.
Knowing what you should consider before you arrive, learning more about what is available both on and off the installation and hearing real world experiences are important. Had our sponsors not told us about how easy it was to bring our pets to Okinawa or to leave our electronics at home when we went to Germany we might have given up our family pets or destroyed our stereo as soon as turned it on.
We were then able to take our personal experiences and pass them on to the next group of incoming personnel at every stop we made. That is the great part about blogging, passing along those experiences to anyone who finds themselves with orders to the area. Sure I can send you to list of canned links about the installation or I can tell you a story now and then about what it’s like to stand in line for your ID card, or walk the trails or play a round of golf to me that is what being a sponsor is all about.
If you are relocating to Fort Belvoir, Quantico, Fort Meyers, the Pentagon or any of the Military District of Washington I’d be glad to be your sponsor. I may not know what is happening when you get to your desk but I can give you more than just a list of links to help you make the transition.
My online relocation guides:
Fort Belvoir Relocation
Pentagon Relocation Guide
| Discussion: No Comments »
Port Potomac-Do you Buy New, Short Sale or Foreclosure?
May 21st, 2009 Categories: Real Estate Ramblings
I’m heading out to show some properties in the Prince William County of Potomac Club tonight. Buyers who are looking in neighborhoods where builders are still delivering homes should consider that builders want to unload inventory just as much as the banks do. You may be able to find spec homes ready to go with all the warranties in place WITHOUT the hassle of dealing with the bank or waiting for a short sale.
If you haven’t thought about this before consider that in Port Potomac the builders are still delivering and offering incentives. Before you lock your sights on a foreclosure let’s go visit the model homes and see if we can’t put together a deal! You might just be surprised at what you learn.
| Discussion: No Comments »
Now first of all I have made mistakes on listings in the MLS. It does happen when we hit a wrong button or click the wrong selection on a pull down box. But never one that wasn’t corrected before an offer arrived and certainly not after a contract was ratified
Today one of my excited first time buyers received the HOA documents for her soon to be new home…or not. It turns out that the MLS listing that showed the HOA fee to be $150 a quarter is in reality $153 per month. As with most first time buyers budget is a big concern. A $100 a month difference in monthly fees is not something to take lightly and in this case it may mean that they will need to pass on this property.
When I talked to the agent they said they had no idea about the fees. This isn’t a foreclosure so the seller should know what fees they are paying every month, shouldn’t they? Needless to say this is a biggie and a costly one for the seller as the corrected monthly fees in the MLS will now probably scare away more first time buyers.
| Discussion: No Comments »
FHA Loans-The Change Didn’t Hurt
May 19th, 2009 Categories: Focus on Prince William, Real Estate Ramblings
When FHA first announced they were raising the required down payment from 3 to 3.5% there were shouts of alarm from both lenders and Realtors® that the change would crash home sales.
However looking at the type of loans used to purchase properties in Woodbridge in April it is obvious that the alarm was just another “Chicken Little” scenario.
FHA loans are alive and well and out pacing all other types of loans. This quick chart looks at zip codes 22191, 22192 & 22193 all hot areas right now.
| Loan Type | Number |
| VA | 39 |
| FHA | 164 |
| Conventional | 79 |
| Cash | 87 |
| Discussion: No Comments »
With three properties set to close using VA loans in the next 10 days an oddly familiar tale is being heard from the lenders. VA appraisers are backed up two to three weeks in getting reports done!
With new appraisal rules in place and the popularity of VA loans soaring in Northern Virginia delays have become inevitable. With more VA buyers in the wings I’m learning that we may need to push our hope for 30 day closings to 45 days to be realistic.
The good news is that VA loan benefits are a fantastic opportunity for home buyers and learning to be patient for your new home is just a small sacrifice to pay.
| Discussion: No Comments »
According to NVAR ( Northern Virginia Association of Realtors) the volume of home sales in April edged upwards by 6.12% from a year ago. Better yet pending home sales are up 24.8%. With inventory numbers still lower than anticipated, low interest rates and for some the option of the $8000 tax credit some buyers who had been waiting for the “bottom” have decided to make a move.
Housing Inventory
The second source of data for the Northern Virginia area is the monthly report produced by MRIS. The April housing statistics were released this week and they also show the Days on Market has dropped as well as a leveling off of prices in some areas.
Three of my listings in April all received MULTIPLE OFFERS! Now what may have helped is that all of them were regular sales, something that seems to be rare in our current market. We are in an unusal market for Northern Virginia and there are opportunities for savvy buyers.
| Discussion: No Comments »
No wait that was actually here yesterday-gone today. What you ask? The news that the $8000 tax credit could be used as part of your down payment.
Despite getting excited cheers from the agents gathered at the National Association of Realtors® mid-year conference in DC, the proposal ended up on the cutting room floor of HUD just as quickly as it was announced.
There of course will be a lot of groaning about this latest change but a great mortgage professional who I read Jeff Belonger put the rationale for the quash in a recent post on Active Rain.
| Discussion: 1 Comment »
Today my client went closing on a new home (new construction.) A closing that had been delayed to a lawsuit filed by one builder against just about everyone they could think of in a Northern Virginia neighborhood. I’m going to use discretion and keep out specifics of the situation but it shows that even though a builder’s financial situation could be on death’s door the attorney’s are still working.
What surprised me about this situation was that 90% of the homeowners who were impacted by the lawsuit never had a clue. They will probably find out when they go to sell their home in the future and the title company shows a lis pendens that was attached their home and then released. How can a lawsuit be filed and everyone not be notified?
Since the builder is public it is easy to see their value (or lack thereof) and it isn’t pretty. Hopefully the attorney’s for this builder aren’t working on contingency or they could be standing in line for payment when the lights go out.
| Discussion: No Comments »