Serving Northern Virginia
This past Sunday CBS 60 Minutes aired a segment (see below for clip) on the growing issues of “strategic defaults”; homeowners who choosing to walk-away even if they could continue to pay their mortgage. It has raised the debate again about whether a homeowner has a “moral” obligation to continue to pay their mortgage even [...]
However when my buyers and I arrived we couldn’t get to the front door.
I know it we have had an unusual amount of snow this year in Northern Virginia but buyers are still out looking for homes. In fact they are out in droves trying to find homes to put under contract before the [...]
At least three or four times a week I get a question about a “foreclosure” listing a buyer saw on RealtyTrak. They see an incredible price…that translates as LOW…and want to see the house right away.
Unfortunately the answer is chances are what you are seeing is not a listing at all but a notice [...]
You might be surprised at the answer.
In July I wrote a post “Strategic Foreclosures are Lenders Listing” which indicated from Wall Street Journal research that that once the value of a home fell by more than 15% the number of homeowners would simply “walk away” increased.
Now a new report produced by Experian and Oliver Wyman adds to [...]
According to the latest filing with the SEC, Fannie Mae and Freddie Mac combined own close to 100,000. Rest assured not all of these properties are in Northern Virginia. In fact the Western Region of the US accounts for 46% of REO properties acquired in 2009.
The report indicates that the temporary suspension of foreclosures and [...]
A proposal being discussed in lender financial circles is whether an owner who has lost their home to foreclosure should be allowed to stay in the home, for up to 5 years at market rent. This proposal is a significant change from the current Freddie Mac REO Rental Initiative that allows current owners to [...]
You just got a great deal on a foreclosure or short sale property in Prince William County. You brought in your crew to renovate and now it is ready to go back on the market. But who can you sell it to?
Recently my buyers have encountered two properties in Woodbridge that were pristine and within [...]
For anyone following my posts recently knows that I have been keeping an eye on the inventory, especially Prince William County, to see what might be coming next.
My first post pondered why the Prince William County housing inventory numbers reported in the MLS and by others was significantly lower than the previous quarter. The second [...]
Last week in in a post entitled “PW County Inventory-What’s Missing from our Numbers I questioned the market reports that suggested that our local market had made a positive turn with significantly lower inventory. Since most of the larger banks had put a moratorium on foreclosures last fall we could see the impact in Prince [...]
It never fails when you get a group of buyer’s together in Northern Virginia the talk turns to REO properties and the rumors that they have heard from their friends. From experience this year working with buyers on REO purchases I’ve encountered the following “mythconceptions.”
Banks will not turn on the utilities-FALSE
Very few banks refuse to [...]
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