Category Archives: NoVa Foreclosures

Who is Walking Away From Their Mortgage?

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 […]

How Many REO Properties Does the Government Own?

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 […]

Should a Distressed Homeowner Get to Rent Their Home Back from the Lender?

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 stay […]

House Flippers-Do You Know About the FHA 90 Day Rule?

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 […]

Housing Inventory-More Questions Than Answers

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 […]

Is the Market About to Be Flooded with Foreclosures….Again?

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 […]

Northern Virginia REO "Mythconceptions"

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 […]

The Mailman Knows Where the Next Foreclosure Is

Think about it for a second.  If you want to know who is having trouble paying their mortgage the mailman may be the person to ask.  The mailman is the one that is delivering the overdue notices and demand letters from the lenders to the house.  It seems they should be the ones we should […]

Do You Disclose Mold in Your MLS Description

This might be considered a rant by some but it could also be a serious issue for agents who are listing homes with “environmental hazards.”  Last night was a miserable night for me with a severe headache and coughing.  Today the symptoms include a runny nose and sneezing. But even worse is the fact that […]

Where Does All the Money Go?

Touring foreclosure properties can bring up a lot of emotions.  Sometimes seeing what a family leaves behind can be sad and other times seeing the condition of a home can make you angry. Yesterday while showing Northern Virginia foreclosures we caught a glimpse of where thousands of dollars can go instead of toward the mortgage.  […]