"Friendly" Real Estate Notes

A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.

(Actual reply from FHA):

"Upon review of your letter adjoining your client's loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin."

Annoyed, the lawyer responded as follows:

(Actual response):
"Your letter regarding title in Case No.189156 has been received. I note that you wish to have title extended further than the 206 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased by the United States from France in 1803, the year of origin identified in our application.

For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain . The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Queen Isabella. The good Queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus 's expedition. Now the Pope, as I'm sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it, and the FHA. I hope you find God's original claim to be satisfactory. Now, may we have our damn loan?"

The loan was immediately approved.
These are the same geniuses charged with the Government mortgage bailout.

Study Shows Foreclosure Lowers a Property's Value by 27%

2010-08-16T20:14:00.000-07:00

Study Shows Foreclosure Lowers a Property's Value by 27%

Real Estate Appraisals 101 -- AOL Real Estate

2010-08-15T13:07:00.000-07:00

Real Estate Appraisals 101 -- AOL Real Estate

New FHA Changes Will Mean Higher Payment as of September Watch this Video for Example

2010-08-09T10:04:00.000-07:00

HAP PROGRAM FOR MILITARY MEMBERS

2010-08-06T20:49:00.000-07:00

ANSWERS TO YOUR QUESTIONS ABOUT THE HAP PROGRAM

Q. What is “Expanded HAP”?
A. Congress created in the HAP program in 1966 (see Section 3374, Title 42 United States Code) to financially compensate eligible military and civilian Federal employee homeowners when the real estate market was adversely affected directly related to the closure or reduction-in-scope of operations due to Base Realignment and Closure (BRAC). The Army Corps of Engineers runs it on behalf of all the military branches. The American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, expanded the HAP to provide assistance to:
* Wounded members of the Armed Forces (30% or greater disability) and wounded Department of Defense (DoD) and Coast Guard civilian homeowners reassigned in furtherance of medical treatment or rehabilitation or due to medical retirement in connection with their disability;
* Surviving spouses of the fallen
* Base Realignment and Closure (BRAC) 2005 impacted homeowners relocating during the mortgage crisis; and
* Service member homeowners undergoing Permanent Change of Station (PCS) moves during the mortgage crisis.

Q. How Do I Apply?
A. Visit the HAP web site: http://hap.usace.army.mil/ and download the application package. Complete the application and mail to the U.S. Army Corps of Engineer District responsible for the area in which your home is located.

Q. Will the Application Packages Be Handled on a First-Come First-Served Manner?
A. Applications will be processed as quickly as possible according to eligibility in the following order:
1. Wounded, Injured, and Ill. Within this category, applications will generally be processed in chronological order of the wound, injury, or illness.
2. Surviving Spouses. Within this category, applications will generally be processed in chronological order of the date of death of the member or employee.
3. BRAC 2005 Members and Civilian Employees. Within this category, applications will generally be processed in chronological order of the date of job elimination.
4. Permanently Reassigned Members of the Armed Forces. Within this category, applications will generally be processed beginning with the earliest report-not-later-than date of PCS orders.

Q. If I am eligible, what should I do after I mail in my completed application?
A. Each individual’s situation is unique. Contact the CoE District office where your home is located for assistance.

Q. What rights do I have if I am not satisfied with decisions made regarding Expanded HAP?
A. You have the right to appeal any decision denying benefits or contesting the amount of benefits allowed. No particular format is required. Simply submit a written statement of your objections to the district office. The appeal will be reviewed at the district level. If favorable action cannot be taken, your appeal will be submitted to higher headquarters. If a favorable decision cannot be made at this level, a final decision will be made by the Deputy Under Secretary of Defense (Installations and Environment).

Q: Who is eligible for Expanded HAP assistance?
A. ARRA Expanded HAP applies to certain:
1. Wounded, Injured, or Ill service members and DoD (including Coast Guard) civilian employees
2. The surviving spouse of a member of the Armed Forces or of a civilian employee whose spouse dies as the result of a wound, injury, or illness incurred in the line of duty
3. Base Realignment and Closure 2005 impacted service members and civilians
4. Permanent Change of Station (PCS) servicemembers

Q. What are the specific eligibility requirements for Wounded, Injured, or Ill?
A. For members of the Armed Forces – Those who receive a disability rating of 30% or more for an unfitting condition (using the Department of Veterans Affairs Schedule for Ratings Disabilities), or who are eligible for Service member’s Group Life Insurance Traumatic Injury Protection Program, or whose treating physician (in a grade of at least captain in the Navy or Coast Guard or colonel in Army or Air Force) certifies that the member is likely, by a preponderance of the evidence, to receive a disability rating of 30% or more for an unfitting condition (using the Department of Veterans Affairs Schedule for Ratings Disabilities) for wounds, injuries, or illness incurred in the line of duty while deployed, on or after September 11, 2001.

For Civilian Employees of DoD (including employees of non-appropriated fund instrumentalities) or the United States Coast Guard who suffer a wound, injury, or illness (not due to own misconduct), on or after September 11, 2001, in the performance of duties while forward deployed in support of the Armed Forces, whose treating physician provides written documentation that the member, by a preponderance of the evidence, meets the criteria for a disability rating of 30% or more (this documentation will be certified by a physician in the grade of at least captain in the Navy or Coast Guard or colonel in Army or Air Force).

For both military and civilian applicants there must be a need to relocate from the primary residence in furtherance of medical treatment, rehabilitation, or due to medical retirement resulting from the wound, injury, or illness, and a need to market the primary residence for sale due to the wound, injury or illness. (For example, the need to be closer to a hospital or a family member caregiver or the need to find work more accommodating to the disability.)

Q. What are the specific eligibility requirements for a Surviving Spouse?
A. The surviving spouse of a Service member or of a civilian employee whose spouse dies as the result of a wound, injury, or illness incurred in the line of duty while deployed (or forward deployed for civilian employees) on or after September 11, 2001, and who relocate from the member’s or civilian employee’s primary residence within two years of the death of spouse.

Q. What are the specific eligibility requirements for Base Realignment and Closure (BRAC) 2005?
A. BRAC 2005 applies to members of the Armed Forces and civilian employees of the Department of Defense and the United States Coast Guard (not including temporary employees or contractors) and employees of non-appropriated fund instrumentalities who: — purchased their primary residence before May 13, 2005 (the date of the BRAC 2005 announcement). — were assigned on May 13, 2005, to an installation or unit identified for closure or realignment under the 2005 round of the BRAC Act of 1990: — whose position is eliminated or transferred because of the realignment or closure and accepts employment, or is required to relocate because of transfer, beyond the normal commuting distance from the primary residence (50 miles) — suffered at least a 10% home value loss between July 1, 2006 and date of application for Expanded HAP benefits for the county/parish/city in which the primary residence is located, and a decline of at least a 10% personal home value loss from the date of purchase to date of sale.

Q. What are the specific eligibility requirements for Permanent Change of Station (PCS)?
A. PCS refers to the assignment or transfer of a member to a different permanent duty station (PDS), to include relocation to place of retirement, under a competent authorization/order that does not specify the duty as temporary, provide for further assignment to a new PDS, or direct the military service member return to the old PDS.

To qualify, a service member must have:
* owned home prior to July 1, 2006.
* have PCS orders dated between February 1, 2006 and September 30, 2010
* be reassigned to a new duty station or home port outside a 50-mile radius of the member’s former duty station or home port. The orders must specify a report-no-later-than date of on or before February 28, 2010. These dates may be extended to September 30, 2012 at the discretion of the DUSD(I&E) based on availability of funds.
* suffered at least a 10% home value loss between July 1, 2006 and date of application for Expanded HAP benefits for the county/parish/city in which the primary residence is located, and
* 10% decline of personal home value loss from the date of purchase to date of sale.

Q. Would a federal civilian employee who chooses to PCS for a higher paying job qualify for the program?
A. No. Simply moving for a better job would not meet the current qualifications of the Expanded HAP. As a federal civilian employee, you would only qualify for the Expanded HAP if you were assigned to a BRAC organization or installation and your position was moving or being eliminated.

Q. Will individuals assigned to an installation after the announced BRAC action be eligible for HAP benefits if they purchased their homes after the closure/realignment announcement?

A. On May 13, 2005, BRAC 2005 Members and Civilian Employees must have been assigned to an installation or unit identified for closure or realignment under the 2005 round of the Base Realignment and Closure Act of 1990. Applicant must also have been the owner/occupant at the time of the announcement date. However, military members may be eligible if they qualify for the PCS benefit and purchased the home prior to July 1, 2006. Contact the CoE district where the home is located for further information.

Q. Is a service member or federal employee who is not attached to the installation eligible for HAP benefits?
A. No. Any service member or federal employee (including Non-Appropriated Fund employees) must be assigned to or employed in connection with an installation at the time of public announcement (May 13, 2005) of the closure action to be eligible.

Q. If a BRAC 2005 impacted civilian is RIF’d with no job offer, can he/she qualify for HAP benefits?
A. Yes under certain circumstances. Contact the CoE district where the home is located for further information.

Q. Is there a cap on the benefits the Expanded HAP will pay per applicant?
A. The Primary Fair Market Value (PFMV) may not exceed an amount equal to the 2009 Fannie Mae/Freddie Mac conforming loan limits (as amended by the ARRA of 2009). These conforming loan limits range from $417,000 to $729,500. These apply for the duration of the Expanded HAP and are established for each city/county/parish as appropriate.

Q. If I retire do I qualify for HAP benefits?
A. If you are a BRAC 2005 eligible applicant you would qualify only if your position is moved or eliminated. Permanently Reassigned Members of the Armed Forces (PCS) who are reassigned or who otherwise relocate for the following reasons are NOT eligible for Expanded HAP benefits:
1. Members who retire prior to reaching their mandatory retirement date,
2. Members who are a new accession into the Armed Forces or who are otherwise entering active duty.
3. Members who are voluntarily separated or discharged,
4. Members whose separation or discharge is characterized as less than honorable,
5. Members who request and receive voluntary release from active duty (REFRAD),
6. Members who are REFRAD for misconduct or poor performance.

Q. If a person owns a farm (say 60 acres) and maintains a home on the farm, how much of the property qualifies under the HAP?
A. Only the dwelling and the portion of the land that would reasonably constitute a residential property within the area.

Q. What is the basis for HAP benefits?
A. HAP benefits are based on the prior fair market value (PFMV) of the applicant’s home. For Expanded HAP, the PFMV is the home’s purchase price (verified by Form HUD-1 settlement sheet from your purchase) and the eventual sales price when you sell the home.

Q. How long before I will receive my benefits?
A. The normal processing time is between 60 and 90 days provided all required documents are submitted.

Q. If I have to sell my home at a loss and I qualify for the Expanded HAP program, will I be able to recoup 100 percent of my loss?
A. No, but it can substantially offset your losses. Each individual’s situation is unique. Contact the CoE District office where your home is located for assistance.

Q. Will my Expanded HAP benefits be taxable?
A. No. President Obama signed HR 3548, Unemployment Compensation Extension Act of 2009 into law and thereby exempted Expanded HAP benefit payments from taxation. Payments to military members are not subject to social security or Medicare taxes.
Tax documents will be certified by the HQUSACE Finance Center, and distributed to applicants and the Internal Revenue Service (IRS) on an annual basis.

Q. If I am foreclosed upon, what will the government pay or not pay?
A. The government will pay all legally enforceable liabilities; but will not make up past payments. If you deed the property back to the mortgage company in lieu of foreclosure, your application will be processed as a private sale. The Government will not pay outstanding judgment liens, encumbrances of a personal nature, or junior mortgages acquired after acquiring the property unless the junior mortgage was obtained at the same time as the original mortgage or used to improve the property.

Q. Who pays the closing costs when the government purchases a home under the Expanded HAP?
A. The Government will pay for title services to close the transaction, and any other allowable closing costs.

Q. For VA loans, will the Government retire or assume my mortgage so eligibility can be restored?
A. The Government will either liquidate or assume VA mortgages on residential properties. An applicant must request restoration of his/her eligibility from the V A.

Q. In a private sale, can I use a realtor to sell my home?
A. Yes. Using a realtor may increase your chances to find a buyer. The Expanded HAP will pay all normal sellers’ closing costs, including realtor fees.

Q. A real estate agent expects a commission. Will the Government pay commissions when the Government purchases an applicant’s home?
A. No. Applicants should ensure that the listing agreement for their property contains the following statement: “In the event the herein listed property is sold to the United States of America, or an agency thereof, the listing broker will not be entitled to any commission or other consideration as a result of such sale.” If the listing agreement does not contain the above statement and any commission is due, it is the applicant’s responsibility to pay the commission.

Q. Will I have to bring any money to closing?
A. If you occupy your home until or nearly until the closing date and have not made payment for the month, you will be responsible for interest due for the previous month plus year-to-date real estate taxes.

Q. At what point should I market my home?
A. As soon as you know you will be relocating. Two eligibility requirements for the program are 1) the applicant must have made a reasonable effort to sell the home, and 2) relocated beyond a reasonable commuting distance. However, in some instances, an applicant may be eligible without relocating, provided they lost their job due to a base closure or realignment and demonstrate a financial hardship.

Q. What constitutes a reasonable effort to sell my home?
A. Your primary residence must be listed, actively marketed, and available for purchase for a minimum of 120 days. With regard to marketing, up must demonstrate that the asking price was within the current market value of the home as determined by the CoE automated value model (AVM) for no less than 30 days. It is your responsibility to explain marketing efforts by detailing how the asking price was gradually reduced until it reached the true current fair market value (i.e., maintaining a log containing date and asking price recorded over period of time indicating number of visits by prospective buyers and offers to purchase). If you are unable to sell the primary residence, the CoE will determine whether efforts to sell were reasonable.

Q. Will local appraisers have input into appraised values?
A. Home appraisals for Expanded HAP are prepared by an independent contract Automated Valuation Model company. Local appraisers may have input if the applicant chooses to appeal the decision for eligibility and wishes to purchase an appraisal.

Q. If I rent my house before I sell it, will it impact HAP benefits?
A. No. Rental income is not deducted from benefit payments.

Q. Is there any information I should include in the lease regarding the Expanded HAP?
A. Make certain the lease agreement contains the following clause: “If the leased premises are approved for purchase by the United States of America under the Homeowners Assistance Program, pursuant to P.L. 89-754 and P.L. 111-5, the Lessor shall have the right to terminate this lease by providing to the Lessee either a 30 or 60-day written notice to vacate the premises.”

Q. I had a contract to purchase my home prior to July 1, 2006, but closed after that date, do I qualify?
A. If you are a Military PCS eligible applicant and were under contract to purchase prior to 1 July 2006 and closed after that date, you would qualify. For applicants eligible as Wounded, Injured or Ill and Surviving Spouses the requirement to purchase the primary residence prior to July 1, 2006 does not apply.

For more information, check out http://hap.usace.army.mil/

Posted in homeowner | Tagged real estate, distressed property, Lisa Patton, Woodbridge, Northern Virginia, Prince William County, Fort Belvoir, BRAC, HAP, Homeowners Assistance Program, DoD | Leave a comment
News You Can Use – A Holiday in August?

Facebook (8) | Lynda Morrison

2010-08-04T13:33:00.000-07:00

Facebook (8) | Lynda Morrison

FHA modifies loan standards as defaults pile up: How the changes affect you | The Washington Post

2010-08-04T11:47:00.000-07:00

FHA modifies loan standards as defaults pile up: How the changes affect you | The Washington Post

Tips to Stall Foreclosure Bernice Ross.mp4

2010-07-31T16:54:00.000-07:00

WASHINGTON DC HOUSING RECOVERY

2010-07-29T15:53:00.000-07:00

Residential Briefs

Murray, Michael
Washington , D.C. Ahead in Housing Recovery
The Washington area housing market is in the recovery cycle, ahead of the rest of the nation, said Delta Associates, Alexandria , Va.

Mid-Year 2010 Trends in Housing, published by Delta Associates and MRIS, showed second quarter housing prices in the Washington metro were up from the first quarter and the same quarter 2009. The outer jurisdictions, including Loudon, Prince William and Frederick Counties outperformed the core and inner jurisdictions.

"Prices will likely gain traction through the remainder of 2010 facilitating further increases in transaction volume," Delta Associates said. "This is the third consecutive quarter prices have risen on a trailing 12-month basis."

Days-on-market continued declines compared to the first quarter and one year ago with properties in the outer jurisdictions showing the sharpest recovery. Across the Mid-Atlantic region, time-on-market is “very close to or below the region’s long-term average. Time on market is the lowest since 2006,” Delta Associates said.

The ratio of inventory to sales continued to decline in most jurisdictions from one year ago. The metro-wide ratio of 4.5 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.

The gap between buyer and seller pricing expectation is also closing, Delta Associates reported, with the average sales price in the second quarter at 95.2 percent of list price, the highest ratio in more than two years.

Dodd-Frank Legislation Extends Protecting Tenants at Foreclosure Act

2010-07-23T14:15:00.000-07:00

Dodd-Frank Legislation Extends Protecting Tenants at Foreclosure Act

June 2010 Northern Virginia MarketWatch

2010-07-22T09:32:00.000-07:00

CONTACT ME

2010-07-12T23:17:00.001-07:00

OmniRide and Metro Direct Schedules/06

2010-07-12T20:23:00.000-07:00

OmniRide and Metro Direct Schedules/06

Metro - Rail - Maps - Rail/Google Map

2010-07-12T20:16:00.000-07:00

Metro - Rail - Maps - Rail/Google Map

Service Information - Virginia Railway Express

2010-07-12T20:11:00.000-07:00

Service Information - Virginia Railway Express

Quantico Station Information

2010-07-12T20:10:00.001-07:00

Quantico Station Information

Rippon Station Information

2010-07-12T20:10:00.000-07:00

Rippon Station Information

Woodbridge Station Information

2010-07-12T20:03:00.000-07:00

Woodbridge Station Information

PRE TOUR 1..COMMUTING ALONG THE I95 CORRIDOR

2010-07-12T19:26:00.000-07:00

Pre Tour One...Commuting from the Woodbridge, Dumfries, Triangle areas of Prince William County (the I95 corridor).

"Commuting"...fear in the hearts of men (and women)!! Not to worry, I have all the options right here. So, take your choice and enjoy the trip. Virginia Rail Express is a comfortable. clean. easy way of getting to work or connecting to Metro to expand service. There are 3 convenient station in the Woodbridge, Dumfires, Triangle area and I have posted connections to information on the stations individually. For your convenience, I have also posted the station map and fare information separately.'

Lastly, I have posted a separate connection to the Metro interactive or printable station map for your ease in exploring routes. Please use these tools and see how 'close' Prince William County really is.

In additon to VRE, commuter bus run morning and evening fromconvenient park n ride locations to Capitol Hill Crystal City, Downtown DC, Ballston, Navy Yard, Tysons Corner and the Pentagon. Please refer to the separate post for schedules and maps.

I 95 does have an HOV lane which requires 3 riders and that's great if you're travelling with friends or associates BUT if you're not...don't worry..that's where Slug Lines come in to play.

What is Slugging?
Slugging is a term used to describe a unique form of commuting found in the Washington, DC area sometimes referred to as "Instant Carpooling" or "Casual Carpooling". It's unique because people commuting into the city stop to pickup other passengers even though they are total strangers! However, slugging is a very organized system with its own set of rules, proper etiquette, and specific pickup and drop-off locations. It has thousands of vehicles at its disposal, moves thousands of commuters daily, and the best part, it’s FREE! Not only is it free, but it gets people to and from work faster than the typical bus, metro, or train. I think you'll find that it is the most efficient, cost-effective form of commuting in the nation.

How the Slugging Works
The system of slugging is quite simple. A car needing additional passengers to meet the required 3- person high occupancy vehicle (HOV) minimum pulls up to one of the known slug lines. The driver usually positions the car so that the slugs are on the passenger side. The driver either displays a sign with the destination or simply lowers the passenger window, to call out the destination, such as "Pentagon," "L’Enfant Plaza," or "14th & New York." The slugs first in line for that particular destination then hop into the car, normally confirming the destination, and off they go.
No money is exchanged because of the mutual benefit: the car driver needs riders just as much as the slugs need a ride. Each party needs the other in order to survive. Normally, there is no conversation unless initiated by the driver; usually the only words exchanged are "Thank you" as the driver drops off the slugs at the destination.

There doesn’t need to be any discussion about the destination , such as giving directions, because the drop-off points are generally understood. "Rosslyn" means the Metro station in Rosslyn, not at some other point along the way. The "Pentagon" means the curb along Fern Street, not the North Parking Lot. However, there are a few places where the destination drop-off point is not understood; in these cases, the slug must state where he or she wishes to be dropped off. For example, at "Tackett’s Mill," the driver usually asks "New or Old Lot?" because the driver will take you to either. And there is Crystal City, where drivers drop off slugs anywhere between 12th Street and 23rd streets.

How Slugging Began
Slugging can trace its roots back to the Arab oil embargo of the 1970’s. During this era, gas prices soared, as it became apparent that the United States was dependent on foreign oil. In an attempt to reduce its dependence, the United States adopted a number of measures to curb gasoline consumption. Speed limits were reduced from 65+ m.p.h. to 55 m.p.h., car manufacturers were told to make cars more efficient, and high occupancy vehicle (HOV) lanes were constructed. These lanes were for vehicles with more than three occupants. The benefit for the government was twofold: reduced gasoline consumption as well as some environmental benefits.
The Shirley Highway
This is quoted from page 1 of "I-95/I-395 HOV RESTRICTION STUDY VOLUME I: SUMMARY REPORT", Feb 1999, at www.virginiadot.org/travel/resources/studynova-hov395Final.pdf :"History of HOV in Corridor""The Shirley Highway (I-395) component of the I-95/I-395 HOV facility was the first freeway HOV lane in the United States. Opened in 1969, it was originally a bus-only lane. The initial 4.8 mile reversible bus-only lane was extended and expanded into a 9 mile two-lane reversible facility in 1975 when it was opened to carpools and vanpools with four or more occupants (HOV 4+). In January 1989, the HOV requirement was reduced to HOV 3+. Since that time, the HOV facility has been extended further south on I-95 reaching its current limit just south of Route 234 in Dumfries in 1997. This facility, which carries 14 percent more persons during the morning HOV-restricted period (6:00 to 9:00) than the general purpose lanes and nearly 10 percent more persons during the evening HOV-restricted period (3:30 to 6:00), is recognized by the transportation community as the most successful HOV facility in the United States today."
When the HOV lanes on "The Shirley Highway" (I95/I395) were opened to carpools and vanpools in 1975, the first slug lines began to emerged. With these high occupancy lanes being strictly enforced, drivers had to abide by the HOV-4 rule (later changed to HOV-3) or pay stiff fines.
When a driver did not have enough passengers for the HOV, he would pull up to a line of commuters waiting for the bus and offer a ride to anybody in the line. Faced with waiting in the summer heat or winter cold for a bus that could be late or full to capacity, some commuters began opting for the car. Soon word began to spread as drivers found an easy solution to meeting the HOV requirements, and bus riders found a faster, cheaper alternative to the bus. I’m sure it took some time for the word to spread, but soon enough people knew which bus stops catered to the offers of free rides.
It is believed that slugging began with people waiting at bus stops on their way to the Pentagon (which was—and still—is a major transportation hub.

For locations and more information go to: http://slug-lines.com/Slugging/Map.asp

Hope this research helps. HAVE A GREAT COMMUTE!!

Virginia Rail Express, with 3 easy to get to stations is a quick, clean and comfortable way to get to work or to connect to the Metro system and expand your routing.

AROUND THE COUNTY IN180 DAYS

2010-07-10T11:24:00.000-07:00

OK..Here's the plan..Much like Julie trying to cook every recipe in Julia Child's Cookbook, I am going to take you on a tour of Prince William County, Virginia.
If anyone is out there...let me know what YOU want to know and I'll get the information for you...In the meantime, wish me luck...there are a LOT of subdivisions in this county and I've got a lot of work to do. To start off, watch for upcoming series of blogs on commuting fromthe County...then we'll move into major subdivisions.

What's Coming Up

2010-07-09T20:04:00.000-07:00

http://www.visitpwc.com/

New Listing 7/10/10

2010-07-09T19:57:00.000-07:00

Brand New Listing going on an noon Saturday, July 10. 13212 Delaney Road, Dale City. Siding, windows, garage doors have been replaced. Fresh paint and new carpet throughout. Open House Sunday 7/11 1-4. See ya there!!!

What IS the difference between a "short Sale" and a "foreclosure"

2010-07-06T21:19:00.000-07:00

What Is A Short Sale?

A short sale occurs when the borrower (homeowner) is no longer able to make their mortgage payment and owes more on their home loan than what the home is worth in the current market. The homeowner will list their home with a Realtor for the current market value and the lender will take less for the home than the amount of the borrower’s loan. When making an offer on a short sale, the seller is still involved in the process and will have to accept the offer as well. Once the offer is accepted by the homeowner, the offer will then need to be approved and accepted by the bank (lender).
Short sales, in most circumstances, are the first step to avoid foreclosure. Short sales are very complicated and the outcome is not guaranteed. The bank (lender) is not obligated to take a short sale and in most cases the process to get one approved can be very time consuming. A typical short sale can take anywhere from 3-6 months to close, but this can vary case by case.

Depending on your situation, short sales may or may not be the best option for you as a buyer or seller.

What Is A Foreclosure?

Foreclosure is what happens when the lender takes possession of the property.

When a home owner fails to make the payments on his/her mortgage and have not exercised other options, such as a short sale, the lender can begin foreclosure proceedings. When the lender takes possession of the house, the homeowner is no longer a party in the sale, as they would be in a short sale situation.

Foreclosures are not sold by Realtors. Foreclosure properties are auctioned at a Trustee Sale at the Court House in the County where the property resides. Foreclosure properties must be paid for in full, with a cashiers check at the time of the auction. I do not encourage buyers to consider buying a foreclosure property, unless he/she is an experienced investor.

Some of the problems that can occur when buying a foreclosure can be the following: Title problems, Superior loan pay offs, IRS liens, Tenants or owners still occupying the property, and/or structural problems. The price may seem good at auction (priced well below other houses in the neighborhood), but your costs and risks may come after you try to take title. This can be a very risky way to purchase property if you do not have experience in doing so.

What Is An REO?

REO stands for Real Estate Owned property. An REO is different from a foreclosure property in the sense that the bank tried to sell it at a foreclosure auction and was not successful in getting bids, the bank then becomes the owner of the property because the property was not bid on.

The bank will hire a REALTOR to list the property for sell. In order to list the property for sell as an REO, it is often that a number of tasks need to be done before the listing can go "active" on the market. Depending on the property and its condition, the bank may need to do evictions of current tenants, trash outs, cleaning/securing, and more. This is one big perk of buying an REO rather than a foreclosure property.

When making an offer on an REO property, your REALTOR is submitting the offer to the bank (lender) and it will need to be accepted by the bank. Unlike short sales, the wait time on an REO property to find out whether or not your offer has been accepted and you will or will not be opening escrow, is often anywhere from 72 hours to one week, but this can and will vary.

An REO may or may not be the best option or the best deal, this will vary case by case, but in general, it has been seen that when it comes to an REO, there is usually a lot of money to be made.

For more information, or if you have any questions, please feel free to call or email me anytime.

Lyndasells@Yahoo.com

703-930-7838

16 YEARS ON ANOTHER PLANET

2010-07-06T19:28:00.000-07:00

OK..Here I am, 16 years as Real Estate Professional, Multi Multi Multi Millions in Sales, REALLY good with my clients, both sellers and buyers...I LIKE WHAT I DO and I'M GOOD AT IT!
Now, the problem..someone changed all the rules! Don't get me wrong, I have a good website. I know how to set up a data base and broadcast e-mail and all those other technologically challenging aspects. But now suddenly I find myself propelled to a new world...keywords, blogging, podcasts. HELP..enough is enough. I feel like my Grandfather did when he gave up his team of horses for a tractor! BUT, nevertheless, here I am...trying to learn how to blog and hoping that, like E-Harmony or one of those couples matching sites, I will learn how to let some buyers and sellers out there know that I am a very good, honest, ethical, educated and professional Realtor who would represent them to her fullest ability. Who was it that said "The world is too much with me"?
But just in case anyone out there needs a good Realtor or wants to refer a friend of a friend to someone who they can trust to provide top quality service..give me a "poke". Whether it's homes for sale in Prince William County or other Northern Virginia real estate opportunities, I'd love to be "Your Friend in the Business".