Crazy Low Interest Rates for May 5, 2012
Saturday, May 05, 2012
Here are this weeks interest rates. May 5, 2012
Contact Debbie Gorman for a quick mortgage approval.
Real Estate Information
Manassas Virginia Real Estate Blog
Jim Downs
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Displaying blog entries 1-10 of 26
Incredible Low Interest Rates 4/20/12
Saturday, April 21, 2012
Here are this weeks interest rates. April 20, 2012
Contact Debbie Gorman for a quick mortgage approval.
Big Changes to the 2012 Real Estate Contract
Wednesday, February 29, 2012
2012 Real Estate Contract Changes
The Northern Virginia Real Estate Sales Contract has changed. One of the most significant differences involves the walk through before settlement. The contract is no longer contingent on final walk through mechanical items; plumbing, furnace, and hot water heater. Although, buyers still do a final walk though before settlement, it is to verify negotiated items have been repaired and the home is in the same condition specified in the contract.
The new contact reads that the home and conveying equipment will be in the same condition as either the contract ratification date or home inspection date. These changes make home inspections even more important because a buyer is relying on the inspection as a benchmark to the condition it should be in at settlement.
There are other important ramification of the 2012 contract. Please contact me anytime to discuss how these changes affect both buyers and sellers.
National Mortgage Settlement
Thursday, February 09, 2012
Details of the National Mortgage Settlement are announced. The settlement will affect thousands of borrowers that were foreclosed on from January 1 2008 to December 31, 2011. The settlement excludes anyone foreclosed on in the state of Oklahoma, the only state to opt out of the settlement. Loans owned by Freddie Mac or Fannie Mae are not impacted by the settlement. See other FAQ Here.
See if your loan is Fannie Mae or Freddie Mac
The settlement involves the nations's five largest mortgage servicers
- GMAC / Ally
- Bank of America
- Citi
- JPMorgan Chase
- Wells Fargo
View the full details of the National Mortgage Settlement at the official website
http://www.nationalmortgagesettlement.com/
What an Agent Cannot Tell You... you maybe surprised.
Tuesday, February 07, 2012
You maybe surprised to know a real estate agent cannot tell you about: Schools, Crime, Religious, Ethnic or Income demographics of a neighborhood. See the video below to understand more.
From AOL Real Estate--A good real estate agent is very familiar with the neighborhoods where he or she shows properties. But because of legislation called the Fair Housing Act, the agent can't legally share all of that information with you.
Why the restrictions? The government wants to make sure that home purchase decisions are based on a property's fair market value and not factors such as race, religion or ethnicity. In other words, the law is meant to stop agents from steering clients toward or away from certain neighborhoods.
What can't a real estate agent discuss with a buyer? We asked Scott Klein, an agent based in New York City, to give us a rundown on the topics that are off-limits.
The Do-Not-Ask List
Household income: Wondering if a neighborhood is considered upscale? Don't bother asking your agent. Klein says he can't discuss economic class with prospective buyers.
But it's relatively easy to find demographic information online, including average household income for a particular area. At Neighborhood Scout, for example, you can get a description of a neighborhood's "look, feel and character" that includes information about residents' age, income level, ethnicity and other factors.
Schools: As with income level, sharing information about schools "might be perceived as steering someone into a certain neighborhood," says Klein. "However, as a Realtor I can direct people to sources of information about education in that area."
Here, too, the web offers prospective home buyers a wealth of information. Buyers can find useful school statistics, including enrollment, class size, and reading and math scores, at sites like School Matters and Great Schools.
Religion: The religious makeup of a neighborhood is another topic that's off-limits for real estate agents to discuss. If a buyer wants to find out about active religious communities in a particular neighborhood, Klein directs them to local houses of worship for information.
Crime statistics: Surely an agent can answer questions about local crime statistics, right? That's pretty public information. But it turns out that even this data is considered a sensitive topic under the Fair Housing Act.
Once again, buyers have to do their own research to find out if a certain neighborhood is considered safe. Homebuyers can find crime statistics online, including where sex offenders live, by logging onto Family Watchdog.
Klein also recommends that his clients pay a visit to the local police precinct and walk around the neighborhood to get a feel for it at during different times of the day.
Environmental concerns: A buyer would want to know if, say, a home is located near a Superfund site. In general, a real estate agent isn't going to be much help when it comes to neighborhood environmental issues. Buyers will need to figure this out on their own. One way is to visit the EPA's web site, which includes a database of environmental information, searchable by Zip code.
The one exception to this rule is if there is an environmental problem with a specific home. "If it pertains to that particular property, and it's something I have knowledge of, I am required to disclose that," Klein says.
So why use an agent if you have to do so much information-gathering yourself? An agent can show you homes, guide you through the buying process from start to finish and help you negotiate the best deals with sellers.
Top 10 Most Searched Real Estate Markets
Monday, December 19, 2011
10 Most-Searched Real Estate Markets Online
Chicago continued to hold onto the No. 1 spot for most searched for real estate market at Realtor.com in November. What other markets did potential home buyers have their eyes on last month? Realtor.com releases its top search ranking from November based on 146 metro areas.
The following are the 10 top-searched metro areas from November at Realtor.com.
1. Chicago
Median list price: $192,900
2. Detroit, Mich.
Median list price: $84,900
3. Los Angeles-Long Beach, Calif.
Median list price: $329,000
4. Phoenix-Mesa, Ariz.
Median list price: $164,700
5. Atlanta
Median list price: $156,900
6. Philadelphia, Pa.-N.J.
Median list price: $229,900
7. Tampa-St. Petersburg-Clearwater, Fla.
Median list price: $144,200
8. Las Vegas
Median list price: $122,000
9. Dallas
Median list price: $194,900
10. Riverside-San Bernardino, Calif.
Median list price: $199,000
Information for Realtor.com
The winter market is starting off HOT
Thursday, December 08, 2011
So far, the winter market is strong
The winter market is starting off strong. We just listed a wonderful home at 4007 Gypsum Hill Rd in Haymarket Va. The owners priced the home appropriately and received an offer in one day! Now they dont' have to worry about showing their home over the holidays.
Use this link to view current sales data for Prince William County.
What is a Short Sale?
Tuesday, November 29, 2011
What is a Short Sale? See the 3 basic elements needed for a short sale in this quick video.
Short Sale Seller
In my experience helping buyers and sellers with short sales, I have found patience and persistence are keys to success. The seller must work closely with their agent to provide the sellers bank with all the necessary documents requested. The seller should be prepared for their bank to request updated financials and hardship proof throughout the process. It's important for the seller to show their willingness to cooperate and provide any document their bank requests.
Short Sale Buyer
A short sale buyer must be patient, willing to wait many weeks/months to hear if the sellers bank will consider a short sale. During that time, the sellers bank will review the contract price and sellers financials. The sellers bank may reject, counter or accept the contact between seller and buyer. A buyer should have a long term and flexible time frame for settlement. Buying a short sale takes patience, however, the buyer may be reward with a great purchase price.
I've only discussed the basics of short sales here. Please contact me to discuss more details about short sales. Together, we can decide if you are a good candidate to sell or buy a short sale. 703-501-3626
Short Sales I've Sold This Year
Renters Spend 5% More Than Home Owners
Monday, November 14, 2011
Renters Spending 5% More Than Home Owners
Rising rents are forcing renters to outspend home owners on housing costs, according to a new study.
Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same -- or less -- than the median rental payment.
Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period.
Source: “Renters Outspend Owners on Housing,” RISMedia (Oct. 25, 2011) and Capital Economics
Finally, help for the good borrowers!
Wednesday, October 26, 2011
Finally, help for homeowners that pay their mortgage on time but owe more than their home is worth. The new HARP changes should help more good borrowers (people current on their mortgage) refinance. By eliminating the need for appraisals, more homes will qualify to take advantage of the historically low rates.
Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac
(the Enterprises), today announced a series of changes to the Home Affordable Refinance
Program (HARP) in an effort to attract more eligible borrowers who can benefit from
refinancing their home mortgage. The program enhancements were developed at FHFA’s
direction with input from lenders, mortgage insurers and other industry participants.
Excerpt from government 10/24/11 release---"Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac(the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants." Download the full news release here.
Look for the updated lender guidelines to be released on November 15th 2011
Displaying blog entries 1-10 of 26
