Government loans place additional financial and performance obligations on the seller. Certain "non-allowable" fees that are charged by the settlement and/or title companies must be paid by the seller. In addition, the VA appraisals are somewhat more detailed (and may be more expensive) and may require certain repairs that would normally be negotiable with conventional financing. Please feel free to contact me for more information.... more
Simple question with a not so simple answer. The best advice is to get an agent with new construction experience. Builders are glorified For Sale By Owners so there is a lot you need to look out for. The biggest thing is financing. They will throw all sorts of goodies at you but builders make 90% of their profits through financing, not building and selling the homes. I've seen some really shady deals come out of new construction "preferred" lenders. They will do everything they can to get you to use their lender.
The other thing is their margins are in the upgrades. I play first base coach with clients when we get homes priced out at new construction sites. As the sales rep goes down the list of choices, I give the "yes" and "no" head shakes to my clients because I know what they can get done much cheaper after closing or if they are just plain getting ripped off by the price.
Inspections are another area - make sure you have your own foundation, pre-drywall, and final inspections. Don't trust the county inspectors. They have too much going on to have the attention to detail you would want on your own home.
There's a lot more so I'll refer back to my first statement which is to make sure you have your own Realtor. You can call or email me anytime, I'd be happy to help. Make sure you also know about renovation loans - you can get the look and feel of a new home by buying and renovating a home instead of paying a premium price for brand new. Just another option for you. The renovation loans let you buy a home "as is" and include all the costs of repairs an upgrades and renovations in with the loan. Its one of the ways I help clients get the best possible home for the least amount of money. Many of my clients who originally thought they wanted new construction have chosen this strategy instead. You can get more info and see some before/after pics of clients homes here: www.makeoveragent.com. Make sure you check out the 6 minute video - that will really show you what you can do with a reno loan. All that was done in only 30 days.
There are several factors involved in purchasing a manufactured home. First, the purchase price is only for the dwelling itself - you also have to know the charge for the "ground rent" - that is, the monthly charge for the lot on which the manufactured home is located. Second, manufactured homes can't be bought with a traditional mortgage - they're considered personal property (similar to a car or boat) and usually require a personal (unsecured) loan. Third, manufactured homes generally don't appreciate in value like a traditional home - in fact, they actually depreciate in value (again, like a car or boat). While they can be an affordable choice for a first time buyer, they should probably be considered only after looking at more traditional forms of housing.... more
No, there's nothing wrong with that community, it's just not part of South Riding. I know it well. Some great homes there. The tax value, in and of itself, has no bearing on the real estate market. Once a year they assess the properties - I talk about this some in this post: http://therealestatewhisperer.blogspot.com/2009/11/automated-valuation-system.html I'd love to chat with you in more detail about the market, where it's going and what that might mean for you. Please give me a call tomorrow 703-669-3142 or send me an email firstname.lastname@example.org... more
All short sales are different. Some go smoothly, some are difficult. Some go quickly, some take months. It depends on how many lienholders are involved, and who they are (some banks are better than others). Just because the seller accepted your offer, doesn't mean the bank will. They could come back months from now and ask for a higher purchase price. The key is to be patient, and stay in constant contact with your Realtor. (And make sure your Realtor is in constant contact with the listing agent and/or third party negotiator). If you get requests from the bank or negotiator for things, you jump when they say jump. Good luck!... more
Big N....generally if you look at townhouses and detached homes at the same price level, the townhouses are going to be larger, nicer, and newer. If you go with a detached house with a yard you are really trading that nicer interior space for the yard. It is really a matter of preference. Some people like a nicer house and go with a townhouse, and others like a little more privacy and some space around them and go with a detached home.... more
Here are the active listings for homes in that area--stretching from Dulles down to Fair Oaks. There would be a lot more if the search were extended down the 66 corridor toward Tyson39;s, but since you specified Chantilly I kept it in that area. All these are 15 years old or less, not more than $600,000.
If you'd like a broader search, just let me know.
Hope that helps.... more
Every short sale transaction appears to be different but I would consider this a positive sign. The bank would ask for most recent paystubs to verify the amount of your income and that it has not changed. Good luck!... more
Did you mention that you had an agent?
Does the builder cooperate with agents?
In my experience, your agent would have had to take you to the site, and sign you in, in order to be recognized and paid a commission. That's how it is done here - it may vary where you are.
At this point, have your agent call the sales office, explain what happened, and see what they say. I would think in this market, they would welcome you back.......... even with your agent.
Good luck!... more
Assessments have absolutely nothing to do with what a home is worth. Nothing. Nada. Zilch.
Prices have declined in Loudoun County (as well as Prince William and most areas of Fairfax). What's happened in a lot of areas is that the price declines have outrun the assessments. For example, let's say a home is assessed for $300,000 on January 1, 2009. That assessment is based on sales trends from the latter part of 2008. But as we know prices were declining during that period. So, let's say a home sold for $310,000 in October, 2008. An identical one sold for $300,000 in November, 2008. An identical one sold for $290,000 in December, 2008. If we took those three, we might average them out to $300,000. But I'm sure you noticed that pattern--the declining prices.
So in January, 2009, one sells for $280,000. In February, 2009, one sells for $270,000. And so on. Now, prices started stabilizing around mid-year. But it's easy to see how a home assessed for $300,000 could be priced 15%-20% less.
And that's assuming assessments reflect true values, which they don't. In neighboring Fairfax County, the county considers an assessment accurate if it's within the low 90% range. In other words, Fairfax County would consider $300,000 an accurate assessment regardless of whether the property's real value was anywhere from $276,000 to $324,000. I'm sure Loudoun has a similar policy toward assessments.
To answer your specific questions, there's nothing wrong with the area. Chantilly is fine, especially if you work in Dulles, Reston, Centreville, Fair Lakes, Fairfax, etc. It's a bit of a hike if you work in D.C. or Alexandria, but plenty of people do it. And it's close to Dulles, to major transportation routes (Route 50, I-66, Route 28, etc.), and to lots of shopping and activities. Many people consider the Loudoun County schools to be good (as I Realtor I can't specifically comment on them). So, there's nothing wrong with the area.
As for good buys, there are plenty of them in Loudoun County. Loudoun was hit a bit worse than Fairfax County (though not as bad as Prince William). It's bouncing back nicely, though.
Feel free to contact me if you need any help or advice in buying.
While it often times doesn't seem fair, a seller may favor the conventional loan over an FHA loan for a couple of reasons.
Typically, a borrower taking out a conventional loan is only financing 80% of the purchase (down payment of 20%) which makes them appear to be a more qualified purchaser. The real reason though is that FHA appraisers are more difficult and more stringent with their appraisal in comparison to their more lenient conventional appraiser counterparts. If the home is in need of some significant repairs, often times the FHA appraiser will want some of these repairs made prior to the loan being made, where the conventional appraiser would not make this demand. If you're the seller, this usually means that you're paying out of pocket to make these repairs.
The other scenario we're seeing playing out these days, is that some buyers are bidding the price up over the list price. While that sounds like it would be attractive to the seller, appraisers (unlike a few years ago when prices were escalating rapidly) want to see comparable sales or substantive justification for the higher sales price. If they don't, the house will appraise for less then the sales price. I don't know if this is what occured in your situation, but if it did, the house may not appraise for the higher sales price and hence the deal will either fall apart, or have to be renegotiated. This normally will not be known until 2 - 3 weeks after contract ratification, leaving the seller with much uncertainty, and difficulty in making firm plans going forward until the appraisal contingency is removed.
I hope you find this helpful. If you would like to discuss this further, please feel free to contact me, and we can discuss it further.
Andy Krumholz, GRI, CDPE
Keller Williams Realty
(703) 599-4755... more
That is what I hear from anyone doing short sales - they just drag out indefinitely. I try to stay away from them for this exact reason. I tend to guide my buyers towards REO's since these are bank owned properties and the banks are not in business to sell houses. As a result, then tend to be more motivated to get the deal done. With short sales, the other negative is that the bank is moving forward with the foreclosure process at the same time! This is quite risky because they may foreclose on the property before you ever have a chance to close. These two departments are working independently of each other. Since you are involved with a short sale, I hope this doesn't happen to you and I do wish you luck and hope that everything comes together for you soon! Keep me posted, I'd like to hear about your outcome.... more
A short sale is a slae where your lender accepts less that what is owed to them. There are usually two causes: one is that you buy a house at he height of the market and then a couple of years down the road the market devaluates so much that you find that you now owe tha bank more than the value of the property. The second is a personal situation (i.e. los sof job) that makes payments impossible. In both cases you have to contact your financial institution (or more than one if you have other loans) and explain that you are looking for their approval for a short sale. You need'nt be behind with your payments for that. They will instruct you to write a hardship letter explaining why you think that you may not be able to make your payments in the future. The worst scenario is to do nothing and not contact your lender at all.
Yes, each short sale is unique depending on how much is owed, how many lenders, and the sellers other assets. Depending on how much you owe, the lender may ask you to contribute to the amount they get from the short sale, if you have other assets. They usually get a negociator and probably they will accept the short sale because for them it is easier than going into foreclosure. You have to get an agent who is experienced in short sales and who will make a package containing all your financial information and present it to the bank. Most banks want that the house be at least 30 days on the market before they accept an offer for the short sale. After all they are taking a loss and they want to make sure that they get the best they can out of it. It will take time, maybe months, even though banks are more used to the process now and moving a little faster.
I hope this has been of help to you. Feel free to ask me more questions.
Good luck to you,
you may want to try south riding - which is right next to chantilly. Must caution though most townhouses in the area will go closer to the high 200K but there are several foreclosures and short sales so you may get lucky!... more
Oliver, you should be asking your agent to provide you with this information. He/she can look at recent sales in the same area (foreclosure, short sales & traditional sales) to come up with an offer that the bank will at least consider. If a property is priced very well, it will likely get multiple offers and the bank will select the offer that nets them the most money. It would be impossible for any of us to tell you what a "good" offer is because we don't know anything about the property or comparable sales. If I were your agent, the first thing I would do is call the listing agent to get as much information as possible.
By the way, if it's the house I think it is, the bank has already accepted an offer ... the agent just hasn't changed the status yet.... more
A walk out basement is preferable to an underground basement. I'm not sure what "a area walk in" refers to. Trees, then walking trail then homes would be the order for your second question. A lot is going to depend on the entire neighborhood but most buyers would rather be looking at woods than other houses and sometimes walking trails can get busy and restrict privacy. Hope that helps. If you are not working with a Realtor on your search for a new home you should have representation. A Realtor can answer all of these questions for you AND protect you during contract negotations whether you are buying a new home or a resale home.... more