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Home Buying in Centreville : Real Estate Advice

  • All72
  • Local Info6
  • Home Buying14
  • Home Selling4
  • Market Conditions1

Activity 19
Mon Jan 21, 2013
Robin Short answered:
Yes, this spring will be a good one. You must have an agent who understands horse property.
You need to market towards that buyer. You must also keep in mind that the condition will dictate the price. So, make all the repairs and cosmetic updates necessary. You have heard all this. If you need an agent check out at my website, (I have horses.) www.RobinShort.com. ... more
0 votes 6 answers Share Flag
Mon Nov 19, 2012
Misty Mount answered:
Fri Sep 20, 2013
Laura Ibanez answered:
It's the best time to purchase a home now because of the following reasons: (a) interest rates are very low; (b) there are still plenty of foreclosures and short sale homes on the market, making it a buyer's market; and (c) home prices are still very low. If you will be living in the home for 3-5 years only, you would be able to write off your closing costs within that time frame and take advantage of the mortgage interest deductions on your yearly tax returns (Please consult an accountant or a tax advisor on how to do both of these). Because of the combination of these factors, your mortgage payments may (possibly) be lower than rent payments. Hopefully, the market will continue to improve while you are living at the home and you can build enough equity, which will offset your selling costs, at the end of 5 years. I will be more than happy to create a free account for you at my website: www.livinginfairfaxcounty.com, so you can browse available homes in VA, or you may simply call me at 703-269-8706 if you have any other questions. ... more
0 votes 17 answers Share Flag
Fri Jun 15, 2012
Laura Ibanez answered:
The bank usually sends a form for the Purchaser to fill out, after acceptance of the short sale offer. The agent has to provide all of the information for the short sale to be completed as the bank reports this information to the tax authorities. ... more
0 votes 8 answers Share Flag
Mon Oct 15, 2012
Vicky Chrisner answered:
Generally very good. But, be sure to get a strong rental CMA before you buy anything. I work with many investors throughout the Dulles area and would be pleased to talk with you about ways I might be able to assist you. Please let me know if I can help! ... more
0 votes 11 answers Share Flag
Sun Jul 11, 2010
Dan Chase answered:
Ask it here. A simple question will suffice.

Can I... or is it correct that... Or whatever your question is. Many realtors here do try to give honest helpful replies.
0 votes 13 answers Share Flag
Fri Apr 9, 2010
Christopher Lefebvre answered:
The market has been picking up here in MA. I think that the new home buyer tax credit has been helping out the situation. Also, I think that a lot of investors were on the sidelines waiting for the market to stabilize and the spring tends to be a busier home season as well.

Have you been putting in low offers?
... more
0 votes 7 answers Share Flag
Tue Feb 9, 2010
Don Tepper answered:
I expect interest rates to drift upward by a point or so by the end of 2010. But that's just a guess.

As for your deeper question--what will happen to the market when rates inevitably rise--that'll be a problem. Not primarily due to folks who've gotten conditioned to 5%-6% rates, though that is a factor. But just because every time rates rise, it makes properties makes properties more "expensive" by increasing the monthly mortgage payment. And the other tools that can be used to relieve that pressure (less money down, longer mortgages, ARMs) are either already in place or are unlikely to be used or expanded. FHA loans have become the new subprime loans for buyers with little money down. We already have ARMs. And I doubt that 50-year mortgages have much of a future.

To some extent, people will adjust. Back in 1984, gas prices averaged $1.21. See http://www.1980sflashback.com/1984/Economy.asp Folks have gotten pretty used to paying $2.65 or so per gallon. See http://gasbuddy.com/

Beyond that, when interest rates raise, some people get squeezed out of the market. That's not necessarily a bad thing. Everyone should have the right to buy a home but, realistically, not everyone is cut out to be a homeowner.

Further, when interest rates went up to 16% or so, people came up with a lot of creative ideas on how to buy property. And they turned to some techniques that weren't necessary when interest rates were lower (such as 8% back in 1974 when I bought my first home). There's equity sharing, lease-options, lease-purchases, contract for deed, owner financing, and so on.

Some agents tend to be short-sighted. I remember a few years ago most agent poo-pooed home staging. Homes didn't need to be staged; even cluttered, dirty homes sold. I remember how resistant agents were to techniques like lease-options, how strenuously they argued against them. But a few years ago, if you could fog up a mirror, you could get a mortgage. Today, more agents are open to that concept.

There are plenty of ways for sellers to sell their homes, and buyers to buy their homes. And that applies whether interest rates are at 5% or 16%. Agents should help their buyers and sellers adapt to the changing climate. (Yes, many of them do. But we're talking about more extreme situations than interest rates going up a point or so.)

So, while interest rates may well rise some in 2010, I don't think that has to be a major problem for real estate.

Good question.
... more
0 votes 4 answers Share Flag
Tue Apr 20, 2010
Darren Marquardt answered:
I have lived and worked in the Centreville area for over 10 years. As well, I am also a board member of the Centreville Community Foundation so I might be a bit bias however; I believe Centreville is a wonderful place to live. It's a area with a foundation in History and a strong focus on the Future. In Centreville, you'll find one of the oldest communities in Fairfax county. Because it's located on a high ridge, residents have appreciated "one of the best mountain prospects in the Commonwealth.
Over the past several years, Centreville has become an International Crossroads and has a rich diversity of cultures, food, and entertainment. The businesses are flourishing, Schools are great, and the community is thriving. We have great restaurants, clubs, fitness gyms, improved access to 66, 28, and 29, and more. I'm proud to live and work in Centreville and I hope you find the community a great place for you!
... more
0 votes 4 answers Share Flag
Fri Oct 29, 2010
Rachel Dammann answered:
Buying a Short Sale is a good idea. You are able to purchase a property at market vaule or sometimes 10% below market value. many people are not selling their homes right now because the values are low. Many times the only options for a buyer is a short sale or a foreclosure. The only catch is that short sales take a long time to process because the bank has to give its approval to accept an offer for less than is currently owed on it. The bank response time ranges from 6 weeks to 9 months. If you find the perfect house and you have time to wait. There is nothing wrong with a short sale. ... more
0 votes 21 answers Share Flag
Wed May 27, 2009
Largest Realtor Rebate answered:
I would recommend Centreville over Manassas Park. The foreclosures in Manassas have been very high, they have been driving down prices. I also think there are a lot more that will be coming on to the market over the next 30-45 days. Most parts of Centreville will also give you better access to all the major highways. Also once you cross over into Manassas Park it is considered Prince William County, Centreville is still considered Fairfax County. Homes in Fairfax County have held their value much better than Prince William County and I do not see that trend changing. Best of luck in your home search!

Zeeshan Kaba
I-Agent Realty Inc.
703-926-7215
Ask about our 2% cash rebate to all home buyers!
... more
0 votes 3 answers Share Flag
Tue Apr 28, 2009
answered:
The credit is a single tax credit, however you can decide how to divide it up amongst the two of you. Ask your tax preparer how to make the best use of it
0 votes 3 answers Share Flag
Sun Jan 25, 2009
Monika Kumar answered:
Tue Oct 22, 2013
Are Andresen answered:
I had a client replace the PB piping in a 3 level townhome earlier this year for about $3,500 through http://www.plumbing911.com/ . Believe the price did not include touching up the drywall with new paint afterwards. PB piping is common in homes built late 70's to early 90's - they have more info on their website you may find informative.

Good luck!
Are
... more
0 votes 7 answers Share Flag
Fri Dec 5, 2008
Lynn Schulz answered:
Absolutely, with a garage. It is not the norm with townhouses, therefore giving it a competitive edge when you sell. The premium for a garage will vary from complex to complex, but it is a great selling point. ... more
0 votes 8 answers Share Flag
Fri Nov 21, 2008
Debra Talley answered:
Hello Nilesh,

Please tell me the address and I would be happy to send you more info. My email address is debra@TalleyHurstHomes.com.

Thanks,
Debra Talley
0 votes 2 answers Share Flag
Mon Sep 29, 2008
Other/Just Looking answered:
Lender answer:

If by "not properly released" you mean that the title comoany cannot find a Satisfaction letter from the seller's previous mortgage... this may not be a problem.

Part of the work of a title company is to ensure that all prior liens against a home have been satisified. If the lender was aprivate individual, it is rare for private individuals to take the time (and spend the fee) to record a Satisfaction with the county clerk, which means title companies must chase those documents down (sometimes decades later) when the home owner sells or refinances the property.

The title compaby must track down the prior lien holder and have him/her/them sign a Satisfaction to clear the title. You will not be able to close (nor may the seller sell) until the Satisfaction is obtained. If the lienholder is owed funds, those will comme out of the seller's funds at closing; the title company will obtain a Satisfaction after that,

I would not worry unless the lienholder cannot be located. I cleared two up today for one of my clients (for private mortgages recorded in 2001) in the space of about 30 minutes... the lienholders happened to retain the telephone numbers form 2001 and were immediately available by fax. In other situations it has taken a few days to track the lienholders down.

Assuming I am correctly interpreting your situation, it should take just a few days to clear up the issue.
... more
0 votes 3 answers Share Flag
Tue Sep 2, 2008
Scott Godzyk answered:
The key to the short sale is to find iout how far along they are, make sure th seller has been approved for the short sale, that the bpo or appraisals have been done and the bank has givin (in writing) what they will accept. If not it could take upwards to 6 months for the process to take place with no guarantees they will accept. Maybe 1 out of 10 shortsales close. I would go with the nromal sale anyday rather than taking the risk. But check the status of the short sale first, if they are just starting out, run dont walk away. ... more
0 votes 7 answers Share Flag
Wed Dec 3, 2008
Glenda Marks answered:
If you need to find a home quickly, this is not necessarily the way to go. If you have the time to wait for a bank's decision, you will more than likely benefit in $$$$ saved.
0 votes 6 answers Share Flag
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