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Manassas : Real Estate Advice

  • All131
  • Local Info9
  • Home Buying50
  • Home Selling11
  • Market Conditions3

Activity 80
Wed Mar 4, 2009
Gabi answered:
I work in the tax arena. If you bought your home in 2008, you can take this credit but it is a loan which is with 0% interest but you have to pay back $500 per year for the next 15 years. Heck if 0% interest is availabe and you do not take it, you are a fool! Looking at the time value of money itself, one would be an idiot not to accept this wonderful loan. Just remember you have to pay it back over that 15yr time period beginning 2010 tax . It comes out from your tax refund basically in layman's terms. Now, if you bought in 2009, it is a gift of $8000 without repayment. There is a high income phase out which means that if you make a lot, you may not qualify. Check this link below for guidance. I am a first-time home-buyer myself and I took it to build my deck. If you have any other interest-bearing bills like credit cards, use it to pay that off! Nobody gives you 0% loans. This is a great loan!! Look below and this is from the IRS directly quoted

Exceptions to definition of First-Time Homebuyer
The following taxpayers do not qualify for the first-time homebuyer credit:

A homebuyer who is a nonresident alien



http://www.irs.gov/taxtopics/tc611.html
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Fri Oct 17, 2008
Vicky Chrisner answered:
Sara, assuming the house is bought by the bank at the auction (and it surely will be), there's really no hope for you. You will be first asked to leave, and then forced to leave. Your lease does not supercede a foreclosure. Read this blog post - maybe knowing you're not the only one will make you feel better?

I hope this doesn't sound too "sales-pitchy"... but, on an up note, I have a lovely rental townhome listed in Bristow, and this weekend, I have one in Manassas that will be listed. Can I help you find another home? vchrisner@kw.com or 703-669-3142
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Wed May 27, 2009
Alvin Lapitan answered:
Good morning Niaz, hopefully I can answer your questions...

1. (a) - only offered with VA & USDA programs right now - do you qualify? (b)- FHA just increased 10/1/08 to 3.5% down payment requirement

2. PMI varies between lenders, mainly because they use different insurers. FHA has a flat upfront fee on purchases of 1.75% (can be funded into the loan), and an annual fee of 0.50%. Ex. $270k loan x 0.005 = $1350/12 months = $112.50/month.

3. $270k x 3.5% = $9450 required. Can come from a variety of sources - ex. gifts, 401k's, cash assets, + more

4. The mortgage companies generally do not offer closing costs assistance. Those that do (lot of new construction) will make it up somehow, with higher "junk fees" or a much higher rate than you can qualify for. Realize that we almost all offer the same programs, and almost the same rates. You just have to find out which one is willing to do the work at a lower cost. (This describes me!)

5. No one should ever tell you this, if they do, run. At worst, there should be a $1000 tolerance of the GFE and actual settlement costs. It's called an Estimate, because that's what it is. There are too many variables that can change these costs - change in closing date (which alters the interest collected), change in sales price, change in closing cost assistance, change in homeowner's insurance premium, costs of attorney/settlement agents fees, cost/quotes of title insurance, etc...

Niaz, it seems that you are being savvy, and educating yourself very well. If you're looking for a great person to work with, give me a call. I can offer you tons of references, and the best service available. Because a home purchase is generally the single largest investment most people make, you definitely want someone on your side.

Kindest regards,

Alvin Lapitan
Sr. Mortgage Specialist
Cavalier Mortgage Group
Toll Free: 877-534-7420
alapitan@cavaliermortgage.com
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Fri Sep 26, 2008
Scott Godzyk answered:
You sure do and then some... you want to have your finances in order as they only gove you 30 days to close and it is not contongent upon you getting financing, if you are the high bidder you are responsible to close. you should also do your homework, at auction you are responsible fpor any past due taxes, hoa fees or a 2nd mortgage or any liens on the property. your best bet is to get a buyer broker that can help you. you should be able to negotiate a buyer agent contract so it doesnt cost you anything, where the agent will get paid their commission from the cobroke fee offered by the auctioner. this way someone will be looking out for you, can do the research and assist you on bidding as well. Good luck on your purchase. ... more
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Sat Sep 20, 2008
Jess answered:
try the following web sites: see below


craigslist (for your area)
www.rentalhouses.com
www.forleasebyowner.com
www.apartments.com
0 votes 2 answers Share Flag
Wed Jul 16, 2008
Keith Sorem answered:
Carmen
I do not work on your market, so directly I cannot advise you. However, I do have a couple of suggestions:
1. Timing a market is very challenging at best. Very, very few sellers and buyers actually are able to accomplish selling at the peak or buying at the bottom because we buy and sell real estate to accomplish other things, like job changes.
2. Depending upon your flexibility in timing, my experience is that well-prepared homes always sell for top dollar. However, there is a large range of "prepared homes". Talking with a Realtor NOW about your plans will provide you with the maximum options.
3. No one has a crystal ball. However, great Realtors have insight into what it takes to make a listings stand out and show value, which is the name of the game. I have seen some great homes sell under value because they were not staged and prepared. I have also seen homes sell for over value because they were staged and prepped to a "T".

If you need help I would be happy, at no obligation , to put you in touch the one of the top Realtors in your area. Just give me a call at 1-888-284-2056.

Good Luck.
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Tue Jul 22, 2008
Other/Just Looking answered:
Lending answer:

Your friend is incorrect. Your lender will report to the credit bureaus that your mortgage was "Settled For Less Than Agreed Amount" or similar language. This account will be considered derogatory and remain on your credit report for seven years after the date of last activity. A forelcosure is a public record and will remain on your credit report for 10 years after final judgment.

A pay off for less than agreed amount will be a red flag to any mortgage underwriter in the future and be regarded as a foreclosure because your lender took a loss.

Just this month, Fannie Mae and Freddie Mac extended the length of time borrowers must wait after a cured foreclosure from 4 years to 5 years on a primary residence or 7 years on a vacation home or investment property.

Closing costs can go either way. Your lender might agree to pick up some of the buyer's closing costs or not, depending on how much of a loss the lender takes and how the lender will compensate their investors. A Realtor who specializes in short sales could give you better guidance on that issue and probably help you obtain a better deal from your lender than you could on your own.
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Wed Mar 4, 2009
Torrey Lewis answered:
Mary,

You are in a situation that is going to require a lot of careful thought before you act. To try to make this simpler, I will start with the end of your question and work backwards.

A foreclosure is where the bank simply takes posession of the house and evicts you. You will lose all of your equity, if any, that is in the home. In the current market, there is a trend of people simply "walking away" from homes in which they have no equity. That process is a "deed in lieu of foreclosure", where you simply tell the bank that they can have the house, and save yourself the court time. In either case, you wind up with no home, and damaged credit.

A short sale is where you have negotiated with the bank to allow you to sell the house for less than you owe. This process can be tricky, as some lenders would rather foreclose than negotiate to save costs. It's best to get on the phone with your lender ASAP if this is the road you choose, as it can be time intensive to have short sales approved. In either of these cases, it's best to discuss matters with a real estate attorney before acting.

There are other options: If you have little or no equity in the house, and your soon to be ex-boyfriend agrees to it, you could buy out his equity in the house, and take sole possession of it. This would allow you to add a roommate (or two, depending on the size of the home) to help with the mortgage, or to simply rent out the entire house, and wait until this unfortunate market (for sellers) passes. If your Realtor is correct, and the current market value for your home has depreciated that much, then there is likely little or no equity left in the property. Talk with your Realtor to see what the home's rental value may be, or figure out if a roommate situation would work, then see if you could get the home's co-owner to "quit-claim" the home's deed to you. You should not need to refinance if you are the only one on the mortgage.

The reason that I bring up the second option is that it will save your credit rating. Being foreclosed upon, in any shape or form, is going to damage your credit report. A short sale, though an option, can be risky, and the bank may foreclose on you anyways if you are unable to continue paying your mortgage. If you can keep possession of the home, and find ways to keep making mortgage payments for a year or two, you should be able to come out the other side in one piece.

As always, make sure to consult with your Realtor, attorney, financial advisor, etc. before making any decisions.

Hope this helps. Good luck!
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Wed Apr 21, 2010
Bob Hummer answered:
Heather, you can contact the PWC Police Community Relations Branch at 703-792-6500 and they should be able to assist you.
0 votes 2 answers Share Flag
Sat Mar 15, 2008
Konnie Mac McCarthy answered:
Actually the rental market is going pretty good..and you are not that far from George Mason, that you could not advertise there for a renter (student) If you have any other qeustions, please feel free to ask... ... more
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Fri May 9, 2014
Amanda answered:
It all depends on Which part of Sudley Manor, the part in Manassas yes has a high crime rate, mainly people will steal stuff when they know you arent home. but if you are on the other side of the 234 bypass the crime rate is VERY VERY low. Nothing at all to worry about on the Nokesville side of Sudley Manor. But usually the police presence in Prince William not too many people break the law anymore ... more
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Mon Jan 31, 2011
Konnie Mckee answered:
Hey there....My name is Konnie an agent in Prince William..and I work with buyers like you...there are these great grant programs approved by FHA that helps with the down payment assistance..with that being said...condos have condo fees, which can greatly increase your monthly out put, when you could potentially put that towards a great townhouse...there are a TON of homes in that price range you quoted....and the good thing is prices are low, and so are the rates..... I have worked with at least 10 people, who are in your position, although most of them did not think they could buy...and they could and they are paying what they would pay in rent.......Of course I have to do my commercial about me now :) so, if you would like some help.....give me a call 703 407 7088 my name is Konnie McKee, you can also go to my website and search for live listings for free...Hope this helps...take care. ... more
0 votes 8 answers Share Flag
Tue Feb 5, 2008
bonbon answered:
I'm also on an the same visa, and I don't think anyone will take advantage of you. They'll probably factor that thing in, and will probably increase interest rates somewhat, but not by much (0.125-0.25%, if at all). I don't think having US citizenship is a pre-requirement to buy property here. Just another great thing about this country :) ... more
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Thu Nov 1, 2007
Johanna Devon answered:
Carmen,
We all know the market has changed. Even though sales have slowed, this year will rank 5th in the number of home sales. The fall makret can be just as good as the spring market. I would list the house for 60 days or through the end of November, then take it off the market during the holidays and relist after Super bowl Sunday. I'd be happy to assit you. You can contact me at 703-606-7504 Regards, Johanna Devon, Devon Home Realty. ... more
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Tue Sep 4, 2007
Justin Kiliszek answered:
I truly believe in today's market you're going to need more than just a sign an open house and newspaper ad. You're going to need exposure. Exposure only a realtor with a proven marketing plan can provide. A few years ago, I would of said, I don't blame you for trying to save the commission, but in today's market your going to end up putting it on the market anyway, so I would just cut right to the chase. ... more
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Thu Feb 21, 2008
Lenn Harley answered:
Stucco homes are available from some luxury builders, but it is a high maintenance material in this area with wide temperature fluctuations. The manufactured stucco like material, Drivit, is not recommended in this area because of moisture penetration and wood rot.
The most popular building materials here are wood frame and siding or brick exterior.
Popular accent materials are brick and stone.
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Fri Mar 21, 2008
Lenn Harley answered:
Yes. There are several areas for water front properties in Prince William in the $400K price range. Lake Jackson in Manassas, the Occoquan River, the Occoquan Reservoir all have very nice homes on water front lots in the price range. ... more
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Thu Feb 21, 2008
Lenn Harley answered:
Yes. There are homes on lots of 2 acres or more in the Manassas, and Nokesville areas. They are homes built in the 1970s and 1980s when land was less expensive than today.
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Tue Jun 17, 2008
Lenn Harley answered:
Absolutely. We have new homes ready to occupy and reslale opportunities that are vacant and available. Normal contract to close is 30-45 days and if the property is vacant and the buyer pre-approved can be done in about 15 days giving time for appraisal, survey and title work. New home builders can also move quickly, usually within 30 days of the home is completely finished. ... more
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Wed Jul 9, 2008
Lenn Harley answered:
Absolutely. New and resale homes with 4 bedrooms are available in lovely communities in Prince William County within 30 minutes of Mananassas employment areas. Towns of Bristow, Gainesville, Manassas, Haymarket offer home of about $2,800 square feet with full basement and 2 car garages on about 1/4 acre lots in the $500,000 price range. New homes are available with a 6 months build time and resales are available in 30 days. The Manassas area offers lovely homes with convenient major shopping, transportation alternatives and 35 minutes to Dulles Aiport. ... more
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