Days on Market

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Generally speaking, the longer a home is on the market, the more willing a seller is to negotiate. And that means you might be able to get a good deal!

However, notice that I said “generally speaking.” I put in that disclaimer because there are several reasons a home might be on the market for a long time.

One is that it might simply be overpriced. If that’s the case, then you’re in an excellent position to negotiate since the sellers may be anxious to sell the home.

A second reason may be someone has already put an offer on the property, but their financing, credit rating, etc. hasn’t met the requirements of the deal. In short, there was something wrong with the buyers, and nothing wrong with the home. Again, there may be an opportunity for you in this situation.

A third reason is that someone made a simple mistake in the Multiple Listing Service (MLS)! Perhaps the home got listed in the wrong ZIP code or the wrong neighborhood, or the price was simply wrong and listed too high. Now, normally, MLS is very accurate, but, as always, it’s dependent on humans entering information into the system, so mistakes happen!

Fourth, the house may have stayed on the market for so long because the owners simply refuse to negotiate! A real estate agent can help you identify these individuals for you so you don’t waste time and energy on a sale that will never happen.

Finally, a home may stay on the market for a long time because there is something wrong with it either structurally or cosmetically or both!

Depending on the situation, this can also be an opportunity for you as a buyer! You can use it as a bargaining tool; that is, either the home seller fixes the defects or lowers the price to account for the cost of repairing those defects.

However, you should always, always get a home inspection done on such houses! (Or on any house you’re considering, for that matter!). It prevents you from buying a “money pit,” in which you have to throw a small fortune in order to get defects repaired.

Here’s the short and long of it: DOM can sometimes get you a great value in a home; however, you need the expertise and guidance of an experienced real estate agent to pinpoint such values! I can provide you with that expertise. Contact me today!

Short Sale Success – We Can Help Close Your Short Sale

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It was not until a few years ago that short sales became a household term across the nation. They have been around for a long time but they actually only became more recognizable after the housing crisis hit us in 2007.

At first, the process of short sales was relatively unknown to most homeowners. The overwhelming feeling of impatience marred most applicants as many times a lot of files took months if not more to process. Often homeowners were turned away and their applications rejected at the very last moment before closing.

Today, however, things have changed. Not only are there more streamlined processes in place but also banks are eager to do short sales rather than withstand tens of thousands of dollars (or more) in legal fees to pursue a foreclosure.

Banks Now Offering Cash To Homeowners in Short Sales

With the apparent interest on a banks part to engage in short sales rather than go the full foreclosure route, homeowners are enjoying some benefits out of the process that they had not seen just a few short years ago. Banks today are offering as much as $30,000 to property owners and in some markets we are seeing banks willing to pay as much as $45,000 starting July 1, 2012.

Home Affordable Foreclosure Alternatives Program

The government program has been designed to assist the millions of Americans stuck in a situation of financial hardship and as a result stuck in underwater properties. Many states are full recourse states, meaning that the lender has a legal right to pursue the borrower to recover every last cent of the money owed. Under the HAFA program, this aspect of state law is overridden. One benefit of the program is the provision of $3,000 in relocation costs awarded to qualified applicants of the plan.

Mortgage Debt Forgiveness Relief Act

One key aspect of short sales is that the debt that is written off is still considered by the IRS as income. That is why the Mortgage Forgiveness Debt Relief Act benefits homeowners that have opted for relief through short sales. The amount of discharged debt will not be taxed under this program however the program is set to expire on December 31 of this year unless Congress elects to extend the program deadline once again.
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Doing a short sale is not a quick, simple and easy matter by any means. It requires knowledge, expertise and industry savvy to get the homeowner the most out of the deal. Though there may be many agents claiming to be “short sale specialists”, a true specialist can be gauged by the number of satisfied customers or cases with a positive outcome.

In a typical month, my office processes more successful short sales till closing than most agents do in any given year.  We invite you to call us to discuss your situation. We will sit down with you, introduce you to an attorney, who (at no charge to you) will evaluate your circumstances and advise you accordingly. We have the tools and techniques needed to get the job done. And we very sincerely want to see our clients happy. Call me today at 703.564.4026 – I look forward to helping make your real estate goals a reality.

To see the actual closing documents click below!!!!

http://www.scribd.com/doc/101680106

http://www.scribd.com/doc/101680104

http://www.scribd.com/doc/101680101

5 Commonly Mistaken Myths of Buying New Construction Homes

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New Construction is Too Expensive

One of the most commonly misunderstood facts about newly built homes is that they cost far too much more than standard resale properties.  The truth is that builders are very aggressive in their pricing and in their negotiations – especially in today’s market.  In fact, since the last two years have been among the worse in the building industry’s history, many companies are trying to woo customers in with alternative incentives.  Whether providing added amenities within the cost of the home, assisting with closing costs or providing upgraded customization at a discounted cost – there are deals to be had in new construction.

You Can Get A Better Deal On Resale Vs. New Construction

People generally think that buying a previously built home will yield a better deal but the truth is that with the state of our economy and builders’ desire to stay in the market and remain competitive throughout – buyers can get phenomenal deals.  Not only will you be able to move into a brand new space that is customized to your tastes specifically, you will also be able to achieve it for almost the same as if you were buying a resale property.  Most customers are surprised at how competitive new construction is.

A Large Down Payment Is Required On a Newly Constructed Home

The misconception that builders require a large down payment is simply not true.  In today’s economy of course they want as much down payment as possible but the inability to put down a significant amount of cash does not hinder the sale for many buyers. Like any other real estate deal, there are many different ways a deal can be structured.  Whether it depends on the type of financing a buyer obtains or the amount a builder will require or other factors – there are always options.  Buyers should sit down and negotiate to find out the possibilities.

It Takes a Long Time to Get Into a Brand New Home

Builders build and create inventory of their homes and in many cases customers are able to move in as soon as the finishing touches are complete.  This can take about the same amount of time it would for a standard resale property.  Of course it depends on the number of upgrades and customization the customer requires but in general, it does not take as long as most people would think.  Many builders provide a guarantee to close within a set time period – often within or less than 4-5 months (for homes built from scratch). But in cases where a homeowners is moving into a previously built new construction home, they should be prepared to accept minor deviances in décor and finishing from what they may have wanted.

I Can Negotiate the Buyer Down in Price

It costs a certain amount to build a home and builders have to recover that amount.  The opportunity for homebuyers lies in getting all sorts of extras on their property for the list price.  It is important to be flexible but also not to expect the unrealistic. In these cases, the net price is very aggressive compared to regular retail purchase.
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If the idea of living in a brand new home appeals to you but you have had some hang-ups in the past about new construction, contact me today. Together we can work out a way to make your real estate dreams become a reality!