Archive for month: June, 2009

Events Around Falls Church VA This Weekend

25 Jun
June 25, 2009 Wednesday is hump day.  Now we start to think about the weekend; those two special days we fondly remember at the beginning of the week and by the middle of the week are in such anticipation of what to do we start planning for "the weekend".  There are many activities in and around Falls Church, how can everything be squeezed in to two days?  Some of the activities are free, others let us indulge a little; why leave the area we live in with these options?  Some options for this weekend, June 25 and June 27: City of Falls Church Farmers Market  8am to noon Saturday 6/27 Located in the City Hall parking lot with offerings of locally grown fruit, vegetables, cheese, meats, baked goods Read more [...]

Shoot for the Moon …

19 Jun
June 19, 2009 The new trend in contracts appears to be “Shooting for the Moon.” Our active real estate inventory has been below average for months, many buyers are finding themselves in competition for each and every home they are interested in purchasing. Becoming slightly frustrated by losing out again and again, buyers often turn to creative ways to make their offer stand out. The most recent trend in contracts is to offer well above List Price, as much as 30%, expecting a low appraisal then requesting a reduction on sales price. I want to go on record, “Sellers I work with are wise to the game.” As a Seller representative, I present all offers to the Seller but can not recommend they seriously Read more [...]

Short Sale vs. Foreclosure – What is the difference?

19 Jun
June 19, 2009 The market we are currently experiencing is very different from the market we were in the past 5 years.  With the mortgage difficulties we have experienced to decreased property values to foreclosures, who can make sense of it all?  If you are in a home where you owe more on the mortgage than your home can sell for in this market, what are your options?  First you can contact your mortgage holder and try to renegotiate the terms of your loan.  If the bank is not in favor of this approach you can sell your home as a short sale, this is where you own more on the mortgage than you can sell it for.  This is a process the bank will be involved in the final approval of the sales price and terms.  Read more [...]

Lowballs and Strikes – When and How to Make a Lower Offer

19 Jun
June 19, 2009 I noticed an interesting poll on a Baltimore Sun blog from Jamie Smith Hopkins about buyers' and seller's negotiating on "lowball" offers, whether buyers should offer less and how should seller's respond. Here's the logical response for sellers- If it is a serious offer, negotiate! When the buyer has an approval letter (none of this pre-approval stuff for lowball offers) or cash-on-hand makes them real, not just wasting your time. No home sale contingencies, maybe some inspection contingencies (any smart buyer would want those), but nothing fancy. My advice: TAKE THE MONEY! It may be the most you will get after assuming how much it will cost you stay in the house or continue paying a mortgage, Read more [...]

America, What a Great Country

08 Jun
June 8, 2009 I just returned from a graduation of Medical Residents at the San Antonio Uniformed Services Health Education Consortium. This is a joint organization of the United States Military and the University of Texas Health Science Center. In attendance were over 300 Army and Air Force Doctors, along with some civilians, who were finishing their medical residency. These are young men and women in their early to late 30s who have spent all of their life getting educated and trained to take care of other people. I spoke to one general surgeon, aged 32 who told me he has operated on over 1,400 people already. Now that is an apprenticeship program! Some of the doctors were also getting PhD degrees due to Read more [...]

FHA Amendatory Clause Update

08 Jun
June 8, 2009 A recent change by the Federal Housing Administration US Dept of Housing and Urban Development states that certain sellers are not required to sign the FHA Amendatory Clause. The Amendatory clause is not required on: HUD REO sales Sales in which the seller is:  -  Fannie Mae,  -  Freddie Mac,  -  The Department of Veterans Affairs (VA),  -  Rural Housing Services, other Federal, state, and local government agencies, etc., and -   Those sales in which the borrower will not be an owner-occupant. You may also find the entire guidebook (in Word format) at:  http://www.fhaoutreach.gov/FHAHandbook/prod/collections/current/print/4155-2_6.pdf . The statement can be found on Page 16 (4155.2 Read more [...]