Alexandria VA Buyer Agent Helps Buyers Gain Instant Equity With Short Sale Purchase
Just Sold | 11816 Judiths Grove Court | Manassas

Alexandria VA buyer agent helps move-up buyers gain instant equity, and contributes toward saving another family from foreclosure.  Are you a first-time buyer, or a move-up buyer looking for distressed properties?  Bank owned foreclosures, pre-foreclosures, and short sales can open up opportunities for your home purchase.

Because real estate prices have come down, there’s more competition for move-in ready homes in the area.  This home at 11816 Judiths Grove Court in Manassas offered three fully finished levels, a rear deck, expanded kitchen with morning room, and a master bedroom with sitting room.  Tucked away in a subdivision with no HOA, these homebuyers are able to reap the benefit of privacy, and because this home appraised for more than the purchase price, these buyers are able to boast about their instant value.

If you’re actively in the market for real estate and homes for sale in Alexandria VA or the surrounding area, please contact me for a consultation.  Distressed properties in Alexandria VA including bank foreclosures and short sales can open the door to a larger selection of homes.  Not all Alexandria VA area foreclosures and short sales are in the need of total rehabilitation.

• Search the Alexandria VA MLS for Foreclosures
• Search the Alexandria VA MLS for Short Sales
• Avoid Foreclosure – See If You Qualify For A Short Sale
• Search the Alexandria VA for All Homes For Sale

Results Matter.  Especially when it comes to helping homeowners facing financial difficulty.  Alexandria Virginia real estate agent, Tamara Inzunza has just completed specialized training in foreclosure prevention and Short Sales to assist homeowners who may be facing foreclosure.

“Many people are facing the pressures of a recession, debt, and job instability.  If a foreclosure happens, your credit immediately takes a dive, and it can take years to rebuild.  A short sale can prevent foreclosure, save credit, and in some cases the homeowner can purchase another home with better mortgage terms,” explains Inzunza.

McEnearney Associates, Inc. has always been a leader in the Alexandria VA real estate market, and a long-time supporter of the citizens of Alexandria City.  With the current economic challenges, Alexandria VA homeowners now have one additional resource to help determine if a short sale is a possible solution.

Homeowners in distress can visit www.AlexandriaShortSale.info for assistance, and to see if a short sale is a reasonable alternative.

When it comes to getting your home sold, Results Matter. 

Click here to view information on our real estate sales statistics for the first half of 2008.

Click here to view information on our real estate sales statistics for the second half of 2008.  Put our knowledge, experience, and results to work for you.

You have options when it comes to preventing foreclosure.  Very few people know exactly what to do or where to go.  Visit our short sale information website to see how we can help.

To some people, the idea of buying a foreclosure home means getting a good deal on a move-in condition model home.  To others, foreclosures equal trouble.  At least that’s according to a recent survey conducted by the real estate search site www.Trulia.com. 

According to Trulia.com, about half of buyers are open to looking at foreclosures, but a full two-thirds felt there were "negative aspects" related to such a purchase, including hidden costs, the possibility of declining value, and other unknown costly risks.

The survey specifically showed:

• 60%of single/never married adults are more likely to consider purchasing a foreclosure versus 50% of married, divorced, or separated adults
• 57% of males are more likely to purchase a foreclosure in comparison to 51% of females
• 69% of younger adults (18-34) are likely to purchase a foreclosed in comparison to just 32% of adults 55 and older
• And on the emotional side, 20% of adults said that having a personal connection with someone who lost their home to foreclosure is a negative aspect of purchasing a foreclosed home

So here’s proof that not every homebuyer gets bright-eyed and bushy-tailed when it comes to buying a foreclosure.  However, in the Northern Virginia area, the lower priced foreclosure home gives many buyers the opportunity to enter the market.  And often in a subdivision that was previously not affordable at the height of the market, or even in a normal market.

With first-time buyers, the worry of hidden defects from a bank-owned home that has been sitting vacant through the different seasons is not too appealing.  Vacant homes often have odors that can indicate possible defects.  For example, the smell of pet odor could mean that there are some areas that need to be cleaned better than others.  Also, the ‘wet’ smell could send up a red flag for possible moisture damage that’s yet to be seen in addition, to mold.  Is there an active leak on the inside of the home, or is the home not properly sealed?

The dreaded "AS-IS" when noted in the listing remarks could also be enough for the browsing buyer to click the ‘Next’ button.  And what about those barely finished new subdivisions that have more foreclosures than seller-owned resales?  What type of signal does that send to the browsing buyer?  Should they be overly concerned with vandalism and break-ins?

Buyers have to consider quite a bit when looking at foreclosure homes.  In some instances, the possibilities and unknowns of foreclosures are enough to attract buyers to the seller-owned homes.  Sometimes, greater value is perceived when a buyer can see that a home shows pride of ownership and has been well taken care of.

Does the recent news about the government takeover of Freddie Mac and Fannie Mae have you scratching your head?  Before the news was news, Lawrence Yun, chief economist of the National Association of Realtors wrote a brief article explaining the current housing situation and what could happen.  Talk about forecasting…

Why are the companies’ share prices falling? Investors fear they will collapse because of rising mortgage defaults driven by home price declines.
What are the default rates on loans held by the companies? For Fannie, 1.22% for single-family loans delinquent 90 days or more, up from .62%; for Freddie, .81%, up from .49%.  The figures are for April and were reported in The Wall Street Journal.
What happens if they collapse? Mortgage rates will rise much higher.
What happens if home prices fall much further than anticipated and the newly raised capital runs out or stock prices fall to zero? The federal government will take over the companies (without a doubt) and assume the mortgage debt default risk.

Yun hit the nail right on the head because the government is now in charge.  But what does it all mean? Here’s a snapshot:

Over the weekend, both Freddie Mac and Fannie Mae have been placed into a government conservatorship that will be run by the recently created Federal Housing Finance Agency.

·         This was a necessary move to prevent the collapse of Freddie Mac and Fannie Mae which would have been more damaging to both US and global financial markets.

·         It is expected that this move will bring stability to the housing market by increasing the available funds for lending, thereby lowering interest rates.  It is also expected to spur buyer activity which will begin the process of reversing the downward trend in property values.

·         Although there is no indication when the conservatorship will end, this move is viewed as a short-term take over intended to increase confidence and lower uncertainty in the housing market. 

·         This takeover has been strongly endorsed by Federal Reserve Chairman Ben Bernanke, "These necessary steps will help to strengthen the U.S. housing market and promote stability in our financial markets."

·         It is not clear how, if at all, this will affect Fannie Mae’s and Freddie Mac’s lending guidelines.  Their lending guidelines will continue to depend on how much risk they are willing to accept.

·         For now, this appears to be a good thing for the housing market but the full impact on the economy and the ripple effects this will have to taxpayers and Fannie Mae/Freddie Mac investors remains to be seen.

So, how does the state of Virginia compare to the rest of the country when it comes to foreclosure activity?  The National Association of Realtors (NAR) has started tracking the data and segmenting the information on the state level.

Did you know that according to NAR 32% of homeowners own their homes free and clear? Find out more by viewing the chart.

To assist Alexandria VA area homeowners who are having difficulty making mortgage payments, I’ve received extensive training and have added another service to help.  In the midst of all of the talk about foreclosures, you may not be aware that if a homeowner has fallen behind on their mortgage payments, they may be able to take advantage of a short sale.

A short sale is an agreement where the bank gives permission to the home owner to sell the home for less that the total mortgage balance owed on the home.

To qualify for a short sale, you must first be able to prove that you are facing a financial hardship and are unable to make your mortgage payments.  Some examples may include a recent job loss, unexpected medical bills, divorce, or an adjustable rate mortgage whose interest rate has recently changed, making your home no longer affordable.

It’s important to remember that each bank is different, and each bank has its own separate set of procedures to determine if a homeowner can qualify for a short sale (final approval is granted by the bank, not the listing agent or broker).  If there is more than one mortgage on the home, then the short sale will have to be approved by each lien holder.  The home can be sold for market value, or a little below, and the bank can either forgive the outstanding debt, or work out a separate payment arrangement.  The homeowner benefits from a short sale by avoiding a foreclosure on his/her credit report.

Due to the number of inquiries, I have created a new website for you to share, or visit if you need more information: www.SaveMyNovaHome.com.

While foreclosure homes are traditionally a ‘good deal’ for would-be home buyers, they can be very costly for banks, and banks do not want to be in the property management business, they want to be in the loan business.

A short sale can be an alternative that proves to be a win-win.  The bank can avoid the costs it would incur to go through the foreclosure proceedings, including taking over taxes and utilities, and the financially strapped homeowner can protect his/her credit rating.

We will also assist homeowners who qualify for a short sale and have bank approval with finding another home.  Many homeowners are able to purchase a new home right after a short sale, however in some cases, renting may be better to allow credit scores to improve and cash reserves to be rebuilt.

When a buyer considers the option of buying a foreclosure or short sale home in Alexandria VA, usually the dream of buying a home in model condition at a deeply discounted price comes to mind.

I’ve recently sold two bank foreclosures and I can tell you that not only are they sometimes tough to sell, they’re also tough to show, take a look at the following video: http://slideroll.com/show.php?s=abq5b10a

I’ve shown homes where the cabinets have been pulled from the walls, all of the appliances have been taken, carpet has been ripped up down to the subflooring, not to mention the odors and living things with multiple legs that can sometimes greet you at the door.

Getting a home way below market value is one thing.  Having the time and money to make repairs is another.

Here are some things to consider when purchasing a foreclosure or short sale home in Alexandria VA:

1. How much money do you have for repairs after down payment and closing costs?
2. What types of repairs are you willing to take on?
3. If the repair costs end up going over budget, what’s your plan B? 
4. Do you already have a team of trusted and reliable contractors to help you with cosmetic and structural repairs?
5. Have you secured the best type of financing for your foreclosure purchase?
6. Do you have the time to oversee the repairs?

Many times when buyers start out looking at the foreclosure homes that are available, the thought of costly repairs and time become too overwhelming and we end up looking at seller-owned homes that show ‘pride of home ownership’.

There’s a story behind every foreclosure, there’s also a story behind every purchase.  To make your homebuying experience a smooth one, consider the pros and cons of buying a foreclosure.  Sometimes, the time spent on repairs is not worth the money.