For the most part, homeowners in the City of Alexandria, particularly in the neighborhoods of Old Town and Del Ray have been somewhat immune to the wave of foreclosures and short sales that have plagued the surrounding areas.

But even with sought-after benefits including four metro stations, many homes with high walkability scores, and a close-in location, foreclosures and short sales are still a reality.  Homeowners who find themselves with a troubled mortgage should not waste any time in negotiating with the bank.

When it’s time to make the call to the bank to renegotiate your mortgage, here are the five papers you’ll need on hand:

1. Your most recent mortgage statement or coupon booklet.  If you receive monthly statements, you’ll need to reference your loan number and view your payment history.  Once the account representative retrieves your account information, they’ll also be able to see your recent payment history.  While a coupon booklet will have your loan number, it will not be as detailed as a monthly statement.
2. A brief explanation of your current circumstances.  Be honest and specific about your current situation.  Every person and every situation will be different.  Be prepared to provide documentation to support your circumstances.
3. Recent pay stubs or tax returns.  Pay stubs are proof of past income earned.  If you are presently in a position where you need assistance, or if you fear you may need assistance soon, your pay stubs will help you prove that you were capable of earning a steady income.
4. A list of household expenses. Include your utility bills, food, insurance, and the basic necessities.
5. A list of other debt obligations.  Any credit cards, car loans, student loans.

The number one comment that I hear about foreclosure prevention is that homeowners often wait too late to get help, making foreclosure inevitable.

Source: FHA

Free Brochure: Learn How To Avoid Foreclosure and Keep Your Home

City of Alexandria Resources

Free Consultation: See If You Qualify For A Short Sale for your Old Town or Del Ray home

Del Ray Bungalow For Sale

Even though the average days on the Alexandria VA real estate market is slightly increasing for homes for sale in Del Ray, sellers can still play a vital role in sprucing up the home for the anxious buyer to increase the likelihood of a quick sale.

1. Get rid of clutter - there’s no better way to show off your square footage and to showcase the openness of your home than to remove clutter from rooms, countertops, main living areas, and high traffic areas.
2. Wash your windows - this allows more natural sunlight to come in, giving your home a bright and airy feeling that Alexandria VA homebuyers love to see.
3. Keep everything extra clean - if you haven’t discovered the power of the Mr. Clean magic eraser, you’ve been missing out big time!  It’s great for removing smears and brightening up switch plates, outlet covers, doors, and frames. Wipe down tables and countertops eliminating crumbs.
4. Get rid of odors - if you have pets, keep the litter boxes and pet beds fresh and out of sight.  Pet odors do linger, and nothing turns a buyer off quicker than bad smells.  Keep trash bins empty and lids closed.  Dirty laundry should be in a closed hamper.
5. Use higher wattage bulbs - to piggy back on natural light, make your rooms brighter by using higher wattage bulbs, especially in the bathrooms, basement, and kitchen.
6. Do the small repairs now - today’s Del Ray home buyers are cash strapped and can be turned off by things that obviously need to be fixed right away.  Remember, when it comes to repair items, sellers think in hundreds…buyers think in thousand$!
7. Get curb appeal - keep your yard manicured by trimming the grass, pulling weeds, and make the entryway attractive by adding some fresh potted plants.
8. Patch driveway holes - apply a fresh coat of sealant too.  There’s nothing like pulling up to a Del Ray home for sale and seeing that fresh dark blue sealed or smooth stain-free concrete driveway, what a way to show pride of homeownership.
9. Clean your gutters - show your buyers that you don’t welcome water leakage, keep gutters and downspouts clear.
10. Make your house number visible - polish your house numbers and make sure your front door shines with a new coat of paint (buyers love a RED door!) and an attractive door knob or handle.

Are you serious about selling your Del Ray home and need more ways to make your house more saleable, your Del Ray Real Estate Agent should be able to give you at least 450 Ways to Get Your Home Sold.

My previous post on fall tips included some quick and easy steps for transitioning your home from summer to fall when preparing your Del Ray home for sale.  Many sellers think that waiting for the spring time will yield a quicker and more profitable sale because of the warm weather and landscaping.

Here are some additional tips to help attract Del Ray homebuyers from the outside in:

• Rake debris away from the side of the house and other structures
• Clean the gutters and downspouts, and check the roof for loose or missing shingles
• Clean around the air conditioner compressor
• Trim back any trees or shrubs that touch the house
• Check repair caulk around the exterior surfaces, and along windows
• Inspect and repair screens and doors, make sure all storm doors are secure to prevent cold air from coming in, and warm air from escaping
• Clean out under decks and porches
• Clean out basement window wells
• Soften up your entrance by adding seasonal accessories like mums, pumpkins, scarecrows, and a new welcome mat

On the inside

• Dust off and reverse the ceiling fans so that they blow up
• Replace the batteries in all smoke detectors and test them
• Test all carbon monoxide detectors
• Replace air filters in the furnace, and renew your maintenace contract for your HVAC system
• Change your thermostat ettings for fall/winter temperatures

If you’re on the fence about putting your Del Ray Alexandria home on the market now, you may be missing out on the most serious buyers of the year.  Buyers looking now are motivated by time:

• Now Buyers want to be in their new home before Thanksgiving so they can plan the holiday dinner in their new home
• Now Buyers want to be in their new home before Christmas so that can open presents under the tree in their new home
• Now Buyers want to be in their new home before the end of the calendar year for tax purposes
• Now Buyers don’t want to move during the cold winter months because of the low temperatures

Pre-approved home buyers who are actively looking for a Del Ray home for sale will be selecting a home within the next three weeks.  Make sure that you don’t miss out on this highly focused group of shoppers.

The term ’short sale’ has definitely gained popularity with the Alexandria VA real estate market over the past year.  While a short sale may not be suited for every homeowner, here are some basics to let you know how we help those who may be a candidate for a short sale.

The factors necessary in order to move forward with the short sale process:

• The homeowner may be behind on payments.  You don’t have to be behind on mortgage payments to qualify for a short sale.  Every bank, and every situation is different.
• There is little or no equity in the house, or homeowner owes considerably more than what the house is worth.
• The homeowner can prove a legitimate hardship.

Once the homeowner is aware of all options with the current mortgage company and if the owner chooses to proceed with a short sale, then we prepare the ‘Short Sale Package’ and submit it to the lender.

The short sale process for FHA loans if different than the process for VA and conventional loans.  With FHA loans, the homeowner must have written acceptance into the HUD short sale program prior to listing the home.  With conventional mortgages, the seller can proceed to market the home in the MLS and receive offers.  Based on the total amount owed on the home (which could include late payments, taxes, HOA/condo fees, mechanics liens), and a market analysis, we help determine the asking price for the home. 

The mortgage company may not explicitly offer a bottom line figure for what will be acceptable, so the market analysis proves to demonstrate what buyers are currently paying for similar homes.  This information is also included in the prepared short sale package to help strengthen the owner’s case for the approval.

The average time for a home to successfully close with a short sale is 60-90 days.  The benefits to the homeowner include the relief of no longer carrying a mortgage that is not affordable, and still being able to purchase a home.

As with a seller-owned resale home, the home is aggressively marketed both online and in print publications to secure a buyer.  As with all transactions, all financial information is kept in confidence, so you will never see our listings blatantly advertised as short sales.

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.