Alexandria VA Short Sales |
Chase Short Sale Under Contract In Pembrook Village

Our Alexandria VA short sale listing at 4420 Pembrook Village Drive is now Under Contract.

If your mortgage is with Chase Mortgage, and you’re interested in finding out if you qualify for a short sale, please contact us.  Chase Mortgage has made it easy for borrowers to start the request for a short sale. 

If you qualify and would like to sell your home, the next step would be to complete the preliminary Chase Short Sale Packet, and list your home with an experienced and qualified Alexandria VA short sale agent.

Alexandria VA Short Sale Specialist | 703-623-8759 

As a Certified Distressed Property Expert and Certified Default Resolution Specialist, I help homeowners who are in distress understand their options.  These options may include loan modification, forebearance, short sale, Homeowner Assistance Program (HAP) for Northen Virginia military families, or other alternatives that may be approved by your lender. Before you max out your credit cards or deplete your savings trying to keep your mortgage current, feel comfortable giving me a call at 703-623-8759. 

Wachovia Short Sale Approval Letter And
Some Questions Explained

While working with many homeowners who are facing a financial hardship, I’ve found that these questions often come up:

1. How long will it take for the bank to approve the sale? That depends on the lender, and how many loans there are on your home.  If you currently have more than one loan, then that will add time to the short sale approval process.  All lenders will have to agree on how much they are willing to receive. Wachovia has one of the fastest turnaround times, and within the real estate industry, that good news in travelling fast.  Short approval times are good because it reduces the chance that the buyer will walk away from the transaction.
2. Will I have to pay back the short amount? Once your short sale is approved, your lender(s) will issue a Short Sale Approval Letter.  This is similar to the Mortgage Approval Letter that you received when you were buying your home.  The letter will say that you are approved, but it will be subject to certain conditions.  These conditions will be outlined, and your letter should stipulate if you will be required to pay any money.  This could mean bringing money to the table at closing, or signing a promissory note for some or all of the difference.
3. Will the bank release the lien on my house after a short sale? The short sale approval letter outlines the terms of the approval, and if all of these terms are met, the bank(s) should release the lien on your house.
4. Do I have to make any repairs? All short sales are sold in as-is condition.  This is usually a stipulation of the short sale approval. An experienced short sale listing agent will make this known by indicating it in the Multiple Listing Service (MLS) so that buyer agents are aware, and it should also be one of the terms in your sales contract.
5. What if I can’t afford to keep the utilities on? You’ll increase your chances of getting your home sold quicker if you can maintain the home to your best ability.  This includes keeping the utilities on through closing.  In some instances, it may not be financially feasible to keep the utilities on, and in the event that happens, please let your short sale listing agent know ahead of time, as it may be possible to address that in your sales contract.
6. How long will it take before I can close on the short sale? The short sale approval letter will specify the date by which closing must take place, typically it is within 30 days of the date the letter is issued.

If you are wondering what your short sale approval letter may look like, I’ve embedded an example of one below that I recently received for my sellers.  This will give you an idea of what you can expect when you sell your Alexandria Virginia Short Sale.

Wachovia Short Sale Approval Letter

Alexandria VA Short Sale Specialist | 703-623-8759 

As a Certified Distressed Property Expert and Certified Default Resolution Specialist, I help homeowners who are in distress understand their options.  These options may include loan modification, forebearance, short sale, Homeowner Assistance Program (HAP) for Northen Virginia military families, or other alternatives that may be approved by your lender. Before you max out your credit cards or deplete your savings trying to keep your mortgage current, feel comfortable giving me a call at 703-623-8759. 

Old Town Alexandria Short Sales |
Wachovia Short Sale Fast Program Track Cuts The Wait For Old Town Homeowner Facing Foreclosure 

415 S. Royal Street Approved Short Sale In Old Town Alexandria

Old Town Alexandria homeowners facing foreclosure can get faster help if they have a mortgage with Wachovia.  We’ve just completed another successful short sale, this time with Wachovia Mortgage.  Wachovia has recently introduced its Short Sale Fast Track program which significantly reduces the dreaded ‘wait period’ that comes with buying a short sale. 

I commend Wachovia for being a frontrunner in changing the way that they process short sales.  As as short sale listing agent, one of the hardest parts of the transaction is keeping the buyer interested while other homes come and go on the market.  It’s tough for the anxious seller to wait for a response as well, because they need to make plans for finding another home. 

With a streamlined approach, the Wachovia Short Sale Fast Track program has distinct advantages that other banks do not offer including: 

• the homeowner/borrower does not have to be late on the mortgage to be considered for the program
• may offer up to $2500 to the homeowner
• less documentation than what is typically required, only the listing agreement, purchase contract, and preliminary HUD-1 settlement statement as prepared by a local settlement attorney
• no deficiency judgment or promissory note
• response within 30 days, and closing within 30 days after approval

If you currently have a mortgage with Wachovia, you may qualify to sell your home as a short sale by participating in their Fast Track program.  Even if you are behind on payments or have received a notice of default or notice of trustee’s sale in the mail, we may be able to stop the foreclosure process. We’ve done it before! 

As a Certified Distressed Property Expert and Certified Default Resolution Specialist, I help homeowners who are in distress understand their options.  These options may include loan modification, forebearance, short sale, Homeowner Assistance Program (HAP) for Northen Virginia military families, or other alternatives that may be approved by your lender. Before you max out your credit cards or deplete your savings trying to keep your mortgage current, feel comfortable giving me a call at 703-623-8759. 

The Shadow Knows | Northern Virginia Marketwatch
Real Estate Update And Home Sales Statistics

What lurks in the future of Northern Virginia’s real estate market? With a tip of the hat to the old radio serial of the 1930s, The Shadow Knows.
 
In this case, we are watching two “shadows” closely: the much-discussed shadow inventory of distressed homes that may flood the market, as well as the long shadow cast by the specter of rising interest rates.
 
Distressed homes are short sales – those where the owner sells owing more than the house is worth – and foreclosures, broadly defined as those homes lost to the lender because of default on the mortgage. One of the measures we look at is the trend in new listings coming on the market in our regional multiple listing system and, as the chart to the right indicates, there is not yet an upward trend in this distressed inventory. Short sales (the yellow bar) constituted 16.6% of new listings in the first 4 months of 2009 and 14.8% in the same time period of 2010. Foreclosures (the red bar) were 7.2% of all new listings in January-April 2009 and just 2.3% so far this year. This doesn’t mean there’s nothing to worry about, because we know that lots of home owners are still upside down on their mortgage – but we are encouraged that the “shadow” inventory isn’t exploding.
 
Frankly, we’re convinced that rising mortgage interest rates will have more impact on the market recovery than distressed inventory, but we’re tempering our concern over the fact that, as rates rise, 3-, 5- and 10-year adjustable rate mortgages will become more popular, and their lower-than fixed rates will help cushion the loss of buying power that will come with higher rates. For more metro area statistics, visit http://www.mcenearney.com and click on the “news” tab.

If you’re thinking of a move, don’t let the summer sail on by … A great selection of homes is currently available, but the inventory is changing frequently. 

For the most up-to-date assessment of our LOCAL market, please call me today. As an industry leader, McEnearney Associates prides itself on it’s comprehensive knowledge throughout our area … data and statistics that just may surprise you.  

Alexandria VA Short Sale Under Contract

1030 Anderson Street Alexandria, VA 22312

                       

At 12505 Trotter Court, you’re just five minutes away from Lake Ridge Park!

At 12505 Trotter Court, you’re just five minutes away from Lake Ridge Park!

Still Looking At Alexandria VA Real Estate AFTER The Tax Credit Deadline?
What Will You Do Now?

The federal government, the National Association of Realtors, the local association of Realtors, real estate companies, and Realtors across the country did a great job of making the First-Time Homebuyer Tax Credit public.  Consumers were informed with television commercials, YouTube videos, and numerous blog posts from the media about how to take advantage of the credit.

So, how did you fare?  Did you get the house you wanted in time?  If you’re still looking for a home, how do you feel about missing the deadline?  I had a relocating buyer come to the area for one day to identify a home.  After submitting a low offer on a condo in a pretty sought after area, and being rejected, I received the following email,

“I can’t believe that they’ll [the seller] get what they’re asking for, it’s a buyers market.  I’ll just wait until I come back to the area, but I expect to be compensated for missing the tax credit and not getting my $8000.”

I was stunned.  Thankfully, this was sent to me in an email, because if we were face-to-face, then the buyer would have witnessed my ‘Deer in the headlights’ look.

But seriously, if you’ve been working with an Alexandria VA buyer agent, who is keeping you informed of the Alexandria VA real estate market conditions, it’s pretty clear to see that in certain price points it’s not only a balanced market, but it’s more of a sellers market.

If you’re a first-time home buyer and you missed the deadline but you’re still actively looking for a home, do you have any expectations from the seller in terms of compensation?  Do you feel entitled to an $8000 subsidy because the deadline has passed? 

Alexandria VA Real Estate Update April 2010 |
Detached Homes Got Snapped Up Last Month

In March of 2010, many Alexandria City VA detached homeowners were pleased to join the coveted ‘Under Contract’ club.  While not yet settled, you can clearly see that last month, more buyers and sellers reached an agreement in the single-family detached home market.

According to the numbers:

• In the $400,000-$499,999 price range, the number of pending sales increased from one in the previous month, to six.
• In the $500,000-$599,999 price range, again six sales, up from two in the previous month.
• In the $600,000-$699,999 range, again a boost of two units, from eight to ten.
• Upper bracket detached homes in the $700,000-$799,999 range also snagged an additional two sales, up from three to five.
• Upper bracket detached homes in the $800,000-$899,999 range saw the largest jump from one unit, to a whopping seven!

So, what does this mean for detached home owners in Alexandria City (VA)?  It means that right now, there are a lot of opportunities to get in front of a ready, willing, and able buyer.  The competition is still there, so proper pricing cannot be ignored.

Alexandria VA Short Sales | 1030 Anderson Street Alexandria 22312 |
Not Your Typical Distressed Sale

A lot of times when a buyer thinks ’short sale’, the thought of dumping a lot of money into a house for fix-ups comes to mind.

Here, at 1030 Anderson Street in the neighborhood of Lincolnia Hills, there’s nothing to do but move right in.  The owner has meticulously maintained this home both inside and out.  This beautiful kitchen has been renovated and includes silestone countertops, custom maple cabinets, ceramic tile backsplash, wine fridge, extended pull out drawers, and top of the line GE Monogram stainless steel appliances.

With hardwood floors on the main and lower level, and ceramic tile in the bathrooms, you’ll find that this home shows no signs of distress. 

Here at 1030 Anderston Street, you’ll know once you drive up and see the landscaped corner lot, that this is not your average Alexandria VA Short Sale.

This home is listed by Alexandria VA Short Sale listing agent Tamara Inzunza.  As a Certified Distressed Property Expert (CDPE) and Certified Default Resolution Specialist (CDRS), my job is to help homeowners understand their foreclosure prevention options.