Real Estate News About Woodbridge, Mount Vernon, and Lorton Virginia: August 2009

Woodbridge VA Real Estate News Stupid, Stupid, Stupid

Woodbridge VA Real Estate News You Can Use

Stupid Woodbridge Home Seller Makes Stupid Choice

Just When I Think I've Heard Every Story, A New Stupid Story Comes Along

I recently met a young man found out I help folks sell and buy property.

"Real estate is bad right now.  Buying a house was a bad investment.  So I just walked away from my house and gave it back to the bank," he said.

(The bank never owned the house.  So one may not "give it back to the bank".  The bank just provided a loan the lad used to buy the house.)

I said, "You let the bank foreclose?  Why?  Did you lose your job?  Did your payment jump too high to afford? "No, I could afford the payments."

"So why did you walk away and let the bank foreclose?"

His answer was astounding.

"The value dropped to $160,000.  My loan was $220,000.  I was paying payments on a loan that was $60,000 higher than the value of my house.  I told the mortgage company that they should lower the loan to $160,000 to match the value, that it wasn't fair to make payments for a loan that was bigger than the value, so I gave it back."

I replied, "Did anyone tell you that real estate values always bounce back, then grow steadily over the long haul?"

"Yeah, but if it doesn't this time?" 

"So where do you live now?"

"Oh, we love the neighborhood, so we rented a townhouse up the street so our kids could keep their friends and go to the same school."

"So your rent you pay, what are you paying in rent compared to your old house payment?  Are you saving money?"

"That's the only bad part... our rent payment is $200 more than our house payment was."

A friend pulled me away from the lad to introduce me to some folks who want to move and need my help.  Thank goodness.

Just when I think I've heard 'em all, here comes another one.

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Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.


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Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
Equal Housing Opportunity








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Click the link above to email a question to me or call me now at 703-677-1120.  



Equal Housing opportunity.

Comment balloon 0 commentsErick Blackwelder • August 27 2009 01:00PM
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