Real Estate News About Woodbridge Virginia and Surrounding Communities: January 2011

Home Loan Interest Rates As Of Friday January 28

What Is "APR" And Why Is It Always Higher Than The Effective Rate?

Will I Get The Interest Rate Quoted Or Will I Have To Pay At The Rate Posted In The APR?

Stable Inventory Of Homes For Sale And Rising Home Values In The Spring Market

Erick Blackwelder Of Exit 1st Choice Realty Explains Local Market Statistics

Rising Demand Plus Low Inventory May Lead To Rising Home Values In The Spring Market

When You Sell Your Home Sweat The Small Stuff

Buyers Look For Reasons To Eliminate Homes From Their "A" List

Don't Give Buyers Excuses To Exclude Your Home

Give Buyers Reasons To Put Your Home On Their "A" List

Short Sales Aren't A Short Process

Find Out What This Short Sale Expert Knows About Short Selling Your Home

You Could Be In Your Home A Long Time Before Your Short Sale Goes Through The Bank Systems

One Of The Largets Banks Admits Improper Treatment Of Military Families

Improper Foreclosures Of Homes While Serving Overseas

Military Families Overcharged Thousands Of Dollars For Mortgages

One of the nation's biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

The admissions are an outgrowth of a lawsuit filed by Marine Capt. Jonathan Rowles. Rowles is the backseat pilot of an F/A 18 Delta fighter jet and has served the nation as a Marine for five years. He and his wife, Julia, say they’ve been battling Chase almost that long.

The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they’re in harm's way.

A Chase official told NBC News that some 4,000 troops may have been overcharged. What’s more, the bank discovered it improperly foreclosed on the homes of 14 military families.

If you are active duty military, and you believe you were ripped-off by JP Morgan Chase, take this post and your copy of your closing papers on your home to the JAG attorneys for review.  If JAG says you have a case, contact Brown, Brown, & Brown, Attorneys At Law in Franconia for help recovering damages.

The White House Has Defaulted On A Home Equity Loan And Could Face Foreclosure

This Is Not A Joke (Though it is funny) 

CNBC Report Below Reports Default On Loan Taken To Update White House Pipes, electrics, Update The Kitchen

As reported today on the CNBC  website:

A home equity loan taken out by Congress in 2008 for much-needed renovations to the White House has fallen seriously in default and rumors are swirling that the bank holding the loan is considering foreclosure on the structure.

While the first mortgage on the White House was paid in full decades ago, Congress decided to cash in on the equity of the historical building to make necessary repairs to the infrastructure, including electrical wiring and plumbing. Claw-foot bathtubs were replaced by modern tub enclosures, kitchen appliances in use since 1970 were upgraded to stainless steel to give the kitchen area a more modern look, and then there is that rug for the Oval Office recently purchased after Obama took office.

Now, word is out that the housing crisis has hit Pennsylvania Avenue as well. Reports have come out stating that the White House has lost $80 million dollars in value just in the past two years, which means that it now counts itself among the many American properties that are worth less than the loans taken out on them, i.e. underwater properties.

The government has been given thirty days to come up with around $400 million dollars to pay off the equity loan, but with the White House currently worth a mere $253.1 million dollars, even a short sale may not be in the cards for the stately mansion.

"I'm not gonna lie to you... your house isn't selling because it's overpriced in the market."

What Woodbridge Home Sellers Need To Know About Pricing Your Home To Sell

Home Buyers Are Buying Homes That Are "The best deal."

When you need to buy something substantial, for example a riding lawn tractor or a new appliance.  Don't you want to shop a few stores to find out who has the BEST DEAL?

Of course you will.

Home buyers are shopping homes in your market area.  They know where your competition is priced, and all the goodies your competition has to offer compared to your house.

You need to see your competition and know how your home stands in the minds of prospective buyers.

"Oh but Mr Erick, our home is SPECIAL."

No, it's not.  

Your home is just different from your competition.

So if you REALLY want to move, price your home within the range of other homes for sale, that offer your home's size and features.

You can find out the range where your home would sell in today's market by CLICKING HERE NOW and sending in your information for a free, no-hassle, no obligation computerized home value analysis.

You'll find out the exact prices and terms of homes in your area that have SOLD over the past six months.

As long as you're going to have to live with buyers wandering through your house, and keeping it spotless all the time, and all the grief that comes with selling, don't you want to get a SOLD sign in your front yard, as fast as you can, for the best price, and with the fewest hassles?

You will get a SOLD sign fast when you know where your competition is selling.

If your competition is selling in the $500,000 - $550,000 rage, be smart, and price it at $525,000.  

Remember, your buyer is looking for "a deal", and buyers don't want to buy the most expensive house on the street.

Haven't you heard the old saying, "Never buy the most expensive house in the neighborhood"?  Of course you have. Buyers will avoid your home like the plague if it's the highest priced house on the street.

CLICK HERE NOW to find out where your home will sell.

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's. 

Equal Housing Opportunity

Some Folks Are Just Plain Stupid

Short Sales Are For Persons Whose Adjustable Rate Payment Doubled Or Tripled

Short Sales Are NOT For Folks Who Are Paying A Reasonable Payment On-Time

I met a lad at a holiday event who said he was short selling his home when he found out I sell real estate.  He proceeded to give me an astounding sales pitch on the spot, listing every top-of-the-line feature, and all the options in the book.

When I asked, "Why would you leave such a nice home?"  

Most folks who sell a home like that are being transferred out of the area.

"I'm paying too much for the house, and the bank won't modify my loan to the current value.  My note is $540,000, but the house is only worth $380,000.  I'm not going to pay a $540,000 note payment on a house that's only worth $380,000."

Hmmmmmm....

I asked, "Did you have to go three months without making a payment before the bank agreed to a short sale?"

"Yup."

"Did that trash your credit scores?"

"Yup."

"Where are you going when the house sells?"

"There's a house just down the street from us we're gonna rent."

"How does the rent payment on that house compare to the mortgage payment on your house you're selling?" I asked.

"About the same, just a couple of hundred bucks higher."

So I summarized, just to be sure I understood his pretzel logic, "So you're going to sell a house you love, let your credit score get trashed, then go down the street to a house with the same floor plan and pay rent higher than your mortgage payment, just to spite your loan company?"

"Yup."

I'm still having a hard time wrapping my brain around that situation.

Find out how  your home might sell fast right now by calling Peggy James, Listings Manager at Erick and Company: 703-851-3085.

OR...

 You can get a FREE computerized report showing the value of your home right now by CLICKING HERE to send your address to Erick.

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's. 

Equal Housing Opportunity

Sell Your Home In Woodbridge VA With An Unfair Advantage Over Your Competition

Make Your Home Show Like A Model Home

Make Your Home Look Good In Photos And On Video So Buyers Will Want To See Your Home First

Find out how  your home might sell fast right now by calling Peggy James, Listings Manager at Erick and Company: 703-851-3085.

OR...

 You can get a FREE computerized report showing the value of your home right now by CLICKING HERE to send your address to Erick.

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's. 

Equal Housing Opportunity

Short Sales Made Easy With Erick Blackwelder And Peggy James

Find Out How You Can Sell Your Home Fast With Our Short Sale Systems And Tools That Work Every Time

Find Out How You Can Get A Good Deal When You Buy A Short Sale

You want to sell your home, but you owe more than the market value of your home.  

The latest cultural slang for that situation is your home is "under water".

So you invite us into your home for a visit about short selling.  We've sold many homes by short sale so we know how to minimize your loss, and get your home sold fast, and at a price that will satisfy the bank.

Find out more about selling your home by short sale when you CLICK HERE NOW.

Short sales can also be a good value for you home buyers who want to get a great home at a great value.  A short sale can often be the best deal on the street if your agent knows what he or she is doing.

You home buyers can get answers to questions about short sales when you CLICK HERE NOW and post your questions.

If you need a face-to-face visit with Peg or Erick about selling or buying a short sale CLICK HERE NOW or call 703-590-2252.

Find out how fast your home might sell right now by calling Peggy James, Listings Manager at Erick and Company: 703-851-3085.

OR...

 You can get a FREE computerized report showing the value of your home right now by CLICKING HERE to send your address to Erick.

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's. 

Equal Housing Opportunity