Northern Virginia Real Estate Finance
What Were They Thinking??
August 18th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Real Estate Dirt, Northern Virginia Real Estate Finance, Reston Dirt
Lately, I’ve been showing a lot of property that was foreclosed upon and is now bank owned. I’ve seen bank owned properties in all sorts of locations, neighborhoods, buildings, etc… even in the “luxury” market. In considering making an offer on one, I called the listing agent to ask my usual barrage of questions:
“When can we expect a reply from this bank?”
“Are there any other offers on this property?”
“How quickly can we settle?”
“Is the bank willing to pay closing costs”
“Is the bank willing to allow for home inspection repairs?”
“Can we settle with our own real estate attorney?”
“Can we hold the earnest money deposit?”
…. the list goes on ….
Certain banks (and agents, unfortunately) have earned unfortunate reputations of being difficult to work with. It makes me wonder how we’ll ever get out of this situation unless the banks (and the agents) realize that they have to be at least somewhat agreeable, approachable, responsive, etc…
So here I sit - wondering “How did we get here?” Don’t misunderstand, I know HOW we got here, but I wish I could know who was responsible, don’t you? Which lenders? Which ORIGINATORS? It dawns on me that just 
because Bank of America (JUST AN EXAMPLE) holds a loan now, they may not have originated that loan. They may have just made a bad business investment decision. So I wish there was some report that indicated WHO took these risks? WHO was writing B paper loans? WHO was ignoring (or turning a blind eye) to underwriting guidelines with respect to debt ratios? WHO was outright lying? I wish I knew.
I’m glad our credit restrictions have tightened up. I hope that my buyers who are buying now are well qualified and prepared to be homeowners for the foreseeable future!
If you need a good lender, give me a call – I know several who are excellent and in whose hands you’d be well taken care of!
Happy Monday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is right around the corner!
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Is it Time to Buy? How ’bout NOW? Is NOW Finally Here?
May 16th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Northern Virginia Real Estate Finance, Reston Dirt
For the past few years, this has probably been the most asked question of 
every real estate professional across the US. With the media leading the charge, the news has been all gloom and doom with a few regional exceptions and, just like a run on the bank in days gone by, the public has largely bought into the concept that the sky is falling in.
Well, we’re still standing. Yes, we have a credit crisis of enormous proportion that will likely take years to recover from. But guess what… houses are selling! Prices are somewhat steady! There are plenty of happy buyers and sellers at least here in our region, that are actually experiencing pleasant transactions!
But here’s the greatest news of all. Finally, we’re getting some great reports from national media sources that perhaps the crisis is over! Yes, you heard me correctly, the headline of an article in The Wall Street Journal on May 6, 2008 reads, “The Housing Crisis Is Over.”
The article begins by reminding us that we’ve been on a downward trend for 3 years already – hard to believe, but I guess it was 2005 when we started to see buyers push back from rapidly rising prices. It goes on to look at certain economic indicators that have been present in past housing corrections and comparing that with our current outlook.
Bottom line is that perhaps the worst is behind us. Here in the Northern Virginia area we have been seeing more activity, relatively stable prices and buyers finally coming around to believing that they can now make a good investment. However, like everything, it’s a giant pendulum. Perhaps now is an EXCELLENT time to be either a buyer or seller while that pendulum is essentially hanging in an almost weightless state before swinging the other direction. Remember the days of multiple contract? Waiving home inspection? Waiving appraisal? Let’s do some business!
Happy Friday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Taking your (financial) Health Into your own Hands…
January 16th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Real Estate Dirt, Northern Virginia Real Estate Finance, Real Estate 101, Reston Dirt
Yes, today we’re talking about health. Had a checkup lately? Have you 
visited your family doctor? Well, all that might be interesting, but I’m talking about your financial health. YES, have you had a checkup lately? Seen your practitioner?
There are a few basic things one should do especially if preparing to enter into a real estate transaction anytime soon:
Run Your Credit
You are given the opportunity once each year to run your credit “free” so to speak. Here is a great article on the process, how it works, where and whom to contact, etc…
Address any Credit Issues with a Plan
Sometimes your credit report will reveal things you’re completely unaware of. You might find that a credit card or account you thought you “closed” years ago is actually still active with the company even though there have been no charges in a very long time and the cards have been long cut up. It will help your credit scores to methodically go through and, in writing, cancel any unused accounts.
Sit down with your Accountant
If you’re considering selling, be sure you understand how a gain could affect your tax situation. Be sure you understand how much you stand to gain from the sale of your home and how much you’ll be able to put towards your next purchase. (a qualified real estate agent like myself can run through scenarios to create a net sheet for you to use).
IF you’re considering buying, especially for the first time, you need to understand how the mortgage interest (and property tax) deductions work and how they increase your take home pay. Many first time buyers come to me understanding how much they currently pay in rent and trying to make a comparison – it doesn’t work the same way. It’s at this point that I would point you to a qualified lender to help walk you through the approval process.
Most of these are common sense – but all great things to do on a regular basis. There are also some great books out there to help take you through a financial check-up and lead you to financial freedom. So, take care of your health, financially, and the rewards will be great!
OF COURSE, if you want to talk real estate, I’ll look forward to your call or email.
Happy Wednesday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation! Spring is right around the corner!
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WOW - VA Loans - Welcome to the 21st Century!
October 29th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Real Estate Finance, Reston Dirt
The VA announced today that they will begin providing financing for eligible 
military personnel for loan amounts up to $1,000,000 — that’s right, ONE MILLION DOLLARS! This is a bold and impressive step for VA and of course, for a prospective borrower, will require a deeper understanding of the options this opens up for them.
VA Loans are still limited to $417,000 for 100% financing, but with a calculated down payment, they will now fund loans up to $1,000,000. Additionally, they will now allow the VA funding fee to be added on top of the max loan amount calculation – this is a new option for VA loans.
IF you have VA eligibility, this is a great time to look into what your options are. It’s also a great time to be a buyer, while inventories are high and prices are negotiable.
Call today to discuss it – I have some excellent lending partners who can get you through the VA loan process with ease!
Happy Monday!
Jennifer
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