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Alexandria VA Homebuyers Have Yet Another Reason To Get Preapproved |
Your Loan Is No Longer Available
If it's been a while since you've checked in with your mortgage lender, you may want to call and make sure that you are STILL are approved for your mortgage loan.
While not having a pre-approved didn't make this buyer cry, finding out that he would have to make a larger down payment because the previous mortgage that he qualified for was no longer available did come as a surprise!
Realtors can never grow tired of stressing the importance of obtaining your mortgage pre-approval before starting your home search. There are so many emotions involved when buying a home, and having your pre-approval just eliminates the emotion of disappointment when you realize that a house that you fall in love with is out of your price range.
Due to the changes in lending industry, many mortgage programs that were available three or four years ago, have been pulled off the shelf and are no longer being offered today. And even if you have good credit and a stable job history, the lender may require additional documentation today that would not have been requested years ago.
A good example is if you currently own a home and you are moving up to purchase another home. Today, if you intend to rent your home, a lender may ask you to provide rental comparables for homes that have rented in your neighborhood, in addition to a signed lease and proof of a security deposit and first month's rent as a condition of your loan approval. Your lender may also require you to show documentation that you have a certain amount of money in reserves to cover a vacancy, an amount over and above what your estimated closing costs will be.
Here's another example that I've seen first-time homebuyers use as an excuse for not getting a mortgage approval. And that is the fact that they don't have the money for closing costs NOW, but they will have it by the time of closing. Lenders today aren't playing that game...and they shouldn't. Today, a lender will want to see that you have your money for a down payment and closing costs already in the bank.
Alexandria VA homebuyers can take some of the stress out of the homebuying process by taking the initiative to obtain their mortgage approval. There's no cost and no obligation to actually make a purchase, but it's the all too important first step that shouldn't be overlooked.
Bonus Free Report #1: 10 Questions To Ask Your Lender
Bonus Free Report #2: 10 Things A Lender Needs From You
Bonus Free Report #3: 8 Steps To Getting Your Finances In Order
Alexandria VA Short Sale Under Contract
Tysons Corner Luxury Condo Approved Short Sale |
Falls Church Short Sale Condo
Penthouse Level With Upgrades
2230 George C Marshall Drive Unit #1219 | Renaissance 2230
If you're looking for a luxury condo in Tysons Corner, this approved short sale at Renaissance 2230 just might fit the bill. Top floor unit with three bedrooms and two full baths, granite countertops, stainless steel appliances, hardwood floors, and two private balconies.
This is a Capitol One approved short sale listed for $349,000 and closing must take place on or before June 11, 2010.
Open House Lake Ridge VA | 12505 Trotter Court Woodbridge, VA 22192
Stop by the Open House this Sunday, May 16, 2010 and see this warm and inviting step-down living room that 12505 Trotter Court in Lake Ridge has to offer. The forecast is SUNNY and you'll be able to see lots of sunshine flowing in through the skylights that are in the family room, the extended morning room, and the luxurious master bathroom.
You can also imagine yourself hosting those spring- and summertime gatherings out on the rear two-tiered deck that backs up to mature trees! Don't miss out. This one is a 10+!
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?
12505 Trotter Court In Lake Ridge Offers Location, Space, and Comfort
JUST LISTED - Lake Ridge Colonial w/Morning Room Extension
Bring your 'must have' list here and you'll see that everything will be checked off! Move-in ready and waiting for the new buyer, this three level colonial at 12505 Trotter Court Woodbridge, VA 22192 in the commuter-friendly community of Lake Ridge has special touches including:
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:
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.