Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

July 19, 2008

15 Million Reasons To Buy In Alexandria VA

The Commonwealth of Virginia has just given consumers hoping to buy their first home in Alexandria VA over 15 millions reasons to get off the fence and purchase a home.  This aid which encourages buyers to use the Virginia Housing Develpment Authority (VHDA) program is ideal for those who are currently renting and are indecisive about getting into the real estate market.

For more information, view the full article as reported by the Alexandria Times newspaper.

As a buyer's agent, I can tell you first hand that there are so many opportunities right now.  There's no sense of urgency like there was in the past sellers market, and buyers can protect themselves with necessary inspections in addition to seller or bank paid closing costs.  All of the foreclosure homes that I have sold resulted in the buyer receiving closing cost assistance.

This is very important because as the cost of living continues to increase, many buyers find it harder to save extra money for down payment plus closing costs.  Buyers now have the advantage of these down payment assistance programs to help defray the costs of securing a home.  Typically, closing costs run between 2-3% of the sale price, depending on the financing and can be negotiated between the buyer and seller.

If you are concerned about closing costs, or if you're curious about the steps in the home buying process please contact me for a consultation.

July 7, 2008

Thank You For Helping Us Achieve Our Dream!

Repeat clients take advantage of current market and purchase a larger home in their desired neighborhood.

Dear Tamara,

We cannot thank you enough for helping us find the home of our dreams!  Your knowledge of the real estate market and giving us good points to review when considering a purchase is why we have returned as clients and will recommend you to others.  Thank you again for helping us achieve our dream!

Christine & Matt

Now is the time to buy the cheapest home in the BEST neighborhoods! Visit www.MovingToNova.com today to start your home search.

Posted in Buyers, JMU, Testimonials
July 4, 2008

Condo For Sale In Lorton VA - Gunston Corner

Condo For Sale In Gunston Corner

8301 Bluebird Way, Unit D in Gunston Corner is the perfect opportunity for first-time buyers to embrace homeownership.  The size, comfort, and location also make it a perfect match for downsizing buyers.  The community is adorned with lush, mature landscaping.  A pet-friendly community, you'll find many homeowners walking around during all times of the day.  Special features of this beautiful home include:

  • Square footage - While most condos can barely squeeze out 1,000 square feet, this home boasts two bedrooms, two full baths, and a den with approximately 1,200 square feet of living space.  The den is perfect for the telecommuter who wants a home office without having to give up a spare bedroom.  You can also use the den as a hobby area, a library, a sitting room, the possibilities are endless.  The master bedroom has a full bath with double vanity sinks, and a generous walk-in closet.
  • Upgrades - The owner has spared no expense. Special touches include custom crown molding, the dining room has chair railing.  The kitchen is a chef's delight offering new flooring, a new gas stove, new built-in microwave, and dishwasher.  No more runs to the laundrymat or doing multiple loads of laundry with the stackable, this home offers a full sized washer and dryer.
  • Location - Just two lights from I-95, less than two miles from the Lorton Station VRE, and a Fairfax Connector bus stop right outside the door, not only can you save money on fuel by taking advantage of public transportation or Park and Ride, you can also save time by using the HOV lanes.

Open House will be held from 2-4 this Sunday, July 6.  Stay tuned for the video walk-thru.

View Photo Slide Show   View Property Details    Visit My Website   Contact Me


Posted in Buyers, Condos
June 20, 2008

Alexandria Virginia Schools Report Card

Alexandria VA School Information

The Virginia Department of Education's website allows you to create customized reports to help you in your quest to find out specific information on area schools.  With this site you can:

  • View or download reports for individual schools, divisions, or the commonwealth
  • Create custom reports on student achievement in different categories
  • View or download a guide to the various terms used in association with understanding the school system

Other helpful links for schools include:

Posted in Buyers, Schools
June 19, 2008

Alexandria VA Homebuyer Shortens Commute

Co-worker referral turns into a Happy Alexandria Homeower with a shorter commute...

Referral for Alexandria VA Real Estate Agent

Dear Tamara,

Thank you so much for all your hard work in helping us find a condo in Alexandria.  As you can imagine, my commute is greatly reduced!  We really like the area and truly appreciate your recommendation.   -Deborah W.

Alexandria VA Buyers Agent

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June 17, 2008

Virginia State Mortgage Conditions

So, how does the state of Virginia compare to the rest of the country when it comes to foreclosure activity?  The National Association of Realtors (NAR) has started tracking the data and segmenting the information on the state level.

Did you know that according to NAR 32% of homeowners own their homes free and clear? Find out more by viewing the chart.

Posted in Foreclosures
May 23, 2008

Helping Alexandria VA Homeowners Avoid Foreclosure

The term 'short sale' has definitely gained popularity with the Alexandria VA real estate market over the past year.  While a short sale may not be suited for every homeowner, here are some basics to let you know how we help those who may be a candidate for a short sale.

The factors necessary in order to move forward with the short sale process:

  • The homeowner may be behind on payments.  You don't have to be behind on mortgage payments to qualify for a short sale.  Every bank, and every situation is different.
  • There is little or no equity in the house, or homeowner owes considerably more than what the house is worth.
  • The homeowner can prove a legitimate hardship.

Once the homeowner is aware of all options with the current mortgage company and if the owner chooses to proceed with a short sale, then we prepare the 'Short Sale Package' and submit it to the lender.

The short sale process for FHA loans if different than the process for VA and conventional loans.  With FHA loans, the homeowner must have written acceptance into the HUD short sale program prior to listing the home.  With conventional mortgages, the seller can proceed to market the home in the MLS and receive offers.  Based on the total amount owed on the home (which could include late payments, taxes, HOA/condo fees, mechanics liens), and a market analysis, we help determine the asking price for the home. 

The mortgage company may not explicitly offer a bottom line figure for what will be acceptable, so the market analysis proves to demonstrate what buyers are currently paying for similar homes.  This information is also included in the prepared short sale package to help strengthen the owner's case for the approval.

The average time for a home to successfully close with a short sale is 60-90 days.  The benefits to the homeowner include the relief of no longer carrying a mortgage that is not affordable, and still being able to purchase a home.

As with a seller-owned resale home, the home is aggressively marketed both online and in print publications to secure a buyer.  As with all transactions, all financial information is kept in confidence, so you will never see our listings blatantly advertised as short sales.

Do You Qualify For A Short Sale

May 12, 2008

Facing Foreclosure in Alexandria VA? A Short Sale Can Save You And Your Credit!

To assist Alexandria VA area homeowners who are having difficulty making mortgage payments, I've received extensive training and have added another service to help.  In the midst of all of the talk about foreclosures, you may not be aware that if a homeowner has fallen behind on their mortgage payments, they may be able to take advantage of a short sale.

Short Sale Alexandria VA  

A short sale is an agreement where the bank gives permission to the home owner to sell the home for less that the total mortgage balance owed on the home.

To qualify for a short sale, you must first be able to prove that you are facing a financial hardship and are unable to make your mortgage payments.  Some examples may include a recent job loss, unexpected medical bills, divorce, or an adjustable rate mortgage whose interest rate has recently changed, making your home no longer affordable.

It's important to remember that each bank is different, and each bank has its own separate set of procedures to determine if a homeowner can qualify for a short sale (final approval is granted by the bank, not the listing agent or broker).  If there is more than one mortgage on the home, then the short sale will have to be approved by each lien holder.  The home can be sold for market value, or a little below, and the bank can either forgive the outstanding debt, or work out a separate payment arrangement.  The homeowner benefits from a short sale by avoiding a foreclosure on his/her credit report.

Due to the number of inquiries, I have created a new website for you to share, or visit if you need more information: www.SaveMyNovaHome.com.

While foreclosure homes are traditionally a 'good deal' for would-be home buyers, they can be very costly for banks, and banks do not want to be in the property management business, they want to be in the loan business.

A short sale can be an alternative that proves to be a win-win.  The bank can avoid the costs it would incur to go through the foreclosure proceedings, including taking over taxes and utilities, and the financially strapped homeowner can protect his/her credit rating.

We will also assist homeowners who qualify for a short sale and have bank approval with finding another home.  Many homeowners are able to purchase a new home right after a short sale, however in some cases, renting may be better to allow credit scores to improve and cash reserves to be rebuilt.

May 6, 2008

Is Your Listing Agent Closing The Door To More Buyers?

If you're selling your Alexandria VA home and your listing agent is not welcoming FHA and VA buyers, then your home may be on the market a lot longer, and it could eventually sell for less money.

buyers in line

The VA Loan is made available to veterans and active duty service members for the purchase or refinance of a primary residence or the refinance of another property on which a VA loan already exists.  Some additional basics include:

  • Standard Maximum Loan is $417,000
  • Standard Maximum Loan-To-Value is 100%, meaning that you can finance 100% of the purchase price, there is no down payment required
  • Debt-to-Income Maximum is 41%
  • Jumbo Maximum Loan is $1,000,000
  • Jumbo Maximum Loan-To-Value is 85.425%

The FHA loan is made available to the general public and is available to any qualified individual for the purchase or refinance of another property on which an FHA loan already exists.  The primary benefit of the FHA loan is a lower down payment requirement and less stringent underwriting standards as compared to most conventional loan programs.  Some additional basics include:

  • Standard Maximum Base Loan up to $362,790
  • Temporary Jumbo Maximum Loan is $729,750
  • Maximum Loan-To-Value is 97.75%
  • Up front Mortgage Insurance Premium is 1.5% of base loan amount, which can be financed into the loan
  • Annual Mortgage Insurance Premium is 50 basis points of base loan amount
  • Debt-to-Income Maximum is 43%

But what does all of this mean to you if you're selling?  It means that when the market was hot, it was common for buyers with conventional loans to beat out other buyers with VA and FHA loans due to the more strict financing rules.  Listing agents should make it known and openly advertise: "FHA and VA buyers welcome!"  That way you've made it clear as a seller that you're open to entertaining all offers, not just offers where the buyer is receiving conventional financing.  Don't let buyers guess and assume.  By opening yourself up to flexible financing, you open your doors to more buyers and increase the chances of getting your home sold quicker and for more money.

Buyers: Find out if you're eligible for the VA loan.

Sellers: FREE Book on 'How To Sell Your Home For Top Dollar Fast'

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May 2, 2008

Just Sold ~ Alexandria VA Condo Auburn Village

Auburn Village Condo

  • Conveniently located in Alexandria City on Glebe Road
  • Close to National Airport, Potomac Yard, Crystal City, Washington DC, Old Town 
  • One- and two-bedroom condominiums
  • Pet friendly
  • Close to shops and restaurants
  • Permit and street parking
  • Secured building entry

Auburn Village Listings

 Alexandria Condos For Sale

Slide Show Tour of Auburn Village

Posted in Buyers, Condos