Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Theres an article in todays post about all those trying to rent their homes for the inaguration. Turns out supply far outstrips demand, and thus many places have gone unrented. Outside the beltway, you basically have no chance of getting someone to rent the place, and even inside the beltway, the chances are slim at best.Harriet, do you know what happened to that guy who was renting his place out in Warrenton - the one who claimed his house was only "30 minutes to DC"?
contrarion,Makes you miss Tanta.
how many of you read WaPo's RE Live chat? i do whenever i get a chance to. i asked this question today:Arlington, Va.: Why is that we can't make multiple offers simultaneously to different listings? I had a few houses I'd like to put offers in but my agent was against it and said only one at a time. My thinking is the first seller accepts our offer gets the sale and the other offers expire automatically. What's wrong with it???Maryann Haggerty: Well, the offers DON'T expire automatically. Each one has a separate expiration time. If Seller A accepts your offer, how is Seller B supposed to know that? You could have two accepted offers and it would cost you to get out of one of them. I guess I wasn't clear on how offers expire 'automcatically', I meant to say to put contingent clauses in so if one is accepted the others are void. But anyways, does it make sense to do multiple offers, if we found ourselves liking more than one listings equally? Any thoughts?
A person would be crazy to rent a home in VA for the inauguration, given that the bridges into the city may be closed that day.
Only $40K - 2 br apt in Herndon, inauguration week.$40000 / 2br - apartmanet for NEW PRESIDENT INAUGURATION!!!! (HERDON/ 5 min closed the Dulles airport )2 bedthroom with two full bathroom locate in herdon a five min from the international dulles airport and 30 min from the capitol Washington D.C plus with full service cleaning every day and transportation "limousine", at the same time has a really good shopping areas like malls, movie theatres and gyms...
MM, I have considered the same strategy. One reason I sort of like the idea is to create some sense of urgency in the seller. It might be hard to find an agent to write an offer with such a clause in it. Maybe a RE lawyer could draft such a contingency.
MM, I have the exact same question, especially with the number of short sales around here. My husband wants to start making offers, since short sales take forever and ever, but I am afraid to commit to one house so early in the process. Can anyone give a tutorial? (I have heard of "round robin" offers, but that does not work when you're waiting on a short sale.)
It certainly isn't illegal to put such a clause in your offer and I do think it would create a sense of urgency to the seller. Yes, a lot of realtors wouldn't be very comfortable with putting in the offer, but that is because realtors like to keep everything inside the standard forms. I'd shop around until you found a realtor who was sensible enough to allow you to include that clause. In the end, it is actually in their best interest because it should result in a purchase much faster than a traditional round robin of offers.
CRT, I wanted to tell you that you are a genious. Maybe you already know that, but the idea of my husband getting a realtor's license just might be crazy enough to work. We're looking into it!ZMonet, your comment is one reason I love this blog: people here think outside the box.
Can someone pls let me know any free foreclosure listing site for Northern Virginia area?
Question:I don't remember seeing this for sale this when it was being sold at this low price:http://www.redfin.com/VA/Falls-Church/2552-Holly-Manor-Dr-22043/home/9545007Is there some alternate MLS list that I am not looking? I check in Zillow, Redfin etc. I might have missed this but unlikely given the price.
Karthik,Looks like that was a foreclosure. Suntrust owns it now...Date 10/16/2008 Amount $60,000 Seller ************ Buyer SUNTRUST MORTGAGE INC Notes Foreclosure - invalid sale price Deed Book and Page 20143-1723 I don't like posting individual's names on a blog, but it's in the tax record.
MM i like your idea. Very clever.
Novahog,Thanks! You got this info from the county site? Or is there some central site where we can find this info?
My husband and I made an offer on a short sale several months ago. The bank finally approved it. We just had an appraisal done today and should hear how that went early next week. Given that we made our offer a few months back and the market has continued to tank, there is a decent chance our originial offer will be above the appraised value. Just curious if anyone knows how this would work - do well go back to the bank with the lower appraised value and tell them to accept that price or we walk. Can we go to the bank and tell them we want to pay below appraisal value??? How long will this extend the process? Does this have to go thru the bank channels again and take another month or two to approve the new price? Thanks for any input you can provide.
Hi Karthik,I got it off the FFX County property search page.Harriet has a link to different county websites on the main page. Look on the right side under "County Assessment Websites".Unfortunately, i don't know of any central location to get this information.
This must have been some update.
Hi - We looked at renting a top floor 2BR corner unit in that building 2 or so years ago. I liked the apartment, it seems like a quiet building and area and the floor to ceiling windows were nice. The negatives? I think that listing is on the rte. 50 side so the view is pretty much of 50. A developer demolished an entire block of houses across the street and who knows what he'll be building there. When we looked it was a block of boarded up houses so I guess an empty lot is a slight improvement.
dgg,I do not know how the seller's bank will react. Depends on which bank, whether they have a loss mitigation department working its short sales, whether they have their act together.How will YOUR bank react? I assume your bank will not approve a loan more than 80-95% appraised value? Your bank might rethink financing, ask for more of a downpayment, etc.Your appraisal should have details such as whether your market is still declining, and by how much each month. Did the bank hire the appraiser, or did you? Did the appraiser know what the accepted offer was? How much have values dropped in the meantime?I guess you'll know soon enough...it's hard to wait.We had an offer on a short sale last spring. Waited for four months. Had our offer unconditionally accepted...as we were loading up our moving van to move into another rental. So frustrating. So hard to let it go. But please, stick to your guns, and really mean it when you say you'll walk!
Thanks Tabitha,Our bank hired the appraiser. I expressed to my loan agent that we wanted a very current estimate. I do have concerns that our offer was made two months ago. From my understanding, if it appraises below what we offered then the sellers bank will have to accept the lower appraisal as the sell price or we can walk. I just wasn't sure if anyone here had experience with that on a short sale and how long it would take to get that approval from the seller's bank. Don't worry about us sticking to our guns. We both are a little concerned about buying right now after all the reports I've read this last month regarding estimates for the 2009 housing market. The idea of buying now only to see all our equity wipped out in one year with a potential 20% drop in housing values is not very encouraging. So yes, we'll walk without a doubt. There is no way we'd pay above appraised value in this market. If we have to rent for another year, that's better that seeing 20% of our home's value disappear. But oh to be settled - I long for it - but not too much that I wouldn't walk and rent! Thanks again.
MM:Your bidding idea is actually a form of reverse auction, whereby you as the buyer are seeking one out of several sellers to accept your asking price. Compare to a normal auction, where it is the buyers who are bidding competitively.
Thanks Jeff- Coincidentally I'm actually looking at probably renting one of those places. I'll have to visit it and see how it is.
The Anonymous,Thanks for the info. about the inauguration week rental article. I'm weary of their ads on Craigslist. I sure don't know what happened to that particular listing, BUT I did notice that hotels (Hampton and Holiday Inn) are full as far out as Warrenton. Vinny,The MLS is my favorite place for foreclosure listings -- those that are listed through real estate agents. Some key words to search for on FranklyMLS would be "Fairfax" (or your particular location) and then "bank owned" or "addendum" etc. Usually you can tell by the price being a bit lower as well. You can also look at the "Legal Notices" in the Washington Post (there's a link on top of this blog), but it might take a while for them to show up on the MLS, etc. This is the list of the dates the properties will be first sold at the courthouse, (Trustee Sales) before they're sold through a real estate agent. I recommend searching by keyword of the city or town you're looking for, and choosing "Foreclosure Sales" from the drop-down menu.
Thanks Tabitha. Let me know how that works out as I may want to do it myself when I decide to sell one day. Good Luck.
Harriet,Thanks for the information.
Harriet, The best way to search fairfax is by using FX6* which is the MLS system. Otherwise if you do just Fairfax, you might get stuff in Fairfax Drive in Arlington and Fairfax CIty (which would be FC*)MM, Yes if you disclose to all parties that the offer is contingent on another offer not being accepted first, I don't see a problem.As for bank properties, keep in mind that banks require you to put in an offer first and then they always send back a bank addendum. This is also a counter offer. SO your first "offer" really isn't an offer. It is more of a "letter of intent."As for Short Sales, I put in the contract that my client can pull at anytime up until all parties and all addendums can be signed. I see no problem saying that there are other offers out there and this will expire if another offer is ratified.
Frank,Thanks so much! Up until about a month ago I had had success with "PW6" or "FQ6" searches, and then that stopped working, so now I know the * trick which I will be sure to pass along.That might be a good tip to put on your front page for a county sort.
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