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.MRIS March sales should be out today.
The economy is obviously about recover because my mom just got an offer on my dad's boat. Okay it's from a chiropractor, and it's $4k less than it "should" sell for in my opinion (an amount easily eaten up in 4 months by the costs to store it and keep the engine in good shape), and it's the first boat to sell from that boat yard new or used in 6 months (On the third boat my Dad really got it right on the ideal fishing boat and at 60% of its cost new after only 2 summers of use it's a steal). But still, could be the signs of a recovery starting.and this means our 20% down + closing is fleshed out for our $250k price point this year as soon as mom sends us "our" third. So, as soon as we get this money from mom, we can make offers with confidence. (as opposed to not having all the cash together until a July closing). I reserve the right to wait until the check clears before going to go get a pre-approval, but I'm just silly that way.Now, if a dream house would just come on market at the right price a couple of days after our pre-approval we'll be all set.
This is interesting. Organized nonprofit agencies that are doing what some may consider felonies. That is, getting homeless into vacant foreclosed properties. I think the one woman who "sat on the tiled floor of her unfurnished living room and described plans to use the space to tie-dye clothing and sell it on the Internet, hoping to save some money before she is inevitably forced to leave."Gotta like the guy who says, “Let the record reflect that there was no lock on the door,” Mr. Rameau said. “I’m not breaking in.” huh???The other nonprofit agency is a little more forward."Mr. Rameau said his group differed from ad hoc squatters by operating openly, screening potential residents for mental illness and drug addiction, and requiring that they earn “sweat equity” by cleaning or doing repairs around the house and that they keep up with the utility bills. 'We change the locks,' he said. “We pull up with a truck and move in through the front door. The families get a key to the front door.” Most of the houses are in poor neighborhoods, where the neighbors are less likely to object. "Great doing repairs. Skilled labor at work."More Squatters Are Calling Foreclosures Home"http://www.nytimes.com/2009/04/10/us/10squatter.html?hpOh, yeah I think
Great news, Cara. Time is on your side.
Buck,Obviously, the banks are not doing their jobs.I love the ingenuity of the tie-dyed woman, though.It sure beats breaking in *after* the house was sold by the bank to a private owner, and complaining about the new owner's improvements . . .
Buck,yeah I'm having a hard time seeing the difference between advocates who help squatters be squatters and "disorganized" squatters being squatters. Although the article does mention at least one organization that's trying to set up either buying or renting these properties from the banks before placing people in them...
Congratulations Cara on now being fully prepared to offer on your dream home in the near future. Not to be Debbie Downer, but we've had our 20% ready for the past 2 years, and we still have yet to find our dream home in our price bracket. We saw a great foreclosure this past weekend which is now under contract, but even that had the big issue of road noise due to it's proximity to I-66 which prevented us from making an offer. The foreclosure was reasonably priced too for the area.http://franklymls.com/FX7000870
MJC:) yeah there is that half of the equation. At almost half a million dollars that's a lot of road noise/pollution to put up with... I still feel there's a lot more bleeding that needs to happen in the SFH market. If we weren't such cheapskates as to be buying a TH, then I wouldn't be as optimistic about our prospects this year.Best of luck.
HW: firms touts cash for tax credits programjust in case anyone didn't envision the $8k tax credit replacing the seller-funded down-payment program, here's your disabusal.(housing wire is just getting better and better man)
Half of U.S. apartment buildings have dropped rents
Cara--Don't forget to have your mom pay gift tax on any amount above $12,000 that she sends you!(And any amount above $12,000 that she separately gives your spouse and each of your children if any. Splitting the money up is, I understand a good way to bump up the limit.)http://turbotax.intuit.com/tax-tools/tax-tips/tax-planning-and-checklists/5533.html
contrarion,Now that's dramatic. Close to 50% are dropping rents. Here's hoping this means we can negotiate a month-to-month lease with an added discount.scott,Don't worry, it's not that kind of boat. ($26k is the offer on it, and I'd be getting 1/3). But thanks.
Scott/CaraThe annual gift tax exclusion is actually $13,000 for 2009.
USAToday:Open house, anyone? 1 in 9 homes sit empty
contrarion:"signals yet another financially troubled home needing a buyer."that's a great one. They're anthropomorphizing houses now. It's not the bank or the borrower that's financially troubled, it's the home itself.... (good link though, I haven't read it through yet this was too good of a gem)
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