Welcome to your source for real estate in Stafford, Virginia & surrounding areas.

2008 is a great time to buy a home and the market has been picking up.  If you have a home to sell it can also be a great time; if your home shows well and you can price it competitively you will have an edge with the multitude of bank owned homes on the market that may not show as well and come strictly "as is". 

Prices have come down!  Buying a home in this market can be very rewarding.  If you are a buyer, you will most likely be faced with the decision of either buying a bank owned home or a home that is in short sale status.  For bank owned homes, there can be a lot of competition with other buyers out there and you will want to put your best foot forward and be very persistent.  Buying a short sale can also be rewarding, however many short sales do not make it to closing and may not be the answer if you are on a time frame.   Please contact me if you would like to know more.

TOUGH DECISIONS FOR HOMEOWNERS AND SELLERS. What happens when a homeowner can no longer make their mortgage payment, maybe because of either a job loss or divorce?  Or a homeowner has an ARM that’s resetting higher? 

In today’s real estate market the loan balance can be higher than the home will appraise for, so refinancing may not be the answer.  However, you can try checking with your bank to see if there is a way to refinance at current market value.

Letting the bank foreclose is another option. Obviously, this may not be a good option due to the impact on your credit record.

Some experts are recommending a “short sale.”   If your lender agrees to a short sale, the homeowner hires an agent to find a buyer for the house, sells the house for a loss, and with the lender’s approval, the lender agrees to either swallow the loss, have the homeowner make payments toward the loss, or a combination of both.

Short sales are a lengthy and tedious process, and many do not make it to closing.   However if successful, most experts agree that this will not impact the homeowner’s credit score as severely as a foreclosure.

Sometimes it helps to get outside assistance.  There are companies that specialize in helping the homeowner negotiate with their lender, whether it be attempting to refinance or negotiating a short sale. 

If you would like more information please contact me.  If you do decide to buy or sell a home, or maybe you are still deciding, let’s get together and see if I am the right agent for you. 

Sincerely,

Beth Rook