Leesburg VA Townhouse for Sale for only $169K

107 F Davis Avenue Leesburg VA - Townhouse for Sale Cheap $169!
2 Bedrooms and 1 1/2 baths with updated flooring and lighting throughout. Large bedrooms, open floor plan, patio for grilling, washer / dryer, FHA approved community minutes to Leesburg, VA. Low maintenance brick exterior with condo ownership so there is not yard maintenance.
Leesburg, VA Real Estate

Buying a Short Sale Home..Things you MUST know ..

The market in the Leesburg VA area is mostly short sale properties now and until more banked owned properties come out on the market it is necessary you know how to navigate a short sale offer and get it to the settlement table. Get an agent that is either experienced in helping buyers close on them OR has been well trained. Why? Short sales are tricky for agents and if you are not aware of the issues that have been going on in the market you will not know the risks you are taking.

Short sales are listings where the seller owes more on the property than the current market value so when they sell it the proceeds will not cover the note AND the seller does not have the money to make up for the difference. The bank will often only consider a short sale once the seller gets an offer(that's your offer) to purchase. Approval by the lender can take as little as 30 days to longer than 6 months. That depends on the sellers cooperation with the listing agent and lender, the listing agents ability to price the listing correctly and submit all documents needed to the lender and the lenders ability to process the short sale in a timely manner. Some lenders are better than others and you need to know what banks you are dealing with.

Use a good buyers agent that can ask the right questions BEFORE you write an offer. The listing agent can make or break the deal and you need to get as much information as you can up front. How do you know the lender will approve it? How do you know if the agent will submit ONLY your offer to the lender for approval. How long will it likely take?

Once you have approval from the lender(s) you will need to do your inspections and get your loan approved, often within 30 days. Most lenders require the buyer to sign an "as-is" disclosure however you can still get a home inspection so you know what you are buying. My inspector will take an informal look at the property before we write and offer and then do a complete inspection upon lender approval. Your lender will not issue the loan on the property if there are significant issues on the home inspection/appraisal report. Appraisals are the big issue right now as low inventory leads to higher offers that then do not appraise for the purchase price. Either the seller has to come down on the price or you have pay the cash difference or walk away from the deal having lost all that time. Look at the market data to see if the comps support your offer price you are making. Short sales can be a good deal and settle fairly quickly if you have an educated or experienced agent helping you. With only 5 months to get it to close and get the first time home buyer tax credit you need to start looking now. I have a site dedicated to answering your short sale questions. Call me if you cannot find the answers. DianaGeremia.com and LeesburgVaShortSale.com703-587-5403

Leesburg, VA Homes for SALE?

The inventory in Leesburg, VA is down more than 40% from this time last year. This graph is for Loudoun county as whole. The low inventory will make it a challenge for new home buyers who need to be under contract by April 30th and closed by June 30, 2010 to get the $8000 tax credit. If you are interested in buying now go to my site and get listing updates daily sent to your email inbox. I will teach you all about the ins and outs of buying foreclosures and other deals in Leesburg, VA.

NEW HOME BUYERS steps to finding the right home

What new home buyers want to do to position themselves better in a competitive market is look at the area they want to live in first. Consider the best commute distance, lifestyle, area ammentities, distance to grocery,schools, work, friends, activities etc. Drive the area and narrow the location down as best as possible. Think about the changes that may occur in your life in the next 3-5 years and make your choices accordingly.

Once you have 1 or 2 areas narrowed down start looking at listings in the area in your price range. Watch the market activity, how fast homes are selling, what percent of list price are they selling for. What is the level of inventory. Start to choose the basic features you must have inside and outside.

Find an agent that can work with you. This is a fast moving market with short sales and foreclosures and you need a good agent now more than ever! You may know everything about buying a house but a good agent will still save you money. Many of these sales are as is so get someone on your side. You do not know what you don't know.

Get pre-approved by a lender before you make an offer. More later..

3 Categories of Properties on the Market for Buyers

There are basically 3 types of properties on the market for buyers to consider.

Opportunity Properties- These are properties that are at or below market price. They are on the market less than 6 weeks before they are sold. You can generally occupy them within 30 days and they need to be brought up to move in condition.

Deal Properties- Bank owned or REO- can usually be bought for less than market value from 10-20% depending on the supply in your area. Leesburg VA has a very low supply now and these will be closer to market value in price when inventory is low.

Everything Else-These are not a deal, not an opportunity and you should likely leave them.

You Need to Filter Tap Water – Health Tips from EWG | Environmental Working Group

You Need to Filter Tap Water – Health Tips from EWG | Environmental Working Group

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Short Sale Designations for Agents CDRS, CDPE, SFR. What do they mean ?

There are several designations Real Estate Agents can have if they have received formal training in short sales. A few of the designations are CDPE or Certified Distressed Property Expert, CDRS or Certified Default Resolution Specialist, and SFR or Short Sale Foreclosure Resource.

A short sale occurs when you sell your home for less than the current market value. There are a few criteria that should be met for your lender to consider a short sale. There has to be some form of distress (this includes many different scenarios), you must be in default (which is not always necessary if default is imminent), and you have to have little or no equity in the house you are short selling with no liquid assets to cover the short (retirement accounts do not have to be used).

A short sale can help avoid foreclosure and is often the best choice only after the homeowner has exhausted other efforts in working with the lender to modify the mortgage to a more affordable payment. A short sale can still have negative effects on credit scores but they are thought to be less severe than a foreclosure would be. For example Fannie Mae guidelines allow you to buy a home as soon as 2 years after a short sale is recorded on your credit but not for 5 years after a foreclosure. If you are considering a short sale you should use a real estate agent that has been trained in short sales and is familiar with the process. For questions on short sales please text or call me a t 703 587 5403.