RE/MAX BRAVO - Our Agents Make The Difference - Homes and Real Estate in Fredericksburg, Virginia

Buying a foreclosure can be a great deal. It can also be a frustrating experience if you don’t have the right information when you make your offer.

Here are a few quick tips.

1. A larger deposit is better. The seller (bank) feels more secure. They feel like there is less of a chance that you will back out. In the end, it may not really matter as there are many ways to get out of a real estate contract in Virginia.

2. A shorter close date is better. If possible, make the close date on your offer no later than the 25th or 26th of the month. Asset Managers, who are the ones that really run the foreclosure business, get paid on closings that fund by the end of the month. If you close on the 29th or 30th, it does not leave enough time for that to happen.

3. Cash is best. Conventional Financing is the next best. FHA is next, then VA financing. Why? Cash is clean, and no appriasal is required. Conventional financing offers the next best option in terms of how easy it is to get the loan completed; there are fewer restrictions on the borrower and on the condition of the property. FHA and VA - hang on. A long list of requirements as to the condition of the property and repairs that may be required.

It may be a good idea to consider all of the above when making an offer, especially if you really love the house; if you love the Murphey’s Law may rear it’s head and someone else may love it to. Now you are in a competing offer situation, and you want to do all that you can to make your offer look better than any others.

Please be sure to consult your Realtor for more information. If you don’t have one, give an agent at RE/MAX BRAVO a call and they will be more than glad to help.

Kevin McGrath

RE/MAX BRAVO - Broker/Owner

Fredericksburg Virginia

www.fredva.com

Licensed in the State of Virginia

In a volatile real estate market, it’s more important than ever to find the best real estate agent in your market.  Whether you are buying a home, considering selling your home, exploring a short sale or investing in foreclosure, you need a GREAT Realtor.  Let me make it clear…you need a GREAT agent, not a good agent.  What makes a real estate agent GREAT?  As one of the Owner/Brokers at RE/MAX Bravo in Fredericksburg, VA, my partner, Kevin McGrath, and I look for the following traits when recruiting agents for our office.  As a buyer or seller, you should look for the same.

A GREAT Real Estate Agent –

1)…is passionate about real estate, has an unmatched work ethic and possesses a certain “energy” that distinguishes them from the competition

2)…focuses on his or her client’s best interests and works full-time in their business

3)…is an expert in real estate.  A GREAT agent is knowledgeable on all aspects of the market and has numerous designations, certifications, attends training classes, reads business books and constantly seeks to be the best

4)…answers their phones and returns any calls immediately (same day and usually within the hour)

5)…is readily available and eager to work

6)…actively markets themselves on the Internet (website, facebook, blogs, Realtor.com, etc.) and actively prospects for new business

7)…is “connected“.  That is, a GREAT agent is always receiving and responding to your e-mails and test messages throughout the day.  It’s not unusual for GREAT agents to check and respond to their e-mail and text messages from 6AM-10PM every day. Smartphones and wireless technology gives GREAT agents the tools they need to do GREAT work

8)…actively markets their listings on the Internet and in print advertising.  A GREAT agent takes GREAT pictures of their properties (or hires someone who can)

9)…has a GREAT reputation and receives a lot of personal referrals

10)…is involved in the community (schools, non-profits, serves on committees and boards, church, sports)

11)…is easy to work with, has a pleasant personality, is a team player, and gives you GREAT guidance

12)…has received rewards and recognition as a Realtor (even if their award is “Rookie of the Year”

13)…treats real estate like a business instead of a hobby and increases his/her business 10-20% each year, seeking new business, personal referrals and corporate relocation clients

14)…has a GREAT work environment.  Whether working from their home office or in their brokerage, a GREAT agent has a supportive broker/owner/manager and a GREAT office atmosphere where agents are encouraged to build their business and thrive

The bottom line is, you and your agent have to be a GREAT fit for each other and work in a concerted effort to meet your real estate needs.  Do your research, ask questions, and interview before committing.  A GREAT real estate agent with a proven track record and a GREAT work ethic, will exceed your expectations making it easy for you to refer your Realtor to others.  

Jane Wallace, Owner/Broker

RE/MAX Bravo

jwallace@remax.net

www.FREDVA.com

Licensed in the Commonwealth of Virginia

Serving Northern Virginia, the Greater Fredericksburg Area and Richmond

As a former Public Relations Director, I’ve learned that the media can be a double-edged sword.  Frequently misquoted, I came to dread the interview process over the years when I was working with the media in the Swimwear industry.  Well…I’m starting to have faith in the media again.  

I was interviewed at the begining of the week for an article about short sales in Fredericksburg’s Free Lance Star.  I was thrilled to read today’s article LENDERS BENDING TO AVOID FORECLOSURE.  Well written and accurately reported by Bill Freehling, this experience has me hoping that the real estate industry and the media can work together to help “fix” our housing crisis.  

Bill did an excellent job of covering the subject and hopefully many homeowners facing foreclosure will see there are options for them.  Loan modification and short sales are the answer to making some progress in normalizing the market once again.  

Kudos to Bill Freehling and the Free Lance Star for helping our community become aware of ways to possibly avoid foreclosure.

Best regards,

Jane Wallace, Owner/Broker

RE/MAX Bravo

jwallace@remax.net

www.FREDVA.com

Spotsylvania, VA  22553

Licensed in the Commonwealth of Virginia

Every day I’m asked “Has the housing market hit bottom?”  Doesn’t matter who is asking the question–investors, first-time home buyers, empty-nesters, etc–my answer is always the same.  In my opinion, we have a minimum of 10% more to go but it could be as much as another 30-40% decline in prices especially if the new wave of foreclosures and unsuccessful short sales hit the market.  The banks are estimating that 50% of the phantom inventory out there will end up in foreclosure and the remainder in loss mitigation will successfully do a loan modification or short sale.   I’m encouraging my clients to take advantage of the numerous options in the housing market.  If you’re a seller who is under water or upside down, work diligently with your lender to modify your loan.  Bargain hard.  I recently heard of a bank “forgiving” the second mortgage–entirely!  I’m closing on a short sale next week that the bank is “forgiving” approximately $320,000 of a loan (over half the principal balance).  If there was ever a time to dig out of debt, now’s the time.  If you’re a buyer, plan for a further decline when putting your offer together but make it a “reasonable” offer.  If there are competing offers on a property, chances are the negotiated sales price will be higher than the list price.  Sellers, please note…price your property competitively and hopefully you’ll get multiple offers.

With all this discounting going on in the market, prices are definitely going to continue to decline so “the bottom” isn’t here yet.  Let’s move this market!   Find a great Realtor and work together to help stimulate the housing market.

Jane Wallace, Owner/Broker

RE/MAX Bravo

jwallace@remax.net

www.FREDVA.com

540.891.8888 x128 office

Licensed in Virginia

Serving Northern Virginia, the Greater Fredericksburg Area and Richmond

Two different reports in two very prominent media outlets. One print and on visual. Both are reports on foreclosures and short sales in the housing market.

One is from the Wall Street Journal on April 15, 2009 regarding the banks and their current plan to ramp up foreclosure.

The other is from April 15, 2009 on CNN regarding President Obama’s mortgage rescue plan.

Two different articles about essentially the same subject, yet two very different stories.

I can’t help but notice that both articles mention essentially the same banks, yet it mentions what seems like two very different courses of action.

I find it interesting that both of these articles/stories came out within 24 hours of each other. Spin spin spin.

Kevin McGrath

RE/MAX BRAVO

Fredericksburg VA

www.fredva.com

Licensed in the State of Virginia

A successful Short Sale results in the lender(s) accepting a payoff amount on the loan that is less than the balance that is owed.

If you have any further questions, please feel free to contact the RE/MAX BRAVO team. One of the keys to a successful short sale is to have the right Realtor on your side.

Kevin McGrath
RE/MAX BRAVO
www.fredva.com
Licensed in the state of Virginia

Here is an interesting article in today’s Washington Post regarding the red tape involved in the purchase of a foreclosed home here in the Washington DC area, and prettymuch everywhere else.

Foreclosure Sales Stalled by Red Tape

As all agents who are experienced in the selling of REO’s (Real Estate Owned) know, foreclosures do not, as a rule, seem to close on time. In the article mentioned above, I kept going back to to the section that mentioned the moving truck and how the family was all ready to move in, and how they could not get to closing on time, and how hard it was on them.

I can believe it. But either their Realtor did not properly prepare them, or they did not listen. When buying a forclosure, never, and I repeat, never put your stuff in a truck until you have closed and the deed has been recorded at the local courthouse. Buying a home that is a forclosure is different. There are a myriad of issues that can and do rise up and show themsleves at the last minute, which often means a delay in closing.

Foreclosure’s can be a great buy, but listen to your Realtor, and make sure you have the right one.

Kevin McGrath

RE/MAX BRAVO - Fredericksburg Virginia

www.fredva.com