Enjoy Fabulous Mountain Views every day for $335,000!

Open House Sunday June 23rd 1-4pm

Looking for a relaxing weekend retreat? Or a home just west of Winchester with spectacular views?
Come see our 3 Bedroom, 2.5 bath house with main level library, fabulous great room with floor to ceiling stone fireplace and gourmet kitchen complete with granite, double wall ovens and gas cook-top.

You'll love the views from the main and upper level decks, take in the Shenandoah mountains with your morning coffee. This home features the privacy and serenity of a mountain retreat with the features and amenities of a D.C. area luxury home...with the added bonus of a full rear deck with screened porch.

Community features include playgrounds, lake with beach and 9 hole golf course

Reston Single Family Home! Great new price!

Hello and welcome to Thursday! I hope your week is treating you well.

We just had a price reduction on this house on Handlebar Road in Reston, this posting is tagged on the street. The location is fabulous, tucked into mature trees just off Lawyers Road in Reston.

 The price was just reduced to $519,000 and we are having open houses to increase your access! Watch for dates on the virtual tour link here

This house features hardwood floors, neutral carpet and paint, and a fabulous tree lined lot on a quiet cul-de-sac. Call or email for more information tiffany@yourprp.com

Haymarket Townhome for Rent! $1400 a month!

If you, or anyone you know is looking for a fabulous place to rent look no further!
We have a 2 bedroom 1.5 bath townhome in Haymarket available immediately for $1400 a month.
The kitchen & laundry appliances are all updated and the master bath is gorgeous. Also, the backyard is about 3 times the average townhouse yard.

Please email for more information tiffany@yourprp.com or click this link

What's in a Rental?

Our office lists properties for rent for private owners. Often the potential tenants are confused about how the process works because they are used to renting from an apartment complex. Here are a few things that I tell prospective tenants to help keep it all straight:

Apartment Buildings

• An apartment complex typically charges a lower security deposit. They have a staff of maintenance people, so if a tenant leaves the place a mess they can have it fixed quickly and easily by their own staff.
• Apartment complexes typically own a building with 50 or more units and charge enough in rent that a percentage of occupancy covers their expenses and mortgage. This means they can afford to carry a certain number of vacant units in any given month.

Private Owner

• A private owner often charges 1 month's rent for security deposit. If a tenant leaves the carpets or walls a mess, they have to hire someone to fix it or make the time to fix it themselves.
•  Private owners are responsible for the mortgage, whether they have a tenant or not.

Of course there are a number of other considerations, but these are the key ones that come to mind.

I'm posting this in honor of our Rental listing on Cheyenne Way in Haymarket that goes active in the MLS today. Two levels, 2 bedrooms, 1.5 baths. Fenced yard with deck. Updated kitchen! If you have any questions about Cheyenne Way...please contact us!

Are you thinking about living in Reston?
We have a fabulous single family home for sale in a great location. You'll love the private lot nestled into mature trees. This home is located just off Lawyers Road in Reston convenient to major commuter routes. Click the link for more photos and information or Call our office! 703-674-1217

Chantilly Single Family Home

We have a gorgeous Single Family Home for sale in Chantilly in the Bridle Ridge community.

The sellers have just replaced the carpet with new top-of-the line neutral carpet, additional features include hardwood floors, security system, deck, hot-tub with privacy screen, finished lower level and a ton of other amenities! Here are a few photos, for the virtual tour and more information click this link.

Short Sales and the MDRA of 2007

If you are a homeowner who bought your Northern Virginia house in 2004-2006 you may be significantly upside-down in the value of your home. Meaning that the full amount owed on your mortgage, may be higher than the current fair market value of the home.

The Mortgage Debt Relief Act of 2007 made it generally possible for taxpayers to exclude the deficiency (amount still owed after negotiating for a short-sale) from their taxable income when filing their taxes in the years 2007-2012. There is a lot more information available regarding this act from the IRS, who frankly know a lot more about it than we do. The most important thing for Virginia Consumers to note, is that if you are thinking about a short-sale you probably shouldn't sit on the idea for too long. Most short-sales take more than 4 months to negotiate, and there is not a lot of inventory on the market right now...so homes are selling quickly!

If you are a buyer looking at short-sales, please pay close attention to the time frame given by the listing agent. If we tell you it will likely take 4 months, we mean it. Sometimes a short-sale can be approved in 3 months, but typically it is longer.

Should you have any questions about Real Estate, please submit an inquiry to our website. We would be happy to answer any questions you have!

I'll leave you with some photos of our latest Reston Virginia listing, which was under contract in just a few days! Email us for more information about this property as well.

Handlebar Road - Gorgeous Rambler with Mature trees

Fully enclosed Sunroom with fabulous view of the tree lined backyard

 Photos Courtesy of Dan McCutcheon

Reston Condo on the Lake

One of the many perks of working in Real Estate is the chance to see all kinds of homes, all kinds of decor, and all kinds of lifestyles. Last week we listed a condo in Reston that backs right up to lake Thoreau. We had the honor of listing another Harbor Point Condo last year, and I fell in love with the serenity of the location. There's a grocery store AND a Starbucks literally around the corner from here, you're convenient to a commute, and you get to wake up every morning and look out your master bedroom & living room windows at this.

This particular Reston Condominium conveys with a boat slip, so you can kayak or fish in your back yard. What a magnificent place to live!
For a google map view, click here

Are Short Sales a better Deal?

Honestly? The answer is "maybe".
A short sale can be a fantastic deal. Some are in need of repairs, and some are in beautiful condition. The important thing to remember is just because a home is a short-sale, that doesn't mean the bank(s) will take ANY offer, even if the Seller will. Take for example this fabulous townhouse we have listed for sale in Chantilly Virginia.

This three bedroom two bath townhouse is currently listed for $355K, a great price on this size townhouse in South Riding. The issue? It's a short-sale which means any buyer who submits an offer has to understand that there will be a negotiation period of at least 3, possibly 6 months to obtain approval from both the first and second trust. They also need to understand that just because the Seller agrees to the terms of their offer, doesn't mean the bank is required to.

We have already received several calls from agents asking if they could offer $20K below list price, one with a cash buyer who was certain that would make all the difference to the bank. Any contract on a short-sale home is subject to third party approval, and the 3rd party doesn't see Cash as any more appealing than an FHA loan or a VA loan. Truthfully, the bank/investor couldn't care less where your money is coming from. They care about two things.

First - they want  to mitigate their losses. This means THEY WILL NOT TAKE JUST ANY OFFER THAT YOU PUT IN FRONT OF THEM. They are going to do the research. Before they agree to accept your offer they will have a local realtor or appraiser who is a neutral third party give them a value for the property. Let's face it, they're losing a LOT of money. Often in the 100 thousands. In many cases recently the bank actually comes back and asks the buyer for MORE than they originally offered.

Second - they care that you aren't doing anything fraudulent. They don't want you to buy the house for your cousin or your sister and let them rent it back from you at a lower cost because well, frankly that's unethical. They will likely require you to sign a statement saying that you are not in any way related to or affiliated with the Seller and that you do not intend to let them remain in the property after settlement.

This doesn't mean that you can't negotiate. But if you are a short-sale buyer, be cautious about looking at the top of your price range because you could end up waiting for 6 months only to find out that they will sell the property to you, but only if you are willing to pay another $15K that you may not have. So if the listing agent tells you you need to be "committed" to this offer and you need to be "reasonable with the market value" they aren't trying to gouge you, they're just trying to avoid months of stress for themselves, their seller and you that ends up being fruitless.

Inspections

One of the most important things to complete prior to buying a home is your home inspection. This is typically done within the first 10 calendar days after your contract is ratified. Be sure you hire a home inspector who is certified!

Your Home Inspector will walk through the house with you checking all the the basic systems and appliances. This is a visual examination, meaning they point out what they can see with the naked eye.

Your inspector will make a note of anything that they feel might need repair, with special attention to anything they deem a "major issue". These items can become points of negotiation between Buyer and Seller.

Here are a few other inspections/tests that may be recommended for your purchase:

• Radon
• Mold
• Lead Based Paint
• Termite (Wood Destroying Insect includes Carpenter Bees & ants are typically included)

These inspections are common for this area, but are not a comprehensive list as inspections vary based on the age of the home being purchased, the requirements of the lender, and the needs of the Buyers and Sellers.

For more information, inquire on our website:
www.yourprp.com

Spring in Real Estate

Good Morning Northern Virginia!!
I know that it's bleak and foggy and 42 degrees but I can assure you that Spring is here in Real Estate!
For those of you who don't follow the Real Estate buzz-words, let me explain. In my 8 years in Real Estate I've noticed some generally expected trends. These trends tend to occur within the same general time-frame every year.

One of these trends that gets a lot of hype is the "Spring Market". Which can be loosely defined as; "the time that buyers stop hunkering down for the holidays and start shopping for homes again". Most years we see a Real Estate Spring between mid February to Mid-March. This year our "Spring" started a few weeks ago and is in full swing now!

Just as an example, my last post was about 4 open houses we hostessed this past Sunday. Of those four homes, one was under contract by Sunday (went on the market Friday). Two others we are expecting offers on within this week. Also two of the Realtors I work with are writing (or have written and submitted) offers on other homes in the area.

What does this mean for you? Well, if you're a Buyer...it means you absolutely MUST have your lender letter with you before you start looking at homes. This is generally a best practice anyway, but it is an absolute necessity in "Spring". It also means you won't always have days to decide if you really want to write a contract like you would have a month ago.

If you're a Seller, this means it's a great time to put your home on the market. But be mindful of your comparables and don't price yourself above the market. This is a great time to take advantage of our FREE 1 hour Real Estate Business Planning appointments. No obligation. No hard sell. Just an honest assessment and valuable information. Email us if you'd like to schedule an appointment.

Short Sale FAQ's

In this Real Estate market I get asked all kinds of questions about Short Sales. I thought this would be a good day to do a quick FAQ list about Short Sales. If you have a question I have not answered here, please let me know and I will answer it for you if I possibly can!

Questions Buyers Ask:

1. ARE SHORT SALES REALLY A BETTER DEAL? They can be. However, I would not count on that. See, when you first offer on a short sale the Seller has to agree to your offer to submit it to the bank, right? But there will be a Short Sale Addendum attached to the contract that says the Seller has no actual control over the terms of the contract. EVERYTHING in the contract becomes subject to what the lender will agree to. So some lenders might agree to a great deal on certain loans, but they also may not.
2. HOW LONG WILL IT TAKE TO GET APPROVAL? Well that depends. In some cases it takes only 3-4 months to get approval for a short-sale. I have one file going on a year. The honest-to-goodness answer is "We'll know when we have approval". I can tell you there are some key factors that can make the process take longer:
1. How many mortgages are there? Ideally there is only one, two means two banks and two negotiations and so on.
2. Who is the bank?
3. Who is negotiating with the bank? Is it the Seller, the Realtor, an Attorney or a third party negotiator?

Questions Sellers Ask:

1. CAN YOU PROMISE ME I WON'T HAVE TO PAY ANYTHING? The short answer to this is "No". As I mentioned in #1 Above, the terms are 100% subject to bank approval. I have no actual control over what the bank will approve. We can negotiate on your behalf, but we can't make any promises about what the bank will or will not do. We can tell you that if the bank's terms are not something you are able to comply with, you do not have to proceed with the sale.
2. HOW LONG WILL IT TAKE? - Same answer as #2 above, with the added caveat that the bank will ask for updated information periodically, and the quicker you get it to us, the quicker we can get it to them.
3. CAN THEY COME AFTER ME FOR THE DEFICIENCY? This is a case-specific question but again the short answer is this. If the Short Sale approval letter states that they are waiving deficiency rights then No, they can not. If they letter does not say, then they might but they also might not. If it is an investment property they almost always will at a minimum send you a 1099 at the end of the year. Your accountant can advise you with regard to how that affects your taxes.

These are some of the most common questions we are asked about short sales. Of course each case is unique based on the individual situation of the sellers. I am happy to answer any additional questions via email or comments.

Buyer Beware

Hello and Welcome to 2012!
We are excited for a new year of changes! One of the biggest changes that is happening for us right now is to the Northern Virginia Regional Sales Contract. Virginia is a caveat emptor state which means "let the Buyer Beware". This year the contract has changed to embrace that idea a bit more fully. Our team has been in several training sessions to learn the ins and outs of the new contract. And while first time buyers may not notice these changes, Sellers who have done this once (or multiple times) before may be really excited about these changes. Just a few of these changes are noted below.

1. Conventional, FHA and VA financing all have their own addendum, separate from the contract pages but intended to be included with the contract
2. The requirement for Plumbing, Heating, HVAC, and Electrical (major systems) is completely different. These items will now be negotiable after the home inspection, which may lead to buyers and sellers playing the game of "how badly do you want to buy/sell this house?".
3. Well & Septic testing has changed, which may help out our clients & friends in western Loudoun County may find that interesting.

That's just a brief summary of a few points that we've discussed. We are here to help you navigate the new contract whatever your questions or needs. We would love to hear from you!

FIRST TIME BUYERS - CLICK HERE FOR MORE INFORMATION

Interesting Article on Foreclosures

I found this interesting article today on government foreclosures and thought I would share it.

http://www.thestreet.com/story/11224917/1/a-huge-housing-bargain--but-not-for-you.html

Thoughts anyone?