Florida Still Unprepared For High Amount Of Foreclosures

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Florida Still Unprepared For High Amount Of Foreclosures

By: Charles Murray

Florida was unprepared for the high amount of foreclosures that it has experienced in the last three years. With exceedingly high unemployment and the imminent foreclosures that follow, many areas in Florida are experiencing foreclosure rates above 50% and it is having rippling effects throughout the system.

South Florida has perhaps been hit the hardest. Foreclosure rates in Miami-Dade exceed 50% and there have been no signs of this trend stopping. At this time, foreclosures take over 20 months to process in the state of Florida, the U.S. average is only 16 months.

The extraordinary amount of time it takes for foreclosed homes to reach the market in Florida causes many other problems. Homeowners that live in high-foreclosure neighborhoods have watched their home values plummet and undesirable creatures occupy the vacant properties. Neighborhoods that was once very desirable to live in now look abandoned and run down. The decreased values and lack of curb appeal has made these available homes even harder to sell once they hit the market.

Florida requires that all foreclosures come before the court for approval. This requirement has clogged up the court system and led to many documents being filed incorrectly with the court. Lenders, in an effort to move things along, have admitted to falsifying documents in an effort to push the case through. Judges, overburdened by the case load, have admitted to blindly approving foreclosures in an effort to clear their docket.

The state of Florida gave the court system a large grant in the beginning of 2010 to use toward clearing up the foreclosure back log. With this grant, the court system brought back judges and rented office space just to deal with foreclosures.

Once a property is foreclosed upon, an auction date is set to sell the property. Most foreclosure sales are held at the county court house. However, the unbelievable amount of properties needing to be sold led to a back up again. Recently the Miami-Dade area switched its auctions to an online forum which enabled it to move more Miami foreclosures on to the market faster.

Another crisis that is a direct result of the high foreclosure rates in Florida is the low amount of property taxes being collected. Many home owners realized that they were paying taxes on a home valued at twice or three times the amount it was currently valued. These home owners have requested appraisals and, once appraised, their tax burden is adjusted. The amount of appraisal requests have created a back log in this department also, with many home owners waiting a year or more to have their property appraised. The reduction in property taxes has left many area governments strapped for cash.

Real estate speculators believe that the sate has not seen the worst of its real estate problems yet with Florida foreclosures. The state continues to suffer record high unemployment, and requests for foreclosure hearings have not slowed down. Bank of America, which has more bad loans in Florida than any other lender, has announced it has hired more people to handle this ongoing problem.

Home owners that are trying to save their homes face many delays and problems. One home owner recently interviewed stated that it took her 18 months of fighting to become approved for a loan modification. Other problems with the Home Affordable Modification Program are the fact that many people simply do not qualify under their guidelines.

Florida non-profit agencies have been overwhelmed with requests for mortgage assistance. These companies, designed to help a small amount of people, are receiving thousands of requests each month. Many residents have run out of places to turn for help and simply await the final eviction notice.

The Florida real estate market will take many years to recover. When the rest of the country is well on their way to recovery, Florida will still be sorting out a very large real estate mess.

Author Resource:->  Foreclosure.com is one of the top sources for real estate investments. Find foreclosures, preforeclosures, bankruptcies, and rent to own homes.

Article From Real Estate Pro Articles


Chris Colgan
Re/Max Regency
703-485-1435

www.PrinceWilliamCountyHomeFinder.com

Find out the local home prices in Prince William County!

Chris Colgan | Remax Regency | 703-485-1435

Prince William County Real Estate Market Update for January 24th 2011

Let’s take a look at the real estate market in Prince William County. Currently there are 1102 sales pending in the market overall, leaving 1561 listings still for sale. The resulting pending ratio is 41.4% (1,102 divided by 2,663). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!




Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.



Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 241 listings. The average list price (or asking price) for all properties in this market is $324,374.



A total of 2699 contracts have closed in the last 6 months with an average sold price of $287,241. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 298 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 43 properties.





You might be wondering why average days on market (DOM) is important.

This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.



Analysis of sold properties for the last six months reveals an average sold price of $287,241 and 46 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $266,006 with an average DOM of 52 days.



Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.



''The average list-to-sales ratio for Prince William County is 98.9%.''



Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.



Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.



Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.

To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com



Chris Colgan

Re/max Regency

www.ChrisColgan.com

703-485-1435

Chris Colgan Team launches smart phone app

Local agent speeds up the house-hunting process in Northern Virginia with a real estate search for any cell phone

1/24/11 (Manassas, VA)—One of the top real estate agents in Northern Virginia is introducing a way for clients to view all of the homes for sale in the area with any cell phone. Chris Colgan with Re/Max Regency is providing clients with a mobile real estate search created by Smarter Agent that makes it possible to search all local property listings from their mobile device, regardless of whether it is listed by Chris Colgan or another broker or agent. Chris Colgan’s mobile real estate search is the only house-hunting tool that works on 95% of cell phones across all carriers.

With Chris Colgan’s Smarter Agent application, interested home buyers can be in any neighborhood and view detailed property information at the touch of a button. The GPS technology in the mobile phone, when available, locates users and pulls up addresses and information on listings in their immediate area. Sales price, square footage, tax information, beds/baths, interior and exterior features, pictures and more become available instantly in the palm of their hand.

Consumers can also search by address, community name, city or zip code when GPS is not available, or if they want to search for real estate in an area other than their current location.

The “Call to See” feature within the mobile application will connect users to Chris Colgan if they have questions or want to schedule a tour of the property.

“I am excited about this smart phone app, searching from a cell phone is the way of the future in real estate,” said Chris Colgan.

Consumers can get Chris Colgan’s mobile real estate search on their cell phone by visiting www.ChrisColgan.com for easy instructions or by texting CTEAM to 87778 to receive a text message with a link to download the mobile real estate application.

Smarter Agent is available as a fully downloadable application on hundreds of devices across Sprint, AT&T, T-Mobile and Verizon Wireless. A premium mobile web version is also available on 95% of cell phones. The fully downloadable application is free to download on Sprint devices, BlackBerry devices, the iPhone, and Google's Android G-1. The premium mobile web version is free to access.

# # #

About Chris Colgan
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.

About Smarter Agent
Smarter Agent® creates mobile, location-aware (such as GPS) search applications that help consumers and professionals learn about, interact and transact with the world around them as never before possible. Smarter Agent invented and patented mobile, location-triggered real estate search and is now the largest mobile real estate portal in the world. Smarter Agent represents the first mass commercialization of a mobile application in the United States. Its reach includes premium downloadable applications with all major carriers, as well as access from all phones, operating systems and formats. CTIA, the Cellular Telecommunications Industry Association, named Smarter Agent the Winner in its Emerging Technology Awards LBS/GPS category.

Prince William sets table for Innovation growth | InsideNova http://ping.fm/D7B38

Single Family in the Plains VA for sale

Offered at $549,500 4117 KINGSCHASE LN The Plains, VA Click Here for More Information

DESCRIPTION FEATURED LISTING CUSTOM CAPE WITH 2 SPACIOUS MASTER SUITES*HOME SITS ON 7 WONDERFUL ACRES*PRIVATE POND ON THE PROPERTY*PLENTY OF WILDLIFE*LOWER LEVEL WITH LARGE FAMILY ROOM WITH FIREPLACE,SEPERATE KITCHEN, BEDROOM AND FULL BATH*SEPERATE PARCEL WITH .6 ACS AND POND TAX ID 6080-00-5246 INCLUDED*MAY HAVE POTENTIAL TO BUILD SECOND HOME ON PROPERTY

PROPERTY DETAILS •  Single Family Home •  Built in Unspecified •  4 bedrooms  •  Colonial •  7 acres lot •  4 bathrooms  •  3+ Stories •  Unspecified Area    PROPERTY FEATURES •  Central Air •  Main Floor Bedroom •  W-W Carpeting •  Forced Air Heat •  Walk-in Closet(s) •  Ceiling Fan(s) •  Dining Room •  Fireplace(s)

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: December 09, 2010

Bank Owned Townhome for sale in Manassas

Offered at $261,000 12002 Sorrel River Way Manassas, VA Click Here for More Information

DESCRIPTION FEATURED LISTING Bank owned town home. Three spacious levels. Three bedroom 3 bathrooms. Huge Kitchen with sunroom exetension off the back. Corian countertops. Hardwood floors. Large master suite with walk in closets

PROPERTY DETAILS •  Condo/Townhouse •  2 Car Garage •  1852 sq. ft. living area (not counting basement) Area •  Colonial •  Built in 2005 •  3 bedrooms  •  3+ Stories •  Unspecified acres lot •  3 bathrooms     PROPERTY FEATURES •  Central Air •  Family Room •  Hardwood Floors •  Forced Air Heat •  Walk-in Closet(s) •  W-W Carpeting •  Breakfast Area •  Walk-out Basement •  Ceiling Fan(s) •  Dining Room •  Fireplace(s) •  Kitchen Island

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: September 27, 2010

Single Family in Fairfax Station for Sale

Offered at $729,900 8265 CRESTRIDGE RD Fairfax Station, VA Click Here for More Information

DESCRIPTION FEATURED LISTING Bank Owned Brick colonial with spectacular setting on 5 acres! Backs to lush trees. Gorgeous quarry tile, hardwood flrs, 1st flr BR w/full bath. Finished Basement

PROPERTY DETAILS •  Single Family Home •  3+ Car Garage •  3704 sq. ft. living area (not counting basement) Area •  Colonial •  Built in 2002 •  4 bedrooms  •  3+ Stories •  5 acres lot •  4.5 bathrooms  (1 or more with tubs or showers)    PROPERTY FEATURES •  Central Air •  Walk-in Closet(s) •  W-W Carpeting •  Forced Air Heat •  In-Law/Guest Suite •  Tile Floors •  Breakfast Area •  Laundry •  Ceiling Fan(s) •  Dining Room •  Walk-out Basement •  Cathedral Ceiling(s) •  Family Room •  Fireplace(s) •  Kitchen Island •  Main Floor Bedroom •  Hardwood Floors •  Dishwasher/Disposal LOT FEATURES Mountain View Near School(s) Near Shopping Center(s)

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: December 03, 2010

Bank Owned home for sale in Fairfax Station VA

Brick colonial with spectacular setting on 5 acres! Backs to lush trees. Gorgeous quarry tile, hardwood flrs, 1st flr BR w/full bath. Finished Basement

Full Details

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Listing Courtesy of Chris Colgan, RE/MAX Regency

Blog title...

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Foreclosed Homes Auctions: Tips and Pitfalls

By: John Cutts

Many buyers still bid at foreclosed homes auctions despite not being able to inspect the property beforehand because they can rationalize that the low price of the home would leave them enough funds for repairs. There is also the problem of eviction if the former owner refuses to move out after a winning bidder has purchased the property. At its worst buyers who refuse to leave may attempt to retaliate by causing further damage to the property. The new owners would then have to resort to eviction or they may try to work out an arrangement for the transfer of the former occupants to a new home.

Tips for Buyers

Before attending foreclosed home auctions, make sure your finances are solid. Auction homes are sold to the highest bidder so one has to be sure that they have the funds to back up any bid that they place. Buyers must have cash on hand to pay for the deposit of around 10 percent of the opening bid which is payable upon registration. Since auctions are public events anyone can actually watch the proceedings without participating.

If buyers are still willing to participate in a public auction without being able to inspect the home they should likewise be prepared for any problem that may arise as a cause of this. Keep in mind that the previous owners may not have the resources to maintain the home in the first place if they are also unable to keep up with their mortgage payments. Finally, eviction is the burden of the new owner of the home.

The Pitfalls

Apart from not being able to conduct a formal home inspection, buyers have no warranties on the state and the ownership of the property. They are likewise blind to the main reason for the foreclosure. Homes may be foreclosed for a number of reasons including mortgage default, back taxes, government seizures due to criminal or civil liability. Another drawback is that the sellers of the property are under no obligation to disclose the current physical state of the property. So you can easily become the owner of a home with a leaky roof, damaged wirings and issues relating to fire hazards and water damage.

Indeed buying at foreclosed homes auctions may be likened to a gamble where there are equal chances of winning or losing, but if you approach the process with research and diligence then you increase your chances of winning.

Author Resource:->  John Cutts has been educating buyers on the finer points of foreclosed homes auctions at Foreclosure-Auction.net for over five years. Contact John Cutts through Foreclosure-Auction.net if you need help finding information about foreclosed homes auctions.

Article From Real Estate Pro Articles

We must learn to live together as brothers or perish together as fools. Martin Luther King Jr

Improving Fixer Upper Houses for Increased Re-Sale

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Improving Fixer Upper Houses for Increased Re-Sale Value

By: John Cutts

The biggest draw of fixer upper houses are their staggeringly low price. Depending on the state of the home and with the adequate level of repair and renovation it is given, the value of these homes can be improved and they can be sold to the market at a good price mark up.

Investors can find fixer upper houses online at foreclosure listings sites, through real estate agents and in the classified ads section of local and national newspapers. When you purchase fixer uppers you want to look for homes that only have superficial damages. Stay away from homes with structural problems like a termite infested foundation, plumbing and electrical wiring issues. These are the damages that can run up your costs.

Professional Help May Be Helpful

The help of experts may be needed especially if the buyer is venturing into fixer upper investment for the first time. A licensed real estate broker may be able to help you when it comes to this type of property. You may also enlist the help of contractors or handymen who can determine whether the home is worth saving. If you wish to learn things on your own you can subscribe to an online foreclosures service.

Online foreclosures sites offer listings of all types of homes including fixer uppers that are available for sale across the country. They likewise offer expert advice which can inform and educate users on foreclosure investing. Every home listed in these sites will have detailed descriptions including price, exact location and contact information on the property managers. Most of these sites offer a trial run for a minimal fee where they allow users to experience the full services of the site.

The help of home inspectors is vital in determining the cost of repairs. Home inspectors can likewise provide leads on contractors that can undertake the repair of your fixer upper houses.

Author Resource:->  Original Post: Improving Fixer Upper Houses for Increased Re-Sale Value on ForeclosureDeals.com.

Article From Real Estate Pro Articles


Chris Colgan Team
Remax regency
703-485-1435
www.ChrisColgan.com

The way to get started is to quit talking and begin doing.
Walt Disney

Great real estate book

Haymarket man charged in police shootout released from hospital | InsideNova http://ping.fm/JnxKx

Realty Trac has released its end of year 2010 Foreclosure Report.

Highlights - Overall, there were 2% more foreclosure notices in 2010 over 2009 - but in the 4th quarter 2010 the number of foreclosures was down. In fact, the number of foreclosures was for a quarter hit the LOWEST level since 4th quarter 2008.

Most of the drop in foreclosure filings happened in December. In December, foreclosure filings were DOWN 26% over December 2009. This is a huge drop, the largest drop in the history.

OTHER INTERESTING FACTS -

51% of all foreclosures are in FIVE state - California, Florida, Arizona, Illinois and Michigan.

California - the state with the most foreclosures - had a DROP in foreclosure filings of 14% in 2010 over 2009

Florida - the second largest state with foreclosures - had a DROP of foreclosure filings of 6% in 2010 over 2009. In Florida for December - foreclosure activity in December hit the lowest monthly level since July 2007 - down 22% from the November level and DOWN 54% since December 2009!!

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Prince William County Real Estate Market Update for January 10, 2011.

Let’s take a look at the real estate market in Prince William County. Currently there are 1040 sales pending in the market overall, leaving 1556 listings still for sale. The resulting pending ratio is 40.1% (1,040 divided by 2,596). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 244 listings. The average list price (or asking price) for all properties in this market is $317,965.

A total of 2752 contracts have closed in the last 6 months with an average sold price of $286,542. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 304 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 41 properties.


You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 118 days.

Analysis of sold properties for the last six months reveals an average sold price of $286,452 and 44 days on market. Notice that properties in the $550K - $600K price range have sold quickest over the last six months. The average sold price for the last 30 days was $277,803 with an average DOM of 46 days.

Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

''The average list-to-sales ratio for Prince William County is 98.9%.''

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 3.4 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.

Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.

Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435

About the author

Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.

Restore Your Pool to Its Original Beauty With Professional Pool Tile Cleaning

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Restore Your Pool to Its Original Beauty With Professional Pool Tile Cleaning

By: Christoper Robertson

Calcium buildup makes a beautiful pool look dirty or outdated. The calcium builds up on the tile walls creating a chalky looking film that can't easily be removed. If you've tried to clean your pool tile with no luck or find it to be a time-consuming task, then why not hire a professional pool tile cleaner? Pool cleaning services in your local area can do the job correctly, without harming your tile.

Professional pool services can clean various types of tile, including coping, pebble tec, flagstone, brick, natural rock and artificial rock. Calcium buildup as well as other deposits on the tile surface can be removed without damaging the tile. Your tile can be restored to its original beauty and look like new again.

How It Works

Professional tile cleaners may use various procedures and/or products to clean pool tile and for proper calcium removal. A safe method starts with draining the pool to about 6 inches below the tile. Then glass beads or soda can be used to clean the tile at low air pressure. The beads settle at the floor of the pool, and a pool vacuum is used to remove them. After this cleaning procedure, your pool will be sparkling clean and ready for swimming.

Tile Re-Glazing

If your tiles look like they're too far gone for cleaning, then pool tile re-glazing might be the answer. This is a process of adding a coat or glaze over the tiles to restore them to like-new condition. It can work for pool tiles that have faded due to sun exposure, acid stained or that have been dulled by years of cleaning. Don't spend thousands of dollars replacing all the tiles. Re-glazing can make your pool look new without replacing a single tile. Just be sure to choose a service that uses glazing solutions that are UV protectant. This ensures that the glaze on tiles above water will not wear off due to sun exposure after a few months.

Other Services

Besides bead blasting, soda blasting and tile re-glazing, some pool tile cleaning services offer other services such as rock repaint to restore synthetic rocks, concrete recoloring, and tile repair for broken or missing tiles. A professional with years of experience can help you determine what your pool needs and the most cost-effective way to make it like new again. If your pool is in great shape and only needs cleaning, then you might want to set up a regular cleaning schedule to prevent calcium buildup.

To find a tile cleaner in your local area, search online using specific keywords. For example, if you live in southern California, type in "pool tile cleaning in southern California" or use key phrases with your particular city or county name. Some cleaners service a large area and many counties.

Hire a pool tile cleaner today to save time and to protect your tiles from long-term damage due to harsh cleaning methods.

Author Resource:->  Chris Robertson is an author of Majon International, one of the world's MOST POPULAR website advertising companies on the web.

Learn more about Pool Tile Cleaning.

Article From Real Estate Pro Articles


Chris Colgan
Re/Max Regency
703-485-1435
www.chriscolgan.com

5 Risky Mortgage Types To Avoid http://ping.fm/OlJAK

Forecast Impacts FSBO Properties and Other Houses for Sale

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Forecast Impacts FSBO Properties and Other Houses for Sale

By: John Cutts

Sellers of FSBO properties might want to take note of the Fiserv Case-Shiller Indexes study which projected that housing unit prices in Indianapolis, Indiana will decline by over two percent within a period of 12 months. The forecast is expected to impact all types of home sellers in the city.

Housing analysts stated that the expected decline in prices will affect Indianapolis repossessed properties, foreclosed houses, for sale by owner properties and even newly-built dwellings for sale. According to the study, prices of residential properties will decline by around 2.5% between the months of June 2010 and May 2011.

Indiana repo houses and foreclosed homes in the whole state are already priced way below the average selling price of non-foreclosure properties, so the projection is not exactly welcome news for home sellers. Furthermore, all types of residential properties in the area, both new and existing, have suffered from declining prices since the start of the housing market crisis over three years ago.

Sellers of FSBO properties might have to reconsider their plans of selling their homes since a further decline in housing prices will likely mean that they will not be able to get any profit from their venture. According to the study, the projected decline will be considerably higher than the actual 1.5% price decline in home prices recorded during the June 2008-June 2009 period.

This forecast, however, will be good for people buying repossessed houses and other types of residential properties since it will give them further discounts in an already low-priced purchasing market. The authors of the study have revealed that they derived their price forecast from the rate of home selling activities following the expiration of the U.S. federal government's tax credit initiative.

According to them, the tax program delayed the decline of housing prices needed to get home affordability back to the level seen during the pre-market bubble period. The projected decline will come right after the 2.4% drop in average housing prices recorded in Indianapolis which started in the middle of 2007 and ended in the middle of 2010. Fiserv also reveals that most metropolitan areas in the U.S. will experience declining residential property prices, including FSBO properties, during the 12-month period highlighted by the study.

Author Resource:->  Original Post: Forecast Impacts FSBO Properties and Other Houses for Sale on Repo-Homes.com.

Article From Real Estate Pro Articles

Bank of America Restarts their Foreclosure Processes

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Bank of America Restarts their Foreclosure Processes

By: Dywon Erick Dylon

A week back, when majority of the banks announced that they would stop all foreclosure evictions during the holiday period, it was taken for granted that there would be no evictions even before the holiday period. However, there is bad news for some as Bank of America on Friday 10 December announced it had asked its attorneys to start sales on delinquent properties with immediate effect. The announcement was made by Bank of America spokesperson, Dan Frahm. Nevertheless, foreclosure sales will take place until 20 December and then will be resumed after 3 Jan 2011.

Bank of America had declared moratoriums across the country to review its paperwork. Three weeks later, the bank announced that they were going to re-file about 102,000 inappropriately processed cases. The bank initially started to re-file cases in 23 states, where a judicial procedure is mandatory to process a foreclosure, until last week when it lifted its ban on rest of the 27 states. As per the announcement on Friday, the bank is looking at closing about 16,000 houses by the end of this month. They will start with properties that are vacant or unoccupied by the owner. Among the 16,000 cases, 7,800 foreclosure properties come under states where judicial proceedings are required and majority of the cases are from Florida State.

Florida is one of the worst hit states by foreclosures. Amid 102,000 cases, 70 percent cases to be re-filed are in Florida. Other states that Bank of America will cover under the 16,000 houses to be evicted are Texas, California, Michigan, and Georgia. Reason Bank of America provided for restarting the processes is that they have almost finished reviewing all the cases and have revamped their internal processes as well.

President of Bank of America, Barbara Desoer confirmed on the foreclosure statement by saying, “We have identified areas of our processes that can be improved, and while we make these improvements, it’s important that we move ahead with efforts to reduce the number of abandoned properties across the country. These properties can drag down home values in neighborhoods and slow the eventual recovery of the housing market.”

In addition to that, Chief Executive of Bank of America, Brian Moynihan, stated that the bank would be moving up to 2500 employees to its mortgage units to help approximately 29,000 delinquent homeowners. The shift was made under the “homeownership retention initiatives”. It is important to implement such initiatives to curb foreclosure rate as 14 percent of Bank of America loans are under default.

Author Resource:->  Original post: http://ping.fm/VE1Pa on E-ForeclosureSearch.com, your source of foreclosures for sale.

Article From Real Estate Pro Articles

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Prince William County Real Estate Market Update

http://ping.fm/8qBLm

Can You Make a Living Out of Flipping Repossessed Properties for Sale?

People making it big from flipping repossessed properties for sale is not unheard of. It should not be surprising since repo homes can be purchased for a very affordable price and resold at market value. That is instant profit even if you consider the cost of repairs. You can even chance upon homes that are priced at half its real value though you may have to spend more on repairs.

Repossessed properties for sale have been around for a considerable amount of time but it is only in recent years that more people have jumped into the bandwagon and prospered. The reason is actually economics, the recent recession to be exact. With rising unemployment came hordes of foreclosed homes. While the situation is truly unfortunate, it has in turn opened doors for a wider range of small investors and new home owners.

The market has a huge volume of foreclosed properties that come in all shape and form. There is sure to be homes that will meet every buyer's requirement. Real estate companies can definitely diversify their offerings with family houses, condominium units, apartments, townhouses, duplexes and more.

Flipping Homes for Profit

Anyone with a good background on foreclosures and with the right amount of confidence can flip Repossessed properties for sale. One does not need really a long experience in the real estate. Beginners should focus on their first good buy and start from there. If you got a good bargain, then you have more funds to improve the property and resell it with a good mark-up.

You just need to be cautious and conduct your research properly. If you have zeroed in on a certain property, learn everything about it. Make sure you conduct a thorough inspection with a professional home inspector. You should also do a title search by going to the county courthouse and examining the title of the property. This will tell you whether the title has encumbrances and determine whether you are okay absorbing them. You should also compare the value of your property with similar homes in the neighborhood to know whether you are really getting a bargain.
Author Resource:- Original Post: Can You Make a Living Out of Flipping Repossessed Properties for Sale? on ForeclosureListingsNationwide.com.

Article From Real Estate Pro Articles

Chris Colgan
RE/Max Regency
www.ChrisColgan.com
703-485-1435

Got an offer on a listing in Dumfries VA.

Ready to make it a great week!

How to Make a Solar Panel - Homemade Solar Panels

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How to Make a Solar Panel - Homemade Solar Panels

By: Jon Elsdon

Homemade Solar panels are becoming an increasingly popular project for the householder to undertake in order to alleviate the financial pressures the power bill brings, as well as giving a helping hand to the environment around us.

Until recently how to make a solar panel was a process thought by most people to be only undertaken by experts in the area. Fortunately this is nonsense, solar power panels can easily be built by the average handy person with materials you can get from your local hardware store for around $200.

Quite a few companies are now producing and promoting their own "how to make a solar panel" guide. These guides to homemade solar panels, retail for about $40 - $60 and are primarily available online via digital download.

Having purchased three of these guides and built my own solar panels I found they are comprised of a simple, easy to follow illustrated step by step hand book, often complimented by videos which show you very clearly what items you need to assemble and how to put together your homemade solar panels and install them on or around your house.

Once you put your "how to make solar panel" guide into practice you will soon reap the benefits, particularly financially. I estimate I have slashed over 70% from my power bill, when you package this with the ability to use power more liberally and maintain power during power outages, whether you choose to become totally dependent on solar or just wish to supplement your power needs, it makes sense for every household to have their own system.

The major attraction of homemade solar panels is it allows you to take full advantage of the suns power, a renewable and environmentally clean source of energy and best of all its free!. Imagine no more exorbitant power bills, whether you choose to become totally dependent on solar power or simply use it to supplement power from your power company, you can be free to use as much as you wish.

Author Resource:->  To learn more about how you can build your own solar panel visit diy solar panels.

Article From Real Estate Pro Articles

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ready for a great week!!

Check out our new website at www.PrinceWilliamCountyHomeFinder.com

Putting Your Money on Affordable Bank Foreclosure Houses

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Real Estate Investing: Getting The Best Deals

By: Alex Oakley

Sometimes it is difficult to have both parties feeling comfortable toward the possible end of a real estate deal. The seller wants to get the most money they can and the investor wants the lowest price possible to ensure profitability.

Having a good rapport with the seller will go a long way in accomplishing the feat of pleasing both sides. The more rapport you have with the seller, the more willing they will be to stay at the negotiating table to hammer out a deal. This will be especially true with owner financing. Many sellers are hesitant to try owner financing for fear of the investor backing out of the deal and them not getting their money. This is especially true in no money down investing. In traditional buying and selling of property, the seller gets a big check at closing. So one can see why a seller will be hesitant to try owner financing. So, with owner financing, rapport will be even more important than it ordinarily would.

Some investors think being "hardcore" and being stern will get the job done while other investors prefer flexibility. It all depends on personal preferences and the situation. Some situations will require more flexibility.

Finding the seller's lowest price

In some cases, you may be able to find out what the rock bottom price of a property will be through conversation. As the conversation continues and rapport builds, the seller will volunteer that they will take a lower price than they are asking. Often times they won't volunteer this information. This is where some sales techniques can help you find out what the rock bottom price would be.

The seller's realistic expectations

Try and find out what the seller will actually settle for. Some investors like to use the question "What do you realistically expect to get for your house?". The key word in that question is "realistically". Actually, real estate investors write a lot about using this phrase. You will see this written in real estate investing books. After all, this is where I got the idea. Often times the use of that one word will lower the price.

You could also do this by selecting a range. If the seller is asking $200,000 ask them if they realistically expect to get $190K to $200K. If they say yes then you essentially have lowered their price from 200 to 190. Of course it is not that simple. Lots of conversation and negotiating will probably go into this, but you get the idea.

No real estate agent

Many investors will ask the seller to lower their price by a few percent simply because the seller has no need for a real estate agent. If the seller was using a real estate agent, they would have to pay them commission. This is generally anywhere from 3% to 6%. There are several factors that go into the agent's commission so it can vary widely. It makes sense that the investor would ask the seller to do this. The seller would be saving that money that would ordinarily go to the agent. This works pretty well and you can actually get a bit of a decrease by asking the seller that simple little question.

Author Resource:->  For more information on no money down real estate investing, please visit our website real estate investing advice.

Article From Real Estate Pro Articles


Chris Colgan Team
Re/Max Regency
www.ChrisColgan.com
703-485-1435

Getting alot done today! Feels good. Lets go 2011!!!

Let’s take a look at the real estate market in Prince William County. Currently there are 1066 sales pending in the market overall, leaving 1514 listings still for sale. The resulting pending ratio is 41.3% (1,066 divided by 2,580). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 244 listings. The average list price (or asking price) for all properties in this market is $314,189.

A total of 2742 contracts have closed in the last 6 months with an average sold price of $290,858. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 339 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 48 properties.


You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 119 days.

Analysis of sold properties for the last six months reveals an average sold price of $290,858 and 44 days on market. Notice that properties in the $550K - $600K price range have sold quickest over the last six months. The average sold price for the last 30 days was $313,233 with an average DOM of 50 days.

Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

''The average list-to-sales ratio for Prince William County is 100.3%.''

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 3.3 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.


Chris Colgan
Re/Max Regency
Search Area Homes For Sale
www.ChrisColgan.com
ChrisColganTeam@Gmail.com
703-485-1435

In the business world, the rearview mirror is always clearer than the windshield.
Warren Buffett

Which is the Best Season to Sell Your Home?

Realizing the time has come to sell your home can create mass confusion. Timing is everything in real estate; however, some also believe one season is better than another to sell your home.

If you ask a real estate professional when you should sell your home, most will say, "Now is the best time to sell your home".

Real estate today is a year-round business, and most agents will agree that they do nearly as much business in December as in June.

If that is the case, then how do you decide which is the best time of year to list your home? Each season has its own characteristic. Let's review each one.

According to most real estate professionals, spring is the busiest time of the year for buyers and sellers -- spring offers the opportunity to showcase their home at its best. There's always something nice about listing your home when it's not too hot or too cold out and the air is fresh.

If you have a green thumb, summer might prove to be the best time to show off your garden. Potential buyers come through houses looking for such amenities as a well-cared-for garden. Also, if your kids are away for the summer, you might be able to keep their rooms clean from one showing to another. If you have central air, this season is also a great time to show it off. This is also a great time to boast about any access to summer recreational activities such as a beach, a lake, or community tennis courts or swimming pools.

A possible downside to showing a house in the summer is that most kids are home, and you'll have to work harder to ensure their rooms are maintained clean enough for buyers to get through them.

Even though falling leaves could make for extra work in the fall, with children back at school, daytime showings might be easier to accommodate. The tax benefits of home ownership can be a push for homebuyers to get into a new home by December 31.

Fall is historically a shorter selling season. A home that doesn't sell in the fall can be stigmatized as being held over on the market until the New Year. An old listing number in the MLS can give buyers the misleading impression that a home has been on the market for a long time and the seller might be willing to accept a lower offer.

Real estate professionals agree that only the most motivated buyers and sellers are active in the market during the winter season.

If you decide to sell your home in the winter, expect the unexpected. You will come across buyers who want showings at odd hours, or during your family holiday parties. At this time of year, you can expect potential buyers to track mud, snow, and salt through your home

In conclusion, how do you decide which is the best season to sell? As discussed, every season offer some plusses and minuses. If you want to list your home in the spring, you might want to list in mid-January, rather than waiting for February or March. On the other hand, you might get even more attention if you wait until mid-March, when many of the spring houses have already come on the market and buyers are hungry for something new.

Real estate is an industry of immediacy. It's always a good time to sell your home if the price is right, no matter what the season.

Chris Colgan
Re/Max Regency
www.ChrisColgan.com
703-485-1435

Check out our Listing in the Plains VA

Offered at $579,500 4117 KINGSCHASE LN The Plains, VA Click Here for More Information

DESCRIPTION FEATURED LISTING CUSTOM CAPE WITH 2 SPACIOUS MASTER SUITES*HOME SITS ON 7 WONDERFUL ACRES*PRIVATE POND ON THE PROPERTY*PLENTY OF WILDLIFE*LOWER LEVEL WITH LARGE FAMILY ROOM WITH FIREPLACE,SEPERATE KITCHEN, BEDROOM AND FULL BATH*SEPERATE PARCEL WITH .6 ACS AND POND TAX ID 6080-00-5246 INCLUDED*MAY HAVE POTENTIAL TO BUILD SECOND HOME ON PROPERTY

PROPERTY DETAILS •  Single Family Home •  Built in Unspecified •  4 bedrooms  •  Colonial •  7 acres lot •  4 bathrooms  •  3+ Stories •  Unspecified Area    PROPERTY FEATURES •  Central Air •  Main Floor Bedroom •  W-W Carpeting •  Forced Air Heat •  Walk-in Closet(s) •  Ceiling Fan(s) •  Dining Room •  Fireplace(s)

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: December 09, 2010

Check out our foreclosure listing in Fairfax Station

Offered at $767,900 8265 CRESTRIDGE RD Fairfax Station, VA Click Here for More Information

DESCRIPTION FEATURED LISTING Bank Owned Brick colonial with spectacular setting on 5 acres! Backs to lush trees. Gorgeous quarry tile, hardwood flrs, 1st flr BR w/full bath. Finished Basement

PROPERTY DETAILS •  Single Family Home •  3+ Car Garage •  3704 sq. ft. living area (not counting basement) Area •  Colonial •  Built in 2002 •  4 bedrooms  •  3+ Stories •  5 acres lot •  4.5 bathrooms  (1 or more with tubs or showers)    PROPERTY FEATURES •  Central Air •  Walk-in Closet(s) •  W-W Carpeting •  Forced Air Heat •  In-Law/Guest Suite •  Tile Floors •  Breakfast Area •  Laundry •  Ceiling Fan(s) •  Dining Room •  Walk-out Basement •  Cathedral Ceiling(s) •  Family Room •  Fireplace(s) •  Kitchen Island •  Main Floor Bedroom •  Hardwood Floors •  Dishwasher/Disposal LOT FEATURES Mountain View Near School(s) Near Shopping Center(s)

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: December 03, 2010

Check out out listing in Montclair.

Offered at $180,000 4202 Jonathan Ct Dumfries, VA Click Here for More Information

DESCRIPTION FEATURED LISTING APPROVED SHORT SALE *SUBJECT TO THIRD PARTY BANK APPROVAL*BUYER TO PAY FOR ALL INSPECTIONS*CHARMING 3-LEVEL TH WITH FRONT PORCH. HARDWOOD FLOORS IN FOYER/DINING/LIVING*LARGE EAT-IN KITCHEN*FAMILY ROOM WITH FIREPLACE AND FRENCH DOORS LEADING TO LARGE DECK BACKING TO WOODS*DUAL MASTER SUITES WITH VAULTED CEILINGS*SPACIOUS FINISHED WALK-OUT BASEMENT WITH FULL BATH AND SEPARATE LAUNDRY AREA OPENS TO WOOD PATIO...

PROPERTY DETAILS •  Condo/Townhouse •  Built in 1988 •  2 bedrooms  •  Colonial •  0.04 acres lot •  4 bathrooms  •  3+ Stories •  1320 sq. ft. living area (not counting basement) Area    PROPERTY FEATURES •  Central Air •  Status: Active •  Bathroom(s) on main floor •  Forced Air Heat •  County: PRINCE WILLIAM •  Basement level is 640 sq. ft. •  Dining Room •  Subdivision: MONTCLAIR •  Fireplace(s) •  Family Room •  Year Built: 1988 •  Parking features: Assigned •  Walk-in Closet(s) •  2 total bedroom(s) •  Heating features: Electric, Heat Pump(s) •  Den/Office •  4 total bath(s) •  Central air conditioning •  Walk-out Basement •  3 total full bath(s) •  Cooling features: Ceiling Fan(s), Electric •  Hardwood Floors •  1 total half bath(s) •  Exterior construction: Vinyl siding •  W-W Carpeting •  Approximately 1960 sq. ft. •  Lot is 1577 sq. ft. •  Ceiling Fan(s) •  Three story •  Approximately 0.03 acre(s) •  Cathedral Ceiling(s) •  Type: Fee simple, Interior unit •  Lot size is less than 1/2 acre •  Fenced Yard •  Style: Colonial, Townhouse •  Call agent for details on association fee info. •  Condo/Townhome/Row Home/Co-Op •  Basement LOT FEATURES

SELLER CONTACT INFO Chris Colgan Remax Regency 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: July 07, 2010