Prince William County Real Estate Market Update for March 30th 2011

Let’s take a look at the real estate market in Prince William County. Currently there are 1313 sales pending in the market overall, leaving 1457 listings still for sale. The resulting pending ratio is 47.5% (1,319 divided by 2,776). 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 $100K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 297 listings. The average list price (or asking price) for all properties in this market is $360,880.

A total of 2470 contracts have closed in the last 6 months with an average sold price of $275,857. Breaking it down, we notice that the $100K -$200K price range contains the highest number of sold listings. Alternatively, a total of 243 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 $200K - $300K price range has the highest number of expired listings at 60 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 122 days.

Analysis of sold properties for the last six months reveals an average sold price of $275,857 and 52 days on market. Notice that properties in the $0K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $257,996 with an average DOM of 61 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 98.8%.''

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

Prince William County Real Estate Market Update for February 7th 2011

Let’s take a look at the real estate market in Prince William County. Currently there are 1117 sales pending in the market overall, leaving 1532 listings still for sale. The resulting pending ratio is 42.2% (1,117 divided by 2,649). 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 242 listings. The average list price (or asking price) for all properties in this market is $321,182.

A total of 2609 contracts have closed in the last 6 months with an average sold price of $285,368. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 293 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 120 days.

Analysis of sold properties for the last six months reveals an average sold price of $285,368 and 47 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 $261,409 with an average DOM of 59 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 98.8%.''

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 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.

Have a great week!
Chris

Search ALL HOMES for sale on the market listed
by EVERY Realtor at www.ChrisColgan.com!

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

7355 Forrester Ln, Manassas VA (MLS #PW7390492) For Sale

Offered at $264,000 7355 Forrester Ln Manassas, VA Click Here for More Information

DESCRIPTION FEATURED LISTING SINGLE FAMILY HOME ON .25 ACRE LOT CLOSE TO EVERYTHING*THIS HOME HAS BEEN TOTALLY REDONE*NEW CARPET AND PAINT THROUGHOUT THE HOUSE*BRAND NEW BATHROOMS*NEW KITCHEN WITH APPLIANCES, GRANITE COUNTER TOPS AND NEW CABINETS*HUGE FENCED IN REAR YARD WITH SHED*CUL-DE-SAC LOCATION*CLOSE TO BEN LOMOND PARK*

PROPERTY DETAILS •  Single Family Home •  Built in 1968 •  2019 sq. ft. living area (not counting basement) Area •  2 Story •  0.25 acres lot •  4 bedrooms     PROPERTY FEATURES •  Central Air •  Status: Active •  Bathroom(s) on main floor •  Forced Air Heat •  County: PRINCE WILLIAM •  Bedroom(s) on main floor •  Dining Room •  Subdivision: SUDLEY •  Basement level is 830 sq. ft. •  Family Room •  Year Built: 1968 •  Fireplace(s) •  Main Floor Bedroom •  4 total bedroom(s) •  Parking features: Driveway/Off Street •  Walk-in Closet(s) •  3 total bath(s) •  Heating features: Natural Gas Fuel •  Laundry •  3 total full bath(s) •  Forced air heat •  Walk-out Basement •  Approximately 2019 sq. ft. •  Central air conditioning •  W-W Carpeting •  Two story •  Cooling features: Electric •  Tile Floors •  Type: Detached home, Fee simple, Refurbished/restored home •  Exterior construction: Brick, Brick and Siding •  Cathedral Ceiling(s) •  Style: Rambler •  Lot is 11003 sq. ft. •  Single Family Property •  Basement •  Approximately 0.25 acre(s) LOT FEATURES

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

Posted: July 19, 2010

How to Haggle When Buying a New Home

In today’s busy world, most people are not willing to haggle over prices. Automobile manufacturers are rising to the challenge by offering no-haggle pricing on their mid-range products. “Give the consumer the ability to make a large purchase simply, and you both walk away happy” seems to be the attitude that the auto industry is adopting.




Considering that a car dealership was one of the last places where a buyer could haggle over pricing and features, people are losing the ability to haggle - period.



What does this mean in the world of real estate? Well, quite simply, it means that today’s buyers are less skilled at haggling than earlier generations were, and therefore most sellers can count on getting at least their asking price.



This is, of course, an assumption.



Homebuyers with good haggling skills are not afraid to take a risk. They know that, in order to haggle effectively, it is sometimes necessary to walk away. They may walk away forever, or they may decide to come back and try it again within a few weeks, months, or even years.



Years of experience have shown that homebuyers who haggle are often the happiest buyers on the day of closing, because they feel that they have accomplished their goal of purchasing the home they wanted for the price they wanted to pay.



Consider Using a Buyer’s Broker, but Rely Upon Your Own Haggling Skills

Buyer’s brokers have become increasingly popular throughout the country in recent years. A buyer’s broker works specifically for the buyer, is paid by the buyer, and represents the buyer’s interests. A buyer’s broker depends on commission payments in order to earn income, and since the broker is also protecting his or her own interests, the buyer must know how to haggle.



Never Tell Anyone the Maximum Amount that You are Willing to Pay

When you make an offer of $100,000, but tell your agent that you are willing to pay $140,000… guess how much you are probably going to pay? That’s right – the higher amount. When you tell your agent the maximum amount that you are willing to pay for a home, he or she is obliged to pass that information along to the seller. Therefore, an intelligent seller will not accept anything less than your maximum amount.



Research the Seller

Whenever you enter into any negotiations, it is a good idea to know who you are up against. This is particularly true when you are buying a home. Talk to your agent to see what information he or she might have about the seller, especially if the home is being sold during a divorce or as part of an estate settlement. Your agent may have crucial information to offer.



When you are viewing a home, search for clues about the sellers. If the home is cluttered and messy, look for the reason. It could be that the family has outgrown the home, or it could be that the owners are in the middle of a divorce. If the home is not occupied, find out how long it has been empty. Did the owners already relocate, buy another home, or die?



All of these pieces of information about the seller can be used to help you in the haggling process.







...buyers are encouraged to meet with the seller at least once. This lets you make a positive impression on the seller. Sellers who meet the person or family who will eventually live in their home are often willing to accept lower offers than those who do not...







Find Out How Long the Home has Been Listed for Sale

This is an important question to ask every time you view a potential home. If the home is newly listed, you should know in advance that you will probably need to offer a price near the listing price. However, if the home has been for sale for a year or more, there is a good chance that a lower offer will suffice.



Homes that have been on the market for an extended period of time are often perfect for bargain hunters, because sellers don’t want their homes to be for sale forever. When beginning your home search, pay attention to homes that have been for sale for some time.



Arrange a Meeting With the Seller

If at all possible, buyers are encouraged to meet with the seller at least once. This lets you make a positive impression on the seller. Sellers who meet the person or family who will eventually live in their home are often willing to accept lower offers than those who do not. This is because the process of haggling becomes personal when you put a face with the name. Usually you will not need to do any direct haggling with the seller, because negotiations are part of what your agent or buyer’s broker will do for you.



Ask Your Agent for a List of Comparable Homes

Comparable homes are homes that are similar in value to those that sold in the area where you plan to buy. Having a list of the selling prices for these homes will allow you to determine whether the seller is asking for a fair price for the home.



You can use this information to your advantage during negotiations, particularly when you are formulating the first offer.



Offer a Reasonable Price to the Seller

Some sellers expect buyers to bid at least 5-10% under the listing price of the home. In some cases, the seller will immediately accept an offer in that range. However, other sellers are insulted if they receive an offer of anything less than the listing price.



It is best to begin with a low-end offer, because you can always increase the amount of the offer, but you can almost never decrease it.



Don’t Rush to Adjust Your Offer

If your first offer is rejected, or if you receive a counter-offer from the seller, it is best to wait several days before responding to the seller with more than a “thank you for considering my offer.”



Make the seller believe that you are not going to make another offer. Then, when you do decide to make another offer, the seller will be pleasantly surprised and more willing to consider it.



Look for Alternative Compensation

Some sellers may be willing to include items with the sale of their home when a fair offer has been made. By adding a few thousand dollars to your initial offer, you may be able to request that the seller leave behind the appliances, or you may be able to get the benefits of a pre-paid pool-service contract. Many forms of alternative compensation are available. If you are willing to pay more for a home when it comes with some amenities, then haggling is the right option for you.



Negotiation is not a lost art, but in our busy world people just don’t have the time needed to learn how to haggle effectively.



Your realtor should be happy to assist you in learning about the negotiation process. Years of experience have taught realtors beneficial and effective bargaining methods.



The key to negotiation is being willing to walk away should your efforts prove ineffective. When you realize this fact ahead of time, you stand a far better chance of being successful in your negotiations and achieving a favorable outcome for both you and the seller

Chris Colgan
Remax Regency
http://www.chriscolgan.com/
703-485-1435
Chris@ChrisColgan.com
 
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MLS Tricks for Pricing Your Home

MLS Tricks for Pricing Your Home
As a homeowner, you cannot afford to lose money on the sale of your home simply because you did not take the time to price your home according to its true value.  Under-pricing will leave you full of regret – and overpricing will leave you with a home that has not sold.  Home pricing is a balancing act, because you need to take into consideration not only the true value of the home, but also the local market conditions.

Some simple techniques can help you determine the best listing price for your home. These are many of the same things that realtors look for when suggesting possible listing prices, but a wise homeowner will walk into a meeting with a realtor already armed with ideal selling prices, rather than letting the listing agent set a price that may or may not maximize the financial return and get the home sold as quickly as possible.

Here Are a Few Key Points to Keep in Mind When Pricing Your Home

• The price that you paid for your home has little impact on the actual value of your home today.  This is particularly true if you have lived in your home for several years or more.
• The profit that you hope to gain from the sale of your home has absolutely no impact on the true value of you home.
• You must remove emotion when determining a fair selling price for your home.  To potential buyers, your memories are not worth a price increase.
• Your realtor’s assessment of the home’s value may or may not be accurate.
• A real-estate appraisal is a good way to determine the ballpark value of your home, but it does not consider the market conditions under which you will be selling your home.
• The value of your home is really determined by the buyers and the amount that they are willing to pay.

Pricing a home correctly carries many advantages for the seller. As stated above, the buyer is the only one who can really tell you what the value of your home is.  Here are some of the benefits that you will achieve when you do the legwork and price your home according to fair market values:

Quick Sale
Any realtor will tell you that the fastest-selling homes are those which were priced properly in accordance with the local real estate market and the features that the homes offered to potential buyers.

Less Updating and Preparation Time
If you price your home according to the fair market value and its current condition, there is little need to update or improve your home. Weekend projects like painting and cleaning will still help to entice buyers, but there will be little need for a serious commitment of your time and energy.

Agent Interest
When the price is right and your home is appealing, agents are much more likely to want to show your home to prospective buyers.  Obviously, the more agents who are interested, the more buyers who will see what your home has to offer.

Appropriate Pricing Makes the Home Visible
When you price your home fairly, potential buyers interested in purchasing a home in your price range will be able to find your home through internet searches and agent MLS searches.

Better Buyer Pool
When your home is appealing and the price is fair, agents will bring a better pool of prospective buyers to your home.

Greater Likelihood of Getting Your Asking Price
Buyers realize that there is little room for negotiation when a home is listed at a fair price that is not inflated.  Therefore, you have a better chance of getting your asking price.

Look carefully at the reality of the real-estate market.  By carefully assessing the market conditions, you may be able to determine just what housing price the market will comfortably bear.

Greater Profit for YOU
When you price your home correctly, your home will probably sell quickly and for the asking price. Therefore, you stand to make a better profit than if the home were to stay on the market for a long time and eventually sell for much less than an inflated asking price.

In addition to the benefits of fair pricing, you need to consider the disadvantages of over-inflating a home’s listing price. These disadvantages can include:

• Fewer showings by agents due to lack of agent interest.
• Fewer interested buyers due to price-range restrictions.
• Appraisers’ concerns that the price is higher than that of comparable properties in your area.
• Overpricing that makes lower-priced homes more attractive, in effect helping other homeowners who have listed their home at a lower price.

To set an accurate listing price, follow these steps:

1. Ask three different realtors to visit your home and provide you with a comparative market analysis (CMA). This report will tell you how much similar homes have sold for in the past few months, and at what price non-selling homes are listed.  In addition, you will learn how long those homes that have sold were actually on the market.
2. Go to several open houses in your area to determine the pricing structure being used by other sellers and to find out what features they are highlighting in their homes.
3. Try to assess a per-square-foot price for your home based upon other recent sales and current listings in your area.
4. Look carefully at the reality of the real-estate market.  By carefully assessing the market conditions, you may be able to determine just what housing price the market will comfortably bear.
5. Remember that pricing your home correctly will mean that you can move out without having to carry the home for several months and subsequently lowering your price in order to sell.

Conclusion
If you have read this information carefully, you probably now realize the importance of pricing your home according to the local real-estate market and the types of buyers whom you would like to attract.  You also understand the many benefits of accurate listing prices, and you have an idea of what might happen if you choose to over-inflate the price of your home. 

If you are working with an agent who is recommending that you over-inflate the price of your home, carefully balance the advantages and disadvantages of doing so with respect to your specific situation and the timeframe in which you need to sell the home.

Careful planning and consideration is your best defense in a buyer’s market.  Once you have done the necessary research, set a listing price that will help you to sell the home as quickly as possible without underselling yourself.

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

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How to Minimize or Avoid Paying a Down-Payment

How to Minimize or Avoid Paying a Down-Payment


Today’s homebuyers, particularly first-time buyers, are looking for mortgage programs that provide convenience and flexibility. One of the most commonly sought programs is the 100% financing, zero-down loan. Lenders offer these loan programs, but it is truly buyer beware in most cases, because the lender may require PMI (private mortgage insurance) or other security measure and fees.



If your income and credit will be accepted by a rental agency for an apartment, then you can get approved to buy a home with no down payment. The reason that many people choose to rent instead of buy is that they believe they will need to have enough savings to cover 20% of the home’s purchase price in a down payment. Fortunately, lenders realize that most people (particularly those who do not already own a home) will be unable to come up with a 20% down payment and have designed programs precisely for that situation. Consequently, renters are advised to speak with a mortgage company to learn about available mortgage programs before signing a rental lease.



Be aware that a zero-down mortgage will probably not get you the most competitive interest rate. You will be paying a premium for the ability to borrow funds without providing security in the form of a down payment. The interest rate may be reduced with a down payment of as little as three to five percent, but you will always pay a higher rate for the privilege of not having a down payment. You will need to have excellent credit in order to qualify for a no-money-down loan with a competitive interest rate.



Many people do not realize that getting a no-money-down loan means that you will not be required to pay any closing costs. In this case, the lender is actually providing the borrower with more than 100% financing.



One of the ways that lenders help borrowers with little or no down payment is to provide them with what is commonly known as a piggyback loan. In this type of program, the borrower receives a mortgage loan equal to 80% of the home’s purchase price and a second mortgage loan that is equal to 23% of the purchase price.



If lenders can’t or won’t assist a borrower, a government guarantee program might allow the borrower to qualify for a zero-down loan or a down-payment assistance program. These loan programs are often very competitive and are usually open to low-income families and current or former members of the military.



A loan program that doesn’t require any money down has fairly high interest rates. However, today’s interest rates are low and dropping steadily. Therefore, buying a home with a no-money-down mortgage loan has never made more sense.



When you are in the market for a no-down-payment or zero-money-down home loan, carefully research lenders and their loan programs. Each lender is different and some specialize in the area of no-money-down loans.



First-Time Buyer Programs

If any of the following situations apply to you, then you might be eligible for a special first-time-buyer mortgage program that will provide you with a no-down-payment option or down payment assistance:







no-money-down loan program provides a great opportunity for first-time buyers and buyers with limited cash reserves. There are even programs for borrowers with shaky credit histories and those who are self-employed







•You have never bought a home, or have not bought a home in the past three years.



•You do not have adequate documented funds to be used as a down payment.



•You have previously filed for bankruptcy.



•You are self-employed, or cannot provide adequate verification of your income.



•You have previously been turned down for a mortgage loan by a mortgage company or other lender.



•You have slow credit, damaged credit or no credit.



Further Considerations

The following text lists the things that you will need to research before pursuing a zero-down mortgage. This information is important for every borrower, regardless of the type of loan, but it is much more important when you are trying to get a no-money-down loan.



•Your Credit Report: You need to know in advance what is on your credit report. Having minor blemishes credit report usually is not a problem for most borrowers, but a large number of significant credit problems can reduce the amount that you will be able to borrow. Your debt should be as low as possible prior to applying for a mortgage loan, because one of the factors used by lenders to determine your creditworthiness is your debt-to-income ratio. Also check whether the majority of your debt is spread out over different accounts, because a lender will view several accounts more positively than a single account.



•Your Available Cash: Even when you are trying to get a no-money-down loan, you should try to increase your liquid cash as much as possible before you apply for a mortgage loan. One way to do this is to liquidate some assets, such as stock holdings and bonds. Lenders will often overlook blemishes on your credit report if you can cover at least two months of debt payments with your reserve cash.



•Find the Best Lender: In order to find the best mortgage program for your particular situation, you need to research the individual lenders offering no-money-down loan programs. Because lenders define zero-down mortgage programs in different ways, it is important to find the lender who offers the right type of program for your specific situation.



•Investigate Other Types of Loans: Perhaps other types of loan programs will meet your needs, giving you the opportunity to become a homeowner even when your cash reserves are inadequate for a standard 20% down payment. It is not uncommon for lenders to allow you to borrow two separate loans – one for the down payment and closing costs, and another for about 80% of the purchase price of the home.



Conclusion

Overall, a no-money-down loan program provides a great opportunity for first-time buyers and buyers with limited cash reserves. There are even programs for borrowers with shaky credit histories and those who are self-employed. No matter what your particular situation is, there is a lender who can help to make your dream of home ownership a reality. Just remember that if you can afford a monthly rent payment, you can afford to purchase a home. By considering important factors in advance and researching lenders and their loan programs, you will find a program that will work for you.



Even if you do not have adequate reserves to cover 20% of the purchase price, if your credit and savings history are in good condition and your income is documented correctly, most lenders will be more than happy to work with you to find a program to help you purchase your next home.

For more information visit
http://www.chriscolgan.com/
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Information on Manassas Virginia

So you are thinking of moving or taking a vacation to Manassas Virginia… I have lived in the Manassas area all my life, so I know a little something about this town.


Manassas is located in Prince William County. It is 27 miles west of Washington DC. Manassas is mostly known for the Manassas National Battlefield Park. There were two major Civil War battles held at the spot. The first battle was held on July 21. 1861. Almost a million people visit the Manassas battlefield a year.

Manassas has its own airport called the Manassas Regional airport, also known as Harry Davis Field. At the airport there is a stop for the Virginia Railway Express. (VRE). The VRE connects Manassas are commuters to Washington Dc. The airport is home to many private jets and private plane owners

Northern Virginia community college has a Manassas campus located right outside the Manassas Battlefield. Also Strayer University, George Mason University, and ECPI College of technology have campuses in Manassas

Manassas has three high schools. Osborn which is located in the city of Manassas, Stonewall Jackson and Osborn Park which are both located in Prince William County. The city of Manassas Park has their own high school Manassas Park High.

The major highways of Manassas are route 234 which connects I-95 and Route 66. Route 66 goes from Washington DC to Winchester. IT passes through Manassas.

On October 9, 2002, the 11th of the Beltway Sniper attacks occurred in Manassas at a Sunoco station on route 234/Sudley road.

Located within minutes from Manassas is the Jiffy Lube Live pavilion which is home to many concerts everywhere. Also there is a water park located right outside of the neighborhood Sudley. The water park is called Splash Down and it is primarily open in the summer and spring months.

for more information on manassas visit my website http://www.chriscolgan.com/

Getting the Lowest Mortgage Interest Rates Possible by Naomi Smith

Today it is possible even in the current economic climate to get some good low interests rates on mortgages. Of course you can spend several hours or days looking at the mortgages available and comparing the rates that come with them. But if you would really like to improve the chances you getting lowest mortgage interest rates possible there are certain things that you should consider doing.




In this article we offer a few tips that you may find extremely useful and which help you to qualify for a better rate of interest on the mortgage you take out.



Tip 1 – If you can you should try and arrange to make as large a contribution as you can with regards to the down payment on the property that you want to purchase. Many lenders are happy for us to provide a down payment of around 20% of the value of the property to be purchased. However if you are able to make a much larger down payment of course you will need to borrow less.



The less you borrow then of course the lower the rate of interest charged on the mortgage will be. Plus of course this in turn means that the amount you are expected to pay each month is going to be considerably less. So as a result making the mortgage a great deal easier to manage.



Tip 2 – Although the idea of being able to pay back the mortgage early seems like a good option. It is far better if you choose to go for a long term mortgage loan as this means that the amount that you will be asked to pay each month to repay it will be considerably less.



Tip 3 – When it comes to you purchasing a house you need to make sure that you work out how much you can realistically afford to spend each month on your repayments. The most effective way of doing this and so help you to get the lowest mortgage interest rates possible is use an online mortgage calculator. After supplying the information requested the calculator then will show you exactly how you can expect to have to make in monthly repayments.

How Does Foreclosure Work?

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How Does Foreclosure Work?

By: John Cutts

Every mortgage loan comes with a clause that allows the bank or lender providing the loan to repossess the homeowner's property if they do not make adequate monthly payments toward their mortgage. These clauses are also backed up by state law. In the event a homeowner fails to pay their mortgage debt off in a timely manner, the bank or lender will begin the process of foreclosure.

It's important to remember that foreclosure proceedings are often subject to unique state laws, so it's always important to look into foreclosure laws in your own state. In most cases, a foreclosure begins when the lender issues a Notice of Default, informing the homeowner of their delinquent status. The homeowner then has a specific window of time during which they can pay off their default debt and avoid a foreclosure. However, if they can't pay of their debt in this time, the lender will move to the next stage of the foreclosure process: scheduling a foreclosure sale.

In some areas, the lender may have to do this through the court system, while in others they may be able to do it on their own. It all depends on whether the mortgage has a Power of Sale clause, allowing the lender to pursue a sale themselves. Either way, the date of the sale usually has to be a certain time in advance, as provided by local law. Up until that time, the homeowner may halt the entire foreclosure process if they can pay back either their initial default debt or the entire value of the mortgage loan, again depending on local laws.

If the homeowner cannot meet the necessary payments to halt the foreclosure, then a foreclosure sale will proceed. The foreclosure sale is almost always an auction sale taking place at a public venue where anyone may bid. After a winning bidder is established, they usually make a down payment on their winning bid, and are awarded ownership of the property.

In some cases, the original homeowner is still allowed a redemption period after a sale. During this time, if the homeowner pays off the full amount of their mortgage loan, they can regain ownership of the foreclosure home.

Foreclosures can be very lucrative buys, but make sure you know the local laws! Check out more information on foreclosure laws before you buy.

Author Resource:-> Original Post: How Does Foreclosure Work? on ForeclosureDeals.com.

Article From Real Estate Pro Articles


Chris Colgan Team
Remax regency
Search the MLS for Free on our website http://www.chriscolgan.com/

New Listing in Manassas

Offered at $400,000 6259 Terrapin Dr Manassas, VA Click Here for More Information

DESCRIPTION FEATURED LISTING SPACIOUS SINGLE FAMILY HOME ON AN ACRE IN MANASSAS*ALMOST 4000 FINISHED SQUARE FEET*CLOSE TO EVERYTHING*HUGE MASTER SUITE WITH SITTING ROOM AND FULL BATH*FULLY FINISHED BASEMENT*LARGE REAR YARD WITH GARDEN

PROPERTY DETAILS • Single Family Home • Built in Unspecified • 4 bedrooms • 3+ Stories • 1.01 acres lot • 4 bathrooms • 2 Car Garage • 3759 sq. ft. living area (not counting basement) Area PROPERTY FEATURES • Central Air • Year Built: 1976 • Basement level is 1254 sq. ft. • Forced Air Heat • 4 total bedroom(s) • 2 fireplaces • Dining Room • 4 total bath(s) • 2 car garage • Family Room • 3 total full bath(s) • Attached parking • Walk-in Closet(s) • 1 total half bath(s) • Heating features: Electric, Heat Pump(s) • Fireplace(s) • Approximately 3759 sq. ft. • Central air conditioning • W-W Carpeting • Three story • Cooling features: Electric • Single Family Property • Type: Detached home, Fee simple • Exterior construction: Vinyl siding • Status: Active • Style: Colonial • Lot is 44035 sq. ft. • County: PRINCE WILLIAM • Basement • Approximately 1.01 acre(s) • Subdivision: TERRAPIN FOREST • Bathroom(s) on main floor • Lot size is between 1 and 2 acres

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

Posted: August 24, 2010

Check out our new smart phone app!

Chris Colgan Team smart phone app is here. Search all homes for sale in the Northern Virginia area. Our app lets you see any home for around using you GPS. You can also search by zip code, price range, type of house and many more. To download our free app Text CTEAM to 87778.

Chris Colgan Team

Re/max Regency

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Dominion Valley Market update

Currenty there are 44 homes for sale in Dominion Valley, Haymarket Va. The prices range from $344,000 to $1,000,000. In the last 30 days 11 properties have closed. Ranging from $265,000 to $560,000.