Neighborhood Spotlight: Belmont Country Club Ashburn, Va

Neighborhood Spotlight: Belmont Country Club Ashburn, Va

Belmont Country Club is one of only a handful of exclusive gated communities in the Eastern Loudoun County area. Nestled between Ashburn and Leesburg this community is directly off of Rt 7 and is only a few minutes away from the Greenway and the new Wegamans shopping center.



Like most gated communities of this type Belmont County Club boosts a full array of amenities such as a club house, tennis courts, pool, volleyball pit and of course what country club would be complete without the 72-par Arnold Palmer Signature golf course!




History of Belmont Manor



Belmont Country Club was named after the Manor that sits near the gated community. Belmont Manor traces its origin back to the early 1800’s as a plantation house and home to many notable residents. The Belmont Manor and its grounds are listed on the National Registry as a Historic place and is maintained by the Park Service. This should preserve the manor and the majority of the open space around the manor for future generations!



The Developer



Belmont Country Club was brought by Toll Brother from IBM in early 1995. Toll Brother built and designed the community as a high-end exclusive gated community. The single family homes start in the mid $900’s and can go up to $1.5 million. The townhouses (when they are available) are priced in the low $400’s with a few foreclosures selling in the $300’s recently. Overall Toll Brother’s threw in every possible amenity to make Belmont Country Club its signature high-end home development. You might notice when you first enter the neighborhood that all the lawns are just about prefect. This is no accident; Toll Brothers actually cuts and treats your lawn. No more worries about the one neighbor who can’t seem to take care of their yard. Also included in the HOA fees are high speed internet, basic phone service, walking trails and community activities.



What homes are available in Belmont Country Club now??



Current Availability (as of 10/09) 0(YES THAT IS ZERO)

Under Contract 14

Sold (6/09- 10/09) 16





So, are you ready to get a jump on the next home available in Belmont Country Club? Contact me now and I will put you on my Exclusive Neighborhood watch database. Don’t miss your dream home… EVER!


Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Take care,

Chuck

Posted at 12:30 PM in Neighborhood Spotlight: Belmont Country Club Permalink
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The Washington Post Gets it Wrong on the the $8,000 Buyers Tax Credit

The Washington Post Gets It Wrong On the $8,000 Buyers Tax Credit

I know shocker right; I’m downing the Washington Post again??? It looks like the Post this time outsourced its latest Real Estate related article to writer Martha White who writes for the Slate Group on a variety of financial matters including Real Estate. Although, I read Slate regularly and find there content refreshing I found Martha’s latest article “Prolonging Home Buyers Tax Credit Will Prolong Recovery” simply uninformed and filled with funny math strung along by the thinnest of strings.
One of the numbers Martha quoted off of a blog site she states in her article is that the actual cost of the $8,000 Tax Credit program is $43,000 per buyer because some buyers would have brought anyway. All I can say is; Wow really! There is actually a mathematical formula on a website that will tell me exactly what buyers intend to do before and after they buy? Is this like Nostradamus stuff? You know, after everything is said and done some "expert" will come out and says “you see this was predicted 500 years ago…duh”? Great, where were these experts say 2 years ago when the markets melted down? Can I use that same formula in Vegas? Or how’s about predicting what my 7 year old will do next on a soccer field?

Here’s the bottom line, buyers and especially first time home buyers are moved by emotions and perceived opportunities. Physiology plays a huge part in the purchase of a home. Buyers want to know that the market is moving in the right direction and that they are not going rouge by buying to early( unlike Palin of course). It has also been my experience that one of the biggest barriers to home ownership is the down payment. This $8,000 tax credit gives those buyers on the fence an option and a carrot to jump in. So, I think saying that they would have signed on the dotted line regardless of the Tax Credit is a bit of a stretch and would require at least a call to a Psychic hot-line. Btw, is Clara still in business? I need lotto numbers for this week.

The second point that was missed in this article was what buyers were using the $8,000 Tax Credit to buy. If you ask just about any Realtor working with a first time buyer he or she will tell you that these buyers were most likely buying up foreclosures! This is just not helping my local Loudoun County housing market but the Northern Va region as a whole.

Martha continued to throw out just about every number she could think of throughout her article in hopes that the reader will simply give up and take her word for it that the $8,000 Buyers Tax credit must be bad to have this many numbers against it. The fact of the matter is that this program is great for buyers and our economy for many reasons.

It targets those who need it the most! First Time home buyers and those making less then $75,000 a year (which is below average household income for Loudoun County)
The buyers are either buying foreclosed homes (which are shrinking inventory levels) or are buying lower priced townhouses and condos which are allowing sellers to move up or move out. How many stories have we heard about people that are turning down jobs because they can’t sell their home?
As the article pointed out over 1.8 million buyers have used this program to buy homes. That’s 1.8 million homes that are no longer on the market! I would further add that this number would be higher if it wasn’t for the lack of lower priced inventory in our region. As a matter of fact we currently are at 3 year lows for most of the Loudoun, Fairfax and Metro DC areas!


I think we can all agree that the Real Estate market in Loudoun County as well as all of Northern Va is not totally out of the woods yet. The best help the Federal Government can give us to keep the market going in the right direction is to keep the $8,000 tax credit alive for another year. As long as the jobless numbers remain high foreclosures and distressed Real Estate will continue to be a challenge to the full economic recovery of our region.

What do you think?


Take care,

Chuck
Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!
Posted at 04:37 AM in Rants Permalink
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Grenata Preserve Leesburg by Creighton Enterprises

Grenata Preserve Leesburg by Creighton Enterprises

Pulling into the circular driveway of the model home at Grenata Preserve in Leesburg you first notice the French Château architecture and the stunning pitched roof lines. The foyer opens up to a double cured stairway leading to the second level overlook. Surprisingly enough as big as you might think the house would be on the outside the inside rooms are very manageable and comfortable. The kitchen is as expected large and open with plenty of cabinets, granite and entertaining space. One of the nicest features is the angled two sided fireplaces and custom mantels throughout the home. The finished lower level is of course filled with all the goodies to make this the envy of any man cave in the neighborhood. This includes of course wet bar, theater room with wide screen projector and enough space to have a small pool hall. What I really liked was the feel and flow of the entire house. It is a large and extravagant house with fine details throughout but it wasn’t pretentious or over done.

I’ve lived only a few miles from Grenata Preserve in Leesburg and have heard whispers about how magnificent the houses Jim Brown CEO of Creighton Enterprises was building at Grenata in Leesburg. During the boom years many of my clients in this price point where looking to be closer to DC and preferred the Mclean or Great Falls addresses rather then Leesburg. However, with the pricing changes over the last few years and the increasing amount of upscale shopping and amenities coming to Leesburg these one of kind custom homes are now in reach of many who want and demand more.
I briefly met with Jim and his wife and found that Creighton Enterprises is truly a family run operation where detail and quality craftsmanship is there top priority. Jim is the architect of the family and has been building and designing homes in the Northern Va area for over 26 years. They have retained many of the local craftsmen over those many years. Lot sizes range from 3 to 100(only one 100 acre lot available!) acres spread out over 4 subdivisions in Loudoun County. They are Grenata, Thunder Oak, Barclay Woods and Creighton Farm. Price ranges from $1.3 million and up. I was told that there will soon be 1 acre Creighton custom homes starting at lower brackets. I can’t wait to see this level of craftsmanship and architecture in the lower brackets!
Want more info, want a private showing with the architect, or better yet see want to see what a 100 acres in Loudoun County looks like, then call or email me!

Take Care,
Chuck

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

$8,000 Tax Credit Ending Soon Part 2!
I was scanning through my Social Media network today and ran across this video( thank you Matt). I'm sure it will go viral very soon! Check it out and let me know what you think!

$8,000 Tax Credit Ending Soon!

$8,000 Tax Credit Ending Soon!



As the saying goes” all good things must come to an end”. Well, this is just a reminder that the $8,000 tax credit will be over before you know it. Just to review, according to the IRS you must settle by November 30,2009. Just to be 100% clear, to get the $8,000 you must be at the closing table signing on the dotted line by November 30th. This means you have to do a little backwards math to ensure you get your tax credit.


Here is what I would suggest, currently if you are a first time home buyer trying to buy a sub $300,000 house in the Leesburg, Ashburn, or just about anywhere in Loudoun County area you will have major competition. I would plan on at least a 60-day house search and at least 3 good offers (unless you still think this is a buyers market in which case plan on 8-10 offers and 3 buyer Realtors) before you win one. You must also take into consideration that it will take 30-45 days to close (if there are no issues). This time frame does not take into consideration Short Sales. If you are reading this and you want to buy a Short Sale you are most likely too late to take advantage of the Tax Credit!


So let’s review, we are now running into September add 60 days to find a home and another 30 days to close and you get November (give or take a day or two).


The only question now is are you ready to buy? If you are call or email me now and let’s get started!




Take Care,

Chuck

Where have all the houses in Loudoun Gone!

So, where have all the listing gone in Loudoun County! For the past 3 years the economic data has suggested that we were at an all time inventory high with some reports stating that we had several years worth of houses to burn off. It’s amazing the difference a year makes in the Loudoun and Fairfax County area. Here are some eye-popping facts about Loudoun that you might find interesting:

· In January of this year the average days on market for a single family house was around 134 days. Currently its 73 days and falling! Townhouses that used to average 89 days are now sell in as fast as 48 days. Even condos that once took over 150 days to sell are selling within 50 days.
Th The medium sales price of a single-family house in February was just under $400,00. As of July it is $463,000.
· According to the Dulles Association of Realtors inventory is at a 3 year low. Did someone say supply and demand aliment?
Both Fairfax and Prince William County have seen similar housing tends. So, you ask, “Where did the sellers go?” The general thought is that most sellers in the Loudoun county area who brought their homes less then 3 years ago are under water and therefore are NOT going to sell anytime soon. There is also a theory that our local economy (remember the old saying” the 3 most important things to know about Real Estate are Location, Location, Location!”) did not tank nearly as bad as everyone expected and that we will be one of the first metro areas to rebound.
If you are thinking of buying there are still some deals to be had but you will need to be quick. Homes selling under $500,000 are moving very fast; townhouses under $300,000 are equally selling fast. If you are thinking of buying anything under $200,000 anywhere in the Northern VA area (including Manassas, Prince William, Leesburg, Ashburn, Gainesville,Haymarket and even as far west as Purcellville) you better wear your bidding hat and have your game face on to win. I know of investors putting in offers on houses sight unseen and they are still losing. Feels a whole lot like 2003-2004 at this end of the market.
If you are buying in this market make sure you are ready to bid when you see something you like. If you are selling, make sure you use a local Realtor who understands today’s market and today’s marketing strategies!
I'm not totally ready to do flips yet but....



Take care,
Chuck

Neighborhood Spotlight: Exeter Leesburg,Va

Neighborhood Spotlight: Exeter Leesburg, Va

There are few communities in the Loudoun County area that have more history surrounding them then Exeter in Leesburg. The historical Exeter dates back to the pre Civil War era. First as a major camp site and trading route then as a Civil War encampment and plantation. One interesting historical factoid is that George Washington’s Great- Nephew was married at the plantation that once served Exeter. The area changed hands over the Civil War as both armies crisscrossed the area during the Gettysburg campaign. As you walk the trails that connect Exeter you will notice many historical markers doting the neighborhood.

Exeter the modern neighborhood was developed in three phases starting in the early 80’s. Exeter had several different builders including a few national and local builders. This gives the neighborhood a wide variety of floor plans to choose from. My personal favorite has been the Pulte floor plans for both the townhouses and single family homes. Exeter has all the amenities one would expect form a large planned community. This includes tennis courts, pool (some parts of the neighborhood do not have pool privileges), walking trails that connect the entire neighborhood and lots of open space! There are a total of 800+ homes with townhouses and single families homes split almost evenly throughout. For a starter neighborhood the prices are unbeatable for both single families and townhouses. I have sold many single family homes to buyers who wanted more space then a townhouse but couldn't see paying Loudoun County prices.** Current neighborhood prices and listing.

Take care,

Chuck

FAQ about Short Sales

FAQ about Short Sales
As a Realtor specializing in short sales I sometimes forget that short sales in general have only became commonplace in the Ashburn and Leesburg area for only a few years now. As a matter of fact I remember a conversation I had with a Denver Re/Max agent about how many short sales there were in his area about 5 years ago. I can remember thinking to myself how glad I was that we weren’t seeing them in Loudoun and Fairfax County. Well that’s all changed! I’ve read statistics that report that nearly 60% of all homeowners who purchased a home in the Loudoun and Fairfax area are upside down. The last Northern Virginia economic conference I attended we were told that home prices are now at April 2004 levels. I don’t think it takes a great deal of insight to know that there are a lot of people who can you use some short sale advice.
So, let’s get down to those questions!
• Is there a difference between a short sale and a foreclosure?o YES! A foreclosure will not just hurt your credit but will impact any background checks you need done for employeement. If you are even thinking of needing a security clearance a foreclosure is not something you want or need! If successfully done a short sale has much less impact on your overall future.• Short Sales never work!o This is the single biggest reason I hear most sellers just giving the keys to the bank. Simply giving up and leaving their fate to whatever the bank decides to do either now or in the future. For the most part the process for a seller is actually less painful in a short sale then a normal sale. Think about it, one of the most stressful parts in a normal transaction is the negotiation of the sales price and all the nonsense that goes along with it. In a short sale the buyer is working directly with the bank and the bank pays all fees including Realtor commissions and any improvements that might need to be done. It’s a no brainer if you are upside down and need to sell!• Do I need to hire a Lawyer to help negotiation with the lender?o NO. Some Realtors are using lawyers because they don’t want to deal (or are too busy) with the lenders directly. I personally handle all my cases. I feel it’s the best way to ensure my clients a level of service I can be proud of! And anyway, aren’t there enough ambulances for lawyers to chase?• I’m an investor will a bank approve me for a short sale? o Of course they will. Banks in general do not want your house PERIOD! A lender would like nothing more then to take a small loss up front then have to go to court to get your house.• I have two trusts is there hope for me?o If you had asked me this question before I took the CDPE –Short Sale Expert course I would have said no way. Two banks are impossible. Well, that was then and this is now! Two trusts are sometimes easier then one. For the most part if your house goes into foreclosure the 2nd lender gets nothing! This is great leverage when it comes to working with these lenders. Its also helpful that most of the lenders who specialized in 2nd trusts are either out of business or have written off most loans to very low levels. You got more questions? I’ve got answers! Leave your questions and I’ll update this post with your questions.
Take care,Chuck

Delinquencies Double on Least-Risky Mortgages, U.S. Report Says

For most of us in the Real Estate business this story does not come as a surprise! In these economic times the pain is shared by all. As a Realtor living and working in the Ashburn, Leesburg area for over 20 years there have been many times when I just couldn’t believe the types of loans being made or the prices being asked. In this article written by Bloomberg.com we are now entering the last two phases of this housing mess.
1. Prime borrowers are now running out of reserve funds or have given up paying a mortgage on a houses that is worth 20%-50% less then when they brought it. The Loudoun and Fairfax county areas have been buffeted by our federal jobs so I don’t think its as much job loss as in other areas. I am starting to hear more people ask whether it makes financial since to pay on a house that you might have paid $200K to $400K more for then what it is worth today (that’s an extra couple $1,000 a month in some cases!).2. We will also start seeing the readjustment of loans start happening within the next year. If you read my blog (Road to Recovery) there was an interesting PPT chart showing the avalanche of refi’s that will hit the market in the next couple years. Just about every loan that was made over the last 5 years was an adjustable rate loan.
So, can you say perfect storm. ** The new appraisal rules will make it harder (if not impossible to refi regardless of credit). **Interest rates continue to rise (we are at about 6% now we were at 4.5% a few months ago). **Now that the federal money has been given away banks are starting to not be as generous with the loan modifications. Most banks are only granting 5-year loan modifications, which will readjust in 5 years. This means if the value of your home does not change by as much as 50% in some cases you will be in the same boat in a couple years as you are in today. I’m not sure of anyone who thinks the market will bounce back 20%-50% in the next 5 years. ** I heard (unconfirmed by Indy Mac) two reports from different real estate agents that Indy Mac is no longer processing Short Sales but rather sending houses directly to foreclosure. Talk about a lose-lose situation! It should be interesting to see what these houses look like after Indy Mac evicts its borrowers( so much for good faith effort)!
What’s the answer to this mess…? How’s about a long-term plan by the lenders! Wouldn’t it be nice if banks just wrote off the bad debit (which they have for tax proposes) and just reset borrows with nice 30 year mortgage rates that they can pay rather then half measures that will prolong the pain. This whole mess is like watch my 7-year take off a Band-Aid.
I sure hope this is a short Band-Aid and not a long one!
Take care,
Chuck

New Appraisal Rules are now in effect!

New Appraisal Rules are now in effect!

Just when you thought Real Estate in Loudoun and Fairfax County could not get any freakier. Well, the new appraiser rules are now in effect! So, what does this mean for you! Well, if you are thinking of buying or selling a home in Loudoun, Fairfax, Alexandra or anywhere in-between you will be affected.

Here are the highlights of the new appraisal guidelines (also some tips and pit falls);

• The days of the lender directly calling the appraiser to look at a house are gone! Lenders now must use an outside firm who is not directly associated with the lender to complete the appraisal. The outside firm must rotate each appraiser. So what you say! Well, overnight a new industry has sprung up that caters to banks needing to comply with these regulations. These companies (more like clearing houses) bundle appraisals and bid them out to the highest bidder. This explains why some local Realtors are seeing appraisers as far away as Virginia Beach Va! Try explaining the difference between Brambleton and Ashburn or Evergreen Meadows and Woodlea Manor to someone who’s never set foot in Loudoun or Fairfax County! The larger lenders have 1,000’s of appraisers in their database that they are rotating.
• All appraisers must use at least two closed transactions within 90 days and two active listings in their appraisers report. Most professional local appraisers will use only traditional sales (no distressed properties) when appraising a normal sale however, we have seen out of area (sometimes out of state) appraisers uses the lowest three listings in any given area.
• Spot checks and field reviews, just because that first appraiser said you where okay doesn’t mean you are out of the woods yet. Lenders will now double check appraiser. This can be done by a “desktop appraisal”(basically looking up data on a computer vs. visiting the house) or by sending out another appraiser.
• There is an appeal process if you do not like the outcome. Each lender is a little different.
• Appraisers now have to report the condition of the overall market with the appraisal. The appraiser will determine if an area has an over supply or is in decline. The following areas are places that have an oversupply of homes for sale (this is according to our guest appraiser):
o West of Leesburg
o Purcellville
o Great Falls
o Manassas
o Oakton
There are many sub-neighborhoods in these areas that are doing very well. The real rub has been when Realtors listing Short Sales and foreclosures much lower then market price (I’ve seen some agents list houses as much as 50% below market value) in order to get multiple offers and start bidding war. Appraisers have to use a couple of active listings to determine if the neighborhood is in decline or incline. This low-ball strategy is killing neighborhood prices!!!!

• Just about everything inside the Beltway is in good shape. Also, just about all homes under $400,000($250,00 for townhouses) seem to be selling well and do no fall into the oversupply category. Conversely, homes in the upper brackets ($700,000 and up) are having amazing challenges. As always Real Estate is local and you should consult a Real Estate professional for an individual evaluation of your home (please send all hate mail to George” we don’t need no stinking regulations” Bush”).
• If you are using an FHA loan the appraisal will stick to the house for 6 months. No need to shop lenders if the first appraisal did not come in at price.
• Here are some helpful hints for all those who want to know how much credit you get for upgrades (these are all estimates please no hate mail;0):
o Extra full bath $2,500-$5,000
o Decks $5,000
o Walkup or Walkout basements $5,000-$10,000
o Price adjustments for sq footage (bump outs etc) $40-$75 per sq foot
o Finished Basement $10,000-$20,000
o Maximum price adjustments cannot exceed 25% of sales price!

So, you want to sell your house in Ashburn, Brambleton and or Leesburg and all this info just gave you major stomach pains. Well, I’m here to help.

• First things first, HIRE A FULL TIME PROFESSIONAL REALTOR WHO UNDERSTANDS YOUR AREA. This just huge. I see agents who are not familiar with the area list so many houses and I’m just left scratching my head (banks do this too!)! It is just as bad when you use a buyer’s agent that doesn’t know the area they are selling. I see so many crazy offers on houses that I know the buyer’s agent has no idea the true value of the home! If you are thinking of buying or selling in Ashburn, Brambleton, Leesburg, Lansdowne and Purcellville make sure your agent can tell you what it was like when route 7 was two lanes and the only thing that slowed you down were deer, cows and cops!
• Consider getting an appraisal done in advance. These can be done as cheaply as $200. Most competent agents can do a CMA (not an Appraisal) for free. This should give you a good idea of what houses are selling for.
• Always give yourself at least 30-45 days to close. The appraisal can take up to two weeks to get done!
• Think about using a local bank. It is much easier to challenge an appraisal when the bank manager is in your neighborhood vs. one on the other side of the world! I like Middleburg Bank and Sandy spring. They both do very good work! Email me and I’ll send you the contact info for the Loan officers I like to use.

Read more on my BLOG.

Take care!
Chuck

Certified Distressed Property Expert Part 3

Have you ever taken a class and realized half way through the class that you have been doing what you are learning about all wrong? I now think that all the short sales I closed in past were pure luck! And the ones I didn’t close were because me and the other agent were fumbling around in the dark expecting the other to know more. UGH! Although I can’t correct the past I sure make up for it now that I have the knowledge of being a Certified Distressed Property Expert--- CDPE! Today’s course was packed full for information to help homeowners!

One of the big topics that were covered was option for homeowners. This covered all the different options homeowners have before they go into foreclosures. I see my job as helping homeowners find the best possible solution. This does not always mean a Short Sale. So here they are;

• Forbearance or repayment plan
• Rent Property
• Mortgage Modification
• Short Sale refi (this is a great new program to help home owners refi there home at market value!)
• Deed-in-Lieu of Foreclosure (great way to save your credit)
• Service Members Civil Relief Act (SCRA) there are also programs for police officers and firefighters!
• Lastly, Short Sale!

* We covered the finer points of qualifying a person a short sale. Not everyone who applies for a short will be granted permission from the lender to do a Short Sale.

* Lender Math. This was an insightful look at what lenders are looking for in an offer.

* Back up offers. This was the most eye popping of all discussions. It covered the process for accepting multiple offers and how to work with other Realtors and the bank.

* Closing deals that have a first and second trust. I have always avoided deals where there is a first and second trust because I always thought that they would be too hard to close. After all, it’s hard enough with one bank but working with two???? Now I realize that not also are they not impossible to close but in some cases they are the easiest deals to close! Talk about ignorance costing you money! I turned down dozens of these types of deals last year!

* Negotiating with PMI companies.

* And finally the difference between Short Sale consequences and Foreclosure consequences.

Just another information filled day. I can not wait for the next class!

See you then!

Chuck

Certified Distressed Property Expert Part 2

Today the CDPE course focused on the similarities between the 1980’s S & L crisis and our current housing mess. We also starting going into the nuts and bolts of how to really start helping homeowner who are in distress. This included learning about organizations like Hope Now and others that help homeowner negotiate with lenders. Here are a couple brief points that stood out in today’s class

• Over 50% of loans that are modified go back into foreclosure in a year.
• Most Americans only have a 9% to 12% monthly monetary cushion to live on. That’s less then $400 a month for most families!
• 274 lenders have gone out of business since the credit crisis first hit.
• We reviewed the differences between a foreclosure and a short sale on homeowners credit as well as the long-term impact on people lives. We actually received a detailed breakdown of the differences (email me if you want a copy!)
• Finally, we started taking about pricing strategy and reviewing some bank forms. This will make up the majority of the next three sessions.

This is really turning out to be a must have class for any Realtors who is planning on working with distressed homeowners. Although I’ve successfully closed many short sales over the last couple of years this course is really demulsifying a lot of the misconceived information that is out in the market place.

See you in a few days!

Chuck

Certified Distressed Property Expert --- CDPE Short Sale Expert

Certified Distressed Property Expert --- CDPE

Recently I’ve been hearing about a new Realtor designation that many Realtor professionals have recommend as a must have in today’s market. The designation called Certified Distressed Property Expert or CDPE is an in-depth course on identifying and helping homeowners who are in trouble with their mortgages. The course covers the many strategies needed to help homeowners before a bank forecloses on their home and damages homeowners credit and lives. There were several very big points that I took from yesterday’s first class;

1. 7 out of 10 homeowners go into foreclosures without visible intervention!
2. There are 6,759,049 distressed homeowners in the US.
3. Subprime mortgages amounted to over 20% of all loans in most regions. Richmond Va is one of the top city’s nationwide with over 23% of all loans being subprime.
4. The majority of subprime loans will begin to reset in the next 2 to 4 years. That’s right you read that correctly. There could be another spike in foreclosures unless Realtors start helping homeowners now!

So far this has been an eye opening first day. This course covers not just the nuts and bolts on how to work with a lender on a homeowner’s behalf but also the emotional side of home loss. As a Realtor working in the ever booming Ashburn/Leesburg, Northern Va areas I have worked with many very good hard working families who have lost their home to foreclosure because no one was able to help them. I have listed many homes for sale as short sales and have even put offers to buy on many others and have found the experience frustrating and confusing. So far this course seems to be addressing a lot of my unanswered questions as to why there is so much inconsistencies within the different lenders and banks.

Stay tuned for more updates to come!!!

Chuck