From the Archives: Foreclosure Risks-Bank Addenda
November 12, 2009 by Katie Wethman · Leave a Comment
I get a lot of questions on foreclosures. How could I not? Some neighborhoods are flooded with them (though some are not…see the graph in my post on Beyond Auctions.) Buyers want to know if they’re a good deal, what the risks are, and how they can get in on one.
I’ve decided to write [...]
Short Sale Statistics for Northern Virginia
August 18, 2009 by Katie Wethman · 2 Comments
I got to wondering today whether more short sales are closing and thought I would share some interesting data I found. All data is per MRIS as of today.
Number of active listings designated “potential” short sales in NoVA* = 607 (# in Arlington = 57)
Number of short sales that have closed in [...]
State of the DC Area Real Estate Market: June 2009
June 13, 2009 by Katie Wethman · Leave a Comment
The Spring market is hopping, but some recent changes are making it difficult to predict what’s around the corner. Here’s what’s going on in the local real estate world:
Interest Rates Jump: Mortgage rates took a significant jump in the past few weeks. The short story is that optimism about [...]
Northern Virginia Inventory Sees MASSIVE Drops
May 1, 2009 by Katie Wethman · 1 Comment
Update 5/9/09: Looks like I’ve got some investigating to do – the final MRIS numbers are published (updated graphs now available at my website here – click on the “Market Stats” in the left sidebar) and they aren’t even close to the “live” data I ran on the last day of the month. Not [...]
Foreclosure Risks
February 1, 2009 by Katie Wethman · Leave a Comment
Now that Spring is right around the corner, buyer activity is picking up. There are still plenty of foreclosures on the market, and though there are lots of incentives to buy right now (low interest rates, first time home buyer credits through July 1, and low prices), the risks with buying a foreclosure — [...]
Guest Post: Rehabbing Properties Using the FHA 203K Program
November 3, 2008 by Katie Wethman · 1 Comment
Thanks, Cindy Fox of SunTrust, for information on this program which can really help buyers who have found their diamond in the rough! You can find Cindy’s contact information at the bottom of this post.
Looking for a bargain in the real estate market?
Have you seen the perfect place for you and maybe your family [...]
Foreclosures & Short Sales: Agents Not Updating Listings When Offers Are In!
July 24, 2008 by Katie Wethman · 2 Comments
Looking at short sales and foreclosures? Better have your agent call the listing agent before you take your time to go see them – chances are that they may already have an offer in and you’re wasting your time and energy. And if the listing agent doesn’t answer their phone or call back [...]
Housing Bill: Buyer Credits, Loan Limit Increases, FHA Changes
July 23, 2008 by Katie Wethman · Leave a Comment
Breaking news on the latest version of the Housing Bill, now on a fast-track to a vote and onto the President’s Desk, where he has signaled he will sign it. The newest developments:
Permanently increase the conforming loan and FHA loan limits (previously $417,000, [...]
IndyMac Closing – Impact on Their Bank-Owned Properties?
July 7, 2008 by Katie Wethman · 1 Comment
Indymac Bank today announced they are closing down their loan operations and laying off 3800 people. While this is certainly bad news for the lending industry as a whole, it’s also bad news for buyers on two fronts. First, and most obviously, fewer lenders means less liquidity.
The ripple effect though will impact foreclosures [...]
Short Sales: Are They Worth a Buyer’s Time?
May 30, 2008 by Katie Wethman · 1 Comment
Yes. No. Maybe. If you’re looking for an absolute, don’t bother reading this post. I’ll go out on a limb and say usually it’s a waste of a buyer’s time—the odds are certainly against it.
What is a short sale? It’s a sale where the debt owed combined with the costs associated with the sale exceed [...]
