Washington, DC, Delinquencies and Shadow Inventory
December 5, 2011 by Katie Wethman · Leave a Comment
The Mortgage Banker’s Association reported that the seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties fell to 7.99% in the third quarter of 2011, the lowest level recorded since the fourth quarter of 2008. While any decrease is good news, don’t get too excited just yet– it’s a decrease of just 45 [...]
Buyers May Not WANT Condo Docs for Short Sales & Foreclosures
December 1, 2008 by Katie Wethman · 4 Comments
I was quoted in the Washington Post yesterday for my recommended strategy of NOT asking for condo docs on a foreclosure or short sale. In the original article here, the author discusses the fact that: Virginia law requires sellers or their real estate agents to get a presale financial disclosure packet from the association and [...]
Finding an Investment Property in Northern Virginia
November 26, 2008 by Katie Wethman · Leave a Comment
As prices plummet, some solid investment opportunities are starting to emerge…but how do you identify good investment properties? Step 1: Identify some target neighborhoods. – The first thing to do is to consider long term (e.g., 10 years) appreciation potential. Think about area employment (and more importantly where those employers are—commuting time is a big [...]
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 [...]
Housing Bill: Senate Amendments Create Buying Incentives
April 4, 2008 by Katie Wethman · Leave a Comment
The senate started piling on amendments to a proposed housing bill that, if passed, would add some interesting incentives to buy. Of particular note is a proposed $7000 tax credit (not a deduction–a credit!) to anyone buying a foreclosed home (see my post: “I want to buy a foreclosure.”) A credit that size would indeed [...]
Foreclosure Risks: Financing Complications
March 26, 2008 by Katie Wethman · Leave a Comment
Buying a bank owned property creates a multitude of financing risks—not because a buyer may have any particular problems with their credit or loan otherwise, but simply because the transaction is complicated and timing is difficult to control (read previous post on timing difficulties in buying a foreclosure here.) It’s critical that buyers protect themselves [...]
Foreclosure Risks: Property Condition & Inspections
March 19, 2008 by Katie Wethman · 1 Comment
One of the most common scenarios in a bank owned (or REO) sale is that the property is “as is.” But most people don’t understand exactly what this means, or how to protect themselves from buying a home that may need tens of thousands in repairs. Let’s back up a moment, and put “as is” [...]
