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 [...]
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 — [...]
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 [...]
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 factor). [...]
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 [...]
Buying an Investment Property in Northern Virginia
October 17, 2008 by Katie Wethman · Leave a Comment
The Washington Posts’ Express paper had a special Home Buyer’s Guide this past Wednesday, and I was honored to be asked for my thoughts on buying investment properties.
During my conversation with the author, I noted that prices inside the Beltway–areas that are optimal for finding renters–have not dropped to the extent people may think, and [...]
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 [...]
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 [...]
