Home Selling
The Short Sale Post Mortem
September 3rd, 2010 Categories: Home Selling, Real Estate 101
So you’ve successfully navigated your way through a short sale – the first thing most homeowners do is breathe a HUGE sigh of relief. Well, I said most…
It’s important to realize that after the bank approves the sale, and you go to settlement, it’s not over. You really need to know this going in – there are two really important steps that need to be addressed after the sale:
1. The release of liability from the bank (s)
2. Understanding the tax implications of what just happened
Looking at #1 you need to realize that if the bank just approved a sale that shorted them $50,000 you are still obligated to pay that amount. After all, you signed a note as a promise to pay the entire amount. So you’re on the hook, unless you can negotiate a release. You can sometimes offer them an amount for them to release you – say $10,000… (please realize there is no “normal” in the process so all of my examples are just that, examples) and it’s then done and over. If not, and you make no attempt the bank has a limited time (I believe it’s 7 years) to come after you for the total that you owe. OR
they might just sell the debt to a debt collector – in any case, unless you have that release you are on the hook.
Part 2 is actually based on part 1. So, if you are relieved of $40,000 worth of debt, guess what, Uncle Sam wants their piece of it and it’s now considered income on which you owe TAX! There are a few exceptions proving insolvency being one of them, but you need to factor this into the whole picture when contemplating a short sale.
I realize that none of this is chosen lightly and most of the time, you have no choice. I understand that – who could have foreseen the economy and housing prices so depressed? Many homeowners are simply a victim of poor timing.
Having said all of that, just be sure you realize what happens AFTER you think it’s over – because it’s most likely NOT. You still have some work to do, but understanding all of the steps up front will help ease you through the process. If you’re looking for an outstanding agent to help guide you through the short sale process in Northern Virginia, please don’t hesitate to call me. And call sooner rather than later, when we can still help!
Have a super Labor Day Weekend everyone!
Jennifer
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Addicted to HGTV? Wanna Sell your Arlington Home?
May 27th, 2010 Categories: Home Selling
Yep, you guessed it, HGTV is looking for energetic FIRST TIME HOME SELLERS for their hit tv show My First Sale! They are casting now and will be throughout the summer.
I had a few different producers call me earlier this week because they found my blog (just like you did) and were intrigued by my reach. If you’ve been reading for a while, you know I’ve been at this for over 3 years now – but enough about me…
So if you live close in – I’d say Arlington, Alexandria, Falls Church, or DC and you’re thinking of selling soon – give me a call – I can get you an application and I can even apply for the job of your listing agent! (I sell a lot of homes, you know) Now you don’t have to use me, you can choose your own agent but if you’ve always imagined yourself on one of these shows – now’s your chance! They want to film from as early on in the process as possible – so if selling is on your radar anytime this summer or fall – your timing could be perfect!!
So whatever type of property you live in, condo, townhome, row house, bungalow, cape, whatever… give me a call or drop me a note!
Happy Thursday!
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A Look to our Neighbor, McLean Virginia
March 11th, 2010 Categories: Home Buying, Home Selling, Market Stats, McLean Dirt
So most folks come here to read about Arlington – yet sometimes I get asked “why is your office in McLean and you write about Arlington.” Well, I have a long history with McLean, having grown up in McLean, graduated from Langley High School a few years back (define a few, I dare you!), and it’s always felt like a natural place to hang my real estate license. However, as many of you know, when we came back to the area, we settled in Arlington, but VERY close to the McLean/Fairfax County border – so I sort of feel like I have TWO homes.
Because my office is there, I do tend to get a lot of questions about McLean, but the 2 I seem to get more than others are:
1. Can I afford to live there?
and:
2. Are there ANY types of homes besides MANSIONS?
Let’s begin with the 2nd question – McLean is home to all sorts of property types, from condos to townhomes, from starter homes to TRUE mansions. There are fabulous contemporaries, wonderful statuesque colonials; there are craftsman new construction and even a bungalow thrown in here and there. The condos range from affordable garden style buildings through the luxurious Palladium which was completed a few years ago. Similarly there are a variety of townhome communities from starter to the very high end and we see those same broad spectrum options in the single family home market too.
As for affordability – McLean is certainly home to many many MANY multi-million dollar homes. However, with the upper market affected by tumbling values, there can be some great deals! So here are the ranges:
In the condo market over the last year, we saw a 1bedroom/1 bath sell for as little as $150,000 and it was NOT a foreclosure or short sale! On the other end of the spectrum, 2009 saw the sale of a 3br/3.5ba 2000+ square foot unit for $1,425,000.
As far as townhomes go, on the low end, we had sales that ranged from $460K for a bank owned townhome in the heart of McLean to $1,275,000.
Now, single family homes – HUGE spread from a low of $325,000 which was basically a lot right on Rt 123 to a whopping $8,250,000 cash deal for a beautiful, one-of-a-kind piece of history.
So affordable? I would say: yes? no? maybe? Could you find something to buy that fits your budget? We’d have to discuss whether your wants/needs line up with what’s available, but one thing’s for sure, I know McLean and there are plenty of opportunities. Give me a buzz and we can explore it together.
Happy Thursday
Jennifer
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How’s 2010 Looking in Arlington Virginia?
March 9th, 2010 Categories: Arlington Dirt, Home Selling
As you know, I believe monitoring ratified contracts is as close as you can get to understanding the moment-by-moment market tempo. And as always, I’ve been closely watching to see how 2010 has been shaping up. Check out this chart:
And we all know what happened during weeks 6 & 7 (approximately) of 2010 – Snowmageddon! Snowpocalypse! and look – we were still averaging in the 40-50 contracts per week!! It’s great to see that 2010 has started off with a bang – what we need to remember is it’s not a be-all/end-all statement. last year obviously started out a little slower than 2008, but quickly picked up steam in the spring and never looked back. We ended last year with a 20% increase over 2008 – so I guess anything can happen but so far, I’m seeing market activity.
On another note – as I peruse the MRIS, (our local MLS) I am also seeing agents putting comments in that are indicating receipt of multiple offers. But, per my post last week or the week before, prices are still staying moderate due to the financing situation we’re in. We’ll see how that works itself out.
If you’d like to see more, or perhaps you’d like some research done on your neighborhood please feel free to give me a call. Remember, this is only for Arlington -
Happy Tuesday!
Jennifer
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