How To Buy A Home In Prince William County Virginia Before The Tax Incentive Ends.

Today is August 4th, 2009 and many home buyers are asking this question.As the deadline looms closer, home buyers are starting to ramp up efforts to secure a home and settle on it before the program ends. So the question "Is it is possible to search for, negotiate and settle on a home before the tax credit expires in 120 days on December 1st, 2009?" come up a lot lately!

Will you be able to meet the deadline?

Yes! However the challenge for many home buyers is, the Prince William County Virginia real estate market is being driven by Short Sales especially in home prices under $350,000. Most homeowners who need to seel are upside down on value due to slumping real estate values. When you find a home you really want and it is being sold by short sale, that can cause you the buyer a delay in going to settlement. Why? Big banks are buried in short sale requests from sellers trying to sell and buyers who want to buy. Many short sale requests can take four, five even six months for approval. If you lock yourself into a Short Sale purchase chances are you will miss the deadline.

"So how do you make sure you get that $8000 tax incentive?"

Easy!

You have three choices:

1. Only look at "Regular Owner" listings.These are homes that are listed by homeowners who are not upside down and who for the right terms will sell to you. Typically these homes are in good priced a bit higher than foreclosed or short sale homes, however condition is usually very nice.
2. Bank Owned Homes- these are homes are sold "as is" no warranties, no repairs. What you see is what you get. You can settle on these home quickly. Within 30 days of the ratified contract.
3. Approved Short Sale Homes!-yes there is such a thing, however they are trickier to find. We scrub the MLS database daily for these listings. They go quick. So you need someone that knows how to find them on your side.

Still confident you still have plenty of time to find your home.Let me prove to you, you might be in for a real shock! I don't mean to scare you, I'm just want every buyer to be enlighten on what's really happening in the Prince William County real estate market right now. Take a look at this spreadsheet. Every one of the homes crossed out is has already received an offer! Note: every listing that has a * next to the list price is a short sale. Danger...Danger ...Warning!!!

If you need an aggressive Realtor who can help you...call me direct # 703-851-3085

or contact me by email

Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's