Northern Virginia Short Sale Quiz: Question #10
Northern Virginia Short Sale transactions are fraught with loads of misinformation. This series of questions is designed at getting the major misconceptions set straight for buyers, sellers and real estate agents. If you want to go back to question #9 and work your way through the entire quiz backward, please click the link.
Now here we are at the final question in the quiz.
Sellers who have completed a Short Sale, without declaring bankruptcy, will qualify to purchase another home
A) Three years past the Short Sale if they missed mortgage payments during the process
B) Seven years past the Short Sale if they missed mortgage payments during the process
C) Immediately if they have missed no mortgage payments and are relocating to another market
D) Never
E) A and C
Check back tomorrow for the answer.
Northern Virginia Short Sale Quiz: Question #9
It still amazes me that there are agents listing Short Sales in Northern Virginia that have no idea what is involved in the Short Sale process. I guess the thought is that if they sat through a Short Sale designation class, they are more than qualified to do a Short Sale. Either some of these courses aren't teaching reality or the students are buried in their cell phones and tablets the entire time, because some of the worst offenders I've met are agents with Short Sale designations, but I digress.
This series of questions was designed to combat common misconceptions by buyers and sellers....and yes...some real estate agents, surrounding Northern Virginia Short Sales. This is question #9 in a series of ten questions. If your are just joining the quiz, you can start backwards and when you are done here, go back to question #8. There will be links in each post to take you back to the beginning.
Here's our next short and sweet question:
At what point does the Short Sale Bank(s) sign the real estate purchase agreement (contract) in their acceptance of the offer?
A) Upon receipt of the contract
B) The same day they issue their approval letter
C) Never
Check back tomorrow for the answer.
For the final Northern Virginia Short Sale Quiz: Question #10, click the link provided.
Don't Get Sucked In By That Low List Price on Bristow, VA Short Sales
Despite what you've heard in the media about the awesome deals that you can get with Short Sales and Foreclosures, the truth in Bristow, VA is that demand is outpacing supply. Sure, there are Listing Agents out there that will take a Short Sale listing and price it way below like homes in the same community, but that doesn't mean the Short Sale Bank will approve the Short Sale. Let me repeat that...
A low list price doesn't mean the Short Sale Bank will approve the Short Sale at that price.
I've been working with Bristow, VA Short Sales since 2007. The very first thing the Short Sale Bank is going to do when they receive your contract on that under priced Bristow Short Sale is order a BPO. That will help them determine whether your offer is a fair market value offer. And when the BPO Agent does their evaluation, they are looking at the most recent listings and sales, and NOT just Short Sales...not that it would matter in our current market.
When the Short Sale Bank gets that BPO back, typically about three weeks after you've gone under contract on that Bristow Short Sale, if the fair market value is higher than the list/contract price, you're going to get a counter offer by the Short Sale Bank. So there you are, nice, well maintained homes that were regular sales that have gone under contract for higher prices and suddenly, the deal you THOUGHT you were getting turns out to be no better than one of those regular sales.
Hire a Bristow real estate agent that knows the local market and Bristow Short Sales to help you determine the truly great deals. The low contract prices that do get approved by the Short Sale Bank are usually the homes that I will simply call the "pigs" of the market. They have condition issues. You are truly getting what you pay for. So if you want move in ready and value your time and don't want to house hunt for the better part of a year, get real and realize that list prices on Short Sales mean NOTHING.
Braemar Property Values: January-February 2012 (Arista Series)
Spring hit Braemar about a month early this year. Normally I notice my crocuses bloom in late March or early April. This year, they started blooming at the end of February. It's all the unseasonably warm weather, and 
believe me, I'm not complaining. Here's something else I'm not about to complain about...the upswing in Braemar property values.
With the first two months of the year behind us, let's take a look back at the resale activity for the Arista Series homes in Braemar. These are the large single family homes built by Brookfield Homes and include the following floor plans: Allister, Buckingham and Canterbury.
There was only one resale of an Arista Series home, and it happened in early February. Not surprisingly, it was a Canterbury model...by far the most popular choice of the home owners that purchased Arista Series homes from Brookfield. And this Canterbury was BIG. It had five bedrooms and five and a half bathrooms. There was even an additional room in the basement that could have been considered a sixth bedroom. The basement was finished and had a walk-up exit. The home listed for $509,900 which was a bit aggressive, but sold for a high sales price of $475,000. That value, being our average for this reporting period gives us a 7.5% increase since last report and nearly a 12% since the same reporting period last year.
If you placed your Canterbury, Allister or Buckingham on the market today, priced to current market conditions, this report indicates you could expect to pay about 3% of the sales price in closing cost assistance to the purchaser. You could also expect your home to go under contract in about two months time, maybe faster since this home would have been considered overpriced compared to its final sales price.
The next Braemar Property Value Report will be out in May and will detail sales from the months of March and April. I expect to see the positive trends to continue as we seem to have a high demand for homes in Braemar and not much inventory. Until then, if you are thinking of selling your Braemar home, I'd love to provide you with a free market analysis of your home's specific value in today's market. As a Braemar resident and full time real estate agent since 2005, and a Short Sale Agent since 2007, I can help you sell your Braemar home for the most money in the least amount of time no matter what your equity position. Remember, no one knows Braemar better!
Chris Ann Cleland, Associate Broker, Licensed in Virginia, Long & Foster REALTORS®
703-402-0037, chrisann@LNF.com, www.NVARealEstate.net, www.SellingBraemar.com
Statistics compiled by Chris Ann Cleland using the MRIS (Metropolitan Regional Information System)
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You can see the most recent property values in Braemar by clicking the links below:
Carriage Series (smaller single family homes with detached garages, Brookfield Homes)
Courtyard Series (executive style homes, five to a private driveway, Brookfield Homes)
Heritage Series (mid-sized single family homes, Brookfield Homes)
Braemar Townhouse Report (no garage and garage townhouses)
Condo Quarterly (condos known as Barrhill at Inverness Village)
Northern Virginia's Western Edge Mental Block
The suburbs of Northern Virginia are located, primarily, to the west of Washington, DC. The further west you go, the less expensive the homes...the slower the pace of life. You lose that urban feel of being near the city as you get outside the beltway and really nestle into suburbia.
As someone who has been a lifelong resident of Northern Virginia, I can tell you that most of us here in the western suburbs have a mental block when it comes to things further west than we are. I don't know what it is, but it did take me some time to get over it. For me, it was doctors. I felt that the truly best doctors just HAD to be closer in to the city than me. For some it's malls. The closer in, the better. So logic follows that real estate agents are the same right? Here's a reason you might look west before you look east.
Most people who live in the western suburbs started at a point east. What inevitably happens to residents in Northern Virginia is they find the cost of living in points west is better. They can get more bang for their buck. Take me for example. I was born and raised in Fairfax...where you see the smallest pink star on the map. When my husband and I were looking for a townhouse, it made sense to buy in Centreville, where you see the middle sized pink star. Finally, when we decided on a single family home, we moved out to the Bristow-Gainesville area where you see the largest pink star. That's where my physical business address is. However, having spent years in Fairfax and Centreville, I know them like the back of my hand. So I am more than competent to sell real estate there.
The purple star represents a seller that had been recommended me, by a friend, to list their home. Apparently, the western edge mental block of Northern Virginia was so severe they didn't even pick up the phone and call. Instead, they went with an agent who was even further in than the blue arrow. An agent that has sold more homes in Maryland than they have in Virginia, let alone Centreville. If they had just checked the homes I had listed and sold on my website before deciding that I was too far west to know anything about their market, perhaps their home would have sold by now. I sold three listings in their area last year, two of which were luxury homes, but they thought I was too far west. There is life beyond Centreville. And a big part of it CAME from Centreville. Something for Centreville home owners to keep in mind when it's time to sell.
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Associate Broker, Licensed in VA, serving Prince William, Fairfax, Fauquier & Loudoun Counties. Specializes in Listing & Selling Northern Virginia Short Sales. VREB Certified Short Sale Instructor.
In February 2005 I started my career as a Realtor®, having no idea what was in store for me. I had graduated with a BA in Communications from George Mason University in 1993 and spent years in the newspaper and radio industries, so I was certainly stepping into an unknown world. The satisfaction I have found in my real estate career is beyond anything I could have imagined. Helping my buyers and sellers navigate the transactions that involve their largest finanical investment is rewarding each and every time.
Since beginning real estate in 2005, each year has been better than the last. Because the real estate market in 2005 was just teetering at the top before its rollercoaster dive that followed, I gained skills that many Realtors® have avoided. For instance, I delved head first into the world of Short Sales and began helping homeowners who were facing foreclosure. All of this, and the skills that I learned in my previous career in media marketing, have given me an edge when it comes to selling residential real estate.
I believe strongly in education. I served in the Prince William Association of Realtors ® (PWAR) Education Committee as Committee Co-Chair. It is here that I helped to further my own education, and the education of the Realtors® in the Prince William County community. In November 2007 I became a GRI (Graduate of the Realtor ® Institute) and have become a VREB (Virginia Real Estate Board) approved instructor for PWAR on the topic of Short Sales and Technology. I am also a Technology Instructor for new agents joining the ranks of my chosen brokerage, Long & Foster.
I pride myself on my professionalism, determination and commitment to customer service. Be aware, I also have a strong sense of humor and don't enter into any transaction without it. You never know when you'll need it. Buying or selling a home is a serious matter, but it doesn't have to be void of fun.
Climbing my way up through the roughest real estate market known in recent history to become a Top Producer has given me invaluable lessons. Those lessons have become the foundation of my business and will continue to serve my clients well into the future. Whether you are a first time buyer, selling your third home, or facing foreclosure, I am here to be your Trusted Adviser.
NORTHERN VIRGINIA SHORT SALES
Since 2007, 100% of my Short Sale Listing Contracts have received Short Sale Approval.
Successful in personally negotiating and closing short sales with Wells Fargo, Bank of America, Countrywide, Chevy Chase, Capital One, HSBC, Citibank, ASC, Ocwen and more.
Certified VREB instructor on Short Sales for Virginia Realtors®.
Featured in Elizabeth Weintraub's Book The Short Sale Saviour.
NORTHERN VIRGINIA FIRST TIME HOME BUYERS
Patient and knowledgeable in areas that concern First Time Buyers. No first time buyer of mine ever feels rushed or that they don't know what they are signing when they make an offer.
NORTHERN VIRGINIA RESIDENTIAL LISTING AGENT
My media marketing background gives me a special edge when it comes to selling your home. I know how to market your property for maximum effect to get it sold quickly and for as much money as possible.
BRAEMAR COMMUNITY EXPERT (BRISTOW,VA)
As a resident of Braemar since 2004, and the President of the Tartan Hills Village Board of Directors since 2007, I have an insider's knowledge of Braemar and its various sub-assosications. I have been tracking Braemar Property Values since mid-2005 and the average values can be found on my website: www.nvarealestate.net.
ACTIVE ADULT COMMUNITIES
In the Gainesville, VA area we have three well-known Active Adult communities. These are communities that are designed for residents ages 55 or better. If you are thinking of buying or selling in Dunbarton, Heritage Hunt or Regency, I have the knowledge to help you.
Chris Ann,
We would like to thank you very much for your resolve in achieving a short sale of our townhome in Bristow, Virginia. Your demonstrated experience and commitment to your customers is fantastic. Congratulations on a job well done.
This completed sale represents our seventh real estate transaction, probably the most complex we have ever encountered. Thanks to you, it was handled with confidence and professionalism at every turn. We really must commend you for an outstanding job.
In a world where most “service industries” are severely lacking in “service”, your contributions to a successful closing did not go unnoticed. You handled the entire process with grace, and fantastic communication while ensuring our interests were being protected at all times.
We would gladly recommend you to anyone needing to sell or short sell a property in the Northern Virginia area. In our book, you are head and shoulders above the rest. Thank you so very much.
Sincerely,
Christopher & Marie Harding
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If you think about it, one of the most stressful things in life that a person can do is to move. Not only do you need to pack up literally everything that you own, you need to transport it by one means or another to a new place, and hopefully not break much of it along the way. But moving can be much more. It can be a dream home fulfilled or a change of locations to create a better life. A home will accomodate the laughter of children, presents under a new Christmas tree or the peace and simplicity of a warm drink by your new window on a cool day. Chris Ann helped us do this, and she can help you also.
The things that I appreciated most from Chris Ann were her knowledge of the markets, the understanding that she gave our needs, and her ability to make stressful things relatively simple. We were faced with a landlord that was going to let our home go to foreclosure. I had lived there for 4 years, and we hadn't considered buying a home. When we sat down with Chris Ann and Sal Rotante (mortage loan officer), they showed us that we didn't have to rent anymore, but we could own our own home. Having not searched for a home, we didn't know anything about the market, or what was best for us. We drew up some criteria based on the choice of schools for our 11 year old, and went shopping. Chris Ann was always there for us. Her market knowledge helped us avoid the homes that we would be wasting time on, but if we disagreed, she showed us all the places that we wanted to look at (although she was usually correct in her assessment).
When Sal needed to look into our finances, Chris Ann had prepared us to collect the documents we needed to give him. Their communications was professional, expediant, and respectful. When it came time to make an offer, Chris Ann was very insightful about closing costs, fees, and what she thought that we should pay, and what we should ask the sellers to pay. When it came time to negotiate, Chris Ann acted as good counsel, and was a strong negotiator in representing our position.
After our 90 day exodus, and immigration (we moved a total of two miles) we are happy new owners of a single family home in Dominion Valley. Out of all the homes that I've bought in the past, I'd have to say that this was the easiest transaction. Chris Ann made that happen for us, and she can make it happen for you also.
Chris Burnett
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Chris Ann,
It was a real pleasure to work with you during what can be a very stressful time. You were always available to show us around and had sage advice when we were about to go off course! How valuable is that??
We will recommend you to anyone who is in need of a really great real estate professional.
Marcy Payne
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Dear Chris Ann,
I would like to thank you for all that you have done. Our friendship started when you sold my first home, which was when the housing market started to decline. When I thought I couldn't sell my house you came along with determination and creativity and sold my house. The next time I was in desperate need to find a place quickly for my husband and children to live, you again came to the rescue and found a rental that we have enjoyed living in for the past year.
When my husband and I started to look for a house there was only one person I could think of. We just closed on a new home that we thought was out of our reach and at times, thought we might possibly lose. We can't thank you enough for all of your support and expertise. You helped us through a long and stressful process. It was a pleasure to work with a true professional. Thanks to you we got the house of our dreams.
Thanks,
Shannon & Slade Edmonds
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Chris Ann:
Unsure where to even begin! A simple & yet complex thank you may be the start.
The difference between our first set of experiences with you and the second set is incredibly immense, as you well know. Thank you for all of your time spent in working with us, in helping us through the processes of this absurb and fickle market...and for helping us actually get to settlement. Reflecting back, it almost feels surreal, the experiences we endured in early to mid-2009. What a difference a few short months can make though, eh? It seems eloquently evident now that our time to buy was when our lovely home became available.
Thanks for sticking with us and seeing this journey through, all the way to the grand finale of photos on our front steps!
We are so grateful, Chris Ann, for your focus and commitment to getting us successfully into our home. We are pleased with the outcomes, but more pleased with the treasured experience we had along the way in working with you!
In gratitude,
Karen Griner & Jason Leidy
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Chris Ann,
I want to thank you for being such a wonderful agent. You are really the best.
Steven Tran
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Chris Ann:
Thank you for your professional support over these last 5-6 months. You are truly a credit to, and should be a standard of the type of service buyers need in any market when considering Real Estate.
Mark Mansour
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Chris Ann,
I can't express my gratitude enough! Thank you for all your communications to me on this not so fun short sale. You've been great to work with.
Hui-Ling
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Hi Chris Ann,
I can't thank you enough for helping me find a townhome in Manassas, especially since I drove into Manassas with no appointment previously arranged with you - you took my cold call and ran with it.
Within three days of having never met, you managed to understand me and my needs, and find the perfect place - in my experience, that's miraculous.
And I have never met a realtor who had their own polarity meter for checking receptacles in a home - I think that just goes to show how committed you are to getting folks not only the right place for them, but also making sure the place is indeed "right."
A million thanks.
Best regards,
Mark Gill
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Chris Ann was very helpful in the purchase of my home. I would recommend Chris Ann to anyone looking to sell or buy real estate.
Rebecca Livengood
First Time Homebuyer
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Dear Chris Ann:
Just a quick note to let you know how much we appreciate everything you have done for us. We had such a blast with you and can't imagine doing all of this with any other Realtor.
Heidi, Ron & Grace Warner
First Time Homebuyers
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Chris Ann was not only superb in helping us locate the house we wanted, but she was a dilligent worker prior to close.
Chris Ann was referred to me by a friend. My boyfriend and I, at the time, were looking at anything as cheap as possible, not knowing anything about real estate. She took the time to explain the difference of foreclosures, short sales, and regular sales. She worked hard at our first contract on a short sale condo that fell through. Never discouraged, Chris Ann took the time to take a step back, let us re-evaluate our needs and continue forward.
She obviously was a tremendous help to us in the market, but moreover-EXCELLENT in her customer service. She was always willing to bend over backwards by meeting us anywhere, anytime, and answered every single question we had (and believe me-we had plenty)!
We have been very happy in our new home and can't ever forget that Chris Ann was the one who got us here. We have her "sold" postcard she gave us on our refrigerator and will not take it down. It makes us proud to own a home and we owe a tremendous amount of thanks to Chris Ann for giving us that feeling. That's something we can never repay her for.
She's one in a million! I can't say enough about her.
Sincerely,
Kimberly Hessberg & Richard Hirst
First Time Homebuyers
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Chris Ann:
We are so incredibly lucky to have picked you out of that haystack. We never doubted that you always had our best interests in mind. Thank you so much for all you have given to us. You are forever welcome to our home, you're family!
With Love & Appreciation,
Thuy & Jeremy Beinert
First Time Homebuyers
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Dear Chris Ann:
Thank you for all your help in my home search and purchase. Working with you was definitely enjoyable. You are very patient, kind, informative and pleasant.
Every time we went out to look at homes, you were prepared. You had done your homework, making what could have been an overwhelming process,easy.
You are extremely knowledgeable and enthusiastic about your job. You better believe that I will be calling you when I am ready to sell my new home and move up to another. And I will not hesitate to send my family and friends to you, as I know they will have an outstanding agent working for them
Thanks again for all your hard work.
Sincerely,
J.D. Gheen
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Chris Ann is a driven and professional real estate professional. She is extremely knowledgable about market conditions and the home buying process. Chris Ann is tireless in her efforts whether it is to help find that perfect home for a buyer or selling an existing home. She is especially good at listening to what is important to a client, so that she can be sure to meet their expectations. In every case that I have worked with Chris Ann she has not only met expectations, but exceeded them.
Laura Pullen/Prosperity Mortgage
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Dear Chris Ann Cleland,
Thank you so much for helping us find our first home! When we moved to Northern Virginia we thought that we would never be able to own a home. With your help, our dream of homeownership has come true. Some of my co-workers who graduated from college with me last year always ask, "How were you able to buy a house in less than a year of graduating from college?" My answer is, "I have an excellent real estate agent." You have grown from just our real estate agent to our friend. For that, we are grateful.
Thank you,
James & Nikki Howell
First Time Homebuyers
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Dear Chris Ann,
I want to take a moment to thank you for all that you have done. I was at a point that I felt I wouldn't sell my house. I had been through several real estate agents and I wasn't getting even one bite on my house. Then you came along with your expertise, creativity and consistent positive attitude. I started to hope again. You got people to notice and become interested in my house. Eventually it sold and now is becoming a home again.
I have to also thank you for your patience. My personal life was a big part of why I had to put my house on the market. Unfortunately, at times you were in the middle. Your mediation skills were put to good use and you went above and beyond your real estate agent role.
I can't thank you enough for what you did.
Sincerely,
Shannon Russo
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Dear Chris Ann,
You are a class act! We really enjoyed working with you and will refer anyone we know. And, of course, if we decide to buy or sell in the future we would love to have your help and expertise. Thanks again for all of your help and hard work. We'll stay in touch!
Jeff, April, Sydney & Abbey Hunt
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To Whom It May Concern:
This letter is to acknowledge my complete satisfaction with the services that Ms. Chris Ann Cleland has provided as my Realtor in the purchase of my new home. Ms. Cleland provided current and accurate information that aided in the decision making process of selecting my new home; she was able to supply alternate options when it came to hiring a mortgage lender that saved me a whole percentage point on my loan.
She is hard working, willing to go the extra mile for her clients, and she will do everything she can to help you have a non-traumatic, minimal stress settlement. She does her homework, she does not wait until the last minutes, and you have all the information as it is occuring in the process. For a first-time homebuyer, this has proven to be an invaluable asset.
I would highly recommend Ms. Cleland for any of your real estate needs.
Most Sincerely,
Nichole Charlton
First Time Homebuyer
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Dear Chris Ann,
We wanted to thank you for all the time and effort you put into helping us find our home. As first-time buyers we were quite unsure of ourselves, as we ventured into the unknown, but you made the process so much easier.
It was especially important to us that we not feel pressured into making a commitment we were not ready for or comfortable with. Although you understood the necessity to act fast in this crazy market, you also understood the enormity of the decision that we had to make and you respected our hesitation and our excitement.
We were lucky to find you and will keep you mind should our friends or family require a realtor in the future. We will be calling you in a few years when the time comes to sell our "starter" home and move on up!
All the best,
Karen & Pernell Disney
First Time Homebuyers
Dear Chris Ann,
THANK YOU!!!! You made this move so much easier than we ever expected it to be. From selling our home within three days, to finding packers for our truck (at the last minute), playing "Catopoly" with our kids, to all the other little details done behind the scenes that made this move go so smoothly. THANK YOU again and again.
Your professionalism, attention to detail, understanding of the stress of moving, and your willingness to go the extra steps are the reasons that you are so much more to us than the realtor who sold our house.
You are the perfect person for home sales and we expect to see you as number one in your area in no time at all.
Sincerely,
Carolyn Dikranis & Dona Leith
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