Braemar Property Values for September-October 2009 have just been calculated for the Carriage Series homes. What's a Carriage Series home? That's easy. These are single family homes with detached garages. (Of course, not all Carriage home have a garage. Some homes chose to have only asphalt where the garage would normally sit.) The models that make up the Carriage Series homes are: Maplewood, Norwood, Oakdale and Parkdale.
Braemar Property Values for the Carriage Series this report are an average of the past two months sales. In September and October there were three resales. One Norwood and two Parkdale models. This gives us a mix of smaller and larger Carriage Homes.
Sadly, the average Property Value for a Braemar Carriage home is $262,000 this report. That's a 10.6% decrease in value since last report (july-August 2009), and the lowest property value since I began this report in mid-2005.
During the decline our real estate market, Braemar Carriage Homes have maintained their position as a top performing house. They neverlost the same ground as the larger homes around them. That's probably because Braemar Carriage Homes were a great alternative to townhouses, and much less expensive than the larger homes around them. Now, as the larger homes begin their recovery, the Carriage Homes are declining steeply.
If you put your Braemar Carriage Home on the market today, and priced it to current market condition, this latest report indicates that you can expect to have your home under contract in about one week's time. You can also expect to be asked to pay an average of 2.5% of the buyer's closing costs.
The next Braemar Property Value Report will be out in January. Until then, you can check back into average sale prices dating back to 2005 on my website: www.nvarealestate.net. Click the link on the left for Braemar Property Value Report Online and scroll down until you see the heading Carriage Series. The page will look like this:
Braemar Carriage homes will continue to be in demand as they are great alternative to townhouses for first time buyers. And with the extension of the $8,000 first time buyer tax credit, there will be many first time home buyers looking for a home like a Braemar Carriage Home. If you'd like to put yours on the market, give me a call. No one knows Braemar better!
Chris Ann Cleland, Realtor, Licensed in VA, Long & Foster
703-402-0037, chrisann@LNF.com
Northern Virginia Short Sale Sellers: Are You Financially Insolvent?
What does it mean to be Financially Insolvent?
YOUR INCOME AND ASSETS ARE NOT ENOUGH TO MEET YOUR FINANCIAL OBLIGATIONS.
It does NOT mean:
That you have money in savings to tide you over, but don't WANT to use it.
That you have money in a 401K to tide you over, but don't WANT to use it.
That you have money in investments to tide you over, but don't WANT to use it.
That have income from investments, but don't WANT to use it.
That you are upset about the value of your home in the current market and want a "do-over."
That you are upset about value of your home in the current market, took a cash-out refi when the values were higher, and don't WANT to repay that borrowed money.
The examples above are often items that people use to show RESERVES to a lending institution when they are applying for a mortgage, or a refinance. When you are in short sale situation, asking to be relieved of your mortgage, why wouldn't your mortgage holder(s) look into this RESERVE MONEY and ask for a percentage of the loan that will be unpaid, to be covered by you?
A person is truly insolvent when their income and assets are not enough to meet their financial obligations. If you are not truly insolvent, but are seeking a short sale, you will find that your lien holders may ask for a promissory note, or cash contribution to offset their loss.
Braemar Proerty Values for September-October 2009 have just been tabulated for the Arista Series. The Arista Series consists of the large, single family homes built by Brookfield Homes and will be one of three models: Allister, Buckingham or Canterbury. If you have one of these models, this Braemar Property Value Report pertains to you.
Braemar Property Values were impacted by only one resale in the Arista Series this report, so there was no averaging necessary. One resale means the average market value is the sale price of the one sale. That resale was a loaded Allister, comparable in square footage to the average size Canterbury. Braemar's average property value for Arista homes is now $410,000, up 1.7% since last report (July-August 2009).
That puts us EXACTLY where we were one year ago. That is actually something to be happy about since we have been losing ground year after year since I started this report in July 2005. You can't gain any ground until you stop losing it.
If you needed to sell your Canterbury or Allister model homes, and priced it to current market conditions, you could expect to have your home under contract in less than one month's time. Whether a buyer would ask for closing cost assistance...well...with just one sale, it's hard to know.
The next Braemar Property Value Report will be out in mid January. Until then, if you would like to view average sale prices for Breamear homes dating back to 2005, you can visit my website: www.nvarealestate.net. Click the link for Braemar Property Value Report Online and the Arista Series numbers will be the first you see. It will look like this:
If you are thinking of selling your Braemar home, please give me a call. No one knows Braemar better!
Chris Ann Cleland, Realtor, Licensed in VA, Long & Foster
703-402-0037, chrisann@LNF.com
Northern Virginia Cash-Out Refi's May Not Be Eligible for Mortgage Debt Relied in a Short Sale. If you are a short sale seller that has taken cash out in a refi, you need to consult a tax professional immediately. If your short sale is approved and your mortgage holder sends a 1099 to the IRS, you may have to pay taxes on the cash-out portion of your refinance.
On the IRS website, where the Mortgage Debt Relief Act is defined, it clearly states that:
The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
When refinances are specifically addressed, the answer is:
Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.
The implication being that if you did a cash-out refinance, and used the cash to buy a car, boat, or travel around the world, that cash-out amount would be exempt from the Mortgage Debt Relief Act.
The Mortgage Debt Relief Act also only applies to principal residences. Investors will have to look to their tax professional for advice on how to handle a 1099 in a short sale or foreclosure of investment property.
ANY ONE FACING A SHORT SALE NEEDS TO CONSULT WITH A TAX PROFESSIONAL.
As a Northern Virginia short sale listing agent, I meet many sellers who really seem confused on what happens in a loan modification. There seems to be a general misconception that loan modification means a portion of your principal loan balance will be forgiven and reflect more of the market value of your home. While this may happen in RARE instances, it is not how mortgage lenders will do business 99.9% of the time.
Loan modification is actually a temporary reduction in interest rate to help you through a financial rough patch. When you signed your loan documents, you promised to repay the amount of money you borrowed. Why would the bank modify that? It is the amount you borrowed. What banks can do is adjust the interest on your loan, but only temporarily, usually for one year.
If you need a longer term adjustment of interest rate, you may want to look into a refinance. Under new guidelines, you may be able to refinance up to 105% of the value of your home. Until you talk to you mortgage lender, you won't know exactly what your options are.
When you are facing difficulty paying your mortgage, the first step is talking to you mortgage holder to see what modification they may be able to perform on your mortgage. Just make sure you go into that conversation with realistic expectations.
Serving Prince William, Fairfax, Fauquier & Loudoun Counties as a Realtor and Short Sale Specialist. A full-time professional that can be your Trusted Advisor in your next real estate transaction.
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 am active in the Prince William Association of Realtors (PWAR) Education Committee where I serve as Co-Chair. It is here that I help 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. 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 Advisor.
SHORT SALES
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.
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.
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
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, 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 _______________________________________________ Hi Chris Ann,
_________________________________________ 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 _________________________________________
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
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
_____________________________________________________
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
_________________________________________________
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
________________________________________________
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
____________________________________
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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