Hap Parsons

Sorting through the tremendous housing inventory through the MLS or other online websites to find just the right home can be overwhelming. We have gained success that comes from helping our clients find a home that meets your needs at a price that will be affordable as quickly as possible.

If nothing else, getting that much accomplished would be worth hiring a Real Estate Buyer's Specialist.

But what does a Buyer's Specialist bring to the transaction and ultimately the client that makes a difference? How can a Buyer's Specialist "bullet-proof" your next home sale?

As we all know, the purchase of a home has become one of the most complex, potentially high-risk, and expensive transactions most people will ever go through. Having an advocate is absolutely essential to ensure the interests of the buyer are fully and exclusively represented!

If a buyer strikes out on their own looking for a home without a licensed agent or broker they should consider these reasons why hiring a Buyer's Specialist before making an offer for a new home:

1. Buyer's Specialists Work For The Client...And the Transaction. The Buyer Specialist not only represents the client's interests but also work on behalf of the transaction to advise the client on the full range of options and potential outcomes so they can make informed decisions throughout the home buying process.

2. Buyer's Specialists Lower The Client's Risk. When the client puts the Buyer Specialist on their team as an advocate, the client mitigates some of the risk of home buying through the Buyer Specialist's knowledge and understanding of the current market, their referral network of lenders, title companies, etc.

3. Buyer's Specialists Work for the Client at Their Own Risk. Can you name another profession that will go to work for a client on a contingency basis? And, the Buyer Specialist's commission is paid completely by the seller in most cases!

4. Buyer's Specialists Understand the Current Market. The Buyer Specialist has invaluable house-by-house, street-by-street, and market-by-market experience which cannot be learned overnight. They have weathered the storm and pendulum swing between buyers' markets and sellers' markets and because they are still in business know how to adapt when the real estate market turns abruptly.

5. Buyer's Specialists Have Inventory. The Buyer Specialist can find a home quickly. With the Buyer Specialist by the client's side, they will find homes quickly and for the best price and the least stress possible.

6. Buyer's Specialists Have Information the Client Doesn't Have. MLS data entry can take from one to 10 days, depending on the listing agent, his or her broker, and the rules and technology of the MLS and syndication data refresh timeframes. By the time the home is posted on the Internet, it could already be sold, expired, or withdrawn. Having the Buyer Specialist's resources and technology on the client's team, they'll know instantly when a home comes on the market or a critical price change occurs so they can react quickly!

7. Buyer's Specialists Understand the Complexity of the Transaction. Less than a decade ago, a home could be bought with a two-page contract. Now consumer-mandated seller's disclosures, environmental and structural reports, and other legal documents have turned the home transfer into a potential minefield. The client needs someone on their team who understands the entire transaction process and will advise them on the important issues that will minimize their risk?

Hap Parsons
The Parsons Group, LLC

Keller Williams Realty
7820 Sudley Road
Manassas, VA 20109
Office: (703) 656-4358
Fax: (703) 991-8176
E-mail: info@tpgrealtors.com
Website: http://www.tpgrealtors.com

Real Estate For Real Life

The above information applies to Virginia and may not apply to your local area. Please check your local policies, laws, and regulations.

Copyright, 2009, The Parsons Group, LLC.

The Parsons Group, LLC agents are licenced in the Commonwealth of Virginia and provide real estate service to Northern Virginia, Culpeper, Fairfax, Fauquier, Loudoun, Prince William, and Stafford counties, the cities of Fairfax, Manassas, and Manassas Park, and towns of Ashburn, Bristow, Centreville, Chantilly, Gainesville, Haymarket, Herndon, Leesburg, Reston, and Sterling

Prince William County has been ground zero for mortgage defaults and ultimately foreclosed properties in Virginia for the past 18+ months. Recently though, we have developed an increasing Short Sale market as owners try to avert the financial stigma of foreclosure by negotiating the sale of their property for less than they owe.

The number of Short Sales has been increasing since the summer as Congress has started beating up the banks to try and work out loans and reduce the number of foreclosures. However, with the long negotiation period with the bank and the low success rate of actually closing a sale, many buyers are shying away from them and want to eliminate short sales from their home search.

We have just made it that much easier to find only active foreclosures in the Prince William County and Manassas / Manassas Park area. Buyers and investors looking for homes throughout Prince William County including Bristow, Haymarket, Gainesville, Dumfries, Dale City, Woodbridge, and Triangle can go to below link to get up-to-the-minute listings.

The site is continually updated so as new properties come on the market or prices change you can get the new listings immedicately. There are currently over 350 active listings at all prices and home sizes throughout the county.

If you are interested in searching only for foreclosures and taking advantage of some great prices, try this link to find out what is currently on the market in Prince William County Virginia: http://tpgrealtors.com/?target_url=http://tpgrealtors.com/Listings?operation=search%26ls=MRIS%26predefined=1256456572

Feedback welcomed and appreciated.

Hap

1/21/2008

Market Comment

Mortgage bond prices rose last week pushing mortgage interest rates lower. Mortgage bonds were initially helped by reports the Treasury would try to get rates lower. Unfortunately, a lot of the gains seen mid-week were erased Friday following mixed employment figures. Unemployment was not as bad as anticipated and average hourly earnings showed a surprise increase. The payrolls component was bond friendly but it wasn't enough to overshadow the headline figure. For the week, interest rates on government and conventional loans fell by about 1/8 of a discount point.

The retail sales data Friday will be the most important release this week. Look for any additional moves by the Fed, the US Treasury, and legislative developments to also result in mortgage interest rate movements. This will be the last full week of data before the next Fed meeting.

LOOKING AHEAD

4.5% Rates Possible?

The news is abuzz about the Treasury lowering home loan rates to 4.5% to stem the foreclosure crisis but details have been lacking. The Treasury Department stated it is looking for additional ways to help the struggling housing industry and believes lower rates are needed.

This idea is similar to the November 26th announcement from the Federal Reserve where they indicated the intent to purchase up to $500 billion in mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae. In addition they would buy another $100 billion in direct debt issued by those firms. The November news caused bond prices to spike higher and forced mortgage rates lower. Just like any commodity, whenever tremendous buying interest exists, prices rise. Mortgage rates fell almost 1/2% in rate following the announcement. However, the following week market forces continued and rates spiked a bit higher from the recent lows.

It is important to remember that there are no details to the Treasury plan as of yet. The Federal Government does not directly dictate home loan rates. Rates are determined by price movements of Mortgage Backed Securities (MBS), which compete for investor funds in the open market. The Treasury can buy mortgage bonds on the open market but remember that they are not the only entity buying and selling these instruments.

The Treasury is in a very tough position in trying to manipulate home loan rates. Creating a new Federal mortgage program could be very risky. How would rates be set, who would qualify, and can the funds be used for purchases and refinances are just some of the questions being asked. The other critical concern is implementing such a program without destroying the current mortgage securities market. Doing so could have the unintended consequence of causing additional economic turmoil.

Rates are not going to 4.5% with the wave of a wand by Hank Paulson or Ben Bernanke. As a matter of fact, the massive borrowing to fund the TARP program has a negative effect on rates. At this time, the announcement still leaves a lot of uncertainty. What we do know is that rates are at historic lows and house prices have moderated setting up a great scenario for people who need to refinance or are looking to buy a home. Waiting for rates to fall to 4.5% may leave people sorely disappointed.

Find out what you can afford today at:

http://tpgrealtors.com/?target_url=http://www.countrywide.com/calculators/

Hap Parsons / reo@tpgrealtors.com

The Parsons Group, LLC

703-656-4358

Our thanks to Joshua for the above information:

Joshua Jablonski
Bank of America
Mortgage Loan Officer
2 Pidgeon Hill Drive, Suite 100
Sterling, VA 20165