As my old Quantitative Methods of Analysis professor at Towson University, Doc Slevin, used to tell us, "Numbers will NOT lie!" The methods we use to analyze the data can be twisted and contorted to our liking and perspective - just look at any Politician campaigning about the economy. They will spit out figures as though they told the entire story. We ALL know that's not true.
Having said that, however, I am finding a really hard time coming to any conclusion but that Short Sales are NOT what you, the consumer, may have assumed them to be. After analyzing the data, they are not the "chance of a lifetime" or "golden deal" many home buyers today seem to think they are. Without making mention of the many, many pitfalls that plague any short sale transaction, how about just looking at the numbers and drawing your own conclusions.
I had decided to analyze one zip code in Prince William County (22193 - Dale City, Woodbridge) to see how many homes had sold as Foreclosure, REO Property, or HUD Owned homes since September 1, 2008. Keeping in mind that this list isn't inclusive of all foreclosure sales because not all listing agents enter the data appropriately in our MRIS system (MLS), we will use the same criteria for short sales or potential short sales.
Here is what I found:
Of the 90 Homes Sold in Foreclosure since September 1, 2008 in Zip Code 22193, 43% or 39 were previous Short Sales. That simply means that 57% of the previous owners of these foreclosure listings took no preventative measures to avoid foreclosure.
So, are you still sure a short sale is the way to go? Numbers don't lie!
Allow me this opportunity to vent about the pit falls of the foreclosure transaction. As a buyer's agent, I am often times dealing with overworked and under staffed listing agents who are tackling the daunting task of trying to represent banks to sell foreclosures. I find myself in the unenviable position of trying, many times in vain, to protect my client's interests in what can often times be a very frustrating transaction.
The Regional Sales Contract - Throw it away, rip it up, use it for toilet paper - it's not worth a darn. The bank's addendum supersede's this contract at almost every turn. Not even sure why we have to bother with the process. Perhaps we should just make an offer on loose leaf paper - "Buyer will pay $100,000 to buy this piece of garbage located at ABC Main St, Anytown, USA on or before Anyday, 2008 using conventional financing. Bank addendum raping buyer of any rights to legally get out of this contract is to be attached to this contract offer." This is a dramatization but I'm not too far off the mark - trust me on this!
The Deadlines - Well, if Trina the Asset Manager happens to be out on Friday and her back up is behind in her files, you can disregard that contingency you are trying to remove to be signed by the deadline. IF we are lucky enough to get the bank to respond to the addendum in a timely fashion, then I suppose you have a chance in hell at getting it signed and returned before settlement. But don't hold your breath.
The Negotiations - Listing agents sometimes try in vain to articulate the severity of a negotiating point. "Yes, a failed septic field is a HUGE deal and by the way, now this inspection report that the buyer paid $500 for is notice of a building code violation that you (the seller) will have to either fix or disclose to the next buyer." Banks response...."Well, we won't agree to any repairs until we know how much it will cost to fix....even though settlement is scheduled for this Tuesday."
The Phone Calls and Emails - "Please call me back! This is the 4th call I've made today to find out if the utilities are on so my client can get out there tomorrow by the Seller's DEADLINE to do the home inspection." Begging and nagging have become a normal routine. I'm actually quite good at it! Just ask my husband!
Title Trouble - Don't be surprised if the settlement attorney cannot get the deed in time for settlement. In some cases, the bank's title company is so overwhelmed with files, they simply cannot get to them all and if there is a discrepancy - a lien or judgement against the property - then it could take considerably longer.
They have to fix this, don't they? - Um, no, they don't. Read that lovely little bank addendum that essentially says they don't have to fix anything unless perhaps, it's a direct violation of a building code or regulation in which case, the bank (seller) probably has the option of terminating the contract....even if you've already given your property manager at your apartment notice that you were vacating on the 20th of the month.
In the end, and I will ALWAYS recommend this, TALK TO A REAL ESTATE ATTORNEY PRIOR TO SIGNING THE BANK ADDENDUM. As a Realtor, I have the distinct honor of working with your through your purchase. However, at NO TIME am I permitted to represent you as an attorney and give you legal advice. Because every bank foreclosure has specific language added to their bank addenda which is written by the banks' attorneys to protect the bank, you MUST not assume you have the same rights as in a traditional transaction. Even if you've bought a home before, this will be an experience you must understand thoroughly so be prepared to seek legal advice to know what your rights are AHEAD OF TIME. Don't wait until you are at the end of the transaction only to find out the bank will not comply with your requests....often times, they don't have to.
Last weekend my oldest daughter, Adrienne, took my youngest son, Matt, to Belvedere Plantation, a beautiful 645-acre working farm in Fredericksburg, Virginia. They had a great time and came back with some wonderful pictures. I thought I'd share it all here!
Belvedere Plantation offers so many different outdoor attractions that children (and adults) of every age can find something they'll enjoy! They have a corn maze, a barnyard where kids can see different farm animals, pig races, a giant 100-foot slide for people over 5 years old, zip lines for kids of every height, a barn filled with hay and rope swings, and a pedal tractor race course (think go-carts only you power them by pedaling)! And if that isn't enough, there's the pumpkin patch, which is a short hayride away from the where all the other attractions are. Everything at Belvedere Plantation is very family friendly and the staff is wonderful! The Fall Festival ends November 2nd so I would suggest getting there soon!
Belvedere Plantation is about 7 miles SE of Fredericksburg and very easy to find off Exit 126 on I-95. The farm offers free parking and general admission is $14 for anyone over the age of 2 and $12 for seniors (and you could spend an entire day at the farm, so it really is a deal compared to some other family outings). They also have military discounts and they offer coupons, which anyone can sign up for online. For more information go to www.belvedereplantation.com!
The Stafford County Department of Parks and Recreation held grand opening ceremonies on Saturday, October 18th to celebrate the newest addition to the county's park system. Patawomeck Park cost $4.8M to construct and has the most modern facilities. Lighted and irrigated soccer, football and softball fields, as well as restrooms and a picnic pavilion are ready for public use. Patawomeck Park is the result of a land transfer between the county and the Moncure family. The family gave the county the land for the park and donated $500,000 towards construction in exchange for the old Fritter Park which was closed. The land that was Fritter Park is now part of the Quantico Corporate Center.
Patawomeck Park is located off Route 1 in the Widewater section at 25 Chopawamsic Parkway in Stafford. For more information contact the Stafford Department of Parks and Recreation at 540-658-4871 or visit their website at www.stafford.va.us/parks.
On Tuesday, October 14th the 140 members of the 4th Light Armored Reconnaissance Battalion's Delta Company returned home to Quantico after a six month deployment in the al Anbar Province of Iraq. The 129 Marines and 11 Navy Corpsmen were greeted by family and friends waving flags and homemade signs. Happily all of the Marines and sailors arrived home safely after completing their mechanized security mission. The battalion now gets some well deserved time off to be with their families.
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Northern Virginia Real Estate Information and Market Trends - See All Active Listings in Northern Virginia MLS - NO REGISTRATION REQUIRED! Honesty, Integrity & Unsurpassed Customer Service Guaranteed
Working primarily as a referral agent, my main motivation is to be able to provide you the highest possible level of service as you look to buy or sell your home in the Northern Virginia Real Estate market. You should be so impressed with your service that you will feel compelled to refer me to your family, friends and colleagues. Our time together is always well spent meeting your specific needs because my time and effort is not spent looking endlessly to generate more business.
As an Accredited Buyer's Agent, the buyer's criteria becomes paramount during the homebuying process. Your needs will never be compromised because Dual Agency is not something I participate in. This is a distinguishing characteristic from many in the industry and I stand firm in the belief that no client in a transaction (whether a buyer or a seller) should be without 100% representation. You deserve all the loyalty and attention from an agent who will always have only your best interests in mind.
Keeping in mind that Northern Virginia is a highly transient area, I am always privvy to sales reports and market analysis of all the surrounding counties from Alexandria/Arlington to as far south as Orange County and from east on the Potomac River to the Shenandoah and West Virginia border (and all points in between!). Between the military, corporate, and government relocations, having an agent working to provide you with the latest statistical information and market trends is imperative to a successful sale or purchase.
Also, as an e-Pro, finding you homes and communicating that to you becomes increasingly efficient, as does marketing properties for sale. Using exceptional photography for virtual tours, staging all listings, and incorporating "out of the box" methods to generate the largest number of buyer leads while Marketing Your Property For Sale, I can save you time, money and frustration.
Start your Search for Northern Virginia Homes now!
Vickie Pittman - BB&T Mortgage - Vickie's relentless efforts to find her clients the very best program, rates, and terms for home loans make her the best choice for all your financing and refinancing needs. Contact Vickie today at VPittman@BBandT.com if you are interested in finding out what your options are before you go shopping for a home.
This is an incredible area to live in! Enjoy an assortment of waterfront, equestrian, and golf communities - or perhaps a quiet farm in The Plains - or enjoy the city life - or perhaps you would like to enjoy the rich history surrounding the City of Fredericksburg - Either way, you will never run out of Fun Things To Do In Northern Virginia. From the hustle and bustle of Old Town Alexandria with its charming row houses, eclectic shopping and close proximity to DC to the magestic Shenandoah River and Blue Ridge Mountains, you will never be without options.
If you're relocating here because of a corporate or military relocation, there are exceptional links and resources available to help you get started. Everything from cost adjustment, local parks and recreation, utility information, local resources, comprehensive county plans, school information, and much, much more.
"I plan to pass on Irene Morales Ward's name on to everyone I know. She is the best. Look no further! Without a doubt you will find it to be a positive home buying experience!"
- T. Schick
"Buying a home is not only scary but can be overwhelming...especially when it is your first home. When I decided I wanted to buy a place on my own, I really wanted to work with someone that I could trust and that I felt would look out for my best interest, not just for a pretty commission. My sister had worked with Irene before and had been so impressed that she recommended her.
From the moment that I spoke with Irene, I knew she was the one for me. She was intelligent and kind, knew her stuff, but wasn't condescending and she was really ready to help... even though for my first home, it was only a condo. We began to look and she was extremely patient and took the time to walk through the buying process with me, truly wanting to make sure that my needs were met and my concerns were eased. Additionally, she was diligent in her looking. I never had to worry about finding places to look at because she was always on the ball with options. She made the whole home buying experience one that was pleasant when it easily could have been frightening.
When I got married and we decided to buy our second home, there was no question that Irene would be our real estate agent again. Bottom line is, she is an honest person, a good person and a hard working person who really cares about what her clients want and will not think twice about going the extra mile to get it. Who wouldn't want that?"
- K.D. Suddeth
“You took care of us from cradle-to-grave. You began working with us in Italy through constant email contact and lined up a multitude of homes for us to tour as soon as we arrived back in the States. You guided us through every step of the process from contract negotiations to final walk-through and closing. Your knowledge of the local area and housing market is impressive. We were all over the map in trying to decide where to buy a house and you steered us in the right direction. We got the house and land that we were looking for and we love the area! You went above and beyond our expectations. We couldn't have done it without you! Thanks so much for your help!”
- V & J Krieger
"First, I would like to say, I really admire you as a woman and as a salesperson. Over the years I have had many dealings with Realtors and you are by far the friendliest and most honest Realtor I have ever met. Usually, I do not encounter someone that truly cares and really works for his or her money. Personally, I was dealing with a difficult situation, as you know and under extreme pressure to find a place. Instead, you found my home. In fact, this was the first that I was to be on my own with my very on home. You can not imagine how happy you made me the day you told me it was mine.
I am truly pleased with my home and admit this move has made me even more independent and stronger as a person. Anytime I hear that someone is looking for a realtor, I always mention my experience and gladly give your name. If someone is looking for a GREAT REALTOR that is friendly, honest and listens, I will always recommend that they call you."
- S. Pelleschi
“Being in the military and moving to a new and unfamiliar area on short notice, my wife and I were very apprehensive about one of life’s biggest decisions—the purchase of a home. Irene put our minds at ease and made the entire experience very enjoyable. She showed us houses that fit our needs and budget and didn’t waste our time. She took the time to explain everything to us, which was very important to us as first time homebuyers. Irene never steered us wrong and to this day we couldn’t be happier with our home."
- Cpt R N Bakazan
“What my husband and I liked about Irene was her knowledge of the area and the market. She was very familiar with all the neighborhoods in which we were interested. She also knew what the competitive asking prices for homes were and which ones were overpriced. We also liked her attention to what we were looking for in a home. She figured out what we wanted and would visit potential homes to let us know whether it was worth our time to view or not.
We were very happy with Irene as our realtor and would recommend her to anyone looking for homes in the Prince William, Stafford, Fredericksburg, and King George area."
- E & B Bilko
Well, I really don’t know where to start. My fiancé and I were in the market for a house. We wanted to find something in the county, not too expensive and in a good/decent area. We had no idea where to begin. I guess God listened to our prayers and sent Irene to help us. Irene made the process look and feel so easy that we could not believe it. We told her what we wanted in reference to location, price, and size. She worked day and night looking for the place we wanted. She sent us listings everyday - at least twice at day - with houses that had just been put on the market. She handled everything with professionalism, courtesy, and always had a positive attitude. She made us feel special. Irene made our dream come true.
- L & S Pena
A Seller's Appreciation
Irene worked with us to sell a piece of property during the winter, not traditionally the best time to sell a home. Yet she made it come together and work beautifully and it happened in rapid time. I am grateful for her kindness, her work ethic, her attention to detail and incredible professionalism. I hope to recommend her to friends needing a realtor and in the future will work with her again. She sets the bar on customer service and results. It has been a privilege establishing a working relationship with Irene.
- R. Phelps
Irene used her vast knowledge of the area and current market to get the best price for our home. With her resourcefulness, the home sold in less than a month in a market where homes were remaining listed for easily two months. We would absolutely recommend her to anyone looking to jump into the market.
- J & K Randall
We used Irene to buy our home and the experience was first rate all the way. A few years later when we had to sell our home, I wasn't worried knowing I had Irene on my side. She handled all aspects of the selling process in a professional, timely, and effective way. The virtual tour and marketing plan she implemented were outstanding and made the difference in making a quick sale.
Irene made us feel like we were her only clients, and she was always there for us. Having Irene on our side alleviated so much of the worry and the stress that comes along with selling your home. I highly recommend her to anyone looking to buy or sell a home - it will be the smartest decision you'll make.
- Capt R N Bakazan, USAF
"Bill and I are FINALLY celebrating the sale of our house. Although we were hoping for this outcome, we were also preparing for the worst, so when this REALLY happened it came as a big relief, as you can imagine...And thank you very very much for helping us get to this point and for all the hard work you've put in. I think your innovative and attractive marketing of our house was no small part of the reason why we attracted prospective buyers..."
- C. Pak
"Irene Morales Ward is truly a home-seeker's gem!! When Kenny and I first began looking for our second home, we really didn't know what style house we preferred. Irene listened so intently and paid so much attention that within the time it took to send us a few listings via email and see four or five homes, she knew exactly what it was we were looking for; even before we knew. After seeing several more homes and not finding one we were in love with, Irene discovered a small, new neighborhood with just a couple of lots left to build on. There was one left with a floor plan that had every single detail we had hoped for in our next home. It was not even listed for sale yet! It felt like forever before the house was built and we moved in, but it is everything we wanted, and on top of that we gained a great new friend! We absolutely recommend Irene to everyone we know looking to buy or sell a home."
- K & J Randall
Dear Mr. Alexandra (RE/MAX Absolute Broker/Owner),
I am writing to you regarding the exceptional services of one of your agents, Irene Morales Ward.
Earlier this summer, my company offered me a position in the Falls Church, Virginia area, and my wife and I agreed to the transfer. As an Atlanta native and a New Jersey transplant living in Georgia, we were, naturally, very nervous about even attempting a home search in Northern Virginia!
We began the process by searching for listings online and one home in particular caught our eye. When we contacted the listing agent, Irene, we received an immediate response from her with details about the home along with questions about our search. Emails began to fly back and forth, and soon enough I realized that I couldn't type as fast as I could talk! After the introductory conversation with Irene, I hung up the phone and realized at once that my wife and I had really taken a step in the right direction. Irene's kind manner and openness put us at ease right away and her willingness to accommodate us in our long distance search pointed to her compliant nature.
After only one whirlwind weekend and sixty two houses in the Fredericksburg area, we were exhausted and our heads were spinning, but Irene managed to keep us on the right path. Her tireless enthusiasm in helping us with our search was really what kept us going and thanks to her accommodating personality, we left Virginia that weekend with a possible new home in mind.
We are in the bidding process and we could not be happier with our choice, but more importantly, we feel that it was our choice of agent that brought us to our happy final decision. Irene guided us through the buying process with endless patience and understanding and with the knowledge that comes along with someone who really believes in her own motto: Honesty, Integrity and Unsurpassed Customer Service. That is, without question, the service that Irene provided us with during our home search.
I can only hope that all of your agents are as skilled and compassionate as Irene. She carries herself with great aplomb and I am exceedingly grateful that we will have her as a community resource and neighbor. Irene will be highly recommended by us to our new friends and neighbors, as she embodies what I believe a true real estate agent should be: knowledgeable, patient, understanding, indulging, accepting, and truly a wonderful individual.
- T & O Hooper
Once again thank you for all of your help and patience with me through the "house process", I couldn't have asked for anyone better to work with. - K McIlvoy
You've been working like a trouper on this deal, and Janice and I really appreciate it. We both agree that you're the first RE agent we've ever worked with who seemed like she actually deserved the fees she would be getting and had our best interest at heart....We will definitely recommend you to anyone who asks, and If we decide to look for a home in the future, we'll look you up.... We highly recommend beginning and ending your real estate agent search with Irene Morales. We met Irene via our Internet house searches approximately a year ago this Fall. She immediately sold herself as keenly desiring our business. She wanted to find us a house. Ultimately, nine months later, that's exactly what occurred, and we became happy homeowners. What kept us, sometimes doggedly, communicating with Irene, and, her in return, pressing us to bracket where we wanted to live, fine tune our house desires, etc, was Irene's absolute promptness with her replies. By responding with emails, virtually no matter the time, especially with us living at the time in Okinawa, Japan, Irene eliminated much of our concerns about anything on her end. Meaning, she kept us fully equipped to think and make decisions without having to wait for our real estate agent to find the required information or answers to questions. Unlike other agents we encountered, Irene did not BS us-ever. She did not provide fluffy answers, paint rosy pictures (unless it WAS a rosy picture), or burden us with distorted "on the other hand" explanations. She was always to the point and concise which, in our minds, translated into a business-like approach that met our needs. Further, Irene's demonstrated an excellent knowledge of local real estate markets, the entire home buying process from searching to Closing, and an absolute willingness to educate us on the entire process. We highly recommend using Irene's services and we intend to do so in the future. Many, many thanks for all your hard work to get us in a HOUSE! We are sooo happy here even with the clutter & dust from 3 year old boxes! Thank you for always keeping on your toes to ensure we were treated fairly, got a good deal, etc. We really appreciated the gifts as well - the kids LOVED their toys - helped since most of theirs are on a boat in the Pacific! We got to know Irene when we sold our house in Fredericksburg in 2005. We then moved to Okinawa, Japan for three years. When the time and the orders came to relocate back to the Quantico area, Irene was the FIRST person we called (except for our mothers, of COURSE!) Hi Irene,
We were hugely impressed with, and highly satisfied by, Irene Morales Ward's diligence, experience, professionalism and insight in house-hunting on our behalf. Our association with her began on the Internet, months before we were able to come to the US from South Africa. Irene made a point of carefully evaluating our requirements and selecting properties she felt we might like to see, and sending online links to us by email. When we finally did reach the States, she spent hours taking us to properties and advising us on the advantages or disadvantages of the various prospects. And when did decide to make an offer, she helped guide us through the legal and financial minefields. We wholeheartedly recommend her services to prospective home-buyers in the suburbs and counties of the Washington DC area. - Signed, Peter Honey and Mallory Saleson
- Col K & Mrs. J. Blakely
Take care and
Semper Fidelis,
Mike and Liz Cirillo
- M & L Cirollo, USMC
Keep in touch!
- M & A Kaminski, USMC
We were anxious to see what was available in our price range and how much the Stafford area had changed in the three years we were overseas. Within hours of our first email (even with the 13 hour time difference) Irene had a profile ready for us to fill out with our wants, needs, and desires so she could best match us with a home. Again, within a few days, we had listing after listing after listing at which to look. She was very HONEST with us on good deals, bad deals, reputable builders, risky neighborhoods, etc.
We were also so impressed with her knowledge on home mortgage loans and how the changing economy and our personal finances would all factor into our future home ownership. We returned to the states in June of 2008 and Irene set aside an entire week for us, to basically be at our beck and call. She took us to every house we wanted to see and then some, making special arrangements to get us into new construction as well.
When we finally decided on a home to purchase, she came through for us, making sure we were getting the "best" deal possible. We were dealing with a "newer" realtor on the seller's end and Irene was very careful to make sure we had our home inspection done correctly and that ALL the contingencies were met on time and per contract. Going the extra mile is a cliche but EXACTLY how I would describe Irene. We recommend her to all our military friends moving in and out of the area. Overall, her honesty and integrity are beyond reproach. Thank you very much.
- Mike & Alyssa Kaminski, USMC
Everything is going great! We are almost finished moving in, most of our stuff is still in boxes but we got all the rooms we need done. The movers broke some stuff, but that's normal. My mom is still with us, helping us out with the kids until October. My new job is great, I can't complain. But thank you very much for helping us out in this very confusing process, you were very great and helpful.
- Brandon & Veronica Haas, USMC & PWCPD
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