Peggy James-Full Time Realtor I Serve The Lake Ridge Virginia Area

Early this year we had buyer clients who fell in love with a home, however they did not get their offer in fast enough. They never got up to bat so to speak.They were so upset. They finally found a large home in their pre-approved price range of $200,000 or less. The reason they were smitten with this home is it had a big flat fenced rear yard. Now, they would have to keep looking...

Fast forward a few months. The buyers were receiving email alerts from our automatic home finder system everyday. One day, the home they lost out on, had just been updated in MLS as actively For Sale once again!

As you can imagine...they were thrilled. This time they did not waste any time. We helped them put together a winning offer and the sellers agreed to sell it to them! This is a perfect example of why it is so important to have a plan in place when you are searching for a new place to call home. If you would like to save time and a lot of stress...go to our website ErickandCompany.com search for homes in your desired price range and then save your search. It's that easy...when other homes come on the market that match what you are a searching for, you will know before I even know! Then call me...and let's go see it.

The tough part is the home was being sold by HAP Short Sale. The process was long and tedious, that said because the buyers remained patient and flexible, the result is they have a new place to call home. So a big congratulations goes out to Marshall and Kishawna! Erick and I are thrilled for you two!

Happy New Year, and best wishes in your new home!

You are not alone..so many have made that promise to themselves over the years. When the clock strikes twelve and the New Year rings in, you will be dreaming of a new place to call home? You know who you are, you collect decorator magazines, watch HGTV, and thrive on the dream, the goal. This year, you say to yourself...I'm going to move.

If that is where your mind is at, then what I want to know first is, what is it that you are dreaming of. The photo's below are of some of the homes I had the pleasure of showing and selling. I specialize in selling homes ( for buyers and sellers) in Lake Ridge, Woodbridge and Manassas Virginia. No matter whether it is a luxury acreage home or a home in a neighborhood with sidewalks and a community pool or a open concept townhouse, I know where the homes are that you might have in mind. If I don't I will find it. You might just be surprised to learn that a new home will fit your needs. It will all depend on your timeframe, your budget and your needs.

Maybe you are looking for a big flat yard, like mine.

Of a home with a water-view...

Or a Golf Course View?

How about a two story family room

Maybe you are searching for a luxury townhouse with an open concept.

No matter what type of home you are dreaming of

In the meantime... these are the steps you can take to get yourself ready to buy a home in 2012.

Step #1 is to get pre-approved for a home loan. Not sure how to do that? Well it is simple, you can contact one of the local lenders that we trust start here

Step #2 is to sign up to receive alerts for the type of home you are hoping to find in your price range. This one step can save you a lot of heartache, time and money! It's simple to do. If you want you can call me and share with me what you need and want and I will set one up for you. Then every-time a home comes on the market that fits what you have in mind, you will be notified by our system. It's automatic. You will never, ever say " I didn't know that home came up for sale!" You'll know first. Simply go to my website http://LakeRidgeVAHomesForSale.com and search for homes. Simply save your search! It's that simple.

Step #3 call me if you have questions about any of the homes. Direct #-703-851-3085

Step #4. This is the fun part....where you start to look at homes and really get serious about finding your dream home.

Now for those of you who own a home and you thinking, gosh it is time to sell. Then the steps are simple. Let's talk about your options. Here are the Top Ten Reasons to List with Erick and Company.

Choosing a place to call home most often comes down to lifestyle. Sure you may fall in love with a fantastic remodeled home, however if you cannot see yourself living in the neighborhood...then it doesn't matter what the home looks like or has to offer on the inside. I've seen happen a lot in the past few years. Home buyers shopping Online, are totally convinced the house they have fallen in love with is THE ONE! Only to discover when we go out to look at it, and they say " I love the inside...but, I'm not crazy about the drive to the house, or where it is located in relation to their work or the highway etc...

Only you know for sure what you need, want and desire in a neighborhood and a home. They both go hand in hand. A good real estate agent can help guide you and coach you and help you find the right home for you.

So when you are thinking of buying a home in the local Prince William County Virginia area, how do you know what subdivision you might want to consider? Well, as full time local real estate agents in the Lake Ridge, Woodbridge, Manassas Virginia area, we get to see most if not all of the local subdivisions.

The types of neighborhoods in the Prince William County Virginia vary. We have big subdivisions, enclaves of homes with small home owners associations, acreage homes with no HOA and planned communities with sidewalks, and community pools and we also have mixed use communities with condo's, townhouses and a wide selection of single family homes. So how do you choose?

"When it comes to finding your new home, the last thing you want to have happen is you settle on a home and then you learn later, that their was a community you would have liked even more...if you had only known about it."

So that is why Erick and myself video tape the local neighborhoods for buyers relocating to the area. So you can get a feel for what how the neighborhoods look, and feel. If you are not familiar with the area, it is always best to choose a local real estate expert who not only knows the area well, but also knows the inventory and market conditions well.

Click on any of the links below to take a tour with Erick or myself as we tour local subdivisions for you. When you are ready to buy, the first thing you need to do is get pre-approved for a home loan. Then call us for an appoitment so we can meet with you and get a feel for what you are looking for. Email me

A tour through Westridge Subdivision- a planned use community with an elementary school, community pools. Condo's and townhouses under $250,000 and single family homes from $400,000 to $850,000.

A tour of Old Bridge Estates- a planned use community just off Old Bridge Rd in Lake Ridge Virginia. Most homes were built by NV Homes, Pulte, Ryan and Carr. Townhomes start at under $200,000 and single family homes range in price from $290,000 - $550,000.

A tour of Port Potomac- Port Potomac is one of the largest, and newest subdivisions in Woodbridge Virginia near the new Wegman's off Optiz Blvd.

A tour of River Oaks - Dumfries Virginia. This subdivision is a mixed use of townhomes and single family homes. This community is a located between Fort Belvior VA and Quantico Virginia with easy access to I-95.

A tour of Eagles Pointe- this is the newest community in the Woodbridge Virginia area. New homes, resale homes, townhomes and single family homes ranging in price from $400,000 up to $650,000.

A tour of Hunters Ridge- Hunters Ridge is located off the Prince William Parkway between Woodbridge Virginia and Manassas Virginia. Local Realtors call this are Middle County. This is an acreage community and the lots and homes are gorgeous. Prices range from $480,000 to over $600,000 in this community. This community just had a foreclosure home with a 3 Car Garage and Pool show up on the market for under $500,000! Price reflected the condition...but the home went under contract in 8 days!

A tour of Belmont Bay- Belmont Bay is a mixed use community on the shores of the Potomac River. It is a beautiful community with a golf course, marina and stunning homesites. Choose from Golf Villa's, Luxury high rise condo's with water-views, townhomes or a single family home.

A tour of Reids Prospect- Reid's Prospect has two builders Ryan Homes and Ryland Homes. This is a mixed use community of town homes, and single family homes. It is located on the Prince William Parkway just outside of Lake Ridge Virginia, near the McCort Building. Prices range from $290,000 to over $500,000.

A tour of Meadowbrook Woods- Meadowbrook Woods is a wonderful community located between Woodbridge Virginia and Manassas Virginia. This is a curb and gutter and sidewalk community featuring luxury single family homes on half acre lots. Prices range from $450,000 to $700,000.

A tour of Cannon Bluff Estates- custom built acreage homes by Mike Garcia construction. Currently there are three new homes under construction in this community. Several lots still available including the rambler on the corner that is ready for immediate delivery starting at $699,900 and up.

A tour of White Oak Estates- this is a well kept secret in the Woodbridge Virginia area. If you didn't know where it was, you would drive right past it. If you have champagne taste on a beer budget, you are going to love this community! Stone fronts, side load garages, most homes boast over 2800 square feet on the first two levels. Quarter acre lots, well maintained. You get a lot of house for the money here. Near Harris Teeter on Hoadly Rd.

A tour of Manassas Park and the VRE Station- If you need to commute to DC daily, then do not overlook The Blooms Crossing subdivision! This is the best kept secret in Prince William County Virginia. Several of our customers who purchased here are now "Raving Fan's of this community" With shopping and community schools, and the VRE close by, this makes Blooms Crossing a sought after subdivision.

2011 was our best year in real estate for the past six years. OMG!!! It feels so good to say that. As 2011 comes to end, many of us take time to reflect. I'm doing so, by rewarding myself with a well deserved week off durning the holidays to recharge, reflect and to re-tool for the upcoming year.

Back in 2008 when the market bottomed out, I only made $45,000 gross working full time in real estate. I barely held on, while other real estate companies were folding and agents were seeking full time work, I dug deep, learned how to change with the times, the technology and embraced social media and the Internet as the new, new. This year Erick and I were the top producers at Exit 1st Choice Realty in Woodbridge Virginia helping buyers and sellers navigate this challenging real estate market here in Prince William County Virginia. While others are struggling, our tenacity to stay positive, and strive for excellence is what help us succeed.

The most rewarding things I did in 2011.

• I took a weeks vacation with my husband Bill to Aruba in February. Check out these photo's. We stayed at the LaCabanna Timeshare. They are totally renovated. For $1100 you can rent a one bedroom unit for a week! Direct flights from Dulles Airport make this an no brainier vacation get-a-way. Email me if you have questions. ( this falls into the category of pay yourself first.- What a treat!)
• First, the cutest and most rewarding thing I did, was I inspired a young person! Watch this video,it is one of my clients sons who went house hunting with us and I never so thankful to have my flip video in my purse to capture this. To his mom's surprise, Ethan bounded down the stairs when he heard I was at the front door while she was on the phone!

• Hearing from one of my settled customers that "life is so good" in her new home. She said "Peggy the boys go out to play with the others in the neighborhood after school and well it's dark before I see them. They are exhausted when they come inside. This is exactly what I was hoping to find..Thank you..Thank you! " For a Realtor is doesn't get much better than that.
• I mastered the Domino Effect Closing Boot Camp- I did it to myself-LOL!!! read more here
• I helped several homeowners who were upside down on their mortgages successfully get approved to sell by Short Sale:
• Gales Ct, Manassas Virginia - the homeowner was upside down by $180,000 on her one bedroom condo. In the end her short sale was accepted with no deficiency. Wells Fargo Short Sale
• Forge Drive- Woodbridge VA-homeowner had lost her job and they could not make it on his income alone. Interest rate on loan was excessive, modification trial failed...before they lost the home we were able to get Wells Fargo to agree to the short sale.
• Kings Crest Drive- Stafford Virginia-homeowner was in total distress. Could not make payments. Bank of America approved his short sale in less than 90 days! No deficiency.
• Pondwater Ct- Sellers were transferred and were really upside down paid over $850,000 in the height of the market and current appraised value was only $575,000. Luckily they qualified for the HAFA Short Sale Program. It took awhile but the home closed! No deficiency from Bank of America.
• Alaska Rd- homeowners modification failed, and so we listed his home by short sale. Chase Bank...we received two offers and one is pending short sale approval now.
• I learned my marketing knowledge can work for Estate Sales as well. My homeowner needed to downsize..my marketing brought the crowds in.
• I was once again reminded how couples need help to find the right home. Watch as I explain how I helped a couple who had two completely different idea's of the perfect home and how I solved their real estate challenge. They had been through hell and back before they met me! Listen as explain
• And last of all, I have been giving back and training the newer agents how to get the same results that we are getting. One thing I love about being with Exit Realty is everyone supports each other and shares. If you are an agent reading this...learn why being at Exit has changed everything!

Now to end with another positive note. In 2011, our real estate team did handful of short sales or foreclosures. The bulk of our business was "Regular Owner, Healthy Real Estate Transactions right here in the Lake Ridge, Woodbridge, Manassas Virginia area!" I will venture to guess that 2012 will be a similar year. If you are thinking of selling your home...make sure you beat the rush...Spring Market heats up here by March 15th through May 30th. Miss that window...your home may go unsold until 2013. Call me..703-851-3085 let's come up with a plan that works for you.

Finally it's SOLD! I have been assisting a family in the Westridge Subdivision with the sale of their home. The sellers called me after they had watched Erick and Company recently list and sell two homes in the acreage section off Tilney Ct . Both Tilney Ct sellers had tried sell and failed, prior to hiring Erick and Company .

What makes this listing different is , the homeonwers were upside down.The challenge was they had two loans. Bank of America is the first loan and USAA is the junior lien holder ( aka-the second trust mortgage) As luck would have it, the sellers were eligible for the HAFA Program. This is a huge advantage for the seller since Bank of America participates in the HAFA program and if the homeowner qualifies, Bank of America automatically waive any rights to a deficiency. It is important to request the HAFA package asap.

We listed the home and as luck would have it, the home received two offers within 20 days. A cash offer for $350,000 from an investor group ( don't get me started this is a great topic for another blog post) that the seller quickly rejected. And a very reasonable offer from a VA Buyer which the seller negotiated and finally accepted. This process may have been quicker if we could have submitted the HAFA Package prior to listing. We did not have any problems with value, since I make sure the home is listed at market value regardless if it is a short sale or not. It is my duty to get the seller as much as I can for their home and to do my part to protect neighborhood home values.

As we entered the eighth month, everyone nerves were beginnng to fraye. This short sale is proof Bank of America, still has major kinks in the short sale process. Bank of America has outsourced the HAFA approval process to UTLS. So not only did we have to get the short sale request approved through Bank of America we had to wait for Bank of America to get the HAFA approval from UTLS. Then we needed to get the lender in second positions ( USAA) to agree to the short sale as well.

Over the summer months the sellers received approval for the HAFA program and received notice they would receive a $3000 moving incentive. Now all we had to do was wait for Bank of America and USAA to grant the short sale approval request and issue the seller their short sale approval letter. Finally in November it happened we had both shorrt sale letters in hand! Everyone was thrilled! The buyers, the sellers, the buyers loan officer, the title company, the home inspector, the buyers agent and myself finally were able to exhale.

Settlement was scheduled for Thanksgiving Week. The buyer loan was locked and all contract contingencies were removed according to the terms set forth in the contract. Both moves were set up and utilites were transfered, everything was going according to plan.

Then a BOMB WENT OFF!

What happened?

Bank of America rejected the final Hud-1 in the last hour! Bank of America/HAFA will only allow $6000 to be paid to the Junior Lein holder (USAA) and USAA wanted over $13,000. Sellers were willing to pay, but Bank of America would not allow the Junior Lien holder to get anymore than $6000 period. The seller had to wire voluntarily the addition money between $6000 and the $13,200 to USAA. Unfortuntely, the USAA decision maker was on leave during the Thanksgiving Holiday week. No one else in USAA could or would take responsibility of simply crediting the seller's loan balance and drafting the revised short sale letter to reflect the payment the seller made to allow everyone to settle on November 23rd. No one would answer until the following Monday.Worse, Bank of America's short sale approval letter was scheduled to expire on November 25th, 2011. The title company requested Bank of America extend the short sale approval letter the very day they rejected the Hud-1, because we were coming up on the Thanksgiving Weekend. The response was...that can take up to ten days to complete that task. "Seriously? Are you kidding me? What are the buyers and sellers to do? What about the lock-in. No one at the bank seemed to care. No One...it will get done when it gets done. No one seems to care about the human toll of their lack of action!

A week passes, and no response to the calls to Bank of America. Trying to unturn every stone, I decide to Tweet the Bank of America Help Team on Twitter. I was pleasantly surprised to get a response quickly. In fact, "I am thrilled to say that the Bank of America Twitter Help Team was able to get a supervisor to call and expidite our transaction." Fast forward a week......

Great news for all! We went to Settlement Today! Bank of America forwarded the revised short sale letter last week and so did USAA! Whew, that was a tough one.

Note: Not all short sale transactions are as challenging. I have helped homeowners short sell from start to finish in 90 days. However, Bank of America short sales always make me the listing agent feel like I must defend my reputation as a good listing agent.

Erick and Company has a wonderful track record to get homeowners under contract and settled quickly. Review our RESULTS here. Typically when we list a home for sale and the home goes under contract, the process is very straight forward. Follow the terms of the contract, remove the contingencies, negotiate and head to settlement. As you can see...buying or selling a short sale takes a great deal of patience for all involved.

If you need help selling your home by short sale, call me...I can help. 703-851-3085.