Teresa Jones

There are many foreclosures on the market and it is important if you are a novice investor, not to be enticed by price alone. Below you will find a few tips to keep in mind if you are thinking about purchasing a foreclosure home as a rental:

• Understand the local market including the demand for rental real estate; a Realtor can be a wealth of information about the trends of the local market
• Have a plan when purchasing an investment property which should include the length of time the property will be in your possession and the monthly cost; purchasing a home based on a low price and emotions is never a good idea
• Evaluate your budget for the list of possible defects requiring costly repairs
• Consider the final outcome of the investment property; determine how long you plan to hold onto the property

As a new investor, exercising due diligence and calculating the upfront costs (taxes, vacancy cost, general upkeep, etc.) on your investment property will save you from purchasing a cash drain.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

This beautiful seven bedrooms, eight baths estate sits on two(+) acres will impress those with the most discriminating taste!

This magnificent home of grand elegance & exquisite artistry is equally suited for entertaining royalty, diplomats, or sharing intimate moments with friends & family.

To request more information, please contact me at teresa.jones@prudentialcarruthers.com.

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Information obtained from Metropolitan Regional Information Systems, Inc.

Provided by:

Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

What can you get for $199,500 in Virginia...

A beautifully renovated studio in walking distance to public transportation & attractions in historic Old Town Alexandria!

This condominium opens to the shade trees and many restaurants & shops in Old Town Alexandria!

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A 3 bedroom, 1 full bath home on 13 acres in Nokesville, VA:

A great 13 ACRE plot of Land includes a home and room for horses to roam!

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A 5 bedroom, 3 full bath home in Woodbridge, VA in the Marumsco Hills neighborhood:

This remolded, very nice split level home sits on a large corner lot!

To request more information, please contact me at teresa.jones@prudentialcarruthers.com.

Provided by:

Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Unlike an automobile, you can't test drive a home before you purchase it. You have to base your decision on other factors such as layout, condition and much more. And, of course, the seller is obligated to disclose the property's condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn't always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about the prospective home before you make a final decision.

1. Why is the seller selling the house?

This question may help you evaluate the "real value" of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2. How much did the seller pay for the home?

In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3. What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a "happening neighborhood," the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4. Has the seller had any problems with the home in the past?

It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly.

5. Are there any nuisances?

Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.

6. How are the public schools in the area?

Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer's perception can give you some insight about the quality of the area's schools.

Knowing all you can about a prospective home will help you make a more informed decision as well as offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

In Northern Virginia, including Loudoun and Prince William counties, for the week ending Thursday, May 28, 2009, the total inventory of foreclosures and bank-owned properties dropped another 12% compared to the previous week - from 185 to 162. This was the 21st consecutive week showing a decrease in the inventory of these types of properties.

The total inventory of fixer-uppers decreased by 5% from 187 to 178.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!