Charlottesville, VA

Many of my clients who are lookning at Charlottesville homes for sale are curious about short sale properties and foreclosures.

A foreclosure is a banked owned home, but a short sale is still owned by the homeowner who in this case owes the bank more than the market value of the house. The homeowner will have missed at least one mortgage payment and is hoping to sell the home before the bank forcloses. Because the homeowner is selling the house short, ie for less than is owed to the bank, the sale is contingent upon bank approval. And herein lies the problem.

You write an offer on a shortsale home and it is presented to the seller, the seller accepts the offer, but you aren't done yet. The offer now goes to the bank for approval. Most banks are very slow to decide on these short sale offers. It can take three, four, five even six months before the bank makes a decision. All this time they are also still taking offers; so it is possible that an offer that is better than yours could come in while you are waiting. In addition another branch of the bank is still proceeding toward foreclosure. It is possible that the home could be foreclosed on before the other part responds to your offer.

A short sale can be an opportunity to get a great deal. In addition to the good price, short sale homes are usually in better condition than a lot of foreclosures since the homeowner is still living in the home.

However, if you are a first time homebuyer searching Charlottesville homes for sale you should omit short sale properties from your search. With the long delays that usually accompany these transactions, you risk not being able to meet the deadline for the $8,000 First Time Homebuyers Tax Credit. With all of the homes for sale on the Charlottesville real estate market, your real estate agent will be able to find you a selection of well priced homes without having to resort to looking at short sales.

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville Homes For Sale - Is A Short Sale A Good Choice For A First Time Homebuyer?"

All Homes in Meriwether Lewis School

$13,500,000 2789 CHAPEL SPRING LN, FREE UNION

$10,825,000 1000 IVY CREEK DR, CHARLOTTESVILLE

$1,695,000 2430 RIVER RIDGE RD, CHARLOTTESVILLE

$1,495,000 952 OWENSVILLE RD, CHARLOTTESVILLE

$1,195,000 3675 BRINNINGTON RD, CHARLOTTESVILLE

$1,150,000 1675 OWENSFIELD, CHARLOTTESVILLE

Disclaimer: Copyright ©2004-2009 Charlottesville Area Association of Realtors®. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the IDX Program of Charlottesville Area Association of Realtors®. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Any use of search facilities of data on this site other than by a consumer interested in the purchase of real estate, is prohibited. Information last updated today. All rights reserved. Created by Charlottesville Virginia Real Estate for clients use only.

Charles McDonald, REALTOR® / Associate Broker with RE/MAX Assured Properties, and is "Licensed to sell Real Estate in Virginia”

Copyright © 2005-2009 Charles A. McDonald - All rights reserved. Website Designed and created by Charles McDonald

Some of the most popular Charlottesville VA homes for sale are in the Dunlora community.

Dunlora is conveniently located off of Rio Road which connects Park Street and Route 29. The Dunlora neighborhood is a short drive from shopping on 29 north and downtown Charlottesville. The community boasts such amenities as a pool, tennis courts, walking trails and soccer fields.

There are currently 8 resale homes for sale in Dunlora priced from $385,000 to $525,000. These homes were built between 1992 and 2005. There is one to be built home on the market priced at $799,000. There is also one attached Dunlora home for sale priced at $419,900.

One of the things that I particularly like about the Dunlora community is the fact that number of mature trees that there are throughout the neighborhood. Many of the homes are two story, although you will find some homes with one level living as well.

The interactive search below will show some of the Dunlora homes currently on the market.

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville VA Homes For Sale - Dunlora".

This Charlottesville VA real estate market report examines the sale of condominiums in Charlottesville and Albemarle County during October 2009.

15 Charlottesville condos sold during October for an average price of $160,377. They were on the market for an average of 118 days and sold for an average of 91.01% of the list price.

During September 13 condos sold in Charlottesville-Albemarle. They sold for an average price of $273,727 and had been on the market for an average of 72 days. They sold for an average of 86.95% of the list price.

17 Charlottesville condominiums had contracts that closed during August. Their average sale price was $196,941 with an average DOM of 115. The condos sold for an average of 94.30% of the list price.

Today 11/12/2009 there are 208 Charlottesville VA condos for sale for an average price of $238,401 and a median of $189,000. They have been on the market for an average of 221 daysso far.

From 1/1/2009-11/1/2009, 129 condominiums sold on the Charlottesville VA real estate market. This represents a -34.5% decline in sales as compared with the same time period in 2008.

The Charlottesville condominium market continues to remain the most depressed sector of the Central Virginia real estate market. One of the factors that impacts this is the difficulty in obtaining financing for purchasing a condo in many of the condo projects. Many of the condos in Charlottesville and Albemarle County are student occupied and many of these are also investor owned. A purchase in one of these projects is very difficult to obtaining financing for. I do know of a mortgage company that will write investor loans for many of these hard to finance condos.

The above figures are from the mls and while they are deemed correct are not guaranteed.

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville Real Estate Market Report Condominiums - October 2009".