This Month in Real Estate - October 2010

This Month in Real Estate - October 2010

Finding Undervalued homes in your market when homes going under contract are increasing.

Ratified Contracts Are The Pulse of Our Market

We are going to start following and updating for everyone what exactly is going on in our NOVA real estate market. The numbers can't lie.

The best way to track how our NOVA market is doing, is to track Ratified Contracts. Not new listings or sold properties, but properties that are under contract. This lets us know where the buyers are going and how each city is doing. We will track these at the first of each month and update them here on our website.

October 1, 2010 - Ratified Contracts

481 - Alexandria
302 - Arlington
256 - Alexandria City
248 - Fairfax
226 - Centreville
210 -Springfield
205 - Falls church
151 - Reston
141 - Herndon
113 - Vienna
90 - Mclean
72 -Burke
46 - Chantilly
42 - Oakton
40 - Fairfax City
19 Falls Church City


2,642 Ratified Contracts vs 1,310 Sold from 9/1/10-9/30/10

Short Sale Approval Letters and What is a Short Sale?

SHORT SALE APPROVED !

We just got ANOTHER Short sale CLOSED.  It took 4 months from contract to close.  The seller had to pay $5,600 to be forgiven over 100k that would have been owed to the bank!  This seller had a great job and could afford the condo but it made no sense to keep it anymore because he was losing money and wanted to move out of the area.

We have helped many clients succesfully obtain short sale approval letters from their bank and not have to pay back the difference in what they owe.  See the letters below.

Short Sale - Selling your home for less than what you owe.  Be very careful when choosing a real estate agent to help you in your short sale. The whole purpose of the short sale is to get the bank to forgive your debt.  (the amount you would owe after selling your property for less than what you owe)   We have a law firm that negotiates our short sales and their whole goal is to make sure you do not repay that debt. Check out some of the short sale letters below, where the law firm has negotiated on behalf of the sellers and they did not have to repay their debt.

If you or someone you know can't afford their payments or they do not want to live in there home anymore, because its worth so much less than what they paid for.  Contact us today.  We can help guide you through this. Free consultation to see if you qualify and what a short sale is all about.

Short Sale Condo Closed the end of September (Chase)

Short Sale Condo Closed the begining of September (Bank of America)

Short Sale Closed the end of June (Chase)

Short Sale Closed the end of June (Citi)

Short Sale Condo closed at the end of May (Bank of America) 

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Short Sale Townhome closed at the end of March (EMC Mortgage)

Short Sale Single Family Home closed the end of April (PHH Mortgage)

Short Sale Condo closed the begining of March (Metlife Home Loans)

Thanks for reading our Penderbrook Real Estate Blog!

Posted by: Nate Johnson - Penderbrook Real Estate Agent 

The Johnson Team is apart of Keller Williams Realty,

specializing in Northern Virginia Real Estate.

703-725-2929

This Month in Real Estate - September 2010

This Month in Real Estate - September 2010

Foreclosure rates in other states:  (In our Northern Virginia area there are very few foreclosures on the market because the banks are working with short sales, these unfortunately take 3-6 months to close)

Watch this 3 minute video below.