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Spunky said...I'll be happy to answer this, and I do congratulate those who are holding off for winter pricing. The summer/early fall fervor has died down and there are still a number of properties lingering.
"Harriet-
Why don't you tell us all about your recent experience purchasing a home. Did you find it hard to get financing, as is being reported? Any other issues / ordeals in the process?
Thanks from those of us still holding off for Winter pricing :)"
We had a seasoned and knowledgeable agent from Long and Foster and an actively-involved loan officer from Virginia Heritage Bank (who promptly sold the loan to Countrywide). The financing was straightforward and the process timely. We went with FHA (3% down) to preserve cash. The rate was 6.0% fixed, and the seller paid the closing costs.
The seller (Wells Fargo Bank) was competent and accomplished everything in a timely manner according to our contract. We were able to inspect the home and there was a kickout clause in the bank's addendum for the results of the inspection. With a foreclosure, you don't have to worry a lot about what you first submit to the bank -- what matters is what the addendum they will submit to you will say. At that point ours included the home inspection clause, which we were happy to see and to follow through with.
Our closing day was quiet and uneventful. We got the key, walked in, and started painting. Our house had been vacant for about 8 months, so there was a lot of landscaping overgrowth in the front, although the lawn had been maintained by the bank. The things that probably turned other buyers off were the unbelievably bad colors on the wall combined with an 18-year-old carpet complete with embedded pet hair. But after painting the whole downstairs with mostly Benjamin Moore's #247 (Consentino Chardonnay), putting new carpet everywhere, and just cleaning and cleaning with lots of generous family help, it feels respectable again. And the neighbors are delighted to have people here, so it has been a positive experience (except for the moving part, which is always the most difficult, but is over now thankfully).
16 comments:
As tom always says, "Things are holding up just fine anywhere near the metro!!!!!" Except when they aren't...
533 N PIEDMONT ST
ARLINGTON,VA 22203
Latest sale: $747,000 10/21/08
Prior sale: $950,000 11/9/06
-21%, $-203,000
Funny - I was just looking into the history of one of my latest Arlington stalking projects - also near the metro:
1220 N. Filmore #704
Arlington, VA 22201
Latest sale: $850,000 10/29/08
Prior sale: $779,625 7/26/06
+9%, $+70,325
Where can I find free listing of foreclosure properties with details about the properties?
Thanks in advance
the anonymous, I am sure you'll understand that what I believe is that you just did a quick search to find anything that sold in that area in order to counter john.
the anon - i'll never understand why people will pay as much for a condo as they would for a SFH and land.
Dominic, truth be told, this one was not on my active stalking list, they are from a list a realtor sends me at the end of each month based on search paramaters. If you must know, also on that list:
1200 Crystal Drive #513
Arlington, VA 22202
Latest sale: $915,000 10/26/08
Prior sale: $929,000 8/11/06
-2%, $-14,000
1511 N. 22nd St
Arlington, VA 22209
Latest sale: $880,000 10/28/08
Prior sale: $806,000 1/31/05
+9%, $+74,000
I did include that as a counterexample to john, as it too is near the metro whereas the two above arent. However, as he noted, it is a condo, and probably a bit different than the one he looked at.
I believe that the Piedmont house was a short sale -- I think I saw it listed that way. If you look at the sales history, it looks as if some funny business may have gone on.
http://www.co.arlington.va.us/Departments/RealEstate/reassessments/scripts/Inquiry.asp?action=view&lrsn=35598
Hitler the house flipper:
http://www.youtube.com/watch?v=bNmcf4Y3lGM
It's one hilarious video!
The jobless rate is at 14 year high with no end in sight, corporate earnings are tanking, FNM and FRE have tanked, the big three are near bankruptcy, lending standards are tight, and we must still endure a discussion about how certain areas will be immune to price corrections.
It's the same crap that we argued here in 2005-06, except it's about zip codes rather than regions. Fundamentals: water cannot flow uphill for long. Yeesh.
1511 N. 22nd St
Arlington, VA 22209
Latest sale: $880,000 10/28/08
Prior sale: $806,000 1/31/05
+9%, $+74,000
after the 5% relators fee thats a 1% profit per year. That may be the best profit I have seen all month!
from "Housing blog throw Stones"..."Some real-estate veterans chalk up the anger to frustrated would-be buyers living in cities where home prices are still out of reach."
Would those prices be 2006 prices or 2008 prices that are out of our reach. Because I read DAILY about the people who bought in 2006 who could not afford thier payments then OR now.
Thanks for the link to the "stones" article. I'm sure it's no coincidence that those who can't take the heat were owners and agents, and that only the stories with happy endings for the owners were reported.
LOL!!!!!
Way to go, Anonymous.
John Fontain said...
As tom always says, "Things are holding up just fine anywhere near the metro!!!!!" Except when they aren't...
533 N PIEDMONT ST
ARLINGTON,VA 22203
Latest sale: $747,000 10/21/08
Prior sale: $950,000 11/9/06
-21%, $-203,000
11/7/08 2:17 PM
The Anonymous said...
Funny - I was just looking into the history of one of my latest Arlington stalking projects - also near the metro:
1220 N. Filmore #704
Arlington, VA 22201
Latest sale: $850,000 10/29/08
Prior sale: $779,625 7/26/06
+9%, $+70,325
11/7/08 3:05 PM
contrarion,
That's awesome!!!
Man, some people just don't get it. House prices are too high for what you get, and in comparison to incomes. There's a reason they're dissing your property, while it might be perfectly fine to live in, it's not "worth" the price you're asking.
I think they should also mention that as the housing crash continues some blogs get increasingly convivial as all the bulls give up.
Yo Vinny!
Go to FranklyMLS.com and search for:
Cityname Bank Owned
That will show you MLS listed bank owned properties. No other site lets you search the keywords in the remarks section of the MLS. And 95% if not more, of the bank properties are on the MLS. Transactions (that I know of) aren't occurring off market and they are not occurring on the courthouse steps (banks are just buying them back)
Also we just added a new feature. We will now show you the PREVIOUS listing price is a home was relisted numerous times.
And we added Google streetview, so if the property has no photos, we might have a front shot of it, and we also have the buyer agent WIKI that lets them upload interior photos.
Frank
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