Archive for April, 2009
GREENE MILL PRESERVE – PRICE UPDATE
April 7th, 2009 categories: New Construction
We did a New Construction feature on Greene Mill Preserve not long ago. Our friends at this development have just given us a “heads-up” that they have updated their pricing – with and even more attractive price range for the various Stanley Martin Homes that this community features (now $439,990 to $569,990).
If you are home searching in the Leesburg and Ashburn area, please read our feature on this development, and let us know if we can help.
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OWNER FINANCING IN REAL ESTATE SETTLEMENTS
April 7th, 2009 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
[PLEASE NOTE: Attorney John Pitrelli continues his series on what home buyers and sellers should know about practical legal matters in the current real estate environment.]
Recently, I have seen a renaissance in the use of owner financing in real estate settlements. This is not surprising, since owner financing can be a powerful tool for buying and selling property, especially when bank financing is difficult to obtain.
One of the most frequently used methods of owner financing is the Contract for Deed or Installment Land Contract. With this method of financing the Deed to the property is held in escrow and not recorded until the Seller (Owner) held financing is paid in full. The buyer will enjoy all the benefits of home ownership recognized by IRS, even though the Deed to the property has not been recorded.
In my next post I will explore common myths about Contract for Deed and the advantages and disadvantages of that method of owner financing.
Another method of owner financing is the Seller held Deed of Trust. With this method of financing the title to the property will immediately pass to the Buyer. A security instrument (Deed of Trust) will be recorded in conjunction with the Deed to the property affording the Seller a foreclosure remedy in the event the buyer defaults on the loan. A carefully drafted Deed of Trust will provide maximum protection for the Seller and still meet the requirements of the Virginia code.
In situations where owner financing is feasible there is extreme flexibility in how a deal can be structured. The settlement costs are substantially less since there are no lender fees. The need for formal appraisal is eliminated. I still urge Sellers to exercise prudent underwriting of their loan, by checking credit and employment, but tempered with common sense if credit issues can be explained. To this end the help of an experienced real estate professional is invaluable.
There are many buyers out there that cannot currently qualify for traditional bank financing. They may be victims of the housing bubble burst, yet they need a place to live and are otherwise viable buyers. Owner financing may be the answer for these potential buyers and for Sellers who are willing to take a risk to sell their property.
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COMMUNITY SPOTLIGHT: COUNTRY CLUB MANOR
April 6th, 2009 categories: Centreville Area
If your search for homes includes the Centreville and Chantilly areas, you may want to be aware of County Club Manor. One entry point is the intersection of Braddock Road and Carlburn Drive. In the same immediate area you will find Chalet Woods and The Fairways, and you might also check out Sully Station.
Here are CURRENT LISTINGS IN COUNTRY CLUB MANOR.
For list of FORECLOSURES and BANK OWNED properties just CONTACT US and I will get that information to you.
Here are a few other links that will give you more information about this community and others in this general area.
MORE INFORMATION ON COUNTRY CLUB MANOR.
MORE INFORMATION ON: CHANTILLY-FAIRFAX COUNTY, CHANTILLY- LOUDOUN COUNTY, CENTREVILLE AREA, and NEARBY COMMUNITIES.
Moving to the Northern Virginia area? Visit our RELO CENTER.
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A WINNER IN CHANTILLY’S PLEASANT VALLEY
April 4th, 2009 categories: Featured Listings
Are you considering buying a home in the Chantilly and Centreville area?
If so, this is one of our listings that is definitely worth a look.
We invite you to take a quick Visual Tour to see if you want to investigate further.
This home is located at 4404 Cub Run Road, just off Route 50 and Pleasant Valley Road - Chantilly, Virginia 20151.
AN ESPECIALLY NICE HOME AT 4404 CUB RUN RD - CHANTILLY, VA 20151
If it stays on your short list, let me know what other information I can provide, or to arrange a tour.
The home absolutely sparkles. It has that extremely clean, tidy, and well-cared-for feeling that is unmistakable and immediately obvious.
This is also NOT a bank-owned or foreclosure property, so you won’t be dealing with the challenges that can be part of those transactions both during the buying process and after the deal is over.
There is a generous list of features that you will see if you take a closer look, including a terrific kitchen that looks out to a nice deck and backyard.
It’s a winner, and if it is in your strike zone it merits a second look.
Please take a Visual Tour.
Price: $389,900
MLS#: FX7011381
More information: please click here and you will see the property on our Featured Listings page.
If I can answer any questions, please Contact Us.
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