Many of our clients have asked us about short sales. We wanted to take this time to educate you regarding short sales. First of all, What is a short sale? A short sale is when someone owes more on their house than what their home is worth. For example...John Smith owes $300,000 on his home. He is going through some financial problems and really needs to sell, so who does he call?? The Reynolds Team of course! We go over to his home and do an analysis and come to the conclusion that his home is only worth $200,000. In this scenario we would put the home on the market for $200,000 until we get a contract. Then we would negotiate with the bank to accept less than what John owes instead of John going into foreclosure.

Most people qualify for a short sale if they:

1. They are at least 30 days behind on their mortgage payment.

2. Owe more than what their house is worth.

3. Cannot afford to pay a realtor commission to sell their house.

Are you or someone you know in this situation?? We are here to help!! We have recently teamed up with the number one short sale negotiator in the country. We will put the house on the market, get a contract, & get it negotiated! There is no reason to be ashamed, we would be honored to help you! Give us a call at 703-297-4251!!

The recent changes in the government stimulus package have sweetened the deal for first time home buyers.  The tax credit has gone from $7,500 to $8,000 and the new rules are that you don't have to pay it back as long as you own the home for three years.  There are some rules on incomethat you should pay attention to. You cannot make over $75,000 to get the full $8,000 and then it phases out totally if you make more than $95,000.  That's $150,000 and $170,000 on a joint return respectively.  A first time home buyer is someone defined as not owning a principal residence in the 3 years prior to the the purchase.  If someone is married and their spouse has owned a principal residence in the previous 3 years this would disqualify the spouse who was not an owner, or not on title.  If you get financing through a state or local bond funding you will not be eligible for the credit.  If you purchase your home after January 1, 2009 and before December 1, 2009 you will not be required to pay any of the credit back providing you keep the home more than 3 years. Note it is the lesser of 10% of the cost of the home or $8,000.

Watch that terminiation date - you have to purchase BEFORE 12/1/09. In real estate timing can be tricky so if you are considering a purchase before December 1, don't wait until the last minute.  You would hate to have a delay and totally miss out because the closing did not occur on time.  If you purchased as a first time home buyer in 2008 check with your tax accountant on the rules for the $7,500 credit for those who bought between April 9, 2008 and before January 1, 2009.  

Reynolds Team would be honored to help you find a home and walk you through the process - feel free to call us for a no obligation home buying consultation, and if you are a first time home buyer don't forget to tell us as we have a special book for you when you sign up to work with us. 

Happy house hunting and check back often for more helpful information.

Debbie Reynolds 703-855-7827

P.S.  Always check with your tax accountant when making decisions that might impact your tax position, Debbie Reynolds is neither a tax accountant or an attorney and you should seek the advise of those professionals to understand fully your tax position.

ANNOUNCEMENT!

HOME UNDER CONTRACT IN CABELLS MILL IN CENTREVILE, VIRGINIA
Our Listing at 5212 Jarrett Court just went UNDER CONTRACT!!!

It was listed for 459,000. We can not disclose what the contract is for but we will update the blog and listing as soon as it is SOLD. If you are looking for homes for sale in Centreville or Cabells Mill in particular than there are some listings that are available.

5405 ASHCOMB CT, CENTREVILLE, VA 20120
For Sale for: $389,500
MLS#:FX7005299

13705 NORTHBOURNE DR, CENTREVILLE, VA 2012
For Sale for: $365,000
MLS#:FX7005440

13750 CABELLS MILL DR, CENTREVILLE, VA 20120-
For Sale for $549,900
MLS#: FX7003885

IF YOU HAVE ANY QUESTIONS ABOUT THESE PROPERTIES OR ANY OTHERS CALL US TODAY AT (703)297-4251!!!

It seems like every time you turn on the news these days it is negative. We agree that there are a lot of things going on these days that are negative, but there are also a lot of good things going on. The demand for home ownership in this area is increasing. Interest rates being the lowest they have been since the 1950’s is of course helping. As we sit at open houses and speak to many different purchasers we are seeing a huge increase in two types of purchasers: first time home buyers, and relocaters. Because of the decrease in home prices many teachers, single income families, and professionals can now afford to buy a home! Have you heard recently that the job market is bad?! It seems that our Northern Virginia area is getting a lot of relocaters because of the current job market through out the country. This is all good news for all us, whether we own a luxury home or we are an investor because when the first time home buyers come out it trickles up to the second timers, and the third timers!

Are we selling houses? Yes! It is a price war and a beauty contest! Homes that are priced competitively and are in good condition are selling. We are even seeing multiple offers on some homes. Many sellers are wanting to move to a bigger home in the same area and this is the best time! We are getting their home sold and then getting them GREAT deals on the home they purchase. We are also seeing an increase in home owners keeping their current home as an investment property and purchasing a bigger home. If you have any questons don’t hesitate to come in or call!!