This just out....President Barack Obama signed a bill into law Wednesday that permanently prohibits banks from entering the real estate brokerage and management business. Can you imaging what would have happened if they were let into this business in 2001??
The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.
"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to an NAR resource page it has devoted to the issue.
Thanks to the NAR and all their lobbying, we all dodged a major bullet.!!
Saturday, March 14, 2009
Wednesday, March 11, 2009
Bank Owned Home Inspection....
The old days of traditional home inspections have not changed...though most of the sellers (banks) these days are not willing to fix, repair or credit you for anything found broke or in need of repair during the inspection.
2 reasons why....
Reason 1. On short sale listings the home owners are in a bind and are trying to receive a reasonable offer and turn it over to the bank for a possible shorting of the amount owed on their principle loan amount. Most northern virginia homeowners are not in a financial position to make repairs to the home they are already losing out on. The home is being sold "as is" which is reflected in the asking price. If the house doesn't sell then it will head right into foreclosure.
Reason 2. Bank owned properties are priced to sell based on comps and property condition right off the bat. The bank just wants to get the home off their books and often set the listing price rather low and hope to receive multiple offers igniting a bidding war. Your welcome to complete a home inspection for "informational purposes only" but don't expect to get a credit for repairs!
Sent on the Now Network� from my Sprint® BlackBerry
2 reasons why....
Reason 1. On short sale listings the home owners are in a bind and are trying to receive a reasonable offer and turn it over to the bank for a possible shorting of the amount owed on their principle loan amount. Most northern virginia homeowners are not in a financial position to make repairs to the home they are already losing out on. The home is being sold "as is" which is reflected in the asking price. If the house doesn't sell then it will head right into foreclosure.
Reason 2. Bank owned properties are priced to sell based on comps and property condition right off the bat. The bank just wants to get the home off their books and often set the listing price rather low and hope to receive multiple offers igniting a bidding war. Your welcome to complete a home inspection for "informational purposes only" but don't expect to get a credit for repairs!
Sent on the Now Network� from my Sprint® BlackBerry
Dulles Metro Rail...Is It Really Coming?
Yesterday's news is definitely promising and plans are set for GO! Wow, we are actually going to make progress with getting this project off the ground (no pun intended) and get this rail headed west into Loudoun County....
The project is expected to be built in two phases. The first phase will extend Metro from the Orange Line between East / West Falls Church stations to Wiehle Avenue and includes four stations in Tysons Corner. The expected completion date for Phase 1 is July 31, 2013. Phase 2 would extend Metro through Reston and Herndon to Dulles Airport and Route 772 in Loudoun County.
What is this going to mean for the future market prices for Fairfax real estate and Loudoun County real estate? Well, we are six years away from even getting the rail where it needs to be so the economy is going to have to correct itself over the next 3-4 years, housing should already be stablized in the next 2 years and as the dust settles from construction jobs opportuities should be on the rise. I believe we will see a solid and consistent flow of home buyers relocating from urban areas and heading west into Loudoun County that will allow for people to purchase larger homes and gain more space and acrage compared to the concrete jungles of Arlington.
The home buying demand is definitely going to come to areas like Reston, Herndon, Sterling, Dulles and like wildfire into Ashburn, then trickle it's way into Leesburg where the biggest bargain and home sale steals are going on right now....(hint) The question is going to be, what is the supply going to be like? The will depend on what happens with all these Northern VA Short Sales as well as Pres. Obama's loan modification tactics for struggling home owners. One thing is for sure...., the $900 million dollors in federal funds is money WELL SPENT! and those who look towards home ownership today will prosper tomorrow...
The project is expected to be built in two phases. The first phase will extend Metro from the Orange Line between East / West Falls Church stations to Wiehle Avenue and includes four stations in Tysons Corner. The expected completion date for Phase 1 is July 31, 2013. Phase 2 would extend Metro through Reston and Herndon to Dulles Airport and Route 772 in Loudoun County.
What is this going to mean for the future market prices for Fairfax real estate and Loudoun County real estate? Well, we are six years away from even getting the rail where it needs to be so the economy is going to have to correct itself over the next 3-4 years, housing should already be stablized in the next 2 years and as the dust settles from construction jobs opportuities should be on the rise. I believe we will see a solid and consistent flow of home buyers relocating from urban areas and heading west into Loudoun County that will allow for people to purchase larger homes and gain more space and acrage compared to the concrete jungles of Arlington.
The home buying demand is definitely going to come to areas like Reston, Herndon, Sterling, Dulles and like wildfire into Ashburn, then trickle it's way into Leesburg where the biggest bargain and home sale steals are going on right now....(hint) The question is going to be, what is the supply going to be like? The will depend on what happens with all these Northern VA Short Sales as well as Pres. Obama's loan modification tactics for struggling home owners. One thing is for sure...., the $900 million dollors in federal funds is money WELL SPENT! and those who look towards home ownership today will prosper tomorrow...
"We in Virginia are fortunate to have Dulles . . . to connect us to the world," Kaine said. "But Dulles can only work and the region can only work if there are transportation options that enable it to be all that it can be. Those options have to include a vigorous road network, but also a very vigorous public transportation network."
The expansion of that network toward the airport will begin in earnest in the next week or two. The Silver Line will extend 23 miles from the East Falls Church Metro station to the airport and will terminate in Ashburn. The tracks will branch off the Orange Line, follow the median of the Dulles Connector Road, trundle through Tysons Corner and then settle into the median of the Dulles Access Road for the bulk of the westward journey.
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