Fairfax County VA Home Search Website Blog

When buying Fairfax County VA homes for sale, you may come across the option to set up an impound account.  If you don’t know what it is, you could end up passing on a good thing.

An impound account is also known as an escrow account.  The mortgage lender sets up a separate savings account to pay the taxes and insurance you owe on your Fairfax County, Virginia, real estate.  Each month, you pay the lender 1/12 of the total amount due for the year, along with your regular principal and interest payment.  The total payment is known as your PITI – your principal, interest, taxes and insurance payment.

For instance, let’s say your property taxes are $2400 a year and your homeowner’s insurance is $600.  You would pay the lender $250 a month, instead of having to pay in one lump sum.

Impound accounts can be set up at the same time as your mortgage loan, but the initial sum will be larger than what you’ll pay on a monthly basis.  You’ll have to pay a few months and the insurance premium up front.  The overage amount is used as a reserve in the case of shortages; as much as eight months reserve could be required.

There are several reasons that a shortage can happen:

• Your property taxes increase and you need to make up the difference.
• Your insurance policy coverage can change, raising the cost.
• Your lender didn’t calculate the initial cost correctly.

This means that you won’t have paid enough money into the impound account (or escrow account) and the bills on your [city] real estate won’t be paid in full.

Account shortages will happen, no matter how careful you are, so it’s best to know your options before that happens.  You can look for less expensive insurance, pay the difference in cash, or agree to pay the increased amount.  You can also get less insurance coverage, but it isn’t recommended.

You can also set up your own impound account, but you have to be disciplined enough to do so or hire an accountant. If your loan is 80% more than the value of your Fairfax County VA home, the lender may not let you set up an account.  You also have to pay any shortages in one lump sum if your taxes go up at the end of the year.

Do you have any questions about Fairfax County VA homes for sale?  No matter how big or small your questions are, I’d be happy to answer them for you.  Email Steve@HomeSearchWebsite.com or call me at 703-909-3939 today. 

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

When looking at Fairfax County VA homes for sale, you automatically notice how nice a place looks:  Are the appliances relatively new?  Are the walls freshly painted?  Don’t forget to look for poor construction as well.  Here are a few things to look out for:

• Cracks in walls, ceiling, floors or foundation – Foundation cracks and cracks that radiate from corners, windows or doors can indicate serious problems or things that are expensive to fix.  A good place to look is in closets.  While many people think to patch up visible cracks elsewhere, they may miss the closets.
• Moving or tilted floors – Pay attention to how the floor feels when you walk across it.  If it bounces or dips a lot when you step, there could be problems with structural supports.  Tilted floors can indicate that the house has badly settled; while this is to be expected in older homes, newer Fairfax County VA homes for sale should have little to no tilt.
• Doors and windows that stick – Sticky doors or windows can indicate settling, foundation problems or poor construction, as well as the possibility of expensive repairs.
• Wide-open spaces – Especially in older homes, there’s a possibility that two rooms have been combined to create the larger room.  It’s best to investigate further in case the remodeler accidentally removed a structural support or load-bearing wall.  Sagging ceilings or beams can be a good indication of this.
• Electrical wiring – If a house has had major remodeling, look at the electrical panel.  If it doesn’t look new, you should be suspicious.  Also, look in the attic to see if you can tell the age of the wiring you see.

Let’s face it – although state laws require that a seller tell you if there are any major problems with a home, some don’t even know there’s a problem.  When looking at Fairfax County VA homes for sale, it’s better to be safe than sorry.  Find out what you can on your own and then, once you’ve narrowed the possibilities, spend the money on a home inspector.

Let me help you find a well constructed home.  Call me today at 703-909-3939 or drop me an email at Steve@HomeSearchWebsite.com right now!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Dealing with home foreclosures in Alexandria, Virginia, isn’t a fun experience for anyone. You don’t want to lose your home and have to start over again or live with damaged credit. It can be a desperate situation. Unfortunately, some people are willing to take advantage of you with offers to stop your home foreclosure. Most of these offers are scams. Be aware and protect yourself from foreclosure scams. 

Sometimes in order to prevent a bank foreclosure, it might be best to put your home up for sale.  Whether you’re ready to add your home to the list of Alexandria VA homes for sale or you want to try and keep your home, here are some helpful tips to avoid foreclosure scams:  

• Never pay a fee to someone who promises to stop your foreclosure. These companies are just going to call your lender to negotiate your loan. You can do this yourself for free. Talk to your lender and explain your situation or call a HUD housing counselor for advice.
• Never transfer ownership of your home to anyone. One popular foreclosure scam is through a company that offers to take over your mortgage and rent your Alexandria home back to you. Unfortunately, once you sign over ownership of your home, it is no longer your home. You’re the only one who loses.
• Never believe anyone who tells you they will eliminate your mortgage. The only way you eliminate a mortgage is by paying it off. Anyone who tells you otherwise is lying. Following their directions can result in you losing your home and being charged as part of a criminal act.
• Never accept the assistance of someone who promises to repair your credit.  Once your credit is damaged, you can only fix it by paying your bills on time. It takes several years of diligent budgeting and payments to improve your credit score.   
• Never let someone “buy you out” of foreclosure. These people offer to buy your home equity or pay your past due amount. Unfortunately, most Alexandria, Virginia, homes facing foreclosure do not have any equity in them, so there is nothing to buy. Most of the time, these rescue loans are phony mortgages.

If it sounds too good to be true, it probably is. If you’ll let me, I’ll help you sell your home or find Alexandria VA homes for sale in your price range. Call me today at 703-909-3939 or email Steve@HomeSearchWebsite.com today!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Being declined for a mortgage is frustrating, especially after you’ve found your ideal home. If this has happened to you, you’re not alone. Lenders deny mortgage applications every day for any number of reasons. Here are five reasons lenders decline loans for Alexandria VA homes for sale:

1. Limited credit history. Lenders are taking a risk when they loan you money for a home. For this reason, they determine your risk by reviewing how you have managed credit in the past. If you have no credit history, the lender won’t be able to tell if you will repay your loan or not.
2. Poor credit history. If you have defaulted on loans or overextended yourself in the past, lenders may be afraid you will do the same thing to them. The lenders don’t know you personally, so they look at your past credit behavior to see how likely you are to pay them back.
3. Too much credit. As strange as it sounds, lenders sometimes turn down loans for [city] homes because the borrowers have too much credit available to them. If you have several credit cards with high limits, lenders may be afraid you’ll use all this available credit and then be unable to pay your mortgage payment.
4. Inconsistent housing. Lenders look for stability because it makes you look more responsible. If you move frequently, whether it’s across town or across the country, you can appear unreliable. This makes you a credit risk to lenders.
5. Insufficient income. Lenders want to make sure you’ll be able to make your monthly payments. If you are self-employed, change jobs frequently, or rely on commissions; lenders may view this as an unstable income. They may think you won’t make enough money each month to pay your payment.

Don’t waste your time or gas driving around looking for Alexandria VA homes for sale. I can help you. Click to:  Search thousands of Alexandria VA homes for sale  from the comfort of your own home 24/7.  Or, call me today at 703-909-3939 or email Steve@HomeSearchWebsite.com, and I’ll do a search for you.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’re in the market and looking to buy one of the Fairfax County VA homes for sale, you’ll come across different mortgage types.  One type of mortgage is called a balloon mortgage.

What is a Balloon Mortgage?
A balloon mortgage is a loan payment that expands after a certain term is expired.  It’s similar to a long-term fixed rate mortgage (FRM), but has a delayed increase in payments at the end.  It also has a lower debt repayment than a conventional FRM loan

Example of a Balloon Mortgage
Let’s say that you’re considering a Fairfax County, Virginia, home that costs $250,000.  With a ten-year balloon mortgage, you might pay $500 per month for ten years, a total of $60,000.  This leaves you with an outstanding debt on the house of $190,000.  At the end of the seven years, you then have two options:  pay the outstanding amount in full (hence the name “balloon”) or refinance.

Why a Balloon Mortgage?
In general, homeowners choose balloon mortgages with the expectation that they can refinance before the end of the term.  They expect a raise in income to help them with later term balloon payments.  Another reason people choose balloon mortgages is if they don’t plan on keeping the property for more than a few years.  It’s a good short-term, low-cost way to afford the home.

Things to Keep in Mind
When considering a balloon mortgage, there are several things to keep in mind:

• If housing interest rates go up, you have to refinance at a higher rate; this would mean that paying off the principal might take longer and that your payments would increase.
• If rates spike five percent or more during the term, your qualifications may have to be reappraised.
• If you lose a major source of financing or are expecting an income increase that doesn’t happen, you could be stuck with huge payments later on.
• Just because your contract allows the potential to refinance, it doesn’t mean that you can’t lose that potential.  Make sure you know how and why you might be disqualified from refinancing.

No matter what type of mortgage you choose when you’re buying one of the Fairfax County VA homes for sale, always make sure to read the fine print, as well as investigate the lender before signing on.

Let me help you choose the best home and mortgage for you.  Order my Free book or CD and learn the buying process from start to finish.  Call me today at 703-909-3939 or email me now at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’re in the market to look at new condos in Arlington VA, you may have run across “high rise” and have been unfamiliar with the term.  Here is a brief explanation of what high rise condominiums are, as well as a few pros and cons for living in one.

What is a High Rise Condominium?
As you may have guessed from the name, a high rise condominium is a tall building with several stories, usually five or more, with a necessary elevator.  Typically, high rise condos in Arlington VA are all about luxury.  As you might imagine, they boast a variety of amenities which may include a doorman, concierge service, pool or sauna.  Some even offer a 24-hour valet, wine cellar or rooftop clubroom. 

Pros and Cons of a High Rise Condominium
People choose to live in high rise Arlington, Virginia, condos for many reasons, and there are just as many reasons why they don’t.  Whether something is a pro or a con all depends on the person looking.

• Amenities – This is one of the biggest reasons people choose high-rise condominiums.  Who doesn’t like to jump in a pool, move to the sauna and then go to the clubroom?
• No or low maintenance – Exterior maintenance will be taken care of by the building association.  You may be responsible for some or all of your interior maintenance.  Be sure you get this information in writing and read it thoroughly before purchasing.
• Quiet – This could be a pro or con.  Some buildings have “quiet periods,” from early evening until early morning.  If you like to listen to loud music or have a home theater system that you like to listen to at full volume, this could be an issue.
• Pet-free – Most buildings are either pet-free or have size restrictions, and don’t allow exotic pets.  This could be a problem if you own a 20-foot python or a Great Dane.
• HOA Dues – You will have to pay membership dues for the Homeowners’ Association.  The dues range from building to building; dues depend on the amenities offered, the number of people in the building and how old it is, to name a few.

Is a high rise condominium right for you?   If you’re looking for luxurious, relaxed living, high rise condos in Arlington VA may be exactly the lifestyle you need.

Whether you want a condominium or a single family home, I can help.  Give me a call today at 703-909-3939 or email Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Sometimes, when buying – or even thinking about buying – condos in Arlington VA for investment purposes, you’re faced with the need to fix up the property.  The question then arises: Should I fix it up myself or hire it done?  Unfortunately, no one can give you the right answer.  However, there are a few questions that you can ask yourself to help decide the issue:

1.  Do I have the time?  Time is an issue that many people forget about, but it should be one of the deciding factors.  Some renovations, such as handles, hinges or kitchen hardware can take very little time to do.  Others, like retiling a bathroom, can take hours, or even days to accomplish.  If you don’t have the time to do these things personally, you’ve already answered the question.
2. Do I have the money?  Obviously, money is as important a factor as time.  Often, if you don’t have the time, you do have the money to hire someone.  However, if you have neither the money nor the time, you may need to reassess whether you can really afford to purchase the condos in Arlington VA you’re thinking of buying.  You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.
3. Do I have the know-how?  Granted, there is a lot of do-it-yourself information out on the Internet.  However, if you don’t have the necessary knowledge to understand what they’re saying, you’ll either have to research more, or hire someone.  Being knowledgeable on what you’re doing may not be so important when, say, you’re painting the living room, but it’s incredibly important if you need to rewire a room or want to knock down a wall.

The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple:  Be realistic.  Be honest with yourself.  Can you really do this?  Can you really afford it?  Remember, if the answer is “no,” it could just mean “not right now.”

Don’t be afraid to wait until you have everything in place before picking your investment properties.  If you’re careful with your time and money management, you may find you’re ready to buy your dream real estate investment… condos in Arlington VA.

Let me help you find the perfect real estate investment property that meets your business plan.  Call me today at 703-909-3939 or email Steve@HomeSearchWebsite.com now!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

A slow real estate market is the ideal time to buy investment property. With so many properties selling below market value, you stand to find great deals. However, investing in property can be tricky, especially if you have little experience with real estate. Before you jump in to buy an investment property, consider why you should select one of the Arlington VA real estate agents to help you purchase an investment property.

1. A real estate agent knows the area. As a professional Arlington real estate agent, it is my job to know the property values and real estate trends where I work. I also know how to find important information like whether a property lies in a flood plain. If you tell me what you need, I can help you find the right property in a neighborhood that works for you.
2. A real estate agent guides you through each step of the purchase process. Purchasing investment property is different from purchasing a home for your family. For example, mortgage rules for investment properties can be more complicated than those for family homes. As your agent, I can help you make sense of the purchase process and reduce your stress.
3. A real estate agent saves you time.  Steve Hawkins knows how to find real estate investment properties for sale and how to negotiate the best price and terms for those properties. Instead of wasting your time and money driving around town looking for the right investment property, you can let Steve do the searching for you.

Save time and money when you purchase a home or condos in Arlington VA for an investment property.  With the help of one of the best Arlington VA real estate agents, Steve Hawkins will help you find and buy an investment property that meets all your needs. Call Steve today at 703-909-3939 or email Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939