Fairfax County VA Home Search Website Blog

Purchasing Alexandria Bay real estate vacant land is very different from buying a home within a development. In fact, vacant land can be downright scary to someone who’s never dealt with it. Don’t let this keep you away from buying vacant land. Do your research and separate the truths from the myths about vacant land.

1. It takes too long to build on. The truth is that you can build on your Alexandria Bay real estate vacant land as soon as you’re ready. What can take time is getting the right building permits and fitting into your builder’s schedule. However, none of this has anything to do with the land itself. You can run into these delays if you build in a planned community.
2. It has no value. You’re most likely not going to be able to flip a piece of vacant land like you could a home. Yet, like any other type of real estate, land generally goes up in value over time. If you add improvements to land, like septic and water systems or even a home, its value will go up even more.
3. I will have to pay cash for it. Although it may not be as easy for just anyone to get a bank loan for vacant land, it is possible. Even if you can’t get a bank loan for land, many land owners are more willing to offer owner financing or a lease to own arrangement so you can purchase it.
4. It’s just too risky. Of course there’s a risk involved in buying vacant land, but it’s no different than any other real estate investment. There’s always a chance the market will shift and make it more difficult to sell. However, as long as you do your homework and buy land in a desirable area, it’s still a rather safe investment.

If you think Alexandria Bay real estate vacant land is right for you, let me help you find the right property. Call me at 703-909-3939 or email me Steve@HomeSearchWebsite.com now!

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

When someone doesn’t make the payments on their Fairfax County home, the bank can take the home away from them. This is called a foreclosure. You probably know that a foreclosure is usually a good deal for buyers. However, home foreclosures happen in stages, and these stages can affect when it’s the right time for you to buy Fairfax County VA homes for sale. Here’s what happens when the bank forecloses on a home.

1. Default Seller. When a seller has missed payments, they are in default on their loan. At this point the seller is usually willing to negotiate, and you stand to buy the Fairfax County home at less than market value. However, the seller won’t be able to sell the property for less than they owe. If they have a second mortgage or home equity line, this may not be a good buy.
2. Pre-Foreclosure. A bank issues a notice of default after a certain number of missed payments. At this point the home is considered pre-foreclosure and is still owned by the seller. The seller is still motivated and often willing to negotiate terms and consider a short sale. If the bank is willing to accept less than the amount owed on the home, you can still get a good deal. However, you may have to wait 45-60 days to close on the home.
3. Foreclosure Auction. Once the bank takes ownership of the property, they will usually try to sell it through an auction. Since they will sell it for whatever is owed, you stand to get a great deal on the property. On the flip side, you will have to pay cash for the property and will purchase it “as-is.” This can be a problem if the sellers damaged the home before leaving.
4. Real Estate Owned by Lender. Sometimes a bank sells property through a local real estate agent. The bank is usually motivated to sell the home and will negotiate terms like down payment and closing costs.  The bank will pay the real estate agent’s commission, and you will get a clear title. You are also buying the property “as-is,” and the bank will not make any repairs.

Are you looking for a good deal on a Fairfax County home? I can help you find Fairfax County VA homes for sale.  Call me today at 703-909-3939 or drop me an email at Steve@HomeSearchWebsite.com today to get started!

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

If you’re like many buyers, you probably think that a home foreclosure is the best real estate value you’ll find. While it’s true that Fairfax County VA homes for sale in foreclosure are often priced lower than similar properties for sale, foreclosures aren’t right for everyone. Before you decide to buy a foreclosed property, do some research and make sure it really is your best deal.

• Price. Fairfax County VA real estate in foreclosure is often priced lower than other properties on the market. This is because the bank is only interested in getting back the money they loaned the seller. However, if the seller has more than one mortgage because they took out a home equity loan, the home can be priced even higher than the current market value. Don’t assume that a foreclosure is automatically a better deal.
• Inspections.  Foreclosures are sold as-is. The bank will not make any repairs to the property. If it has been well maintained by the seller, this makes the home an excellent value. Unfortunately, sometimes sellers damage homes before they move out or don’t take care of their homes while they live there. In that case, you may have to spend considerable time and money making needed repairs.
• Negotiations. When the bank is eager to sell the property, they are sometimes willing to negotiate terms like down payment and closing costs.  However, since the banks only goal is to recoup their costs, you won’t have the same bargaining power with them that you would with a traditional seller.
• Closing Time.  Perhaps the greatest disadvantage of a foreclosure is the length of time it takes to close. The bank will usually require additional paperwork and qualifications that can delay closing. If the seller had more than one mortgage, you will have to wait until the bank decides how much each lender receives from the sale.

Right now is a great time to find a good deal on Fairfax County VA homes for sale.  Let me help you find the right one for you.  Call me 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

Buying condos in Arlington VA for a second home can be a great investment, especially if you like to visit the same area each year or you work there part of the year.  You won’t have to deal with overcrowded hotels and fluctuating room prices. As an added benefit, you can even rent your condo to others and make money from it. However, just like any other real estate investment, you need to be cautious and purchase the right property for you. Here are a few tips.

1. Don’t go over your budget. This is obvious, but you’d be surprised how easy it is to get caught up in the amenities offered by different condos. Keep in mind that there’s no good reason to spend more money on an Arlington condo than you can afford.
2. Know what amenities you want. You have to know what you want before you start looking. Do you want a condo with sweeping views of the Potomac River?  Are you willing to save money by purchasing something within walking distance of the river? Are you looking for a family friendly area? Be specific.
3. Check rental prices. One of the benefits of a second property is making money by renting it to other families. Find out what others charge for their condos in Arlington VA and make sure it fits within your budget. It doesn’t make sense to buy a condo that won’t bring you a decent rental fee.
4. Make sure you will be able to enjoy the condo. If you really want a peaceful place to relax, you shouldn’t buy a condo in a family-oriented community. Likewise, if you plan to spend most of your time visiting local attractions, you want something with easy access to good transportation.
5. Look around the neighborhood. The neighborhood will certainly give you clues about whether or not this is the right condo for you. Are the people there mostly condo owners or vacationers? Do you see families renting the condos as a primary residence? Is the neighborhood well maintained? This will show you the strength of the condo association. 

Let me help you find the right condos in Arlington VA that will meet your needs and budget.  Call me today at 703-909-3939 or send me a quick email at Steve@HomeSearchWebsite.com right now!

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

Investing in Fairfax County VA homes for sale is popular because it is a hands-on investment that can be lucrative when you know what you’re doing. When you get started, it may seem overwhelming to you, but when you know what to look for in an investment property, you will be on your way.

1. Affordability. You have to be able to afford any property you purchase. You need to obtain financing and be able to make payments on the property if the market or your personal situation changes. Make sure the property fits in your investment budget.
2. Neighborhood. The neighborhood is probably the most important consideration for investment property. If you want to rent the property, you may want something close to shopping and public transportation. Yet, if you want to flip the Fairfax County VA real estate, you want to find something in a growing neighborhood where buyers want to live.
3. A match for your strengths. If you are a detail-oriented person with good managerial skills, you may want to consider using those strengths as a landlord. On the other hand, if you prefer to construct and create, you might be better suited to renovate and resell properties.
4. Something you have time to work with. If you don’t have the time to be a landlord or the time to renovate a home, you may need to reconsider your investment. Real estate investing takes time to find, to repair, and to maintain.
5. Community rules. Some neighborhoods may not allow renters to live in a property, or they may have homeowner association rules  about what colors you can use on the home’s exterior. Make sure you know the rules before you buy so you can incorporate them into your plans.
6. Something that will have a good rate of return. It only makes sense that you want to make money on your investment. Think through what you will have to invest in both time and money. You may find a better return on a higher priced home that needs fewer repairs than on a “handyman’s special” that will require extensive work.
7. Repairs and maintenance. As an investment homeowner, you will be responsible for keeping up with the property. Choose Fairfax County VA homes for sale that you can maintain with your experience and budget.

If you’re thinking about investing in Fairfax County VA homes for sale, I can help you find the right investment property for you. Call me today at 703-909-3939 or drop me a quick email now at Steve@HomeSearchWebsite.com for more information about real estate investing.

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