Potomac Club
Potomac Club, is a gated community on 200 acres in Woodbridge, Virginia. Less than 5 minutes from I-95, Potomac Club offers a wide variety of housing styles and great amenities suited for busy professionals. Potomac Club offers you the ease of carefree living with amazing amenities in a tech-savvy urban environment.
All homes in the community are condominium ownership. Buyers can choose between stacked condominium style homes or townhomes. All homes have garages.
There is new construction going on within the neighborhood with the following builders:
M/I Homes $226,990 and up
Pulte Homes $254,900 and up
Ryan Homes SOLD OUT!
Some of the fabulous amenities of this community are:
Commuting
Potomac Club is conveniently located with easy access to I-95, Virginia Railway Express (VRE), and commuter bus routes.
Schools
Marumsco Elementary School
Rippon Middle School
Freedom High School
If you are looking to buy or sell a home in the Prince William or Fairfax County area contact Stacy and Alex at stacyandalex@c21nm.com or call us at 703-599-5337. Put our record of great customer service and experience to work for you in Alexandria, Arlington, Fairfax, or Prince William Counties.
Stacy Magid & Alex BarnettTop Producing Team Century 21 New Millennium12581 Milstead Way Suite #400Woodbridge VA 22192703-599-5337 (cell)540-658-2185 (fax)http://www.princewilliamhomesales.comstacy@stacymagid.comLicensed in the Commonwealth of Virginia
We're never too busy for your referrals!
When Congress extended and expanded the federal homebuyer tax credit in November, it created an exciting opportunity for more consumers than the original version, adding repeat buyers to those that could benefit.Much has been written about the tax credit created for first-time homebuyers. But many people may not realize that there is now an attractive opportunity for existing homeowners as well.Now, repeat homebuyers who purchase a principal residence can receive a credit of up to $6,500 as long as they have been living in their current home for five consecutive years out of the past eight years preceding the purchase.Income requirements have been relaxed as well. Under the new rules, the credits are available to single buyers with incomes up to $125,000 or married couples earning up to $225,000. Partial credits may be available to homebuyers who earn more. "This is great news for all homebuyers," says Rick Davidson, president and CEO of Century 21 Real Estate LLC. "The expanded tax credit, combined with low interest rates, outstanding values and a great selection of homes is creating what may be a once-in-a-lifetime opportunity to get the home of your dreams at a price you can afford."But buyers need to act quickly to capitalize on the tax credit.Congress extended the credit until April 30, 2010, giving buyers who have signed a purchase contract by that date until June 30 to close on their home.This may be an ideal way to maintain home ownership for consumers who have considered down-sizing--or moving up to match their current circumstances.
Port Potomac- Woodbridge, Virginia
Port Potomac, the gateway to the scenic Potomac shore of Eastern Prince William, features the intimate size and harmonious architecture of a traditional small village. Bordered by Powell's Creek and just a mile from the Potomac River, this community is exquisitely designed. With its natural setting and convenient access to all the charms of Prince William, Port Potomac is a living affirmation of all that is best in the Nation's Capital.
Port Potomac is a planned community in Woodbridge, Virginia. It is located off of Route 1 with multiple entrances to the community. There are both townhomes and single family homes that make up this amenity filled community
The following builders are still building within the community:
Drees Homes- Single Family Homes
Ryan Homes- Single Family Homes
Some of the great amenities of the community:
Port Potomac is conveniently located with easy access to I-95,Viriginia Railway Express (VRE), and commuter bus routes. .
Williams Elementary
Potomac Middle School
Potomac High School
Child Care Centers- Crème de la Crème Located within the community
Pet Food Pantry Donation Drive
Century 21® New Millennium and 1st County Mortgage are collecting
donations to help support the local Pet Food Pantry.
Why? Pets have become silent victims in Prince William County. Due
to the economic crisis, loss of jobs and homes, many pet owners are struggling to provide for their pets. Pet shelters are filled to capacity. By providing free food and treat donations, we can help some pet owners avoid the loss of their pet.
When? Saturday March 20th 11am-2pm
Where? The parking lot of the Government Center Professional Building,
12581 Milstead Way, Woodbridge, VA 22192. Located at the corner of Hoadly Road and Prince William Parkway.
How Can You Help? Drop off unopened cat and dog food and treats or a cash donation. Donations are tax deductible.
!!! FREE Tall Drink coupon from Starbucks for the first 100 donators !!!
To calculate whether renting or buying is the best financial option for you, use this calculator courtesy of Ginnie Mae: http://www.ginniemae.gov/ypth/rent_vs_buy/Rent_vs_buy.htm.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2004. All rights reserved. www.REALTOR.org/realtormag
Ashland is a subdivision of 880 homes (detached homes and town homes) in Manassas, VA. It is located between Spriggs Rd and Minnieville Rd in Manassas, Virginia. It has easy access to 95 and commuter lots.
There are a large amount of amenities.
Children can play at any of the four playgrounds available on the grounds, which feature an assortment of slides, swings, and jungle gym equipment. Additionally, full sized basketball courts are located adjacent to two of the playgrounds. There is a newly equipped exercise room which features a full range of state-of-the-art cardiovascular and strength training machines and is open to residents 24 hours a day, 7 days a week. In addition there are 2 outdoor gazebos available year round to residents. One of the gazebos is adjacent to one of the tot lots.
The outdoor pool and adjacent baby pool open on Memorial Day and close after Labor Day. An elevated sun deck with chaise lounges is a popular addition to this area. Access is granted to all residents with an Ashland Conservancy ID. Guest passes are also available for purchase at the pool. There is also a swim team to residents with children. The team meets daily during the pool season-Ashland Stingrays : www.ashlandstingrays.com
There are also three full-size tennis courts, which may be used anytime during daylight hours by residents.
Home Sale Information:
There are currently 2 homes FOR SALE in the Ashland Neighborhood and 3 homes have SOLD in the last 3 months. Home prices range from the $180's for the Townhouse units to the mid $400's for the Single Family Homes.
FHA has formally announced the waiver of the 90 Day Flip Rule. In the past, it a property was purchased by a private individual or LLC, FHA would not accept a transaction unless the new owner had been the owner of record for 90 days. This meant that contracts (as well as date of the application and date FHA case number was pulled) has to be dated at least the 91st day after the current owner went to recordation. Only REO transactions (bank owned foreclosures and certain types of relos) were exempt from the 90 day rule.
FHA has issued a waiver SUBJECT TO SEVERAL RESTRICTIONS - the main being for property sales prices that are 20% or more above the Seller's acquisition cost, a second appraisal is required. The appraisal must contain specific comments from the appraiser regarding the increase. ALSO, a property inspection is required and must be ordered by Intercoastal (the lender).
Things to be aware of:
1. All transactions must be an arm's length transaction with no identity of interest between Buyer and Seller or other parties participating in the sales transaction. To make this determination the following applicable steps will be performed:
- The Seller holds title to the property
- LLCs, corporations or trusts as Sellers must have been established and operated in accordance with applicable State and Federal laws. Lenders must document the validity of the Seller. Business licenses, State Department of Corporations status, and Attorney Opinions are examples of acceptable documentation.
- No pattern of previous flipping exists such as multiple transfers of title within a 12 month timeframe as indicated on the Chain of Title.
- Document that property was marketed openly and fairly (MLS listing, advertised auction, etc.). Note: Sales contracts which have been assigned to the current Buyer are not allowed.
2. For property sales prices that are 20% or more above the Seller's acquisition cost note the following:
- Appraiser must indicate that the Seller completed legitimate renovation, repair and rehabilitation work on the subject property to substantiate the increase in value - it is recommend the seller provide detailed information and receipts on all work performed. If such work was not performed, Appraiser must provide appropriate explanation of the increase in value;
** AND **
- A full property inspection report must be ordered by the lender a copy provided to the purchaser prior to closing. The cost of this inspection will be charged to the Borrower as a POC item paid upfront (similar to collecting the appraisal fee upfront). The inspector must not have any interest in the property or relationship with the Seller and may only be compensated by the lender. Note that we cannot simply accept an inspection report completed by the purchaser after the fact. The best way to do this is for the Lender to order the Home Inspection, having the buyer pay upfront at time of application for the cost. The Home Inspector would still inspect the property as normal with the Realtor and/or buyer present. The only difference is the original of the report would be provided to the Lender with a copy provided to the Purchaser/Realtor. This way the buyer could avoid having to pay for 2 home inspections and the lender stays in compliance with FHA.
Lake Ridge- A wonderful community in Woodbridge, Virginia
Lake Ridge is a large homeowners association located in Woodbridge, Virginia. There are over 7700 property units situated on 4200 acres on the banks of the Occoquan River Reservoir. Property units include single family homes, townhomes, condominiums, and commercial properties. Schools, shopping centers, and churches also within the community! There are a large amount of amenities which include five pools, a sprayground, a boat ramp, community centers, sports fields, tot lots, basketball pads, tennis courts, ... and so much more.
Lake Ridge is a very family friendly community with plenty of walking trails and sidewalks throughout the community. During the school year there are plenty of programs for children including a pre-school program and many sports programs (T-Ball and Baseball, Soccer, and football). During the summer months there are many different camps for the children of the community.
Home Sales
Home prices in the community currently range from $135,000 to $449,999. There are currently 26 homes for sale in Lake Ridge. These homes are short sales, foreclosures and traditional sales. Homes that have recently sold in the community range from $92,000 to $510,000 and average days on market is 35. In the last 90 days 73 homes have been sold.
For more information about the Lake Ridge community or if you are interested in selling your home, contact us today!
There are many things to consider when hiring a contractor to do work on your home. Not all contractors are created equal.
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.Here are a few reasons why:On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.There is only one way to avoid being affected by all of these costly changes that lie ahead - submit all FHA mortgage applications by the last week of March.
This update from FHA was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA's policies regarding the waiver of the 90-day seasoning required for sellers.Here are the 6 things you need to know about these changes:
To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
This economic cycle began when the "Housing Bubble" burst and we can't expect sustainable recovery until real property values improve. When home values began to decline, accounting standards required that institutions mark their assets at fair market value. While declines were modest initially, as inventory swelled, buyers lost confidence and the housing sector ground to a halt. Home prices then began their freefall.
Throughout the boom, lenders made mortgages which relied more on the value of the home than they did the credentials of the borrower. There was little risk since prices were on the rise and if the borrower had problems, they could sell or refinance the home. On a worst case basis where the lender had to foreclose, they were claiming an asset that likely was worth more than the loan amount.
Obviously, that's not the way things worked out. Values plummeted. Those owning the mortgages were then forced to mark the value of their collateral at the diminished market value. This undermined capital ratios and put the nation's largest financial institutions on the brink of failure; some failed.
The Federal government stepped in with TARP and suspended the "Mark-to-Market" ??accounting standard. Since TARP didn't buy the bad assets and instead recapitalized the banks, the impact of the problem was merely postponed. Lending dried up, businesses contracted and started cutting jobs. Those that lost their jobs then lost their homes.
Foreclosures were then sold at distressed levels which set the value for like property and the spiral continued downward. A substantial percentage of homeowners are now under water on their mortgage. Estimates of the unrecognized loss are expressed in multiples of our nations Gross Domestic Product. It is hard to comprehend the scale of risk.
If managed properly, we have now weathered the worst of the storm. Government programs are in place that encourage foreclosure as a last resort which limits inventory. Incentives for those qualified to buy a home are working. Values in many markets are stable. That doesn't mean the problem is solved; just solvable.
Banks are no longer eager to take a home and sell it as quickly as possible because values are no longer eroding. Keeping someone in their home and parceling out inventory only when forced to will limit inventory and strengthen values. In an appreciating market, borrowers are more inclined to stay the course. Lenders' balance sheets improve. Government can pull back their involvement.
While government intervention with taxpayer dollars was distasteful, once the decision to save the banks was made, there was no turning back. If we remember that the fundamental cause of the banking crisis was the deterioration of home values, then it only makes sense that purging the bad assets over a protracted period of time will prevent further deterioration of values. This, combined with improving property values, is the only sustainable recovery alternative. The paper loss was just too large.
Even our government is not big enough to call a "do over."
The lender must disclose a good faith estimate of all settlement costs prior to closing. There are some new guidelines that have been put out by HUD that protect buyers on these costs.
If a buyer is required to bring money to the table, the funds must be certified if they are greater than $1000.
The title company/attorney will tell you the required amount for:
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
Some information has been Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®Copyright 2004. All rights reserved. www.REALTOR.org/realtormag
When purchasing a home whether a foreclosure or owner occupied home there is a potential for hidden defects. It is always recommended to have a home inspection done so you are aware of some of these issues and request to have them repaired by the seller. This can save you a lot of money in the futures.
No home is flawless, but certain physical problems can be expensive. Watch for:
Don't let these mistakes happen to you. Contact the Magid and Barnett Team to get started on the right path to home ownership.
Reprinted with permission from Real Estate Checklists and Systems (www.realestatechecklists.com).
FHA Responds To Short SalesA Special Industry Update
This update contains information about FHA's response to short sales as published in Mortgagee Letter 09-52.
Here are the 5 things you need to know about these changes:
To read the mortgagee letter in full go here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
In the Northern Virginia area we are seeing more and more multiple offer situations. It is becoming more of a seller's market and less of a buyers market. Home prices are inching upwards in many subdivisions.
To increase your chances of getting your dream home instead of losing it to another buyer, follow the important tips below:
Now that the new year is approaching, many people think about placing their home on the market. Making your home more appealing for potential buyers will help you sell quicker and at a higher price. In preparation for this event, here are some low cost ways to spruce up your home.
The following questions can help you determine if moving up does in fact make sense:
While your specific opinions may change during the homebuying process, use this easy checklist to help you prioritize and make the shopping process less time consuming.
How close do you need to be to:
(a) public transportation ______
(b) schools _______
(c) airport _______
(d) highway_______
(e) shopping _______
(f) other_______
Prioritize each of these options
Must have
Would prefer
Yard (at least_________)
Garage (size________)
Patio/Deck
Pool
Bedrooms (number_________)
Bathrooms (number_________)
Family room
Formal living room
Formal dining room
Eat-in kitchen
Laundry room
Basement
Attic
Fireplace
Spa in bath
Air conditioning
Wall-to-wall carpet
Hardwood floors
View
Light (windows)
Shade
We can assist you with getting this information together and then creating a home search that meets this criteria. Contact us today to get started.
As the temperatures begin to plumet it's time to start thinking about preparing your home for winter temperatures. After all we don't want a pipe to burst and ruin everything or the heat to not work when it's freezing outside. So much easier to prepare than deal with the consequences later.
Here's a list of a few items to think about:
Loan Modification: Typically, banks are offered incentives to modify a loan to a fully amortizing, fixed rate program with a payment that does not exceed 31% of the gross household income. This can be accomplished by lowering the interest rate to as low as 2% and stretching repayment out to as long as forty years. Rarely have we seen banks reduce a principal balance, but this may become necessary in order to avoid catastrophe with Option Arm resets. There are currently no government programs that meaningfully subsidize principal write-down.
Deed For Lease: This is a relatively new program offered by Fannie Mae. It requires that the borrower be behind on payments, have tried to obtain a loan modification but do not qualify, and are able to afford the "market rent" using less than 31% of the household gross income for rent. These borrowers would voluntarily deed their home to Fannie Mae and sign a lease on the property for one year. They may be able to continue with the lease on a month-to-month basis after the first year. Most believe that Freddie Mac will soon offer a similar program since they already do on an informal basis.
Forbearance: This is a temporary postponement of mortgage payments for a borrower that encounters a temporary situation where they are unable to make their payments. Typically, the lender will defer a specific number of payments, add them to the principal balance, create a short term repayment plan, or even create a second mortgage which will amortize with the first over the term of the loan.
Programs of this nature are an encouraging sign that banks see recovery or stabilization in the housing sector. If banks forecast further decline in values, they will accelerate their options toward foreclosure in an effort to seize the property and resell the asset before values decline further. When banks feel values are stable, their preference is to keep the home occupied, off the market and generating some level of revenue.
What remains to be seen is how banks manage their inventory going forward. If they find a way to work out the option arms, the worst is over. To do so, they will need to keep the homeowners interested.
If you are learning more about these programs please feel free to contact us at any time.
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