Archive for the ‘For Sellers’ Category
Alexandria, Va short sales
Saturday, August 22nd, 2009Dan and Traci Rochon, are Alexandria, Va Short Sale Specialists who assist people seeking alternatives to foreclosure.
What Makes Dan and Traci A Top Real Estate Short Sale Team In Alexandria, Va?
1. We have a complete, professional team.
2. We are diligent. 3. We do what we say by when we say that we will do it.
4. We are experienced short sale negotiators.
Dan and Traci, are Licensed REALTORs® in Virginia that help people that are upside down on their mortgage, have a valid financial hardship, and/or need to sell their home to avoid foreclosure. They do this by what is called a Short Sale. They love helping other people and assisting them in exploring the option of a Short Sale instead of Foreclosure or Bankruptcy.
| Dan and Traci | More Information |
|---|---|
| Keller Williams Realty 6354 Walker Lane #100 Alexandria, VA 22310 Washington DC Metro 703-346-2776 |
View My Web Site www.GreetingsVirginia.com More On Short Sales www.NoEquityRealEstate.com |
You’re Not Just Getting A Realtor, You’re Getting Connections
Dan and Traci have a vast network that they share with clients. Whether it be contractors such as carpet installers or painters or real estate professionals such as attorneys or lenders, they has close relationships with hand picked professionals.
Dan is a real estate investor and works with the investors of Dan and Traci & Consultants to assist them in achieving their objectives.
About Dan and Traci’s Top Short Sale Services
Alexandria Virginia, Arlington Virginia, Northern Virginia, Maryland and Washington DC Short Sales
When a homeowner owes more on a property than it is currently worth, he or she may wish to consider a Short Sale. If the homeowner can demonstrate a valid financial hardship which prevents him or her from paying their mortgage and if they owe more than the property is worth, Short Sale may be your alternative to a foreclosure.
What is a Short Sale?
A short sale is when a lender allows a property to be sold for less than the amount owed on the mortgage. In many cases, a lender would prefer to get what money they can on a house now rather than delay it for the future. Additionally, if they don’t allow the Short Sale, they could end up foreclosing on the property and then have to resell it themselves. Banks are in the business of making money off of loans, not owning real estate. Banks do not want to own real estate because it shows up on their books as a liability instead of as an asset. A bank does not want to foreclose on a property.
What does a Short Sale mean for a Seller?
A big difference between a short sale and a foreclosure is that in nearly every foreclosure the bank pursues the homeowner for the deficiency. The initial reaction to this problem is to file bankruptcy. A Short Sale may have some negative effects, but far less than a foreclosure or bankruptcy. Each bank has a different policy for dealing with short sales; the best case scenario is for the bank to forgive the deficiency.
To increase the odds of a successful transaction, the seller should use a team of professionals who are experienced with Short Sales to negotiate on their behalf. Dan and Traci are Top Real Estate Team In the Alexandria, Va Area. A bank will only consider a short sale when they have a written offer from a willing, able buyer to purchase the property, so the first step in this process is to find a buyer for the home. You do not have to be behind in your mortgage payments to request a short sale; you do have to prove that your home can not be sold for what you owe.
Dan and Traci have a full team to market, sell, and negotiate your short sale with the banks on your behalf. If you would like to see if we can help you with your situation, call 703-562-1791 or email dan@noequityrealestate.com for a free private consultation with our short sale specialist.
Dan and Traci are Certified Distressed Property Experts (CDPE). This certification is an exclusive designation earned by professionals skilled at foreclosure prevention strategies and exhaust all resources to avoid foreclosure. 
Dan Rochon is licensed in VA, AZ; Traci Rochon is licensed in VA, MD, DC
Real Estate Market Forecast
Saturday, December 6th, 2008According to a recent report from Global Insight, an economic and financial analysis forecasting firm, current housing statistics indicate that now is the right to time to buy.
They claim that the U.S. housing market as a whole is undervalued by 3.8 percent. Global Insight analyzed 330 metropolitan areas in the United States and found that 241 metro areas experienced price declines in the third quarter of 2008 in comparison to 150 metro areas in the second quarter.
Take a look at price declines in real estate in Northern Virginia by clicking on the link below.
Northern Virginia Real Estate Market Stats
The markets that were hardest hit were in areas that were most overvalued three years ago. This study, a combined effort by HIS Global Insight and National City Corporation represented 78 percent of all existing housing units in the United States.
Low interest rates and increased affordability make today’s market a buyer’s dream! Findout more about Alexandria, Va Realty at http://www.greetingsvirginia.com/
Alexandria, Virginia Real Estate Service Power Team
Tuesday, November 18th, 2008BNI Positive Power’s Real Esate Sevices Team in Alexandria, Virginia recently demontated how they work together to serve their clients well. View highlights of this presentation here:
For real estate service needs in Northern Virginia please consider:
Traci Rochon with Dan and Traci & Consultants with Keller Williams Realty 703.562.1757 Dan@GreetingsVirginia.com
Danny Currie with Dominion Residential Real Estate 703.890.7000 ext. 199 dcurrie@dominionresidential.com
Will Knox with Brinks Home Security 760.216.2986 will.knox@brinks.com
Jose Lopez with Solo Flooring 703.780.1970 jose@soloflooring.com
Lee Shifflett with 3-R Contracting 703.843.8458 lee@3rcontracting.com
John Alzubi with Smart Choice Cleaning 571.594.3959 sofyan.alzubi@gmail.com
Steve Bonkowski with Full House Moving 703.622.0570 fullhousemovingandstorage@gmail.com
Lawrence Nightingale with M.E. Flow HVAC 571.233.6890 Lawrence@MEFlow.com
Randy McKlveen with Orange Real Estate Solutions 703.455.0470 rwmcklveen@yahoo.com
Sonia Becker with All State Insurance 703.644.9494 SoniaBecker@allstate.com
Your Local Real Estate Market Economist
Monday, November 10th, 2008When they called today’s real estate market a “shifting market,” they were right on target. It keeps shifting, and shifting, and shifting … Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to “buy” and the sellers to “sell.”
SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!”
Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.
In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track. The real estate business is “cyclical.” As experienced real estate agents, Dan and Traci will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch for updates on this ever changing market.
We are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.
Real estate in Northern Virginia remains your single most valuable asset if handled correctly. Learn more about Virginia real estate at http://www.greetingsvirginia.com/
Walk this way
Tuesday, September 23rd, 2008What professionals say about Dan and Traci & Consultants:
If you are buying or selling a home in Northern Virginia, please consider Dan and Traci & Consultants with Keller Williams Realty.
Forestall Foreclosure
Tuesday, June 17th, 2008
It is thought that once a homeowner misses a mortgage payment, he or she is at imminent risk of being foreclosed. The truth is, a lender has to go through a legal process in order to claim a property on which it holds a mortgage.
In most states, “statutory” or “non-judicial” foreclosure is used. In a non-judicial foreclosure, the lender will first follow a procedure to attempt to collect the unpaid debt by giving the debtor a notice of default. Default on a payment is how a property first enters into the foreclosure process. If the lender fails to collect the unpaid balance, he or she will issue a Legal Notice that notifies the owner that the foreclosure process has begun. If the debtor does not pay the debt or uses lawful means to stop the foreclosure (such as filing bankruptcy), a Bank Sale or Auction Date will be set. At the conclusion of the Bank Sale or Auction, the lender may become the property owner and the property will most likely be placed with its Real Estate Owned (REO) department.
The bank that forecloses on a property can pursue the previous owner for any deficiencies amount that it was unable to recover through the foreclosure. For example, an individual owes a mortgage of $425,000 and after the foreclosure and resale process, the bank sells the property for $300,000, a deficiency judgment for the difference of $125,000 could be obtained against the previous owner. This will allow the bank to pursue collections of this amount. The rules that govern foreclosure in Virginia or your state are set by your state and you should consult with an attorney for explanation regarding legal matters and a qualified tax advisor concerning tax implications.
Marketing and selling your home as a short sale is a way to prevent foreclosure. Often a bank will allow a short sale if they believe it will result in a smaller loss than foreclosing. A short sale is when a bank will accept less than what is owed on it as a payoff. The homeowner may avoid having the foreclosure on his or her credit history and sometimes the deficiency (difference between mortgage and final sale proceeds) is forgiven by the bank. Situations will vary; to determine if your property could be sold as a short sale, contact Dan and Traci & Consultants with Keller Williams Realty at 703-562-1791 or go to www.VirginiaShortSaleRealtor.com.
Pre-foreclosure
When an owner misses a payment, he or she is in default of the mortgage. During this time period, before the final bank sale, the owner still maintains control of the property and can list the property for sale, sign documents, and do whatever is necessary to avoid foreclosure. This is the owner’s chance to save him or herself from foreclosure. The bank is in the business of lending money and not in the business of owning real estate, so in most cases it would make every effort possible to avoid taking ownership of the property.
REO Property, Opportunity Lost
If a property is foreclosed, it is either sold to a bidder at an auction or is taken by the bank and placed into its Real Estate Owned department. It is the REO department’s job to sell the asset for the most money in the quickest time possible. At this point, the previous owner of the property has lost control of the process and a foreclosure has been filed against him or her.Reasons to Avoid Foreclosure
Often homeowners in distress do not understand their options and the consequences of not taking any action. If a property is foreclosed, there are many repercussions.
In the future, the foreclosure will have to be divulged on any new mortgage application.
If the applicant is approved for a new mortgage, the past foreclosure will likely affect the terms and rates of the mortgage in a highly undesirable manner.
~ Security clearances, and in some instances, employment may be jeopardized. ~The lender may ask for a deficiency judgment and collect any unpaid balance due to it. ~The lender may seek this payment by any legal means, including garnishment of wages and social security benefits. ~Credit scores can be lowered by over 300 points and may have a catastrophic impact on future credit, including insurance rates, utility deposits, and the ability to finance items and rent or purchase property. ~Foreclosure is a credit item that is one of the most difficult to repair and overcome.
Options other than Foreclosure
Marketing and selling your home as a short sale is a way to prevent foreclosure. Often a bank will allow a short sale if they believe it will result in a smaller loss than foreclosing. A short sale is when a bank will accept less than what is owed on it as a payoff. The homeowner may avoid having the foreclosure on his or her credit history and sometimes the deficiency (difference between mortgage and final sale proceeds) is forgiven by the bank. Situations will vary; to determine if your property could be sold as a short sale, contact Dan and Traci & Consultants with Keller Williams Realty at 703-562-1791 or go to www.GreetingsVirginia.com
Keller Williams Offices shine on Industry Surveys
Monday, May 19th, 2008Every year, RISMedia and REAL Trends release two of the real estate’s most comprehensive surveys: the RISMedia Power Broker Report and the REAL Trends 500. Both surveys rank the largest residential real estate brokerages in the U.S. based on both transaction sides and sales-dollar volume, and these reports are frequently used as referral tools and are referenced by thousands. This year, Keller Williams stormed onto the lists with a very strong showing. If you are buying or selling residential real estate in Northern Virginia, contact a Keller Williams agent.
KW offices dominated the Power Broker Report – with more offices listed in their top 700 list than any other franchise brand. The survey also named Keller Williams Realty as the industry leader in terms of number of agent teams. And, 102 KW offices were listed in the Companies to Watch section – making up 55% of the total list!
As for the Real Trends 500, which lists the top 500 brokerages in the nation, Keller Williams Realty had the second highest amount of offices listed both transaction sides and sales volume, among the top franchise brands.
Even further proof that it’s always a great day at Keller Williams!
To find out more about these lists, visit RISMedia’s Website or REAL Trends’ site.
An EXTRAORDINARY Group of People
Monday, April 7th, 2008
Last October some local Northern Virginia entrepreneurs began to organize a networking group for the purpose of passing qualified referrals to each other as a part of a BNI group. Recently we chartered as BNI Positive Power and we meet on Wednesday from 7:30am to 9:30am at the Keller Williams Realty office at 6354 Walker Lane, Alexandria, Va 22310.
Our outcome for this is that we will have 40 EXTRAORDINARY people committed to helping each other build their business by participating in a group for the purpose of creating opportunities in a structured and professional environment.
The businesses that participate in this group are top rated; they are true professionals.
We have an incredible core of individuals and businesses that make up BNI Positive Power dedicated to assisting each other make money and grow their business. Currently we have less than 40 people and are reviewing applications for new members. If you have a business that you would like to grow and if you see the value of word of mouth referrals I invite you to visit us. If you have questions please contact Dan at 703-346-2776 or Dan@GreetingsVirginia.com .
Pres. Bush Signs the Mortgage Forgiveness Debt Relief Act of 2007
Wednesday, January 2nd, 2008Happy New Years! The congress and President Bush sent homeowners that are upside own in their mortgage and need to sell their property a New Years gift. On December 20, 2007, the President signed into law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007 into effect. This law was originally introduced by Rep. Charles Rangel [D, NY-15]. This will help homeowners to do a short sale with less negative consequence.
What is a Short Sale?
If you are unfamiliar with a short sale and the downside of one; a short sale is when a bank allows a property that they have lent money on to be sold for less than the amount owed on the mortgage and the lender takes a loss. A bank is likely to consider approving a shortsale because if a homeowner is uable to make payments and the bank forecloses on the property, it likely will cost them much more than approving a short sale. Also, property that the bank repossess is a liability for the lending institution instead of an asset and reflects badly on the bank.
When a seller negotiates a short sale, there may be some negative impact on the seller’s credit, but far less than being foreclosed on or filing bankruptcy. To determine the exact effects of a particular situation, seek advise from a qualified tax advisor and real estate or bankruptcy attorney.
What were the Rules?
Under the previous policy, debt forgiven from renegotiation was considered income for tax purposes, resulting in a tax liability. To say this simply, if a bank loans you $400,000 for property and allows you to sell it for $350,000, you would have to declare the $50,000 difference as income to the IRS and pay ordinary income tax on it. You would avoid foreclosure but were obligated to pay a tax bill.
How has the Law Changed?
The Mortgage Forgiveness Debt Relief Act of 2007 changes the rules for certain homeowners. Those that successfully complete short sales for their primary residence will no longer be obligated to pay ordinary income tax on the deficiency as long as the amount of cancellation of debt does not exceed $2 million. These new guidelines should greatly help those that are upside down and can no longer pay their mortgages to sell their properties.
The new law applies to only one primary residence that, “has been owned and used by the taxpayer as the taxpayer’s principle residence for periods aggregating 2 years or more”. For homeowners that are upside down in payment and need to sell, this will help ease the pain of an unfortunate process.
This new law will help reduce the overload of housing inventory and give homeowners on a financial down-turn a way to start fresh without the scar of foreclosure or bankruptcy. This law has received strong support from the housing industry and should assist many homeowners in a difficult position and should help to stimulate the housing market. Propery owners in Northern Virginia have options other than foreclosure.