The Truth Behind Limited Service Brokerages – What Everyone Should Know Before Signing on the Dotted Line

There are a few very important choices sellers face when contemplating putting their home on the market.  The first thing they must decide is what type of representation or assistance they are looking for.  There are a lot of sellers out there who believe that selling real estate is nothing more than sticking a sign [...]

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The 7 Truths You May Not Know About Buying a Short Sale Property

In the last week I’ve spent a lot of time helping unravel the myths about dealing with short sales, foreclosures and bank owned properties – as a result, here are the top 7 reasons why, as a buyer, you may want to steer clear:
1.  Competitive Pricing…  In this soft market, short sales are not always [...]

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The ABC’s of Foreclosures, Short Sales and REOs – Definitions and Terminology – PART III

Here we are – Short Sales!
SHORT SALES
A short sale occurs when the seller owes more on the property than it’s worth…  it’s that simple.  But ah, yes, it does get more complicated from here.  One of two scenarios generally occur.
Scenario 1:  The seller may be willing and/or able to bring money to the table in [...]

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The ABC’s of Foreclosures, Short Sales and REOs – Definitions and Terminology – PART II

So, I’m sure I intrigued a lot of you yesterday with this fun topic!  Frankly I was a little worn out, but decided to have another go of it today. 
REO
REO stands for “Real Estate Owned” and is the term used when the bank (lender) now owns the real property and is selling it.  It’s [...]

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The ABC’s of Foreclosures, Short Sales and REOs – Definitions and Terminology – PART I

These days there seems to be a lot of talk about real estate foreclosures.  In fact, in the year 2008 approximately 2,000,000 (that’s TWO MILLION) ARMs (Adjustable Rate Mortgages) will adjust…  pretty staggering, isn’t it?  And as they adjust, there will be some that simply cannot make the payments.  For a multitude of reasons, people [...]

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Mortgage Update – HOW DID WE GET HERE???

Good morning, readers!  Today, I’m pleased to present you with an article written by an exceptional local lender with JP Morgan Chase Home Finance, Doug Enger, Area Manager.  I’ve worked closely with Doug over the years, and recently our conversations have been a lot about “how did we get here?”  So I asked Doug if he [...]

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Median Income is on the rise in Fairfax County!

This week, the U.S. Census Bureau released estimates indicating that Fairfax County now has the highest median income in the country, edging just over $100K for 2006!  Fairfax County and Loudoun County are in a fierce competition for the richest county in the country – With the national median being $48,451, both Fairfax at $100,318 and [...]

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I have a ratified contract… so what now?

I work with a lot of buyers.  With many of them, this is the first time experiencing the home buying process, so we spend a lot of time on terminology and what to expect.  Nobody likes surprises, especially when they are making probably their largest investment to date in their lives!  So let’s look at [...]

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Pretty in Pictures?

We’ve all experienced it, right?  We’re searching through the MLS (or wherever you search to find listings – like maybe www.klaussenrealestate.com?  ), and “AH-HA!”  a new listing in the EXACT location in the EXACT price range you’ve been searching for right?  We excitedly click on the listing to see it and…  WHAT???  NO PICTURES???  What Gives?  [...]

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Condo Fees – The Good, The Bad and The Ugly

So you want to buy a condo?  Be sure, as you are assessing properties that you ask a lot of questions about the fees.  What they cover… are they unusually high?  or unusually low?  Is it in your budget?
Every condominium complex has a condo fee – generally speaking, the units in the buildings are assessed [...]

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