|
DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
|
Dave
Scardina
Broker
/ Owner
|
703-829-SOLD
866-909-0900
|
|
|
|
Bristow Homes SalesBristow Homebuyers Quandry When you find the home you want to buy you may make an offer contingent upon the sale of your existing Bristow. In a Seller’s Market, offers with such contingencies are not well received because the seller must remove his home from the market while you sell yours. However there are times when this kind of offer is successful, even in the Bristow market. A backup strategy might be to put in your offer with a very long escrow giving yourself time to sell your home. Very few sellers will accept these kinds of contingencies or long escrows if your house is not already on the market.
Bristow Real Estate Title Insurance Buyers in the Bristow market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasn’t cleared. Another typical Bristow problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanic’s lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.
Before You Buy Your Bristow Home Whether you are a first time buyer or someone who is moving up to a more expensive home it’s a good idea to start by cleaning up your credit report. Let’s say you apply for a loan to purchase an Bristow condo, town home, single-family home or any type of Bristow. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Bristow real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Bristow you want to buy, so clear the decks as much as possible before applying for a loan
Buying Bristow Real Estate...Will it Pay? With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Bristow faster by choosing a 15-year loan instead of a 30-year loan.
As a Bristow real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Bristow can be a very good idea.
The Benefits of Selling Bristow If your Bristow holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence.
What Makes Bristow Sell? People often ask me when is the best time to sell my Bristow? I usually reply that if you want to get the best price for your home, it is wise to give yourself as much time as possible to sell it. However peak selling seasons vary in different areas of the country, and Bristow is no exception, and weather has a lot to do with an area’s peak season. For example, late spring and early fall are the prime listing seasons in many areas because houses tend to show better in those months than they do in the heat of summer. Having said that, houses sell in every season in areas where there is a demand. By demand, I mean a significant number of prospective buyers moving to the area for a variety of reasons.
|
|
|