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DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
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Dave
Scardina
Broker
/ Owner
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703-829-SOLD
866-909-0900
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Manassas Real Estate SummaryManassas Lot
Financially that may be a good strategy but take heed and purchase your Manassas lot with care. Why? Because it can happen that the lot you buy today is not suited at all for the Manassas home you want to build in the future. Here are some things to watch out for.
Qualifying the Buyer for your Manassas Property
Either you or your agent will want to weed out potential buyers who cannot afford to purchase your Manassas home. Items to investigate include the buyer’s debt and credit history, current income and employment, the availability of cash for a down payment, the time the buyer needs before closing on the home and the buyer’s level of interest in your home as compared to other properties.
Manassas FAIR MARKET VALUE
When you buy Manassas real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
Manassas BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Manassas market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
Manassas DEDUCTIONS
One of the advantages of home ownership is that while most other types of interest are not tax deductible, the interest you pay on your Manassas loan is deductible on your Federal and State income tax. This fact alone gives homeowners a distinct advantage over renters.
Manassas INVESTMENT
Investing in Manassas as a second home or as a rental has many advantages. But before you invest, it is a good idea to acquaint yourself with the actual sales price of similar properties and to get a picture of the Manassas market in general. Please contact this office for detailed information on Manassas market
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