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

Manassas Homes for Sale / How to Shop for a Home

Negotiating the Sale of Your Manassas Home.


Some say that the Devil is in the Details and these last two steps are full of details as buyers make offers contingent upon certain conditions being met by the seller and sellers make counter offers in the process of closing your Manassas home. Once there is agreement, however, many details still remain in order to finalize the sale.

Adjustable Rate Loans for Manassas


ARMS may be called by various names including, variable-rate loans, adjustable rate loans or adjustable mortgage loans for your Manassas home. They all feature an interest rate that can vary over the rate of the loan.

Advantages: The monthly payment on a typical ARM is lower in the early stages than the fixed rate loan. This may make it easier for the buyer to afford the Manassashome.

Disadvantages: As interest rates increase, your monthly payment may increase or the amount of your payment applied to the principle may decrease which means that you must gamble on property appreciation to offset this increase in your indebtedness.

Manassas Homebuyers Quandry


When you find the home you want to buy you may make an offer contingent upon the sale of your existing Manassas. In a Sellers 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 Manassas 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.


Before You Buy Your Manassas Home


Whether you are a first time buyer or someone who is moving up to a more expensive home its a good idea to start by cleaning up your credit report. Lets say you apply for a loan to purchase an Manassas condo, town home, single-family home or any type of Manassas. 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 Manassas 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 Manassas you want to buy, so clear the decks as much as possible before applying for a loan


Bitten by the Manassas Home Improvement Bug?


Money isnt everything however so that if the most important consideration for remaining in your Manassas home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Manassas house torn up for weeks at a time makes your blood run cold, it really doesnt matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.

Building Manassas Home Equity


A popular question from prospective Manassas homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the homes market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Manassas.

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 Manassas home equity faster by choosing a 15-year loan instead of a 30-year loan.