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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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News About Manassas Homes and CondosShopping for Your Manassas Real Estate Loan
Manassas Real Estate Loans have become part of a worldwide mortgage market and mortgage lending is impersonal and competitive. When you shop for the best loan don’t pay too much attention to who is originating the loan. Instead focus on interest rate, points, processing costs and whether you want a fixed rate or an adjustable rate loan. The reason for this is that more than likely, your Manassas real estate loan will be sold to one of the organizations made up of what is known as The Secondary Market.
Manassas HOME BUYING PITFALLS TO AVOID
Buying your Manassas home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.
Make sure that when you put in an offer on any Manassas home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Buying Manassas 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 Manassas faster by choosing a 15-year loan instead of a 30-year loan.
As a Manassas 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 Manassas can be a very good idea.
Taking Title to Your Manassas
Each owner has a separate title to an undivided interest in the entire property. Each owner is allowed to sell, mortgage or give away his/her interest. Any number of people can take Tenancy in Common ownership of Manassasand husband and wife may choose this option as well. When an owner dies, his/her interest passes by will to his/her heirs. In other words, there is no survivorship right.
Each owner has an equal interest in the Manassas. If one owner dies, that person’s share of the property passes automatically to the other without going through probate. Any number of people can take ownership under Joint Tenancy and husband and wife may choose this option as well.
Community Property. Only husband and wife can take title to Manassas in this way. Title is in the community
When Manassas Does Not Sell
The number one, main reason why a home remains on the market is PRICE. There can be other problems as well such as the home’s condition or location and even overall market conditions but the major reason for the NO SALE sign is the Manassas is over priced. In fact, proper pricing will often overcome most all obstacles.
Some people prefer to buy Manassas that needs some work if the price is right. Investors look at the property, evaluate the cost of brining it up to speed and make an offer if they feel they can make a quick profit. These kinds of investors are looking to fix and flip. Others with limited budgets may see the fixer-upper as a way to get started with Manassas ownership. They may spend years working on improving the home, making improvements as they can afford it. So, a home’s poor condition will not prevent a sale if the price reflects the situation.
Manassas DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy Manassas when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
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