Where did all the foreclosures go?

With the end of 2012 in sight and the media giving all kinds of ideas on current market conditions I get asked where did all the foreclosures go to….What is going to happen next year and can I still get a “great deal” if I buy a bank owned home?

Well…foreclosures are still here…just look at these numbers from Fredericksburg and the surrounding counties….some of the list prices may surprise you!

Stafford 26 homes FROM: $60,000 TO: $429900
Spotsylvania 38 homes FROM :$49899 TO: $374000
Orange 12 homes FROM: $65000 TO: $241000
Culpeper 12 homes FROM :$89900 TO: $629900
King George 4 homes FROM: $132900 TO: $650000
City of Fredericksburg 1 home $64,900

Looking ahead…Homes that are currently listed as short sales in the same area. Short sales show the potential for the foreclosures next year. However, there are home owners still trying to do loan modifications or have just given up and are simply not paying their mortgage.

Stafford 50 homes FROM: $89000 TO: $569900
Spotsylvania 50 homes FROM: $115500 TO: $669900
Orange 60 homes FROM: $ 60000 TO: $249900
Culpeper 19 homes FROM: $ 72000 TO: $445000
King George 10 homes FROM: $149000 TO: $359000
City Of Fred 9 homes FROM: $ 95000 TO: $595000

All of the counties have more short sales than foreclosures….From this 1 fact alone Fredericksburg and surrounding areas are not out of the woods yet but the trees are beginning to thin out so to speak compared to 2006-2011 when foreclosures were in the triple digit numbers per county.

Did You Know…the term foreclosure really applies to the process prior to and up to the sale of a home at the courthouse steps…After the bank places the home back in their inventory it is really “REO or Real Estate Owned”

Tomorrow we will take a look at the types of financing that you can use to purchase REO and Short Sale properties…short sales..how your Realtor not knowing financing options can cost you a sale and plunge you into foreclosure…and where to look for great deals in purchasing REO properties

You can visit my website to look for homes in the Fredericksburg area or contact me if you are facing foreclosure…its FREE and with no obligation EVER

Hilary Johnson, Realtor
Keller Williams
302 Westwood Office Park
Fredericksburg VA 22401
Licensed in the state of Virginia


Keller Williams Agents Are The Best…Says Who!


J D Power…”The highest in overall satisfaction for Home Buyers and Sellers Among National Full service Real Estate Firms”

Lets break it down…..
Highest-adjective: Of being, located at, or forming the top
Overall-adjective: Covering a wide scope, all-around, all inclusive
Satisfaction-noun: to fulfill the claims of, to answer, to free from doubt
Service-noun: The condition of of being put to use, to meet a need or requirement

When hiring an agent to either sell your home or find you the home of your dreams wouldn’t you like to know that your Realtor will put your needs first….free you from any doubt ..willing to go the extra mile for you…has the training and the skills to do the job right…can put to good use the technology available…

If you would like to explore selling your home or buying a home in 2013..please visit my website..it free and with no obligation…Put the Power of Keller Williams to work for you in 2013
Hilary Johnson, Realtor
Keller Williams
302 Westwood Office Park
Fredericksburg VA 22401
Licensed In The State Of Virginia

buying homes @ online auctions….get great deals

If you have been considering buying some investment property or can go with a conventional loan then online auctions are a good way to get incredible deals on homes that have been foreclosed on and now are sitting in the banks inventory as REO’s. A home, once it has gone to the courthouse steps has gone through the foreclosure process and now is an REO-Real Estate Owned. Over the past few years the traditional way for banks to sell off their REO inventory was to hire an agent located in the subject market area to list and sell the REO. Times have have changed…Online auctioning allows the bank to sell and close quickly…in 30 days.. lower their inventory and purchasers to obtain homes quickly and for less money…Now that’s a win win situation…A deal is not a deal unless it’s a WIN-WIN.right!!
Myth 1: All the on line auction homes are in terrible condition: Not so…the house may need some carpet and fresh paint. Maybe the appliances are missing and this fact alone disqualifies the house from traditional financing..FHA or state and local programs.
Myth 2: You can’t have a home inspection: In the state of Virginia and most states it is your right to have a home inspection and most on line auctions allow for this..in fact they openly encourage a home inspection for the purchaser and are quite flexible on time frames to complete a home inspection.
Myth 3: Help…I don’t know what I am getting into: Hubzu and many other online auction companies put a copy of their contract on their site….you can read and print it…making the house buying process very transparent!
Best practices for buying an REO online!
Visit the home(s) you are interested in bidding on and have a Realtor pull comparables from that neighborhood or area….know your values before you buy
Don’t get attached to the property…You may find there are several bids for that property. Things can get quickly out of hand and you could find yourself bidding higher than you are comfortable with.
Paperwork!! If you are purchasing using a conventional loan..get pre approved. 30 days from acceptance to close is not long and you could find yourself being charged a fee for going over the close date.
Closing Attorneys or Title Companies….Using the sellers closing agent may seem like a good idea as they offer Title Insurance@ not cost to the purchaser. NEVER use the sellers closing company…Find a title company of your choice but make sure they have closed a few online auction purchases. This one tip saved a client of mine thousands of dollars and a lot of headaches on re-selling theproperty.
I am always happy to answer questions or concerns about purchasing homes on line….Please feel free to call me 540-850-2007

Hilary Johnson, Realtor
Keller Williams
302 Westwood Office Park
Fredericksburg VA 22401
Licensed In The State Of Virginia

Fire Your Landlord…2% range for 1st Virginia Home Buyers !!

If you have been sitting on the fence about buying a home….now is the time to jump.  1st time home buyers purchasing power has never been better.  From no down payment to low down payments you can fire your landlord, pay less each month than rent and reap the tax benefits.

 VHDA first time homebuyer rates are in the 2% range!!!


FHA/VA loan rates are around 3.375% today with NO POINTS!!!


CONVENTIONAL 97% loan with NO MI @ 3.75% fixed for 30 years

Just want to take a peek @ whats on the market…www.gohomeinva.kwrealty.com

Ready to buy…email me and I will put you in touch with a lender gohomeinva@gmail.com

Hilary Johnson, Realtor

Keller Williams

302 Westwood Office Park

Fredericksburg VA 22401

Licensed In The State of Virginia


Foreclosure or Shortsale…when can I buy a home again?

I received an email from a past client the other day….He was one of the first to lose his home to foreclosure and he wanted to know when he could buy again. With rental prices steadily  rising and low interest rates making homes more affordable it would make sense to own a home again.  So how long do you need to wait?

FHA – foreclosure/short sale/deed in lieu – 3 years from completion date

FHA – chapter 7 bankruptcy – 2 years from discharge or dismissal date.

USDA – foreclosure/short sale/deed in lieu – 3 years from completion date

USDA – chapter 7 bankruptcy – 3 years from discharge or dismissal date

You will need to have re-established credit and trade lines with no late payments.

Conventional and VA loans have more guidelines, please feel free to contact me.

So if the thoughts of owning a home again have crossed your mind….call me…together we can make home ownership a future for you.  There is no cost or obligation on your part