New Dulles Association of REALTORS® Web Site Up and Running

After months of meetings and work by the Dulles Area Association of REALTORS® (DAAR) Technology and Communications Committees and various other DAAR staff including Ben Lizik (programmer), the new DAAR web site is up and running.

The overall focus of the new site was to create greater engagement and communication amongst Realtor® members, the public and the media. Much like any blog, you are able (and encouraged) to leave comments and opinions on the site regardless of whether you’re a Realtor® or not.

The new site’s layout and design incorporates some of the latest RE 2.0 and Web 2.0 technologies and functionality.

Providing the latest and most relevant information, data and statistics regarding Loudoun, Fairfax and Prince Williams counties will be the content-focus moving forward.

The site will be undergoing additional tweaks and we will be adding functionality to the site over the next few months. If you have any suggestions or feedback, please let us know - we’d love to hear your take on things.

New Virginia Law Aims At Easing Foreclosures

A law that took affect on July 1 requires that lenders and mortgage-servicing companies send delinquent borrowers with high-interest loans the names of housing counselors who can provide foreclosure-prevention guidance.

"The new law requires that lenders and companies that collect mortgage payments make available a 30-day grace period to borrowers who ask for help.

By slowing down the foreclosure process, the new regulations could buy time for homeowners seeking to work out arrangements with their lenders."

Though the law requires a list of housing counselors to be sent and a 30-day grace period, there’s nothing that says that the lenders have to work out an arrangement with borrowers. Unless banks are more willing to work out arrangements with borrowers, this law may only delay the inevitable.

Source: PilotOnline.com

Loudoun County Top 10 Best Places To Buy Foreclosures

Forbes recently named the Washington, DC metro area including Loudoun County one of the top 10 best places to buy foreclosed homes. Part of the criteria was whether there were hints of stabilization, which is evident in the latest Loudoun County inventory/supply and buyer demand numbers.

"Our goal was to differentiate inexpensive foreclosure markets from those that are undervalued, as cheap foreclosures in flimsy markets don’t necessarily make strong investments."

Here’s are some of the figures Forbes came up with for the area:

• Median home price: $366,583
• Foreclosure savings: $56,858
• Foreclosure rate: 1.16%
• Price change 2006-2007: 0.77%

To check out how they came up with the rankings, click here.

Attention Investors and Buyers - FHA Lifts Waiting Period On Flips

Attention all investors and buyers of "flipped"/rehabed properties - the FHA is lifting their 90-day waiting period requirement on resales. The FHA instituted this waiting period 5 years ago in order to deter fradualent/predatory home flipping.

Lenders are probably still going to have to do some rehab on many of the properties they foreclose on before turning them around to an FHA borrower. FHA has eased up a bit on requirements for minor repairs, but before you can sell a home to a borrower relying on an FHA loan guarantee program, it’s got to be "safe, secure and sound."

Here are some links that go over the requirements further:

• Appraisal and property requirements
• Repair conditions

Here’s an excerpt from the guidance the FHA gave lenders in a letter back in December 2005:

"Examples of minor property conditions that no longer require automatic repair for existing properties:

• Missing handrails
• Cracked or damaged exit doors that are otherwise operable
• Cracked window glass
• Defective paint surfaces in homes constructed post 1978
• Minor plumbing leaks (such as leaky faucets)"

Source: Inman

Loudoun County Considering Foreclosure Program For County Employees

Just ran across this post over at the LoCo Real Estate Musings blog which talks about how the Loudoun County Board of Supervisors will be considering a program to help county employees purchase foreclosed properties. This is similar to what Fairfax County recently proposed with their "Silver Lining Program".

Here’s an excerpt:

"Apparently Chairman Scott York is planning to propose a program to our Board at the June 3rd meeting that would help county employees get low interest loans to purchase foreclosed homes in the easternmost portion of Loudoun County.  It’s early yet for specific details, but according to the article it looks like York wants the program to focus on the Sterling Park area, which has a high number of foreclosures."

To read the full post, click here.

Related Articles

"Foreclosures Eyed As Opportunity" - Leesburg Today

-Danilo

Washington Post Runs Article On “Luxury Foreclosures” - Features Arko and Bogdanovic

The Washington Post ran a story on "luxury foreclosures" yesterday. It featured several local real estate agents, including Tony Arko and Danilo Bogdanovic. Check out the Post article here or the Loudoun Extra version here.

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