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Some Good News for the Richmond Housing Market

Richmond Biz Sense reports on April 3, 2014 the following news for the Richmond housing Market, particularly Hanover County:

Developers plan two new residential developments in Hanover County that will encompass more than 150 homes.

Hanover Land Investors LLC, led by developer Henry Shield, is planning to build 48 detached, single-family houses and 73 single-family townhouses on a 22-acre property near the intersection of Pole Green Road and Bell Creek Road in Mechanicsville. . . . .

An attorney for the developer said plans include commercial development for the adjacent three acres. Andrew Condlin, with the firm Roth Doner Jackson, said the space could be used house something like a pharmacy and a 10,000-square-foot shopping center.

The property is located across Pole Green Road from the Shoppes at Bell Creek. Shield developed the Shoppes at Bell Creek and the adjacent housing subdivision.

The project could go before the county planning commission as early as April 17. Condlin said the proposed development, which has met some resistance from local residents, fits in with the county’s views for growth in its comprehensive plan.

“Hanover County has designated areas in the county for development and this is one of them,” Condlin said.

…..

A few miles away, Hanky LLC is gearing up to build a 17-acre development off Adams Farm Road near Lowe’s on Mechanicsville Turnpike. The county recently approved the project, which calls for 49 single-family houses, developer Mike Hanky said.

Hanky LLC plans to build 49 houses on Adams Farm Road near Lowe’s in Mechanicsville.

The new development, which could be named Adams Farm, is located near the Travellers Run subdivision. The Hanover County Board of Supervisors has approved the development.

Hanky said he and his brother plan to develop the property — previously a working farm — and install infrastructure. After that, they expect to sell the lots to builders, he said. They’ll likely start “pushing dirt” in late summer or early fall.

Original Source: Here (link broken)

Good News for Richmond Housing Market

This is good news for the Richmond Virginia housing market.  Some home builders are returning to the market.

While I don’t buy new construction houses, I rejoice that new construction is happening.

At the price points in those new subdivisions, it suggests a growing job base that can support mortgage payments for houses that size.

What type of houses I buy

I buy houses fast from sellers with handyman specials, everywhere in the Richmond housing market.

If your house is a handyman special, I’d be happy to make a cash offer on your as-is house.

Richmond Housing Market

Stock photo.

Lending Changes for Future Homeowners in Richmond VA

New Loan Terms from FHA and Fannie MaeOver the past week, there have been some important lending announcements from Fannie Mae and the FHA.

They concerning anyone who lost their home in a short sale or foreclosure in the last few years, whether you live in the Richmond area or anywhere else in the country.

If you want to buy a house in the Richmond Virginia area, these new rules will have an impact on your ability get a loan on your house.

If you are trying to sell your house in Central Virginia, these rules will affect your potential buyers.

On the one hand, these changes will make it easier for millions of people in this position to purchase another home in central Virginia.

But, on the other hand, you may have to jump through a few hoops to prove that you  qualify for the new standards.

New Lending Rules

Here is the new exception from the FHA: Potential homebuyers whose income unexpectedly dropped by at least 20% or who lost their jobs.  The new exception does not cover the potential borrower who voluntarily resigned from their positions or who were fired “for cause.”

New exception from Fannie Mae:  Credit reports do not distinguish between a foreclosure and short sale.  You can now demonstrate the short sale with your loan officer.  You’ll need a 20% downpayment.

This information is freely sourced from various articles this week.  As always, talk with a mortgage broker.  I simply help people sell their house fast to an investor.

But sometimes, when I rehab a property, I need to sell to a retail buyer who looks for their first home.  I need to be aware of lending rule changes.

Sell your house fast without a buyer needing a loan

If you are trying to sell your house in Central Virginia, these rules will affect your potential buyers.

They may not qualify to purchase your house.

You can sell your house fast to a cash buyer who doesn’t need bank rules.  That might be me, or one of the many investors in my network.

If you can wait 12-18 months, you could also sell your house via a rent to own option which allows your future buyer a little more time to qualify for a bank loan.  I can show you how.

Contact me at 804-719-1489, during normal business hours on the east coast.

I answer my own phone.

1 in 5 mortgages are seriously underwater

How to Sell Your House with No EquityEach month, I talk with multiple home sellers that have found it difficult to sell their house in the current market.

Some areas of the country are experiencing a return to normal levels of inventory.  But in Richmond Virginia where I am based, sellers encounter some of the following situations (From the Times Dispatch, Sept 5, 20130)

  • Headline: 1 in 5 mortgages are seriously underwater (Times Dispatch, Sept 5, 2013)
  • 19 percent of residential homeowners with mortgages in the Richmond area owe 25 percent or more on their mortgages than their houses are worth.
  • 23 percent of homeowners with mortgages, are on track to resurface with enough equity to be able sell their houses in the next 15 months
  • In the Richmond area, 13 percent of all homeowners with mortgages have at least 50% equity.

Those statistics suggest that nearly 40% of Richmond area homeowners are unable to sell their house via traditional means.

As a creative real estate investor, I can help you figure out how to potentially sell your home, if you are one of those sellers who has little equity.

How you can sell your house with no equity

I might be able to place a future homeowner with slightly damaged credit into your house today who should be able to get a mortgage within 12-18 months.

You will have someone paying you a monthly lease payment so that you do not have find the money to cover your mortgage on an empty house.

You will have a future homeowner caring for your property so that you don’t have to fix the leaky toilet.

You will have all the benefits of taking your mortgage interest deductions and real estate tax deductions.

Of course, that is the perfect scenario.

The risks?

There are a few risks that you must know about in this scenario:

  • Your house may not appraise for the price you have agreed to sell at.
  • Your tenant buyer may not qualify for a mortgage in time.
  • Your tenant buyer may get a job transfer and need to move to another city.
  • You may not get your lease payment.

Those risks are real when it comes to leasing a house with the option to buy.  But it is a risk that you might get comfortable with.

How can I help?

If I can help you in this scenario, simply pick up the phone and give me a call.  I try to answer my own phone, at 804-719-1489.

I’ll tell you if I can help you or not.

The initial consultation on how to sell your house with little to no equity is free and you might learn a thing or two.

Other options for Zero Equity or Underwater Homes

If you are truly upside down in your mortgage, a short sale may be the only way to go.

Other investors may do an option for a 10 year period, but I will not.  It is not always a good solution to bank on a future escalation of market prices.  I can help you with your short sale.

Is Richmond becoming a sellers market?

From an April 13 2013 article in the Richmond Times Dispatch:

Home sales and prices rose in central Virginia and across the state in the first three months of the year, according to reports released Tuesday by the Richmond Association of Realtors and the Virginia Association of Realtors. The positive report comes at the start of the spring buying market, and the outlook for the rest of the year looks promising, with local, state and national housing markets showing evidence of a sustained recovery, according to the reports. “Without question, the housing market is improving,” said Bill White, president of Joyner Fine Properties in Richmond. “We are keeping our fingers crossed and hoping it is sustainable.”

This is good news for home sellers. The article goes on to say:

“In some areas, we have an inventory problem,” White said about the Richmond area, noting a shortage of houses on the market to meet demand. “We’re beginning to see a few multiple offers, and some houses are selling in the first couple of days on the market.” Sales in central Virginia have risen year over year for seven consecutive quarters.

If you are thinking about selling your house this spring, you might be able to get top dollar for it if you fix it up and make it shine among the competing houses for sale.

What if your house is out of date?

The other day, a house seller called me. Their kitchen is 20 years out of date. The last paint work in the house was 10 years ago. Their flooring was worn

  • Scratches in the hardwood
  • Ripped vinyl
  • Cracked tiles

Windows has broken seals, causing moisture to get in there. The outside needed landscaping to re-reveal the house to the street. If your house is ugly, you could easily spend 20 thousand making these basic repairs to bring it up to full market value. But, if you don’t want to mess with that kind of renovation work, I’ll buy your house as is for cash at a price that considers the renovations that are needed.

I’ll make you an offer

If you want to sell your house in 3o days for cash, I’ll make you an offer. Here is how:

1.  Visit this page: http://www.chrisbuyshousesva.com/get-offer-in-24-hours/

2.  Fill out the form.

3.  I’ll be in touch within 24-48 hours to discuss your house and situation.