An after action report from my recent attempt to purchase a rental property.
I made a purchase from Tricord homes/ Port Aquia in Northern Stafford this past weekend. Very close to the Prince William County line on I-95.
Since my arrival in NOVA from California during 2005 where I made a home purchase (Id rather not talk about that particular issue without bourbon handy). the market here has been rather brutal.
I have been visiting home sellers regularly. It’s a bit of a hobby. Almost as a rule, I would be the only person in the office. What struck me from my Tricord visit was that not only was the office busy, every single agent was writing a contract at the same time. I remarked to the saleslady that I thought she was unusually busy and she replied “Oh we haven’t seen this since the hey days”.
Another point, I asked that a cable jack be added to the living room as a condition of purchase. The builder declined and told me if I didn’t want it they had another buyer ready to go.
Very unusual.
Prices are 100k less than they were 2 years ago.
I think what I am seeing evidence of is that buyers are out there if the price is right.
Another note as an investment home, they are now asking for 15% down and are charging me 150 bucks a month PMI. My credit rating is mid 700s. To help come up with the additional 5% I considered a home equity loan. I put 125k down on a 572k purchase in 2005. my loan is now at 448k. I have never been late on any payments. Lenders wont give me a penny in a home equity loan saying my house doesnt meet the 80% loan to value test.
that leave a pretty painful mark.
I made a purchase from Tricord homes/ Port Aquia in Northern Stafford this past weekend. Very close to the Prince William County line on I-95.
Since my arrival in NOVA from California during 2005 where I made a home purchase (Id rather not talk about that particular issue without bourbon handy). the market here has been rather brutal.
I have been visiting home sellers regularly. It’s a bit of a hobby. Almost as a rule, I would be the only person in the office. What struck me from my Tricord visit was that not only was the office busy, every single agent was writing a contract at the same time. I remarked to the saleslady that I thought she was unusually busy and she replied “Oh we haven’t seen this since the hey days”.
Another point, I asked that a cable jack be added to the living room as a condition of purchase. The builder declined and told me if I didn’t want it they had another buyer ready to go.
Very unusual.
Prices are 100k less than they were 2 years ago.
I think what I am seeing evidence of is that buyers are out there if the price is right.
Another note as an investment home, they are now asking for 15% down and are charging me 150 bucks a month PMI. My credit rating is mid 700s. To help come up with the additional 5% I considered a home equity loan. I put 125k down on a 572k purchase in 2005. my loan is now at 448k. I have never been late on any payments. Lenders wont give me a penny in a home equity loan saying my house doesnt meet the 80% loan to value test.
that leave a pretty painful mark.