Real Estate Information

    How do you purchase a short sale? What is involved? How long does it take to buy a short sale? The Nellis Group has been successfully negotiating short sales for both their buyers and sellers in the Northern Virginia & Washington DC market.

How do you purchase a short sale?

     The purchase of a short sale requires 2 negotiations. The first negotiation is with the home owner- getting the seller to sign off on your offer (taking your offer instead of other offers). The second negotiation is a long duration and occurs between the Bank and the purchaser. Since all short sales are subject to "third party approval" all parties must wait until the Bank agrees to the shortage of funds with this transaction. Watch this video to learn more about the process:

What is involved?        

    PATIENCE... it is ideal for someone that is renting month to month or has flexibilty on purchasing without selling their current home. Some money or inspections will be required in advance in order to secure the home. It is also important to know that many times the Bank will counter the "agreed" price with the seller to a higher amount. This is because many sellers will under price the home in order to receive a quick contract. The sellers do this because of the Catch-22 of short sales. Without a signed contract the Bank will not negotiate with the seller. Once the seller has one in hand they can negotiate with the Bank to get the offer approved and sell the home.

How long does it take?

       The Bank will look to an Appraisal or a BPO (Brokers Price Opinion) in order to establish market price and whether or not they will accept the offer presented by the Seller. It can take 60-90 days to hear anything back from the Bank... The issue is that many of these negotiators assigned by the Bank are working with over 400 files at a time. The average case load should be 100-150 files/homes for a negotiator.

What does success look like?

          Hear from clients of The Nellis Group to learn more about the process and how one can be successfully negotiated:

      Less than a 75 minute ride from Washington DC you find a small town on the water - Chesapeake Beach, Maryland. There are quaint shops, beautiful scenery and a great marina. We recently took an adventure to explore what the greater Washington DC area has to offer.

       We chartered a boat with Captain Paul with Bay Hog Charters. The boat fit comfortably 7 fishermen and could have easily accommodated 10. We were on board with Captain Paul (an active firemen in DC) and Jason- a local fishing guru. To check out the action we had that day click on this video:

         It is an early morning as you leave the dock at the marina in Chesapeake Beach at 7 AM. I have to admit that I am not a fishermen but I did leave the day "hooked" on going again. This time we caught Rockfish or "Striper". Once we returned to the dock Jason filleted the fish for us which was a HUGE time saver and a great benefit of fishing with the best crew on the waters in Chesapeake Beach, Maryland.

          If you are thinking about going out to fish make sure you look up Bay Hog Charters.

      It is a privilege to live in a Country that cherishes and defends the freedom of the individual. This December we will be spending time with troops stationed at Fort Belvoir in Virginia.

       To learn more about the event click on this video:

      As the son of a military pilot it is with great pride that we honor those that serve in the military today with this event. Thank you for your sacrifice and continued service for the lives of others.  Merry Christmas & Happy New Year to all...

       This is the latest update on Vicki Nellis & the Real Estate Market...

       For more information on the new tax credit go to: www.NellisGroup.com/Tax-Credit

    The Washington Redskins are in the middle of a season of "correction"... With an ailing offensive line, a coach on the ropes with management and a record of 2-4 the near term outlook is not positive.

     The Real Estate market faced a similar correction in 2005. This market correction went from 2005 until the middle of 2009. In the last couple of months we have seen the market improve and the inventory go down due to 3 factors:

1. Interest Rates- some of the lowest we have seen. Averaging 5% and many of our clients have recently refinanced or purchased below 5% with The Nellis Group lender connection.

2.  Prices- The real estate prices in the Washington DC & Northern Virginia are at all time lows... In the past an investor would have to put down close to 33-35% in order to cash flow a property. In the current market Investors are cash flowing with 18-20% down on a home.

3.  Tax Credit- The First Time Buyer Credit has really engaged the home buyer in this current market. Everyone hoping to take advantage of it before the deadline of November 30, 2009.

Click on this video for more information:

         It has been exciting to see home buyers take advantage of the prices and interest rates in the local Real Estate market. As a native to the area we are all hoping for the Redskins to rebound THIS season. The good news is that Redskins fans are not only loyal but optimistic... For instance, the majority of Redskins fans still believe we have the opportunity to make it to the playoffs this year despite the tough schedule ahead.

          Go Skins!!

     Don't miss out this weekend!!! DC is hosting their annual Bike Day downtown. This Saturday, October 17, 2009 you get the opportunity to ride down the historic streets- CAR-FREE...

      There are 2 types of rides...

1. 25 Mile Ride- a more competitive fast paced ride

2. 15 Mile Ride- it is labeled as a "family ride"

       The finish line will be in Crystal City, Arlington VA. For more information go to DC Bike Ride

               On Saturday, September 19, 2009 – Clarendon Grill in Arlington, VA hosted the graduates from Paul VI Catholic High School located in Fairfax, VA. In attendance was the class of 1994. Graduates came from the West Coast, Midwest & the surrounding states to take part in this reunion.

                It was a blessing to see so many faces from the past and even better to remember stories and share in the story telling from days in the past and the future to come.  Clarendon Grill hosted over 40% of PVI’s graduating class on Saturday night.

                There is a game at many reunions- it is called Upgrade/Downgrade. It is an evaluation of how students have performed in the real world after graduation. I can honestly say that I was witness to a true tribute to private education as so many of the graduates have gone on to positively impact their families, communities, professions and the world.  In recognition of teachers that sacrifice with minimal pay to impress upon young men and women the value of “growing in God’s grace and wisdom” the Class of 1994 thanks our role models: the teachers and staff at Paul VI High School.

                Eileen Kiley, the Reunion Chair from Paul VI did a wonderful job coordinating details with Chad Heffron, James Nellis & Kelley Syron – all four contributed to make it a successful night.  If by chance, you graduated in 1994 from PVI and missed the event click on this link to view photos from the night:

PVI 1994- 15 YEAR REUNION

      Every year The Nellis Group hosts an Annual tournament to raise money for a local charity. The Nellis Group has sponsored the Fellowship of Christian Athletes since the early 1990s. They do amazing work in the local high schools in teaching athletes how to excel on and off the field. If you want more information on FCA click on this link: Fellowship of Christian Athletes

       The Golf Classic is played at South Riding Golf Course in Chantilly Virginia. It is on September 28, 2009 at 12 PM.  Register for the Classic at www.novagolfclassic.org

        This year The Nellis Group will host 2 Holes with a $10,000 cash prize on each one to anyone that sinks a Hole-in-One.  Come out and support FCA and enjoy the great golf course in Chantilly, VA.  To view the course click on: South Riding Golf Course.

         If you are a Nellis Group client email direct to golf@nellisgroup.com to register for the event… See you then!!

   Thank you for your continued support and prayers. Thank you for sending us referrals for Real Estate. Most of all for your friendship...

    Our family and Real Estate team have learned many things since May of 2009. It seems so long ago but it was only 5 months ago that we learned of Vicki's brain cancer. Below is a video update that really gives you details on her thoughts and physical condition to date...

     We do want to encourage you to read the books she mentions if you have a loved one or a friend currently battling cancer. As well, seek to become their advocate. Insist upon doing specific items and giving them a choice of two things rather than an open-ended offer. We can tell you from experience that open-ended offers will typically not get a response.

      Vicki and the rest of the Team are hard at work in Real Estate and thankful for every day. Life can be stolen from you one day at a time but when life is reduced to days you never take for granted tomorrow... May we all live new lives with the understanding and appreciation that tomorrow is promised to no one....