30-year fixed rate at 5.82%; 10-year Treasury yield at 3.83%

Long-term mortgage interest rates were down Monday, and the benchmark 10-year Treasury bond yield dropped to 3.83 percent.

The 30-year fixed-rate average sank to 5.82 percent, and the 15-year fixed rate fell to 5.4 percent. The 1-year adjustable held at 5.53 percent.

The 30-year Treasury bond yield was down at 4.29 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average plummeted 237.44 points, or 1.83 percent, finishing at 12,743.44. The Nasdaq tumbled 55.61 points, or 2.14 percent, closing at 2,540.99.

Stock figures are current as of 7:30 p.m. Eastern Standard Time.

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Searching for a home can sometimes be a very overwhelming experience, especially in today’s real estate market. With so many homes on the market right now, good real estate deals are increasingly difficult to find.

But…there are bargains out there, for people who know where to look.

If you’re willing to do some research though, you will find that the foreclosure market in Virginia, Maryland and Washington DC has some of the best opportunities for savvy home buyers.

HomeZillBlog.com gives consumers the opportunity to subscribe to receive a free weekly foreclosure and REO list in their area of choice. A number of real estate databases have already compiled a list of over 550,000 foreclosure properties across the country!

Foreclosure properties can be a great investment, or if you want to get more home for your money, it can become a more affordable option than buying a traditional property. But don’t get ahead of yourself because they’re not a way to get rich quick. You need to manage the purchase in an educated manner.

Here are five tips to help you land a deal on a foreclosure property:

1. Know the different types of foreclosure properties, and the foreclosure process.

There are three basic types of foreclosure properties, representing different stages in the foreclosure process: notice-of-default (NOD) and notice of trustee sale (NTS), which are both pre-foreclosure properties; and real-estate-owned (REO), a foreclosure property which has been re-purchased by the bank. Once the lender officially reclaims a home, it becomes a real-estate-owned property (REO).

Pre-foreclosure: (Notice-of-Default, Notice-of-Trustee Sale) - Highest potential savings, Potential win/win scenario benefits all parties, Chance to evaluate property

Foreclosure: (Auction sale) - High potential savings, Immediate property ownership

Foreclosure: (Real Estate Owned (REO)) - Significant time to evaluate property, Traditional bank financing, Lender often rehabs property

2. Get Pre-Approved

It’s important for a buyer to be pre-approved before engaging in discussions with a seller. This ensures that the buyer is in a financial position to purchase the property, and is in the strongest possible position to negotiate. Having approved financing in-hand makes negotiations with both the seller and the lender easier, and may even make it possible for the buyer to simply cure the default and take over the existing loan to reduce loan processing fees.

3. Contact a HomeZill Agent

“Buyer’s representatives” have the home buyer’s best interest at heart, and are determined to find the right property and negotiating the best price for their clients. They have access to reliable professionals (attorneys, lenders, inspectors and title professionals) to ensure that the buyer is in good hands and has an enjoyable experience.

4. Do your homework

It makes sense to give any property under consideration a thorough examination. Here are seven steps for doing a professional-level exam.

CHART: Foreclosure Examination Process

5. Make a realistic offer

Two keys to a successful foreclosure purchase are diligence and patience. As a rule of thumb, the best savings can be made at the pre-foreclosure stage, where home owners can avoid a foreclosure and lenders can save the time and costs involved in going through the process. Another critical point in the process is immediately prior to the auction date, when all parties may be open to a last-minute agreement. It’s not unusual to save anywhere from 10-30% of market value on a foreclosure property, and certain properties offer savings of even 50% or more! These are definitely a rare find, but they’re out there, I’ve seen them with my own eyes! An educated buyer—one who knows how much is owed on the property and what its market value is—can usually come up with a realistic offer; one that offers significant savings, while meeting the requirements of the lender.

For a free list of foreclosure properties in your area, simply enter your email address in the box at the top of this page.

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One of the best parts of Thanksgiving is the leftovers. You’ll see your co-workers bringing in turkey and mashed potatoes for next couple days. You come home and make a turkey sandwich for a snack. Then you’ll eventually get sick of the same ole food and will have to wait another year for big feast. This year you can change it up. Here’s a suggestion for a recipe of Turkey and Stuffin’ Soup. Enjoy!

4 to 6 cups prepared stuffing
1 tablespoon (1 turn around the pan) extra-virgin olive oil
2 medium carrots, chopped, up to 2 cups of leftover baby carrots, chopped
2 ribs celery, chopped
1 onion, chopped
Salt and pepper
1 bay leaf, fresh or dried
2 quarts chicken stock
1 1/2 pounds light and dark cooked turkey meat, diced
A handful of flat leaf parsley leaves, chopped
1 cup frozen peas or leftover prepared peas, optional

Preheat oven to 350 degrees F and transfer stuffing into a small baking dish. Place dish in oven and reheat 12 to 15 minutes, until warmed through.
Heat a pot over moderate heat and add extra-virgin olive oil. Work close to the stove and add vegetables as you chop. If you are using fresh carrots, cut them into a small dice or slice thin. If you are using leftover baby carrots, cut carrots into bite-size pieces. Add celery and onion and lightly season vegetables with salt and pepper. Add bay leaf and stock and bring liquid to a boil by raising heat. Add turkey and reduce heat to simmer. Simmer until any raw vegetables are cooked until tender, about 10 minutes. Stir in the parsley, and peas, if using.
Remove stuffing from oven. Using an ice cream scoop, place a healthy scoop of stuffing in the center of a soup bowl. Ladle soup around stuffing ball. Your soup will look like a chunky matzo ball soup. Pull spoonfuls of stuffing away as you eat through your bowl of soup.

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The year is coming to an end and we are all exhausted from our rigorous work schedules. We want to relax and unwind with the people we love. One of our favorite holidays is right around the corner. Thanksgiving!! We all talk about how much we’re going to eat and the dinners that we’re going to attend. The turkey, mashed potatoes, stuffing, sweet potatoes, green bean casserole, and all the other good food that causes us to loosen our belts.

While most of us get to spend the quality time with our families, others are not so fortunate. I know you would like to sleep in and get those extra 2 hours of shut-eye, but you can actually make a difference this year for a good cause. In the Northern Virginia, Washington D.C. and Maryland areas, here are some places you can volunteer your time at:

SOME (So Others May Eat)
On Thanksgiving Day, this organization holds its annual Trot for Hunger beginning at 8:30 a.m. at West Potomac Park in Washington DC. DC Mayor Adrian Fenty is the Honorary Chair of the 5K fun run and family walk that benefits programs for homeless men, women and children.

Food and Friends
This organization provides meals to support men, women, and children living with HIV/AIDS, cancer, and other life-challenging illnesses. Volunteers assemble and deliver Thanksgiving meals.

Capital Area Food Bank
Make a monetary donation or help the Brown Bag program deliver Thanksgiving food baskets to needy senior citizens. This is the largest, public nonprofit hunger and nutrition education resource in the region.

Bread For the City
WHUR DAY (at the Old Post Office Pavilion) is a food drive, cash drive, and telethon to benefit Bread for the City’s Holiday Helpings Program, providing Thanksgiving meals to low-income families. Volunteers collect canned food and cash donations and load and unload trucks of food.

Salvation Army – National Capital Area
Donate money or host your own personalized Red Kettle to gather donations from others. The international Christian organization strives to improve the lives of the needy and provide holiday meals.

Washington DC Jewish Community Center
Volunteers prepare the Thanksgiving meal for people in need in the Washington DC metropolitan area. Bring family and friends to make stuffing, sweet potatoes, green bean casserole, desserts and more.

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Many of those who lose their home to foreclosure in Northern Virginia, Maryland & Washington DC, are often interested in buying a home after foreclosure as quickly as possible. While the foreclosure will stay on the former homeowners’ credit for 7-10 years, this does not mean that they won’t be able to qualify for a new home loan in a shorter period than that. However, it takes work to be able to qualify for a new home after foreclosure. The quickest way to get a mortgage after facing foreclosure is to save up 35% as a down payment. Some foreclosure lenders will loan up to 65% LTV (loan to value) of the home right after foreclosure, or while still in foreclosure. Of course, other qualifications may apply, and rates will not be great if there was a previous foreclosure involved. But from a lenders’ perspective, having a substantial amount of equity in the property will give the homeowner a new cushion to prevent them from becoming a victim to foreclosure again.

However, if the homeowner doesn’t plan on saving tens of thousands of dollars, then they will have quite a bit more work to do in order to receive a mortgage. They need to get to a point in which the foreclosure is just one small mark on an otherwise pristine credit history.

After foreclosure, it is always best to begin working on repairing the credit situation as soon as humanly possible. Get negative information removed, negotiate with creditors, dispute debts, and many other techniques can be used to raise up the consumers’ credit score by over 200 points. Getting a credit card with a small balance, using it, and almost paying it off every month is another great idea. This way, they can carry a small balance and generate some positive credit history every month.

Also, there may be a need to speak with a financial advisor to work out a budget and put together a savings plan. Building an emergency fund, so that any other financial hardship won’t have such a devastating affect, is a smart idea. This also shows a bank that there is extra money in a savings account, which will help the lender decide that the applicant now deserves a loan approval. It also shows a lender the good spending habits of the consumer after the foreclosure.

The foreclosure victim should not expect to get a 100% LTV loan for their next house. This is why it is key to save up at least some down payment plus closing costs in order to qualify for a good loan. It takes some work, but homeowners can bounce back to a pretty full recovery within a year after foreclosure, and experience all the joys and responsibilities of owning their own home, again.

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I came across this Centex Homes-Year End Saving Event ad in an email I received today. The sale includes brand new featured homes and town homes all over Northern Virginia with low prices and big incentives. You will typically find the best builder deals towards the end of the year (when builder’s need to hit certain numbers for their books), and when a community has only a few homes left. This particular sale includes homes in Ashburn, Gainesville, Lansdowne, Bristow, Stafford and Stephens City.

Call us at 888-998-9455 for any questions or if you would like to schedule an appointment to tour a community. You will receive an additional 2% cash back from your HomeZill agent if you decide to purchase any of these homes- but you have to call us before you visit to receive the extra 2% incentive! See info on the specific homes here.

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