Location, location, location! This week our featured properties are all located in Manassas Park.
Manassas Park is home to many newer properties, and the prices have dropped significantly. So when looking for a new home remember you can always renovate it to your liking, but you can’t change the location, so pick a good one.
This week, we’re taking a look at some homes in different ranges, all of which were found through AOL Real Estate online.
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Since one of the most frustrating parts of looking for a new home, is chasing one that turns out to be unavailable, Patch’s House Hunt only lists the latest active listing.
As some real estate terms are often confusing or misleading, check out our terms of the week to help clarify terms often used in ads or when speaking with your real estate agent or banker.
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Bi-weekly mortgage: A mortgage that is paid every two weeks versus the typical monthly payments. By doing so, a borrower ends up paying what would equal 13 months of payments in a year. This extra payment will help reduce the principal and subsequently reduce the life of the loan.
FSBO: This acronym simply means the property is for sale by the owner. This is a good term to know, as many homes currently on the market are for sale by the bank.
Down payment: A part of the purchase price of the real estate property that is not included in the mortgage.
Buydown: Typically, this term refers to a fixed-rate mortgage where the interest rate is "bought down" for a temporary period, normally about one to three years.
After that time is up, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller, or some other source, as a financial incentive to induce someone to buy their property. A "lender-funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment a present.
1. Featured Properties:
Address: 9406 Sonia Ct Manassas Park, VA 20111
Community: Blooms Crossing
Price: $364,900
Beds/Bath: 4/3.5
Sq. Ft: 2,105
Stories: 3
Year Built: 2001
MLS#: MP7603993
2. Address: 9310 Jan St, Manassas Park, VA 20111
Community: Blooms Crossing
Price: $ 349,900
Beds/Bath: 4/2.5
Sq. Ft: 1,972
Stories: 3
Year Built: 1994
MLS#: MP7607210
3. Address: 9263 Kristy Dr, Manassas Park, VA 20111
Community: Belmont Station
Price: $ 190,000
Beds/Bath: 2/2.5
Sq. Ft.: 1,188
Stories: 3
Year Built: 1994
MLS#: MP7640911
Status: Active
4. Address: 9724 Holmes Pl, #301, Manassas Park, VA, 20111
Community: The Reserve
Price: $149,900
Beds/Bath: 2/2
Sq. Ft: 1,490
Stories: 1
Year Built: 2007
MLS#: MP7626122
If the listings above are not what you’re looking for, check out AOL Real Estate for more. And if you’ve checked out one of featured homes or any home listed on AOL Real Estate, be sure to drop us a line and let us know what you think. Next week, we’ll feature some million dollar homes.