Inspections

One of the most important things to complete prior to buying a home is your home inspection. This is typically done within the first 10 calendar days after your contract is ratified. Be sure you hire a home inspector who is certified!

Your Home Inspector will walk through the house with you checking all the the basic systems and appliances. This is a visual examination, meaning they point out what they can see with the naked eye.

Your inspector will make a note of anything that they feel might need repair, with special attention to anything they deem a "major issue". These items can become points of negotiation between Buyer and Seller.

Here are a few other inspections/tests that may be recommended for your purchase:

• Radon
• Mold
• Lead Based Paint
• Termite (Wood Destroying Insect includes Carpenter Bees & ants are typically included)

These inspections are common for this area, but are not a comprehensive list as inspections vary based on the age of the home being purchased, the requirements of the lender, and the needs of the Buyers and Sellers.

For more information, inquire on our website:
www.yourprp.com

Spring in Real Estate

Good Morning Northern Virginia!!
I know that it's bleak and foggy and 42 degrees but I can assure you that Spring is here in Real Estate!
For those of you who don't follow the Real Estate buzz-words, let me explain. In my 8 years in Real Estate I've noticed some generally expected trends. These trends tend to occur within the same general time-frame every year.

One of these trends that gets a lot of hype is the "Spring Market". Which can be loosely defined as; "the time that buyers stop hunkering down for the holidays and start shopping for homes again". Most years we see a Real Estate Spring between mid February to Mid-March. This year our "Spring" started a few weeks ago and is in full swing now!

Just as an example, my last post was about 4 open houses we hostessed this past Sunday. Of those four homes, one was under contract by Sunday (went on the market Friday). Two others we are expecting offers on within this week. Also two of the Realtors I work with are writing (or have written and submitted) offers on other homes in the area.

What does this mean for you? Well, if you're a Buyer...it means you absolutely MUST have your lender letter with you before you start looking at homes. This is generally a best practice anyway, but it is an absolute necessity in "Spring". It also means you won't always have days to decide if you really want to write a contract like you would have a month ago.

If you're a Seller, this means it's a great time to put your home on the market. But be mindful of your comparables and don't price yourself above the market. This is a great time to take advantage of our FREE 1 hour Real Estate Business Planning appointments. No obligation. No hard sell. Just an honest assessment and valuable information. Email us if you'd like to schedule an appointment.

Open House Extravaganza!!

This weekend we are hostessing 4 open houses in Northern Virginia!

Here are links to the online listings for these homes so you can inquire if you would like to see them!

10102 Copper Court, Oakton  $939,000 Open Sunday 12-3

5 Bedrooms, 5 Full baths 2 car side load garage. Full front porch, screened rear porch and finished lower level with wet-bar. Gorgeous Granite in the gourmet kitchen!

43102 Center Street Chantilly $339,000 Open Sunday 1-4

Townhouse with 3 level bump-out. NEW Granite! Carpet, Stainless Appliances, Microwave, Water-heater and blinds all installed within the past year or so.

5200 Cannes Court, Alexandria - $369,900 Open Sunday 1-4

3 Bedroom, 3.5 bath townhouse in Alexandria $369,999

13138 Morning Spring Lane, Fairfax $434,900 Open Sunday 1-4

Single Family home with two car garage, 4 Bedrooms 2.5 baths. 

If you or anyone you know is interested in living in one of these areas, come on by and chat with us!

This Just In!

We listed two homes for sale in Loudoun County Virginia today that we're very excited about! A small summary for each home can be found below. For more information about all of our listings, click this link for our featured properties list 




Balls Bluff Road, Leesburg
A lovely brick front Single Family Home with new roof, siding, windows, HVAC, sump pump and interior paint all within the last two years. A GREAT value at $365,000
See the virtual tour here

Center Street, South Riding
A fabulous townhouse with a 3 level bump-out, finished lower level, deck upstairs and down and a fenced yard. You'll love it!
See the virtual tour here



It has been a very busy, very exciting week! I can't wait to see what next week is like! The spring market is early for 2012!!

Two for the Market...

Today we put two fabulous homes on the market!
This Stunning Luxury 5 Bedroom, 5 Bath single family in Oakton, Virginia. This porch makes me dream of summer evenings with a cool beverage and a good book, or some good company! There's also a screened porch on the back and dozens of other enchanting details.

Come to our Open House Sunday January 22nd from 12-3pm!!

And this beautiful Short-Sale townhome in South Riding, shown by appointment only.

We have two more homes going on the market tomorrow! One in Leesburg and a single family home in South Riding, a very attractive community in Chantilly, Virginia. Watch this page for updates!

OPEN SUNDAY 1-4 in Alexandria!

This fabulous three-level townhome is all brick with a fenced yard and spacious deck facing trees on the side. Three Bedrooms, Three Baths, finished lower level with Recreation room. Hardwoods, granite & new paint! Excellent location! Close to major commuter routes!

Click there for the Virtual Tour

Short Sale FAQ's

In this Real Estate market I get asked all kinds of questions about Short Sales. I thought this would be a good day to do a quick FAQ list about Short Sales. If you have a question I have not answered here, please let me know and I will answer it for you if I possibly can!

Questions Buyers Ask:

1. ARE SHORT SALES REALLY A BETTER DEAL? They can be. However, I would not count on that. See, when you first offer on a short sale the Seller has to agree to your offer to submit it to the bank, right? But there will be a Short Sale Addendum attached to the contract that says the Seller has no actual control over the terms of the contract. EVERYTHING in the contract becomes subject to what the lender will agree to. So some lenders might agree to a great deal on certain loans, but they also may not.
2. HOW LONG WILL IT TAKE TO GET APPROVAL? Well that depends. In some cases it takes only 3-4 months to get approval for a short-sale. I have one file going on a year. The honest-to-goodness answer is "We'll know when we have approval". I can tell you there are some key factors that can make the process take longer:
1. How many mortgages are there? Ideally there is only one, two means two banks and two negotiations and so on.
2. Who is the bank?
3. Who is negotiating with the bank? Is it the Seller, the Realtor, an Attorney or a third party negotiator?

Questions Sellers Ask:

1. CAN YOU PROMISE ME I WON'T HAVE TO PAY ANYTHING? The short answer to this is "No". As I mentioned in #1 Above, the terms are 100% subject to bank approval. I have no actual control over what the bank will approve. We can negotiate on your behalf, but we can't make any promises about what the bank will or will not do. We can tell you that if the bank's terms are not something you are able to comply with, you do not have to proceed with the sale.
2. HOW LONG WILL IT TAKE? - Same answer as #2 above, with the added caveat that the bank will ask for updated information periodically, and the quicker you get it to us, the quicker we can get it to them.
3. CAN THEY COME AFTER ME FOR THE DEFICIENCY? This is a case-specific question but again the short answer is this. If the Short Sale approval letter states that they are waiving deficiency rights then No, they can not. If they letter does not say, then they might but they also might not. If it is an investment property they almost always will at a minimum send you a 1099 at the end of the year. Your accountant can advise you with regard to how that affects your taxes.

These are some of the most common questions we are asked about short sales. Of course each case is unique based on the individual situation of the sellers. I am happy to answer any additional questions via email or comments.

Buyer Beware

Hello and Welcome to 2012!
We are excited for a new year of changes! One of the biggest changes that is happening for us right now is to the Northern Virginia Regional Sales Contract. Virginia is a caveat emptor state which means "let the Buyer Beware". This year the contract has changed to embrace that idea a bit more fully. Our team has been in several training sessions to learn the ins and outs of the new contract. And while first time buyers may not notice these changes, Sellers who have done this once (or multiple times) before may be really excited about these changes. Just a few of these changes are noted below.

1. Conventional, FHA and VA financing all have their own addendum, separate from the contract pages but intended to be included with the contract
2. The requirement for Plumbing, Heating, HVAC, and Electrical (major systems) is completely different. These items will now be negotiable after the home inspection, which may lead to buyers and sellers playing the game of "how badly do you want to buy/sell this house?".
3. Well & Septic testing has changed, which may help out our clients & friends in western Loudoun County may find that interesting.

That's just a brief summary of a few points that we've discussed. We are here to help you navigate the new contract whatever your questions or needs. We would love to hear from you!

FIRST TIME BUYERS - CLICK HERE FOR MORE INFORMATION