Update: Will the 'Closing' Deadline for the Home Buyer Tax Credit Be Extended?

A quick update:  National Association of REALTORS is putting pressure on the federal government to extend the closing deadline so that buyers who ratified a contract for a home purchase by April 30th, 2010 but who can not close by the current deadline (June 30th) can still receive the tax credit if they were otherwise qualified.  This measure passed the House today, and could go to the Senate for a vote as early as tomorrow.  Stay tuned for more information as this story develops.

New Laws about Alternative Septic Systems

There are new laws - "Emergency Laws" - in effect now in the state of Virginia which regulate the maintenance and legal operation of so called "alternative septic systems". 

Alternative septic systems are anything that are not "conventional" systems.  Some common types include: Advantex, Delta Whitewater, Puraflo, Eco-flow and Sandfilter.  If you have one of these types of system (available only for the past 20 years), then these laws DO apply to you. 

Under these new regulations, HOMEOWNERS:

• Must maintain an Operations and Maintenance Manual.
• Must maintain a relationship with a licensed operator.  In most cases this means that you have to have a service contract, unless you are or you directly employ a licensed operator.
• Assure that the licensed operator visits, collects samples and makes adjustments as needed for proper maintenance of system and to be in compliance with the regulations.
• Make these records available to anyone who purchases the property.

In addition, if you have an "alternative" system in Loudoun County, you are required to have have an annual "1067" inspection.  The inspector must be approved by Loudoun County to conduct such an inspection (see link below of approved inspectors). 

The costs of a maintenance contract and the various inspections vary depending on your system, but shouldn't be more than a few hundred dollars a year. In most cases it will still be less expensive than paying a public utility for sewage services.

A note about contractors:

Please note that all contractors are not equal.  In Virginia, there are separate licenses issued for installers and operators.  Although one may carry both licenses, not all do.  Further, Loudoun has specifically provided a list of approved inspectors to be in compliance with their law... approved inspectors may or may not also be licensed operators or installers.  Personally, I suggest one stop shopping... hire someone that is a licensed 1067 inspector, a licensed operator and even a licensed installer, in case you need a new tank or drainage lines.  In my opinion, this will usually offer more seamless service and overall better maintenance.  Companies that can offer you all relevant services may even offer you discounts on larger repairs that fall outside of the normal maintenance realm.  On local company that offers this "one stop shopping" with licensed operators and installers and are approved to conduct 1067 inspections for Loudoun, is http://www.ses-company.com/.

Additional References:

Virginia Health Department

List of Licensed Operators in Virginia

Loudoun's list of "approved" 1067 Inspectors

View your Septic Records Online (Loudoun Co only)

Real Estate News This Week

"As goes the real estate market, so goes the economy" - this is what economists say, and recent years have truly supported that sentiment.... in fact, if the real estate market in America collapses, so does the whole US economy...and then the global economy. 

So, no matter whether you're a property owner, buyer, seller, renter, investor, if you have stocks, a 401K or IRA or simply have a job-or want one... it makes sense for you to stay in tune with the major headlines impacting our real estate market.  Here's a quick glimpse of this week's headlines:

The Washington Post reported this week that mortgage rates officially hit their lowest point EVER, with the 30 year fixed offering rates as low as 4.69%!  (SEE ARTICLE) It may be time to refinance, or re-visit the idea of moving into a new home!  Be sure to contact me for all of your real estate needs, or for a referral to a trusted lender.  If you're already in the market, be sure to check out our earlier post listing open houses this weekend!   Also, if you're thinking about buying, you don't want to miss the post from earlier this week on the 4 Cs of lending - how lenders review your loan application and determine your creditworthiness.

Fannie Mae is cracking down on strategic defaulters...the message being:  If you need to get out of a mortgage, you need to be working with a REALTOR to do a short sale.  (SEE ARTICLE) Those choosing to walk away may have some surprises in store for them.  If you're in a situation where you think you need to consider a short sale or other alternatives, I might be able to help... VChrisner@KW.com.

Our federal government, at the urging of the National Association of REALTORS has been toying with the idea of extending that home buyer tax credit.  Even though I think that NAR is a great organization and does a lot of important work on Capital Hill, this is one movement I just can't support.  In any case, as of Friday, it has't passed... we'll have to see how this plays itself out.  The movement does have momentum.  Stay tuned.

HousingWatch.com is predicting a housing shortage by 2015 in the Washington DC region.  What do they think that means for pricing?  They think that means we'll be back to 2005 pricing... but most economists and local REALTORS don't agree with that blanket statement.  I don't.  But, check out their article anyway (CLICK HERE)

Forbes.com published a really cool "migration" map...showing the migration patters of...AMERICANS!  Click on your county and see where people are coming from and going to! (SEE MAP)

Are you thinking of selling?  Here are a couple things you might want to check out:
Order a Market Snapshot (works anywhere in Northern Virginia, but you do need to enter your address, some info about your home and your correct email) - a report showing nearby comparable homes that have sold and that are on the market will be sent to you, automatically, in minutes...and it will be updated monthly and sent to you.  (No bulk emails, promise!) 

Are you in Leesburg or Loudoun?  Check out the independently prepared and audited reports showing the top brokerages in the area... You probably guessed why I am posting it, of course my office is #1 - again - for the umpteenth time.  If you want to sell, hire the best. 
Call or email me today: 703-669-3142  VChrisner@KW.com

 * * * * * * * *

Information on these subjects and links to the source reports are available on the Facebook fan page for "The Real Estate Whisperer"-become a fan today to be among the first to here about breaking news. 

To schedule a time to discuss your personal real estate situation, contact me today:

Vicky Chrisner

Keller Williams, Leesburg

Ofc: 703-669-3142

VChrisner@KW.com

Open Houses the Weekend of June 26 & 27

Looking for a new home in Loudoun?
Check out any of these open houses this weekend!
(Prices starting at only $151,000!)


http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-115247265-571

Don't see a home that is for you?
Shop online and stop using real estate web sites with outdated information! Go to http://www.vickychrisner.com/  - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use.
Great houses, but weekends are so busy!
For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com !
Would LOVE to buy - if we could sell first!
Order an automated Market Snapshot HERE - and find out what houses the sales activity in your neighborhood is like!  Or EMAIL ME to set up a time for a personal consultation.  You want an agent that will get you exposure, right?  Call me.

Lo Co Sells Properties with Delinquent Real Estate Taxes

PUBLIC NOTICE:  Loudoun County is offering for sale properties with delinquent real estate taxes on Friday, July 23, 2010 at the Courthouse Steps.  If you'd like more information about how these auctions work, please feel free to send me an email or call me.

Vicky Chrisner

Keller Williams Realty

Ofc: 703-669-3142

VChrisner@KW.com

The Four Cs of Lending

If you've recently gotten engaged or married, you probably can recite the principles you learned about the "4-Cs" as it relates to diamonds... and yet, when it comes to learning about the "4-Cs of Lending", most people pay far too little attention.  Well, if you're thinking about refinancing or buying a new home, this post is for you....

The 4-Cs of Lending:

Capacity - Do you have the ability to pay back the loan?  Here lenders look at your income and debts.

Credit/Character - Do you have a record of paying back your other debts on time?  This is where your credit report comes into play.

Collateral - Whatcha got?  With mortgages and home loans, this is the house that you'll be using to secure the loan.  With a car loan, the car is your collateral; with a secured credit card, you may have money in the bank that is used as collateral - it is whatever you're promising to give the bank if you don't pay your loan back as agreed.  With home loans, lenders look at the condition and value of the property and it's use...and value to you.  Primary homes are better collateral to a lender than an investment property - let's face it, we're all more likely to pay for the "roof over our head" than a place that we own but never personally use.

Cash - Never under estimate the value of cash.  With home loans, lenders look not only at your "reserves" (the money you have available to you should you get into financial trouble), but also the equity you have in your home (if you're refinancing) or the amount of your downpayment (if you're buying).  They want to make sure you have "skin in the game" - that if you lose the home to foreclosure, you are losing your own cash, too.

Take a look at this great chart which shows how lenders review loan applications and see how you rate - JUST CLICK HERE.  This chart comes to us courtesy of:

Marc Aymard

Sales Manager; Mortgage Loan Officer

Bank of America Home Loans

2936 Chain Bridge Road, Ste 300

Oakton, VA 22124

703-728-1759 - Mobile

703-319-5672 - Office

866-923-5409 - Fax

marc.aymard@bankofamerica.com

Open Houses June 19 & 20

Looking for a new home in Loudoun? Check out any of these open houses this weekend!

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=6931961783&p=DE-114641294-564

Don't see a home that is for you?

Shop online and stop using real estate web sites with outdated information!  Go to http://www.vickychrisner.com/ - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use.

Great houses, but weekends are so busy!  For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com!

It's a Grand Old Flag! (Flags and HOAs - New Law)

The Virginia Homeowner Alliance wants you to know there is a new law in Virginia that provides further protection to assure your federally granted right to fly the American flag!  HOAs should pay attention!

"This law specifically gives Virginians who live in homeowners associations the right to fly the American flag in accordance with federal law. It also restricts the kinds of rules homeowners associations can enforce against flag displays. The rules are limited to size, placement, and duration of the display of the flag. If the association wants to enforce its rules against a homeowner, it must prove that the flag display harms its interests."

Happy Flag Day!

Open Houses The Weekend of June 12th & 13th

Looking for a new home in Loudoun?
Check out any of these open houses this weekend!

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=37253050636

Don't see a home that is for you? 
Shop online and stop using real estate web sites with outdated information!Go to http://www.vickychrisner.com/ - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use. 

Great houses, but weekends are so busy!
For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com!


And, if you're in the market to buy, be sure and check out our previous post on Mortgage Rates!

Mortgate Rates Reach For New All Time Lows!

If there's one thing we've all learned for sure, it's that we truly are in a Global economy.  Unrest, like the continuing financial problems in Europe, affect investor mentality across the world.  Here in the US, investors are looking toward US Treasury Bonds as safer investment options.  This pattern is sending mortgage rates lower and lower, with the 15 year fixed rate reaching 4.2% - a new all time low.  The 30 year rate is about 4.79%.  Some think it's possible rates could drop further, and perhaps bring the 30 year fixed to a new all time low (lowest on record for 30 year fixed is 4.71%).

For those thinking of buying, selling, or refinancing, here's what it means - borrowing money has never been so cheap.  Now is the time to do it. 

Refinance if you're in at a higher mortgage rate - why not make your home more affordable to live in? 

Buy - If you're thinking of buying, don't put it off.  You can afford more home now than you could a year ago.  For every 1% increase in your interest rate, you qualify to pay 10% less for a home.  Let's say today you have your eye on a home that is $500,000.  If rates increase 1%, and you want the same mortgage payment, you'll have to find a home that costs you no more than $450,000.

Sell - Values have been climbing recently, and buyers have buying power now.  It's a great time to sell.  If (perhaps we should say WHEN) rates increase, it could potentially put further downward pressure on prices for those sellers that really need to sell... and if that is not you, you could be in your home for a long while waiting to "ride out" the storm.  And, in case you're still in denial, we're not likely to see conditions like we did back in 2005, and if we do, it is not going to be anytime in the near future.

For a private consultation about buying or selling, please contact me directly:

http://www.vickychrisner.com/

703-669-3142