Prevent Mold Growth

I am just firing off a quick little post to address the many wet basements and such we have in our area.  Sadly, flooding and mold is something I have had to deal with - a lot - over the years.  I hope you can benefit from my experience and training.

MOST IMPORTANT RULE: 

To prevent mold growth, all wet areas must be thoroughly dry within 72 hours.

Some tips:

1.  Solve the problem - do not wait on your insurance adjuster.  You have a responsibility to mitigate your damages.  Take some pics and then get to work.  (Note:  I don't think there is any insurance out there that pays for damage from mold!!!  It's super important you don't wait for your insurance guy to show - I can not stress this enough.)

2.  How did the water get in?  If you have something that is clearly leaking from the outside, at least rig up something to temporarily assure more water will not be entering your home.

3.  Got standing water?  Get rid of it.  The fire department will come and soak up water if you have a lot.  You also can call almost any carpet cleaning company - check their web sites or call and ask if they offer emergency services.  This is an emergency!  They will bring water extractors and start sucking the water up and out.

4.  Swishy carpet?  Generally for carpeted areas (assuming it was soaked), you must pull out and dispose of the padding underneath and pitch it.  However, you *may* be able to save your carpet.

5.  Wet drywall?  Cut it out and get rid of it.  You can not dry drywall (assuming it got soaked through) within 72 hours so don't try - cut it out and allow the wall behind it to air dry.  Trust me on this. 

6.  Get fans.  Buy them, rent them, borrow them... whatever you have to do.... get them.  "Carpet fans" are made specifically for the purpose of focusing air flow UNDER a carpet, between the carpet and the subfloor - where the padding that you just threw out used to be.  This is the best way to try to save the carpet.  If you don't do this, you will have mold and you will end up having to replace all your carpet, and possibly even subflooring in some cases.  If it is an uncarpeted area, sop up the water, mop up the water, and keep the air circulating.    Remember to turn on any "whole house" fans and dehumidifiers that you have, too.

NOW you can wait for your insurance guy.  Remember to keep receipts for everything. 

Sorry you're going through this... but I hope this post helps a little.

Your Favorite Real Estate Expert

Vicky Chrisner

Keller Williams Realty

703-669-3142

http://www.vickychrisner.com/

Castles to Condos

Thinking of changing your address?  From Castles to Condos, I can help!

I am proud to be sponsoring the 2011 Holiday Tea with Cinderella and Her Friends.  I sponsored and attended with my daughter last year for the very first time, and I was incredibly blown away.  I have  never been to such an amazing event! 

• A formal tea party. 
• A ballet.
• Dancing.
• Pictures with the Fairy Godmother & Cinderella.
• Gifts for every attending princess.

And did I mention it benefits Blue Ridge Speech and Hearing?  They work with people that have speech or hearing deficits, and as a non-profit, their services are available regardless of the family's ability to pay.  It's a great cause!

Learn more about this event by checking out the links below:

 - Facebook page

- Blog

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And, remember... Castles to Condos, I can help! 

Let me help you make your real estate dreams come true!

Start shopping for your new home in Loudoun or the Dulles area by clicking here!

Thinking of selling?  Check out my advice for sellers: Ready, Set, Sell!

Better yet, reach out to me today for your own personal consultation:

Vicky Chrisner

Keller Williams Realty

www.Facebook.com/TheRealEstateWhisperer

http://www.vickychrisner.com/

703-669-3142

VChrisner@KW.com

The Ironic Story of How My Dad Bought A Home

In honor of Fathers Day, I wanted to post a real estate story about my dad.  There are many to tell, as my dad has been a builder for most of my life, and I have been watching and learning the entire time. 

But today I have decided to share with you how my dad made his first real estate investment.  Talk about sweat equity!  Ha! It's a rather unusual story, but then again, most stories about my dad are.

When I was in preschool, Dad built 4 homes on Vale Road in Oakton. We were in a recession, and the developer couldn't sell them and therefore couldn't pay my dad. That was a problem.

So, the developer offered my dad a house. The cost of one house was approximately what he owed my dad for building the four. Reluctantly, Dad took the offer. He'd never been a homeowner before and we were currently renting a home owned by his sister.

At the time, my dad would have said he got a bad deal. Plus, he was "forced" to live in a house he didn't want. The entire time we lived there he complained "If I'd known I was building this house for myself, I'd have.... (fill in the blank)."

In hindsight,  he'd tell you that was a great deal. Who knows when he would have gotten around to purchasing a home....but he's been a homeowner ever since. He sold that one when my parents divorced a few years later and they each took their "half" and bought another. Eventually, developers came and pushed Dad out of his last house and now he owns a gorgeous piece of property on Goose Creek in Leesburg and lives in a home he built for himself... one he intended to live in...and he owns it free and clear.

You see, if you pay down your mortgage and hold onto your house, in the long run, it's one of the best financial investments you can have.  The key is long term ownership.  That's the best investment lesson I've learned in my life, and watching this ironic story develop is one way I have learned it.... and today I decided to share it with you.

Are you read to buy today?  If not, start thinking about it.  The earlier in life you begin owning the more you'll appreciate it down the road.

Vicky Chrisner

Real Estate Consultant

Keller Williams Realty

703-669-3142

Other posts you may like:

(About my dad): Living With A Hero

(About homeownership): What Our Grandparents Taught

It's Summertime! Feelin' the Need to Get Away?

Ahhhh! Summer is upon us.  Time to head for the hills?  Chillax on the lake?  Smell the salt air and listen to ocean waves?  No matter your style, remember that vacationing requires you make a real estate decision.  This isn't just activities here, you gotta stay somewhere.  Sure, you may choose a hotel, but if you have a  family or a group of more than two, a house or condo will likely offer you better accomodations for less.

For my friends and clients, I want you to remember that I am here to help with ALL your real estate needs....this means your vacation needs, too!

Did you know that...

You can find vacation rentals on my web site... anywhere in the DC Metro area, including, but not limited to Ocean City Maryland! (Our closest beach makes a great getaway, and we really enjoyed Sunset Island when we rented a condo there.)

http://www.vickychrisner.com/

Just click on the Property Search option.

I have a client that specializes in building riverside cottages and mountainside chalets about an hour from here - about half our sales are weekend getaway homes for people who reside in Loudoun, Fairfax or elsewhere in the DC Metro area.

http://www.lvc-homes.com/

I have connections to REALTORS all over, many of which specialize in vacation rentals or the sales of vacation homes. So send me an email and tell me your favorite vacation spot, and I will happily connect you to someone who can help you.  For Spring break this year, my family spent 10 days in sunny Orlando in a fabulous three bedroom, three bath, two level townhome for about $1000....minutes from Disney. That's a steal and if you ever want to take advantage of the same deal, all you have to do is ask.  The owner is a friend of mine, and a REALTOR/Broker in the Central Florida area.

Please remember... when you have a real estate need, ANY real estate need, I have real estate solutions!  You'd be surprised at the resources I have at my disposal....and I really do want to be your one stop real estate resource.  (Plus, I might want to stow away in your suitcase.)  :D 

Challenging Your Real Estate Assessment Gets Easier

Aha! An interesting little legal change going into effect July 1 (which will impact local real estate tax assessments beginning Jan 1 of next year):  The burden of proof in Assessment Appeals will be lower. 

After January 1st, localities will have specific burdens to provide you with evidence of their reason for reassessment of your VA properties.  Further, if you appeal an assessment you no longer have to provide "clear and convincing" evidence (80%+ convincing) of a lower valuation... you only need to provide a "preponderance" of evidence (51% convincing). 

If you've ever challenged your assessment you probably know it wasn't too terribly hard to get it changed.  But, now it's going to be even easier. 

Wow.  I have to wonder how this will impact our overall county budgets.  I guess we'll have to stay tuned.  In the meantime, if you'd like to keep tabs on the market in your neighborhood, check out this great web site.  You can order an automated monthly report showing you sales in YOUR neighborhood. 

www.SalesInMyNeighborhood.Info

Interested in staying up on news like this that affects us all?  Join my Facebook page:

www.Facebook.com/TheRealEstateWhisperer

New FHA Requirements?

I keep hearing mumbling within the real estate about these "new" requirements for FHA loans.  It may surprise you to know most of them aren't really new requirements at all; they're old.  It's just that now they are being enforced.

To understand what I am about to tell you, it's important that you recognize what an FHA loan is. On a basic level, it's a loan requiring very low down payments.  Since that makes it riskier for banks to do, the Federal Housing Administration insures the loan against default.  It works just like your homeowner or other type of insurance.  If the lending bank has a loss because of your default, they file a claim and according to the policy guidelines get reimbursed for all or part of the loss.

In the good old days, when the word foreclosure was rarely uttered, underwriters were waiving FHA requirements... allowing exceptions.  This happened often.  But, now that we're seeing short sales or foreclosures, both of which are a "default", on FHA loans, the banks are having to file claims so they can be reimbursed for losses on these loans.  It's happening enough that the FHA itself is suffering.

So the FHA, or others are their behalf, are conducting audits.  In the audits, they are scrutinizing the exceptions that underwriters have allowed, and they are not paying on many of the claims.  This results in banks telling underwriters they can not make exceptions on the requirements.... and so, old requirements are being enforced.

It's true what they say,  "There is nothing new under the sun." Time and time again I find this old adage holds true, especially in the real estate world. 

=================================

If you find insights contained in this blog helpful, please consider joining the coordinating

Facebook page: www.Facebook.com/TheRealEstateWhisperer

If you would like personal advice regarding the purchase or sale of property in the Dulles area,

reach out to me directly:

Vicky Chrisner

Keller Williams Realty

703-669-3142

VChrisner@KW.com

http://www.vickychrisner.com/

Please note that I can not provide insights regarding properties or real estate transactions outside of Virginia,

except to refer you to a professional in your area (which I am happy to do). 

Buyer Beware (Part 2: Chinese Drywall)

Drywall made in China and put into homes here in America between 2003 and 2009 has caused serious issues.  It erodes wiring, copper pipes and can make you sick.  You'd want to know if you were buying a home that had chinese drywall wouldn't you? Of course you would.

There's a tiny bit of good news here.  A newly passed law (Senate Bill 942) addresses this exact issue.  It requires real estate agents involved in a transaction who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to the prospective buyer or tenant.

But, would a real estate agent know of the Chinese drywall if it was in the home?  Quite honestly, we might not.  The most likely way for us to know of it is for our sellers to tell us that it exists.  But, we don't standardly ask this, and many owners may not even know of its existence.  Even if they notice that wiring is corroding, they may not know why.

The burden of discovery remains heavily with the buyer. Check out this post (click here) to learn how to recognize Chinese drywall, and always, always have a professional home inspection.  It's not standard, so specifically request that your inspector note if he found any issues that could be caused by Chinese drywall and if he recommends further examination.

Buyer Beware! (Part 1:Snake Infested House)

This poor, poor couple! They bought their "dream home" only to find out that under their home is a snake den with thousands of snakes. In fact, the home had been on TV even before they'd purchased... and no one told them. I found the story on a social networking site where the question was asked:  "Did the seller have to disclose this to the buyers?"

So, do sellers have to disclose such things?  The answer varies state to state.  In Virginia, the answer may shock you. 

In short: NO.  Here, it's "Caveat Emptor" or "Buyer Beware".  You, as the purchaser are required to do your own due diligence and discover defects of the home on your own.  In this case, the home was bank owned, so it's very likely that the bank didn't even know of the issue.

Real estate agents in Virginia have a heavier burden of disclosure than sellers.  If any agent in the transaction has knowledge of a "material defect" about a property they are required to disclose it.  A material defect is any thing that might impact a buyers decision about purchasing or what to pay for it....for example thousands of snakes taking up residence under the home.  I am pretty sure that qualifies.

Without relying on someone knowing of the issue and disclosing it, how would the buyers discover this on their own?  I watched the video, and wondered how they didn't notice thousands of snakes sooner... unless perhaps it was colder weather and the snakes were in hibernation.  Assuming that was the case, there were still opportunities:

• The owners said the water smelled badly.  Didn't they turn on the water in the home before they purchased?  
• Did they have a government loan to purchase?  If so, many government appraisals require appraisers to inspect the crawl space - where it would have been (hopefully) noticed that there was an infestation.
• Did they have a home inspection?  A home inspector should have had many opportunities to flag issues - inspecting the crawl space, the smell of the water and likely several other issues.
• Did they have a well and septic inspection? Water tests?  These are standard in our area, and also provided opportunities for the buyers to learn of the issue.

And what about the real estate agent?  In the video they said their agent had noticed the water smell and put bleach into the water system to try to get rid of the smell.  That made me gasp. 

Homes which have well water and sit vacant for extended periods of time do develop bacteria in the well and the water system... and often bleach is used to "shock" the system and kill the bacteria.  Then the pipes all need to be thoroughly flushed (because drinking bleach can kill you).  That's all normal, but this is NOT the job of a real estate agent.  Ever.

I don't know if that agent was the listing agent or a buyers agent.  Buyers agents have a higher duty to disclose things to the buyers, so it is an added layer of protection.  That may or may not have helped in this case, but I like to think as an experienced buyers agent I would have seen "red flags" that those buyers just didn't see.  If their buyers agent had noticed that smell and attempted to cure it without advising the buyers, that would be a major, major issue.

So what are the take away lessons here:

• Buying a home is a MAJOR financial transaction and impacts more than just your finances.  This is about your life!
• In Virginia, remember "Buyer Beware!"  There is very little that a seller is required to disclose, and his agent will only disclose things they have actual knowledge of and that they believe are material defects.
• Hire good people to competently represent you and look out for your best interests.  This means a hire buyer's agent, a good one, and follow their advice.  Have the home, well and septic inspections and water tests which will be recommended by your agent, and use the professionals they recommend.  Experienced agents have  a group of experts they've used before and who they know they can rely on to conduct these tests and others as needed.  These things are not designed to complicate the home buying process or to make it more expensive.  It's to help you.
• Keep your eyes wide open during a transaction.  Do not become overly emotionally involved in any purchase.  It's better to walk away from a good deal than to be trapped in a bad one.

Who's Afraid Of The Big Bad Wolf?

I am not afraid of the 'Big Bad Wolf' blowing my house down...  but with all the tornadoes lately, I am a little concerned about a tornado blowing my house down!  So I sent an email to my insurance agent to ask some questions about my coverage and "typical" coverage in our area.  Specifically, I asked about hurricanes and tornadoes....and I thought I'd share what I learned with you. 

-  Tornado damage is considered wind damage, and wind damage is covered!  (Score!)

The dwelling and contents are covered up to their applicable limits specified on the declarations page of the policy.  I have State Farm, whose policies have one deductible applicable to property losses. The deductible applies one time per loss. So one tornado causing losses to the dwelling and contents would only have the dedictible apply once for all the damage. (Good news! Just what I wanted to hear!)

- Hurricane damage is also covered, BUT.... (Yikes...I don't like 'but's)

Just as stated above, the dwelling and contents are covered up to their applicable limits.  This includes wind damage and wind blown water damage (hurricanes are wind + rain usually). In rare cases you might see policies with a separate, higher deductible for hurricane losses, even in our area (my policy is not that way). 

 

Where you get into gray areas is where homes sit on the edges of the ocean, rivers or lakes where the storm surge caused by the barometric pressure of the storms and high winds force the ground water in the ocean, rivers, and lakes inland. That's considered a flood and flood insurance is needed. The difference is if it's wind blown or surge. It can be a very fine line since wind has a part to play in surge too. Many people think poor drainage on their property/house is a flood and would be covered if they had flood insurance. Not so. Generally, to be considered a flood there has to be standing water over 2 sq acres or your neighbor has to also experience the same water damage effects.

Hmmm.... Should we be worried about flooding?

 

When you buy a home you will probably have a flood certification done.... this is where someone certifies the risk level of your home flooding.. and based on that risk level, you may or may not be required to carry flood insurance.  But, if you're not required to have flood insurance, does that  mean your home can't flood?  No.  It doesn't.  No one can guarrantee that your home won't flood.  So, assess your risk tolerance, and talk to your insurance agent if you feel you need insurance for this type of event. 

I would like to thank my insurance agent, John for his contributions to this post.  He's been an asset to me many times over.  If you're looking to change agents, give John a call.  His rates are competitive and the service is great...and HE is a delight.

 

John G Lindsay Ins Agency Inc

State Farm Insurance Agent

(703) 777-5547

831 S King St, Leesburg, VA 20175

Disclaimer: Please remember, my insurance agent gave me answers about MY policy (not yours) but I have a fairly standard policy for the Northern Virginia area. His contributions are noted in red below. Please note that policies vary LARGELY in different regions.... so you are encouraged to check with YOUR INSURANCE AGENT about YOUR POLICY.

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The Land You Love in is a Flood Zone?

No worries! I would also like to tell you that I have a great client, Licking Valley Construction, who builds homes and enjoys building homes in the flood zones.  Strange as it may seem, he knows that living on a river or lake can be worth certain risks, and he knows how to minimize those risks.  For example, he builds elevated homes on columns... like the photo on the left, which results in a minimal requirement for flood insurance since the finished space is well above the flood zone.  Check them out!  http://www.lvc-homes.com/

Nifty Tool - Average Appreciation (Depreciation) Rates

I stumbled upon this "nifty" tool on the FHA web site.  It has a calculator that uses average appreciation/depreciation of a market place (either by state or by Metropolitan Statistical Area) to guesstimate what your home would be worth now.  

You need to know when your house was purchased, what you paid, and where your home is located.

Since I own a property in Loudoun County, and we're "technically" part of the Washington DC Metropolitan Statistical area, I ran mine a couple of times.  

• First I indicated my property was in the Washington DC MSA... the value projected for today was way too high, but the value it says my home had when I last had it appraised (2005) was actually low compared to the appraisal.  
• Then I indicated my home was in Virginia.  Today's estimated value was still a little high, but it was relatively close.  When I look at its estimated value in 2005 when I had that appraisal done, it was very, very low comparatively.

OK, well... maybe it's not a great tool for projecting the value of your home - no automated valuation system is, especially when it's this broad.  But, I still found it to be pretty neat.  Check it out:

FHA's HOUSE PRICE CALCULATOR

If you'd like to take a look at an automated report that will provide you with accurate and specific data, order a market snapshot.  It will show you the homes in your neighborhood that are for sale or that have actually sold. From this you can estimate the value of your home better than FHA's House Price Calculator.  Get that report at:

www.SalesInMyNeighborhood.info

If you're thinking of selling, nothing compares with market data from a local real estate expert. Call meand let me help you make an educated estimation of the value of YOUR home.

Vicky Chrisner

Keller Williams

703-669-3142

VChrisner@KW.com

Service Animal or Companion Pet?

I often get questions from prospective tenants and landlords about pet restrictions.  One thing that has been clear for a number of years is that service animals (think 'seeing eye dog'), under the Americans with Disabilities Act ("ADA"), are not pets. 

This is not just a real estate issue, it impacts lots of businesses... restaurants, stores and hotels that normally don't allow pets, have had to permit service animals under the ADA for many years.  Landlords are no exception. 

Then a few years ago there was a new term: "Companion Animal" which got grouped together with service animals.  Basically, this is an animal that is not specially trained to perform a task but who benefits their owner by providing companionship.  These animals were "prescribed" for conditions like anxiety and depression; we often saw them prescribed for the elderly, or children who have suffered emotional trauma.  But, I will be honest, this was abused.  I've seen it.  People would get their doctors to write notes that said the animal was required so that they could by-pass the rules.  Then, landlords, hotels and property managers were forced to accept "companion animals" just like service animals. Not so any more, according to a new ruling by the Department of Justice.  Take a look at the fact sheet by clicking HERE.

Under this ruling, service animals must be trained to perform a function.  This may be the more common "seeing eye dog", but there other services animals can provide, like recognizing the onset of a seizure, helping to operate a wheelchair or assisting someone with other daily living activities.

Professional landlords and real estate agents who are unfamiliar with how the ADA impacts them and their business should read up.  To my fellow real estate agents, let me say this, I often see you breaking the law.  You are required to follow Fair Housing Laws.... and when you represent an owner, they are required to, too.  You, nor your client, can refuse to rent a home to a person with a disability because they have a bonafide service animal.  Let me say it again:  A service animal is not a pet.  You can prohibit pets.  You can not prohibit service animals.  Not sure if I am right? Below are a couple of web sites for you to check out, and I urge you to attend a Fair Housing training and seek legal counsel to educate yourself further.

Read the Fair Housing Laws on HUD's web site

See What Virginia's Dept of Occupational Regulation says about "Reasonable Accomodations" - specifically service animals

Selling 101: The Role of the Listing Agent

We know that the life situations that prompt people to sell homes are usually among the most stressful things we deal with in life: Marriage/Divorce, Growing Family/Shrinking Family, Relocation, New Job/Loss of a Job, etc.

On top of those major stressors, homeowners have the daunting task of deciding the best way to manage what is usually the major financial investment they have ever made. Will you sell? Should you become a landlord? What options do you have?

If you’re feeling overwhelmed, you’re not alone. It’s normal. But, let’s face it… this could be enough to make you “lose it”, it could put you “over the edge”. You might make bad decisions if you don’t have someone you can trust to guide you.

That is where I come in. I provide you with a proven methodology, with information, and options. My job is to help you analyze your situation and come up with a plan and then to actually carry out much of that plan for you.

The service you need. When you need it.

If you invite me in for a listing interview, I will ask you many questions so I understand your unique situation. Then I will share some of my information with you, tell you about options and make suggestions. Together, we’ll come up with a plan and implement it.

Once we get an offer, I will represent you competently in negotiations. I will get you the best deal I possibly can, according to the priorities you’ve shared with me. I will coordinate all the 'contract to close' activities to make sure everything goes as smoothly as possible. I will be working to protect your interest at all times.

After your home is sold, I don’t plan to disappear. If you need help later, if you have questions, if you can’t find documents…. I am here for you. My promise to you continues….

The service you need. When you need it.

Real Estate Tax Exemption for Disabled Vets (Virginia)

Real estate taxes in Fairfax and Loudoun are pretty high, but we get some great stuff in return - benefits I don't mind paying for. That's probably what our Vets here thought, too... until they became disabled. With less income, it becomes much more of a burden to pay for all of that infrastructure. And now they can get a pass!

Virginia voters authorized a new real estate tax exemption last November. The legislation provides for an exemption from county real estate taxes on the principal dwelling and up to three acres for veterans with a 100 percent service-connected, total and permanent disability. Persons desiring the exemption are required to file the necessary form and provide qualifying documentation. This exemption is also extended to the veteran’s surviving spouse, so long as the death of the veteran occurred on or after January 1, 2011, the real property is maintained as the survivor’s principal residence, and he or she does not remarry.

If your home is in Fairfax, go to this web site for more information and forms: http://www.fairfaxcounty.gov/dta/realestatetax_disabledveterans.htm

If your home is in Loudoun, you can apply by going to www.loudoun.gov/taxrelief-forms, by calling the Commissioner’s Office at 703-737-8557, or in the Commissioner’s offices in the County Government Center in Leesburg or the Loudoun Tech Center in Sterling.

In other counties contact your local taxing authority.  Applications should be available throughout the state.

I would just like to take this opportunity, from the bottom of my heart, to thank ALL our Vets for their many sacrifices... sacrifices I am not brave enough to make personally. What would I do without you? You are all HEROS to me. THANK YOU FOR YOUR SERVICE.

Play Houses That ROCK

I saw this article this morning, and all I could think was....

Dear Daddy,

When I asked for a playhouse and you gave me the shed you'd previously kept the mower in (because you bought a newer bigger one of those)... Well, perhaps I should have been more specific.

From,

Your Loving

(And Wishing I Could Keep Up w/the Jones's) Daugther

"LIKE" www.Facebook.com/TheRealEstateWhisperer for 'Real' Real Estate News;

PLUS, fun real estate related thoughts like this one!

Vicky Chrisner

Jealous (Even Now That I am A Grown Up) Daughter

and

Real Estate Sales Consultant

Serving Loudoun County

703.669.3142

VChrisner@KW.com

Common Short Sale Terms Explained

In this business we tend to throw around industry lingo and that can make it hard for our clients to follow certain conversations.  So, some time ago I prepared a "glossary" of sorts for my sellers who were considering a short sale.  These are terms specific to short sales, and the terms are defined in the most common use as it relates to short sales.   In case you're feeling a little lost in the lingo, I hope this will help.

Debt Forgiveness:  The lien holder may or may not provide debt forgiveness for the deficit after the sale. In general, we’re hearing that lien holders are requiring a payment equal to 10% of the deficit. My personal experience is that lien holders will generally accept much less – usually an amount equal to one month’s mortgage payment – in exchange for debt forgiveness.

Default:  Failing to adhere to a contract is default. As it relates to short sales, we’re usually talking about a property owner who has not been making their payments, thereby defaulting on their loan and risking foreclosure.

Deficit: The difference between the sale proceeds received by the lien holder and the balance due on the lien.

Foreclosure:  When the bank/lender/mortgage company takes ownership of the property because of default or other breach.  In Virginia this is done at an auction held at the courthouse steps.

Lien:  When real property (real estate, homes, land) is used to secure a debt we call this a lien. Generally, we’re referring to mortgages, but there can be other liens as well.

Lienholder:  When we’re talking about short sales, the lien holder is usually the mortgage company.

Mortgagee: The entity to which the debt of a mortgage is owed (also called the sellers lender or bank).

Servicer: The company to which mortgage payments are made is the servicer. The servicer may or may not be the actual mortgagee. This means sometimes we must negotiate through the servicer with the mortgagee.

Short Sale: Short sales are done when an owner needs to sell their property and the proceeds from the sale are not enough to pay off the liens against the property, so the owner must negotiate with the lien holders to release the liens to allow the sale. This gets complicated when there are multiple lien holders with whom one needs to negotiate. (The “second” or “jr.” lienholders are those that are generally owed the lower amount, and their liens are secondary to the primary lienholder.)  (We also refer to short sales as one type of "distress sale" and/or "pre-foreclosure."')

 * * *

Have I missed any?  If you have heard terms thrown around and you're not entirely sure what they mean, please don't hesitate to contact me. 

Vicky Chrisner

Offering Real Estate Services including Negotiating Short Sales

in Northern Virginia (Fairfax & Loudoun Counties)

703.669.3142

VChrisner@KW.com

DISCLOSURES:
Please note I am a licensed REALTOR (R) in the state of Virginia, I can not provide legal counsel and I cannot provide real estate advice regarding properties outside the state of Virginia. 

Further, my service area is limited to Northern Virginia.  So if you have an individual question and own a property in Northern Virginia, please feel free to contact me.  If your question pertains to a property outside of my service area, please contact a competent REALTOR(R) or attorney that services your area. 

What the federal government thinks you should know about hiring someone to negotiate a short sale for you.

Internet Advertising~ Beyond The Basics

Most buyers use the internet, with or without the assistance of their real estate agent, when searching for homes.  So internet advertising is a major focus of my marketing campaign.

When you list with me, we’ll have access to the Keller Williams Listing System, or KWLS. This proprietary, exclusive system ensures your property is marketed online 24/7 through more than 350 of the most popular search channels and over 76,000 total web sites. 

In addition, my marketing package also includes enhanced listing options through REALTOR.com and Trulia to assure maximum exposure on the most popular real estate web sites for buyers of property in our area.

Check out the picture below to see just some of the major real estate sites where your home will be advertised:

Thinking of selling your home?  I can help!

Vicky Chrisner

Home Sales Consultant

703.669.3142

VChrisner@KW.com

 

Home Sellers May Also Like These Posts:

Open Houses - see how I take every marketing effort to the next level

Is Your Home Ready for the Market? Learn everything from when you need to repaint to how to declutter, depersonalize and stage your home for the buyer.

Dear Sellers, I am Confused: What NOT to do when your home is on the market.

Showing Feedback: It's Cold, Dark and Shows Rough

Thumbtack Business Listing

I have just listed my business with Thumbtack. 

Check out the listing~ Click Below:

Vicky Chrisner

Keller Williams Realty

Selling Homes and Land

in the Northern Virginia/Dulles Area

703.669.3142

See the Real Estate Services Listing on Thumbtack by clicking HERE

Interested in listing your business? CLICK HERE

Tax Auction Sale in Loudoun County

A tax sale auction of certain properties with delinquent real estate taxes has been scheduled by the Loudoun County Treasurer's office.   The sale will be Wednesday, May 11, 2011

.

Properties for sale include:

• 44075 PIPELINE PLAZA #305,in Ashburn; PIN 087-29-4881-014
• 1.63 acres near Bluemont; PIN 653-37-5970-000
• 17550 FORT JOHNSTON RD,in Leesburg; PIN 269-17-5171-000
• 2.54 acres SYCOLIN,PARCEL A; PIN 192-16-6161-000
• 576 EDMONTON TE NE in Leesburg; PIN 148-37-0881-000

For more information, please contact:

Vicky Chrisner

Selling Homes and Land in Loudoun County

703.669.3142

VChrisner@KW.com

Could a Government Shut Down Impact Your Home Purchase or Sale?

The answer, sadly, is yes.

According to THIS DOCUMENT summarizing the expected consequences to the real estate and loan industry of a government shut down, the following programs could be impacted as explained:

FHA (Federal Housing Administration): No new loan commitments will be issued nor will FHA closings be authorized during the shut down.  I am particularly interested in this since so many FHA buyers are working hard to get homes under contract so that new loan commitments can be issued before the FHA mortgage insurance cost increases (set to increase 4/18).   My guess is that if you don't  have your loan commitment issued by today, and the government shuts down, you're probably going to be paying that higher mortgage insurance rate.  Buyers, and sellers, beware.  This will reduce the buyer's ability to pay as much for the home they choose.  Watch this video for some interesting info on FHA loans and our current market.

Rural Housing Loans:  If the lender had received a conditional approval prior to the shut down, they are authorized to proceed to closing.  HOWEVER, no new approvals will be issued during the government shut down.

IRS: If a buyer or seller is expecting an IRS refund check that will help them pay for purchase, sales or moving costs, watch out.  The IRS will only collect money, not spend it, during a government shut down.  In other words - no refunds until the fed is fully functional again. 

Also, most loans in process now require receipt of an IRS transcript.... it's tough to get that when the IRS isn't returning phone calls.  Unless lenders find a way around this requirement it could slow down processing of ANY purchase loans - even conventional loans.

Social Security/Disability:  The information from NAR does not discuss these programs, but I do recall that in the last government shut down many elderly and disabled were without income.  This could impact buyers or sellers depending on those funds for moving or closing.  However, the way I remember it impacting "real estate" last time was in the context of rentals.  A delay in receipt of a government check might mean someone who can't pay their rent on time.

HAFA and HAMP:  We're not sure about the HAFA and HAMP programs which are government sponsored programs allowing loan modifications and short sales.  One theory is that those programs will continue as normal since they are "mandatory" spending programs.  But we can't be sure. If you're in a short sale transaction, it is entirely possible that the process will be slowed.  But stay tuned as more clarity is offered on this subject.

Good News.  We're not expecting interuptions of

• VA loan programs
• FEMA (Flood Insurance)
• Fannie Mae/Freddie Mac
• Federal Housing Finance Agency

But even with continuing operations for these types of loans and private lenders, getting employment and income verifications completed is going to be tough for anyone.  As mentioned earlier, most lenders are requiring an IRS transcript with EVERY loan.  And, anyone in a federal job or working for a contractor, who gets furloughed, doesn't have income... at least not until the government is back to work.  That is going to effect their ability to qualify for their new home purchase.

I'd like to thank the National Associate of REALTORS(R) for providing this information so I can in turn provide it to you.

"Run Me Home" to benefit Loudoun County Foster Care & Adoption

Keller Williams Realty supports "RUN ME HOME", an event to benefit children in Loudoun County by raising awareness and funding for Loudoun County Foster Care and Adoption.

When: Saturday, April 30, 2011, 7:30am

Distance: 5K, 10K, and Kids Fun Run

Course: The race features a fast and scenic course in Historic Leesburg, VA running along the W&OD trail. 

More information: Facebook @ Run Me Home or http://www.runmehome.com/

The event is being coordinated by Brian Whritenour, Founder of Run Me Home and a fellow Keller Williams agent from our Loudoun Gateway Office.

We Need Sellers!

We need sellers!  It's true.  Inventory levels are very low right now in our area. 

Check out this article in the Washington Examiner talking about what a hot market the DC Metro area is!  It's true that sellers are now seeing multiple offers on competitive priced homes in good condition.  The charts below show the inventory levels (in grey) for Fairfax and Loudoun Counties.  The green line indicates the absorbtion level (note it is higher than the inventory level).  Basically, it means good listings are selling like hot cakes!

If you own property in Fairfax County or Loudoun County, or anywhere in Northern Virginia, this may be the time to try to sell.  The "stars may be aligning".  Call me today for a personal consultation.

If you're looking for a sneak peak showing you what nearby homes are selling for, check out this automated tool: http://www.salesinmyneighborhood.info/.  You do have to enter a good email address - the report takes a few minutes and is emailed to you after your request goes through... that is because it is tailored to the information you submit.  It's a pretty good tool, of course a human produced comparable market analysis is better... but if you're looking for an automated tool this one is pretty good.  (Oh, and no worries - you never get bulk email from submitting your email there. Promise.)

Vicky Chrisner

Selling Homes and Land in Loudoun and Fairfax

703.669.3142

http://www.vickychrisner.com/

www.Facebook.com/TheRealEstateWhisperer

 Other posts that may be of interest to sellers:

1 - Preparing your home for the market
2 - Dear Sellers, I am confused (the importance of property condition)
3 - Showing Feedback

Showing Feedback

An agent friend of mine has a listing. I gave her feedback and said the home showed "rough". I told her it was:

• Was cold (thermostat at 55 degrees)
• Was dark (the blinds were all closed)
• Needed a paint job (most of the walls were marked up, and it looked like cheap paint - the exceptions were rooms with highly personalized color choices... orange, pink, purple, blue - a good paint job and quality paint, but not widely attractive)
• There was dust caked on the baseboards, the carpet was in bad shape.

The house is vacant so all of these things are really all you can focus on. Sure, it's got great bones, a two story foyer, a large (albeit dated) kitchen, a large and private lot (but the back is steep, and I wouldn't want to mow it, but there is a lot of privacy), a finished basement, a nice deck, etc. etc. The list of "positives" goes on. But the focus is on the list of things I pointed out above.

My friend tells me that she is so disappointed.  This feedback is consistent with what she is hearing from all the agents that have shown it: 6 in 4 days.  You see, they priced it at exactly the closing price of the last home that sold in that neighborhood.  That home was the same model.  It did have a "better" lot but wasn't as private.  It had an unfinished basement.  Otherwise, it was basically the same, and that house had multiple offers in 3 days.

My point of this post is "condition, condition, condition".  If buyers buy a "fixxer upper" they want a "fixxer upper" price.  Even with the unfinished basement in the other house vs. the nicely finished basement in this house, the emotional appeal is different because of the cold, dark, dirty feeling of this new home on the market.

My friend is newish to the real estate game and a part time agent.  She probably only sells about 4 or 5 houses a year.  She says she is afraid her sellers will think she didn't do her homework on comps.  Well, she did her homework there, but that was easy.  A huge part of a listing agent's job is coaching sellers on how to prep their home for sale and the importance of it.  I sent her an email reply that said... "Don't take it personal. Everyone is being blunt because they are trying to help you.  Now you know what you don't have an offer.  You have the opportunity to call your sellers and tell them they will either need to hire painters and get new carpet in there or they will need to adjust their price.  The price adjustment will probably cost them more than the paint and carpet."

I can not stress enough how much the condition of a home matters. Check out these prior posts where I am doing everything I can to share with you the importance of making sure your home will bring a quick and painless contract.  It's all in the prep work:

Dear Sellers I'm Confused - How NOT to Sell Your House
Is Your House Ready For The Market?

Ready to sell?

I can help!

Vicky Chrisner

Real Estate Sales Consultant

Loudoun and Fairfax Counties

703.669.3142

Dear Sellers, I am confused...

Dear Sellers:

I get so confused sometimes when I try to help you sell your home.  You see, I have these buyers.  Online, it looked like your home fit their criteria - the price and location are just right, and the description of your property made us think that your house could be "the one". 

I looked, and I saw your requests about scheduling showings and how I could get access.  I complied.  I always try to call the day before if I can.  You agreed to the showing.

But then I get there and I am so confused....

1. Why is your home so cold in the winter and hot in the summer?  Doesn't the HVAC work? My clients and I could barely stand to be in your house very long, and all we remember about it now was how miserable we were inside.
2. What was that smell?  My clients are afraid it will never come out of the house.
3. I was actually a little spooked.... Did you know I was coming?  All the lights were off and I could barely see to come in the door. 
4. Why didn't you answer the door?  You were sitting in that front room, and I knocked, and knocked and rang the doorbell before I used the key.  You scared me sitting there on your couch in your bathrobe. But, don't feel bad... we didn't really want to look at the *whole house*... the locked bedrooms and basement weren't a turn off at all.
5. What were those symbols all over your house? My client thinks you're a devil worshipper and won't even talk about buying your house. I tried to tell him that wasn't the case, but he won't listen to me.
6. Why is the dehumidifier in your basement? I noticed the new carpet down there, too. We're putting two and two together .... and we've moved on.
7. Yes, we were planning to see your home, but when we pulled in and there were all those toys and trash in your front yard, my clients didn't want to come in. Sorry.
8. I can appreciate that you're offering to put in the new carpet "buyers choice". That's nice. But what happened in this house on that carpet? O.M.G. Was that blood? Did someone die in there? Did you let the horse stay inside the house? No, we'll move on to another house. Thankfully there are 10 more in your neighborhood.
9. Thanks for giving me the personal tour. I would never have known that was the dining room. Really. In 20 years in real estate, it's just something I haven't learned to identify all on my own.  And that story you told? Wow.  Great story.  Unfortunately, we can't really remember now what your house looked like.
10. Do you know that your kids put signs up all over the house saying that it is haunted? I am guessing you don't know that. You might want to talk to them, or have the house exorcised.

Oh, and about the pets...

1. Why do you have so many cats?  It wasn't advertised as a cat house.
2. That snake in your living room is creepy, and so is that eel in your basement.
3. When is the last time you cleaned that fish tank?  Wow... now that I look a little closer, when is the last time you *really* cleaned anything - that HVAC filter is as awful looking as the fish tank. Oh, and I think the fish are dead.
4. Your bird never shut up.  And we couldn't help but notice you keep him in the kitchen, his (dirty) cage over the countertop... My client kept wondering how often bird poop had been on the counters where he would prepare food. It sort of grossed him out. So we just left and headed over to the 7-11 to buy some tylennol.
5. We just have one question... have you ever lost one of your lizards or rats in the house?  My client is really concerned about that.
6. Oh, by the way...maybe you never noticed, but your dog is really scary.  He didn't want us to come in.  So, we didn't.  Have you talked to him lately?  I am pretty sure he's not planning on selling... and without his help you're not going to either.

Certainly, my dear sellers, it is your home.  Have your pets, keep your trash on the lawn, don't use the HVAC....I respect your right to use your home as you see fit.  I am just saying that you're acting a little more like an "owner" and not like a "seller".  The good news is that you will probably get to keep your house, and keep on using it just the way you want, for a very long time.  Well... if your dog wants you to.

I turn OWNERS into SELLERS. 

Thinking of selling?  Take your "flexible" pill and call me.  I can help you if you'll let me.

Vicky Chrisner

Real Estate Sales Consultant

703.669.3142

VChrisner@KW.com

Its Taste Test Tuesday Again!

It's Taste Test Tuesday!  That means that here or on the www.Facebook.com/TheRealEstateWhisperer page you will be able to take a peak at a few different houses and give your feedback on which one you like best.  Last week, I chose homes that were Single Family Homes for sale in Loudoun County...the listing price was $699K for either home, one a historic home in Middleburg and the other a 20 year old home in Purcellville.  The "winner" based on feedback on the facebook page was clear. Check out the page to see the comments.

This week, I am pulling Single Family Homes for sale in Fairfax County, but keeping the price the same.  Check out the pictures below, log onto our facebook page and cast your vote.  The big reveal will come sometime after we've gotten several comments and/or no later than 9pm tomorrow... we'll give you links to the listings and more details and then you can let us know if the "additional" information changes your vote for which house is "best". 

So???  What's your pleasure?  Let us know!

www.Facebook.com/TheRealEstateWhisperer

Looking for a home like one of these, or any other? 

I can help!

Vicky Chrisner

Offering Seller or Buyer Agency in

Loudoun & Fairfax Counties

703.669.3142

VChrisner@KW.com