Neighbor: Pay Thy Bill!

You already knew your neighbors could impact your sale.  How their home looks, how they act when they see someone coming to look at your home… it all matters because it impacts the buyer’s view of the neighborhood and of the home.  But neighbors can impact your ability to sell in other ways, too, like if they don’t pay their bills.

Delinquency: It’s long been a standard on FHA loans for condo purchases. The number of households who are delinquent in their condo association dues can not exceed 15% of the total homes in the association.  Today we’re seeing lenders for other types of loan looking at the delinquency rate of condo associations and, even home owner associations, before they will make a loan.  It’s a sign of the times.  More and more home owners and condo owners associations are being impacted by a growing number of households who are unable to pay the fees.  And, when that delinquency exceeds 15% it can be a big issue… It can mean difficulty finding a buyer for ANY HOME in the association.

I have a transaction I am working on right now… We ratified the contract rather easily.  The listing agent is available, cooperative, even pleasant to deal with.  The home inspection and appraisal went through without a hitch.  The lender is assuring me the buyers qualifications look good. Things are rolling along.  AND THEN… Then came the call from the lender.  The condo questionnaire came back and the delinquency is over 15%… Just barely over, but it’s over, and that means no loan.

In this case, we only need 3 people to pay their bill to reduce the delinquency to below the threshold and the loan can go through – THREE PEOPLE.

Neighbor, PAY THY BILL!

I am not sure how this will work out – I will keep you posted, but it’s a terrible situation to be in, because none of the parties to the transaction are responsible for this issue… and yet, we’re all being held accountable for the late payments of a few.  So, I will keep you posted.  I won’t let this kill the deal for my clients, although I do not know what the resolution will be – yet.

What I do know is that homeowners everywhere should take note.  When you’re interviewing management companies ask about their collection procedures, and hold them accountable.  Their ability to collect association dues can impact your ability to sell your home.

Stay tuned for the resolution – there will be one.  In the meantime, call your association and get a copy of your delinquency report.

And, Psst... If you're only reading this blog, you're not keeping up with the latest greatest updates from the real estate whisperer.  Check out the new blog at "The Real Estate Whisperer" and join me on Facebook at www.Facebook.com/TheRealEstateWhisperer.

Market Stats - May 2012 - Looking Good

I sell homes and land in the Northern Virginia/Dulles region and throughout Loudoun County.... and today I am looking for people who wish to list their homes - like yesterday - and get them sold today. 

Here's why:The May market stats were just released from MRIS our local MLS system. 

In Northern Virginia, compared to last year, Sales Volume is up 10%, and inventory is DOWN 20%... That means I have 10% more people buying than last year, but I have 20% less homes to show them.  Simply put, more demand, less supply. And yes, that is putting upward pressure on pricing in our area. Prices in the region are up almost 7% compared to last year.

Interested in learning more?  I have charts, stats and tons of info... just go to my web site, and check it out.

If you are thinking of selling, this might be a great time.  I am waiting for your call or email.  Let's get together!

Vicky Chrisner
Selling Homes and Land in the Dulles area
703.669.3142
MyAgentVicky@Gmail.com

Loudoun Real Estate Market Looking Good

If you keep up with my blog, you know my opinion of the market. If you keep up with the Loudoun County market stats posted on my web site (and updated monthly), then you have already seen the evidence for yourself. And if you read the newspapers, then you will see that a recent survey of other agents and area builders reinforces what I have been sharing: The Real Estate Market in Loudoun County is looking good! :) The hottest submarkets? Ashburn, Brambleton, Potomac Station, and Potomac Falls....and homes priced $400-500K, and just above $1m....but homes in Western Loudoun are selling, too! In general, Loudoun is rockin'! In fact, inventory is so tight, the sale of land is picking up again too, and custom home builders are seeing an increase in the number of their contract. This is of particular interest, as building a custom home generally requires more than a desire... it requires a significant down payment and to qualify for a loan, borrowers must have a high level of liquidity and financial stability. Interested in learning more about real estate in Loudoun County? I am here to help! Vicky Chrisner 703.669.3142

Refinancing Your FHA Loan Now

Yesterday I received another "Mortgage Minute" video from one of my favorite lenders, Pat Cunningham at Home Savings Trust. These videos are sent to his sphere of real estate agents so we can provide updates and information to our clients. In this video (as always) he gives some good information. But the most exciting news in this update won't even impact my real estate business. It could, however, impact your life.

Did you buy a home prior to May 2009 with an FHA loan? If so, this new deal effects YOU. Pat said they have a new option to refinance those loans - which are likely about a 5% interest rate - into today's loan prices (approximately 3.75%), and you will NOT have to pay the new mortgage insurance rates, there will be no appraisal, and no closing costs. For many of you, this could save a couple hundred dollars a month.

Watch the video yourself (note: He talks about this last, so you can skip to a little more than half way through the video if this is all you wish to hear.)

Want more information? Talk to Pat: Patrick Cunningham Main Number: (703) 766-4636 Fax Number: (703) 352-1289 Email: pcunningham@hstmortgage.com

 

I will be forwarding this post to several of my past clients... I hope you pass this on to anyone else you know. I want you to remember that I am always looking out for you, and will be sharing news that I think you can use whether you're in the market to buy or sell, or not. So, stay tuned to my business facebook page at www.Facebook.com/TheRealEstateWhisperer.

Also, if you're a client you may notice my web site has a new format... and I am loving it. It is a work in progress, I am still customizing things, so please explore and give me your feedback. What do you love? What do you think should be added? I want it to me the type of interesting web site that keeps you coming back to use resources regularly...and something you will likely be sharing with others.

As always, please know I rely on you, my friends and clients, to help feed my business. If you know of anyone who is looking to buy or sell a home in the Loudoun or Dulles area, be sure to connect me!

Vicky Chrisner, REALTOR

MyAgentVicky@Gmail.com

703.669.3142

What? No Cookies?

I have been working with some buyers for several months... We have looked, and looked, and looked at homes.... Foreclosures, Short Sales, Vacant Homes, Model Homes, you name it. From the time we first entered a model home, the client commented "What, no cookies?" It's true... gone are the days where you can count on getting fresh baked Otis Spunkmeyer cookies at any model home.

This became the joke... Every house we went in, someone would comment "It's nice, but there are no cookies." Or something like that. Earlier this week, I showed them 2 homes that they really really liked, especially the second one. Of course, I continued the joke... "Yeah, but there are no cookies, so we better keep looking."

We went back the next evening to show another family member... Guess what we found? Yep. There were more, but we ate them. I had to take a photo before they were gone. They were tasty, too.

And no, it was not an open house. But it was an owner that did absolutely EVERYTHING right as far as staging and making the home available for viewing. She gets an A +++ !

Anyway, it got me thinking... I wonder if there is a camera in here? You know, many people have them. I even noticed them in another home I showed the same night. So, let this be a warning Mr & Mrs Prospective Buyer - be careful what you say and do, you might be caught on camera. For us, I have no idea if there was a camera or not, and we didn't say or do anything that would be a problem, so I am not too concerned. But it's pretty ironic that the cookies were there the next night, don't you think?

Oh - and in case you're wondering... We're waiting on a response to our offer. Did the cookies seal the deal? Hard to say, but it certainly sweetened things a bit.

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/

Real Estate, Dr Seuss Style

A Realty Quiz~ Dr Seuss Style!


In honor of Dr Seuss's Birthday, I've put together a real estate related quiz.... try your hand; then Fan The Real Estate Whisperer on Facebook to get the answers which will be published tomorrow morning!

1. What were the name of the apartments where Jo Jo lived?

2. Where are you likely to find Sneetches?

3. Where does one celebrate their birthday?

4. Gerald McGrew fantasizes about catching a "big bug" that is said to fly between Texas and what city?

5. What is the name of the city "where they never have troubles, at least very few"?

6. Where is Stilt Walkers Hall located?

7. Where did the Grinch go to punder his Christmas Eve decent?

8. What is the name of the county from which the news of the Yawning Bug was received?

9. Where "on some dead ended road" does the narrator suspect he'll find himself if he followed the Spookish Hunt's suggestion?

10. What is the name of the traffic clogged road within G-Zayt?

Bonus: Who has been to the place in the picture and can tell me what it's called and where it is?

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For answers, CLICK HERE!

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Dr King and Fair Housing

Today is a holiday designated to remember Rev. Dr. Martin Luther King Jr and his many contributions to our society....not the least of which are laws (Civil Rights Act of 1964 and Fair Housing Law) ensuring that persons of all races have equal access to housing.

It's hard to tell when the Federal Fair Housing Act would have eventually been passed, or in what form, if it weren't for the life and works of Dr. King.  The Act had been bouncing around Congress for a couple of years, unable to get necessary support. 

Then on April 4, 1968 Rev. Dr. Martin Luther King Jr was assassinated.  "President Lyndon Johnson utilized this national tragedy to urge for the speedy Congressional approval [of the Act]".  President Johnson wanted the law enacted prior to Dr. King's funeral, as a tribute to his life.  The Act was finally passed and signed into law on April 11th, 1968, two days after the burial of Dr. King.

The Fair Housing Act (Title VIII of the Civil Rights Act, 1968) expanded the protections provided in the Civil Rights Act of 1964, prohibiting discrimination in the sale, rental and financing of housing based on race, color, religion, sex or national origin.  In 1988 the Act was further ammended, adding handicapped and familial status as protected classes. (Most states and many localities also have fair housing laws which identify additional protected classes of persons.)

 

Have you ever thought about how different our lives are because of these laws?  Would you, your family or friends have been permitted to live where you are today had the Fair Housing Law not been enacted?  Sadly discrimination in housing was everywhere, and it wasn't that long ago.
 

Our world is a truly different and better place, because of the work of Dr. King.  Take a moment today and pay tribute to his memory and how he has changed the landscape of our lives.

3: REOs in 2010, The Great House Hunt-Looking Back

The Great House Hunt-Looking Back (Part 3 of a Series)

In 2008 I wrote a post and told you that showing homes, particularly REOs was giving "House Hunting" a new meaning.  (Think Wild African Safari) 

I have stories about walking into pitch black basements which were missing the bottom stairs and flooded by about 12-18 inches of water; holes in rooves, animals in or outside the house (both abandoned pets or wild animals, dead or alive).  It was quite an adventure.

Here's the good news....it's a million times better.  Homes are not sitting on the market that long, especially bank owned homes.  Agents have a lighter work load and to keep their bank clients happy they are required to manage the properties well.  Banks are doing repairs on homes that need them.  Now, looking at REOs is not too different from looking at any other resales, and my profession feels good again. 

So, are you ready to go house hunting?  In 2010, I am happy to report, you can leave your rifle at home!

2: REOs in 2010, Fact vs. Fiction

REOS ARE ALWAYS A GREAT DEAL-Fact or Fiction?  (Part 2 of a Series)

In 2008, I told you that while they "should" be a great deal, the only properties that were selling were the "great deals" and the result is that foreclosures were the norm.  No one was buying properties for retail price, and so most of the sales in 2008 were REO purchases.  Were they a great deal?    I don't know, if a "great deal" is getting a better price then most people, no, they weren't a great deal.  If getting a great deal meant buying at or near the bottom of the market, then yes, maybe they were a great deal then.

Now, buyers are no longer blood hungry, they are again paying "retail" for homes (although retail today is much less than it was in 2006), as the marketplace has again redefined "value".  Value is not always the lowest price.  As a result, traditional sales and new home sales are again setting the market value in most sub-markets. 

Banks are now avoiding foreclosures if they can, and approving short sales.  So we simply don't see too many REOs in most submarkets.  When we do, they are available at a slightly discounted price compared to similar properties being sold as a traditional resale; but as I will talk about later, their condition is generally better than those we saw in 2008, so again, the value is comparable to a traditional sale.

BANKS DON'T WANT THE PROPERTIES, SO THEY'LL GIVE THEM AWAY-Fact or Fiction?

It's true... banks don't want to own actual real estate.  That is why they have finally figured out that it is in their best interest to approve a short sale before they foreclose on a property.  However, when they do foreclose, they now have a system and staff with a couple of years worth of experience under their belt.  The staff members are equipped with tools and procedures to help them sell the property for the highest possible price.  Again, like I said earlier, there may be a slight discount, but it depends on the submarket. 

Helping to determining Fair Market Value for any property you're considering buying, REO or not, is an important part of the role your buyer's agent will play in your purchase.  Don't be penny wise and pound foolish.  Pay for a good agent if you must.  They will save you far more than they cost you.

Keller Williams Ranks #1 in Customer Satisfaction

Keller Williams Realty takes it again: "Highest in Overall Satisfaction for Home Buyers Among National Full Service Real Estate Firms"... THREE years in a row!

Thanks, JD Power and Associates! 

Thinking of buying a home? If you'd like the right balance of competency, professionalism, integrity and personalized service, Keller Williams has an associate in your area!

Moving to the Dulles area (Northern Virginia...Fairfax/Loudoun counties)? I'd love to help!

Vicky Chrisner

703-669-3142

VChrisner@KW.com

Search for homes for free:

http://www.vickychrisner.com/


Click to see the full press release by Keller Williams Realty

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.

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.

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

Bye Bye Tax Credit.... Now What?

Well, bye bye tax credit!  That's right, if you're waking up without a ratified contract for your new home this morning, you've missed the opportunity to take advantage of the federal home buyer tax credit.  As it turns out, it seems that buyers in the (local) market have been less focused on this than I'd have expected.  So, if you're a buyer in the market place, perhaps hoping to find less bidding wars in the market place now that it's May, you could be disappointed.  The buyers I have been working with have thought that the tax credit would be "nice" but it was not the underlying reason for their purchase decision.  I've not talked to a single buyer who would choose a home they didn't like or overpay for a home just to ensure that tax credit.  So, how will the market do in May?  Time will tell, but all signs point to a strengthening economy, local job growth, and an improving housing market....in other words, the bidding wars will continue.

Yes, I said improving housing market.  You read that right.  The more reports we see, the better the numbers look:

• 
  
  Washington Examiner: Area Housing Market Shows Signs of Rebound
• 
  
  Loudoun Times: Home Sales, Foreclosures Pick Up
• 
  
  Delta Associates Report/MRIS for the 1st quarter 
• 
  
  Northern Virginia Market Watch

But, better than reading someone else's opinion of the market reports, check them out for yourself.  Aprils reports begin to come out in 1-2 weeks (usually around the 10th of the month) after all the data has been compiled.  You can view the reports at: http://www.mris.com/reports/stats/index.cfm where you can run statistical reports for your zip code and for your county, commentaries begin to be published shortly thereafter.

My Two Cents: As my business has steadily been picking up since the snows melted,  I feel certain that the compiled data will show that my business is not an anomoly and that activity overall is high. 

While foreclosures and short sales continue to dominate some submarkets, I am seeing a dramatically notable return to "traditional" sales due to relocation and personal changes, and more new home sales.  I attribute this to homeowners finally getting "real" about their pricing; and buyers getting sick of the distress home sale market place.

The exception: The high end market.  It continues to be very slow.  We've not seen as many distress sales in this market segment because these homeowners typically have more financial cushion and can withstand financial losses for longer.  However, that won't continue forever, they are not immune.  The industry expects to soon see more distress sales in the high end market place, and with that, price corrections to rebalance activity levels.

My recommendations for the high end market: 

For sellers:  For sellers with a home in that "high end" market, the issue is price. Some homes in that segment are selling and if you want yours to be one of them, take a fresh look at your pricing strategy. Buyers are price, and more importantly value, sensitive. They want to make sure they are buying at a level where they will not lose more value in the next year. Be the first to correct your price~your comps aren't doing it yet, and so there is less competition and it is easier to look like the best value in the market place. Don't wait, you'll end up leaving even more money on the table, especially once you'll be forced to compete with distress sales... and trust me, those banks WILL sell the homes; they are not emotionally tied to the price or the house.  When the home next to yours is a trashed foreclosure, and is the only thing that has sold in your neighborhood in a year, it does not bode well for your home's value... and that is coming.

For buyers:  Look, look, and look again... and maybe even wait to buy.  As those sellers move from "wanting" to sell to "needing" to sell, their prices will come down.  Better values are on the horizon in the high end market place.

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Looking for a home? 

Check out these 17 Open Houses in Loudoun this weekend!

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For updates like this and more, 'like' "The Real Estate Whisperer" on Facebook; or contact me for a personal consultation about how all of this impacts YOU:

Vicky Chrisner

703-669-3142

VChrisner@KW.com

http://www.vickychrisner.com/

News from the Virginia Homeowner Alliance

I wanted to circulate to you the Virginia Homeowner Alliance Newsletter I received today.  It contains some good news and many things that may affect you, as a homeowner, here in Virginia!

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March 18, 2010

The Virginia Homeowners Alliance is a free service for homeowners from Virginia's Realtors, who want to stand with you to ensure that your property values aren't negatively affected by government decisions at the General Assembly, Board of Supervisors, or City Hall. We inform Virginia homeowners about government action that affects the value of real estate in the Commonwealth.

Virginia General Assembly approves 3 homeowner-friendly bills and a budget that may squeeze local governments.  Virginia's legislature sent three bills that benefit homeowners to Gov. McDonnell and approved a $70 billion budget that may reduce local government programs or force them to raise property taxes.

 

Besides the budget, there were hundreds of bills debated, but we focused on three bills dealing with two issues critical to homeowners: 1) tax assessments and 2) property rights. Assessments determine your taxes; and the less restrictive Virginia's property laws are, the more attractive Virginia's real estate markets become.

 

In This Issue: 

• Yes, Virginia, we have a budget
• House Bill 552: Preventing local governments from changing their minds about zoning  
• House Bill 430: Increasing fairness in the real estate assessment process
• House Bill 191: Making sure HOA complaints are handled fairly (go)

 

Yes, Virginia, we have a budget : 

Legislators have passed one of the most difficult state budgets that anyone can remember. Now they're breathing a sigh of relief, as the budget cuts aren’t as bad as many had feared. The General Assembly added no new taxes, which may force localities to either cut back on programs or expenditures, or increase taxes at the local level.

 

The value of a home is often closely tied to the quality of its nearby schools. Some homeowners may be concerned because class sizes are expected to rise by one pupil as $1.25 billion in education funding was cut. But it could have been worse for many districts: lawmakers held funding steady for school systems that would have received even less state money under a formula known as the composite index.

 

The budget also preserves car tax relief for Virginians. After making many spending cuts, legislators balanced the budget by raising fees on some government services, not by raising taxes, which affects virtually everyone.

  

House Bill 552: Preventing local governments from changing their minds about zoning: 

HB552 PASSED THE HOUSE AND SENATE Imagine having your local government approve a zoning change so you can improve your property. But after you begin work, the locality reverses its decision, and you're forced to tear down what you've done.

 

It can happen and it does happen. This law will prevent that by strengthening "vested rights" laws to prevent localities from changing their decisions on zoning rulings.

 

House Bill 430: Increasing fairness in the real estate assessment process

HB430: PASSED THE HOUSE AND SENATE

Some more education for the people in charge of real estate appraisals can only make our system better. This new law will require additional education for real estate assessors, and ensure that members of the board that hears your appeal have expertise in appraisal and home valuation. It will also make the appeals process friendlier for homeowners: Upon request, the assessor must disclose information about your assessment, and the homeowner's standard of proof will be lowered.

 

House Bill 191: Making sure HOA complaints are handled fairly

HB191: PASSED THE HOUSE AND SENATE

Today, if you have a complaint about your homeowners association, an ombudsman at a Virginia government agency called the Common Interest Community Board can help resolve it. But different HOAs have different complaint procedures. This new law allows the ombudsman to set a single procedure for all home- and property-owners associations.

 

The General Assembly has adjourned for the year, but your local government meets year round. Your membership in the Virginia Homeowners Alliance keeps you informed about local real estate taxes, property assessments, new residential and commercial developments, transportation, school construction and a host of other issues affecting your home, neighborhood, and way of life.

 

Read YOUR VIRGINIA newsletter six times per year and visit VAHomeownersAlliance.com every day to stay informed about state and local issues that affect your property values and homeowner rights. The next edition will feature more specific information about how you’ll benefit from the three homeowner friendly bills passed by the General Assembly.

 

Make sure you continue receiving the YOUR VIRGINIA newsletter: Click here to join the Virginia Homeowners Alliance now!

*****

Stay Tuned to the Real Estate Whisperer for continuing news and information about home/property ownership issues and real estate information!

Giving Where We Live

In recognition of the first KW RED Day, several shifts of real estate agents and their associates from Keller Williams Realty in Leesburg invaded the ReStore in Purcellville on Thursday, May 28th to help with cleaning, stocking, displaying merchandise in the store and preparing online ads to increase sales. KW RED Day was organized on an international level to recognize the 72nd birthday of Mo Anderson, Vice Chairman of the Board of Keller Williams International, and her amazing commitment to community service. The leadership of Keller Williams International firmly believes in giving back to the communities each office serves and has many programs in place to encourage this. RED is an acronym for Renew Energize and Donate; and the motto for the day was “Giving Where We Live”. You can read more about Keller Williams Realty, and about RED Day at www.kw.com/REDDay. The ReStore in Purcellville recently opened and is located on Main Street. It is owned and operated by the Loudoun Chapter of Habitat for Humanity and proceeds from all sales benefit local Habitat for Humanity projects. The store carries new and used doors, windows, shutters, hardware, lighting, plumbing and electrical supplies, flooring, building materials, office furniture, and more. Volunteers are needed on a regular basis, especially during the week; and donations are accepted during regular operating hours. Learn more about the ReStore at http://www.loudounrestore.org/

The photo above includes the morning shift of volunteers. See more photos from the day at: http://www.kodakgallery.com/ShareLanding.action?c=tzzir41.as7qcvhx&x=0&y=hr84v4&localeid=en_US

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Keller Williams Realty boasts a consistent record of holding the highest market share in real estate sales in Leesburg; and provides all types of real estate services. For more information please contact Vicky at 703-669-3142 or email her at vchrisner@kw.com.

The Unhealthy Home - Asbestos

Do you have asbestos in your home? Insulation and building materials made of asbestos were commonly used until the late 1980s, and continue to be used today for some products. (Click here to learn about what asbestos products were banned in 1989) Left undisturbed, these products pose no danger. In fact, asbestos is very, very good at what it does - insulate. So, if you have asbestos insulation that is safely contained behind a wall, you are encouraged to keep it in place. But, when asbestos fibers are disturbed, breathing them in can be deadly. It can cause mesothelioma (a deadly form of cancer with no cure), lung cancer or asbestosis. And, beware, Asbestos is not just found in insulation. It can be found in flooring, roofing materials, shingles, siding, gaskets, and even the little embers in the gas fireplace, especially in homes built with materials manufactured pre-1989. So, before remodeling, find out what asbestos materials are in your home; and then hire a qualified contractor who is familiar with abatement protocals to remove these products. Generally, I am a big supporter of calling uncle Joe to do the work for you and save you a few dollars, but if he is not familiar with the protocals involved in abating (removing) asbestos materials, please, save his life and your own, and call a qualified contractor who will follow the EPA guidelines for removal. If you need help finding a local contractor who is qualified in Asbestos abatement, please contact me. Read more about this important subject by clicking here.

The Unhealthy Home - Lead Based Paint

Lead Based Paint:

Lead Based Paint can pose serious health hazards to family members. It was commonly used prior to 1979, which means that most of us grew up in homes with lead based paint and never knew it. But now, years later, we're all too aware of the repercussions of having this hazard in our homes.

The highest risk falls with children. Like it or not, children do chew on trim and window sills. If the home was built prior to 1979, it is likely that lead based paint was used in the house. When children put their mouths on the painted surface, they can ingest this poison. Children are not only more likely to have contact with lead based paint and other lead sources, but their little bodies absorb lead at a higher rate than adults. And because their brains and organs are still developing, it can lead to more serious, even tragic, conditions.

Even adults who assumably do not chew on painted materials can be at risk. Paint peels. Pets scratch at doors and on walls. People bump into and scrape painted surfaces while moving around. All of these things can cause small flakes of lead based paint to fly through the air, circulating through our duct systems. We breathe it in. We touch things in our house before we pick up our food to eat, and we ingest it. It's easier than you'd think. And, adults exposed to lead have significant health risks, too. We're all exposed to lead throughout our daily lives, but overtime, continued exposure, especially from something within our own homes, will cause an increase in the lead levels in your blood.

Lead Based Paint was commonly used prior to 1979, for that reason, there are federal laws requiring specific disclosures for anyone renting or selling any home. I often hear people say "but this house has been painted since then"... that does NOT remove the lead based paint. Covering it up does not make it go away, and even buried under other coats of paint, it can still cause significant risks.

Learn more about how you can prevent lead poisoning in your home....Click here to be directed to the EPA web site which can tell you more about this serious threat.

Investors can get more mortgages!

Fannie Mae realizes that investors "can play a key role in the housing recovery", and has changed their guidelines now allowing investors to have up to 10 properties financed! There are some restrictions, like a minimum credit score of 720, and maximum loan to value ratios of 70-75%, no bankruptcy or foreclosure in the past 7 years and no late payments in the last 12 months. Plus, any rental income on properties used to qualify must be supported by 2 years tax returns. But, take note... investors are being welcomed back into the mortgage market!