Prompt Return of Earnest Money

What follows is an email I recently received and my response.
Good evening Mr. Nesbitt, I placed an offer on a condo in December 30, 2008. I signed the contract on that day and gave a cashier's check to the seller's real estate agent in the amount of $750. I waited for the signed contract from the seller to come back to me, but a lot of time lapsed and a signed contract from the seller never came. I decided to pull out. On January 23, my agent sent in a statement, letting the seller know that I was pulling out and that I wanted my earnest money back. Several weeks later, the real estate agent said I had to sign a termination form to receive my earnest money. That was sent in on February 10, 2009. I still have not received my earnest money back. The seller's agent said they are waiting on the assets manager to release the funds. I have decided to take the agency to small claims court. I do not feel that best interest is being considered. Please give me some advice. Thanks.
Firstly and mostly, let me start off by saying that real estate agents and brokers are not attorneys. I do not practice law and it is not my business to give you legal advice of any kind. However, I do have some experience in these type of matters and will comment as best as I can. Based upon your letter, I am assuming that you made an offer on a piece of property and you paid $750 in earnest money to the selling agent. The offer was not accepted but the selling agent has not promptly released your funds. I would recommend that you call the selling broker---not the selling agent. Brokers and the Commonwealth of Virginia take very serious the trust given us as escrow agents. The broker (not the agent) must release the money. Try to speak directly with the broker and explain what you have gone through. I am certain that the selling broker will act swiftly to return you money. If the broker does not respond with in a short but reasonable amount of time, the next level to contact would be the Northern Virginia Association of Realtors. If that doesn't give satisfaction, the Commonwealth of Virginia's DPOR should be your next contact. If you are owed money, things will proceed quickly at this point. But you probably want to consult an attorney to verify that my advice will suit your specific case. Will Nesbitt  

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For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.    

Latest Real Estate Scam Has Agents on Alert

Scammers are scraping rental listings off the Internet and using real estate agents’ identity from the listings to dupe would-be clients.
Is Zillow accurate?
Many consumers have serious doubts about the accuracy of Zillow home value estimates.
Practitioners may not even discover it until the clients confront them, demanding keys for a property they believed they rented and had already mailed a deposit check to the individual they believed was the agent. Scammers are reportedly taking rental listings off Web sites and reposting them at a lower rent than the original listing. The renter than corresponds with the scammer, often through e-mail. Scammers will create e-mail addresses that reflect the listing agent’s name to dupe clients. Scammers will also use a phone number with the agent’s same area code. The latest scam involved a Pocono Lake, Pa., real estate broker who had a client confront him over a rental listing. The scammer reposted a fraudulent listing of the rental property on the site Zillow, which also feeds it to HotPads. The chairman of the Pocono Mountains Association of REALTORS®’ MLS, Malcolm Waring, told Inman News that after hearing about the scam, he’s considering even barring Zillow from posting the MLS’ rental listings, fearing that Zillow may be more vulnerable to these types of scams. Zillow promptly removed the fake listing at Waring’s request so he has decided not to pursue the threat, Inman reports. But he told Inman that if he learns of a similar scam on Zillow or HotPads, he’s prepared to end the listing agreement. Zillow assured Waring and others that after hearing about the scam they are beefing up their security measures. “We take these scams very seriously and we’re always analyzing and exploring new ways to stay ahead of this,” Cynthia Nowak, a Zillow spokesperson, told Inman News. Source: “Sophisticated Zillow Scam Puts NAR and MLS on Alert,” Inman News (May 2, 2013)

Foxy’s Big Adventure

Fetch Fetch is a pet store in Old Town Alexandria that sells gourmet doggy-treats and other high quality gourmet goodies. I thought it would be fun to take my dog Foxy on a field trip to Fetch and the bakery that makes these gourmet doggie biscuits. Foxy at River Towers Foxy was eager to leave River Towers on her big adventure, even if she didn't know where she was going. Foxy in the car So we jumped in the car and took her around the corner to Old Town Alexandria VA. Foxy's Pit Stop Once we were in Old Town, Foxy decided to read the doggie-newspaper. One can learn a lot from a green patch on a brick-sidewalk. Foxy approaches Fetch Then it was off to Fetch and to see Marion. Marion and Foxy Foxy is Marion's adopted grandbaby. Marion always greets Foxy with a big hug and lots of kisses.Foxy loves the cookies at Fetch, but she was soon distracted ... she saw trouble coming. Foxy and Magnum Yep. Trouble at least that's what Foxy calls that adorable Jack Russell Terrier named Magnum. Magnum wanted to play, but Foxy didn't like sharing Marion's attention. Foxy's not on the man-hunt and had no interest in Magnum. Xanadu Bakery So we left town and headed to Beltsville, where they bake the Zanadu cookies sold in Fetch and Chateau Animaux. Painting at Xanadu The art work at the bakery was wonderful, but Foxy wanted to see where the action took place. cookie cutters at Xanadu She toured the bakery and found that everything is human grade, made with great loving care. Here's the cookie cutter. Foxy working She grabbed a green tea and cookie and they put her to work, bagging and labelling cookies.
Over the years, Doolittle's Chateau-Animaux has been featured in numerous articles, radio and television broadcasts, both national and international, including: USA Today, Pet Product News, Pet Business, Dog World (Japan), Washingtonian, Washington Business Journal, WASHINGTON spaces, Sam Donaldson's "Live in America" (ABC radio), Washington, D.C. Style, The Vicki Gabereau Show (Canadian Television Network), The Hill Rag, Voice of the Hill, Roll Call, The Hill, The Washington Times, The Washington Post, The Washington Post Magazine, NBC Style: A Show for You (WBIR-TV 10, NBC, Knoxville, TN), It's Christopher Lowell (Discovery Channel), The Delta Shuttle Sheet, Pleasure-Scene, Budget Living, WTTR radio, CHAMPS' Capitol Hill Business Quarterly, CHAMPSdc.org, Barracks Row Bulletin, WFAA-TV, Dallas-Fort Worth, TX; KHOU-TV, Houston, TX; KING-TV, Seattle-Tacoma, WA; KTVK-TV, Phoenix, AZ; KMOV-TV, St. Louis, MO; KGW-TV, Portland, OR; WCNC-TV, Charlotte, NC; KENS-TV, San Antonio, TX; WVEC-TV, Hampton-Norfolk, VA; WWL-TV, New Orleans, LA; KASA-TV, Albuquerque,-Santa Fe, NM; WHAS-TV, Louisville, KY; KOTV, Tulsa, OK; KVUE-TV, Austin, TX; KREM-TV, Spokane, WA; KMSB-TV, Tucson, AZ; KTVB-TV, Boise, ID; NorthWest Cable News, Seattle-Tacoma, WA; TXCN, Texas Cable News Network; Newswatch on CH 15, New Orleans, LA; Local News on Cable, Norfolk, VA, and others.
Click here to view Chateau-Animaux Press Coverage
Chateau-Animaux regularly sponsors community events in Washington, DC, including weekly dog and cat adoptions with Capitol Cats, Homeward Trails, K-9 Lifesavers and the Washington Humane Society, "Pride of Pets" fundraiser for PETS-DC, the Washington Humane Society's "Bark Ball", and the annual Halloween dog costume contest -- "Howl-O-Ween!"  Dennis Bourgault has served as President of the Capitol Hill Association of Merchants and Professionals, and the Boards of the Capitol Hill Community Foundation, the Capitol Hill Business Improvement District and Barracks Row Main Street.   For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.  

What is a condo?

A condominium is real estate with certain specific properties. Although there are various types of condominiums, the most common legal arrangements involve individual ownership of each unit, with joint ownership of the communal or common areas by all of the residents in the building. Condominium developments can be commercial or residential. In the case of residential property, a condo can be composed of one or more a high-rise buildings, garden-style buildings, townhouses and---in special causes--even consist of individual houses. While some condominiums are located in large multi-unit buildings, others may be detached form each other and be located in a gated or planned community. Some condominiums may be located in resort or vacation destinations. Most usually, a condominium is a housing unit or apartment in a multi-unit building in which each unit is individually owned, with common areas and the property in general jointly owned by the residents and the owners of the building, or all of the residents together. So the structures that make up a condominium complex are divided into living units, which are each owned by individuals. Jointly, these unit owners all have an interest in the rights and duties of the common areas, such as the parking lot, lobby, roof, etc.

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For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Why choose a condo?

Watergate at Landmark
Watergate at Landmark
People choose condominium life for a number of reasons. Some condos are less expensive than a traditional single-family house. Additionally, many condos have added amenities and facilities which an individual cannot afford on his own. Most condominiums have amenities you won't find on a similarly priced single family residence. For example, a typical condo has (at minimum) a pool, a work-out room, and party room. A similarly priced house would not enjoy these amenities. Another benefit of condo living is that owners share in the burden of maintenance and lawn care. This means that some of the exterior maintenance and lawn care is provided by the condo association and the expense of that care is part of your monthly condo fee. Many older condos have utilities included in the price of the condo fee. In new condos it is more typical to share the cost of water, but individually pay for other utilities. Condo life in some ways is simpler for active lifestyles. Many condo owners choose condo life because they love life and they don't want to be bogged down with maintaining a lawn or cleaning gutters. A condo owner can walk out the back door and enjoy a dip in the pool while the other guy is spending time writing checks to pay his utilities.

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For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Audrey Moore RECenter at Wakefield Park

Fairfax County has a number of RECenters throughout the county. One of these is the Audrey Moore RECenter at Wakefield Park. The park is located in Annandale just outside the Capitol Beltway. The center features swimming, fitness and racquetball facilities as well as other recreational activities such as crafts and dancing. The center is ADA accessible with curb ramps, automatic doors, ample parking, an elevator, and a wheelchair accessible unisex bathroom and dressing stalls. The Audrey Moore RECenter at Wakefield Park has a natatorium (inside pool). The pool and natatorium is accessed via locker rooms containing saunas and showers. At the natatorium one will find a large 50 meter by 25 yard pool with one 3 meter and two 1 meter diving boards. The pool also has a Super Slide. The natatorium is equipped to handle swim-meets with plenty of seats for spectators. In addition to a natatorium, this RECenter has a gymnasium with six basketball hoops and volleyball nets. The center has various courts for sports like racquetball, squash and wallyball. Local youth and adult leagues make good use of the gym, so it's a good idea to call the center to make reservations for courts. The center also contains a cycle studio. Overlooking both the gym and the natatorium is a well-equipped fitness center. The fitness room features cardiovascular equipment and Cybex machines that are networked with FitLinxx. There fitness room has has free-weights and an area to stretch-out before your work-out. Check the calendar for both beginners and advanced group fitness classes. The RECenter isn't just for sporting activities. Retired and older adults gather for activities at Audrey Moore's senior center. Dancers and soon-to-be dancers make good use of the dance room where instructors hold scheduled classes for a wide variety of activities like salsa dancing, ballroom dancing and square dancing and more. You can try your hand at arts and crafts in the craft room or even fire-up the kiln and make your own pottery in the pottery lab. Aspiring photographers can make use of the dark room. Just outside the natorium is an outdoor sundeck. The center is situated in Wakefield Park which has many trails for bicyclists, joggers and walkers. A portion of the pride of Fairfax County Parks, the Cross County Trail, courses through the park. The Cross County Trail is over 40 miles long and connects the entire county from one end to the other. Outside the center are lighted courts for basketball, volleyball, tennis, baseball, softball and soccer. The Wakefield Skate Park is found here as well. From early May to late October, the grounds are also used on Wednesday afternoons the Wakefield Farmers' Market. Audrey Moore RECenter 8100 Braddock Road Annandale, Virginia 703-321-7081 Map/Directions For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

10 Questions to Ask Before Buying Wood Floors

  1. What color range do you want — light, medium, or dark?Hardwood floors
  2. Do you want a floor with more natural character, or less?
  3. What board width do you want?
  4. Do you want engineered or solid-based floors, depending on your home’s conditions?
  5. How critical is length to you in reducing the overall number of seams?
  6. Do you want more aggressive graining like oak or a mellower grain like walnut?
  7. Do you want flooring prefinished or unfinished?
  8. How thick is the wear layer in the floor you’re considering, which will affect your ability to refinish it over time?
  9. What type of finish are you going to use? Can it be refinished and, if so, how?
  10. For wider planks that provide greater stability: Where is the wood coming from, how is it dried, what is its moisture content, and what type of substrate is used in the engineered platform?
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Millennials Poised to Put Their Mark on Housing

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup. “As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports. Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home.
Your Realtor Stuart Nesbitt
Your Realtor Stuart Nesbitt
As this generation gains greater financial security, more millennials will begin to embark on their own. A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation. "Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup. Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

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  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

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  • A Good Time to Buy a High-End Home

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    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

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5 Steps to Buying a Home

Step 1: Defining What You Want
Office Nesbitt Realty
Inside the Consultation Room at Nesbitt Realty
Start by creating a prioritized list of features you want in your home and the reasons why. Use it as your search guide, but remember that depending on your budget and funding, you will probably need to make some compromises. Your Nesbitt Realty real estate professional can you information about communities which fit your criteria. Of course, location is a huge part of any move. If you're new to the area, keep in mind the distance traveled during your commute is not so important as the time traveled. Traffic patterns favor some neighborhoods while some areas regularly suffer with gridlock. You Nesbitt Realty real estate professional can tell you about area amenities, culture and shopping. Step 2: Figuring Out What You Can Afford Now that you have an idea what you'd like, it's time to see how that marries up to what you can afford.Often the preapproval process takes less than an hour, and can be handled over the phone. Your mortgage professional can tell you how much condo you can afford and what your monthly payments would be. Additionally, a pre-approval letter demonstrates to the seller that you can afford to buy their home. When the seller knows you can move quickly, this often gives you more negotiating power. By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Step 3: Shopping For Homes Once you know what community you'd like to live in and have an idea of how much house you can afford, it's time to start checking out some actual communities. You can beginning this search online and save time since it can help you target homes that meet your search criteria. You can view virtually every property listed by all real estate companies in the area on this web site. It's one way Nesbitt Realty makes home shopping easier for you. We will even notify you by email when properties come on the market that meet your search criteria. Next, begin visiting homes in person. Ask your Nesbitt Realty real estate professional to arrange home showings that are in your target area and price range. If you are not currently working with one of our agents contact Nesbitt Realty at 1 703 765 0300 . We will arrange to have a knowledgeable agent assist you. Step 4: Making An Offer Once you find the home you want, you need to complete a purchase agreement for the house. Typically this is a very difficult and trying time since both buyers and sellers have totally different goals. In most cases it is better to have a third party, such as a Nesbitt Realty real estate professional, negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations. Step 5: Closing In most cases you will also have the option of a "walk through" within 3 days of the closing. This is your chance to make sure that all of the items that you and the seller have agreed upon meet your satisfaction. Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary are not completed and brought to the closing table, the closing may not happen on time. Once you close, it's official - you own the home.
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    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Investors helped the market — but may be hurting its future

Real estate investors have helped the market recover. But for the long-term health of the market, maybe they should stop now.
A balcony at Watergate at Landmark
A balcony at Watergate at Landmark
(To be clear: By “investors” I mean people and companies that buy single-family homes to turn them into rentals, not house-flippers.) Here’s what’s worth watching: When all those foreclosures went on the market at deep discounts, investors began snapping them up. That was a good thing, because there was so much inventory out there that prices were staying low. Once most of that distressed inventory was gone, though, conventional wisdom said that investors would ease off. Prices would go up and the great deals would be gone. That may not be the case. Investors are still buying inventory — at least, that’s what economist Tom Lawler is seeing. With the Fed keeping interest rates low, it’s apparently still a good investment, at least for larger investors. And that may not be good for the long-term of the market. Investors aren’t planning to sell. Ever. The homes they’ve turned into rentals are going to stay as rentals — that’s inventory being taken out of the market. When someone is looking to move up or downsize, the pool of available homes is going to be smaller. As economist/housing guy Bill McBride puts it (emphasis mine):
This investor buying is making it very difficult for first time buyers to find a home, and this is probably keeping some potential buyers as renters — and maybe pushing up some buyers to higher price points just to buy. In the short run (the next few years), I don’t think these institutional buyers will have a negative impact on the market.  It seems unlikely they will be large sellers, and they will probably maintain the homes that they purchase. However this could impact the housing market in the future, especially the move-up market, since the move-up market usually needs previous first-time buyers to sell their first homes. Obviously institutional sellers will not be move-up buyers.
Even worse, potentially, is that by shrinking inventory and raising prices, investors might be creating a new housing bubble. (Click here for a Bloomberg article about that very issue.) That’s still speculation, though. Old Town What isn’t speculation is that we’re already seeing an inventory shortage as sellers stay on the fence (possibly afraid to be selling at the bottom, or maybe they’re just underwater). Those sellers will eventually enter the market, of course, but if too much single-family housing gets into the hands of investors, inventory shortage could be a long-term problem we’ll need to keep an eye on. Posted by Andrew Kantor