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Category: Home Buying

How to choose and finance a new home.

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Benefits Of House-Hunting During The Holiday Season

When you're writing out the holiday shopping list, maybe it's time to put your name on it and a home as the gift.
  • Rates are typically lower because demand is lower.
  • End of year sellers are typically very serious and may have tax reasons to want to sell before year end.
  • Less competition can mean lower prices.
If you've been considering buying a home,read more here: Real Estate News
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How Men, Women Differ on Home Buying

Men are from Mars, women are from Venus — and that couldn't be more true when it comes to home buying. According to Prudential Real Estate's third-quarter Consumer Outlook Survey, men and women are quite different when it comes to what they value most about home ownership and the process of buying and selling. Women enjoy the home search more than men, with 87 percent of women versus 77 percent of men saying they like looking at homes, the survey finds. More women associate home ownership with "pride," "accomplishment," or "independence," while men tend to associate it with "control over living space" and "more space for my family." "As the real estate market strengthens and household formation grows, men and women approach the buying-selling process from different angles," says Earl Lee, president of Prudential Real Estate. "What's most interesting is the dynamic that exists among couples and the role that agents play in balancing couples' real estate objectives." Agents may often find themselves stuck in the middle, but both sexes say they trust their agent to be the voice of reason and settle any disagreements among couples. Eighty-three percent of survey respondents say their real estate agent was helpful in moderating an agreement, and 86 percent value the agent's point of view as much as — or more than — their partner's, according to the survey. Both sexes cited "honesty" and "knowledgeable" as the most important traits in a real estate agent. Men and women tend to take on different responsibilities when it comes to home buying, the survey finds. Men take on more of the financial aspects, while women tended to take the lead on planning aspects, such as neighborhood research. Nearly 40 percent of men said they researched banks and secured the mortgage; 42 percent of women said it was their responsibility to manage appointments, and 34 percent took the lead in researching neighborhoods. When it comes to the most important home features, men and women are mostly in agreement. Both genders ranked "safe neighborhood," "overall condition of home," and "number of bedrooms" the highest. Source: Prudential Real Estate

Why buying a condo is not like buying a house.

Some folks like to imagine that buying a condo is like buying a house without yard work. In some ways this is true, but it many ways it does not tell the full story. There are real differences between buying a condo, whether you are a first time buyer seeking affordability, or if you are a long-time homeowner down-sizing.

Legal

Consider the legal limitations of condominium ownership. For example, the title of a single family home provides to the owner near total control of any legal use of the property. That means total control of the landscaping, the colors of the house and the types of windows and doors you have. But condos are titled differently.  The governing documents in a condominium complex describe common areas and shared resources. The common area and shared portions of the property are controlled by a---sometimes burdensome---democratic apparatus of owners in the complex. The association might restrict the color you can paint your door. It is not uncommon for the association to decide what plants are planted and what types of windows you may install. On the other hand, some homeowners associations make similar restrictions. A cynic might note that a homeowner does not have control over the street or "common area" that is controlled by the county. In a real sense we all have an association with the community at large. It's just a matter of where the community starts and what responsibilities we cede to the community. In a single family home, community control begins at the curb, but in a condo, community control begins somewhere just beyond the paint on your walls.

Lifestyle

Because the community has shared elements, condo owners don't just have neighbors. Instead, condominium owners actually live next door to their investment partners. Condominiums force a relationship with your neighbors that goes beyond what the owner of a single family home might find. If your neighbor ruins the carpet outside his door, he ruins your carpet too. Life is simpler in a condominium: you don't need to worry about maintenance. Many times some or all of the utilities are managed by the association.  Often the building insurance is managed by the condo association.  Freedom from responsibility means less control and fewer choices about the community: but do you really care who cleans the gutters?  Do you really want to spend your life picking the insurance company?  If not then, a condo might be for you.

Condo Benefits

Condos are a lifestyle choice. In Northern Virginia, where prices are high and choices are limited, condo ownership makes a lot of sense. However, condo ownership has unique challenges and aspects that you should fully understand before buying. If you choose a condo specialist like us, you'll know that we have answers to important questions.
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Why do I need a realtor?

When you are looking to buy or rent a home, a licensed real estate agent provides a variety of unique skills and connections to ensure you get a much better home.
  1. First and foremost a Realtor brings security.  People know what they want in a home, but very few people realize the litany of potential pitfalls that can ruin your new nest.
  2. Second, a Realtor brings diversity.  Unless you're going to limit your selection to public listings, and kiss good-bye some of the best homes in the market, then you need a Realtor to grant you access.
  3. Third, a Realtor brings you economy.  Whether buying or selling, no-one has access to market information to the degree a Realtor does.  This ensures that you're not overspending on your new home, or underselling your old one.
  4. Finally, a Realtor brings you peace of mind.  The process of finding a new home, or someone to buy or rent your existing home can be daunting.  Challenges from financing, to proper title transfer, to negotiating your price require attention to detail, and can be very stressful, and time consuming if not handled properly.
To learn more about how a licensed real estate agent can assist you contact us.

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Why do I need a pre-approval to shop for homes?

Buying your new house or condo involves a multitude of steps.  Having a real estate agent ensures that these steps go smoothly for you.  Having said that, one of the most important aspects of your new home purchase is getting a loan secured.  Doing so in advance ensures benefits you in three ways:
  1. You are searching for properties that will be within budget
  2. Your offer carries extra weight because of your ready to buy status
  3. The home buying process will go smoother and quicker through its final stages.
The value of these three together is quite great, and can make the difference between getting the home of your dreams and that one that "just got away".

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What to Expect From a Real Estate Agent

Your real estate agent is there to represent your best interests. Make sure you read any contracts before you sign them so you know exactly what to expect but the following tips should give you a general idea of what to expect. Sellers agents should be aggressively marketing your property, including running advertising and holding open house events. Nesbitt Realty and Condo Alexandria place a special emphasis on Internet marketing because we believe that's the future of real estate sales and the most effective way to find your home's buyer. As a home buyer, you should expect your realtor to listen to your needs and your budget, and show you properties that fit your criteria. For busy buyers who don't want to worry with the details we offer additional services such as helping to set up utilities, recommending services such as carpet cleaners, and other extras. Most agents will ask you to sign an exclusivity contract for a set period of time, but if you are uncomfortable with the terms don't hesitate to ask the agent for a shorter period of exclusivity.

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Choosing the right condominium for you.

Condominiums are found all over Northern Virginia. From quiet communities along Fort Hunt Road at River Towers and Belle View to glamorous high-rises like Carlyle Towers or the Eclipse to urban luxury in Rosslyn, there are plenty of choices in Arlington, Alexandria and Fairfax County. A condominium is usually a housing unit or apartment in a multi-unit building in which each unit is individually owned, while common areas and the property in general is jointly owned by the residents and the owner of the building, or all of the residents together. Some people choose to purchase and live in a condominium because some condos are less expensive than a traditional single-family house. Additionally, many condo's have added amenities and facilities. Before deciding to purchase a condominium, it is important to do your research into both the legal and practical aspects of owning a condominium. As with any home purchase, location, size and price are important. With a condominium you'll also want to understand the ownership scheme. This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized. The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English (and not in legal jargon)? It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association have over the regulation of the property? Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condo's are new construction and a few are apartment buildings that were rental apartments before making the switch. In newly constructed condos, it's common to find a sales office on-site at the condominium. And whether your buying from a condominium owner or a condo office, it's a good idea to take a guided tour of facilities and the units that are available for purchase. Of course, many new condominium offices have staff that act as sales agents. Potential condominium owners can make an appointment to meet with a staff sales agent to discuss interest in condo ownership. However, when you're in the market for a condo, it's a good idea to employ your own real estate agent rather than rely on the services of the condominium staff. Your real estate agent will have an understanding of the condominium ownership structure and the condominium documents and the real estate agent can explain what this means to you. 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. You might be surprised to learn the variety of sizes found in condominiums. Condos range from studios and one bedroom apartment, to a four bedroom penthouse apartment. Even condominiums with the same number of bedrooms can have different floor plans and different numbers of bathrooms and half-baths. 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. Besides total cost of the property, you should also inquire as to the annual homeowners association costs. These fees are usually charged in order to pay for the upkeep and maintenance of the common areas. Owning a condominium can be one of the largest investments you make, so make sure that the one you choose can accommodate your specific needs. Purchasing a condominium can be a great way to buy a property in the location you really want with all the amenities you seek.

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

Buying later? Check your credit now.

It's a good idea to checking your credit score before you actually decide to purchase a home, townhome or condo. Even if you think your credit scores are good, you will want to see what the bank will be considering and the scores they will be examining. If you check your credit history now, you can find out about errors while there is still time to make a correction. You don't want to find out about credit reporting errors at the last minute. Equifax, Trans Union and Experian (the major credit reporting bureaus) are ponderous and slow to react to problems. It takes time to correct errors. The time to get the record clean is now. On the other hand, if there are negative items on your credit report, you will want to know what will block you from home ownership and what are you options. A good loan officer can also give you an idea of how much home you can afford. If you would like a free pre-approval or would like to discuss your options call Julie at Condominium Mortgage at 703 765 0300.

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Five Steps to Buying a Condo

Step 1: Defining What You Want Our offices at River Towers 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 Condo Alexandria 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. Your Condo Alexandria 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. Most people do this with the assistance of a mortgage professional. If you are considering a condo, make sure that you deal with an experienced lender such as Condominium Mortgage who understands the unique challenges of lending in condominium communities. 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. Condominiums mean condo associations and condo fees. When figuring your monthly budget you Condominium Mortgage professional can take into account any condo fees you might be expected to pay. Often the cost of condo fees are a bargain compared to the cost of utilities, time and maintenance expense that other home owners pay. It's important to put this fee into perspective when considering a condominium or PUD purchase. To receive free loan pre-approval from Condominium Mortgage call toll free 1-703 765 0300 seven days a week. Step 3: Shopping For Homes Once you know what community you'd like to live in and have an idea of how much condominium you can afford, it's time to start checking out some actual communities. You can begin 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 Condo Alexandria 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 Condo Alexandria 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 Condo Alexandria Customer Service 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 condominium. 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 Condo Alexandria 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 condo.

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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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