Life at the Torpedo Factory does not center around a swimming pool. The Torpedo Factory is about life in one of Northern Virginia's most exclusive neighborhoods.
Most units at the Torpedo Factory are situated around a private formal and well-tended courtyard.
crepe myrtles at the Torpedo Factory
Units come with garage parking in Old Town. If you know the colonial streets of Old Town, you know what a luxury this is.
Union and King in Old Town
The single biggest amenity at the Torpedo Factory is the neighborhood.
Art Center
A Penthouse unit from the Torpedo Factory
Torpedo Factory condos
Snow at the Torpedo Factory Entrance on Union Street
flowers at Belle View condos
HOA stands for Homeowners Association. HOA Fees are funds collected from the buyer for different things, such as landscaping, maintenance, and water & sewer. Some associations also collect funds to include extra amenities like, pools, fitness centers, and valet parking. These are all extra benefits that come with the purchase of a home. These fees can be between $100-$1000 yearly depending on where you buy.
Usually there is a board of directors that are voted in and they decide the fees charged. These fees can also be changed yearly. The HOA should keep you updated on all decisions made. Each HOA has it's own by-laws and restrictions. These vary from neighborhood to neighborhood.
You are basically joining a group within your neighborhood that applies rules that help keep the neighborhood safe and beautiful. It is important for the buyer to make sure they understand all of the by-laws and restrictions before purchasing a home. You need to make sure they are rules you can live with.
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
Julie Nesbitt
Two ratios are calculated by mortgage lenders to determine a buyer's maximum loan amount:1) the front ratio and, 2) the back ratio.
Front Ratio: The total mortgage payment including principal, interest, taxes and insurance (PITI) as well as any condominium or homeowner association fees divided by your total GROSS income. Traditionally, this ratio must be below 30% Example: With a gross income of $5000 per month, a total mortgage payment (PITI) of $1350, the front ratio would be 27%.
Back Ratio: The total mortgage payment PLUS any car payments, credit card and any other loan payments including student loans divided by your total GROSS income. Traditionally this must be below 40%. Example: With a gross income of $5000 per month, a total mortgage payment of $1350, a car payment of $325, 1 credit card payment of $60 and 1 student loan payment of $150 for a total of $1885 with a back ratio of 38%.
For more information or to set up an appointment call Julie at (703)765-0300.
If you need help calculating your ratios, please contact Julie Nesbitt at 703 765 0300.
One of the biggest questions every condo buyer and home buyer has to ask is, "How much work am I willing to take on?"
Some folks want a turnkey residence. Some folks want a residence in {Location_Name} that has brand new modern appliances and cabinets. Some people want appliances and cabinets that have never been used.
Some people don't mind an older kitchen. Some people like the feel of a kitchen that was put in long ago.
Others like an older kitchen because they like the idea of ripping out the old and putting in the new. It can be very gratify---not to mention financially rewarding---to completely remake a residence. As a homeowner, or condo owner, you are the ultimate authority. It is your domain to decide what will stay and what must go. This can be a lot of fun.
But, remodeling can be a lot of work. Living through the dust and the inconvenience can be a hassle. If you don't know where to turn to, it can also be very expensive. But no matter how you personally resolve the issue, it's important to consider before you actually start shopping. Email Nesbitt Realty to learn more about your selections in {Location_Name}.
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Is a E M D asked for when the other party doesn 't believe the buyer is serious? Also if I refuse to put down a earnest money deposit do I risk ending negotiations for the property?
City Park Homes in Falls Church 22043
A buyer should always ask his or her own agent questions like this. If you don't trust your agent to give you the right answer you probably have the wrong agent. When you question your agent's judgement you can always ask for an explanation from the agent's broker. That said, what follows is not a specific answer to your specific situation, but some general advice about EMD's.
EMD stands for earnest money deposit. Earnest money deposit literally means money that you've deposited to show you are earnest. Nearly every real estate offer these days will include some amount of earnest money to show that the buyer is serious. Offers without any earnest money generally mean that the buyer lacks the capacity to actually make the purchase or that the buyer doesn't want to risk any money in the transaction.
Nobody likes risk. So what is the risk of putting up an earnest money deposit. An EMD check is in practice often not cashed if the offer is not accepted. An EMD check is usually only cashed when the buyer and seller agree to terms and price. Once that check is cashed it is deposited into an escrow account. That means that the money is NOT in the broker's bank account. That money is in a separate account that does not comingle with the brokerage's funds. Once the money is in that account the money generally only comes out one of four ways:
When the transaction closes. When the sale happens the money is applied to the buyer's expenses and/or down payment.
When a judge gives the money to someone. If the sale doesn't happen and parties cannot agree who to give the money to, a judge will decide who deserves the money.
When both parties agree to distribute the money. Both parties must agree who to give how much money to.
When a sale is canceled. There are many reasons a sale might not happen. Sometimes the buyer can't get financing. Sometimes the home won't appraise. Sometimes buyers and sellers mutually agree to cancel the sale. When that happens the money is returned to the buyer.
So where is the risk? If the buyer acts fraudulently or negligently the EMD is put at risk. That means that if the buyer lies or attempts to defraud the seller then the sale won't happen and the money might be forfeit to the seller or the brokerages involved. This doesn't mean the seller can just take your money if he thinks you've lied. The seller can't take that money. But a judge can take the money and give it to the seller. And the buyer and seller can negotiate to give some or all of the money to the seller.
The Purpose of Earnest Money
High-rise condominium
When a seller accepts a buyer's offer, the seller takes some risk. The seller takes some risk because when the property is under contract, he cannot sell the property to other buyers who might be interested. In other words, if the seller agrees to a price with some joker who is just playing around and who won't buy the house, the seller might miss out on someone who really wants to buy the house. So sellers want to know that if they are risking something then the buyer is risking something.
How much the buyer is willing to risk is usually a good indication of how solid the deal is. We usually advise our buyers to put down 1% of the purchase price as escrow money, but some buyers put down more . . . sometimes much more. The bare minimum you'll see in most contracts in Northern Virginia is $500 to $1000. Offers with those minimal amounts are rarely accepted, or get a counter offer asking for more earnest money. Very rarely the lower EMD is accepted when the buyer is a veteran using a VA loan, because a VA loan might be more then 100% of the purchase price.
A buyer who puts up a larger EMD is saying to the seller, "I am rock solid. If you accept this deal, you will sell your house." It sort of like when you buy a car and you pull out the cash and show it to the seller. Then the seller knows you are serious. A buyer who puts up a smaller EMD is saying to the seller, "I don't have that much money on hand. I don't want to risk much money because I might not be able to hold up my end of the bargain."
How to get your EMD back.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Nesbitt Realty can help you buy and sell real estate in Northern Virginia.
W-2 forms --- or business tax return forms if you're self-employed --- for the last two or three years for every person signing the loan.
Copies of at least one pay stub for each person signing the loan.
Account numbers of all your credit cards and the amounts for any outstanding balances.
Copies of two to four months of bank or credit union statements for both checking and savings accounts.
Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
Addresses where you've lived for the last five to seven years, with names of landlords if appropriate.
Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
Copies of your most recent 401(k) or other retirement account statement.
Documentation to verify additional income, such as child support or a pension.
Copies of personal tax forms for the last two to three years.
For more information or to set up an appointment call Stuart at (703)765-0300.
Here are some of the basics about title insurance:
1. Every mortgage lender requires title insurance. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You pay a one-time fee as part of your closing costs. If you are purchasing a home, you should also purchase an owner’s policy which provides coverage up to the purchase price of the home you are buying. In some states it is customary for the seller to purchase the owner’s policy on your behalf.
2. You have the right to choose your title insurance provider! You can shop around for a lower insurance premium rate on line at sites, or you can also ask your lender or real estate professional for help in getting quotes.
3. Check the companies out before you select one. Make sure the title insurance company you choose has a favorable Financial Stability Rating® with Demotech, Inc., the leading title insurance rating company.
4. It’s easy to save money on title insurance. Request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges which could make one quote seem more attractive than another. Ask about discounts. There are often discounts available if you are refinancing and sometimes even when you are purchasing if the current policy issued to the seller on the property isn’t too old.
5. Even new construction needs coverage. Even though the home is new, the land isn’t. There may be claims to the land or liens placed during the construction which could negatively impact your home.
For more information or to set up an appointment call Julie at (703)765-0300.
Westbriar is located near the intersection of Route 66 and I-495 in Vienna, VA. Westbriar was built in the late 90's and early 2000's, and is a 15 minute commute to D.C. Westbriar is a short walk to Dunn Loring Metro located near the end of the Orange Line
Amenities include:
Garage and Outdoor Parking
Gas Heat and Hot Water
In Unit Washer/Dryer (Westbriar Plaza)
For more information or to set up an appointment call Stuart at (703)765-0300.
Here are seven of the most common mistakes that first-time home-buyers make in Northern VA.
First-time home buyers contact Nesbitt Realty!
Some first-time home-buyers don't do enough to make their offer look appealing to a seller. [Read more about Writing the Offer
Some first-time home-buyers don't think about resale before they buy. The average first-time buyer only stays in a home for four years.
Some first-time home-buyers don't understand how a buyer's rebate can actually hurt their chances of buying a home.
Some first-time home-buyers avoid getting a Realtor® because they wrongly believe they have to pay for a Realtor's advice.
Some first-time home-buyers don't ask enough questions of their lender and end up missing out on the best deal.
Some first-time home-buyers don't act quickly enough to make a decision and someone else buys the house.
Some first-time home-buyers don't find the right agent who's willing to help them through the homebuying process. [Read more about Buyer's Representation]
Nesbitt Realty can help you buy and sell real estate in Fort Hunt.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Fort Hunt
homes and condos for sale in Fort Hunt area of Fairfax County VA
.JPG "Belle View condos")
