Tag: Real Estate

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June 10, 2013June 10, 2013Will Nesbitt

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

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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June 7, 2013April 18, 2015Will Nesbitt

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Places of Worship

Are you looking for proximity to a particular house of worship? Whether you are seeking a church, mosque, synagogue or temple---yes, alphabetical order is intentional---Fair Housing Laws pretty clearly state that houses of worship locations are not the purview of real estate professionals. These rules were written in another era when segregation, even by denomination, was more common in America. While it is true that some neighborhoods have a few more folks from this religion or that, I'm not aware of any neighborhoods in Northern Virginia that are exclusively or even mostly a certain religion. I personally thinks it make sense to investigate the schools in an area to make sure they suit your needs. As realtors we can provide information about schools. By the same token, I think many folks would like to know that there is a nearby house of worship that serves up their preferred flavor of faith-based teachings, but this is outside the realm of the research I can perform for you.

When we speak of religious matters, it must be understood that this information is not intended as an endorsement of or an attack upon any particular religion. Nor should it be implied from this information that any particular creed or religion is favored by our brokerage. But I do think it's sad that I have to write that, because it should be understood by implication.

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May 28, 2013June 4, 2015Julie Nesbitt

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About the Author --- Will Nesbitt is the principal broker of Condo Alexandria and Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

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.

Are disclosures required in emails?

May 17, 2013February 6, 2016Will Nesbitt

In the Commonwealth of Virginia, emails sent for the purpose of advertising real estate services must contain specified disclosures at the beginning or end of the message. Does that mean disclosures are required in all emails? Let's look at the case of Earl and Brian. Earl lists his home for sale with an agent named Brian. Earl is a busy guy and doesn't like phone calls. Earl prefers email and thus he and Brian communicate regularly by email. Late one night, Brian replies to one of Earl's emails but includes none of the required disclosures! Has Larry violated the rules of the Commonwealth of Virginia? The answer is no. Earl is already Brian's client and thus these emails are not solicitations. Disclosures are unnecessary when dealing with existing clients and in any correspondence required by the ordinary conduct of business.

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May 10, 2013January 5, 2016Will Nesbitt

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flag — Nesbitt Realty is licensed in Virginia.

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

The difference between equitable title and legal title

Do you know the difference between equitable title and legal title? Equitable title is conveyed to the buyer when the seller signs the offer to purchase. A ratified sales contract creates equitable title. After closing and accepting the deed, the buyer receives legal title. Equitable title does not carry all the rights, privileges and duties…
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What is the Virginia Condominium Act?

If you own a condo in Virginia, or if you're thinking of buying a condominium in the Commonwealth of Virginia, it might be a good idea to glance at the Virginia Condominium Act. This act describes the terms of ownership and limitations and requirements of condo associations. It also describes the unique attributes of condominium…
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Condos need maintenance …

Everything built by man requires some maintenance at some point. Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters…
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Real Estate Contracts With Contingencies

Real estate contracts sometimes come with contingencies. This is a part of the contract that states certain conditions or timelines are met or the seller or buyer can void the contract. The conditions or timelines can be any that both parties agree on and are put within the contract. Contingencies usually last for a specified period.…
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Update: Lepelletier case against Judge Tran Dismissed

As you may already know, Robert Lepelletier, Jr. sued Nesbitt Realty and as a result he was ordered to pay sanctions to Nesbitt Realty by Fairfax County Judge John Tran. Lepelletier sued the Honorable Judge John Tran in Federal court. Lepelletier's case against Judge Tran was dismissed and his motions were denied. Despite being ordered…
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The Listing Agreement

The first step to selling your home or condo

The listing agreement is an agreement or "contract" between a property owner and a licensed real estate professional. The listing agreement authorizes an agent to act on the behalf of the property owner for the purpose of selling the subject property. In other words, the listing agreement describes the powers and limits of your real estate agent when your sell your home. Listing agreements can be negotiated to include any number of terms specific to your relationship and property, but all valid listing agreements will always include the following elements:

Writing

In the Commonwealth of Virginia verbal real estate contracts are valid but not enforceable. What does that mean? Well in short-hand it means that all real estate contracts must be in writing.

Employment

The listing agreement is actually an employment contract for personal services offered by the broker to a property seller. This contract describes the terms and conditions of employing the broker. Often the broker will assign an agent to a specific property, but the listing contract is not between the agent and the seller. The listing agreement is an agreement with the broker employing the agent and the property owner. The listing agreement grants the broker and his agent the power to represent you in marketing and selling your home.

Compensation

For any contract to be valid, there has to be compensation. A listing agreement is no different. The listing agreement specifies the amount paid to the broker and establishes the timing of the payment to the broker. Most listing agreements charge a percentage of the sales price and this amount is paid at closing when the home sells. In addition, the listing agreement will also describe instances where the seller might have to pay the broker even though the property has not sold. A rare example of this can happen when a broker finds a qualified buyer who is ready and willing to pay the asking price with the terms the seller wants, but the seller refuses to go through with the sale.

Title

The listing agreement requires the seller to make representations with regard to who owns title to the property. Obviously, only the owner of a property can sell a property, but the portion of the agreement also ensures against the possibility that there are additional owners of the property. All owners of the property must agree to the listing agreement.

Term

The seller authorizes the broker to act on his behalf for only for a specified period of time, or "term". The term is often 180 days and is only rarely less than 60 days. A listing agreement is a legally binding contract, so the property owner should never agree to a listing that doesn't specify a termination date. In the event that the listing terminates before the property sells, it is a simple matter to sign a new listing agreement with a new termination date.

View of the Colecroft townhouse condos — Colecroft is at the Braddock Rd. Metro Station

Fine Print

There are of course other components to the listing agreement. Most of these are time-tested boiler-plate phrasings that are designed to reduce or eliminate the chance for confusion and prevent litigation. But the listing agreement is a legal document, so property sellers should read and understand the terms before signing. Your agent or broker can help explain the agreement to you, but if you require legal counsel consult an attorney. Lawyers, not real estate professionals, provide legal assistance.

Will Nesbitt is the principal broker of Condo Alexandria / Nesbitt Realty.

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May 10, 2013April 20, 2015Will Nesbitt

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

Five Steps to Buying a Condo

Step 1: Defining What You Want

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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George Washington’s Grist Mill

May 9, 2013April 20, 2015Will Nesbitt

A gristmill is a mill for the grinding of grain, specifically a customer's own grain. Grist mills were a common site in colonial America, but there are few such mills still in operation today. Pierce Mill a Rock Creek Park in DC is open to the public but is non-operational. The mill needs repairs. But George Washington's Gristmill in Mount Vernon Virginia is fully operational and is a sight to see! The mill operates every day from April until the end of October. The gristmill is three miles south of Mount Vernon on the site of Washington's original mill and distillery. Combination tickets which include a visit to the Gristmill are sold at Mount Vernon's Main Gate. George Washington inherited Mount Vernon in 1754 and the mill was part of the estate. At that time, the gristmill was a "custom mill", meaning that grain was ground here for private usage. Grain was not ground for sale. Rather, neighbors and residents of Mount Vernon used the mill almost exclusively. Washington decided to convert the custom mill into a "merchant mill". A merchant mill ground flour and cornmeal as a service for profit. In 1771, Washington added a second pair of grinding stones. Washington's Gristmill served Mount Vernon but it also ground grain for sale up and down the East Coast of America and as far away as Portugal and the West Indies. The current reconstruction depicts the operation of the mill during this period. As in Washington's day, the mill was powered by a stream of water from Dogue Run. In those days, a wharf at the point where Dogue Run enters the Potomac served to bring grain to and from the mill. Mount Vernon is a wonderful community about 5 miles from Washington DC. From Fort Hunt to Fort Belvoir there are manor homes, houses, townhouses and condos to fit any budget or style. Check out Fort Hunt Info for a little more information about this area. Contact Will Nesbitt for a local expert who cares about your goals and real estate needs.

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May 7, 2013April 20, 2015Will Nesbitt

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

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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Tips for Home Sellers

May 3, 2013February 6, 2016Julie Nesbitt

When it's time to sell your house, townhouse or condo here are a few simple tips for realtors and home sellers alike.

Turn on your heart light.

Turn on the excitement by turning on all your lights - both inside and outside. Whether you are showing your home in the evening or in the day, lights add color and warmth. Prospective owners feel welcome in spaces that are bright and airy.

Don't crowd your buyers.

Potential buyers often feel like intruders when they enter your home. Rather than giving your house the attention it deserves, prospects are likely to hurry through. When the homeowners are present people often feel uncomfortable looking in closets and laundry rooms an other private areas. Additionally, rooms filled with people give the impression that the space is small.

I love pets ... but not your pet.

Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. Some prospects are allergic to some animals. Sadly, many people love their pets, but they don't like your pet. It's in your best interest to keep the animals outside or out of the way of potential buyers.

Don't create distractions

Rock-and-roll will never die. But it might kill a real estate transaction. Most of us love music, but not all of us love your music. When it's time to show your home, it's time to turn down the music. Turn off your TV because the last thing you want is for one of your buyers to watch the game while his wife falls in love with your house.

Give a wide berth.

A smiling seller is a welcome site, but a pesky seller will chase a home buyer away. It's important to be friendly but avoid being conversational. Anything you say could be construed to imply a warranty or could cost you thousands in negotiations.

Put things in perspective.

Some buyers will point out shortcomings or flaws in the property. It's best not to respond orally to these challenges. Utterances like these are seldom personal in this context. So, never take offense. Understand that these statements might be an indication of the buyer's ignorance, but sometimes the buyer attempting to frame negotiations with these statements. To engage the comment is to agree with the premise of the utterance.

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