Real Life in Richmond Virginia

A year ago, Virginiawas in the middle at No. 25, according to RealtyTrac.   Nationwide foreclosure filings decreased 3.4% from May 2008 to June 2008.  However in Virginia, foreclosure filings increased 8.9%.   Foreclosures in Virginia are at the highest level since at least June 2005 – up 204% from June 2007!

Make sure you get a good lender, Prosperity Mortgage   don’t always go for the max limit that you can qualify for and in most situations if not all, try to stay away from interest only loans, and arms with balloon payments.  Historiclly the fixed rate over 30 or 15 years is the BEST and SAFE Option in buying a home. 

When buying a home in the State of Virginia you have a choice as the Buyer to use a Settlement Agent instead of an Attorney:  In most purchase contracts the language is as follows:

Choice of Settlement Agent:  You have the right to select a settlement agent to handle the closing of this transaction. the settlement agent’s role in closing your transaction involves the coordination of numerous administrative and clerical functions related to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties.  If part of the purchase price is financed, your lender will instruct the settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds.  No settlement agent can provide legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of Law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party.

No matter how you slice it if you need legal advise from a Settlement Agent you can’t get it. If they mention that they have attorney’s on staff, they still CANNOT give legal advice to you in purchasing your home because you are not their client. 

In short when you have a choice go with the right choice and ask for an Attorney to handle your closing for you.  In case you need legal advice during the transaction you have it a phone call or email away.  Usually for the same price or less. 

For additional information take a look at www.Bonairtitle.com

Listing your home in any city you live in can be a very stressful situation not to mention anxious.  Take a little stress relief and get a pre sale title search done on your home.  Why you ask? I thought the buyer does that right before settlement on your home?  The buyer does, but unlike the pre sale title search it might take days or weeks to clear up title issues.  Well past the settlement date and now everyone is stressed. 

When your home is listed by an agent that has closing attorney’s available to them, like Bon Air Title in Richmond, Virginia the closing attorney for the seller will do a title search for you for FREE.  Yes, you have your first mortgage, a second mortgage and a possible line of credit etc. still open and with balances but you might have creditors still on there with zero balances but have not been cleared yet.  That could be the issues that take time. 

So while your home is listed, this is plenty of time for these title issues to be resolved and cleared for take off for the purchaser to settle on the day the contract states. 

Free, no stress and peace of mind selling your home, is there any other way?

Buying your home in Richmond, VA can be exciting and forgettable at the same time.  Remember your home is an investment and you need to take care of it.  Unlike your pet, or plants that cry feed me or take care of me, your home doesn’t. 

Now that you have moved into your Richmond Virginia home you need to keep in mind several things for the future of your real estate investment.  In the Richmond and Central Virginia market, the soil can be active with termites.  The silent but costly mistake is that you don’t maintain a Termite Warranty on your home.  At least once a year, have your home inspected by a licensed termite contractor.  The cost is minimal but you can save thousands on your Richmond, Virginia home in the future. 

The second thing to consider is having a home warranty on a yearly basis that covers the mechanical, plumbing and electrical items in your home. In a nut shell, it is a health insurance policy on your home.  If the furnace or hot water heater breaks, you call the warranty company and they will recommend several contractors to come out and take a look.  You pay a deductible and the warranty company pays the rest.  Simple, easy and peace of mind for your valuable investment. 

Homes in Richmond Virginia have basements or crawl spaces.  Either one, make sure that they are dry during the raining season and well protected in the cold seasons.  Less moisture, means less chance of mold. 

Homeownership made easy. 

How should you determine the value and comparables in your area.  Say you live in a particular style home, then you should look at other homes in your neighborhood that area the same style.  example:  ranch = ranch, 2-story Colonial = 2-story Colonial, then a Cape Cod, Cape Cod = Cape cod, then 2-story Colonial.  Try to get at least 3 similar comparables in style and similar in construction and close in square footage.  Teh SF Price is the SP/SF.    Remember don’t include basement space in this calculations.  Only the SF that is above grade and finished.  Basement SF is usually figured at a lesser value then above grade values and that is determined by similar features of other homes in the neighborhood. 

If you are unsure what your square footage is or the value consult a REALTOR or call a local appraiser. 

“The right price sells a home fast than any other factor.  When the listing price is more than 5% over market, price alone discourages buyers.  Overpriced home –especially in a sluggish market–scares away potential buyers, who think they can’t afford to look. Buyers who look know they can get more home for their money elsewhere. ”   monthly real estate newsletter, the Gooder Group.

If you have homes in your area ont he market for long periods of time, then don’t fall into that trap.  thinking that, Hey if I start my list price high,  I have room for negociations.  I can always go down but I can’t go up.  WRONG approach.  If no one looks at your home how are you going to negociate in the first place. 

A savvy seller strategy in today’s market is to give your home a “price haircut” with a price up to 10% below the competition.  with a price like that it will prime the pump and attracts buyers with offers.  And the end result is to get your house SOLD. 

And look what can happen now, you can buy your next home……….