Funny things happen when you are looking at a home to buy and you love it to death but you just can’t pull the trigger.  Something is holding you back in buying that home. WHAT?  Then all of a sudden you get a call from your buyers agent you ahve been working with and they tell you that the house you LOVE, is already under contract.  Then you say to yourself now I really want that house! 

Then as a listing agent I get the call from the buyers agents telling me that if something happens with the current contract please let meknow my folks really like the house and want to purchase. I say alright but good luck.  most likely in this situation the slow to pull the trigger buyer is going to loose out on getting the home they really want or better yet thought was a really good deal (price and condition.) 

If you are a buyer and in the market to purchase a home in Richmond, VA or other good real estate markets around the country, then you need to ask yourself these questions. 

1. Am I pre approved for a loan and now what I can afford?

2. Do I have a job? which mean you got pre approved with a lender in the first place

3. Do I like the house and the area?

If you and answer yes to all these questions then you need to pull the buying trigger and go for it. As the saying goes, You Snooze, you Loose! 

Remember, the first buyer got the deal you thought you were going to get but you waited to long.

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. 

Had this question asked to me from a client of mine that is married and closing on a new home in Richmond, VA in a week.  These are the options my client gave me:

•  Tenants by Entirety with the right of survivorship
•  Joint Tenants with the right of survivorship
•  Tenants in Common
•  Individual (fee simple) ownership

The greatest thing about Father’s Day is waking up in the morning to your little boy bring you breakfast in bed. The joy of father hood and spending time with family and watching you little boy grow up is priceless.  It certianly puts buying and selling homes in perspective and that our future is about 4 years old. 

So to all the Dads out there HAPPY FATHER’s Day and spend every moment you can with your children.  Take the time and try to see the world thru a kids eyes and you will be amazed. 

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?

Take time to thank someone you might know who has served for our Country in the past and current.  Without their service we would not be the Country we are today.  We can all live the American dream and buy real estate, live in fancy homes and eat cheeseburgers today. 

THANK YOU !!!!

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. 

Does your home have color? Does it have too much color? Well if it is on the out side of the house and in the garden, then you should be alright. Of-course if it looks like this at your home, you need to start charging admission for viewers because you have created something FANTASTIC!. This picture is from the Butchart Gardens in Victoria, BC.

Having too much color inside your home could be an issue. Most folks in todays market are looking for neutral colors or at the worst earth tone colors. Colors that go with a lot of different things and colors that make people feel good when they walk into the room. Now that doesn’t mean dark colors are out or shouldn’t be used for your personal enjoyment. however be careful not to go to dark where it might be hard to paint over.
A wise person once told me that she paints her home walls white (or the off whites) and she decorates with color. Now that is real simple. Less time painting and more time shopping!!!