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Posts Tagged ‘real estate closings’

How appropriate for this Real Estate Market…..  Brian Buffini helps me to make lemonade out of lemons.  My clients have been the greatest this year and not only helped me with my success, but referred  others to me so they could take advantage of selling and buying homes when so many people are full of fear.  Winning is when confidence outshines fear and negativity.

Thank you for helping make this a great year. Yes, several hurdles with appraisal  issues, lending got tighter, inventory was less ( a good thing), and sometimes multiple offers made, but all in all, we all made it happen to our benefit.

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too:
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise;

If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim,
If you can meet with Triumph and Disaster
And treat those two imposters just the same:
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss:
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on!”

If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much:
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son!

– Rudyard Kipling

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Yes, that beauty you found looks like a great deal, but as your mother once told you, you don’t get anything for nothing,and with foreclosed properties, otherwise known as REO’s, getting it to close isn’t always easy. 

My clients happened to fall in love with this home. 

 It was in pretty good shape for a bank-owned home; the only big issues were a few missing appliances, missing knobs on cabinets, dirty carpet, a broken water heater control, and slightly elevated Radon.  THE Bank USUALLY WILL DO LARGE REPAIRS like Radon since most buyers will not make an offer on a property with RADON, and the agents and bank must disclose this to any other potential buyers.

As an Accredited Buyer’s Representative, my goal is to always work to get you, the buyer, the best terms and price; however, even after you think you’ve won a bank owned property contract, things can get messy.  We negotiated a $10,000 seller subsidy, which, by the way, the bank agreed to pay.  ( Make sure you read the small print in the bank addendum)  The addendum mentioned something about not paying prepaid items or escrows.  Since most bank addendum are unique to each bank, it is necessary to read each sentence and understand what is being addressed.

We did everything PNC, required.  Funds and documents had to be given to the Title Company no later than 12:00 pm 3 days before settlement. My purchasers’ lender worked diligently and had the docs emailed to OUR Title Company  who then emailed everything to Sam White’s Office by  11:23 am on Thursday.  Our closing was scheduled to be the following Tuesday at 2:00 pm.

By the way, it is extremely important to have your own Title Company do your closing, not the Bank Owned Title Company.  Send me an email and I will be gald to follow-up on any questions you might have regarding this.

    THE PROCESSOR FOR THE BANK DID NOT OPEN HER EMAIL UNTIL 1:40 PM THEREFORE CAUSING A DELAY IN OUR CLOSING.  THE BANK HAS THE POWER TO DELAY CLOSING, BUT NEVER THE PURCHASER!   My clients WOULD HAVE BEEN CHARGED $100+ PER DAY if they delayed closing  THIS DELAY COULD HAVE CAUSE MY BUYER TO LOOSE HIS INTEREST RATE LOCK. Fortunately, HE HAD ONE MORE DAY TO GET TO CLOSING WITHOUT BEING PENALIZED.

Wednesday morning, I received word the bank was now reducing the seller subsidy to $8,000.  THIS WAS CLEARLY NOT WHAT WAS NEGOTIATED IN OUR CONTRACT.   We have the everything approved by the lender and if any changes are made to the HUD, we will need another approval.  This could take 1, 2 or more days, not something my buyer can afford to do.     

Talk about feeling like your held hostage to the bank!!  It as if each bank, the buyer’s lender and the REO Bank, PNC, are wanting to see who will back down first.  All we want to do is go to settlement on the home. 

So we pulled the trigger- WE REFUSED TO CLOSE WITH LESS THAN THE AMOUNT OF SUBSIDY WE HAD IN OUR CONTRACT!  Unfortunately, the listing agent reduced her commission $2,000 and made up the difference.

                              This must stop! Contracts must be dealt with fairly with all negotiated terms revealed.  Do the REO properties want to sell the property or not?  Who really is holding the cards?   I will be warning all my clients of these unfair practices and urging them to look elsewhere, especially with PNC owned properties. 

Tanya Spotts     

Director’s and President’s Club  2006-2008
This Spot’s For You!  ( http://ThisSpotsForYou.com )

 Long & Foster Realtors
508 E. Market St., Leesburg, VA 20176 

 Cell Phone: 703-618-1218

 Office Fax: 703-777-5627

Email: Tanya.Spotts@longandfoster.com

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This is one of the greatest times in history to buy a home…

Good Inventory, and up to $8,000 first-time buyer’s tax incentives.  First-time buyer’s tax incentive questions, email me.

Pitfall #1  Check you Credit Score and make sure all information is correct.  Find out more informationon  how to improve your credit score. Your credit score is one of the most important factors used to decide whether you will qualify for a major loan.  Check your credit for free at all three repositories.

Pitfall #2  Failing to work with an Accredited Buyer’s Agent, a professional Realtor with the designation ABR.  Buyers who are not represented by his/her own agent is like a defendant tries to represent himself in court. Would you ever consider defending yourself on trial?  Home buying is one of the most important financial decisions you ever make.  You need a great team, a great agent, great lender, home inspector, settlement attorney, etc.

Pitfall#3 Choose a the best mortgage which meets your individual financial requirements. Look at interest rates,discount points, and terms.

Pitfall #4  Choose a good lender and get a Pre-approval letter before you begin.                                                        Many folks want to go home shopping the same way they go grocery and clothes shopping.  They start by looking before they know how much they can afford.  It is imperative to get a pre-approval letter, know your limits and begin by looking at home in the correct price range which meet your requirements.  many buyers do not think through the process and begin by either looking at homes which are far beyond what they can  afford; they think that in a Buyer’s Market, they can make a “low-ball” offer and get the seller to agree.  Even in a Buyer’s Market, the seller’s agent will have given the owners a pretty good look at what has recently sold The CMA (Comparative Market Analysis) is usually the best means to determine Market Value .

Pitfall #5  Check out the Home, ALL aspects of the home.  Remember you are not simply buying a structure, you are buying a neighborhood, school system, and location.  Think about whether or not you enjoy a sun-filled kitchen in the morning, or one that has a view with afternoon sun.  We built our present home to have our Master bedroom in the back, facing trees, not the street.  After all, our teenagers can sleep through anything, we can’t!  Barking dogs, neighborhood lawns, etc all need to be check out.  Take different routes and side streets, and visit on the weekends to see how it looks when everyone is home or on weekdays when the traffic can be intolerable.

Pitfall#6  GET A HOME INSPECTIONand do a final walk-through.  Ask questions and make sure you understand what repairs if necessary are covered in the contract, what items are negotiable.  Are doorbells required to be working, Dampers in fireplaces, missing window screens, fog in double-pained windows- know what is covered as a condition of the contract.

Pitfall#7 Closing Documents. Review the HUD and compare it to your Good Faith Estimate.  You are responsible for placing your name on the dotted line.  Make sure you understand what you are signing.

 Ask questions, get a good buyer’s agent, and prepare yourself with knowledge.  It is a great time to buy.

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We at Long & Foster Real Estate, Inc. in Leesburg feel so fortunate to be the  the first  Real Estate Broker to be given the opportunity to preview the Village at Leesburg.

The Villages at Leesburg is very impressive and something that I think will make Leesburg proud.  The architecture and well thought out walk-ways, parking, and landscape are quite impressive.  Great Advertisment…

                                                    “LIVE & PLAY”

                                                                                                              “Welcome home to urban convenience and custom comforts.”

Who would have thought Leesburg would attract this type of lifestyle.  I am certainly glad it has!  You will be quite impressed.

Sorry it was a gloomy day, but you can imagine the area if it were a sunny afternoon.

Looking down Market Place

Looking down Market Place

The office space is something you definitely want to consider if you are looking to open a business in Leesburg.  Size ranges from 3,300-10,00 sq ft.  Upscale and designed to attract retailers and office tenants looking for “a signature” business location, you must consider this location.  Contact me  for pricing and more information.

                              The retail space is anchored by Wegman’s and LA Fitness.  According to their marketing division, retailers will find the exposure  and accessibility of  Route 7 ,  the 125,000 consumers within a five-mile radius, and  the average income of $120,000+ something to capitalize on when making a decision to move here.  70,000+ cars pass by this location each day..wow what exposure especially  if you can be seen for Route 7.

Thinking of moving into the area, presently, the Village of Leesburg is offering 355 luxury residential  apartments.  These are NOT your normal rentals.  Yes they are a bit more expensive, but the appeal of working and living in this area will not go unnoticed and will capture your heart.  The Metropolitan Apartments are oh so elegant!!!  They are right when they describe them  as being designed for comfort… graceful balconies, custom cabinetry, wonderful urban views ,and all with a new and vibrate lifestyle to go along.   I was able to snap a few photos; take a look at the 9″ ceilings, huge balcony, and designer kitchen.

9' Ceilings and Open floor Plans

9' Ceilings and Open floor Plans

Custom Designed Kitchens

                              Balconies with urban views of the market place.                    

  

  

  

  

  

  

Lookout Leesburg! 

The buzz about Wegman’s opening in Leesburg  is everywhere. 

                                     Opening When:  November 8th

                                I was shopping in their Sterling store this past  Sunday.  At the check out counter, I overheard a customer ask, when is your store opening in Leesburg?  She is from Round Hill, and like myself, makes weekly excuses to go to Sterling, just to shop at Wegman’s.

                                               You must check out their videos.  I made both their featured dishes Sunday, one to enjoy that evening, the other for a good home cooked meal during the week.  

This one is terrific!

This one is terrific!

Other stores will be opening after the new year.
Rumor has it, we might even get a first class movie theatre, too!
                              For more information about commercial or residential real estate,  please stop by and see me at our office or call me at 703.618.1218.  School information, local and community links, adn MLS searching can all be done at my website.  “This Spots For You!!

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That was easyAs my first- time buyers sat at closing yesterday, their comments were, “this was easy!” The sellers nodded in agreement as they thought about the commissions they were paying so they could sell their home and close on their new on in a few days.
The settlement attorney replied, “that’s because your agents did their job and both of you were represented by professionals.”
I am convinced my commission is worth it. Every transaction appears to the public like it was easy, but behind the scenes, I work diligently, as most of my colleagues do, to assure a sale.
Whether you are the buyer or the seller, having an agent who works full time helps to ensure you are protected so that you can avoid the many legal pitfalls in a real estate transaction.
Yes, you can hire attorneys to write the contract, as FSBOS sometime do, but just remember, each time you call the attorney’s office, you will need to make an appointment, and pay the hourly fee for any legal advice you need regarding the transaction.

Unlike NY., Virginia law allows me to represent you. negotiate, and write the contract.  At Settlement, the settlement agent or attorney does not represent you; he/she represents the contract. Can you imagine the expense New Yorkers must have with each client paying agents, and attorneys for every real estate transaction? Agents are used to market and sell, attorneys close and settle transactions.

If and when you need legal advice, my job is to have you speak to a real estate attorney, not to counsel you on legal issues. Now, I must admit, if I ever have any legal issues which need addressed, I have an amazing group of people who can help me. Champion Title, RGS, MBH, and Historic Title are always willing to help explain the contract and help me to represent my clients. Long & Foster and NAR (National Association of Realtors) have their legal counsel available.

So as you can see, keeping educated in all real estate matters is extremely important to fully represent my clients. I could go back and continue working on my Master’s Degree, but instead find the education I need in real estate and all the continuing education courses needed to keep my license gives me the satisfaction I want.

Luckily, many of the contract courses are taught by fantastic attorneys like Keith Barrett, Esq of Champion Titlein Leesburg, Virginia.

Every time I take a class, I am astonished by the conversations and examples he provides of previous transactions where clients find themselves in trouble because of a missed time frame, a forgotten detail, or any of the myriads of circumstances and situations which can arise in a real estate transaction.

Our REAL ESTATE CONTRACTS address most situations, but a meeting of the minds is something that sometimes does not happen. Education and closing deals is what makes a great agent, so I try to make sure I am at the top of my game.
Getting back to behind the scenes…

WHY DOESN’T MY AGENT ANSWER THE PHONE??
A great Agent- what she or he is doing…….. what am I paying for??

Staying Educated—That is not cheap and takes hours out of my day. Continuing Ed is required to keep my license current.

License and Dues- Virginia License and maintianing membership with Professional Associations, National Associations, NAR. And DAAR, NVAR, here in Northern VA. (Why, you ask?)

Not all real estate agents are Realtors!! A Realtor is bound The Ethic Code of Conduct and Oath, just as other professionals, and is bound by the laws and regulations to work for you, their client, and to represent you to the best of their ability. We are held to a higher accountability. Big time fines can be levied for any misconduct by the association and your license taken away. This is the same for most other professionals.

Marketing
-including materials, websites, brochures, flyers, ads, direct mail, email blasts, TV ads, magazines, or other places we market ourselves and your home. Long & Foster doesn’t pay for this, I do! Insurance- yes, we need insurance like errors and omissions insurance, health, car (don’t forget we have clients in our cars and are on the road most of the time.)

TIME- our day never ends! We work far beyond an 8-hour day, most weekends, and even most holidays. We never charge overtime! My family asks that I turn my cell phone off, but the difficulty lies in the fact that I am always open for business. A good agent is on call most of the time. I do try to keep a healthy attitude about this. Even your doctor takes time off. Most real estate situations are not life and death tragedies; they can be dealt with in the morning.

Shared Commissions- that 6%,

well, half is given to the other side (the agent representing the other party, and of course almost half of what is left goes to my Broker for his split. I don’t pay desk fees. Each agent is required to have his license with a Broker, who will most likely take some fee, either an office fee, or part of the commission. Now that leaves me with the remainder after all my expenses are deducted, pennies on the dollar.

STRESS- yes, many sleepless nights. Keeping contracts going forward and getting to settlement looks easy; that is my job. I want YOU to let me take care of you and with that comes extraordinary responsibility. You Get what you pay for.

Visit my website at http://www.ThisSpotsForYou.com to search for homes or learn more about me

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