Tag Archives: Buying Home

Special Considerations for Moving Late Summer

Special Considerations for Moving Late Summer

With kids out of school and weather being warmer, many people choose to move in the summer. Each move presents its own set of challenges, and if you’re moving in late summer, there are some unique ones to consider. Extreme heat can be the greatest challenge. You must consider the effect of heat on you, your crew, and your pets and children, as well as the items you are packing. Continue reading

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Home Buying IS Within Reach!

So many people, especially the young, are discouraged about their ability to buy a home, especially with the newest generation of homebuyers having born witness to the “housing bubble.” But let’s face it, that was almost a decade ago and the real-estate market has made a strong comeback with fair pricing and an honest loan system accessible to those who never thought it possible in their lifetime. Lucky for us, we have the details on how you can reach buying a home especially if your profession is in law enforcement, education, firefighting, and healthcare thanks to the Virginia Housing Development Authority (VHDA). Continue reading

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4 Reasons You Need a Price Strategy Advisor, (PSA)

4 Reasons You Need a Price Strategy Advisor, (PSA)

When you search for realtors, are you overwhelmed by how many are in your area? And how to distinguish one from another? What you need is a realtor who has taken the next step to make your home-selling and buying experience a positive one. You need a Price Strategy Advisor, (PSA). As a certified PSA, I want to share with you four reasons why you should choose a realtor who has a PSA certificate.

Price Strategy Advisors Are Well Trained

Realtors who earn their PSA receive a certificate after completing an in-depth course on comparable pricing, valuation and market analytics. Those choosing to earn the PSA designation have to test out of the certification class. They know this educational component is important for accurately aiding their clients to help create the best buying or listing price strategies. They also take continuing educational opportunities seriously and value the importance of new ways to best serve their clients.

They Will Guide You Through the Maze

Whether you are buying or selling a home, a realtor with a PSA certificate can guide you confidently through the maze of complexities that come with buying or selling a home. Real estate has its own lingo, which can be very daunting. What is a Comparative Market Analysis? Does it benefit the buyer? The seller? Is the appraisal fair? Am I making a great bid, or am I overpaying?  These are all intersections in the maze, and a realtor with a PSA can successfully navigate with you.

The Masters of the Comparative Market Analysis

4 Reasons You Need a Price Strategy Advisor, (PSA)Your PSA-certified realtor will not only guide you through understanding a Comparative Market Analysis (CMA), but they are extensively trained in how to calculate this important tool. As mentioned in a prior blog, the CMA is an in-depth report that digs into the heart of your homes worth. The CMA is compiled using “comparables.” These are nearby properties similar to yours that have sold in the last three to six months. A realtor with a PSA certification knows how to use the data to ensure an accurate read on your area and your home. A well-done CMA and pricing strategy can also mean a faster selling time on your property.

PSA and the Code of Ethics in Valuation

Realtors with a PSA certificate also have a deep understanding of the National Association of Realtors (NAR ®) Code of Ethics. Realtors with a PSA certificate must be in good standing with the NAR®. This means that their knowledge and good standing can be seen in the valuation of your property and the realtor’s interactions with you, the valuation process, appraisers and others involved in the real estate process.

As you can see, a realtor holding a Price Strategy Analyst certificate can be an asset to your property sale or purchase, bringing integrity, knowledge and success to the table. If you are interested in learning more about the PSA certificate or a Comparative Market Analysis, please contact Belinda Jacobson-Loehle at Jacobson Realty and Home Staging today.

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The Purchase and Sale Agreement: It’s a Big Deal!

The Purchase and Sale Agreement: It’s a Big Deal!

The Purchase and Sale Agreement: It’s a Big Deal!

You’re sitting at the table and looking at the PILE of paperwork that comes with buying your first home. Every piece of paper is important in some way, but the “big deal” is the Purchase and Sale Agreement.

The Purchase and Sale Agreement is a written offer from the potential buyer of the property to the owner of that property. The agreement lists the details of the transaction to protect both parties. If and when agreed to, there is a “meeting of the minds.”

In real estate, an agreement is tailored to specific properties such as single-family homes, multi-family homes and vacant land and contains a list of details important to the sale of a property. Here are some of the details you may find in your agreement.

Purchase Price Offer

One of the main details both parties want to know is the purchase price. As the buyer, your offer is considered and may be countered by the seller based on price or other terms. One of the important items to pay attention to is an expiration date of the offer. The offer cannot be accepted after expiration date unless all parties agree to modifications. Many realtors call this a “trigger” date. It is often seen in “hot” buying markets when several buyers are competing against each other.

Description of Property

Both the common mailing address and a legal description of the property will be included in the agreement. Residential developments are identified by subdivision, lot, block and section, and land and non-subdivision property are defined by the tax ID and/or tax map number.

Chattels, attached personal property such as appliances, light fixtures and even built-in shelving are specifically identified in the body of the agreement. Other personal property such as a pool table or playground equipment which may or may not convey should be identified and written into the agreement on behalf of the buyer. Do not assume all appliances convey just because some do. Be specific. Make sure your realtor is aware of the details and how you want your offer to be structured.

Who’s Who

Another crucial detail is information on which companies are handling the title to the property, the loan, closing and escrow. This information is important to make sure paperwork is properly transferred to the new owner. By and large, I believe a transaction is smoothest when both the seller and buyer use the same title or closing company, an impartial party that does not represent the buyer or seller unless monetarily retained. Keeping buyer and seller information under the same roof allows for faster and more responsive flow of communication.

Contingencies

As I noted in the blog “It’s Always Something,” the first thing to remember about contingencies is there are always more than one. However, they are extra protections for all parties involved. These can include home inspection and appraisal contingences that can save the buyer cash and heartache trying to deal with unexpected repairs or taking possession of a property that isn’t worthy of its value.

There are so many other items that may be included in the Purchase and Sale Agreement that I can’t even list them all here, but I should share just one more: the closing and possession dates. Who doesn’t want to know when they can jump in and start their new adventure? The closing day is an exciting time for all. It is when the seller signs the title work to transfer the deed and lending paperwork is signed off by the buyer to complete the purchase.

The Purchase and Sale Agreement: It’s a Big Deal!Typically keys are handed over to the new buyer, possession is taken and the moving trucks are ready to unload.  However, this day may or may not be the official closing date. The official closing date occurs when the transaction is recorded in the county, city or jurisdiction for which the property is located. The title or closing company has two business days to record the transfer. Once the transfer is recorded, funds are dispersed to the seller and any lien holders, and the transaction is officially complete!

If you want to learn more about Purchase and Sales Agreements or are ready to buy or sell a home please contact Belinda Jacobson-Loehle at Jacobson Realty and Home Staging today.

You can also learn more by downloading my FREE e-book, “The Real Estate Key – What You Need to Know”!

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New Licensing for Virginia Home Inspectors and What That Means to Buyers

New Licensing for Virginia Home Inspectors and What That Means to Buyers

Laws are changing all the time behind the scenes in the real estate world. While they affect home buyers and sellers, they’re not always kept in the loop about changes. That’s why we are going to explain the new licensing for Virginia home inspectors and what that could mean to you as a home buyer. Trust us, this new legislation is a good thing for you as a home buyer. It will help you be assured that you’re getting the highest quality home inspection when you purchase a home, no matter whom you choose to inspect it.

Currently, the state of Virginia has voluntary certification for home inspectors, which means that you may get different levels of education and expertise from different home inspectors. All of that is going to change effective July 1, 2017. Now the state requires licenses for all home inspectors. There will be specific education requirements, which are still pending at the state level. Everyone who is voluntarily certified prior to the mandatory certification will be automatically licensed by the Virginia Department of Professional and Occupational Regulation.

What does this mean for you as a buyer? This is really beneficial to home buyers. Regulating the home inspector industry will help give more consistent results from inspector to inspector. Everyone will be required to take the same 16 credits of education biannually so everyone will be 100% up-to-speed on the latest and greatest developments in the home inspection world. With the changing landscape of technological improvements in home systems like HVAC, home security, appliances and more, that continuing education is going to be increasingly important as home inspectors learn how to assess new developments in technology.

This also means your home inspector will have to carry $250,000 in general liability insurance. More insurance offers more peace of mind for you as the home buyer. All home inspectors will be required to have a high school diploma or the equivalent and pass the National Home Inspector Examination, ensuring a standard of knowledge across the board for all home inspectors. This means you will get a more consistent product when you purchase a home inspection as a buyer. A home inspector will have to complete a minimum number of home inspections under supervision from a certified home inspector, which means they will have the benefit of hands-on learning from another certified professional.

Working with licensed professionals helps protect customers and the industry alike. This standardization of home inspection will ensure more buyers get a standard of safety in their home inspections. Have peace of mind that each and every home inspector has to have the same amount of education and receives the same knowledge each year. This will keep the industry thriving with licensed, insured professionals who are truly dedicated to maintaining a high standard of home inspections for customers.

If you’re looking to buy or sell a home in the new year, let us help. Contact Belinda Jacobson-Loehle at Jacobson Realty and Home Staging today.

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What is a Buyer’s Agent?

What is a Buyer’s Agent?

Homebuyers (especially first time homebuyers)Homebuyers (especially first-time homebuyers) need an advocate and a fiduciary to represent their best interests. This person is called a buyer’s agent or a buyer representative. Although buyers can represent themselves in a real estate transaction, just as a defendant can represent themselves in a court of law, do you really want to take your chances with what is often the largest, single investment you will ever make? If your answer is no because you want the best information, the expertise of a knowledgeable agent and someone who understands the latest laws and best practices, not to mention the best deal, then read on!

Typically, the home seller pays a commission to the listing broker, who then pays a portion of that commission to the selling broker or cooperating broker. The actual listing agent and the selling agent (a.k.a. the buyer’s) agent, are paid directly by their respective brokers. With a few exceptions, no one gets paid until the transaction closes.

In the age of online shopping, sometimes buyers think they can easily find the best home options themselves without the aid of an agent. But often, listing information available to the public is outdated, unavailable or contains misinformation. Realtors, and thus buyer agents, have more reliable resources, and access to the most current home listings and price changes. A seasoned agent will know how to provide information on market trends, statistical changes and the latest impacts on the local economy. Your buyer agent will become an important source to you so that you can make a well-informed buying decision.

A buyer’s agent is someone who is solely in your corner, looking out for your interests. When you sign a Buyer Agent Agreement, he or she will commit to getting you the best possible price and protect your financial information, thus creating a fiduciary relationship.

The agreement between you and your agent ensures everyone knows the expectations of the transaction. Your responsibility to your agent is to work with him or her exclusively. Once you’ve signed an agreement, you shouldn’t call another agent to see a property, even if your heart is in the right place and you are trying to save your agent some time. And never give your personal information out to another agent while you’re working with your agent. Finally, let your agent know very clearly what you’re looking for so he or she can find all the homes that fit your precise criteria.

Once your dream house has been found and you are under contract, your buyer agent will refer you to other professionals you may need such as lenders; inspectors home warranty companies and anyone necessary to assist you in getting the best advice at all times.

The buyer agent will also oversee inspections and repairs, maintain proper communication between all parties and provide you the resources and guidance you need to ensure a smooth, hassle-free experience. From start to finish, your buyer agent will be at your side, until the final questions have been answered and all matters have been resolved at the closing table.

Buying and selling real estate is a cooperative effort and Jacobson Realty and Home Staging has years of experience representing buyers, empowering them to make confident decisions. So protect yourself with professional advice during one of the largest transactions you may ever make in your lifetime. Contact us today.

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How to Buy a Historic Home in Virginia

How to Buy a Historic Home in Virginia

One of the great things about Northern VirginiaOne of the great things about Northern Virginia and specifically Manassas, Haymarket, and Bristow is that all of these towns have rich histories, particularly from the Civil War era. If history interests you and you love architecture from days gone by, and if you go in with a clear understanding of the related expenses, a historic home may be for you.
The National Register of Historic Places and the Virginia Landmarks Register were established in 1966 and are managed by the National Park Service and the Department of Historic Resources, respectively. Virginia has approximately 3,000 registered historic properties. You can visit the state and national registers online to learn more about these properties, updates, and educational programs.

Here are some tips for buying a historic home:

  • First, you need to understand whether you are buying a historic home that is registered in the National Register of Historic Places or buying a home that is in a historic district but not in the registry yet. Each scenario has different tax credits and benefits, which you should discuss with your CPA before signing a sale contract.
  • Once you have identified the property, have a home inspection contingency in the sale contract as a condition of the sale before closing. Choose an inspector who specializes in older homes and hire a structural engineer to fully assess the repairs and restoration.
  • Older homes can contain asbestos, radon, and lead paint, so make sure your sales contract allows for additional tests, and know that all results pass safety and health standards.
  • Know your budget for purchasing and renovating your home up front so you can choose the right home. Armed with the information from your home inspections, get price estimates from contractors to see how much the repairs and improvements will cost.
  • There are local and state laws that govern the rehabilitation of historic buildings. Be very familiar with these laws to make sure you’re able to fulfill your obligation to properly remodel the property.
  • Understand that the goal of renovating a historic home is to preserve the original structure as much as possible, so certain renovations are off limits.
  • Check out the last year’s utility bills if the property is functional. It may cost you a pretty penny to heat and cool an older home, so learn the facts before you purchase.
  • Get an estimate on homeowner’s insurance. Make sure you can get replacement cost coverage to receive the highest protection.
  • Check the tax rate for the historic district you’re shopping in. Sometimes there is a special tax associated with living in that area.
  • Virginia has a program that offers special tax credits to certified historic structures, so choosing a historic home may have some attractive financial benefits. Ask your realtor for a CPA referral if you don’t already have one.

Historic homes are not for everyone, but if you feel passionate about purchasing an older home that has a classic American look and feel, we can help you find just the right home, as well as help with your homework. At Jacobson Realty and Home Staging, we know the historic areas and the market. Let us help you find the home of your dreams! Contact us today.

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3 Good Questions to Ask When Buying Your New Home

3 Good Questions to Ask When Buying Your New Home

When you’re searching for your first home or maybe your dream home
When you’re searching for your first home or maybe your dream home — there’s so much information out there that it can make your head spin. In the information age, there are so many do-it-yourself real estate options, you can spend hours and hours researching homes. But is the information floating around the web accurate? It’s important to ask the right questions or you may end up wandering around cyberspace aimlessly or bouncing from open house to open house with no guidance. Here are a few key questions that can help you in your home search.
How do I find the best realtor to help me purchase my first home or my dream home?
Find an expert in the area you are searching. An area expert will have all the information on the best neighborhoods, school zones, communities with amenities, local shopping, restaurants, attractions and more. Chances are everybody knows a realtor, but family and friends may not be the best choice. Credentials and experience matter, and purchasing a home is a business decision, so don’t feel bad if you don’t go with a friend or family member who might not be the right fit for your transaction.
Can I rely on real estate portals like Zillow, Trulia or Homes.com for information?
While these websites might whet your appetite for house hunting, not all the information shown is accurate. These are syndicated and re-syndicated third-party providers. The information is gathered from the MLS but is not always updated correctly. These websites are in the business of gathering quantities of listings information, not necessarily quality. The information may even be very old. When you’re dealing with old information, the estimates and “zestimates” are often not reliable. It’s great to have access to all this information, but what good is it if you’re showing up to listings that are no longer active? This is where having a local real estate expert comes in handy. Your agent has direct access to the most current local information. Get to your dream house before the balloons on the open house sign are even inflated with up-to-the-minute accurate information from your agent.
Will I find a local expert at open houses?
Yes, but realtors at open houses will be representing the seller. Just like you wouldn’t go to traffic court and ask the prosecutor to defend you, you shouldn’t expect the selling agent to look out for your best interests. The agent showing the open house is required to provide truthful information, but that agent does not represent you and is not vested in getting you the price you need. You really need someone on your side of the table to negotiate a good deal. Being represented byyour own real estate expert is always your best bet.
Jacobson Realty and Home Staging has the latest information on area homes and expert, local realtor familiar with the area. You to see some current listings right now:
After viewing the listings, when you are ready, call (703) 753-0125 or emailBelinda@JacobsonRealty1.com.

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Why You Need a Dedicated (and Real) Realtor

Why You Need a Dedicated (and Real) Realtor

Buying a home is a major investment

Buying a home is a major investment, which is why it’s best left to the experts — dedicated, local realtors. Here are nine reasons why we feel Jacobson Realty and Home Staging is best positioned to help you buy, stage and sell:

· Personalized service – We have more time to devote to each client, a client who is an individual. We will get to know you, what you’re looking for, what you’re not looking for, what your financial situation is. All of these factors are important when you’re buying or selling a home.

· Home staging – Jacobson Realty and Home Staging offers free home staging services with experienced home stagers who take their time and assess your home’s appearance, see its potential and execute a beautifully staged home that will fetch the best offers.

· Motivation – We are invested in seeing you succeed. It’s not just about the money. It’s about our clients’ satisfaction, which is crucial when a home is being sold or purchased.

· Choice of agent – When you choose to work with us, you are putting your trust in us, and we take that seriously. We know there are other realtors out there, and we appreciate your confidence in us.

· Expertise – Our real estate agents have expertise in both the field and your location. Our realtors have plenty of community connections and insider advice on neighborhoods, schools, community activities and more.

· Flexibility – When you work with Jacobson Realty and Home Staging, you have someone who wants to make the deal work for you, someone who has the flexibility to be creative to get you into your dream home or sell your current home.

· Diversity – You are not a cookie cutter customer, so why would you benefit from a one-size-fits-all generic realty service? Experienced agents, who have more time to devote to you as an individual, can learn what you truly need and help you get there. That’s what we offer.

· Value – We have a wide range of homes we can help you bid on, more flexible financing options and advice on how to get the best price for your home. In the long run, that saves you money.

· Support – Buying or selling a home is listed as one of the official biggest life stressors. You don’t want to go through that stress with someone who does not have your best interest at heart. You want someone who can help bring you through transactions smoothly and get you where you need to be.

We encourage you to take a look at our website where you will find options tosearch for a home, get your home assessed, learn more about the community and read about tips and tricks that will help get you what you need. When you are ready, call us at (703) 753-0125 or email us at Belinda@JacobsonRealty1.com. We promise you will be pleased with the service you receive.

And don’t miss the Community Parade of Homes at Virginia Oaks on Sunday, May 31st, 1-4 p.m. Come see what VA Oaks has to offer! Visit the newly renovated clubhouse too! Open to all.

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Condominium and Fee Simple Ownership – What These Terms Mean for the Homebuyer

Condominium and Fee Simple Ownership – What These Terms Mean for the Homebuyer

When you’re a first-time homebuyer, chances are you’re adding a lot of new terms to your vocabulary. Escrow, closing costs…what does it all mean? They don’t teach you about real estate transactions in high school, so when and where are you supposed to acquire this knowledge? The best way is by asking a professional realtor. Today we want to examine two popular types of ownership for homebuyers and what that means to you – condominium and fee simple ownership.

Condominiums

Condos sometimes look like apartments or multi-unit structures, but they can also look like townhomes, garden homes or duplexes. If you purchase a condominium, you generally own the space inside the unit as an individual. You also jointly own the common elements of the building, or an undivided interest in the land and the structure held in common with other condominium owners in the building. The common elements are typically exterior walls, the roof, decks, plus the common land areas and recreational facilities.

Along with condominium ownership come condominium fees. These fees typically cover the cost of maintaining everything outside of your individual unit, although water consumption is often times a part of the condominium fee instead of an added cost. The condo association will have a master insurance policy on the jointly owned components of the property, and you will only need to insure what’s inside your unit. A condo association makes decisions on when and how the money from condo fees will be spent, whether that’s on unit improvements, repairs or managing common areas. As a condominium owner, you should never have to worry about replacing the roof, repairing windows or painting the structure’s exterior. Your condo fee will cover it!

Before purchasing a condominium, read the Condominium Declaration document to understand your responsibility and that of the condomium association. There are several condominium documents, which are mandated by the state and require the latest version of information and budgets to be provided to every purchaser. A purchaser will receive this information prior to closing. Review them carefully. If you have questions, don’t hesitate to ask your realtor.

Fee Simple Ownership

Fee simple ownership is a “freehold” estate, which means that you own the land and everything on the land for the duration of your life with the right to transfer it to your heirs, depose of it at any time or place restriction on it as you wish. It is regarded as the highest level of ownership in this country. As the owner, you are responsible to maintain and insure everything on the parcel of land.

Although you own everything on the property, you may still have to pay dues and be a part of a homeowners association. Homeowners associations usually have rules and regulations about how you can alter the outside of your home and whether recreational vehicles are permitted to be stored on the property. Their goal is to make sure the neighborhood remains beautiful and well maintained so that home values stay as high as possible (for everyone’s benefit).

Understand What You’re Buying

No matter which type of home you choose to purchase, make sure you fully understand what owning that type of property entails. Familiarize yourself with the rules and regulations of the condo association or the homeowners association. When deciding what to buy, make sure to factor in dues for either of these associations into your budget. As a first time homebuyer, don’t be afraid to ask as many questions as you need so that you’re crystal clear on what you’re signing. There’s no shame in asking questions, and your realtor is here for just that purpose.

For more information on condominium and fee simple ownership, contact Jacobson Realty and Home Staging. We’d be happy to explain in more detail what real estate terms mean to you as the homebuyer.

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