Archive for May, 2011
Do’s and Don’ts for Open Houses
May 31st, 2011 Categories: Buying, Real Estate News
Open Houses are a dream come true for prospective buyers. You can look at different style homes in different neighborhoods, dream about renovations and generally broaden your idea about the kind of home you really want.
At the same time, you can become frustrated – and waste gas – if you’re not careful. So let’s take a look at a few do’s and don’ts for open houses:
- Don’t waste time on a house you know you don’t want. If you walk in the door and know it’s not for you, leave. Agents have seen it all, they won’t be offended.
- Don’t go crazy over a house, even if you think it’s exactly what you want. Think with your head, not your heart.
- Don’t criticize. Keep negative comments to yourself.
- Don’t reveal your buying power – no one, except your agent, needs to know what you can afford until you write a contract.
- Do ask why the homeowner is moving. What you really want to know here is the owner’s motivation for selling.
- Do ask how long it has been on the market. (This is also information your agent can provide ahead of time.)
- Do bring a notebook and camera with you. Make notes about what you like and take pictures so you can compare and contrast later. This is especially helpful if you are an out of town buyer.
And my best piece of advice? Work with a buyer’s agent. A buyer’s agent will protect YOUR interest – not the owners.
Want to know more about why a buyer’s agent is important and what I can do for you?
Call me at 703.927.4554 and let’s talk houses.
Michael
| Currently No Comments »
Rolling Thunder Honors Veterans in 24th Annual “Ride to the Wall”
May 29th, 2011 Categories: Real Estate News
Today, as on 23 previous Memorial Day weekends, literally hundreds of thousands of motorcyclists honored veterans of all generations with their “Ride to the Wall” as a part of the Rolling Thunder motorcycle rally in Washington, DC.
Gathering under a cloudless blue sky in the Pentagon parking lot, the ride moved north past the Lincoln Memorial, up Constitution towards the Capitol and back down Independence, to the Vietnam Veteran’s Memorial, or as most veterans know it, The Wall.
Started in 1987 by Ray Manzo, a USMC corporal who wanted to do something to bring attention to military personnel still classified as Prisoners of War (POW) or Missing in Action (MIA) in the Vietnam conflict, the rally has grown into a Memorial Day tradition as well as a political force for veteran benefits.
In recent years it has become a place of welcome and refuge for veterans of the Afghanistan and Iraqi conflicts.
Riders – men, women, and children – travel from around the world and from all 50 states to pay tribute those who have died in service to their country.
Rather than diminishing over the years as some early detractors hoped, this annual statement of support simply continues to grow.
Roll on . . .
Michael
| Currently No Comments »
2011 Flags In at Arlington National Cemtery Marks Beginning of Memorial Day Weekend
May 27th, 2011 Categories: Real Estate News
From May 2010 – the faces may be different each year but the pride, honor and service never change.
Today, amidst heat and humidity and flying insects, some 1500+ soldiers from the 3rd U.S. Infantry Regiment joined forces at Arlington National Cemetery for a mission of utmost importance:
to place an American flag on each and every grave site, leaving no soldier forgotten.
Regardless of rank or length of service or duty station, each soldier buried at Arlington is remembered and honored on Memorial Day for Duty, Honor, Country.
Begun in 1948, the Flags In ceremony traditionally marks the beginning of Memorial Day activities at Arlington and in the Washington, DC area.
The 3rd Infantry Regiment, fondly know as the “Old Guard”, was designated as the Army’s official ceremonial unit in 1948. That same year, non-commissioned officers began the practice of placing flags at each grave site on Memorial Day.
Old Guard members also guard the Tomb of the Unknown Soldier, escort deceased service members to their final resting place at Arlington and serve in regular billets around the world.
Still lead and coordinated by 3rd Regiment NCO’s, the soldiers were joined today by representatives from the Navy, Coast Guard, Air Force and Marine honor guard units.
Command Sergeant Major David Martel noted that it would take his soldiers about 3 hours to place over 250,000 flags.
With due reverence, each flag is centered approximately 12 inches in front of the grave. Because soldiers use their individual foot gear as a measure, a single service member begins and completes one row in a section to insure uniformity.
The flags will stay in place through Monday, May 31th but will be removed before the cemetery opens on Tuesday, June 1.
I am proud to have served as a member of the Old Guard and proud that my father’s grave bears one of those flags. Ten-hut!
Michael
| Currently 3 Comments »
52nd Annual Hunt Country Stable Tour in Northern Virginia on May 28, 29, 2011
May 26th, 2011 Categories: Things to Do
This weekend marks the 52nd Annual Hunt Country Stable Tour. Country estates, stables, training facilities and gardens are open to the public in the bucolic Northern Virginia horse country that is Middleburg and Upperville.
Sponsored by Trinity Episcopal Church Upperville, the tour offers a look into a rarefied world of thoroughbred race horses. This is a self-driven trip and makes for a lovely, leisurely day. You can spend as much time at each location as you choose and, from past experience, the crowds are always manageable.
Mill Reef at Rokeby Farms
Rokeby Farms, the home of Paul Mellon, is a standout. The individual stables are as large as some one bedroom apartments and the setting is without peer. Altogether there are some 13 locations on the tour.
Lunch is available at Trinity Church or you can pack your own and snack along the way. Either way, it’s a great way to spend a holiday weekend.
Enjoy -
Michael
| Currently No Comments »
10 Questions to Ask If You are Thinking about Buying a Condominium or Townhouse
May 25th, 2011 Categories: Real Estate News
Condominiums and/or townhouse communities are very attractive for first time buyers. It is often a smaller property and there are association rules that contribute to the well being and maintenance of the property.
Old Town Greens
Still, if you are thinking about buying a condominium or buying in a townhouse community, find at least 3 residents and ask these 10 questions:
- Do own the property or rent?
- How long have you lived here?
- What do you like best about the community?
- What do you like least?
- Is the management company doing a good job?
- Is there an active home owners association?
- Do you attend the meetings?
- Do you think the board is doing a good job?
- What do homeowner dues cover and how often are they increased?
- Can you hear your neighbors?
Want to know more about buying a condominium or townhouse in Alexandria?
Give me a call at 703.927.4554 and let’s talk.
Michael
Related Stories:
5 Questions to Ask Before Writing a Contract on a Condominum
10 Questions to Ask When Deciding to Purchase a Condominium
| Currently 1 Comment »
Falcon Roofing – A Recommendation
May 24th, 2011 Categories: Real Estate News
We’ve been tackling some long over due home improvements in the past few weeks. First on the agenda was the roof.
The roof line
For several years we relied on our neighbor, a “home improvement contractor” to check the shingles and patch bad areas when necessary. After all, our townhouses shared a roof line and we had a mutual interest in maintaining the property. Right? WRONG!
Our neighbor used asphalt instead of replacing shingles for this patch
Very simply, our neighbor/contractor took shortcuts, used inferior materials and was inept. (And yes, he is no longer our neighbor.)
Bad roof
Fortunately, through the reliable recommendations on our neighborhood list serv we found Glen Schrank of Falcon Roofing.
Glen has worked in the Beverley Hills/Rosemont/Del Ray area for over 30 years. No Web site, no blog, no ads – just good strong neighbor to neighbor recommendations year after year.
What a roof should look like
They took “before” pictures to accompany the estimate – an essential tip that I am passing on to all my clients.
- They started and finished when they said they would.
- They made excellent recommendations about materials and colors. Their price was right in line with other estimates.
- Their cleanup was impeccable.
Overall it was a terrific experience. Falcon Roofing takes great pride in their work and we are happy to recommend them.
It’s a good day in the neighborhood -
Michael
| Currently 2 Comments »
Your Credit Score – It Matters!
May 22nd, 2011 Categories: Real Estate News
Your Credit Score – It Matters! Whether you already 0won a home or are just starting to look for that special house, your credit rating should be as healthy as possible.
Here are a few simple things you can do on your own:
-
Request a copy of your credit report and check closely for any discrepancies. By law you are entitled to three free credit reports a year.
-
Avoid loans from “low quality” lenders such as finance companies, payday companies or even some auto dealers
-
Avoid opening new accounts, especially one from retail merchants offering discounts at checkout. Opening several new accounts within a 12 month period can drop your credit score.
-
Maintain a savings account or money reserve.
-
Make monthly payments on time. Late payments can sink your credit rating.
-
Maxed out credit cards and lines of credit are big warning signs to lenders. Ideally you should pay off your credit cards completely. At the very least, pay down loan balances to under 50% of your credit line.
-
Extra tip – if you are shopping mortgage lenders try and keep credit inquiries within a 14 day period. Multiple requests from varied sources may cost you points.
Michael
| Currently No Comments »
Real Estate Word of the Day – Abnormal Sale
May 17th, 2011 Categories: Real Estate News, Word of the Day
Real Estate Word of the Day
Abnormal Sale – An abnormal sale is one that does not represent a typical real estate transaction. It may be the result of a parent selling to a child or sibling or it perhaps it reflects the terms of the owner’s will.
Example: A real estate appraiser discovers the sale of a house for $200,000 in a neighborhood where the normal price is $300,000. The appraiser does not use it as a comparable because the conditions requisite for market value were not present in this abnormal sale.*
Michael
*Dictionary of Real Estate Terms
| Currently No Comments »
What is the Difference Between a Prequalified Loan and a PreApproved Loan?
May 16th, 2011 Categories: Real Estate News
One of the first things I ask when starting to work with new buyers is “are you preapproved for a loan”? Let’s look at why it’s important to answer YES.
What is the difference between a prequalified loan and a preapproved loan?
Being “prequalified” means you have talked to a lender or used an online calculator on a lender’s Web site; given your income and listed your debts; and asked for the lender’s opinion on what you can afford. The lender then gives you price range in which you should look. This simple formula means you are prequalified but the lender has not verified or approved any loan.
Conversely, being “preapproved” means you will meet with a lender and complete the following:
- Fill out a mortgage application
- Pay for a credit check
- Submit pay stubs with year-to-date earnings or other documentation of income
- Verify sources for your down payment and closing costs
- Receive a letter from the lender verifying that you are approved to offer an amount at or less than than the qualifying amount
The preapproval letter is a crucial part of a contract offer. It says you are serious, that there is money ready for the closing table and that the deal can close quickly.
Are YOU preapproved? Or are you just starting the process? Give me a call at 703.927.4554 and we’ll work through this together.
Michael
| Currently No Comments »
Getting a Loan Committment
May 12th, 2011 Categories: Real Estate News
Getting a loan commitment is one of the most important steps you will take in buying a house. It involves assembling a number of financial and legal documents which will help you – and your lender – find the best loan for your circumstances.
The mortgage industry debacle of the past few years has made for stricter guidelines and having all this information in place will be to your benefit:
- Copies of birth certificates, Social Security cards or numbers, current addresses, how long you’ve lived there and names and addresses of your landlord(s) for the past two years.
- Three months worth of pay stubs showing year-to-date earnings
- Tax returns for the past two years plus W-2 forms
- Contact information and address of current employers and previous employers in a two year time period
- Checking, savings and other account balances and account numbers plus IRA’s, CD’s, stocks, bonds, insurance policies, and other paper assets
- A list of hard assets – cars, RV’s. boats, recreational property, etc.
- Account numbers and balances on credit cards, student loans, auto loans, rent, child support or any other debt
- Divorce decrees or separation agreements and documentation on any alimony or child support payments
Excellent! Now, put together a list of mortgage lenders. Ask your friends, neighbors, co-workers or a real estate agent.
Tomorrow we’ll talk about what you want to do next when getting your loan commitment.
Michael
| Currently No Comments »
; ?>/images/MatoChiclet.gif)
