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How to buy your first home…and why.

Posted on April 10, 2008 | Filed Under Real Estate Education

Buying your first home is a great financial decision for most people. It can, however, be a very intimidating move without the right knowledge and guidance. There are many financial advantages including tax deductions, and building valuable equity in your home but other aspects as well including pride of ownership. So without any further ado, let’s go to it.

  1. Develop a relationship with a reliable real estate agent.
    While this very first item may seem self-serving (since I’m a real estate agent), it is however a very essential first step. By working with a real estate agent from the beginning, you can develop a professional relationship with them and have a person you can rely on to guide you through the entire purchase process from qualifying for a loan, searching for to coordinating the closing of your new home. AND, as a home buyer, your real estate agent will be paid in most circumstances by the seller. It doesn’t cost you anything.
  2. Get yourself pre-qualified for a mortgage.
    This may seem like putting the cart before the horse, but by pre-qualifying you empower yourself to back up your offer with the ability to close quicker than someone who has not taken this first step. The option to close quick can often help your contract win out over another contract, especially if the seller is motivated. Also, by pre-qualifying in advance, you know exactly how much you’ll be approved to purchase which can be helpful during the search process.
  3. Do your research.
    Work with your real estate agent to help them know what you’re most interested in. What neighborhoods do you prefer? If you have children, do you have a school district preference? Is your commute time to work important? Do you absolutely hate split foyers? You’re trying to figure out the “deal killers”. What does your new home have to have and what, if it were missing, would immediately change your mind about that house? The answers to all of these questions will enable your real estate agent to better refine their search process for you and send you the most relevant listings that meet your needs.

The next post in this series will be what to look for when you’re touring homes with your real estate agent.

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What you don’t know about foreclosures (but should)

Posted on March 7, 2008 | Filed Under Foreclosed Homes for Sale, Real Estate Education

You see it on the news, cable television and infomercials-

Buy foreclosures at pennies on the dollar! Save big money in real estate investing with foreclosure short cuts!

I regularly sell and help people purchase foreclosures in the Roanoke Valley and surrounding counties. With all this experience I’ve learned a thing or two! Here’s the real skinny folks and a few things you need to know before thinking about buying a foreclosure-

  1. Foreclosures are often a very good deal but not the kind of deals you see on TV.
    As an agent who regularly markets, services and sells foreclosed homes in the Roanoke area, I understand the process and while it is a foreclosure, the bank who owns it is trying to keep from losing as much money as possible. They do not sell for pennies on the dollar.
  2. Foreclosed homes generally are in fair to poor condition.
    It’s unfortunate; the people who lose their homes to foreclosure do so because they can’t afford their payments and therefore also can not afford to upkeep the house. Foreclosed homes almost always have maintenance needs and sometimes major maintenance problems.
  3. Foreclosed homes are sold “as-is”.
    The financial institutions who own these homes know they have problems and they aren’t going to spend time negotiating over carpet stains or damaged tiles. Before a foreclosed home is ever advertised for sale, it has gone through a rigorous valuation market analysis with the listing agent and other real estate agents who take these problems into account when suggesting a fair list price on the home. Hire a home inspector so you are less likely to be surprised with a problem after closing. Caveat Emptor!
  4. Negotiating with the bank on a foreclosed property is almost the same as a private seller.
    Low ball offers and unreasonable expectations are likely to be quickly rejected by the selling bank the same as you would on your own home. They are reasonable negotiators but not desperate.

So there you have it. A few tips from an experienced foreclosure agent. With all of that said, foreclosed homes are still a good deal and typically priced below the actual market value, and, the longer it’s been on the market, in most instances, the better the deal for you. Be smart though and consult with an experienced agent before buying any home, foreclosure or not.

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Choosing the right home inspector

Posted on June 19, 2007 | Filed Under Real Estate Education

Choosing the right home inspector in the purchase of your new home is vital to ensuring the house you are purchasing is in an acceptable condition and free from major flaws. In Virginia, there is not a licensing authority to monitor the activities and competencies of home inspectors, so it’s even more important to do your research, check references and ask fact-finding questions of your prospective inspector. More often than not real estate agents also have home inspectors they know and trust to do a good, thorough job and are a good resource in finding a competent, trustworthy inspector.

The Washington Post recently had a great article on choosing a home inspector.

So what is it, then, that consumers should look for?

According to inspectors and real estate agents, inspectors should, ideally, belong to a nationally recognized association that calls for testing and a code of stringent standards and ethics, have a background in the building industry, have experience as an inspector, meet any licensing requirements, and come highly recommended by a friend or real estate agent.

What are some questions you as the consumer should ask of your potential home inspector? Below are a few suggestions. Your inspector should be able to answer most of these without any thought at all.

  • How long have you been inspecting homes in the Roanoke Valley?
  • How many homes do you inspect each week?
  • What career experience in home inspections or a related field do you have?
  • On average, how long do you spend on each home inspection? (A good answer would be 2 hours or more on larger homes)
  • What are you looking for when you’re inspecting a home?
  • Are you willing to provide references from 3 recent buyers you have completed inspections for? (Make sure to get the names and call!)
  • Are you a member of the American Society of Home Inspectors?

It is also important to talk with your real estate agent about how the home inspection affects your purchase contract. Most real estate contracts limit the instances in which you can back out of a contract based on inspection results (typically limited to major home systems like plumbing, electrical, HVAC, etc.) and the monetary amount the seller is required to spend to fix any found flaws.

This is the second in an educational series of articles for home buyers and sellers in the Roanoke Valley.
Click here for all the articles.

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Who’s afraid of Radon? And what is it exactly…?

Posted on May 11, 2007 | Filed Under Real Estate Education

This is the first of an educational series of articles for home buyers and sellers in the Roanoke Valley.

Radon is a naturally occurring, cancer-causing radioactive gas that you can’t see, smell or taste. It is the leading cause of lung cancer among non-smokers. It can seep into and accumulate in your home. Are you scared yet? This article isn’t meant to cause alarm but to educate you on the dangers of radon and how to test for it and dispose of it if detected at dangerous levels.

According to the EPA’s map of radon zones for Virginia, counties and cities in western Virginia (including the Roanoke Valley) have a moderate to high potential for unsafe indoor radon levels. So what does this mean for home owners and buyers in Roanoke, Salem, Smith Mountain Lake or elsewhere in the Valley?

What everyone needs to understand about radon is you can’t detect it yourself. The process takes specialized equipment and a qualified radon service professional to test for, evaluate the results of and/or mitigate radon from your home. What you also need to understand is just because your neighbor’s home tested fine doesn’t mean you’re home is free from radon.

According to the EPA, if your radon level is 4 picoCuries per liter (pCi/L) or higher you are at a significantly higher risk of developing lung cancer. Radon levels less than 4 pCi/L still pose a risk, and in many cases may be reduced. The EPA has a good chart for determining dangerous levels of radon.

The EPA and your local qualified radon service professional are the best sources of information on how to prevent, detect and mitigate (get rid of) radon in your home.  A radon test is typically less than $100 and can save a lot of heartache and worry in the future.  A radon test is available to all Roanoke Valley home buyers (at your own expense) before buying a new home.  Ask your home inspector if they can also test for radon.

Resources from the EPA:

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