buyer

Home Buyer Agents Get it Done!

Real estate buyers have the option of having an agent work with them during the home buying experience. A “Buyer’s Agent” has an obligation to pursue the interests of the buyer finding suitable homes that fit their financial capability (budget), find homes with a good location, keep information confidential, and most importantly present any written offers on homes that are deemed, “OK”.

And ultimately handing you the house keys.

In real estate, the written offer is essential

The Regional Real Estate Sales Contract used in Northern Virginia by Realtors has been refined and reviewed by committees, lawyers and the court over the years. The Contract includes all the consumer protections that are available, and the Virginia Jurisdictional Addendum adds additional language regarding home in Home Owner Associations or are Condominiums Rules, Fees, or Amenities.

Putting together an offer requires a level of skill especially when the real estate market is active. Yes, being sloppy will sink your offer quickly when you are up against someone offering the exact same amount of money to a home seller. Not including a pre-approval letter from a familiar mortgage lender or demanding a response on a brand new house listing may also tip the scale in the wrong direction.

Finding the right house is the easy part, really!

This year has had its share of unique experiences where the deal could have fallen apart if I had not handled properly. There was the case where the other agent had a fit when my client stalled signing Form 100 two weeks before closing (it settled on time), or the  agent who did not return calls on a 365 day-old listing (which I eventually sold for over $1.5 million), or the law firm who collected past due mortgage payments but did not send it to the mortgage lender (closing was delayed, but it closed), or the extremely low appraisal that triggered a new set of negotiations (the seller reduced the price).

Home Buying Mistakes will cost you

So hearing from some buyers recently that “they were not going to work with an agent” gave me a shock. It seems that, with all the home buyer tips and information out there including blogs like this, that buying a home in Northern Virginia appears pretty easy. But the reality is once they have found the house… you know, the one they have been looking to find for the past two years, that they are unable to successfully make an offer.

This buyer strategy seems to focus on dealing directly with the seller’s listing agent, throwing caution to the wind that they will be treated fairly, and assuming the real estate agent is going to give a better deal since they won’t be splitting the commission. Here is my insider tip: that real estate strategy may work on a house that’s been for sale since last summer, but it is not going to work on the house listed last Thursday and has home buyers crawling all over it.

Hey, if you want to spend the next year going to open houses and getting e-mails from Realtors then that is your choice. But you need to know that I have helped many people buy their dream home in a time efficient, cost effective home buying system giving organized home buying tips and professional guidance that get the deal done. Really, finding the right home is the easy part!

I’m open to reading your experiences of keeping the deal together, or finding the house and having it sold before you heard back from the seller’s agent. Go ahead, leave a comment.

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8636 Dogwood Lane, Fairfax Virginia | New Listing

A nice, custom built home (2004)  overlooking a park-like setting and just minutes to the Vienna or Dunn Loring Metro Stations. New listing April 16, 2010, this five bedroom colonial sits on almost 3/4 of an acre yet backs to protected woods surrounding  Long Branch stream.

Home Bought and Sold June 2010

Gorgeous oak hardwood floors on the entire main level, a finished walk-out basement with a fifth bedroom, huge rec room, work room and plenty of storage.   The master bedroom has a sitting area, two walk-in closets, a luxury bath with a soaking tub and separate shower.

Gourmet kitchen of granite counters and maple cabinets, two gas fireplaces, side load garage, main level laundry, dual zone gas heating and central cooling…

A two level deck is perfect for entertaining and overlooks the yard and woods. Yes, there is a full size hot tub on the lower deck!

See more photos right now on Google Picasa. Use the slide show option.

The home is on lockbox for REALTORS, or you can call Doug Francis, REALTOR, for a private showing @ 703-304-6827 Listed @ $875,000 and Sold @ $875,000!

buyer

Home Buyers on Google overload?

If you are looking to buy or sell a home, I’m sure you have used  Google to do most of your research. In a recent conversation with a REALTOR colleague in Falls Church, Virginia, she shared how home buyers walking into her Sunday open-house already knowing the tax assessment, local school scores, neighborhood comparables and much more. They were well versed in the subject matter (buying a home in that neighborhood) and had brought their A-game. Agents love buyers who are willing to make decisions quickly because our real estate market remains one of the most active in the country.

Home sellers have always reviewed recent comps…

now home buyers are getting well prepped

This change is good and going to get better. But there is something all the Google-ing can’t answer, and that is where a talented agent is going to shine. Knowing the Walkability Score, the school test scores, the Zestimate or the impact the power lines may have will not help understand the true motivations of the decision makers.

Here are some of my musings as I drive through the Wendover Community in Vienna, VA along Lawyers Road between Vienna and Reston.

Please contact me if you are interested in confidentially discussing your home buying options. Many of my clients are senior level technology people, established professionals, and transferees from around the country.

My e-mail address is doug@dougfrancis.com

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It’s a race to finish the Home Buyer Tax Credit for 2010?

REVISED for the extension (see new post below)

If you are or have a friend who is thinking about buying a home and taking advantage of the $8,000 first-time home buyer tax credit, then there are some facts you need to know, and we need to talk today. Especially since everyone and their little brother/sister knows about the current affordability index… more on that below. And this isn’t just information for my real estate clients in Northern Virginia, but for any home buyer out there across the USA!

Home Buyer Tax Credit info you should know:

• There is a deadline: Have a contract by May 1, 2010 and settle before July 1, 2010
• The income caps for the full $8,000:

Individual Filers with a modified AGI of $125,000
Joint Filers with a modified AGI up to $225,000

• First-timers are defined as someone who has not owned a home in the last 3 years
• Primary residence only (main home)
• A fast transaction from contract to closing is 30 days
• Most lenders suggest giving FHA loans a 45 day window
• The Fairfax County Courthouse is closed for Memorial Day.
• If rates change, your lender may have to give you a new estimate with a new review period.

So your strategy needs to start right now because I am seeing multiple offers on many places as buyers are rushing to beat the Home Buyer Tax Credit deadline. Work the time frame backwards for a minute because the big “crush” on mortgage companies will probably come at the end of June (code for delays). I am going to feel a bit uncomfortable if settlement is after the 19th and will advise you of the risk. With many loans today being of the FHA variety, lets move back another 45 days meaning you need a ratified contract by early April!

So what is this affordability index?

Prices are down about 15% since last year, and 30-year fixed rates that were at 6.5% last year are now lower than you may think. For example Curt Gilbert at Bank of America sent me a rate sheet on 10/30/2009 showing an FHA rate at 5.00% with 0.50 points. Conventional financing to $729,000 has rates close to 5.00% too.

For IRS details, (I will update this)

Time is passing quickly and we should be discussing a game plan right now or you may just miss the Home Buyer Tax Credit for 2010. My contact information is on the Contact Me page.

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