Tag Archives: home for sale

Home Buying 101

GetMedia-33
Home Buying 101

Home Buying 101

Basic guidelines for the first time home buyer and the home buying process, simplified- Home Buying 101.

by Tracy Tkac 
Making an offer to purchase a house can be intimidating and scary, it’s a big commitment that will require a chunk of your financial resources. It’s also exciting and wonderful! You will be building equity and getting tax breaks for mortgage payments, but importantly , you will have a place of your own to do with what you wish.  Most of all, your home will be the place where you will make memories and entertain friends and family. You will make your house into your lovely home. Below are the basic guidelines and the home buying process simplified or Home Buying 101.

 Making an offer

Even though it’s early in the buying process, you still must sign a legally binding contract. With your signature, you’re committing to moving ahead with the seller. Keep in mind you can add contingencies to many real estate contracts. For example, most real estate buying offers will be contingent on a property inspection, radon inspection, loan approval, appraisal and sometimes other matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop up.

 Disclosures

In most states, sellers are legally required to provide buyers with disclosure documents including any know defects, lead based paint information, real tax bills from the current year and the estimated property tax bill for the next year. In addition, sellers must disclose any known issues that might affect the property’s value or habitability. Usually, in a transfer disclosure statement, sellers must answer a series of “yes” or “no” questions about the property, and provide the neighborhood homeowners association/ or condo information. If there have been leaky windows,  work done without permits or plans for a major nearby development, the seller must disclose them. You will have the opportunity to view the areas master plan and the will be provided with a list of nearby airports. The disclosures will need to be signed by the purchaser and will become part of the offer to purchase and then after all terms are agreed to, they will be part of the contract.

The appraisal

Most buyers put a certain amount of money down toward the purchase price. The balance will come in the form of a bank loan (usually). But a bank isn’t going to hand over that money without due diligence. An appraisal is the financial institution’s way of making sure the contract price is the right price. So the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or change the terms.If a property does not appraise, the contract price can be renegotiated or contract voided.

Inspections

As part of the real estate contract, you have the right to a property inspection One of the most common, is a “specific” property inspection, in which the inspector checks the home from the foundation to the roof and investigates all major systems and components. As the buyer, you should follow along with the inspector to learn more about the property. For example, you’ll want to know about the components (such as the water heater) and have a plan in place for maintenance.

After the property inspection, the inspector may suggest having a specialist come out. This could be a roofer, electrician, HVAC specialist or even an engineer. Listen to the inspector and have any recommended follow-up inspections. Remember: This is your one chance to approve the property from top to bottom. If issues arise, you may be able to negotiate repair or a buyer credit.  If something major arises and it’s not what you signed up for, you can void the contract via your inspection contingency.

Loan approval or commitment

In addition to making certain the property appraises at no less than the contract price, the bank will want to fully approve your credit, debt and income history. The bank will also want to approve the property’s preliminary title report to make sure there are no liens recorded against the property that might affect its value. The bank can take up to 45 days to complete its review, which should result in a loan commitment or full loan approval. Once that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one step closer to closing. How much money do you need?

Final walk-through

Before closing, you will do a final walk through in the property to make sure it’s in the condition it is supposed to be in, if you have negotiated for repairs, check the receipts and repairs to make certain they were done correctly. Make sure the seller didn’t remove any fixtures, make modifications or leave behind garbage or debris. Check the plumbing, air or heat and that everything that is supposed to remain at the property is there- this your your last chance to make sure all is as it should be!

 

Settlement

Depending on the market, the closing may happen at an attorney’s office or at a title company. In some situations, the buyer and seller don’t ever meet. Each goes in to sign their closing papers separately. In others, the buyers and sellers sign the closing documents together. Regardless of how a closing happens, if you’re a buyer and getting a loan, plan on signing dozens of documents at closing. You’ll need to show photo ID, as your signature will be notarized. Prior to the closing, your lender will work with the settlement attorney and send you a closing disclosure statement to review at least 3 days previous to the settlement. The statement details your final closing costs and the money you need to bring to the closing. The funds can be wired in or paid with a cashier’s check on closing day.

 

Enjoy your new home

Don’t be afraid to call your realtor and ask questions, for direction or help. She is a great resource  for the big and  little things that come up when owning your own home.

Tracy Tkac
301-437-8722
Evers & Co.
Tracy@eversco.com
www.WashingtonHG.com

 

 

Buyers Final Walk-Through

Buyers Final Walk-Through

The buyers final walk-through in real estate was designed so that the buyer can confirm the home is in the same condition as when they made their offer and had the home inspected. Its also an opportunity to make sure the seller has actually vacated.

From time to time, a buyer and seller will have negotiated any number of fixes during escrow. The walk-through gives the buyer a chance to make sure all the agreed-upon work has been done to specifications, and that everything is in working order.

Sometimes, buyers are so excited to close that they quickly whisk through the walk-through without taking time to inspect the property. This can lead to small issues once the buyers take ownership. On the other hand, the final walk-through can raise both positive and negative emotions during this final part of the sale process.

It’s smart to take the buyers final walk-through seriously. Don’t see it as simply checking a box.  You should run all the faucets and check for leaks. Flush the toilet bowls, open every window and close it and make sure the appliances work.

Here are some tips for buyers to help complete a smooth and effective walk-through.

Don’t do the walk-through the day of closing

A walk-through can uncover repairs that need to be made, but that you didn’t know about before. If you do the walk-through the same day as the closing, there may not be time to get problems remedied.

It’s not uncommon for two walk-throughs to happen. The first identifies some issues for the buyer, and the second makes sure those issues were addressed.

The alternative is to push the closing back to address the issues.  The problem here is that your lender may not have approved a delayed closing. It’s better to hammer out any issues in advance.

Use your mobile phone to check the outlets

Plug a phone into all of the outlets to make sure the electricity works. You want to avoid moving in all your stuff, only to realize some outlets don’t work, and you lack light in a bedroom.

Bring your phone and charger to the walk-through and test all the outlets. It’s quick and easy.

Be on the lookout for the sellers’ leftover belongings

Sellers are notorious for leaving junk behind, so take the time to check the garage and attic, and under the deck. The sellers may just assume you want their old paint cans or a propane tank for a future grill.

In fact, they should leave the place completely empty. Some left-behind items, such as the paint, can be toxic or require special provisions for disposal. For example, one seller left behind all kinds of used oil that needed to go to a certain, state-approved car repair shop to be disposed of properly. These unwanted items become yours after you close.

Be emotionally prepared for a surprise

Buyers often fall in love with a home that’s full of furniture, art and belongings. They see it as a home, and remember a warm feeling.

Fast-forward to the close of escrow and you’re faced with an empty home, which can feel cold, sterile or hollow.

Buyers are often surprised by how they feel entering an empty home. Not only is it absent any furniture and “stuff,” but sometimes an empty home shows its imperfections, too.

The sun may have slightly bleached floors, showing the outline of a rug. There may be carpet stains or holes in the wall from a flat-screen TV or paintings. An empty home tends to show poorly, so prepare yourself before the walk-through.

The journey toward homeownership is often a long one, filled with lots of excitement and ups and downs. The final walk-through is one of the very last steps of what could be a multiple-year process.

Consider the walk-through in advance and prepare for it mentally, emotionally and physically. Know what you want to look for, have a checklist, and keep your emotions and feelings in check. Doing so will make for a smooth ride to the close of escrow.

BY BRENDON DESIMONE – Zillow

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

The Hot (and Not) List of Home Features

The Hot (and Not) List of Home Features

fireplace2

DianaLundin/iStock

The Hot (and Not) List of Home Features

The things we consider to be must-have home features are constantly changing—less than a half-century ago, plush, “can’t see my feet” shag carpeting (in bold colors such as gold, orange, and purple) was all the rage, and kitchen appliances came in coordinating hues. A quarter-century ago there was no HGTV to tell us to knock down a wall to open up the kitchen or swap out bathroom vanities. And just a few years back, tiny homes were just, well, really small homes.

We wondered what home qualities are must-haves right now, what the up-and-comers are, and what’s heading straight for the dustbin of home features history. To find out, our data team dug deep into our millions of listings and sifted out the most commonly used phrases for home features, going back five years.

Voila!  Here are the 20 features that are most often touted in our listings. These are the stuff that home dreams are made of—a mixture of classic favorites and rising stars.

At first glance, the results aren’t too surprising. After all, who doesn’t love fireplaces and wood floors? (Well, other than those who prefer carpet, which is No. 3.)

“Rather than a barometer of trends, those are really adoption cycles,” says Javier Vivas, data analyst at realtor.com®. “It’s more about how long it takes a particular new feature to become prevalent. It’s like car technology: First you see the cutting-edge stuff in luxury cars, then it spreads into the mainstream.”

Listings have gotten ever-more detailed and adorned in recent years, and certain features appear more and more often as selling points. So popularity among listing descriptions is kind of like being listed on the S&P 500—it shows that a feature is no passing trend. For example, granite countertops, once a splurge, are now a go-to feature—they’ve shot up from being mentioned in 8% of listings in 2011 to 13% today.

Got it? Good. Let’s go home shopping! Don’t forget to bring your checkbook.

Fireplace (No. 1)

On a chilly night, nothing competes with snuggling up near a crackling fire—or maybe it’s the hissing, considering that the leading type of fireplace mentioned in 3.2% of our listings is gas. After all, it’s easy to clean and maintain and comes in some cool modern designs. Still, there’s nothing like the charm of a wood-burning fireplace, and its popularity is picking up fast.

And in total, fireplaces—wood-burning, gas, brick, stone, or kiva—are the stars of 23.8% of our listings.

Flooring: Wood (No. 2), carpet (No. 3), and tile (No. 11)

Always popular, the classic elegance of a wood floor continues to gain ground, particularly since last year. Not surprisingly, carpeting’s popularity seems to rise and fall in opposition to wood. It’s made a comeback before, but wood seems to be pulling ahead. In 2015, wood floors appeared in 15% of listing descriptions, 2 percentage points ahead of carpet.

Meanwhile, the tile floor—though never a major contender for the top spot—has slipped from No. 4 in 2011 (when it beat out walk-in closet and open floor plan) to today’s No.10. Still, it will probably hold onto its niche in humid, warm climates such as that of Florida.

Granite counter

realtor.com

Granite countertop

Granite counter (No. 4)

Once a rare luxury, granite has become more affordable and is now practically standard for anyone who gives a hoot about kitchen design. It shot to fame quickly over the past five years, making its slick presence felt in 13% of all listings. For those who think all this trendy granite craziness is on the wane, reports of its death, as Mark Twain might (or might not!) have said, are greatly exaggerated—at least according to our listings data.

Stainless-steel appliances (No. 5)

With their elegant and modern appearance fitting into almost any kitchen design, stainless-steel appliances have made their way into more and more households since the 1990s. “Stainless” is now mentioned in 9% of all listings, almost double its share of five years ago.

Open floor plan (No. 6) vs. formal dining room (No. 8)

A house divided? Not these days. Separate living rooms, dining areas, and kitchens have been edged out by the open floor plan, which knocks down or eliminates walls to create a sense of spaciousness and light.

The open floor plan has seen a rapid increase in popularity, and in 2014 it surpassed the formal dining room for the first time. In 2015, an open floor plan is the fifth most popular feature, representing 8% of listings. The much-debated open kitchen, which encompasses the dining as well as the cooking area, also made it onto the list at No. 9.

Walk-in closet

realtor.com

Walk-in closet

Walk-in closet (No. 7)

In a time of over-the-top “glam rooms” dedicated to, um, getting ready, the walk-in closet is another feature that has seemingly gone from luxe to a near necessity. Stashing all your clothes in a shallow closet with hangers crammed together and no shelves? How primitive! It’s no wonder 7% of home listings mention walk-in closets as a big selling point.

Chef’s kitchen

realtor.com

Gourmet kitchen

Chef’s kitchen (No. 16) vs. open kitchen (No. 10)

The kitchen used to be all business—a place to churn out meals, nothing more. Again, we’ll point the finger at TV—not just HGTV, but also the Food Network—for fueling homeowners’ desire for a kitchen worthy of a chef, featuring a center island, a large stove/oven with hood, and granite or marble counters (see No. 3).

And it’s not just for cooking, but also for hanging out while you prepare the meal—especially if you have an open kitchen, touted in 5.7% of listings. We’ll also point out that five of the top 20 home features are kitchen-related.

Garden tub

realtor.com

Mesa, AZ

Garden tub (No. 20)

No, a garden tub is not set amid the lovely and fragrant rose beds so you can bathe in the open air (and get bitten by insects). The term generally refers to a wider and deeper bathtub that usually has steps but no jets. Nice! Providing a relaxing soaking experience with less cost and cleaning difficulty, the garden tub has gained popularity over the years, but it’s still a niche feature.

———

We’ve talked about features that have made their way into the mainstream, but we also saw a couple that are clearly on their way out:

House with vinyl siding

realtor.com

House with vinyl siding

Vinyl siding

Vinyl siding was once one of the most popular cladding choices, because it’s affordable, long-lasting, and virtually maintenance-free. But over the years it’s become something of a gauche punch line in some quarters. It’s no wonder its lead has slipped substantially in recent years, while fiber cement is gaining ground, according to PlasticsNews.com.

Oak and cherry cabinets

The last time honey oak cabinets were trending, Monica-gate was a thing, Will Smith was the prince of Bel-Air, and Y2K loomed as the biggest threat the world faced. Yes, the ’90s were particularly friendly to oak cabinetry and cherry wasn’t far behind, popularitywise, but those days are long past. Today you’ll be hard-pressed to find either in listings or in new home construction. But maple cabinets? Welcome to the future!

By
Yuqing Pan, Realtor.com

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

Price Your Home Right

 

 

oak1Price Your Home Right

In a strong market, if a home is priced right and shows well, it should sell within the first six weeks. If it doesn’t, many sellers become frustrated, especially if their agent begins pushing for a price reduction. The seller may think the agent just wants a quick sale, but the agent sincerely wants to help the seller get action. Agents understand that a listing loses momentum and excitement soon after being listed. Buyers will think of a home as stale, tired, or flawed if it sits on the market too long. Agents and buyers alike will view the stale listing as a problem home- and wonder why it has sat and often will be overlooked and not shown. It is important to price your home right for your best financial outcome.

If your home is not generating offers, there are ways to get more action.

Home Condition, Updates and Price

You can’t change your home’s location, but you do have some control over the other two important buyer considerations. If the home is still sitting on the market after a couple of months, and especially if it has had no showings or offers, you need to look at the price and the condition.  The most activity a new listing will receive happens in the first two weeks, and sellers are likely to get the best price at that time.

You have two big choices to make if you are ready to sell. The first is to take the home off the market and make some changes, such as more staging, de-cluttering, and altering the look of the kitchens and bathrooms.

If you are unwilling or unable to make the needed changes to the home, the other option is to reduce the price. Even if your house is the absolute best home in the neighborhood but the setting is not private or on a busy road , the only option will be to drop the price.

Make sure you and your agent are on the same page

Your agent is a professional and has experience and knowledge that will benefit you, however, you are the home owner and all decisions are ultimately yours. If you and your agent don’t see eye-to-eye on the pricing or sales strategy prior to listing, it might be time to find another agent. While it is your job to prepare your home for the day it becomes “active” on the listing service and internet, it is the agents job to be completely prepared as well. Your agent should be very clear about the service and timeline you should expect. The agent should research and the homework regarding  sold homes prices, days on market for similar homes and the difference in upgrades, updates and condition between your home and others that are on the market now or have recently sold. You should be consulted on when your home will be photographed, what marketing will be done and where it will appear, open houses, brochures, and plans for the sign post. Your agent should diligently follow up will all agents who have showed the house and all interested parties.

Discuss your intentions and plan with your agent upfront, and listen to her feedback. Reducing the listed price may be necessary- but you will have to see firsthand how the market works in your neighborhood. Listen to the feedback your agent is gathering and reporting to you, and take action to address repeated criticisms.

It is so important to work with an agent who is understands the area market and will work with your strategy and can help you adapt to sell your home for the best price.

By Tracy Tkac

11053371_383914575115047_8548886157930102220_n

7239 Addington Dr, Mc Lean, VA

FOR SALE Single Family House

$1,797,000 6 Beds, 5.5 Baths

  • Laundry In-Unit

Parking
Garage / 2 Spaces
Sq Footage
6046 sqft.
Lot Size
5828 Square Feet
Floors
4

Description

OPEN Sunday August 2 1-4pm
REMARKABLE $98,000.00 REDUCTION! Coveted DETACHED home in gated Evans Farm feat. 4 fin. levels & ELEVATOR. Former model home has slew of upgrades, plantation shutters, gracious rear deck w/ brick pavers & trellis. Chef’s kit w high-end appliances & grand island. High ceil. in Palatial Owner’s suite w gas fireplace. Epic M.Bath w/ XL shower, dual water closets & dual vanities. FINISHED daylight basement. 2 Car Garage.

Staging Secrets from the Pros!

Staging Tricks from the Pros

It can be a challenge to sell a house these days. That’s why many home sellers are hiring professional stagers to help them hike the odds of attracting a buyer. Here are some of the tricks the pros use to help homes sell quickly and for more than the asking price.

By Anne Krueger
Crank Up the Curb Appeal

5 Secrets of Home Staging

5 Secrets of Home Staging

Highlight your home’s strengths, downplay its weaknesses and appeal to the greatest possible pool of prospective buyers with these 5 secrets to home staging.

by HGTV

Bye, Bye Clutter

The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture.

bedroom

By HGTV

Home Lighting

One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don’t depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).

furniture group

by HGTV

Furniture Groupings

There’s a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn’t the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.

nook

By HGTV

Make It Bigger

To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sunporch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.

family rm

By HGTV

Neutral and Appealing

Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.

Tips by HGTV

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com