The Hampton Roads Real Estate Lady's Blog

Its ALMOST official The Homebuyers Tax Credit Extended for 2010, with a few changes!!!

Thu, 29 Oct 2009 06:49:05 -0500

Its Almost Official!!!!

Senate indicates that First time Homebuyers Tax Credit will be renewed until at least April of 2010!

This is Great news! Here are the biggest changes:

The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.

This is the biggest change: The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer's selling season. Of course, there's always the possibility that it could be renewed at that time, as well.

Here's the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says The Senate has agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed - not closed - by April 30. Purchasers would have another 60 days to close the sale.

This info passed on by Dee Dee Jones Wainwright Real Estate The Hampton Roads Real Estate Lady!

How Not to Sell a Haunted House

Wed, 28 Oct 2009 10:58:51 -0500

This is a perfect blog for Halloween time, reblog from The Hampton Roads Real Estate Lady!

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

Whether chains are rattling, the floor is shaking or there is simply the knowledge that an evil deed was committed on the premises, you could possibly be dealing with a haunted house, or a "stigmatized property" sale.

Since liability issues on these types of transactions vary from state to state - what is the guiding principal for selling a haunted house?

In 1991, a case in New York provided some legal precedent on the matter.

Stambovsky v. Ackley

The owner of a house, Helen Ackley had reported the existence of numerous poltergeists in her home and had, in fact, publicized these occurrences in Reader's Digest and a local newspaper on three occasions. As a result, the home was placed in a five-home walking tour in the city and received an enormous amount of publicity. She even referred to the home in a article as a "Riverfront Victorian with ghosts."

Some of the interactions Ms. Ackley described to reporters included ghosts waking her each morning by shaking her bed. When spring break arrived she loudly proclaimed to the spirits that she did not have to wake up early anymore. On this, she insisted that they listened to her requests and the bed immediately ceased all shaking.

Despite the local notoriety, an unknowing buyer, Jeffrey Stambovsky signed a contract to purchase the home. On an agreed upon price of $650,000 he made a $32,500 down payment. Since Mr. Stambovsky was not from the area he claimed to have ignorance of the widely known haunting tales.

When the buyer subsequently learned of the haunting stories, he filed for a request of the rescission of his contract for the sale and also sued for damages citing fraudulent misrepresentation on the part of Ackley as well as the Realtor®.

In ruling on this case, the court stated that since the existence of ghosts in the home had been widely reported, as a matter of law, the house was haunted.

However, the court dismissed the fraudulent misrepresentation action and stated that the Realtor® had been under no obligation to disclose the haunting to any potential buyers. The court affirmed that the law of caveat emptor (let the buyer beware) applied in this case so the buyer did not prevail.

Mr. Stambovsky subsequently appealed the case and won a reversal.

On appeal, the court stated that a "haunting" was not a condition that a buyer could fairly be able to ascertain  through even the most thorough of home inspections. In this case, "the most meticulous inspection would not reveal the presence of poltergeists at the premises or unearth the property's ghoulish reputation in the community."

It further stated that the seller had taken unfair advantage of the buyer's ignorance. Since she had taken it upon herself to inform the community at large of numerous spirits roaming rampantly throughout the home, she owed no less to her perspective buyer.

The judge then rendered a somewhat entertaining opinion using the following phrases:

"In his pursuit of a legal remedy for fraudulent misrepresentation against the seller, plaintiff hasn't a ghost of a chance," I am moved by the spirit of equity," "In this instance - who you gonna call?" and "The notion that a haunting is a condition which can and should be ascertained upon inspection of the premises is a hobgoblin which should be exorcised from the body of legal precedent and quietly laid to rest."

I have no knowledge of whether or not the parties in question had any appreciation of the judge's sense of humor.

However, Mr. Stambovsky was finally let out of the deal and had his deposit fully refunded.

Subscribe to my blog

Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts - Serving Massachusetts Home Buyers Since 1992

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

10 Commandments Home Buyers Must Follow

Wed, 21 Oct 2009 13:47:03 -0500

Here are very useful tips for Home Buyers by Dr. Chantal Saucier in Lafayette, LA. This info forwarded by the Hampton Roads Real Estate Lady!

Via Dr. Chantal Saucier (Keller Williams Realty Acadiana):

These 10 Commandments home buyers must follow may seem like common sense to many. Buyers, however, can sometimes forget with all the excitement surrounding the buying of their new home. In the past couple of weeks, I have heard of two separate buyers who saw their home loan turned down, and their dream shattered, a few days before closing because they had bought furniture for their new home before it actually became their home. Both of them now have beautiful furniture with no home to put them in.

These two buyers were not my clients but it always hurts when I hear of transactions falling apart for reasons that could have been avoided. These 10 commandments are part of the buyer packet I give all my clients when we first meet and I always stress that once they get pre-approved and the process is started, they can't do anything that might affect their credit.

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use credit cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home. Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage. If you want to buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing.

Property flipping guidelines extended by FHA until May 2010! What does this mean?

Mon, 12 Oct 2009 09:15:30 -0500

This info from Collen Craig will be good news when used correctly.

The HamptonRoads Real Estate Lady

Via Colleen Craig (Southern California Mortgage Professional):

Property Flipping guidelines extended by FHA , until May 2010! What does this mean and who does this affect?

What is property flipping?

No .......it's not flipping your home with another couple as seen in trading spaces on TLC!



FHA GUIDELINES STATE THE FOLLOWING:

Property flipping is a practice whereby a recently acquired property is resold, often for a considerable profit.

Most property flipping occurs within days or a few weeks of acquisition and usually with only minor cosmetic improvements, if any.

While there is nothing illegal with selling properties within days of acquisition, some of these transactions are fraudulent because the condition of the property is misrepresented and/or the value of it is artificially inflated.

Effective June 9, 2008, FHA temporarily waived the property flipping rule 90-day waiting period, for homes that were foreclosed on and being sold by lenders or by property disposition firms on the behalf of lenders.

So if you have a property that was purchased by an individual investor,  or investment group, you must must wait 90 days to DO ANYTHING! We can not order an appraisal or case #, we can't open escrow, order title or apply for the mortgage. You can't even draw up the contract, or do inspections or the buyer will be in jeopardy of losing their deposit. There basically can be no record of any sale during that 90 day timeframe.

This has become an issue in recent months because of the lack of knowledge of the guidelines along with the anxiousness of all parties involved.   Day 91 is when it can all begin unless the exceptions apply.

We CAN however, apply for the mortgage with a property "to be determined "and get the buyer PRE-APPROVED.

So keep this in mind when you are putting your deal together and expecting your lender to jump through hoops on day 91 and close in two weeks!





The waiver applies to owner occupants only and does not apply to people/entities that purchase foreclosures either singly or in bulk for resale. Subsequent sales of such properties will continue to be subject to the standard regulatory requirements.

The temporary property flipping waiver has been extended and FHA will recognize sales agreements on foreclosed properties signed by the seller and buyer on or before May 10, 2010.

             Do you want more BORING                      but pertinent facts you MUST know if you encounter a flip     ????

The only exceptions to the FHA property flipping rule are:

1. Properties acquired by an employer or relocation agency in connection with the relocation of an employee.
2. Re-sales by HUD under its Real Estate Owned (REO) program. There are LOTS out there! And most homes can benefit from an FHA 203k streamline loan!

3. Sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies.

4. HUD REO properties that were purchased by nonprofits at a discount with resale restrictions.

5. Sales of properties that are acquired by the seller through inheritance.

6. Sales of properties by state and federally-chartered financial institutions and government sponsored enterprises.

7. Sales of properties by local and state government agencies.

8. Sales of properties within Presidentially Declared Disaster Areas.

9. The restrictions do not apply to a builder selling a newly built home or building a home for a borrower.

10. The sale must be by the owner of record.

11. Appraisers are required to analyze any prior sales of a subject property in the previous three years for one to four family residential properties.

12. A lender must obtain a second appraisal by another appraiser if:
the re-sale date of a property is between 91 and 180 days following the acquisition of the property by the seller, and
the resale price is 100 percent or more over the price paid by the seller when the property was acquired
FHA reserves the right to require additional documentation from a lender to support the resale value of a property if:
the resale date is more than 90 days after the date of acquisition by the seller, but before the end of the twelfth month following the date of acquisition, and the resale price is 5 percent or greater than the lowest sale price of the property during the preceding 12 months.

Any subsequent re-sales of the properties must meet the 90 day threshold in order for the mortgage to be eligible as security for FHA insurance.

So remember to do your research!  We are the professionals and it is our job to know this information for our consumers. We will save time, money and problems if we know this up front.

Happy Selling, buying and financing peeps!



Follow me on Twitter!

New, Stricter FHA Condominium Lending Guidelines Coming Nov. 2: First Time Buyers Affected

Mon, 05 Oct 2009 09:26:58 -0500

If you are thinking of buying a condo and planning to use a FHA loan here is some important info for you.

The Hampton Roads Real Estate Lady

Via Richard Vetstein (Vetstein Law Group, P.C.):

Originally posted on the Massachusetts Real Estate Law Blog

Breaking News: 10/1/09–The FHA Has Delayed Implementation Of New Rules Until November 2, 2009 To Coincide With Expiration of First Time Home Buyer $8,000 Tax Credit

Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration (FHA) is implementing a new stricter approval process for condominiums to be eligible for FHA financing. Like the Fannie Mae regulations issued earlier in the year, the new FHA guidelines will surely slow down condominium mortgage financing, and negatively impact first time home buyers for condominium units.

For those who don’t know, FHA is a government program designed to help more people buy homes, and more borrowers will qualify with FHA financing than with conventional. It is a low down payment (3.5% down) program and the credit standards are much looser. The mortgage rates are typically better, as well.

To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire condominium. Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process.

No More Spot Approvals

Under the new guidelines, the popular spot approval process will no longer be available and will be replaced with something called a Direct Endorsement Lender Review and Approval Process (DELRA). FHA claims the DELRA process is more uniform and streamlined that the former spot loan approval process. Also, full project approvals expire every two years, so condominiums will have to re-certify every 2 years.

New Project Eligibility Guidelines

Under the new project eligibility requirements, all condominiums (consisting of 2 or more units) must meet the following requirements:

At least 50% of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 % of the number of presold units (the minimum presale requirement of 50 percent still applies).

Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.

At least 50% of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.

No more than 15% of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

No more than 25% of the property’s total floor area in a project can be used for commercial purposes. The commercial portion of the project must be of a nature that is homogeneous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.

Reserve Study - a current reserve study must be performed to assure that adequate funds are available for the funding of capital expenditures and maintenance. A current reserve study must be no more than 12 months old – if recent events or market conditions have affected the finished condition of the property that information must be included. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed. The regulations don't definition of what is "adequate," however. Guidance may be found in the new Fannie Mae guidelines which mandate at least 10% of annual operating budget in reserves.

No more than 10% of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units. For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100% complete; and only one unit can be conveyed to non-owner occupants.

Rights of first refusal are permitted unless they violate discriminatory conduct under the Fair Housing Act.

Buried in the fine print is a requirement for an affirmative action-type housing plan. For both new construction and conversions, if the developer intends to market 5 or more units within the next 12 months with FHA mortgage insurance (that would be most), an Affirmative Fair Housing Marketing Plan (AFHMP) or a Voluntary Affirmative Marketing Agreement (VAMA) must be in place. An affirmative fair housing marketing plan requires that the racial, socioeconomic, and ethnic composition of the condominium residents closely mirror that of the neighboring area, to the greatest extent possible. Most new condominiums don’t have these in place.

Click here for the new FHA condominium guidelines. You can look to see whether a condominium is approved on the HUD Homes & Communities website located here. Here is the FHA Condominium Mortgage webpage.

The Impact: More Work For Lenders, Condominium Associations/Managers And Attorneys

I expect FHA lenders will approach condominium association boards and managers, asking for certain information, certifications, and even legal opinions regarding compliance with FHA (and Fannie Mae) legal requirements. If a condominium is not on the FHA-approved list, or has lost its approval, condominium associations should consider applying for approval (or re-approval). Reportedly, FHA/HUD is backlogged a month or more in reviewing submitted applications. Thus, should your condominium need to be submitted for approval, keep in mind the process may take some time. Also keep in mind that the work to compile and complete the application package itself can take weeks, and require the board, its manager, and legal counsel to gather data, documents, and expert opinions required for FHA approval. The package of materials that must be submitted can vary from condominium to condominium, and often requires an updated reserve study and certain legal opinions.

Having issued numerous opinion letters and certifications under the similar Fannie Mae condominium regulations, our office is well equipped to assist lenders and buyers with FHA loan compliance issues. Contact rvetstein@vetsteinlawgroup.com for more information.

TAX CREDIT GOING, GOING, GONE!

Tue, 22 Sep 2009 10:41:20 -0500

SHHHH!!!!! LISTEN, CAN YOU HEAR IT? Its Opportunity and its knocking. This is the last few weeks to take advantage of the up to $8,000 tax credit and then its gone. If you have been looking or are just starting to look for a home then it is time to dig in and get serious. The clock is ticking and we are down to the final stretch. To ensure you can close by Nov. 30th, you need to be under contract by OCT 16th at the latest!

If you need a lender contact me today! If you are ready to look for a home then contact me By phone, text, or email!!!!

At this time there are no concrete plans to extend this program, DO NOT MISS YOUR CHANCE!

About Home buyer Credit-

The purchaser, however, must qualify as a first-time home buyer, which for purposes of this credit means someone who has not owned a primary residence in the past three years.

The First-Time Home buyer Credit, originally passed in 2008 and modified in 2009, provides up to $8,000 for first-time homebuyers. If the taxpayer is married, this requirement also applies to the taxpayer's spouse. The home purchase must close before Dec. 1, 2009, most lenders are using Nov 30th as a deadline to close, and the credit may not be claimed on the purchaser's tax return until after the taxpayer closes and has purchased the home.

for more info go to: http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

Visit my website,

The Hampton Roads Real Estate Lady!
Deandrea "Dee Dee" Jones
Wainwright Real Estate
www.DJonesSellsHomes.com
blog: DJonesRealEstateBlog.info
I can help you relocate NATIONWIDE!

Self-Employed and Tax-Returns...

Sun, 13 Sep 2009 13:34:57 -0500

I am reblogging Glenn Leach. He brings an important view on self employed loans. I hope the law makers will quickly come up with a loan to satisfy this void. Many of the $300,000 - $600,000 priced homes in Hampton Roads would normally be purchased by business owners, consultants, and the self employed but now dozen of these homes are sitting waiting for someone else to qualify to buy them.

Via GLENN LEACH (THE LEGACY GROUP):

One of the biggest casualties of the current tightening of mortgage guidelines has been Self-Employed Borrowers. This month, I've had two applications that I've had to turn down for lack of income even though each of these applicants was generating thousands of dollars in "revenue" each month. The reason the applications were turned down was because too much of their income was written off on their tax returns.

Even though the write-off's were a legitimate and legal way to reduce their tax liabilities, they also left too little bottom-line income to qualify for a mortgage loan. In the past, these applicants' loans would have been approved using one of the less-stringent loan programs. But today those "less-stringent" programs no longer exist - so these folks can't qualify for a mortgage anymore.

You may insert your own personal value judgment here about whether this is good or bad for our economy or the housing markets and whether it is fair or unfair. I mention it because it is a major change in lending and self-employed borrowers need to be aware that if they are trying to buy a home in the future, they will need to prove 2 years' worth of satisfactory "bottom-line" income to qualify.

But rumors circulating around right now also raise another concern for self-employed borrowers:

With the government buying up massive amounts of mortgage loans through Fannie Mae & Freddie Mac purchases - funded by the recent "Stimulus" packages - word is that the IRS (another arm of the government) is starting to compare the loan applicant information with tax return information. Until recently, Fannie & Freddie were not government-run organizations, but now that they ARE, will they be freely sharing data with the IRS?

"How can you afford to pay a mortgage payment that is higher than your income?"

Let's say your loan was purchased by Fannie Mae and your mortgage payment is $3,000 a month. What happens if the IRS cross-references your tax return info with your loan application info and discovers that, after all your write off's, you are claiming less than $3,000 a month in income? The logical question is then, "How can you afford to pay a mortgage payment that is higher than your income?" Will this trigger an Audit? Many insiders are suggesting that soon it will.

Is this a bad thing for the IRS to do? Probably not. This could be an effective way for them to root out tax cheats, under-the-table earners who aren't paying their fair share of taxes, and even possibly find terrorists and drug dealers. But it will also cause extra hardship on individuals who have lost their jobs or their businesses are down and they have been making their payments from savings.

In reality, if this policy does go into affect, it'll probably be like them red light runner ticket cameras: If you're not running red lights, you have nothing to worry about, but I can't help feeling like my privacy is being invaded every time I drive through those intersections.

Free HomeBuying Classes In Virginia Beach

Fri, 11 Sep 2009 07:35:53 -0500

Need to be walked thru the home buying process? Looking for Down Payment or Closing Cost Assistance? Want info on First Time Home buyer programs?

Home buying Classes to be held at Oceanfront Library in Virginia Beach. Classes to be held 10am to 4pm. On Saturdays Oct 3rd and Oct 24th. Pick a day to attend and RSVP by the thursday before.

Any of these classes will also meet first timebuyer program requirement for most Virginia loan programs. Call for more info on qualifying.

Topics: Budget and Credit, The loan Process, The Real Estate Buying Process, Home Inspection Process, and the Settlement/Closing experience. Come hear good information from a variety speakers.

Register by the Thursday before by calling Dee Dee Jones 757-831-8294 or send an email with your name and number to ddjones35@gmail.com.

If you would like to hold a free homebuying class at your church or nonprofit organization please feel free to email or call me!

This info brought to you buy The Hampton Roads Real Estate Lady!

Wainwright Real Estate Virginia Beach, VA

Facebook account disabled for having too many Realtor friends.

Tue, 04 Aug 2009 20:22:59 -0500

Show your support for Jim!

Via Jim Calabrese (RealEstateSigns.com):

On Friday, July 24, 2009, Real Estate industry veteran Jim Calabrese got booted from Facebook. His crime? Having too many friends, specifically friends that share a similar physical characteristics (real estate).

We enjoyed being in Jim's network. His posts were relevant and informative. He is certainly not a spammer and deserves to get his Facebook account back.

Please join our Facebook group in support of Jim: http://www.facebook.com/group.php?gid=401977400000#/group.php?gid=401977400000

203k Made SIMPLE? Yes, for your clients..........

Wed, 15 Jul 2009 10:34:18 -0500

For those that are considering buying a home that needs major renovation here is a great alternative to using your savings on repairs. This great info is from FHA 203 K Specialist, Collen Craig in Santa Clarita, CA. This loan is available to those that qualify in the Hampton Roads, VA market areas. Norfolk, Portsmouth, Suffolk, Virginia Beach, Hampton, Newport News, and Chesapeake.

Via Colleen Craig (Southern California Mortgage Professional):

203k MADE SIMPLE?

Ok, maybe not, but I will attempt to make it as simple as possible for the client to understand and want to read on.  For many of us in the business who are " in the know" we forget that we need to go back to the basics and spell it out in simple terms for others to understand. So I've compiled some information based on my most recent commonly asked questions just this week.

In Southern California, FHA loans were just not utilized over the past 10 or so years because of the FHA Maximum Mortgage limits But now that the limits have been increased and the prices have decreased, FHA loans have become the most utilized loan in recent months. HOWEVER, because it was not a popluar loan, you would be amazed at how many lenders/brokers do not know what they are doing. Especially when it comes to the 203k loan. I spoke to a client today that was given such mis information it made me cringe.



Apparently they told the client that 203k loans were no longer being done (Gee, you think it was after realizing that they had no idea what they were doing?) and they tried to flip them into another loan. This was after telling my client that their loan amount would be for the contract price and the extra money would just be separate and sit in an impound account to be disbursed over the next 6 months. Ok partially true, the extra amount would be in escrow to be disbursed as the remodel progressed, but for free? Who pays for the extra 50,000 dollars you just borrowed for repairs? Your loan amount is for the entire amount you are borrowing. Makes sense right?

So what is a 203k loan and why use one?

When a buyer wants to buy a home that needs repairs utilizing FHA financing, normally the repairs would have to be completed prior to the close of escrow.   The repairs would normally fall on the responsiblity of the seller. With so many foreclosures in today's market, the bank is the seller. And many times the home in need of repair is listed "as is". Which in the past would require a cash buyer or conventional financing. This is another reason that people in the business decided to shy away from FHA loans. I believe it was pure ignorance of the programs that were available by the brokers and the realtors couldn't properly prepare their seller for what to expect that gave FHA loans a bitter taste.

My associate Jeff Belonger said it best in his post about ignoring what your listing agent tells you about FHA loans

Here we go....203k loans for dummies



* 203k loans allow you to FINANCE the cost of the repairs in the new loan amount. (Not to exceed 110% of the after improved value determined by the appraiser and 203k consultant) What does this mean? I buy a house for 200,000 that needs 50,000 in repairs and I can borrow the extra 50,000? Too good to be true? NOPE. That's it in a nutshell....

ok details please.........

* Down payment is basesd on the sale price PLUS the final cost of the repairs x 3.5% so for example:

Sale price is 200,000 (DO not calculate 3.5% on this) PLUS 50,000 in repairs/costs (which includes certain costs and reserves the lender will require) 250,000 x 3.5%. Down payment is $8750.00 (closing costs are separate as usual)

* Buyer will hire (lender can recommend) a HUD approved FHA 203k Consultant  to go to the property with the buyer to determine the required repairs and wish list repairs.

The fee charged by the consultant can be included in the mortgage. The fee can range anywhere between $ 400 to $1200 depending on the repairs required. Please check with the consultant prior to scheduling your appointment.

*Buyer will obtain estimates from several licensed contractors for the work to be completed depending on how extensive the repairs.

Three estimates are recommended for each contractor but not necessary. The buyer can act as their own general contractor only if experienced and licensed. (FHA says experienced, but most investors require the buyer to be licensed) The contractors must provide documentation to be approved by the lender prior to approval.

The consultant will determine the "required" repairs versus the "wish list repairs". You must start with the required repairs and then move on from there for you wish list. This is an important step for the consultant and appraiser so that you don't over improve the home and exceed the comparable properties in the area.

* Once the consultant completes his report of required and wish list repairs, the lender will forward it to the appraiser for an "After Improved Value". This is where you may run into problems with OVER improving the property based on current values. Between the consultant, appraiser and buyer - the FINAL FINAL report will be tweeked to come up with a final report that the contractors will be hired to do.

* So now the file is submitted to underwriting and approved ( you need to qualify at the full amount you are borrowing of course, which may include your current mortgage payment for the home you will live in during the rehab period) and the normal steps for closing will occur.

(BIG PLUS - you can include 6 months of mortgage payments in the new loan amount since it's assumed that you will have TWO housing payments during the rehabiliation of the new home. This money will be deducted each month during the reahab process) This is optional.

* Closing occurs, and the work begins within 30 days of closing/funding. (This is when your mortgage payments start since this is when you started borrowing the money - however, if you included the 6 mths mtg payments, they will be deducted from escrow starting when your first payment is due)

* Disbursments are made throughout the following 6 months from the escrow account (normally 4 draws with one final inspection, but this can be increased for higher repair amounts) as the work is completed.

Remember you paid the seller for the price of the home, and then you borrowed an additional amount of X which is sitting in an escrow account to pay the contractors (your total loan is the total amount you borrowed)

Once the last disbursement is made and the final inspection showing COMPLETED AS PER THE CONTRACT........you are done! Simple ast 1 2 3 - okay maybe not, but that's why having an experienced lender on your side is crucial!

There are specific properties and repair requirements for this type of loan, so please call me for specific details if this sounds like the right loan for your new home.

Please send me your before and after pics! I would love to see them and maybe even post them for people to see what can be done with this awesome program! Or contact Colleen Craig FHA 203k Specialist for more details

Happy Rehabbing!

Chesapeake VA Snake Invasion

Tue, 16 Jun 2009 11:17:59 -0500

Now that it is Summer my kids are out of school. After they roller skated all morning on the wood floors in the house I told them it was time to take the fun outside. I went off to go show homes. My mother is temporarily off work awaiting a fourth knee surgery in July. Instead of being a mellow grandma babysitter, I came home to find my home the subject of a 6pm news feature story on Snakes in Chesapeake VA. OK yes our backyard backs up to a gorgeous forest like place, We have raccoons, foxes, frogs, and yes Snakes! Here is the video of my mom with my girls. Try not to laugh to hard.

Click this link to view video!

Dee Dee Jones

The Hampton Roads Real Estate Lady!

Wainwright Real Estate

Virginia Beach, VA

http://DJonesSellsHomes.com

This Crisis is not Financial

Wed, 10 Jun 2009 07:30:18 -0500

Some of us need a quick swift kick in the pants for all the spending and lack of saving we have done over the years. Now with credit card debt and foreclosures at a all time high we are all quick to say it is the bank and government's fault. When do we stand up and take responsibility? Take a moment to read my AR friend John Mulkey's view below. This info brought to you by The Hampton Roads Real Estate Lady!

Via John Mulkey, Housing Guru (TheHousingGuru.com):

While the stock market, housing prices, jobless rate, and falling GDP may point to a financial crisis, those are only symptoms of the real illness. Just as a doctor would never describe an overweight patient’s condition as, “a crisis of too many fat cells,” we must look to the cause of our problem if we ever expect to effect a cure.

The USA has gorged itself on debt, but even that’s not the problem. It’s yet another symptom of a society focused upon personal comfort and satisfaction, chasing an ever-changing vision of happiness, a narcissistic assumption that it was about us, and that “we should have it all,” and have it now.

In the past few decades we've shifted from a country of savers to one of spenders—binge spenders, drunken in our chase for the “good life.” Movies and television told us we could have it, and their ads spewed a never ending array of what we “needed.” With the latest gadgets our lives would become simpler, less stressful. With wondrous images they carted us off to faraway beaches with perfect sunsets and plastic people.

But the images were all a lie; the contrary was true. The accumulation of “stuff” created a need for more money, requiring that both spouses work, and work harder, longer. The constant demand for money kept us forever chasing a better position, more pay, to help us afford the stuff we had already bought. More money would take us to an even better lifestyle that always remained just out of reach.

We didn’t want the simple house of our parents; we wanted more bedrooms, more bathrooms, bigger kitchens, fireplaces, media centers, and three car garages. We weren’t satisfied with a basic car; we needed SUVs, maybe two, and a sports car for the kids. A vacation at the beach wasn’t enough, unless the beach was in Hawaii.

We wanted the best for our children and we bought computers, video games, cell phones, and other electronics, expensive clothes and cars; we wanted them to have it all, too, to have a better life, to have more than we’d had. And we succeeded—after a fashion. We spent more, went in debt more, and lived for the pleasure of the moment.

We had more and our kids had more; but the ever-increasing indebtedness, like a millstone, pulled us into an abysmal stupor and caused us to miss out of much of the enjoyment. We drugged our stress with alcohol, pills or the latest pop psychology that promised to restore us to “Nirvana,” and the children whose happiness and love we purchased, became strangers.

Of course this isn’t a universal indictment; but it’s more widespread than many are willing to admit. And it doesn’t apply to ME or to YOU. It’s those “other people” who have allowed their problems to morph into a crisis. But WE all have an obligation to help find the solution.

As our country and the world enter the crucial stages of a financial meltdown, many are reflecting upon lives spent chasing an elusive future utopia that could never be; and many are ready to get off the train. Some have begun to reconsider where they have focused their energy, their labor, and have begun to realize that life was never about the stuff. It’s about discovering our place and helping others; it’s about the choices we make and the lives we lead; it’s about releasing ourselves from fear and living and sharing the wondrous joys of this life; and it’s about today. We don’t have tomorrow. The good life we’ve been seeking isn’t in the future. We’ve had it all along.

For the latest news in housing, visit: The Housing Guru

More Chinese Drywall

Fri, 29 May 2009 18:22:36 -0500

Add Virginia Beach and Chesapeake Homeowners to the list of those complaining of Chinese Drywall found in their homes. Residents have joined for a lawsuit against the local supplier, contractor and Chinese manufacturer of the drywall. The suit is one of several locally connected to the use of Chinese-made wallboard. Chinese-made drywall, which has been the focus of complaints in several states by people who say it emits a corrosive gas that damages household electrical systems and causes respiratory problems.

The local Virginia Beach couples are out of thousands from replacing appliances, they all have experienced bouts of sickness, and the inconvenience of a nagging egg like odor has made their homes difficult to live in. They have asked the CPSC to investigate.

According to CPSC, To date, the CPSC has received over 365 reports from residents in 18 States and the District of Columbia who believe their health symptoms or the corrosion of certain metal components in their homes are related to the presence of drywall produced in China. State and local authorities have also received similar reports. We received our first incident report from a consumer on December 22, 2008. The majority of the reports to the CPSC have come from consumers residing in the State of Florida while others have come from consumers in Alabama, Arizona, California, Georgia, Kentucky, Louisiana, Mississippi, Missouri, New York, North Carolina, Ohio, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming, and the District of Columbia.

Consumers largely report that their homes were built in 2006 to 2007, when an unprecedented increase in new construction occurred in part due to the hurricanes of 2004 and 2005.Common features of the reports submitted to the CPSC from homes believed to contain problem drywall have been:

Consumers have reported a "rotten egg" smell within their homes.
Consumers have reported health concerns such as irritated and itchy eyes and skin, difficulty in breathing, persistent cough, bloody noses, runny noses, recurrent headaches, sinus infection, and asthma attacks.
Consumers have reported blackened and corroded metal components in their homes and the frequent replacement of components in air conditioning units.

For more info visit http://www.cpsc.gov/info/drywall/index.html

This info brought to you by The Hampton Roads Real Estate Lady! Dee Dee Jones Wainwright Real Estate

http://DJonesRealEstate.com

Sat May 23rd Krispy Kremes .99 per dozen

Thu, 21 May 2009 15:11:30 -0500

Krispy Kreme: 1 Dozen Original Glazed Doughnuts ONLY .99 on May 23rd!

Sounds like a great day to break my diet! I may even stock up for open houses and office meetings for the next week!

Mark your calendars for another yummy deal! Celebrate penny day on May 23rd with Krispy Kreme! They will be selling a dozen of their Original Glazed doughnuts (yum!) for ONLY $0.99! Limited one original glazed dozen per customer.

**This offer is valid only at participating Krispy Kremes, so I would definitely recommend calling ahead!

So when your clients drive you crazy, the husbands nagging you, the kids are begging, steal a moment to enjoy something sweet and good!

This info brought to you by The Hampton Roads Real Estate Lady Dee Dee Jones!

Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit

Fri, 15 May 2009 22:22:29 -0500

FHA buyers here is a little clarification on the current ruling on the use of the $8,000 tax credit for the use of Down Payment. This is by

Jeff Belonger -- The FHA Expert.com --

Hopefully we will be getting another update soon and I hope with good results!

Dee Dee Jones The Hampton Roads Real Estate Lady!

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

The $8,000 first time homebuyers TAX CREDIT - HUD has saved the day. Well, okay, it saved it for a day. It's gone now, recinded, at least for now. Everything that you have been reading about yesterday, about FHA/HUD putting out mortgagee letter 2009-15, it's no longer there. Tom Burris had noticed this yesterday and I just got off the phone this morning with the HUD office. For reasons unknown, this letter, ML 09-15, has been taken off the self. Besides, I have my reasons to this and also felt that many of the blogs posted yesterday were incorrect. Here is why....

In regards to FHA loans, a borrower can only obtain monies for their actual downpayment of 3.5% by the following :

Their own funds

up to 100% of a gift from a relative/family member

From the Federal, state, and local governmental agencies and nonprofit instrumentalities of government

FHA approved non-profits

monies from their employer in a form of employee contribution

monies from secured borrowed funds... IE. borrowing equity from your home to buy another home or borrowing against your car that is free and clear or borrowing from your 401-k, etc, etc

Here is the major confusion that was put out yesterday both HUD, NAR, and many realtors and loan officers that wrote about this. In the body of the mortgagee letter, ML 09-15, at the bottom, it stated :

The Tax Credit: Short-Term Loan:

Entities that can offer the tax credit advance with short-term loans:

Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or "bridge loans" secured only by the anticipated tax credit due the homebuyer as collateral.

The confusion : It states, As collateral and not as a secured lien against the home, but as a secured loan against the collateral. Which in this case would be the $8,000 tax credit, which would be secured against.

Because of this, HUD does not allow for monies to be borrowed or given to in any form that I did not mention above, to be used for the down payment. The reality of it all, basically everything that was stated in the mortgagee letter, that has been revoked for now, is old school FHA. When it comes to FHA loans / FHA mortgages, you could get monies for your down payment from the items that mentioned above, which is mentioned in the mortgagee letter. Well, was mentioned... One caveat to all of this is that HUD was going to allow for lenders to secure a short term loan or bridge loan against the $8,000 to be used to purchase a home. But again, that can't be used for the actual down payment, because it goes against the basic FHA guidelines of downpayment monies of 3.5%. Now, unless HUD changed this, it does not clearly state this in the mortgagee letter, even though that letter is no longer valid.

Summary : When I read the ML 09-15 the other day, all of this jumped into my head. But I didn't have time to dissect all of this, yet I wanted to get this out to the public. After seeing many blogs written with inaccurate information, because NAR stated certain things from a HUD spokesperson, it was never clear, in which this gave me large goose bumps. My advice, consult an FHA Expert, even if you hear it from others that are high up, such as the NAR. And be careful on those that call themselves Experts also. I personally think that this was immature of several agencies for putting this information out there without verifying it's accuracy and intentions. And I would have to assume that HUD feels the same way since they took this mortgagee letter off their site and off the HUD clips site. Thanks

EXTREMELY IMPORTANT REMINDER : Just because HUD or any other source puts information out there, doesn't mean it will happen. Keep in mind that most lenders have overlays and can add to certain rules and or guidelines.

And just for the fact that HUD says it's fraud to obtain the tax credit prior to closing. This question has been asked to HUD by many of us and their response is FRAUD. Why? You are receiving the monies before you are buying the house. Yes, you can give the IRS the address prior and a potential closing date. But I smell shit hitting the fan very soon, since a lot of this is still new. And remember those lender overlays? I know some lenders and underwriters that won't allow this type of loan to go to closing.

Ken Cook wrote a very short and brief blog about all of this. It's very clear. FALSE info flying around about the first time tax credit used as a downpayment.

For real, updated information on the First time Homebuyer's Tax Credit, please read : $8,000 first time homebuyers tax credit.

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

Kids Bowl Free all across the USA

Mon, 11 May 2009 11:09:13 -0500

AMF bowling centers is offering a great free deal.

Kids under the age of 15 can bowl 2 free games EVERYDAY, ALL SUMMER LONG. With the price of bowling this is a great offer.

You can also buy and adult pass good for 4 people for $23.95.

Select a bowling center near you.

Register directly on the bowling center page (The registration is valid only at the bowling center where you register and cannot be used at any other bowling center unless otherwise noted.)

For more details visit http://www.kidsbowlfree.com/amf.php

This info brought to you by the Hampton Roads Real Estate Lady Dee Dee Jones

DJonesRealEstate.com

Chesapeake Jubilee

Tue, 05 May 2009 09:39:02 -0500

The Chesapeake Jubilee is May 14-17 ,

This event will be held at Chesapeake City Park, of South Greenbrier Pkwy near Kempsville, This fun family friendly event is geared to all Ages. There will be rides, food, giveaways, and more food.

Amusements of America provides us with the largest array of traveling carnival rides and games east of the Mississippi!

Known for its great fireworks show. This is a must see event. The fireworks will be Saturday the 16th, at 9pm. Bring your lawn chair and a blanket and listen to live music all day and the headliners below.

Announcing the musical lineup for the 2009 Jubilee

The greatest living exponents of Jamaica's reggae tradition provide a dynamic start to the 2009 Chesapeake Jubilee. It promises to be an unforgettable evening of music as the Wailers perform the legendary "Exodus" album.

Brandishing heavy guitars and an unabashed fetish for British Invasion Pop, The Smithereens carved their niche on album rock radio and earned a reputation as a great concert attraction with sizzling pop songs including: "A Girl Like You," "Only A Memory," and "Blood and Roses."

These talented singer-songwriters bring their amazing "A Place to Land" tour to Chesapeake. Come hear the future of country music as Little Big Town's highly acclaimed album comes to life with a thrilling live performance on the Bagley Stage at City Park.

If you think you are the grill master on the 15th & 16th there will be a bbq cookout. Over $10,000 in cash and prizes are up for grabs.

From funnel cakes to smoothies, the Jubilee has food for everyone's taste

this info brought to you buy Dee Dee Jones The Hampton Roads Real Estate Lady, http://DJonesSellsHomes.com

Can we just enjoy Spring for goodness sake!!!!

Wed, 29 Apr 2009 12:40:59 -0500

First the terrorist, then the financial crisis, then the mortgage meltdown, and now the swine flu. Enough is Enough!!!! I will turn off the TV the news at least for the next few weeks and try to just enjoy spring. I am going to plant some flowers, work in my yard, and enjoy the new warmth and sunshine. I have had enough. I will go ride a bike, get some exercise, ( I ordered the new Pilate's machine), I will show property to the smart buyers and savvy investors sharp enough to know that the best deals can be found now. I will relax, I will play with my kids, I may even go to the beach. I am at the point of burnout with all the bad news. My husband and son watch the History channel alot and are convinced the world is ending in 2012. I am a glass is half full kind of girl, and though I am not naive that we need to get the swine flu under raps before we are living a movie about a world epedemic, I do believe I have had just about all I can take of CNN, Fox, MSNBC, and my local news horror stories. I am looking for the happy stuff, the positive stuff, all this negative is breeding negative. Where are the awards for the do gooders, the stories on the war heroes, the thousands of people held at the borders for quarantine to be cured, the stories that the flu can be cured quickly if found early. Is anyone else sick of the negative, And if so keep writing positive blogs and I am one person who will be sure to read them!!!!!!

Dee Dee Jones The Hampton Roads Real Estate Lady!!!! http://DJonesSellsHomes.com

Timely Tuesday Title Tips...Gimme Five...!!!

Wed, 29 Apr 2009 11:38:44 -0500

Ok it is Wednesday but here are Tuesdays title tips from Fran The Title Man but its worth the read.

Via Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.):

From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...

Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!

1. If you hire an attorney to guide you through a transaction, be sure to employ them BEFORE you sign any legal documents, especially an agreement of sale...!!!

2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from closing...so providing bank statements detailing recent deposits will expedite greatly your closing time...!

3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!

4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!

5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...

Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!

10 Reasons That You Should Wait to Buy in this Market

Tue, 21 Apr 2009 08:02:32 -0500

My AR associate JL Boney III, from South Carolina gave 10 reasons that are great for anyone who is on the fence to read. With a little humor the point is well made so I am sharing his post with you.

Via JL Boney, III Columbia, SC Real Estate (Russell and Jeffcoat):

With all the posts out there about how now is the best time in history to run out and buy a home, I thought it only fair to show you the reasons that you should not do so. The last thing this economy needs is for consumers to start spending money, that would actually cause the great deals to go away. Mainly due to the fact that it would cause the economy and the real estate market to recover, and at this point that's the last thing we need.

10- Rent is fun to pay. I mean it's not at all like having to pay your own mortgage, why do that when you can pay a mortgage for someone else. If you went out and bought a home, there would be one less investor out there getting a free house with your money.

9- The amount of homes for sale on the market. There is no need to running out there when you have a ton of homes for sale at your disposal. You should certainly wait for the numbers to dwindle so you will have less of a choice you decide to buy. This will keep you from having to be so picky.

8- The great deals will be the first to go. This will be your indicator that you are getting close to time to start looking. All the good homes will be taken and then you can go sift through the left overs for what you can salvage.

7- Low Interest rates. Low interest rates will cause your mortgage payments to be lower, and this may make you feel like you are not doing your fair share. You should definitely wait around for those rates to rise so you can make a higher monthly payment. Then you won't have to deal with the guilt of saving money.

6- The price of homes for sale. Currently many homes for sale are on the market at very competitive lower prices. If you can manage to hang in there a little longer without buying a home, then you can catch market during or after a recovery. This means that you will get to pay more for the home than you would today.

5- With today's rates and prices, mortgages on many homes for sale are actually cheaper than rent on the same homes. Again this would possibly save you money, and that's not what you want to do. You need to wait for the prices to rise so you're not getting as good of a deal.

4- A 10% of the sales price tax credit up to $8,000. If you were to buy a home now,and you are a first time home buyer, then you would receive this tax credit. If you can hold out until next year, then you will be able to avoid this tax credit all together. This will save you the aggravation of trying to decide what to do with the extra money on next year's tax return.

3-Builder incentives. At present, in addition to the competitive prices, many builders are offering other incentives on new homes. Incentives like a percentage of of the home for sale depending on your employment and reduced pricing on upgrades. Some are even offering free upgrades and tossing in little extras that they normally do not offer in order to sweeten the pot. This would mean that you could get a great deal on a brand new home in your area, and that's the last thing you want. Wait for these deals to be snatched up other buyers before you even consider looking for your new home.

2- Lack of competition for you. Right now with many would be buyers sitting on the fence trying to make a decision, you would have your pick of the litter as far as the homes currently available are concerned. You need to wait until many more buyers are on the search, that way you can possibly end up in multiple offer situations and have to fight another buyer over the home you really want.

1- The pride of home ownership. There is no reason to come home to a home that actually belongs to you. Why not constantly come home to a house that you are buying for someone else.

I hope that in some way this has helped anyone reading to figure out why you should stay on that fence. There are really too many great deals and incentives out there to subject yourself to making a decision as to which one you want. So hang in there and stay on those sidelines. With a little discipline and a little luck you'll be able to avoid all the great deals that this current market has to offer. Best of luck to you.

www.jlboney.com

Welcome the Norfolk Real Estate Lady to AR!

Wed, 08 Apr 2009 09:06:50 -0500

Please take a moment to welcome Shirley Hardy from Wainwright Real Estate in Virginia Beach,

she has finally decided to take the plunge into Active Rain. I know you Rainers will give her much support as she starts out learning about blogging, posting and all the Active Rain stuff. She has not started posting yet, our goal for this week is to customize her page. One step at a time! Please post a comment here to welcome her to Active Rain.

Shirley B. Hardy is a dedicated professional with many years of experience of working with people. Her early experience was as a school teacher and later as a Human Resources professional. Shirley brings this same level of commitment and professionalism to the Real Estate field. She is committed to making each step of the process of buying or selling a home as stress-free and professional as possible. You can depend on Shirley Hardy to make your buying or selling experience rewarding from start to finish.

DEDICATED TO GIVING RED CARPET TREATMENT!

Shirley is a real estate agent specializing in the 55 and up Communities, New Construction and Relocation Clients. She is a great addition to the DJones Real Estate Team and we call her the Norfolk Real Estate Lady! You can contact her at shirleybhardy@gmail.com if you have referrals in any Hampton Roads area: Suffolk, Norfolk, Hampton, Virginia Beach, Newport News, Portsmouth, or Chesapeake.

09 Hampton Jazz Festival

Mon, 06 Apr 2009 13:59:58 -0500

If you have never gone to the Hampton Jazz Festival, this year the line up is one of the best. Hampton, VA is home to the Hampton Colisuem. Every year many people travel to visit the Colisuem to check out great music for all ages. Do not miss this event.

Friday, June 26 at 7:30 pm
Kenny "Babyface" Edmonds
George Benson
Ledisi
Jazz Attack featuring
Rick Braun, Jonathan Butler
and Richard Elliot.
Saturday, June 27 at 7:00 pm
The O'Jays
Michael McDonald
Fantasia
The Forte Jazz Band
featuring Brian Pinner
Sunday, June 28 at 2:00 pm
Patti Labelle
Robin Thicke
Chuck Brown
Keiko Matsui

Tickets to the 42nd Annual Hampton Jazz Festival are priced at $52.50 per seat, per performance, plus service charge and handling fee where applicable. Tickets will go on sale this Saturday, March 28 at 10 am online at http://www.ticketmaster.com, at all VA, MD, and DC Ticketmaster Ticket Centers, charge-by-phone at 1-800-745-3000 and at the Hampton Coliseum Box Office. Group rates are available for groups of 45 or more. Additional Festival information is available online at http://www.hamptonjazzfestival.com/

Thinking of selling this Spring ? -- NOW is the time to start the PREPARATION !

Sat, 04 Apr 2009 19:52:16 -0500

Its that time of year time to declutter, spring clean, put your house on the market and get it Sold. If you are thinking of selling a home in the Hampton Roads area this year the time to get started has come. Looking for great home selling tips and Real Estate advice, then look to my fellow Active Rainer - That British Agent from Maywood, NJ Sheldon Neal- Sheldon recently shared the following Active Rain Blog. This is great real estate advice for even Hampton Roads Sellers to follow so I am passing it on. The Hampton Roads Real Estate Lady.

Via Sheldon Neal -- That British Agent -- (Bergen County, NJ - RE/MAX Real Estate Limited):

If you are planning to put your home up for sale this upcoming Spring, don't be surprised if it creeps up on you, and that you find Spring is here before you know it !!

It is already more than a week into February and the Groundhog has already seen his shadow - but these next six weeks will probably fly by, and you may find yourself faced with the less desirable scenario of being forced to RUSH your home onto the market, so that you don't miss the Spring Buying Season - the season which historically sees the most buyers out there looking for homes out of all times of the year.

Selling in this current market can be stressful enough, but adding a last-minute-preparation-panic to the mix, will almost certainly make it that much more difficult for you and your family to deal with.

So to help you prepare your home - and yourself ! - for the Spring Season, keep the following points in mind, and they should give you the best chance for success with selling your home over the next months.

1) Start Now ! -- The more time you have to implement some of the following items, the more likely you can fit it all in along with your current daily schedule.

2) Get A "Home Sale" Notebook. You can pick them up for a dollar or two from Staples, CVS or similar stores, and make it RED, or another color that stands out - this way it will be hopefully be easier to spot when you need it ! The purpose of the "Home Sale" Notebook, is so that you always have a central place to refer to as your home sale progresses. When you have questions that you want to ask your Realtor, write them in the notebook so you dont forget them, when you have things to add to your "To-Do" list, add them to your notebook so you can always refer to it and stay on track. You will collect various papers along the way too, tuck these in the back of the notebook, again, this way you keep all thing related to your "Home Sale" in one central place.

3) Have a Family Meeting ! Selling your home will affect everyone under your roof in different ways. It is important that you are all together for support and assistance. There will certainly be packing, moving, & cleaning, & possibly painting and other tasks, so rally the troops and make sure everyone is on the same page. (Pizza or chinese food are often good incentives for jobs well done !!) ... and if there are children in the family, they may need a one on one chat in private just to check-in and make sure they are doing OK - moving house, possibly away from their friends, their school, and their comfortable neighborhood, can often be particularly scary for kids - and a friendly check in from time to time from mom or dad, letting them know it's all going to be OK, can often ease that anxiety.

4) Choose a Realtor NOW ! -- Don't wait until the week that you want to list your home. Here's why. Typically your local, knowledgeable Realtor can help you with your preparation, and make sure you are focusing your energy on the most beneficial tasks to get your home in ship-shape for listing ! There are sometimes decisions that homeowners make, which actually hurt the desirability of their home to most potential buyers - so set up your Realtor interviews now, find out how they plan to market your home, and once you select a Realtor, schedule a time to sit down with them as soon as possible to go over a PRE-LISTING Gameplan !

5) Take a Deep Breath ! -- You are just taking the first steps, but starting out on the right foot can often lead to a smoother, less stressful journey though your real estate transaction.

6) Do a 'Home Walkthrough' - with your Home Sale Notebook ! -- Go room by room, and jot down things that you feel need to be done before you can list your home. These things may include removing and storing excess clutter or un-needed furniture, fixing or replacing broken blinds, light switches, closet doors, noting rooms or furniture that need to be painted, jot down which rooms may have carpets that need cleaning, or even replacing. Hardwood floors are a desired floor covering for many buyers right now, so it is important that even if you have carpets, that you know whether there is hardwood underneath the carpet or not. Note your findings down in your notebook and go over them with your chosen Realtor at your PRE-LISTING Gameplan meeting !

7) Do a Repair Cost Analysis-- This is often overlooked by sellers. But all the items that you note down from your walkthough, (or that are recommended by your Realtor) have a cost associated with them. Sometimes a lot of repairs or improvements can be done relatively inexpensively, but if you wanted to give your kitchen a 'boost' by installing a new granite countertop for example before putting it on the market, then you will need to know exactly how much that estimate will be, so you can confirm that it is within your budget to install. Keep track of all your desired improvements and their costs.

8) Plastic Tubs are your FRIENDS! -- These 18 gallon containers that you can pick up from Target, Wal-Mart or similar stores, can make your life a whole lot easier - and if you check the Sunday Newspaper supplements, you can often find them on sale for just $3.99 or $4.99. Now cardboard boxes can be OK, but the plastic tubs are extremely durable, they stack well, and the most important thing, is that if for some reason the boxes are stored in a basement or place that may get a water leak of any description, the plastic tubs will almost certainly protect all your belongings inside - in that situation, a cardboard box will simply soak up the water and your belongings may be ruined.... this I can attest to from personal experience many years ago ! Now, I use plastic tubs without question

9) Consider PODS or a Storage Unit -- Many sellers that understand the need to remove a lot of items or furniture from their home to give the best 'first impression' to anyone who walks through the front door, choose to store the excess items in a storage unit, or in PODS (Portable On Demand Storage).

10) Divide and Conquer ! -- It's much more difficult to do all the preparation on your own, so take that list of To-Do items and see who in your family, or which friends can help you. Again, it's often good to have an offering of lunch or dinner at the ready ! - especially for the extra time consuming chores like room painting or packing a mountain of boxes !

11) Confirm and keep track of your next home. -- Whatever your plans are for your next home, whether you have already secured a home to move into, or if you have to coincide the sale of your current home, with a purchase of a new home, make sure you stay in tune with the availability and timing.

12) PRICE IT RIGHT ! -- When all your improvements are completed, and you are ready to list your home, sit down with your Realtor again and spend a significant amount of time digesting the market analysis your agent will provide. It is the single most important factor right now in positioning your home to sell as fast as possible. If you price it incorrectly, it can be a lost cause from the start. Determine the market value, and if you have the ability to list it a small cut below that price, you will draw the most attention possible right out of the gates !

13) Remind yourself that selling your home is a good thing ! -- It may be easier to say this to yourself now, but it's important to remind yourself of this periodically, even if the road becomes challenging at times. A way to keep focused and positive is to choose the right Realtor. They will be by your side from start to finish, so it is critical that you choose the best fit for your family and your intentions.



These thirteen tips will get you started on the right foot, and will help you organize your weeks leading up to putting your home on the market !

Contrary to many media reports out there, homes are selling right now !!!

... just make sure you do everything in your capabilities to make sure your home is one of them !

And remember your Realtor is there by your side, every step of the way !

Good Luck !

Did you know you can challenge your tax bill?

Fri, 03 Apr 2009 11:29:44 -0500

Did you know you can challenge your tax bill?

In Hampton Roads cities many homes are being appraised for less than there tax value for the first time in years. If you are in an area of declining value and you have proof or believe your tax assessment is to high you can call your city real estate assessor's office to point out the discrepancy and challenge the assessment.

We all know lower taxes and lower interest rates can give us the lowest possible payment and many are taking advantage of refinancing their homes. In the past year, the median price for homes in South Hampton Roads has dropped 7.4 percent, according to our mls, Real Estate Information Network REIN, the Virginia Beach-based multiple listing service. Sales of existing homes also have fallen to unusually low levels.

For those of you looking to save money, after finding a qualified loan officer to assess whether you can or should refinance your home, do not forget to consider reviewing your tax bill and home owners insurance policy. Reducing these costs can save you hundreds more dollars a month. Or often times error such as wrong room sizes, square footage adjustments, and additions can be updated to make the bill more accurate.

To contact your local assessor in the seven cities click your city link;

This info brought to you by

The Hampton Roads Real Estate Lady!

Dee Dee Jones

Wainwright Real Estate

http://DJonesSellsHomes.com

Chesapeake Park District Spring Summer 09

Sat, 14 Mar 2009 19:14:11 -0500

Looking for Spring and Summer Activities for your kids and family to do!

Chesapeake Park District put out the Spring Summer 09 Leisure Guide today. You can pick one up at any Chesapeake Recreation City or go to http://www.chesapeake.va.us/services/depart/park-rec/leisureguide/Spring_Summer2009.pdfto view or print the pdf. You will find activities for toddlers thru senior ages and for boys and girls. Dance, Gymnastic football and use of the gym are my families favorite activities.

For those of you new to the area Chesapeake and Virginia Beach have two of the areas best park and recreation programs. Check out the link and register early because classes do fill up. You can go to the main website http://www.chesapeake.va.us/and view the pdf or there is also instructions on how to receive a guide by mail.

This information brought to you by

The Hampton Roads Real Estate Lady

Dee Dee Jones

Wainwright Real Estate

The Hampton Roads Real Estate Lady's Blog

Its ALMOST official The Homebuyers Tax Credit Extended for 2010, with a few changes!!!

How Not to Sell a Haunted House

10 Commandments Home Buyers Must Follow

Property flipping guidelines extended by FHA until May 2010! What does this mean?

New, Stricter FHA Condominium Lending Guidelines Coming Nov. 2: First Time Buyers Affected

TAX CREDIT GOING, GOING, GONE!

Self-Employed and Tax-Returns...

Free HomeBuying Classes In Virginia Beach

Facebook account disabled for having too many Realtor friends.

203k Made SIMPLE? Yes, for your clients..........

Chesapeake VA Snake Invasion

This Crisis is not Financial

More Chinese Drywall

Sat May 23rd Krispy Kremes .99 per dozen

Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit

Kids Bowl Free all across the USA

Chesapeake Jubilee

The Chesapeake Jubilee is May 14-17 ,

Can we just enjoy Spring for goodness sake!!!!

Timely Tuesday Title Tips...Gimme Five...!!!

10 Reasons That You Should Wait to Buy in this Market

Welcome the Norfolk Real Estate Lady to AR!

09 Hampton Jazz Festival

Thinking of selling this Spring ? -- NOW is the time to start the PREPARATION !

If you are planning to put your home up for sale this upcoming Spring, don't be surprised if it creeps up on you, and that you find Spring is here before you know it !!

Contrary to many media reports out there, homes are selling right now !!!

... just make sure you do everything in your capabilities to make sure your home is one of them !

Good Luck !

Did you know you can challenge your tax bill?

Chesapeake Park District Spring Summer 09