Deanna & Jim's GOLD Team Blog

Closing Microsteps Detailed

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Tue, 18 Jun 2013 16:45:21 -0700

Northern Virginia Homes Gold Team Closing Microsteps Detailed

This post explains in excruciating detail exactly what happens, in Virginia, between the time the buyer's lender tells the buyer's agent
"The loan is done," and the time funds from the settlement are disbursed to all recipients on the HUD-1 including the sellers, their lenders, and the brokerages involves.

This post applies to transactions involving buyers financing part of the purchase price. (All cash transactions skip the first two steps.)

The buyer's lender's underwriter, who has authority to make the decision to actually loan the amount in question, completes the underwriting process by issuing "Clear To Close" and delivering the loan package to their employer's closing department.

*The buyer's lender's closing department prepares the loan instructions and transmits them to the buyers title company. They also wire the funds for the amount of the loan to the title company.

*The title company uses the loan instructions, information from HOA/Condo management company if any are involved, and invormation from their own title abstracting process to prepare a HUD-1 settlement statement for review. The HUD-1 is delivered to the agents for the buyers, sellers, and the buyer's lender for approval. Corrections to the HUD-1 are incorporated as any errors are reported and revised copies are circulated.

The buyers and sellers attend one (or two, if the settlement is split) closing meetings where the HUD-1 is reviewed and explained in detail. The buyers and sellers each sign the HUD-1 and the title company witnessing the signings notarizes their signatures.

The seller signs the deed of conveyance, the wood destroying insect inspection report and perhaps some other documents particular to each title company.

The seller provides the title company with instructions on how to deliver their proceeds.

The buyers sign the note for the funds borrowed, the deed of trust securing the property as collateral for the amount borrowed, and many documents relating to their new loan.

*The title company takes all the executed documents, goes to the country records office and records them.

*After recordation is complete the title company disburses all the amounts payable per the HUD-1 to each of the recipients.

This process has many steps and the steps marked with asterisks are not necessarily easily rushed. Reasonable time needs to be allocated for individuals to perform these steps without error.

Sometimes buyers, inexperienced buyer's agents, or even their loan officers think that the struggle is over once they hear "The loan is done."

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Northern Virginia Homes Gold Buyers Guide Approved Short Sales

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Mon, 17 Jun 2013 17:35:38 -0700

Northern Virginia Homes Gold Buyers Guide Approved Short Sales

"It says its an 'Approved Short Sale.' Does that mean that they'll really sell it for the list price? And maybe it won't take unpredictably long?"

Well, it depends. Approved short sales are short sales for which the seller's lien holders have already determined what price they would accept AT THE TIME THEY DETERMINED IT!

A real short sale approval is always specific to an exact closing date with a specific buyer and a complete set of negotiated terms.

When a short sale is listed as approved at the list price it means that the seller's lien holders at one time would have been willing to take that price. They will, however, always do a brand new appraisal and/or Broker Price Opinion after they have been presented with the ratified sales contract complete with the terms negotiated by the seller and buyers. This new valuation will reflect the most recent market activity in the area and may be higher or lower than the previously approved price.

Going through the process of submitting the short sale package for approval and waiting for the bank to order, revceive and evaluate a new valuation will typically consume an additional month. And the seller's bank may change asset managers part way through the process, causing the process to start all over. Usually it will take 3 weeks to 8 weeks to get an approved short sale reapproved before the new buyer can go forward towards closing.

Offering on approved short sales offers less unpredictability in determining final price and closing date that offering on unapproved short sales. Even approved short sales, however, carry considerable uncertainty for a would-be buyer.

The Gold Team typically has one or more seller side short sales and one or more buyer side short sale transactions in process at any point in time. We are work empathetically with the distressed homeowners the need to sell short. And we are pleased to work through the process on the buyer side cheerfully for those buyers or investors willing to deal with the uncertainties.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Open Sunday 6/16/2013 1-4PM Centreville VA 3-level End Unit $434900

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sat, 15 Jun 2013 05:58:33 -0700

$434,900 , 3 bedrooms, 2 full baths, 2 half baths, 2,308 square feet

Deanna & Jim's GOLD Team | Samson Properties | (703) 969-0410

5120 Winding Woods Dr, Centreville, VA

Gorgeous 1-car brick end unit. Gourmet granite kitchen! Big light-filled unit with vaulted ceilings, skylight, and windows in end. Master with full pr

3BR/2+2BA Townhouse

offered at $434,900

Year Built	1988
Sq Footage	2,308
Bedrooms	3
Bathrooms	2 full, 2 partial
Floors	3
Parking	Unspecified
Lot Size	2,787 sqft
HOA/Maint	$76 per month

DESCRIPTION

Gorgeous 1-car brick end unit. Gourmet granite kitchen! Big light-filled unit with vaulted ceilings, skylight, and windows in end. Master with full private bath and sitting room! Walkout breakfast to deck then down stairs to lower deck, wraparound landscaped yard, firepit and water feature! Fresh paint, upgraded carpet.

Centreville

see additional photos below

PROPERTY FEATURES

- Basement	- Breakfast nook	- Dining room
- Family room	- Living room	- Master bath
- Walk-in closet	- Dishwasher	- Dryer
- Freezer	- Microwave	- Refrigerator
- Stove/Oven	- Trash compactor	- Balcony, Deck, or Patio
- Fenced yard	- Yard	- Air conditioning
- Central A/C	- Central heat	- Double pane windows
- Garage - Attached	- Off-street parking	- Fireplace
- Granite countertop	- High/Vaulted ceiling	- Skylights
- Tile floor

OTHER SPECIAL FEATURES

- Fresh paint, new carpet in lower level. Water feature and firepit.

ADDITIONAL PHOTOS

Brick front end unit	Entry View
Living Room	Dining Room
Breakfast Opens to Deck	Breakfast to Kitchen
Deck View Left	Deck View Right
Kitchen	Kitchen
Dining to Living	Main Level Half Bath
Master Bedroom	Master Bath
Master Bath	Master Sitting Room
Bedroom #2	Bedroom #3
Full Bath BRs 2-3	Lower Level Family Rm
Family Room Opens to Deck	Swing on Deck
View from Back	Backyard
Firepit

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

(703) 969-0410

For sale by agent/broker

Posted: Jun 10, 2013, 11:22am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Stonefront, upgraded '07 estate, 3 acres 12 min to Quantico - $625000!

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Wed, 12 Jun 2013 10:20:50 -0700

$625,000 , 5 bedrooms, 4 full baths, 1 half baths, 3,694 square feet

Deanna & Jim's GOLD Team | Samson Properties | (703) 969-0410

3 Bella Vista Ct, Stafford, VA

Stonefront estate home on 3-acre corner lot 12 minutes from front gate of Quantico with over $100K upgrades!

5BR/4+1BA Single Family House

offered at $625,000

Year Built	2007
Sq Footage	3,694
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	133,206 sqft
HOA/Maint	$42 per month

DESCRIPTION

Stone front luxuriously upgraded estate home on cleared corner 3-acre lot 12 minutes from front gate of Quantico. Gleaming Gourmet granite+stainless kitchen with upgraded appliances, desk, and huge light-filled morning room. Rich Brazilain cherry hardwood main level. Walkdown deck. Huge masterw/ sitting area and superbath. Ultralux 2013 fin walkout w/ br5, fba, wet bar.

Stafford

see additional photos below

PROPERTY FEATURES

- Basement	- Bonus/Rec room	- Breakfast nook
- Dining room	- Family room	- Laundry room
- Library	- Living room	- Master bath
- Mother-in-law unit	- Office/Den	- Pantry
- Sun room	- Walk-in closet	- Dishwasher
- Dryer	- Garbage disposal	- Microwave
- Refrigerator	- Stainless steel appliances	- Stove/Oven
- Washer	- Balcony, Deck, or Patio	- Yard
- Air conditioning	- Ceiling fans	- Central A/C
- Central heat	- Double pane windows	- Cable-ready
- Garage - Attached	- Off-street parking	- Fireplace
- Granite countertop	- Hardwood floor	- High/Vaulted ceiling
- Jetted tub	- Tile floor	- Wet bar

OTHER SPECIAL FEATURES

- Over $100K in upgrades, new basement!

ADDITIONAL PHOTOS

Stone front, sideload gar	Kitchen
Morning Room	Deck View
Library with Built-Ins	Master Bath
Master Bedroom w/ Sitting	Walkout Billiard/Party Rm
Living Room	Dining Room
Lower Level Full Bath	Family Room
Entry Stair	Entry View
Bedroom 2	Bedroom 3

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

(703) 969-0410

For sale by agent/broker

Posted: Jun 12, 2013, 7:47am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

5120 Winding Woods Dr, Centreville, VA 20120 - Just $434,900!

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Mon, 10 Jun 2013 13:14:18 -0700

$434,900 , 3 bedrooms, 2 full baths, 2 half baths, 2,308 square feet

Deanna & Jim's GOLD Team | Samson Properties | (703) 969-0410

5120 Winding Woods Dr, Centreville, VA

Gorgeous 1-car brick end unit. Gourmet granite kitchen! Big light-filled unit with vaulted ceilings, skylight, and windows in end. Master with full pr

3BR/2+2BA Townhouse

offered at $434,900

Year Built	1988
Sq Footage	2,308
Bedrooms	3
Bathrooms	2 full, 2 partial
Floors	3
Parking	Unspecified
Lot Size	2,787 sqft
HOA/Maint	$76 per month

DESCRIPTION

Centreville

see additional photos below

PROPERTY FEATURES

- Basement	- Breakfast nook	- Dining room
- Family room	- Living room	- Master bath
- Walk-in closet	- Dishwasher	- Dryer
- Freezer	- Microwave	- Refrigerator
- Stove/Oven	- Trash compactor	- Balcony, Deck, or Patio
- Fenced yard	- Yard	- Air conditioning
- Central A/C	- Central heat	- Double pane windows
- Garage - Attached	- Off-street parking	- Fireplace
- Granite countertop	- High/Vaulted ceiling	- Skylights
- Tile floor

OTHER SPECIAL FEATURES

- Fresh paint, new carpet in lower level. Water feature and firepit.

ADDITIONAL PHOTOS

Brick front end unit	Kitchen
Living Room	Dining Room
Back View	Master Bath
Firepit in fenced side yd	Entry

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

(703) 969-0410

For sale by agent/broker

Posted: Jun 10, 2013, 11:22am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Open Sun 5/19/13 1-4 PM! $429,000 5/3 + garage on 0.3 acres in 20120

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Fri, 17 May 2013 14:01:20 -0700

$429,000 , 5 bedrooms, 3 full baths, 0 half baths, 1,182 square feet

Deanna & Jim's GOLD Team | Samson Properties | (703) 969-0410

14806 Cranoke St, Centreville, VA

Remodeled, updated! Hardwood main level. Granite/stainless kitchen. 5 bedroom/3 bath split foyer. FP in family room.

5BR/3BA Single Family House

offered at $429,000

Year Built	1967
Sq Footage	1,182
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	1 Car garage
Lot Size	12,632 sqft
HOA/Maint	$0 per month

DESCRIPTION

New paint+carpet! 5/3 home on .3 acres! 1-car garage. Patio. Big, bright family room w/ wood burning FP in lower level! Classy full- width front porch with 2-story pillars. Huge fully fenced back yard with two patios. Walkup side entry French door to lower level. Room for 2 cars off street in driveway plus one more in garage! Mature trees. Cozy gas heat, hot water and cooking.

Centreville

see additional photos below

PROPERTY FEATURES

- Basement	- Bonus/Rec room	- Dining room
- Family room	- Laundry room	- Living room
- Master bath	- Walk-in closet	- Dishwasher
- Garbage disposal	- Refrigerator	- Stainless steel appliances
- Stove/Oven	- Fenced yard	- Lawn
- Yard	- Air conditioning	- Ceiling fans
- Central A/C	- Central heat	- Double pane windows
- Garage - Attached	- Fireplace	- Granite countertop
- Hardwood floor	- Jetted tub	- Tile floor

OTHER SPECIAL FEATURES

- Open House 1-4 5/19/13

ADDITIONAL PHOTOS

Classic Full width porch!	Gourment kitchen
Dining Room	Living Room
Recreation area	Rear + Walkup Basement

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

(703) 969-0410

For sale by agent/broker

Posted: May 17, 2013, 11:49am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Responding to Highest Best and Final Requests

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sat, 11 May 2013 07:52:58 -0700

Responding to Highest, Best and Final Requests

INTRODUCTION

The words from the Listing Agent are exactly what the Selling Agent (Buyer's Agent) and the buyers do not want to hear, "We have multiple offers. Please submit your highest, best and final by ..."

Some buyers will simply back out, because they so strongly fear getting involved in a "bidding war" and doing something they will regret. Actual bidding wars only occur in open outcry auctions on the courthouse steps or the front lawn of the property when it is being auctioned. In an open outcry auction you can both see and hear the competing bidders and gain some insight as to their behavior and demeanor, as well as know the exact amount of their bids.

A highest, best and final request presents an environment with much less information on the other participants and their bids. Furthermore it proceeds not in real time where emotions can get so easily involved. The highest, best and final environment requires decision making underuncertainty as to the number, nature and level of interest of other participants. It maximally benefits the sellers, but is challenging to buyers.

EXAMPLES

Consider a few examples, for a hypothetical property listed at $200,000:

Example 1. Your original bid was $190,000. There is only one other bid. It is a lowball cash offer at $110,000. Your agent is told, "We have multiple offers. Please submit your highest, best and final by the deadline." The cash offeror stands his/her ground at $110,000 when asked for best and final, but you won't know this.

If you back out the seller will wait for a better offer. If you go higher they will take your offer. If you stand your ground they will either take or counter your offer.

Example 2. Your original bid is $190,000. There are offers at $210,000, $205,000, $198,000, $190,000, yours at $190,000, and one at $185,000. Your agent is told, "We have multiple offers. Please submit your highest, best and final by the deadline."

The offerors other than you respond as follows: $210,000 stands at $210,000, $205,000 goes up to $207,500, $198,000 withdraws, $185,000 goes to $212,000. The former least is now the greatest.

If you back out the seller or increase to less than $212,000 the seller will take the $212,000.

You will ask your agent how many offers there are and what their dollar amounts are. The agent will ask the listing agent. If the listing agent is in the mood they may tell your agent how many offers there are. The majority of agents will let your agent know this in the DC Metro market area. They will not tell you the amount of the other offers or their standing relative to yours! This does not matter because as in Example 2 above each buyer's response to the request for highest, best and final is rather difficult to predict. Buyers may withdraw, stand pat, reduce, or increase their offers.

NON-OPTION

You want to figure out "What is the least amount that I can bid and still get the house?" This answer is unknowable except by the listing agent after the fact. And they cannot tell anyone anyway.

WHAT YOU CAN DO

You need to view the bidding environment like a slightly restricted version of ebay.com. You do not get to see the amount of the current maximum bid. There will be (usually) only one round of bidding, not n. You need to decide, "What is the most that I am comfortable paying for this house $X, such that for $X I am happy to buy it and for $X+$1 I am delighted I did not get it?" This is a challenging question for most buyers, but it is the question you need to answer.

ESCALATION OR NOT

Some listing agents will let your agent submit and Escalation Addendum wherein you offer to beat any other offer (less closing help) by $Y as long as the total price to you does not exceed $X. For example you might say that your offer is $195,000 but that you will escalate it to beat any other offer by $1000 as long as the end price is less than $208,000.

Many listing agents and/or sellers will not entertain Escalation Addenda. Using one still requires you to choose your personal maximum $X. If you succeed with one you will have the satisfaction of know ing you only overpaid by an amount less than $Y.

MULTIPLE ROUNDS

In bank-owned environments and occassionally in other situations the listing agent and seller may request Highest, Best and Final in multiple rounds. This often happens if during Round N a new offer higher than all the others arrives and they wish to give everyone a fair chance.

SELLER CHOOSES

Sellers do NOT always choose the offers that give them the highest net. Their decision may be influenced by the kind of financing (e.g. cash is much stronger than financed), the lack of a home inspection contingency, a more desirable closing date, the willingness of the buyer to let them rent back for a few weeks, or other factors. Bank-owned property sellers may choose lower financed offers where one of their own loan officers issues the loan rather than give the new mortgage business to a competitor.

SUMMARY

Buyers do not prefer multiple offer environments. Many buyers can and do succeed in these environments. You have to remember that it is buyer vs buyer and the seller picks the winner, NOT at-the-bazaar style buyer vs seller haggling.

When responding to a request for highest, best and final the best you can do is to decide what the house is worth to you, rather than focussing on trying to figure out the other bidders bids. EVEN IF YOU KNOW THEIR INITIAL BIDS YOU WILL NOT KNOW THEIR RESPONSES TO THE CHALLENGE YOU FACE. Using an escalation addendum or clause may be useful in some situations if the listing agent will consider one.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

$439,900 Remodeled 4/2.5 Franklin Farm Herndon House on Quarter Acre

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sat, 04 May 2013 06:18:16 -0700

$439,900 , 4 bedrooms, 3 full baths, 0 half baths, 1,136 square feet

Deanna and Jims GOLD Team | Samson Properties | brokerjim@gmail.com | (703) 969-0410

12812 Gatepost Ct, Herndon, VA

Upgraded, remodeled home up long drive on end of cul-de-sac. Gleaming hdwd. Granite/stainless kitchen. Newer Trane HVAC.

4BR/3BA Single Family House

offered at $439,900

Year Built	1983
Sq Footage	1,136
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	Unspecified
Lot Size	10,541 sqft
HOA/Maint	$73 per month

DESCRIPTION

Gorgeous kitchen with granite counters, breakfast bar, glass-front 42" cabinets, and stainless steel flush-top range, dishwasher, refrigerator/icemaket, and wine cooler. Short sale requires third party approval. As is but beautiful!

Herndon

see additional photos below

PROPERTY FEATURES

- Basement	- Dining room	- Family room
- Laundry room	- Living room	- Master bath
- Office/Den	- Dishwasher	- Dryer
- Garbage disposal	- Microwave	- Refrigerator
- Stainless steel appliances	- Stove/Oven	- Washer
- Balcony, Deck, or Patio	- Lawn	- Yard
- Air conditioning	- Ceiling fans	- Central A/C
- Central heat	- Double pane windows	- Security system
- Garage - Attached	- Off-street parking	- Fireplace
- Granite countertop	- Hardwood floor

COMMUNITY FEATURES

- Pond

OTHER SPECIAL FEATURES

- Wraparound deck. Gourmet kitchen!

ADDITIONAL PHOTOS

Long drive from cds.

Brick and siding front.

Contact info:

Deanna and Jims GOLD Team

Samson Properties

brokerjim@gmail.com

(703) 969-0410

For sale by agent/broker

Posted: May 4, 2013, 4:08am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Open 5/4/2013 1-4PM REDUCED 789,900 3ac 5/6.5!

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Fri, 03 May 2013 11:50:05 -0700

$789,900 , 5 bedrooms, 6 full baths, 0 half baths, 5,535 square feet

Deanna & Jim's GOLD Team | Samson Properties | brokerjim@gmail.com | (703) 969-0410

27577 Equine Ct, Chantilly, VA

Huge, like new, brick colonial on 3 acre cul-de-sac lot in Cedar Crest! 5 BRs on top floor, 6 1/2 baths! 3-car sideload

5BR/6BA Single Family House

offered at $789,900

Year Built	2006
Sq Footage	5,535
Bedrooms	5
Bathrooms	6 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	131,551 sqft
HOA/Maint	$50 per month

DESCRIPTION

Open Sunday 5/4/2013 1-4PM.

Chantilly

see additional photos below

PROPERTY FEATURES

- Basement	- Bonus/Rec room	- Breakfast nook
- Dining room	- Family room	- Laundry room
- Library	- Living room	- Master bath
- Mud room	- Pantry	- Storage space
- Sun room	- Walk-in closet	- Dishwasher
- Garbage disposal	- Microwave	- Refrigerator
- Stainless steel appliances	- Stove/Oven	- Lawn
- Air conditioning	- Central A/C	- Central heat
- Double pane windows	- Garage - Attached	- Fireplace
- Granite countertop	- Hardwood floor	- High/Vaulted ceiling

OTHER SPECIAL FEATURES

- Cul-de-sac lot, 9' ceilings, 2-story foyer.

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

brokerjim@gmail.com

(703) 969-0410

For sale by agent/broker

Posted: May 3, 2013, 9:47am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

$379,900 Leesburg, VA S/Sale 3-level Colonial, 4/2.5

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Tue, 16 Apr 2013 08:34:51 -0700

$379,900 Leesburg, VA Short Sale, 3-level Colonial, 4-Bedroom, 2.5-Bath

Investor/sweat equity opportunity. Amazing price for this location!Good bones in this Potomac Crossing fixer-upper.AS IS! Needs 2 HVAC units, dbl gar door, ext trim repair,cosmetics,non-op microwave and humidifier. Third party approval required. Experienced CDPE/MBA s/sale lister.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

One Reason Internet Showcases and Virtual Tours Don't Get Posted

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 14 Apr 2013 10:40:53 -0700

One Reason Internet Showcases and Virtual Tours Don't Get Posted

We love to take extensive still, wide-angle, and video tour photographs of our listings. We measure the rooms, take the photos, and invest considerable activity in capturing the images.

Yet recently after doing all this we did not post showcases for the property to most of the Internet sites.

The property is occupied by two ladies with nice belongings. The house went under contract nearly instantly.

Posting showcases would make our phone ring more and bring us more buyer leads.

Posting showcases would also - since the house is already under contract - unnecessarily further violate our clients' privacy and make them feel more exposed.

We chose not to post the showcases and tours.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Interesting Small Development Opportunity in PW County, VA

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Wed, 10 Apr 2013 06:41:53 -0700

Interesting Small Development Opportunity in PW County, VA

We have come upon a finished land opportunity that may be of interest to a boutique or small builder. 7/8 acre lot with power, public water and sewer already to lot. Site plan preapproved for division into 3 parcels. Zoned residential. Relatively level. Cleared.

Existing teardown garage and basement with standing water is on site. Would require demolition unless basement re-used.

Possibility to purchase ~$100K.

Slice it into 3 pieces, pay the hook up fees, and build 3 houses. If you build inexpensive houses you might spend $125K each and sell for $250K each.

If you build expensive ones you might get more.

Near Hoadly and 234 in desired zip code 20112, mid-county Prince William. Easy access via 234 to I-95, Route 28, I-66, Manassas Airport or commuter rail.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Q1 2013 Fairfax, VA Sales

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 15:33:28 -0700

Q1 2013 Fairfax, VA Home Sales

Fairfax. 406 homes sold in Fairfax County and Fairfax City, Virginia during the first quarter of 2013, up 14% from the same period of 2012.

The least expensive was a 1-bedroom, 1-bath unit selling for $127,900, up from $90,000 in 2012.

The most expensive was a 6-bedroom, 8-bath single family home selling for $1,555,724, up from $1,230,000 in 2012.

The mean sales price was $464,992, up form $430,380 in 2012. Mean days on the markt was 48, down form 67 in 2012.

(MRIS/MLS data.)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

1st Qtr 2013 VA Sales - Bristow, Catharpin, Gainesville, Haymarket

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 15:23:41 -0700

1st Qtr 2013 VA Sales - Bristow, Catharpin, Gainesville, Haymarket

337 homes sold in the northern Virginia areas of Bristow, Catharpin, Gainesville and Haymarket during the first quarter of 2013. This is up from 317 during the same period of 2012.

The least expensive was a 2-bedroom, 1-bath unit sold for $159,000, the same as 2012.

The most expensive was a 8-bedroom, 9-bath home sold for $1,185,000, up from $849,900 in 2012.

The mean sales price was $400,493, up 10% from $377,939 in 2012. The mean days on the market was 62, down form 84 in 2012.

(MRIS/MLS data)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

1st Quarter 2013 Woodbridge, Virginia Sales

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 15:16:38 -0700

1st Quarter 2013 Woodbridge, Virginia Sales

Woodbridge. 565 homes sold in Woodbridge, Virginia in the first quarter of 2013, down slightly from 569 in the same period of 2012.

The lease expensive was a 1-bedroom 1-bath property built in 1949 selling for $70,000, up from $63,990 in 20112.

The most expensive was a 10-bedroom, 8-bath home built in 2013 selling for $999,900, up form $845,000 in 2012.

The mean sales price was $272,778, up substantially from $252,482 in 2012. The mean days on the market was 42, down 20% form 60 in 2012.

(MRIS/MLS data.)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Potential Investment Property Description

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 07:18:28 -0700

Recent Report on Potential Investment Property

(Subject property is still available in Manassas, Virgina.)

We share a sample analysis of a potential investment property we were recently asked to evaluate.

I spent quite some time at this house. It literally provides
multiple ways to loose large amounts of money!

1. House is on a little hill but all the rest of the land is much
lower and very near water level of the stream right behind the
property.

2. Back of property has a "shotgun house" style long, old, wood house
built on block pilings with moldy roof and siding, broken windoes and
semi finished interior. This house may have been lived in at one time
but is clearly something that needs to be demolished now. It will cost
sometime to tear this carcass down and haul it all away.

3. I could not find the well on this or neighboring properties.

4. I did find a septic cleanout, the rectangular metal lid of the
septic tank (very old style) and the broken open top of the
distribution box with 3 runs going out of it. The distribution box was
no more than 12" below the soil. There are only 3 runs and they go
right down into the lower level of the lot where the ground is likely
to be wet everytime it rains.

5. There is water standing in the lot across the road. So much for
nice percolation in this soil

6. The is a 1008 square foot Cape Cod that was added on to multiple times.
The additions included concrete block foundation addition on the left
end with a shed roof that houses the kitchen, a bedroom and sunroom
addition on the back, and a breezeway to a garage.

7. The house is old, old, old with lead paint and baseboard electric heat.

8. There is a musty, cellar under the center part of the house which
must contain the water heater. stuck my head in but did not go down
there.

9. The house smells of mildew/mold but not heavily so.

10. The kitchen was spacious and modern looking in 1971 or whenever
they added it.

There are 2 Cape Cod style tiny, slope-roofed bedrooms upstairs, 2
more bedrooms on the right side of the main level, and one more in
back.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Centreville,VA Q1 2013 Sales

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 06:50:36 -0700

Q1 2013 Centreville, VA Sales

Centreville. 171 homes sold in Centreville, VA during the first quarter of 2013, down from 193 in the same period of 2012.

The least expensive was 1 1-bedroom, 1-bath condo built in 1966 selling for $115,000, down form $119,990 in 2012.

The most expensive was a 6-bedroom, 7-bath single family home built in 2013 selling for $1,121,000, down form $1,199,000 in 2012.

The mean sales price was $356,268, up form $323,087 in 2012. Mean lot size was 0.12 acres, down from 0.19 in 2012. Mean days on the market was 44, down from 54 in 2012.

(Data from MRIS/MLS.)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Q1 2013 Chantilly Sales

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 06:44:32 -0700

Q1 2013 Chantilly,VA Sales

Chantilly, VA. 123 homes were sold in Chantilly, VA during the first quarter of 2013, one more than the same period of 2012.

The lease expensive was a 2-bedroom, 1-bath, garage condo built in 1965 and selling for $285,000 up from $148,433 in 2012.

The most expensive was a 6-bedroom, 8-bath single family home built in 2013 and selling for $975,000, up from $799,900 in 2012.

The mean sales price was $466,436, up form $457,265 in 2012. The mean lot size was 0.14 acres, up from 8.37 in 2012. The mean days on the market was 39, down from 87 in 2012.

(Date from MRIS/MLS.)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Prince William County & Manassas Sales Q1 2013

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 07 Apr 2013 06:37:35 -0700

Prince William County & Manassas Sales Q1 2013

Manassas. 1281 residential real estate sales closed in the first quarter of 2013 in the MLS areas of Prince William County, Manassas City, and Manassas Park City. This was an increase over the 1229 sales in the same period of 2012.

The least expensive was a 1-bedroom, 1-bath cottage built in 1895 selling for $70,000.

The most expensive was a 10-bedroom, 9-bathroom home on 30 acres built in 2013 selling for $1,185,000.

The mean sales price was $322,064, an increase over the mean of $296,950 in 2012. Mean days on the market was 51, down from the mean of 67 in 2012. Mean lot size was 0.39, slightly up form 0.35 in 2012.

(MRIS/MLS data.)

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

2 Short Sales Approved - 1 MD Investor Buyer, 1 VA Seller

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sat, 06 Apr 2013 11:33:18 -0700

2 Short Sales Approved - 1 MD Investor Buyer, 1 VA Seller

Friday 4/5 provided multiple pleasant news items for our team.

1. Our MD investor buyer M. received notice that planned short sale purchase of a Waldorf TH was approved.

2. Our VA distressed seller N. received notice that his short sale of a Lake Ridge TH was approved.

3. We received an interested buyer call for M's Bealeton, VA single family project.

4. We completed a successful home inspection for our buyer Q's contract purchase of our team's listed single family home in Chantilly.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

OPEN 4/7 1-4PM: $455,000 13116 Bigleaf Maple Ct: 2700 sf 4/2.5 cds lot

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Thu, 04 Apr 2013 10:47:00 -0700

$455,000 , 4 bedrooms, 2 full baths, 1 half baths, 2,666 square feet

Deanna & Jim's GOLD Team | Samson Properties | (703) 969-0410

13116 Bigleaf Maple Ct, Gainesville, VA

Cul-de-sac lot backs to huge unbuildable commons. Gorgeous 3-level colonial with 2-story foyer, hdwd, new granite/SS kit

4BR/2+1BA Single Family House

offered at $455,000

Year Built	2002
Sq Footage	2,666
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	8,842 sqft
HOA/Maint	$55 per month

DESCRIPTION

Dramatic 2-sty foyer & light-flooded mn lvl. NEW granite ctrs, S/S appls in island kitchen! Gleaming hdwd entry, living, dining, kit., breakfast. Soaring 10' ceilings in living and dining rooms! Cozy FP in family room. Tastefully painted in designer hues my meticulous professional painter! Cul-de-sac lot backs to large, open area! 3-piece rough-in bsmt w/ space for rms. Buyer Client Rebate avail.

Gainesville

see additional photos below

PROPERTY FEATURES

- Basement	- Breakfast nook	- Dining room
- Family room	- Laundry room	- Living room
- Master bath	- Office/Den	- Walk-in closet
- Dishwasher	- Dryer	- Garbage disposal
- Microwave	- Refrigerator	- Stainless steel appliances
- Stove/Oven	- Washer	- Balcony, Deck, or Patio
- Fenced yard	- Garden	- Lawn
- Air conditioning	- Ceiling fans	- Central A/C
- Central heat	- Double pane windows	- Garage - Attached
- Off-street parking	- Fireplace	- Granite countertop
- Hardwood floor	- High/Vaulted ceiling	- Tile floor

COMMUNITY FEATURES

- Tennis court

OTHER SPECIAL FEATURES

- New granite and stainless kitchen. Gleaming hdwd!

ADDITIONAL PHOTOS

Front	Deck View 1
Deck View 2	Stainless/Granite Kitchen
Granite Island Kitchen	Family Room
Dining to Living	Living to Dining
Soaring Foyer	Master Bedroom
Master Bath	Family Room

Contact info:

Deanna & Jim's GOLD Team

Samson Properties

(703) 969-0410

For sale by agent/broker

Posted: Apr 4, 2013, 8:34am PDT

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Proper Use of "Kick Out" Language and MLS Status

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Mon, 01 Apr 2013 06:47:19 -0700

Proper Use of "Kick-Out" Language and MLS Status

Use of the phrase "Kick-Out" is widely misunderstood. Agents and their clients are often confused.

The easiest way to remember this is that kick-out contingencies provide a way for a second buyer (offering more attractive terms in a back-up offer) to boot from the transaction, or "kick-out" the first buyer who used the contingency to get the property under contract.

This situation most commonly arises when the buyer's ability to purchase the property depends upon an significantly risky event external to the transaction. For example the buyer may need to sell another property, lease another property, win a lawsuit, or receive approval of a court or a trustee in order to proceed. The buyer who seeks to secure the right to purchase the subject property writes his offer to purchase contingent on the external event with kick-out language.

A seller who ratifies a contract with a kick-out contingency does so because they have no other offers with terms nearly as attractive.

The kick-out language allows the seller to continue marketing the property and reviewing back-up offers that result from this activity. In the event of the seller choosing a back-up offer (presumably at better terms, or without a kick-out contingency of its own) the seller may give the original buyer notice to remove their contingency within a stated period of time (often 72 hours) or stand aside from - be "kicked-out" of - the contract so that the seller can take the newer, more attractive offer.

There are many other kinds of contingencies. Kick-out language is not used for financing, appraisal, home inspection, radon inspection, well inspection, septic inspection, termite inspection, or project approval contingencies on the buyer-side.

Kick-out language is also not used for the seller side contingency in a potential short sale which is the approval of the seller's existing lender(s). That is a short sale contingency. A short sale under contract pending approval of the seller's lenders is properly placed in Contingent, No-Kickout status in the MLS.

Kick-out is not a sloppy description for a transaction failing over a contingency. Transactions never kick-out. The seller's bank doesn't kick-out a short sale if/when they reject it.ick-out is not a sloppy description for a transaction failing over a contingency. Kick-out is a specific technical term referring to buyer 2 ejecting buyer 1 from a transaction contingent on buyer 1 getting something done that requires participation by those not involved in the transaction (approval of estate executor, approval of trustee, approval of a court, sale of another piece of property, collection of a substantial judgment from an unreliable payee, etc.).

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Speaking to Incoming Agent as You're Leaving

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 31 Mar 2013 13:08:44 -0700

Speaking to Incoming Agent as You're Leaving

Agent A is leaving the somewhat less than prime condition property with their client in tow. At the front door they cross paths with Agent B and their clients about to show. Agent A tells Agent B one of the following, making sure to speak loudly and clearly enough that B's clients can hear.

Which comments are appropriate, and which ones cross the line:

1. Watch out for that stairway from the living room to the basement. There is no guardrail and you can drop 8 feet if you take one step wrong!

2. Be careful there are bare wires at the bathroom light switch.

3. Keep your eyes open walking down the back steps or you'll land in a pile of doggie do.

4. If you're allergic to mold you might not want to go in the back room in the basement.

5. The third step down from the deck to the yard is missing. Be careful.

6. Take note of the water damage in the dining room and master bath ceilings.

7. Looked like there was polybutylene supply pipes to me.

8. I think someone stole the furnace. The ducts just end in a big empty space.

9. There is significant water damage to the cupboard floor under the kitchen sink.

Some of the comments might be viewed as aiming to prevent needless injury. Some of them are clearly aimed at discouraging B's client's interest.

What do you think?

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

FAQ Buying a Bank-Owned Property

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Sun, 31 Mar 2013 11:40:19 -0700

Buying a Bank-Owned Property - What's The Difference

The financial crisis led to a substantial increase in the number of foreclosed, bank-owned properties on the market. These are also known as REO ("Real Estate Owned") properties. Buyers who might not previously have considered REO properties may now be considering them. This post addresses some of the key characteristics of buying REOs.

"Do You Really Get More For Your Money"

No. In the our humble opinion you do not get more for your money buying most REOs versus buying resales. We have handled over 150 REO sales for around 20 different asset management companies. Most REOs today go through an extensive listing preparation phase in which the majority of sub-par condition issues, if any, are resolved. Unlike the "Unload the REOs Fast" days of 2007-2009 most banks today refurbish their REO properties to move-in condition, frequently with new paint, carpets and appliances. Broken things are fixed. The properties are carefully priced after the bank receives multiple professional opinions of value from appraisors or paid evaluators other than the listing agent. The properties are usually priced at market price for price, condition and location with consideration of the statistical average discount between list price and sold price common in that area.

"Can I Do a Home Inspection"

Yes. Virtually every asset management firm and standard REO contract will allow you a modest period of time during which you can void your contract without loss of your earnest money as the result of inspections by your inspectors. If you are buying in the winter months in an area where temperatures reach freezing you may, however, have to pay the banks contractor (via the listing agent) to dewinterize the plumbing system and then rewinterize it after you have inspected it. This might cost several hundred dollars. You should expect to pay your inspectors yourself at the time of the inspection whether or not you buy the house.

"Do I have to Pay Cash"

No. Most properties are eligible for FHA, VA, conventional and other financing programs.

"Will My Title Be Any Good"

Yes (assuming you have passed any statuatory redemption periods applicable to your market area) , the bank will convey title via special warranty deed. Many banks will pay for your owner's title insurance policy if you use their title company. The combination of your owners title insurance policy and the special warranty deed will enable you to sell the house with general warranty deed if and when you sell.

"Do I Need to Change the Locks"

Yes. You should always change all the locks when you buy real estate. Who knows who has how many copies of the keys. Locksets are inexpensive insurance.

"Will the Transaction Process Take an Unpredictable Period of Time"

No. Short sales take less predictable periods of time. REO transactions may require 1-2 weeks to get ratified, as opposed to resales which may take 3-4 days. After ratification REO transactions proceed toward settlement much like normal resales.

"Will I Need An Attorney?"

If attorneys are usually used for real estate transactions in your market area you should use one. If they are not usually used then you would usually not engage one just because you were buying an REO.

"Will the Bank Fix Anything My Inspector Finds Broken"

Maybe. If you discover that something the bank did not know about that will clearly discourage all future buyers then they will usually frequently want to fix it anyway. Examples include an active plumbing leak, an active roof leak, a non-operative HVAC system, etc. If what you discover is relatively minor then the bank is not so inclined to fix it. Examples: a toilet that runs, a faucet that drips, a sink missing a stopper, a closet door that doesn't latch right, a bathroom door that doesn't lock right, a missing outlet cover in an attic, gutters that need cleaning, a sagging back fence.

"What About Homes with Disclosed Major Problems"

Home listed with any of the following problems will usually be sold for cash or rehab loan financing only. Most often they may be purchased by investors. No assumptions should be made about the extent to which other problems exist for homes with these kinds of problems disclosed:

* Significant foundation issues

* Needs a new roof

* Structural issues

* Discoloration ( usually means mold, but they won't say it)

* Failed septic system

* Failed well

* Asbestos

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001

Virginia/MD Investors Active With Gilbert Team

Northern Virginia Gold Team at, Northern Virginia Gold Team (Samson Properties) — Wed, 27 Mar 2013 08:00:47 -0700

Virginia/MD Investors Active With Gilbert Team

Investor A flipped over a dozen properties in 2010-2012. She plans to return to action in 2013 after getting her non-real-estate venture in the Southeast up and running.

Investor Y actively purchases properties for rental. After buying a handful of properties in 2011-2012 they continue to shop VA and MD opportunities with us.

Investor R is extremely actively buying, renovating, and selling flip projects in both Virginia and MD.

Investor K continues to actively shop for rental properties fitting their profile in VA.

Multiple other investors review specific opportunities we inform them of from time to time.

We work with 20 asset management companies. We have sold approximately 150 foreclosures and a significant number of short sales.

Our current REO list/prelist/contract inventory includes 6 properties.

We currently have approximately 4 short sale properties under contract for purchase by our investors.

Deanna and Jim Gilbert specialize in Virginia and Maryland residential real estate sales and rentals.

Deanna & Jim Gilbert, MBA, MSE, MA, CDPE, Associate Broker VA & MD

550+ Sales Since 2001