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Contingencies in Real Estate Contracts - 02/28/09 06:30 AM
Real estate contracts often have contingencies. A contingency is a clause in a contract that gives either the buyer or seller a way to get out of the contract if certain conditions or timelines aren't met. A contract could be contingent on anything a buyer and seller agree to, but there are a few very common contingencies. Typical contingencies are: financing sale of home home inspection appraisal Generally, a contingency only last for a period of time and the contingency expires. After a contingency expires, either the contract expires or the contingency expires depending upon the terms of the sales agreement. (3 comments)
Alexandria Fun with Friends introduces Mah Jong at Pizzeria Venti in the Carlyle District - 02/26/09 08:48 AM
This group's goal is to have fun and make friends through gaming get-togethers, social activities and local excursions. We like games because they are great way to make friends and have fun. We play a wide variety of games including social games, RPG's, strategy games, euro-games, card games or anything else our members enjoy. Here's your opportunity to learn or play Mah Jongg! Mah Jongg Madness Tuesday, March 3, 2009 at 6:30PM Mah Jongg (or "Maajh", as it is usually called) is a fascinating rummy-like game played with tiles rather than cards. The game originated in China, dating back (0 comments)
The Listing Agreement - 02/26/09 05:40 AM
The listing agreement is an agreement or "contract" between a property owner and a licensed real estate professional. The listing agreement authorizes an agent to act on the behalf of the property owner for the purpose of selling the subject property. In other words, the listing agreement describes the powers and limits of your real estate agent when your sell your home. Listing agreements can be negotiated to include any number of terms specific to your relationship and property, but all valid listing agreements will always include the following elements: Writing In the Commonwealth of Virginia verbal real estate contracts are (0 comments)
Ethics in Real Estate - 02/24/09 05:14 AM
For some businesses, simply doing what is legal may be good enough; but I have bound myself to a higher standard because my vocation is central to the interests of the nation and its citizens. The practice of real estate helps provide housing, places of commerce, industries and farms while preserving a healthful environment. For this reason, the practice of real estate imposes a grave social responsibility and a patriotic duty upon myself and others who practice real estate agency and brokerage. With them, I share a common responsibility. As your realtor I have dedicated myself to the high ideals of (4 comments)
Why isn't my condo, house or townhouse selling? - 02/23/09 07:02 AM
We all know this is a tough market, but the fact is: homes sell every day. Every day homes go under contract. I continue to sell condos, townhouses and houses as people move to and from Northern Virginia. A home seller who has a property on the market for several months and hasn’t seen much activity or any offers, has to wonder why isn't my property selling? The price On average prices in the Northern Virginia area have 10% to 20% from the high-water-mark. In some neighborhoods prices have been hammered with 50% to 30% reductions in price. The truth is (3 comments)
Earnest Money or "what is EMD"? - 02/22/09 06:33 AM
I recently had a client ask me what "EMD" was. EMD is an acronym for Earnest Money Deposit. Earnest money is money paid by the buyer to a neutral fund to show that the buyer is serious. This money is paid at the time that an offer is made to purchase a property. The buyer pays this money into an "escrow account" to indicate that this the offer is serious and real. The earnest money is deposited into an escrow account. An escrow account is a neutral bank account. Depending on the terms negotiated the earnest money can be held by (1 comments)
First Time Home Buyers Have 8000 Reasons to Buy in 09! - 02/21/09 06:36 AM
A tip to remember Via Chad McDowell (Elite Home Loans): Well, the home buyers who were hoping to see the tax credit raised from $7500 to $15,000 will be slightly disappointed. Apparently there wasnt enough in $787 Billion budget to pull that off! BUT...the government has extended the tax credit of 2008 AND increased it from $7500 to $8000 giving first time home buyers a lot of reasons(8000 of them in fact)to buy a home before December of 2009. I called a client of mine a few days ago who closed in November to make sure that he had done his taxes and taken (0 comments)
Midtowns --- Bright, New and On the Metro - 02/17/09 06:38 AM
The Midtowns of Alexandria is a high-rise condominium community just outside Old Town Alexandria. The Midtowns is located on Huntington Avenue directly across the street from the lower entrance to the Huntington Metro. This proximity to the metro means that you can access many of Northern Virginia and DC's best attractions without moving your vehicle. These condos are one metro stop from the AMC Hoffman at Eisenhower Metro and two stops from King St. at Old Town. In Old Town the King Street Trolley (free) can drop you off anywhere between the Metro and the Potomac. The Midtowns is a beautiful (3 comments)
What does it cost me to have you as my Buyer's Agent? - 02/16/09 04:55 AM
This applies to condo agents as well as any other real estate agent. Via Marlene Scheffer, Realtor to Kitsap County, WA (Realty Station): You'd be amazed at how many people never ask.... Actually, it's a great system for Buyers. When a Seller lists his property with an agent, he agrees to pay the real estate agent a certain percentage of the sales price. The Seller's agent then puts the property in an enormous database, which is called the Northwest Multiple Listing Service in Kitsap County real estate lingo. The listed home is then available for other real estate agents to access and show to (0 comments)
How Much Should You "Put Down"? - 02/15/09 07:08 AM
Condominium Mortgage is available for buyers in Virginia. Here are some tips Via America's #1 Mortgage Broker/858-777-9751: Down payment requirements, for mortgage loan programs, have increased over the past 12-18 months. Here are some examples: FHA hiked the statutory down payment to 3.5% Piggy-back mortgages, using second liens, are all but dead. Conventional loans, with down payments of less than 20%, require private mortgage insurance (PMI). PMI companies have hiked down payment requirements. State loan programs, like the CalSTRS loan program, suspended “no-down” programs Jumbo loans require hefty down payments The larger down payment requirements were implemented to “limit loss exposure” to the (0 comments)
A four letter word - 02/14/09 05:37 AM
A few thoughts on short sales and bank foreclosure sales Via Federico Astiz (The Pepper Group Diversified): I hate to admit it, but "bank" has truly become a four letter word. I was sitting at my desk a couple of days ago, when one of my co-workers going thru the MLS, rhetorically asked: "price increases?....who the heck increases their prices in this kind of market?" I was busy and did not respond, but the question lingered in my head, bouncing around my skull like a shout in an echo chamber. It was later that evening when checking e-mails, that I recognized the address (0 comments)
Kimchi and Karaoke with Friends New and Old - 02/13/09 06:09 AM
The Kimchi House is a hole-in-the-wall joint that serves homemade Korean food at a reasonable price. Many of the vegetables come from the owner's garden and it tastes like something hal-moni (I don't know how to spell Korean grandmother) would make. The owner of the establishment and the employees are very nice. For those who know nothing of Korean food, she'll ease you into something friendly and tasty. There are plenty of tables here and space and light for gaming. The Alexandria Fun with Friends group has hosted several events here and on February 20th they'll be gathering again. Sometimes (0 comments)
Northhampton Place --- hardwood floors, granite countertops, big windows in Alexandria's West End - 02/12/09 06:26 AM
Northhampton Place is a condominium community located on the extreme West End of Alexandria near Falls Church and Skyline. Northhampton Place is near King St. (Rt. 7) relatively close to I-395. DASH and other buses serve this area very well. Northhampton is one of the newer high-rises on the left when you are heading for Bailey's Crossroads. It's not on King St., but you can see the complex from King St. The address is actually 3101 North Hampton Drive, Alexandria VA. Northhampton condos are 648 sqft to 1,400 sqft with both one and two bedroom models. There are a total of (0 comments)
The Exchange at Van Dorn --- condos near Van Dorn Metro - 02/11/09 06:20 AM
The Exchange at Van Dorn is found on Eisenhower Avenue between the Eisenhower Connector and the Van Dorn Metro. Residents can walk to the Van Dorn Metro in about 5 to 10 minutes. The Exchange operates a private shuttle and the DASH bus stops at the front door. The Exchange has a large well-maintained garage with controlled access. The Exchange has 404 units in four-story condominium buildings. Most buildings at the Exchange have elevators. The clubhouse at the Exchange has an elegant lobby that features a dramatic spiral staircase and ceiling that rises several floors above the lobby. The clubhouse allows (0 comments)
Audrey Moore RECenter and Wakefield Park - 02/10/09 04:58 AM
Fairfax County has a number of RECenters throughout the county. One of these is the Audrey Moore RECenter at Wakefield Park. The park is located in Annandale just outside the Capitol Beltway. The center features swimming, fitness and racquetball facilities as well as other recreational activities such as crafts and dancing. The center is ADA accessible with curb ramps, automatic doors, ample parking, an elevator, and a wheelchair accessible unisex bathroom and dressing stalls. The Audrey Moore RECenter at Wakefield Park has a natatorium (inside pool). The pool and natatorium is accessed via locker rooms containing saunas and showers. At the (0 comments)
The Royalton -- At King Street Metro --- Condos in Old Town - 02/09/09 05:26 AM
The Royalton is a condominium community that is a walker's dream and one of the gems of the Carlyle District. The location is listed by some as 1700 Duke and by others as 309 Holland Lane, but either way the Royalton condominiums are located at the corner of corner of Duke Street and Holland Lane in the same building as Whole Foods in Old Town Alexandria. The Royalton is a short walk from the King Street Metro. This means that the Royalton condos are just a few paces from the King St. Trolley and all the fun of Old Town. Groceries, (0 comments)
Carlyle House --- at the heart of Old Town - 02/06/09 06:52 AM
At the heart of Old Town Alexandria, across from City Hall, one will find the historic park know as the Carlyle House. The Carlyle House is a relic of Alexandria’s prosperity and growth in America's colonial days and represents and intrepets the lives of residents, servants and slaves during the middle of the 18th century. The Carlyle House, now owned and operated by the Northern Virginia Regional Park Authority, was restored to its historic state during the statewide celebrations for the Bicentennial. The house is name for one of the founders and first landowners in Alexandria, a scottish merchant named John (0 comments)
Via Pat Tasker Realtor Milwaukee Metro Area WI (Shorewest Realtors): Really! Would you? Would you like it if the store had a rule: the clerk has to ACCOMPANY you INTO the dressing room, and wait while you disrobe, and try on that dress, or pants or worse SWIMSUIT?
OF COURSE you would hate it, you would probably hurry out of the store, uncomfortable, and even irritated, as you did seem to like it.....but with the clerk hovering and watching, you certainly didn't want to try it on! And without trying it on, you probably pass on buying it. Well, that is exactly what happens (0 comments)
Trattoria da Franco do you rip off your customers? - 02/03/09 06:52 AM
Trattoria da Franco is a cute little Italian restaurant at 305 S. Washington St. in Old Town Alexandria VA. They look to have a pattern of ripping off customer's credit cards. Here's a review from a traveller from Columbus OH: "My husband and I were passing through Alexandria on our return from Mount Vernon to our hotel in Shady Grove, Maryland, when we spotted the very charming Trattoria da Franco and decided to stop for dinner. We actually had a lovely meal. We enjoyed the food and our service was fine. The bottled beer was pricey -- close to $6 for (3 comments)
Via Patricia Kennedy (Evers & Company): Like people, condos have reputations. And the reputation, good or bad, will influence what people are willing to spend to live there. My first condo was in a building that had been purchased and renovated by the tenants. We did the project as a joint venture with an out-of-area developer. It was not pretty. Neither was our reputation when the project was completed. Luckily, I sold my place at the first opportunity and bought my house. But the people who stayed had a tough time. There were a lot of young attorneys in the building, and (0 comments)
Neighborhood notes, local features and tips for buyers, sellers, renters and landlords in Northern Virginia especially Alexandria, Arlington, Fairfax and Falls Church. Including fast and free property search tools.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.