Elaine's Blog

Cracks in the Federal Guidelines For Banks and Tarp Money!

Elaine VonCannon (Re/MAX Capital) — Sun, 06 Dec 2009 00:07:21 -0600

Cracks in the Federal Guidelines For Banks and Tarp Money!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

The NAR fought hard to get passed a law which prevents banks from owning a real estate company. I hope each of you can understand this as it could surely open a can of worms for "conflict of interest" for Brokers and Agents.

Now here is where the wheels go off the track. The law states a National Banks, not Regional Banks. Oh, yes I know of a regional bank which purchased a real estate company. This annoys me and I do believe that it is not above board. In fact I have a checking account with this bank and I intend to close the account. I will never refer any of my clients to use the mortgages offered by this bank either.

I know other agents who feel this way and some of them are even at the said real estate company.

Now there are a lot of rumors as to where the money came from for this purchase of the real estate company. I do not know, I just know it was not long after Tarp money was given to the banks and one of the managers of the bank told me that they were in good shape, but they did take the TARP money! Humm???

Is there not anyone watching the candy store? I have a dear friend who has a saying that would work in this situation. "We are stomping on the ants while the elephants are running amuck". Amen to that!

Just my observation, I wanted to share.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Can Anyone Tell Me Why Congress Procrastinates On Toxic Mortgages/Mortgage Investors? PLEASE!

Elaine VonCannon (Re/MAX Capital) — Sat, 05 Dec 2009 16:38:12 -0600

Can Anyone Tell Me Why Congress Procrastinates On Toxic Mortgages/Mortgage Investors? PLEASE!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

I have a client who has a mortgage with America's Servicing Company, which I might add is owned by Wells Fargo. America's Servicing Company has the 1^st mortgage on the property. My client has been trying to get a refie since April 2009. America's Servicing Company has lost or requested the same information 4 times. It has been provided and today my client got another letter rquesting the same info again.

My client cannot find who owns the loan as it was sold 3 times that my client knows of. America's Servicing Company refuses to say who holds the loan. Isn't this in violation of the Freedom of Information Act. Does not the mortgage companies have to follow the FCC laws as well because they trade across state lines?

My client even had her lawyer who is her friend work on this and the lawyer cannot get anywhere as you cannot deal with one person. They call each week and get nowhere. So my client is now 3 months behind in the mortgage and has no one at America's Servicing Company that can help this client.

I think if this affected the members of congress or their families they would do something. If the President does not do anything he will be a one term lame duck. There are a lot of voters who fall into this category. The cannot get a refie due to their loans are not an FHA loan or Va loan and they are self employed.

The second mortgage that my client has is serviced by Litton Loans. Same thing is happening. So my client has not paid them in 9 months. They only have a 15% equity stake in the property. Litton Loans will not revel who is the holder of the 2^nd. They also have requested the info for the refie 4 times. They are doing nothing.

My client is self employed. The spouse is self employed. Their income has gone down at least ½ in the past 3 years. The value of the home has gone down 20% in the past 3 years. Why is there no law or agency that will make Litton Loans and America's Servicing Company help the client? Do they want toxic loans? They must. If you Google these 2 companies on the internet you will find nothing good written about them.

I even broached this subject at the VAR leadership conference in Charlottesville, Virginia, the 1^st week of December. One of the lobbyist was speaking to at the conference. So far nothing in the works for this subject. You will see a big wave of toxic assets in the next 6 months if this is not dealt with. You do not have to be an analysis to see this. This will affect both the residential and commercial sector of lending.

I ask you what will be done on the matter? Who will step up to the plate and do something. I hate to say this but the only time you hear noise on it if it is an election year for someone! This is not a good thing!

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Lenders, Short Sales and Ineptitude, the 3 word which go hand and hand!

Elaine VonCannon (Re/MAX Capital) — Tue, 01 Dec 2009 09:17:07 -0600

Lenders, Short Sales and Ineptitude, the 3 word which go hand and hand!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

This is a tale of woe. The moral of this tale is do not subject yourself to a lender who does not want you to walk into equity on a short sale.

This tale begins with Wells Fargo. The buyer choose to use this lender without letting either agent know that there was a change from the lender who wrote the pre-approval letter when the offer was presented.

As you know when you do a short sale, the bank holding the mortgage will not tell you the bottom line price till they have an offer on the table.

That is what happen here on the listing I am writing about. The property was listed at the price where the seller would pay commission and pay of the mortgage off. The seller was walking away at this time from the $150,000 down payment that was made on the loan 2 years ago. The property was on the market for 6 months with few showings and no offers.

The Seller asked the bank if a short sale could be done. The bank said yes. So the price was cut 2 times. Then the showings went crazy and some offers came in. The bank choose to go with the highest offer. The offer was below the list price and under the balance owed to the bank. The bank countered, the buyer counted back and an agreed price was agreed on and a ratified contract was born!

Now the price was still about $100,000 under the pay off balance without even factoring in the commissions. Now here is where the wheels goes off the road.

Wells Fargo sends out an appraiser. The appraiser comes in with the amount that I had came up with when the property was 1^st listed. This amount is $151,000 higher than the contract price agreed on.

Wells Fargo then wants a letter on my letter head to explain the difference in the listing price and the agreed sales price which was $25,000 higher. Now remember in my opening I told you that on short sales the banks will not give you a price to list the property at 1^st.

Now one would think that Wells Fargo would know this as they have had their fair share of short sales. But no, this is a new concept to whoever is dong the underwriting. Now I would like to add that the under writer is probably an employee of the bought out Wachovia who Wells Fargo purchased in a brilliant financial move to absorbed all the bad paper that Wachovia held! Brilliant I tell you!

You've got mail now comes up on the computer. Open mail. Oh, no, the buyer had a call from Wells Fargo the lender; the appraisal came back $150,000 higher than the list price. Yikes! Bad news the Buyer is walking into 30% equity. How can this be? Wells Fargo is putting their foot down. Not on their watch will a buyer put down a down payment and walk into equity. What an outrage!

The reason Wells Fargo red flagged this as there are few comparables. We are talking about a home on 40+ acres (30 acres open), contractors custom built home with all the upgrades you could want, Transitional brick & stone rancher, Private country living, great for horses,1/2 mile driveway, 4200 sq. ft. on one level, 3 bedrooms, 3.5 bathrooms, 3 car garage, in ground pool w/gazebo, huge kitchen, open floor plan, many upgrades, great architectural details. Breathtaking custom home, in the country, not in the city!

Warning, Warning Will Robinson! A review will have to take place. Another appraisal will have to happen. After all Wells Fargo picked this appraiser out so I would think they will do the same great job with another one.

The property was purchased 2 years ago for close to twice the short sale price with an appraisal that was higher than the contract price. Even is the market we are currently in the property has not gone down in value by half. Not in the area it is in.

Now you have an upset Buyer and an upset Seller, and who is on 1^st?

As long as the taxpayers will bail out the banks on these brilliant financial moves then the banks will continues with this type of businesses practices!

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - Charles City County

Elaine VonCannon (Re/MAX Capital) — Wed, 25 Nov 2009 17:09:45 -0600

Virginia Counties - Charles City County

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Charles City County, Virginia is conveniently located between Williamsburg and Richmond. The Native American influences, colonial history and natural beauty make Charles City County a unique and attractive place to live. Hundreds of years before the first Europeans settled in Charles City County Algonquian speaking native peoples migrated from the North to the Charles City region. Around 1613 settlements began to appear on the shores of the James River. Tobacco plantations grew and during the 1600's and 1700's African slaves were brought to the Charles City County. This began a strong influence of African culture on the region. In the 1800's slavery ended and the Civil War brought many changes to the lives of Charles City County residents. Logging, fishing and small-scale farming were the main livelihood of the county until the 1900's. Although in modern times few residents still live off the land, water or forests, Charles City County still has a strong tie to the land and the history that has been made on Charles City soil.

European, African and Native American: The People of Charles City County

Until the European settlers sailed down the James River in the early 1600's Charles City County was home to the Chickahominy, Paspahegh and Weyanock tribes. The Chickahominy Tribe is the second largest tribe in Virginia with approximately 800 members. The Tribal Center is a meeting place for the tribal members and the community lives mainly on a high ridge near the river. Tribal families also own 5-acre lots of farmland in close proximity the Tribal Center. A chief, two assistant chiefs, and Tribal Council comprised of both men and women lead the Chickahominy Tribe. Council members are elected and culture and traditions are passed from parent to child. Every year the Chickahominy host a Pow-Wow that includes traditional dress and tribal dances in the fall. Three to Five thousand visitors attend the annual event. There are also other events like the annual Crab Feast in October and Six Nations Pow-Wow in May. In 1618 the first African slaves arrived in the Charles City region. Charles City County became one of the first areas of America where European, African and Native American cultures interacted. During the last 400 years Charles City County residents have learned to build community together despite the painful and bloody collision of these three cultures. Local residents are proud of the contributions made by all of the ancestors that lived in Charles City throughout American history. There are millions of Americans whose bloodlines are linked to this area and Charles City County takes pride in this aspect of the community.

Coming Home: Relocation to Charles City County

There are many reasons residents choose to move to Charles City County. Many individuals and families are looking for a quality of life they can't find in larger metropolitan cities in the area. Charles City County has an almost nonexistent crime rate and living in harmony with nature is essential. Rural living is popular and large tracks of land and homes built on larger properties are available. Private estates and affordable land for building can be found in the region. There are many opportunities for homebuyers interested in building or living green and fostering an environmentally friendly lifestyle. In close proximity to Charles City County one finds all of the exciting shopping and entertainment choices associated with areas like Williamsburg, Norfolk, Richmond and even Virginia Beach. Charles City County offers the best of both worlds for homebuyers interested in escaping to a more rural and relaxed setting but want easy access to the cultural, social and professional power of bigger towns and cities.

The Waters of Charles City County: The James and Chickahominy Rivers

Charles City County Virginia is a rural paradise similar to what the settlers found 400 years ago. Perfectly located between the bustling excitement of metropolitan areas to the East and West, Charles City County is home to many varieties of birds, wildlife and plant species. Charles City County does not have any stoplights and has a small population, but nature is plentiful and enjoyable. Residents of the region can hike, fish, bird watch, bike, canoe, hunt or visit historical locations. In the county 204 square miles of land are bounded by the James River on the south and the Chickahominy River on the east and north. Turkey Island Creek borders the west.

The Gift of Nature in Charles City County: Outdoor Recreation

Residents of Charles City County love outdoor recreation. The natural beauty of the woods and rivers are a large part of the quality of life families and individuals living in the county cherish. The Charles City County Recreation Center serves county residents by providing a Social Center that houses a kitchen, swimming and wading pools, tennis courts, basketball courts, softball fields, playgrounds and picnic shelters. The Chesapeake Bay Gateways Network connects more than 140 museums, parks, refuges, historic sites and water trails around the Chesapeake watershed. The Chickahominy Wildlife Management Area is 5,217 acres bordering the Chickahominy River of woodlands, tidal creeks and marsh. Harrison Park, a 19-acre community athletic park, features a bike and jogging trail, picnic pavilion, small shelters, tennis courts, football/soccer field, basketball court and playground. Residents can also visit the Lawrence Lewis, Jr. Park, a 24-acre site on the James River with a picnic area, comfort station, fishing pier, wooded trails and short swamp boardwalk, is home to blue heron and eagles. The U. S. Fish & Wildlife Service Harrison Lake National Fish Hatchery? is a 400-acre site that includes a 90-acre lake accessible to fishing. Organizations such as the James River Association, the Kittiewan Wildlife Preserve and the Virginia Commonwealth University's Rice Center for Environmental Life Sciences work to protect the James River, Virginia's largest aquatic ecosystem and one of the most important rivers on the east coast.

Caring for the Land: The Life of Farmers in Charles City County

Charles City farmers are known for their commitment to acting as good stewards of the land they live and work on. Farmers in the region are responsible for developing leading technology to control runoff from grain cultivation. Ninety percent of crop acreage in the county is part of a never-till cropping system. This system virtually eradicates erosion even during heavy rainfall and is part of a long term strategy to sustain a healthy Chesapeake Bay.

Community Services in Charles City County

The community of Charles City County has access to a wide variety of services and activities from the Boy Scouts of America to the Chares City Athletic Association to the Charles City County Center for Local History. Clubs and social groups of all kinds offer a way for residents to interact and participate in hobbies and projects together. Charles City County is also home to a professional Volunteer Firer Department, which provides Emergency Medical Treatment as well. The Heritage Public Library, open to all residents of Charles City County, hosts a wonderful collection of books, tapes and videos. Computers with Internet are also available to library cardholders.

For more information about Charles City County please visit http://www.charlescity.org/. For more information about real estate, investment property or relocation to Charles City County please contact Elaine.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - The City of Poquoson

Elaine VonCannon (Re/MAX Capital) — Wed, 25 Nov 2009 16:40:25 -0600

Virginia Counties - The City of Poquoson

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

The City of Poquoson is an independent city located on a small peninsula along the Chesapeake Bay in Hampton Roads Virginia. It gets is distinctive name from an Algonquian word, meaning a stretch of marshy land located between two rivers. In fact, it is bordered by the Poquoson river to the north, the Back River to the south, and the Chesapeake Bay to the east. Poquoson has a population of approximately 12,000 people. It is located within a thirty minute drive of Norfolk and Virginia Beach, and an hour's drive of Richmond.

Poquoson is serviced by the major highways of the area, including I-64 and I-664, as well as the Norfolk International Airport, located approximately thirty minutes away. It offers commuters into Hampton, Newport News, Norfolk, and Virginia Beach a small, friendly residential community with full access to the conveniences of the Hampton Roads metropolitan area. Located directly adjacent to Langley Air Force Base, Poquoson also maintains strong ties with the military.

The City of Poquoson was established in 1631 as part of a land grant. Originally part of York County, Poquoson became an incorporated city in 1975 and has its own government and school systems. Poquoson's strong history can be seen today in its many historic properties. The Weston Cemetery contains graves marked as far back as 1798. The Smith House, constructed in the late 18th century by Henry Smith, owner of Oxford Plantation, is one of the oldest homes in Poquoson, and is still occupied by descendants of the Smith family.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - Powhatan County

Elaine VonCannon (Re/MAX Capital) — Wed, 25 Nov 2009 15:20:08 -0600

Virginia Counties - Powhatan County

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Powhatan County is located in Central Virginia, west of the city of Richmond. It is bordered by Goochland County to the north and Chesterfield and Amelia counties to the south. Powhatan is connected to the Richmond metropolitan area via Route 60, and located within easy reach of I-64, I-95, and I-295. Powhatan is serviced by the Richmond International Airport, located 30-40 minutes away. It has a population of just under 25,000 and occupies 262 square miles.

Powhatan was settled at the turn of the 18th century by several hundred Huguenots fleeing persecution in France. The County was officially formed in May of 1777, from parts of Cumberland County. It gets its name from Chief Powhatan, father of the famous Pocahontas, and much of its strong history remains intact today. The first court was held in July of 1777 in the home of Littlebury Mosby. Constructed in the mid 18th century, this historic home is still standing and is currently privately owned. Today, Powhatan County boasts an 1848 Greek Revival courthouse, still in operation, which has been restored to its original condition.

Mill Quarter Plantation, originally part of a 7000 acre land grant from King George II, is a historic estate dating back to the mid 18th century. The two-story manor house was built around 1770, and was restored by Colonial Williamsburg artisans in the 1930s. Today the Plantation is privately owned and serves as a bed and breakfast. Many historic homes in Powhatan remain privately owned, including Historic Malvern, constructed in 1780, and Derwent, which served as a private retreat for General Robert E. Lee for the period directly following his surrender at Appomattox courthouse.

Powhatan maintains its strong agricultural history today, with 195 farms operating in the county. Farms range from large industrial operations to small family farmettes, with crop and livestock variation from corn to tobacco and cows to horses. The average farm 221 acres, and agriculture in Powhatan County brings in over $8 million in total revenue a year.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Things Your Mother Never Told You: Closing Costs

Elaine VonCannon (Re/MAX Capital) — Sun, 22 Nov 2009 13:49:21 -0600

Things Your Mother Never Told You: Closing Costs

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Buying or selling a home can be one of the most life changing decisions a consumer makes. Being educated about the real estate process and investigating the things you don't understand is essential. Working with trustworthy and communicative real estate professionals is also important. A lot of money is on the line when purchasing or selling a home, so be sure to ask questions when you need to about charges, fees or other issues.

You Gotta Have Faith!
Three days after an initial application has been submitted the lender must provide a Good Faith Estimate of settlement costs (GFE). The GFE is a list of the closing charges and the HUD settlement statement you receive at closing is the confirmation of these charges. Carefully review the GFE costs and anything you do not understand should be questioned. When you receive the HUD statement the charges and fees should be familiar to you and reflect the original GFE. There shouldn't be any closing cost surprises. If the GFE and HUD costs do not match these issues should be addressed immediately. Discuss the cost discrepancies with your REALTOR and a lender representative. Any costs that were not disclosed on the GFE can be argued against and removed from the HUD.

Closing Costs 101
The first page of a HUD shows the buyer what matters most, the exact amount due at closing. Charges associated with a loan are broken down into sections. Lender costs include fees for origination, discounts, appraisal, credit reports, underwriting and processing. Closing and title costs cover charges from the third party closing agent and for the title search, insurance and recording. Taxes will be listed and fees associated with the deed. The buyer may also create an escrow account holding prepaid funds so taxes and insurance payments are made on time by the lender each month. The REALTOR commission will also be listed, along with survey fees, if necessary.

Financial Responsibilities of the Seller
At closing, the seller also has financial responsibilities. The seller pays sales taxes and lawyer, titling and commission fees. If necessary the seller is held accountable for outstanding Home Owners Association fees, termite and moisture inspection charges and well water and septic testing. Repairs that need to be done to the property will be taken out of the seller's proceeds. Liens owed by the seller must also be paid, including tax liens. The seller must insure the home until the deed to the property is recorded a few days after closing. The buyer must have insurance activated on the closing date.

Invest and Save Money
Most homebuyers know that a down payment helps save money because it lowers the loan amount and mortgage insurance and, therefore, reduces the monthly payments. It also helps you to qualify for mortgage programs with better rates. Another savings tip is to pay your closing costs up front with the down payment. Avoid rolling the closing costs into the loan itself or the loan and interest will increase. Without funds to cover the down payment and closing costs you will want to refinance later to lower the interest rate. Another important investment homebuyers should make is to work with a mortgage broker. A mortgage broker will shop for the best loan and interest rate. The knowledge a mortgage broker has can equal savings of up to $50,000 in interest charges. If you have credit issues or just want the inside scoop a mortgage broker is your best choice.

Completing the Transaction
The closing is an exciting day for both the buyer and the seller. The buyer should bring the GFE to refer to during the meeting and request to review the HUD 24 hours in advance. This means you are prepared and comfortable with the completion of the real estate purchase. A third party and the REALTOR will be present and the loan officer may also be present. The loan officer is the best person to answer any questions regarding the loan. When using a mortgage broker the broker can attend the closing. Some companies, like Breakwater Mortgage in Virginia, require their brokers to attend. Companies like this can be better to work with since they are willing to be more involved. Now that all questions have been answered and the sale has been completed you can look forward to your new home and focus on the future!

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Look Past the Bottom Line for a Property's Potential

Elaine VonCannon (Re/MAX Capital) — Sun, 22 Nov 2009 13:24:47 -0600

Look Past the Bottom Line for a Property's Potential

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

It's unfortunate that many real estate investors tend to look at the bottom line when deliberating about a property, rather than the big picture. The real moneymakers in real estate investments are the people with vision, who think creatively, and are willing to assume some level of risk.

A client's initial line of questioning about an investment property goes something like this: What has the property's revenue been for the past three years? How much money will they make starting out? and, How much will they have to invest in the property in the beginning? These are all valid questions. After asking and answering them, investors might try taking off the blinders and thinking outside of the box.

Our population is growing, and land -- unlike cars, furniture, or other structures -- cannot be remade.

Real estate investors might ask themselves these simple questions:

Is there growth in the area where the property is located? Is there anywhere for the growth to go? If so, is it headed towards your property's location?
Has the city or county zoned the are for revitalization or economic development? If so, are there any special funds or benefits available?
Is the property accessible to public transportation?
Are people beginning to look for homes in this area? If so, investors want to be looking far in advance of others to secure the best property deals.
Is the property value in the neighborhood in a slump or an upswing? Purchase during a slump for maximum profits.

The truth is, an investor not make a profit from the property for the first two years. Investment property owners should be looking at the long-term, because they may make money over the next 15 years, while others are not.

Do your research, or hire a REALTOR who is motivated to do it correctly. Speak to neighbors to understand the benefits of living there. Look at the neighborhood surrounding the area, and try to determine if those homes have increased in value. For a solid indicator, consider county property tax figures. In some areas you will find a slight increase in the tax base of 1-3%. In other areas, like Williamsburg, Virginia, taxes have increased 15-13%. Tax base increases are linked to improved property value.

If your investment property venture is a legitimate business, contact the local Chamber of Commerce and county government to see if there are special funds available for revitalization projects. Most Chamber of Commerces provide such programs as well as classes where investors learn how to access these funds.

There are lots of great examples of properties with potential. I'd like to share some background about one of my own listings, a motel in Williamsburg that has not been open for three years. The owners do not know when it was built � probably in the 50s or 60s. The motel sits on 2 1/3 acres of land, which is all zoned commercially. The motel is situated right on a main thoroughfare that was once called �The Golden Mile� of Williamsburg. It's geographic location is near York County a phenomenal leader in economic development. York County is enticing businesses by zoning the northern section of town commercial and it will be the site of the new hospital complex that is currently housed in Williamsburg.

Thinking Outside the Box

An important fact is not widely known about the motel's location, which is key to its investment potential. One mile from the motel property, across from the Williamsburg Pottery, a gated senior community with full amenities (golf courses, recreation center, pool) will break ground in April 2004. The Fortune 500 Company behind the building of this project is set to build 3,000 homes, with an estimated completion date of 2006. Scanning the area, it is obvious there are no European Bakeries, international shops, or stores and eateries which deliver (drug stores, groceries, take out, etc.). A strip mall with leasing options for different businesses, or even an extended stay hotel could be built on this land, and run for a profit. Investors I have shown the property to are wary of the $1,000,000 price tag on the motel. In the coming years this price will seem like a steal for commercial property in the area.

There are many other examples of properties whose potential have not yet been discovered. Remember, once you land that investment property of your dreams, make sure you have a marketing plan, which includes a decent web site, to launch your business. When speculating, trust your creativity and vision, and rely upon the expertise of a REALTOR who knows the area, and shares your vision.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Woods of TabbSpectacular home w/lodge fireplace & barrel-vaulted ceiling in gathering room!

Elaine VonCannon (Re/MAX Capital) — Wed, 11 Nov 2009 19:56:14 -0600

Spectacular home w/lodge fireplace & barrel-vaulted ceiling in gathering room; Media room has movie seating, drop-down screen & wet bar; Luxurious master suite with14-foot ceiling, wonderfuul amenities. 4 BR,4.5BA; Master craftsmen detail throughout; Lovely hardwood floors; Gourmet kitchen w/granite, work islands. This elegant home lends itself to entertaining and comfortable living.

This home was built for the Parade of Homes. Amenities abound. Appraisal in Dec. 2008 valued home at $891,000. Owner or representative of owner must be present to show property.

Directions: Victory Blvd to R-Cary's Chapel . L-Willard's Way. R- Zanca Turn.

Offered at: $859,900

113 Zanca Turn, Yorktown, VA 23693

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Beautiful wooded 3.77 acre lot in sought after Wexford Hills subdivision.

Elaine VonCannon (Re/MAX Capital) — Wed, 11 Nov 2009 19:44:14 -0600

Beautiful wooded 3.77 acre lot in sought after Wexford Hills subdivision. The perfect area to build your dream home. Perc test has been completed for a 5 Bedroom home, walkout Basement possible, standard gravity flow septic. Lot has 2 septic sites. Minutes to I 64, shopping, hospital, Kiskiack Golf Club, Colonial Wbg, York Rvr State park & Public Boat Ramp.

Directions: Rt 199 past Walmart turn into Newman. Left to Wexford Hills on Beechtree. R-Wrenfield, R-new Wilkinson.

Offered at: $186,000

6027 New Wilkinson Way, Williamsburg, Va. 23188

Presented By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Welcome, about the HUD 203k rehab program!

Elaine VonCannon (Re/MAX Capital) — Wed, 11 Nov 2009 19:29:25 -0600

"Welcome"
about the HUD 203k rehab program

Do you want to
Remodel the house you currently own?
or
Finance a Fixer UPPER with the 203k Progam?

We have compiled information here for the serious individual who wants to
understand a government program that can make their dreams come true!

The HUD 203k program can take home ownership into the future by giving a person the funds to turn a piece of property that looks like it should be condemed into a piece of property that everyone in the neighborhood will envy.
Here is how it all comes together.

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

The astronomical housing prices in many areas can make home buying a frustrating experience. Buyers on a budget may find they have a choice between houses that are too small for their needs or rundown dumps. Among the latter, however, are a great many housing nightmares that could be turned into dream homes with a bit of work. Even if you don't do any of the work yourself, you can often buy a fixer-upper and rehabilitate it for quite a bit less than you would spend on a comparable house in "perfect" condition. Paying for the house and the repairs, however, can be a bit tricky, as many lenders won't finance a house that needs a lot of work. Fortunately, the U.S. Federal Housing Administration (FHA)--a division of the Department of Housing and Urban Development (HUD)--has the Section 203(k) program, a mortgage insurance program specially tailored for this situation. While this article focuses on how to use the program to purchase a home, 203(k) loans can also be used to refinance your existing mortgage in order to rehabilitate a house you already own.

1. Determine how much house you can afford. Talk to a lender to see what loan amount you can be approved for based on your income and expenses. Most importantly, figure out yourself how much you can realistically afford. It's not uncommon to be approved for a loan that will stretch your budget to the point of foreclosure.

2. Find a house with potential. Look for a house you like in a neighborhood you like. The 203(k) program currently cannot be used by investors, so you'll need to live in the house (or be a qualified non-profit agency). Together with your real estate agent, perform a preliminary feasibility analysis, in which you identify the repairs necessary, estimate the cost of these repairs, and estimate the market value of the home after the repairs. You can save yourself some money by doing this before you order appraisals or estimates, since you may determine that the cost of repairs is too high.

3. Execute a contract for the sale of the home. In order to proceed with the 203(k) application process, you'll need a sales contract with a clause stating that the sale is contingent on your ability to obtain financing through the program.

4. Apply for the loan. Contact a HUD-approved lender to apply for the loan. You can obtain a list of approved lenders at the nearest HUD field office or on HUD's website.

5. Get an estimate of how much the work will cost. The amount of a 203(k) loan cannot be increased during construction, so it's essential to get an accurate estimate of how much the work will cost. For fastest results, get an estimate from a HUD-approved contractor or fee consultant. You can find approved consultants on HUD's website.

6. Get an appraisal. Actually, you'll generally need two appraisals: one for the current value of the home and another to estimate the value after the repairs. The loan amount may not exceed the lesser of either the value of the home in its existing condition plus the cost of repairs and 6 months' worth of mortgage payments; or 110% of the estimated value of the home after repairs. The amount of the loan is also subject to maximum FHA mortgage limits, which vary from place to place.

7. Find a contractor. The 203(k) program requires that the repairs be performed by a qualified contractor. Most people opt to hire a licensed contractor (typically the one from which they got the estimate), but if you're qualified to do the work you can save yourself some money by doing it yourself. Keep in mind, however that you can only be paid for materials if you're doing the work yourself. If this ends up costing less than the contractor's estimate, the excess money can be used for additional improvements or it will be applied to the principal of the loan. Also make sure that you'll be able to complete the repairs within the maximum allotted 6 months after the purchase. If you won't be able to complete the repairs yourself, hire a HUD-approved contractor.

8. Close on the home. If everything is approved, you can purchase the home with as little as 3% down. If you're unable to occupy the home immediately, you can use the extra six months of mortgage payments which may be included in your loan to pay the mortgage while you're also paying to live elsewhere.

9. Make sure to get the work done on time. You have six months after the purchase in which to complete the repairs. The repair fund is held in escrow and is disbursed in installments to the contractor (or to you, if you're doing the work yourself). A HUD-approved inspector must review the progress before each disbursement is made.

10. Get a final inspection. Once work is completed according to the initial plans, get the final inspection. If there is money left over, it must be applied toward the principal of the loan.

The 203(k) program is not for everybody. For example, if you're solely looking to invest in the home and then "flip" it, you won't qualify, and you also won't qualify if the cost of the house plus repairs exceeds HUD's maximum mortgage limit in your area. If this is the case, there are some other options, including Fannie Mae's Homestyle loan and home equity loans on your existing home. A few private lenders also offer programs for these "handyman specials," but they have their own, often stringent, qualifying standards.

· The minimum repair amount necessary is $5,000. Beyond this, a wide variety of repairs are eligible for the loan, including energy conservation and renewable energy upgrades and even moving an existing house onto the foundation of a home you intend to demolish.

DirectBuy offers members a simplified shopping process to find outstanding value on an incredible selection of home furnishings.

· Even with the best planning and estimates, major home remodeling or rehab almost always costs more than you expect. As a rule of thumb, add 10% to whatever your estimated cost is. 203(k) loans require at least a 10% contingency reserve for such unexpected expenses.

· The program allows borrowers who are qualified to do the work themselves to provide their own cost estimate for the repairs. The estimate must be the same as one you would get from a contractor, however, and the HUD process for doing the estimate yourself takes several months (as opposed to a couple weeks for an independent consultant), so you're better off having a fee consultant or contractor provide the estimate, even if you plan on doing the work yourself.

· Once work is completed the 203(k) mortgage is eligible to be refinanced as an FHA 203(b) loan, which may result in lower payments.

· The market value of a home depends largely on its location, so it's usually best to find a fixer-upper home in a desirable location, rather than one in an area with a depressed housing market.

· Don't bite off more than you can chew. Be sure that you can get the work done within the time limits set by the terms of the loan. If you don't, you may not receive the remaining repair proceeds and the loan could be payable immediately.

· Keep in mind that individual lenders are allowed to make certain stipulations that vary from the guidelines set forth here. For example, they may require that the work be performed in less than six months.

Call Elaine VonCannon for more information and for a lender who can do this type of financing for you. See the pictures below of the BEFORE and AFTER!

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Take Me Home Country Road: Rural Living

Elaine VonCannon (Re/MAX Capital) — Sun, 08 Nov 2009 14:40:26 -0600

Take Me Home Country Road: Rural Living

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

In a world where the news flashes daily images of war, terrorism and crime more Americans are dreaming of a safe, quiet place to call home. They imagine moving to a small town community where safety and simplicity are easy to find. Potential homebuyers between the ages of forty and sixty are the most likely to be fed up with the fast pace of city dwelling. They are in search of a renewed sense of community and family. Relocation or purchase of a second home in a rural area can also be the perfect idea for homebuyers looking for long-term retirement solutions.

I Was Born In A Small Town
Small town living is especially attractive to buyers who were raised in a rural setting. Many want to recapture the security of their childhood and preserve it for their children. According to the National Association of REALTORS? 2003 Profile of Home Buyers and Sellers fifty-six percent of the homebuyers purchasing in a rural location bought because of the neighborhood, while thirty-eight percent purchased in order to live closer to family and friends. The possibility of owning more land is also appealing. The 2003 Profile also shows ten percent of repeat buyers purchased property in rural settings and most were hunting for more space.

In Virginia, rural counties like New Kent, Middlesex, Gloucester, King and Queen, Mathews and King William are all seeing this relocation trend. In my real estate business about eighty percent of my sales in these areas are buyers moving from metropolitan areas. These are places where you can sleep with the windows open and everyone in town knows you. Many locations are only forty-five minutes or an hour from the city, so buyers still have access to health care, higher paying jobs, shopping centers and other activities.

Telecommuting: The Wave Of The Future
Technology is one of the driving forces behind the rural relocation trend. According to the Main Street Economist (a publication of the Kansas City Federal Reserve Bank�s Center For The Study of Rural America) one fifth of the US workforce in rural and small towns was self-employed in 2004. CNN.com writer Jakob Nielsen, a web usability expert, also believes technology will change the way Americans live and work over the next fifteen years. On July 4, 2005 Nielsen wrote an article predicting real estate sales in cities like Manhattan, London and Tokyo will decrease by twenty percent by 2020. Technological advances in the Internet, e-mail and collaboration software makes telecommuting more feasible and companies will begin to hire the best people regardless of location. Other advances in home theaters, entertainment systems, e-commerce, express shipping, and healthcare remote sensing will facilitate rural living without isolation from the mainstream culture.

The Aftermath of September 11th
The National Association of REALTORS? 2003 Profile of Home Buyers and Sellers reports that twenty percent of homebuyers in the Northeast purchased in a rural area and thirty one percent in small towns. This is higher than the Midwestern, Southern or Western regions of the country. Many people attribute a portion of this trend to the September 11th attacks. It is a sad reality that we have been forced to trade community security for homeland security.

The Rural Relocation Checklist
Purchasing a home in a rural area can be a big adjustment for those unaccustomed to it. Remember to make a list of all the things that are important to you and your family. Map out the location of hospitals, grocery stores, banks, schools and other activities of interest. Be realistic about the time investment and remember-peace and quiet can turn to boredom if you allow it. Also, many rural areas do not have city road maintenance or water and sewer pipes. Be sure you are ready to be responsible for those aspects of your country home. If you live in the city this may be new territory. Once you are certain relocation is the right choice you will be on your way down your own country road!

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Grundy, Virginia, AFFORDABLE HOTEL WITH A 9 CAP RATE, FOR YOU TO OWN!Owner Financing

Elaine VonCannon (Re/MAX Capital) — Sun, 08 Nov 2009 13:22:27 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Grundy, Virginia, AFFORDABLE HOTEL WITH A 9 CAP RATE, FOR YOU TO OWN! Owner Financing! Located in Grundy,Virginia this 38 room motel. Offered $485,000 at which is the current appraised value (done Feb. 2009). Situated on approximately 1.33 acres, 13,980 square, Situated near Law School and Pharmacy School. This property generates gross 125,250 annually. Net Gross is 43,288 annually. This property has a history of a great cash flow! A GREAT INVESTMENT AND A GOOD CANDIATE FOR A 1031 TAX EXCHANGE OR CONDO CONVERSON AS THERE IS LITTLE OFF CAMPUS HOUSING. THIS IS A REAL MONEY MAKER!

Location is: 19587 Riverside Drive Grundy Va...............24914

Offered at: $350,000

Current room rentals are: 19 Double rooms at $53.39 a day. ......10 Singles at $42.69..............2 Deluxe Singles at $47.08.........6 Kings at $53.39 a day.......1 Suite at $60.00 a day.

MLS #: Price: Type: Area/County: Address: City: State/Zip: Bedrooms: Bathrooms:

Anchor Inn in Grundy Virginia, Owner Financing Possible, Wonderful Investment!

$350,000.00

Commercial Properties

South West Virginia

19587 Riverside Drive

Grundy

VA/24914

Motel.......38 rooms

40.....plus 2 public restrooms

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Grundy, Virginia, AN AFFORABLE INVESTMENT WITH A CAP RATE, THAT COULD BE MADE A 8 PLUS! Shopping Center, Owner Financing

Elaine VonCannon (Re/MAX Capital) — Sun, 08 Nov 2009 13:07:42 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Grundy, Virginia, AN AFFORABLE INVESTMENT WITH A CAP RATE, THAT COULD BE MADE A 8 PLUS! Located in Grundy, Virginia this 25 unit shopping center. Offered at $2,450,000, Situated on approximately 12 acres, 93,890 square feet, Price per square foot is $3.50 (This is far below the national average of roughly $16.00 per square foot), this would mean more of a profit margin with rent increases over the next few years. No vacancies since the shopping center opened in 1978, Situated near Law School and Pharmacy School. This property generates 300,000 annually. Net Gross is 265,000 annually. Large open areas for potential out parcels, that could be sold or used for ground leases. This property has a history of a great cash flow! List price $3,000,000.00 makes this A GREAT INVESTMENT AND A GOOD CANDIATE FOR A 1031 TAX EXCHANGE. Priced less than current tax assessment, do not miss this opportunity! Out parcels could be sold or offered on a ground lease. Rents have not been adjusted since shopping was built! THIS IS A REAL MONEY MAKER! Owner will consider owner financing with strong down payment and credit!

Owner Fiancing Possible, Shoppping Center IN GRUNDY, VIRGINIA, 100% RENTED, ROOM FOR GROWTH!

$2,450,000.00, under last apprasial

Commercial Properties

South West Virginia

Route 460

Grundy

VA/24656

n/a

This area needs a restaurant, coffee shop, pizza place, grocery store, night club, fitness center. These type of business would do well on the out parcels. CONFIDENTIALLY AGREEMENT MUST BE SIGNED BEFORE ANY INFO IS RELEASED.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Commerical Investment in Mathews, Va., Owner Financing, Priced to Sell!

Elaine VonCannon (Re/MAX Capital) — Sun, 08 Nov 2009 12:37:44 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Excellent investment opportunity in Mathews with existing long term tenant in place. Current tenant has 5 years left on current lease with a renewal option. Historical cap rate of 9+. Current use is retail grocery with ample off street parking. Call Elaine VonCannon or John Starke for more information. Do not contact existing tenant or his employees. Land and building is the only part of this sale. Owner financing available. Income is about 8,500 a month (which includes an override that changes).

Directions: On Main Street into Mathews

OWNER FINANCING, Excellent investment opportunity in Mathews with existing long term tenant in place. 30020597

$950,000.00

Commercial Properties

MATHEWS

15478 Buckley Hall Road

MATHEWS TOWNSHIP

VA/23019

n/a

2 bathrooms

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

This is the home you have been looking for in Williamsburg, Va.

Elaine VonCannon (Re/MAX Capital) — Sun, 08 Nov 2009 12:28:39 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

This is the home you have been looking for.

Open floor plan allows the home to be filled w/light!2003 Parade of Homes.Great room w/lots of detail trim,fireplace,surround sound and entertainment center.French doors lead out to a large trex deck.Fromal dining room with tray ceiling,formal living room.Hardwood floors on 1st level.Upgraded kitchen w/ sile stone countertops.Instant hot water,1st floor.

Chili Pepper instant hot water for the 1st floor. Sq Ft. wrong on county tax records, is currently being corrected. All shades, blinds, shutters & risers convey. Swimming pool is optional.

This lovely home is close to Colonial Williamsburg, New Town, High Street, Rt. 199, Interstate 64, Jamestown, shopping, Bush Gardens, Water Country and Golf Courses.

Directions: 199 to Monticello to News (by Target). R-Old News. L-Powhatan Parkway.

3928 Powhatan Parkway, Williamsburg, Va. 23188

Offered at: $469,000

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - Powhatan County: Country Living near Metropolitan Richmond!

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 19:22:24 -0600

Virginia Counties - Powhatan County: Country Living near Metropolitan Richmond!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - Isle of Wight, Step Back In Time!

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 18:48:07 -0600

Virginia Counties - Isle of Wight: Step Back In Time!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Isle of Wight is located in the Hampton Roads area of Virginia, on the south bank of the James River. As of 2000, Isle of Wight has a population of 29,728 in its 319 square miles, and includes two incorporated towns: Smithfield and Windsor. It is located within a thirty minute drive of Virginia Beach and Norfolk, and is serviced by the Norfolk International Airport. Isle of Wight is also conveniently located within a two hour drive of the Outer Banks resort areas.

Isle of Wight is one of the oldest seats of county government in the Nation. Isle of Wight County was founded in 1634, and is one of the eight original shires of the colony of Virginia. Much of its rich history is preserved today in its historical sites. St. Luke's Church, built in 1632, is the nation's only original Gothic church and the oldest existing English church in the United States. The Hattie Drummond House, located in downtown Smithfield, was built in 1858 and serves today as Smithfield's Visitor Center. The Isle of Wight Courthouse, constructed in 1800, is still in use today and a popular tourist attraction.

Isle of Wight County provides residents with a charming combination of rural and commerical environments. Today, Smithfield's Historical District is home to more than 70 historical buildings, including historic homes from the Colonial, Federal, and Victorian eras, as well as a collection of unique antique stores and restaurants. Isle of Wight is also the home of Smithfield Foods, Inc, a Fortune 500 company, and is well known for its famous Smithfield ham and peanut production.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Virginia Counties - City of Smithfield, in the Lovely County of Isle of Wright!

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 18:31:46 -0600

Virginia Counties - City Of Smithfield in the Lovely County of Isle of Wright!

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Smithfield is an incorporated town located in Isle of Wight County, which is located in the Hampton Roads area of Virginia. Smithfield lies along the banks of the James and Pagan Rivers. With a population of approximately 7,000 people and an area of just over 10 square miles, Smithfield maintains a small town atmosphere, but is located within reach of many of Virginia's largest attractions. Smithfield is serviced by the Routes 460 and 58, which connect it with the major east coast byways of I-95 and I-64, as well as the Norfolk International Airport, located approximately 45 minutes away.

The Virginia Landmarks Register has named Smithfield "perhaps the best preserved of Virginia's Colonial seaports." Smithfield was first colonized in 1634, and is located directly across the James River from Jamestown Colony. Due to its strategic location on the James, Smithfield played an important role in both the Revolutionary and Civil Wars. Today, Smithfield's Historical District is home to more than 70 historical buildings, including historic homes from the Colonial, Federal, and Victorian eras. The Smithfield Inn, located on Main Street, was built in 1752 as a private residence for Henry Woodley. It underwent a significant restoration during the Civil War period and serves today as an elegant bed and breakfast inn as well as a restaurant.

Pierceville, built circa 1730, belonged to Thomas Pierce, an active member of the Independence movement. The Old Courthouse was built in 1750 and used until 1800, when court operations were moved to Isle of Wight. It was then used as a private three-story dwelling until 1959, when the county began a restoration project. The Courthouse is now open, free of charge, to the public. Windsor Castle, built circa 1750, is a beautiful 7000 square foot manor house which now sits on 186 acres of its original 1450 acre lot. Originally owned by Alfred Smith IV, the founder of Smithfield, it was owned by 6 generations of the Smith family. It is still privately owned.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

New Kent County, Virginia, Need a little room to grow? This lovely 3.88 acre lot is what you have been looking for!

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 18:12:10 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Need a little room to grow? This lovely 3.88 acre lot is what you have been looking for. Located in Kent Estates close to interstate, Williamsburg, Richmond & West Point. Flat, level, rectangular lot that will hold your new home. Owner will consider owner financing with 20& down and a short term mortgage. Call for deed restrictions and old perk test done in 2005 for 3 bedroom home.
EMD of $1000 to be held by E/MAX Capital. Street name will soon change to Kayla Lane.
Directions: Rt 30 past Barhamsville Post Office. Turn Right on Mt Nebo Rd and then right onto Kayla Lane.

LOT 8 Mt Nebo Ct, Barhamsville, VA 23011

Offered at: $99,000

Rare opportunity to own a home in Village Green subdivision in Newport News, Va.

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 08:53:18 -0600

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Rare opportunity to own a home in Village Green subdivision. 4 Bedroom, 2.5 Bath home has hardwood floors, (there is hardwood under the 2 carpeted rms downstairs as well) Fenced back yard w/nice shade trees, perfect for children playing or family gatherings. large eat in kitchen w/family sized pantry. Den has lovely wood mantle over wood burning fireplace. This home says welcome!

Agent Remarks: HOA is voluntary, not required. Gas heat and Central air replace 5 years ago. RE/MAX Capital to hold EMD.

Directions: Oyster Point Rd South. L-Village Green Pkwy. L- Prescott.

728 Prescott Cir, Newport News, VA 23602

OFFERED: $268,800

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Isle of Wright, Va., Magnificent 40 acres Estate within easy driving distance to Richmond, Williamsburg or the Peninsula.

Elaine VonCannon (Re/MAX Capital) — Sun, 01 Nov 2009 08:43:46 -0600

Magnificent 40 acres Estate within easy driving distance to Richmond, Williamsburg or the Peninsula. Custom Contractors own home. Lavish details in this expansive 18,000 square feet, 3 story mansion complete w/ elevator. 3 acre stocked lake and 2 additional ponds.

31157 Walters Highway Isle of Wight, VA 23851

Offered at $2.8 Million

The home's dining room is unrivaled in its capacity to seat even the largestgathering.

Beautiful Gourmet eat-in kitchen that opens up to the family room w/ gas fireplace and cherry cabinets.

You will greet your guest in a marble foyer with marble columns the looks up to 2 hand carved spiral staircases. This estate has custom plaster work done on the walls and ceilings, as well as custom wood working through out the home.

The master bedroom is your tranquil retreat including a large dressing room.

The remaining bedrooms are very generous in size, are bright and airy and have ample closet space.

Down the hallway and separated from the rest of the home, the guest suites are a private, sumptuous retreat for your guests, including bay windows with incredible views of the grounds

Several bay windows flooding the room with natural light

Step inside the home and you'll be impressed by the ample foyer with marble floor, generous coat closet and handy inside access to the home's oversized garage

Beautiful Cherry cabinet built-ins in the 2nd floor library w/gas fireplace. The 3rd floor media room also has a gas fireplace.

The formal living room includes a lovely gas-burning fireplace anda large bay window.The beautiful plaster crown moldings add sophistication and old world charm.

This room can accommodate large or intimate gatherings. Antique etched glass doors lead to the gallery and home theatre.

2 Hot tubs, one in the Florida room and one in1st floor master suite.

Home has 4 Master Suites with gas fireplaces. 1st floor has 2 master suites, and a master suite on each of the other 2 floors.

You have 9 Bathrooms, 7 with jetted tub and 4 half baths.

This home will provide you with a spa like experience in any of the four master suites . Even enjoying your own duvet.

The estate's home has over 6,000 square feet of living space including 9 bedrooms, 9 full bathrooms & 4 half bathrooms, a gourmet kitchen, home gym and entertaining-sized living and dining rooms.

Has the utmost attention to detail and with only the finest finishing.The home has All Brick Exterior with Impeccable detail work !

There are lots of possibilities to create the perfect retreat or estate for the tennis enthusiast, equestrian lifestyle or a corporate investor.

Other Possible Uses: Residence, Private School, Corporate Retreat, Bed & Breakfast, Religious Retreat, Wedding Venue Site, Land Lease, Portions sub dividable, endless possibilities for purchaser to discuss with Isle of Wight County.

This beautiful Lake provides an incredible habitat to thousands of goldfish, frogs, turtles, dragonflies, herons, ducks, geese, and other birds plus a vast array of water lilies and other aquatic plants.

On a still evening, the gazebo's reflection on the water is a very pretty sight.

There is a dedicated water Hydrant at the lake for the community in case of fire

All Brick exterior with beautiful detail work

7 Gas Fireplaces

2 detached 2 car garages on each wing

25 Rooms

3 story

Elevator (for all 3 floors)

Built 1995

8, 10 and 16 Ft Ceilings

Hot Tub in 1st floor master to seat 2 people

Hot Tub in Florida room that will seat 12 people

Custom Woodworking through out home (chair railing and crown moldings)

Custom Plaster throughout home (walls and ceilings in every room

White Pine Hardwood Floors

Ceramic Title Floors

2 Spiral hand crafted Banisters in Foyer

2 Walk-in Closets in 4 master suites

Over 20 closets in Estate some lined with cedar

Lots of storage

Brick-Gated entry to property

All garages have Openers

Curve Circular Drive

Summary

Exercise Room

Library with cherry built ins and gas fireplace on 2nd floor

3 acre Lake, stocked with fish

Dedicated water Hydrant at lake for the community in case of fire

4 Half Baths (one in each of the bonus rooms)

2 bonus rooms

40 acres

6 zone Central heating and air

9 Bedrooms

Marble Floors

Property all ready subdivided into 5 portions (house sits on a 6.5 portion)

if you want to divide the property

Formal dinning room

2 formal living rooms

Great room attached to sunroom

Family room attached to large eat in Gourmet kitchen with gas fireplace

10 ft. Doorways

Laundry with butlers pantry

9 Full baths (7 jetted tubs, 1 shower in master on 2nd floor)

4 master Suites (2 on 1st floor, 1 on 2nd floor and one on 3rd floor) all have sitting areas

Large media room on 3rd floor with gas fireplace

Each master suite has a gas fireplace

Grand entrance with marble floor and marble columns and 2 wooden spiral staircases

Cherry cabinets in Gourmet kitchen

Elaine VonCannonABR, SRES, REALTOR, NotaryLicensed in VirginiaRE/MAX Hall of FameMember of Commercial Council VARTeam Leader1166 Jamestown Rd.Williamsburg, VA 23185757-645-1795 office 757-288-4685 cell 757-345-6666 fax

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Live and Play in Your Own Backyard: Golf Communities in Williamsburg

Elaine VonCannon (Re/MAX Capital) — Mon, 26 Oct 2009 20:24:35 -0500

Live and Play in Your Own Backyard: Golf Communities in Williamsburg

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Golf has long been one of the favorite leisure activities of professional and retired individuals. In Williamsburg, Virginia and surrounding areas, the professional and retiree can play golf on many renowned golf courses. The devoted golf enthusiast may desire even more than this. For some golfers, the ultimate immersion in the sport means moving to a golf community. In and around Williamsburg, Virginia a concentration of great courses and elegant golf communities make it the perfect place for the golfer to live, work, or retire.

Check with individual communities, but most have additional amenities such as swimming pools, tennis courts, and restaurants. Home buyers at most golf communities may choose to live in Planned Unit Development homes with maintenance included for a monthly fee in addition to a homeowners association fee.

The Golf Club at Brickshire
In addition to being a Curtis Strange signature course, the Golf Club at Brickshire also offers the golfer opportunities to play emulation holes from August National, Saint Andrews, Pinehurst #2, and Riviera Country Club. Brickshire is a relatively new 18 hole course that is only three years old at the date of this writing and has been described as "player friendly" by avid golfers. Golf Digest recently gave the Brickshire course a 4 1/2 star rating.

Home buyers may choose from newly built and custom built attached and detached homes.

The Tradition Golf Club at Stonehouse
This stunning 18 hole golf course in New Kent County Virginia has been described as a challenging course that is larger than life. Featuring oversized greens and tremendous vistas, it is characterized by deep bunkers and long carries. In 2002, Stonehouse was awarded 4 1/2 stars by Golf Digest.

Home buyers get ready: home sites are projected to be prepared by the end of 2005.

Kingsmill Resort and Spa
Kingsmill is the oldest gated golf community in Williamsburg and is home to three 18 hole golf courses, a marina and a conference center. The River course was once the site of the PGA Tour and is now the location of the LPGA tour's Michelob ULTRA open. In 2004 the original architect, Pete Dye, returned to oversee The River's renovation, which included resurfacing of greens and the addition of new fairway bunkering. Some golfers prefer the Plantation course, an Arnold Palmer design with generous fairway landing areas and water near eight holes. The Woods Course, designed by Tom Clark, has unique features such as a double green with a bunker in the middle shared by the par-3 twefth hole and par-4 fifteenth hole.

Kingsmill is one of the most prestigious communities in Williamsburg. All homes are custom built, and only resells are available now.

Ford's Colony
Ford's Colony, like Kingsmill, has three 18 hole courses. All were designed by Dan Maples. Choose from the Marsh Hawk Course, Blackheath Course, or the Blue Heron Course. Visit http://wwww.fordscolony.com to take a virtual tour of each course.

Home buyers interested in living at Ford's Colony will find lots available for home building sites, newly custom built homes, and resells of custom built homes.

Greensprings Plantation
At Greensprings Plantation, golfers come from near and far to play 18 holes on the Williamsburg National Golf Course designed by Jim Lipe of Jack Nicklaus Design Associates.

Lots are available for home building sites, newly custom built homes and resells of custom built homes.

Governor's Land
Governor's Land is known for its high dollar elaborate homes and quiet seclusion on the James River. Two Rivers golf course was designed by the three-time golf architect of the year Tom Fazio. Admisssion to this course is only granted to members of the Two Rivers Country Club. This 18 hole course runs along the James River, which provides a scenic backdrop for a game. The design takes advantage of the natural contours of the river, marshlands, ravines, and woodlands.

Residents of Governor's Land enjoy full use of a marina, and life in the most exclusive, high end community in Williamsburg.

Home buyers may purchase lots to build new homes, newly custom built homes, or resells of custom built homes.

For the golfing enthusiast, an opportunity to live so close to the game is paramount. In Williamsburg Virginia, the golf capital of the East Coast, golf communities abound. Call me at 757-288-4685 or e-mail at vonmor1@cox.net. I am a REALTOR who is in the know about these communities. I'll be happy to help you locate the home that fits your needs and lands you as close to the game of golf as you dream of being.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Williamsburg, Virginia: A Mecca for Retirement

Elaine VonCannon (Re/MAX Capital) — Mon, 26 Oct 2009 20:15:47 -0500

Williamsburg, Virginia: A Mecca for Retirement

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager

Williamsburg Virginia is a familiar name for many because it is steeped in colonial history. In the 1920s, Rockefeller sunk millions into the renovation of historic homes, pubs, and properties. Today, Williamsburg is an early American gem, as well as a mecca for retirement.

A Temperate Climate
The greater Williamsburg area includes James City and York Counties, and these areas are also steeped in early American history. Many retirees prefer this part of Southeastern Virginia because it has a temperate climate and an excellent mid point location on the Eastern seaboard. The temperature in winter months rarely dips below 40 or 30 degrees, and snow is a rarity. For six to eight months out of the year, temperatures range from 55-90 degrees.

Gardening
For the plant lover, this area of Virginia represents the northernmost tip of a sub-tropical zone, so the variety of plants, flowers, shrubs, and trees are vast. Outdoor gardening can be done 9-10 months out of the year. Near coastal or tidal areas a good deal of the soil is mixed with sand, which makes for fertile gardening.

Birding
Bird lovers will find it an excellent place for birding, because it's a flyover zone for many species of migrating birds heading south for the winter. From November through March, there are an abundance of flocks of feathered visitors to the area.

Golfing in Williamsburg
The golfing enthusiast will find much to love in Williamsburg. There are 10 major golf courses in and around the Wiliamsburg area. Three highly regarded courses are located at Kingsmill, Fords Colony, and the Golden Horsehoe , James City County and York County. Williamsburg is known for its highly coveted signature golf courses.

Low Property Taxes
Many retirees relocate to the Williamsburg area because the property taxes are much lower than other regions. In the City of Williamsburg property tax is .57 cents per hundred dollars (as of 2005.) Bordering James City County is currently .87 per hundred and York County is .86 per hundred.

Williamsburg's Proximity to Norfolk and Richmond
Williamsburg is situated between Norfolk and Richmond, each approximately 45 minutes away. Both cities have international airports, and larger cultural and sports venues to choose from. Norfolk is home to the largest Naval Base on the East Coast, and Richmond has preserved some of the olde southern charm that once made it capital of the South.

Continuing Education
The Christopher Wren Association for Lifelong Learning is part of the prestigious College of William and Mary. Continuing Education courses are offered for adults interested in such areas as historical, cultural, and technological education. Other topic areas are included in Lifelong Learning and are geared towards the mature adult audience.

Cultural Events in Williamsburg
Diverse and interesting cultural events are available regularly in the city of Williamsburg. A sampling of this includes, Williamsburg Symphony, Shakespeare Festival at the College of William & Mary, Williamsburg Library performances, Colonial Williamsburg Early American Theater and Colonial Williamsburg Living History Performances. There are other historical and local seasonal diversions.

If you do not like your relatives and friends visiting you frequently, don't move to Southeastern Virginia or Williamsburg. The Tidewater area and Williamsburg is a premiere tourist destination. You'll find your home filled with long lost acquaintances, family members, and friends with plenty of activities to choose from to keep everyone interested and happy.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Clouds on the Horizon: Property Title Issues Which Affect Sale

Elaine VonCannon (Re/MAX Capital) — Mon, 26 Oct 2009 20:01:27 -0500

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

When buying or selling a home, proof of ownership, or the property title, and issues affecting it, are critical. If you have a cloud or lien on your title, this means somebody or some business entity has laid claim to a portion of the equity in your home. There are different types of liens that affect the marketability of your home.

For this article, I interviewed Deborah Wagner, an attorney in Williamsburg, Virginia, whom I utilize for my real estate transactions. Ms. Wagner commented on several types of property liens that are common issues for homebuyers and home sellers.

Property Title Insurance - for Matters NOT of Record
In order to understand the different types of liens, it is necessary to review the concept of the actual deed or title. A property title can be insured by a title company, and I always recommend my clients purchase owner's title insurance coverage, even though not required by commercial lenders (which ALWAYS require lender's carry title insurance). "Generally, many matters NOT of public record (including mechanics' and materialmens' liens for new construction) are covered under title insurance, including issues such as misrepresentation of marital status, forgery or fraud in executing documents, missing heirs, or unknown boundary contests," said Ms. Wagner.

Matters of Record for Property Title
According to Ms. Wagner, "state law where the property is located covers most matters of title. East of the Mississippi, excluding Louisiana, property is generally held in one of several ways: tenancy by entirety, title passing to the survivor upon death of the first party, and that exists only between husband and wife; and can be reached (lien) only by the creditors of both; joint tenancy with right of survivorship, title passing to the survivor upon death; but which may be severed by the creditor of only one party in judicial proceedings; and, tenancy in common. Upon death of one co-tenant the undivided interest of the deceased passes by will or to heirs under state laws of interstate succession."

Deborah Wagner described various liens not commonly known:

Voluntary Liens
Most people are aware of voluntary liens placed on their property. These include mortgages or deeds of trust executed by the owner/borrower.

Involuntary Liens
As the term suggests, involuntary liens are placed on property by other than the legal owner of the property. Common involuntary liens are placed on property to cover real estate taxes; judgments; homeowner's association/condominium liens for unpaid dues/assessments; and mechanics liens for labor and materials provided to build/improve property.

Municipal Liens
As the term implies, the local municipality may place a lien on property. Perhaps the owner did not pay trash removal or grass cutting fees. Or, the municipality had to remove inoperable motor vehicles from the property, or remove a structure endangering public health; or, for community improvement, e. g. to pay for a park adjacent to a property, new sidewalks, gutters, alleys, water and sewer lines.

Lis Pendens
This provides notice that a suit against the title is pending. A Lis Pendens may indicate a breach of contract, or an heir who claims ownership of the property; or, a person who claims ownership of property through adverse possession. It has to be cleared for property sale or purchase to proceed

Estate Tax Liens
Some states may have an estate tax, though many do not. Estate taxes liens do not have to be recorded in order to be valid. If the estate of a deceased individual is subject to federal or state estate taxes, the proceeds of sale are held for one year from the date of the property owner's death. If the proceeds are not held for one year, a bond may be posted to cover any tax due.

It is always advisable to seek legal advice in closing a real estate transaction, often involving legal and significant economic considerations.

The above mention issues are very common in today's Market of Short Sales and Foreclosures. This is why it is so important with the above mention type of properties to have legal counsel that you trust.

In Virginia the best way to convey title is a General Warranty Deed. For matters of resale you need to have this type of title for the new buyer to obtain a mortgage.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.