Challenging Your Tax Assessment Gets A Little Easier - 06/18/11 07:27 PM
Aha! An interesting little legal change going into effect July 1 (which will impact local real estate tax assessments beginning Jan 1 of next year):  The burden of proof in Assessment Appeals will be lower.  After January 1st, localities will have specific burdens to provide you with evidence of their reason for reassessment of your VA properties.  Further, if you appeal an assessment you no longer have to provide "clear and convincing" evidence (80%+ convincing) of a lower valuation... you only need to provide a "preponderance" of evidence (51% convincing).  If you've ever challenged your assessment you probably know it wasn't too … (1 comments)

New FHA Requirements? - 06/15/11 01:27 PM
I keep hearing mumbling within the real estate about these "new" requirements for FHA loans.  It may surprise you to know most of them aren't really new requirements at all; they're old.  It's just that now they are being enforced. To understand what I am about to tell you, it's important that you recognize what an FHA loan is. On a basic level, it's a loan requiring very low down payments.  Since that makes it riskier for banks to do, the Federal Housing Administration insures the loan against default.  It works just like your homeowner or other type of insurance.  If the lending bank … (3 comments)

Buyer Beware (Part 2: Chinese Drywall) - 06/14/11 05:55 PM
Drywall made in China and put into homes here in America between 2003 and 2009 has caused serious issues.  It erodes wiring, copper pipes and can make you sick.  You'd want to know if you were buying a home that had chinese drywall wouldn't you? Of course you would. There's a tiny bit of good news here.  A newly passed law (Senate Bill 942) addresses this exact issue.  It requires real estate agents involved in a transaction who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to the prospective buyer or tenant. But, would a real … (0 comments)

Buyer Beware... Part 1: Snake Infested Home - 06/12/11 09:51 PM
This poor, poor couple! They bought their "dream home" only to find out that under their home is a snake den with thousands of snakes. In fact, the home had been on TV even before they'd purchased... and no one told them. I found the story on a social networking site where the question was asked:  "Did the seller have to disclose this to the buyers?" So, do sellers have to disclose such things?  The answer varies state to state.  In Virginia, the answer may shock you.  In short: NO.  Here, it's "Caveat Emptor" or "Buyer Beware".  You, as the purchaser … (7 comments)

Service Animals, Therapy Animals and Pets in Rental Homes - 06/08/11 09:19 PM
I often get questions from prospective tenants and landlords about pet restrictions.  One thing that has been clear for a number of years is that service animals (think 'seeing eye dog'), under the Americans with Disabilities Act ("ADA"), are not pets.  This is not just a real estate issue, it impacts lots of businesses... restaurants, stores and hotels that normally don't allow pets, have had to permit service animals under the ADA for many years.  Landlords are no exception.  Then a few years ago there was a new term: "Companion Animal" which got grouped together with service animals.  Basically, this is an animal … (3 comments)