Roanoke Real Estate Information

ROANOKE VIRGINIA HOUSING MARKET SEES MIXED TRENDS IN FEBRUARY

Thu, 24 Mar 2011 17:04:00 -0700

ROANOKE HOUSING MARKET SEES MIXED TRENDS IN FEBRUARY

The greater Roanoke real estate market has continued to experience mixed trends compared to February of last year, according to The Long & Foster Market Minute® reports. Though the region continues to have a significant amount of inventory on the market compared to a year ago, homes are selling faster in some areas and some regions saw an increase in the number of homes that sold in February.

CHANTILLY, Va., March 21, 2011-

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The number of homes that sold in February was mixed in the Roanoke region, though some counties did experience significant increases. Franklin County experienced a 37 percent increase in sales compared to the same month in 2010, and Roanoke County saw a 29 percent increase in the number of homes that sold. Roanoke City and Bedford County experienced decreases of 7 percent and 10 percent, respectively, versus year-ago levels.

Median sale price was mixed in the Roanoke region in February compared to the same month last year. Though each had a limited number of transactions, Franklin County experienced a 3 percent increase in median sale price compared to year-ago levels, to $159,000. Roanoke County experienced a decrease of 4 percent compared to February of last year, with a median sale price of $167,000. The remainder of the region experienced more significant decreases and February data shows median sale prices of $89,900 in Roanoke City and $143,500 in Franklin County. These types of larger declines since last year are likely in part a reflection of heightened demand a year ago with the tax incentives.

In February, active inventory in much of the Roanoke region remained elevated compared to February of last year. Bedford County saw active inventory increase 3 percent versus year-ago levels, and Roanoke City and Franklin County each experienced a year-over-year increase of 6 percent. In Roanoke County, total active inventory increased more significantly, though it remains down from peak levels in the second half of 2010.

The average number of days a house remained on the market before going under contract varied throughout the region, and the data indicates most of the region experienced a decrease in days on market (DOM) in recent months and compared to year-ago levels. In Bedford and Franklin counties, DOM decreased 30 percent and 29 percent compared to the same month in 2010, respectively, to 106 days and 109 days. Houses in Roanoke County and Roanoke City are selling, on average, in about three months, as February's data indicates DOMs of 98 days and 83 days, respectively.

-MORE-

Roanoke Housing Market 2

"Consumer confidence in February was at the highest level we had seen in about three years," says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. "While year-over-year comparisons in the first half of the year will continue to reflect the pull-forward effect we experienced last spring thanks to the tax incentives, we are seeing some positive economic strides, such as consumer confidence and job creation, that are supporting opportunities for today's buyers and sellers in the residential real estate market."

"In the greater Roanoke region," Detwiler continues, "sales increased in some areas in February, and homes continued to sell in three to four months, on average. These dynamics indicate there is continued movement toward future stabilization in this market."

The Long & Foster Market Minute® is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area's units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Recently expanded to feature reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in seven states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute® reports, available at no charge at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they're interested.

About Long & Foster® Real Estate, Inc.

Long & Foster® Real Estate, Inc. is the largest independently-held residential real estate company in the United States. The company is part of The Long & Foster® Companies, which also includes Prosperity Mortgage® Company; Walker Jackson® Mortgage Corporation; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services. Long & Foster Real Estate, Inc. represents more than 12,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The company sold more than $25.3 billion worth of homes and helped people buy and sell homes 78,281times in 2009. The Long & Foster Companies 2009 combined sales for the year were in excess of $51.5 billion. Visit us at longandfoster.com

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Roanoke County 2 story, HUD owned, great opportunity, must sell!

Tue, 22 Mar 2011 12:56:02 -0700

2224 BLOOMFIELD AVE

ROANOKE, VA

Beautiful 2 story in quiet Roanoke County subdivision.

3BR/2+1BA Single Family House

$204,000

Year Built	1996
Sq Footage	1,984
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	.20 acres
HOA/Maint	$0 per month

Description

Great opportunity, fenced yard, large master suite with spacious walk in closet and full bath, gas log fireplace & built in bookshelves in living room. A formal dining room off of the roomy eat in kitchen with laundry room & pantry between 2 car attached garage and kitchen. Fenced yard great for kids or pets. www.MMREM.com, HUD owned property sold as-is, all bids submitted electronically at www.HUDHomestore.com. Ask agent for details. Case # 541-818189

Property Features

Central A/C	Central heat	Fireplace
Walk-in closet	Tile floor	Family room
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Laundry area - inside
Balcony, Deck, or Patio	Yard

Community Features

Garage parking

Other Special Features

For more information on any foreclosure property in the Roanoke Valley call Walter, 537 9281.

Additional Photos

Front	Front
Living room	Gas log fireplace
Eat in Kitchen	Eat in kitchen
Back	Living room
Gas log fireplace	Eat in Kitchen
Eat in kitchen	Back

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Rainbow Forest, move in condition, close to the lake & swim club. 5 bedrooms, 3 baths, .53 acres, fenced backyard.

Thu, 10 Mar 2011 09:15:36 -0800

227 Hunters TRL

TROUTVILLE, VA

Rainbow Forest, move in condition, close to the lake & swim club.

5BR/3BA Single Family House

$175,000

Year Built	1973
Sq Footage	2,426
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	Unspecified
Parking	4 Uncovered spaces
Lot Size	.53 acres
HOA/Maint	$0 per month

Description

Move in condition, open floor plan, updated kitchen, lower level family room w/ fireplace & french doors leading to patio and fenced backyard with storage building, deck off dining area, large laundry room, over 1/2 acre lot, close to lake & swim club. HUD#541-825354 sold as -is, all offers submitted at www.HudHomestore.com, ask your agent for details.

Property Features

Central A/C	Central heat	Fireplace
Tile floor	Family room	Living room
Office/Den	Dining room	Dishwasher
Refrigerator	Stove/Oven	Attic
Laundry area - inside	Balcony, Deck, or Patio	Yard

Community Features

Lake

Other Special Features

For more information on any Foreclosed property in the Roanoke area call Walter.

Additional Photos

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Understanding Real Estate Representation in Roanoke Virginia

Mon, 28 Feb 2011 11:34:23 -0800

Understanding Real Estate Representation in Roanoke Virginia

By: G. M. Filisko

Published: March 29, 2010

Whether you're buying or selling a home in Roanoke Virginia, it's important to choose representation that meets your needs in the transaction.

1. Buyer's agency

When you're buying a home, you can hire an agent who represents only you, called an exclusive buyer's representative or agent. A buyer's agent works in your best interest and owes you a fiduciary duty. You can pay your buyer's agent yourself, or ask the seller, or the seller's agent, to pay your agent a share of their sales commission.

If you're selling your home and hiring an agent to list it exclusively, you've hired a selling representative--an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usually offer or agree to pay a portion of their sales commission to the buyer's agent. If your seller's agent brings in a buyer, your agent keeps the entire commission.

2. Subagency

When you purchase a home, the agent you can opt to work with may not be your agent at all, but instead may be a subagent of the seller. In general, a subagent represents and acts in the best interest of the sellers and sellers' agent.

If your agent is acting as a subagent, you can expect to be treated honestly, but the subagent owes loyalty to the sellers and their agent and can't put your interests above those of the sellers. In a few states, agents aren't permitted to act as subagents.

Never tell a subagent anything you don't want the sellers to know. Maybe you offered $150,000 for a home but are willing to go up to $160,000. That's the type of information subagents would be required to pass on to their clients, the sellers.

3. Disclosed dual agency

In many states, agents and companies can represent both parties in a home sale as long as that relationship is fully disclosed. It's called disclosed dual agency. Because dual agents represent both parties, they can't be protective of and loyal to only you. Dual agents don't owe all the traditional fiduciary duties to clients. Instead, they owe limited fiduciary duties to each party.

Why would you agree to dual agency? Suppose you want to buy a house that's listed for sale by the same real estate brokerage where your buyer's agent works. In that case, the real estate brokerage would be representing both you and the seller and you'd both have to agree to that.

Because there's a potential for conflicts of interest with dual agency, all parties must give their informed consent. In many states, that consent must be in writing.

4. Designated agency

A form of disclosed dual agency, "designated agency" allows two different agents within a single firm to represent the buyer and seller in the same transaction. To avoid conflicts that can arise with dual agency, some managing brokers designate or appoint agents in their company to represent only sellers, or only buyers. But that isn't required for designated agency. A designated, or appointed, agent will give you full representation and represent your best interests.

5. Nonagency relationship

In some states, you can choose not to be represented by an agent. That's referred to as nonagency or working with a transaction broker or facilitator. In general, in nonagency representation, the real estate professional you work with owes you fewer duties than a traditional agency relationship. And those duties vary from state to state. Ask the person you're working with to explain what he or she will and won't do for you.

Other web resources

Dont let last year's tax credit make you think our market in Roanoke VA. is slowing.

Sat, 26 Feb 2011 11:28:50 -0800

About this time last year (Feb., March, April) we were approaching the expiration of the tax credit. You may see numbers in the news reports saying that real estate is down this year over this time last year. Those numbers are seriously affected by the tax credit issue!

Comparing sales numbers this Spring to last Spring is not comparing apples-to-apples. When you *remove* the tax credit from the equation, the graph below shows the home sales trend, and it is up,up,up.

The trend in Roanoke has been on a positive move upwards over the last few months. We are firmly entrenched in a buyers market, interest rates are still low, there are many "discounted" homes still available and inventory is still high.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Move in ready, fresh paint and new carpet. 826 Highland AVE SE, Roanoke, VA 24013

Sat, 26 Feb 2011 11:10:40 -0800

826 Highland AVE SE

ROANOKE, VA

Move in ready, fresh paint and new carpet.

2BR/2BA Single Family House

$89,950

Year Built	1908
Sq Footage	1,374
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	2
Parking	2 Uncovered spaces
Lot Size	3,049 sqft
HOA/Maint	$0 per month

Description

Move in ready, fresh paint and new carpet. Hardwood floors refinished in 2006, entry level bath remodeled in 2008, master bath remodeled 2010. The windows, hvac system, water heater, and kitchen cabinets were all replaced in 2001. Large deck added to front in 2010. Eat in kitchen with laundry room and mud room offer plenty of storage. Off street parking accessed thru alley. Owners want offers, home is sold as-is.

Property Features

Central A/C	Central heat	Walk-in closet
Hardwood floor	Tile floor	Living room
Bonus/Rec room	Dishwasher	Stove/Oven
Laundry area - inside	Balcony, Deck, or Patio	Yard

Other Special Features

Custom list of Forclosure Homes- www.RoanokeRealEstateTeam.com

Additional Photos

Front view	Living room
Kitchen	Bedroom entry level
Bath w/ jetted tub	Upper level Master

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Opportunity for Investors, handyman, or those looking for sweat equity. 1350 Mabry Ave, Roanoke, VA 24014

Sat, 26 Feb 2011 11:06:48 -0800

1350 Mabry Ave

ROANOKE, VA

Opportunity for Investors, handyman, or those looking for sweat equity.

3BR/1BA Single Family House

$60,000

Year Built	1937
Sq Footage	918
Bedrooms	3
Bathrooms	1 full, 0 partial
Floors	Unspecified
Parking	1 Car garage
Lot Size	25,783 sqft
HOA/Maint	$0 per month

Description

Solid home, quiet neighborhood. HUD# 541-576356, all HUD owned homes sold as-is. Offers submitted through www.HUDHomestore.com ask your agent for details.

Property Features

Central A/C	Central heat	Hardwood floor
Living room

Other Special Features

Free Custom Foreclosure Home list, www.RoanokeRealEstateTeam.com

Additional Photos

Front	Living Room
Kitchen	Rear view
Back yard	Garage

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

10 Questions to Ask Home Inspectors when buying a home in Roanoke VA.

Sat, 26 Feb 2011 10:14:20 -0800

10 Questions to Ask Home Inspectors when buying a home in Roanoke VA.

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective home inspectors when buying a home in Roanoke VA:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group's standards of practice and code of ethics online at www.ashi.org or www.nahi.org. ASHI's Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they've completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors' commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What's the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag.

Source: Rob Paterkiewicz, executive director, American Society of Home Inspectors, Des Plaines, Ill., www.ashi.org.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

5 Feng Shui Concepts to Help a Home Sell in Roanoke VA.

Sat, 26 Feb 2011 10:06:47 -0800

5 Feng Shui Concepts to Help a Home Sell in Roanoke VA.

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the "mouth of chi" (chi is the "life force" of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It's also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It's even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Source: Sell Your Home Faster With Feng Shui by Holly Ziegler (Dragon Chi Publications, 2001)

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Want to get rid of clutter & make some money? How to Hold a Successful Garage Sale.

Wed, 23 Feb 2011 09:45:27 -0800

Want to get rid of clutter & make some money? How to Hold a Successful Garage Sale.

Garage sales can be a great way to get rid of clutter - and earn a little extra cash - before you sell your home in Roanoke Virginia. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the market. Follow these tips for a successful sale.

1. Don't wait until the last minute. You don't want to be scrambling to hold a garage sale the week before an open house. Depending on how long you've lived in the home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.

2. Get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city.

3. See if neighbors want to join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it's a group event.

4. Schedule the sale. Sales on Saturdays and Sundays will generate the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.

5. Advertise. Place an ad in free classified papers and Web sites, and in your local newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.

6. Price your goods. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.

7. If it's really junk, don't sell it. Decide what's worth selling and what's not. If it's really garbage, then throw it away. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure something works.)

8. Check for mistakes. Make sure that items you want to keep don't accidentally end up in the garage sale pile.

9. Create an organized display. Lay out your items by category, and display neatly so customers don't have to dig through boxes.

10. Stock up on bags and newspapers. People who buy many small items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.

11. Manage your money. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It's smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.

12. Prepare for your home sale. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it's time to focus on preparing your house for a successful sale!

(courtesy of Realtor.org)

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

10 Ways to Prepare for Homeownership in Roanoke Virginia.

Wed, 23 Feb 2011 09:37:49 -0800

10 Ways to Prepare for Homeownership in Roanoke Virginia.

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.

5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you've saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

(courtesy of Realtor.org)

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Price Reduced in Vinton VA! 3 finished levels, upper level laundry, tons of storage.

Mon, 21 Feb 2011 10:24:52 -0800

968 Colbourne AVE

VINTON, VA

3 finished levels, upper level laundry, tons of storage.

3BR/2+2BA Single Family House

$132,000

Year Built	1965
Sq Footage	2,004
Bedrooms	3
Bathrooms	2 full, 2 partial
Floors	3
Parking	2 Uncovered spaces
Lot Size	.27 acres
HOA/Maint	$0 per month

Description

Large 2 Story, big master suite w/full bath, 2nd floor laundry, flat backyard w/ privacy fencing, eat in kitchen, living room with fireplace, formal dining room, some finished space in lower level.HUD home sold ''as-is'', Case # 541-837901, all bids electronically @ www.HUDHomestore.com, contact info www.MMREM.com, ask your agent for details.

Property Features

Central A/C	Central heat	Fireplace
Hardwood floor	Tile floor	Family room
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Basement
Laundry area - inside	Balcony, Deck, or Patio	Yard

Other Special Features

For information on any HUD owned properties or Foreclosures contact Walter Grewe, Realtor

Video tour: http://www.youtube.com/watch?v=LPnAATIU130

Additional Photos

Street view	Living room w/ fireplace
Large kitchen	Abundant cabinets
Large master w full bath	Lower level famly room

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

2011 Roanoke Virginia Home Buyer Survey.

Fri, 18 Feb 2011 14:06:32 -0800

Please take a moment to fill out the survey of Roanoke area citizens who are thinking of purchasing a home in 2011.

Online Surveys

Thank you for your input.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Spring is coming! Your Guide to Outdoor Maintenance for Roanoke area homeowners.

Wed, 16 Feb 2011 14:33:39 -0800

Your Guide to Outdoor Maintenance for Roanoke area homeowners.

By: Douglas Trattner

Published: February 11, 2010

If you live in the for Roanoke area, prevent problems and preserve the value of your property with proactive outdoor maintenance.

Grading

Maintaining a proper grade or slope away from the home is crucial. But the South's clay-heavy soils can pose challenges to that endeavor, says Bob McDonough, a certified home inspector with Atlanta's National Property Inspections.

"Clay soil shrinks when it dries out, causing the earth to separate from the foundation," he explains. Water that seeps into those cavities can find its way into basements. If it freezes, it can cause cracks in the foundation.

Prevention can be as simple as filling these gaps with soil as soon as they appear. If the soil surrounding the foundation doesn't slope away from the home, additional fill dirt may need to be brought in. Neglecting this task can be expensive: $3,000 or more to stabilize a bowed block foundation, and more than $10,000 to replace it.

Doors and windows

Leaky doors and windows not only decrease a home's comfort and efficiency, they can invite moisture, insects and rot, says McDonough. Routinely check caulking and weather stripping to ensure tight seals. Inspect wood sills and trim for peeling paint, insect damage, and moisture penetration.

Fogging in double-pane windows is a sign that the seal has failed, resulting in the loss of insulating qualities. The window will need to be repaired or replaced. Cracked window panes, missing storms, and ripped screens should be replaced or repaired.

Decks

Decks on Southern homes are often 20 to 30 feet off the ground due to hilly terrain, notes Earl Beahm, president of the Atlanta chapter of the National Association of Certified Home Inspectors. For that reason, safety is paramount. Check to see that railings and stairs are firm and secure. Closely inspect the bolts that connect the deck to the house.

Hammer or screw popped nails and screws back in place. Posts need to be monitored for rot at the soil line. Wood decks benefit from annual cleanings and sealing.

Septic systems

Just because septic systems are underground doesn't mean they can't be monitored from the surface. Trouble typically presents itself in the form of foul odors and visible seepage. An average family of four should have their system inspected and pumped every three to five years.

Air conditioning & heat pump

Air conditioners get a lot of use down South, so it's important to keep them in peak condition. Leaves, debris, and shrubbery allowed to grow too close to the unit can decrease the system's efficiency, notes Patrick Cloninger, a certified home inspector with Knoxville's Pinpoint Home Inspections. Remove loose debris and yard waste, and cut back shrubbery so that it's at least 2 feet away from the unit.

Check to ensure that the concrete pad is level, as a shifting base can damage the unit. Inspect the insulation on the copper refrigerant line, which prevents condensation and increases efficiency. Get the system serviced by a pro every couple years.

Irrigation systems & spigots

In spring, sprinkler heads should be checked for proper working condition. A weak or nonfunctioning sprinkler is likely a sign of a split line or popped connection.

With the system running, examine that all areas of the landscape are receiving equal amounts of spray. Heads that are spraying excessive amounts of water on driveways and sidewalks should be adjusted or replaced. Cost: $3 to $15 per replaced head, $2 to $5 for a coupling to repair a leak. Allow two hours to check the system.

A hard freeze often catches Southerners unprepared. In spring, take care that garden hoses are disconnected in the event of sudden frost. In the fall, exterior spigots should be drained and garden hoses disconnected and stowed. Homeowners with automatic lawn sprinkler systems should drain the lines and shut off the water source. Water that's left in the lines and allowed to freeze can crack hoses or burst pipes.

Fences and gates

Wood fences generally require more attention than their chain-link and vinyl counterparts. Every other year or so the wood should be painted or sealed, unless the wood is left to weather naturally.

All wooden fences should be inspected for rot and insect damage every few months. Popped boards need to be nailed back in place; warped ones should be replaced. Pay special attention to posts, which are susceptible to rot.

Although largely maintenance free, chain-link and vinyl fences should be examined regularly for proper functioning. A sagging panel, crooked door hinge, or misaligned latch likely signals a shifting post. The South's clay-heavy soils have a tendency to expand and contract with changes in moisture content, putting pressure on fence posts. The cost of replacing a post is $7.50 to $15 for a 5-foot cedar post.

Vinyl fences will need to be cleaned at least once a year. Throughout the growing season, remove vegetation with a trimmer along the base of the fence to prevent damage from climbing weeds.

Garages and outbuildings

Vegetation should be pruned at least 3 feet away from buildings to prevent mold, pest infestation, or damage to siding from high winds. Large tree limbs should be trimmed to prevent them from touching the structure. Cost: $15 for a pruning saw and $10 for pruning shears. Allow 1 to 2 hours for pruning.

Inspect the underside of garage and outbuilding roofs for water damage, which can point the way to a roof leak. Small cracks in the foundation should be filled with the appropriate caulk. Maintain a proper grade around the buildings to ensure sufficient drainage. This may require the addition of soil.

Twice a year, check the automatic reverse safety feature on the garage door to make sure it works properly, urges Cloninger. Check to see that the door has no bent casters and that it rolls smoothly in the tracks. Perform a visual check of bolts for snugness. In the case of attached garages, proper weather stripping at the base of the door can greatly improve a home's energy efficiency.

Douglas Trattner has covered household appliances and home improvement for HGTV.com, DIYNetworks, and the Cleveland Plain Dealer. By following a rigorous home maintenance schedule of his own, Doug has managed to keep repair issues at his 1925 Colonial to a minimum.

(Courtesy of HouseLogic.com)

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Roanoke VA. homeowners, want to get the most back on your 2010 tax return? Energy Tax Credit Info.

Wed, 16 Feb 2011 14:18:58 -0800

2011 Energy Tax Credits: What You Need to Know to Collect

By: Donna Fuscaldo

Published: January 26, 2011

Washington is giving you less green for going green, as the feds reel back the 2011 energy tax credits from a lavish $1,500 to a paltry $500.

Other limits on energy tax credits besides $500 max

Credit only extends to 10% of the cost (not the 30% of yesteryear), so you have to spend $5,000 to get $500.

$500 is a lifetime limit. If you pocketed $500 or more in 2009 and 2010 combined, you're not entitled to any more money for energy-efficient improvements in the above seven categories. But if you took $300 in the last two years, for example, you can get up to $200 in 2011.

With some systems, your cap is even lower than $500.

$500 is the max for all qualified improvements combined.

Certain systems capped below $500

No matter how much you spend on some approved items, you'll never get the $500 credit--though you could combine some of these:

System	Cap
New windows	$200 max (and no, not per window-overall)
Advanced main air-circulating fan	$50 max
Qualified natural gas, propane, or oil furnace or hot water boiler	$150 max
Approved electric and geothermal heat pumps; central air-conditioning systems; and natural gas, propane, or oil water heaters	$300 max

And not all products are created equal in the feds' eyes. Improvements have to meet IRS energy-efficiency standards to qualify for the tax credit. In the case of boilers and furnaces, they have to meet the 95 AFUE standard. EnergyStar.gov has the details.

Tax credits cover installation-sometimes

Rule of thumb: If installation is either particularly difficult or critical to safe functioning, the credit will cover labor. Otherwise, not. (Yes, you'd have to be pretty handy to install your own windows and roof, but the feds put these squarely in the "not covered" category.)

Installation covered for:

Biomass stoves

HVAC

Non-solar water heaters

Installation not covered for:

Insulation

Roofs

Windows, doors, and skylights

How to claim the 2011 energy tax credit

Determine if the system you're considering is eligible for the credits. Go to Energy Star's website for detailed descriptions of what's covered; then talk to your vendor.

Save system receipts and manufacturer certifications. You'll need them if the IRS asks for proof.

File IRS Form 5695 with the rest of your tax forms in 2012.

This article provides general information about tax laws and consequences, but isn't intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice, and remember that tax laws may vary by jurisdiction.

Donna Fuscaldo has written about alternative energy for Dow Jones, the Wall Street Journal, and Fox Business News for more than a decade. She is currently renovating her house with an eye toward energy efficiency and green technologies.

(Courtesy of HouseLogic.com)

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

One level living in Hardy VA., open floor plan, fireplace and price reduced $11,500.

Tue, 08 Feb 2011 13:09:41 -0800

310 Carriage Dr.

HARDY, VA

One level living, open floor plan, quiet cul de sac. Over $35,000 below tax assessment.

3BR/2BA Single Family House

$104,976

Year Built	1980
Sq Footage	1,737
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	4 Uncovered spaces
Lot Size	.5 acres
HOA/Maint	$0 per month

Description

Open floor plan brick ranch, tile flooring in kitchen , hardwoods and fireplace in living room. Family room with french doors and seperate laundry room. Large oak trees surround this home. Set back from the road at the end of a quiet cul-de-sac.
HUD owned case# 541-752683, home sold as-is. Ask your agent for details. Submit offers for this property at www.HUDHomeStore.com, www.mmrem.com asset manager

Property Features

Central A/C	Central heat	Fireplace
Hardwood floor	Family room	Living room
Dishwasher	Refrigerator	Laundry area - inside
Balcony, Deck, or Patio	Yard

Other Special Features

For more information on any other foreclosure property email Walter.Grewe@LongAndFoster.com

Additional Photos

Street view	front yard
back view	open floor plan
plenty of cabinet space	living room w/ fireplace

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

HUD owned property; 4306 Fork Mountain RD , Rocky Mount , VA 24151

Mon, 17 Jan 2011 12:00:05 -0800

4306 Fork Mountain RD

ROCKY MOUNT, VA

Large home, 1.9 acres, quiet country setting

3BR/2BA Manufactured

$57,800

Year Built	1997
Sq Footage	1,186
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	3 Uncovered spaces
Lot Size	1.9 acres
HOA/Maint	$0 per month

Description

Large open area, quiet country setting, deck, storage bldg, open floor plan, master suite w/ full bath. HUD home sold as-is, case #541-486569, www.MMREM.com, all bids submitted at www.HUDHOMESTORE.com Ask your agent for assistance.

Property Features

Central A/C	Central heat	Fireplace
Living room	Dining room	Dishwasher
Laundry area - inside	Balcony, Deck, or Patio	Yard

Other Special Features

For more information on any HUD homes or Foreclosed properties visit , www.RoanokeRealEstateTeam.com

Additional Photos

Street view	living room w/ fireplace
Kitchen	Master bedroom
Master bath	backyard

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Here is the lowdown on the market in Roanoke VA.

Mon, 17 Jan 2011 11:42:28 -0800

Here is the lowdown on the market in Roanoke VA.

The graph belows show how many months it would take to sell all of the homes currently for sale in the Roanoke Valley Association of Realtors multiple listing service.

Currently we are running at a 15 month supply, down from a 16.5 month supply in September 2010.

The graphic below shows the effect of absorption rate on home values. Making sure your home is priced correctly is extremely important is this type of market.

If your home is currently listed for sale in Roanoke VA you should be getting a comparable market analysis on a monthly basis to make sure your home is priced correctly. The competition from short sales and foreclosures creates a constantly moving target price and you as a home seller need to be made aware of the most recent sales in your area.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

8 Tips for Finding Your New Home in Roanoke, VA.

Sun, 09 Jan 2011 14:43:53 -0800

Article courtesy of Houselogic.com

8 Tips for Finding Your New Home in Roanoke VA.

By: G. M. Filisko

Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you're leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you'd like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you'd like to view.

3. Get your finances in order

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you're comfortable spending each month on housing. Don't wait until you've found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you're eligible to borrow. The lender won't necessarily consider the extra fees you'll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you're comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you'll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term

Your future plans may dictate the type of home you'll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you'll still love years from now.

6. Work with a REALTOR®

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you're interested in. Because homebuying triggers many emotions, consider whether an agent's style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers' reps work only for you even though they're typically paid by the seller. Finally, check whether agents are REALTORS®, which means they're members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic

It's OK to be picky about the home and neighborhood you want, but don't be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don't be so swayed by a "wow" feature that you forget about other issues-like noise levels-that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there's no such thing as the perfect home.

8. Limit the opinions you solicit

It's natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you've identified as important.

More from HouseLogic

HOAs: What You Need to Know About Rules

A Financial Plan for Your Home

When It Pays to Do It Yourself

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

One level living, open floor plan, quiet cul de sac. Over $25,000 below tax assessment!

Sat, 08 Jan 2011 18:31:21 -0800

One level living, open floor plan, quiet cul de sac. Over $25,000 below tax assessment.

Open floor plan brick ranch, tile flooring in kitchen , hardwoods and fireplace in living room. Family room with french doors and seperate laundry room. Large oak trees surround this home. Set back from the road at the end of a quiet cul-de-sac. HUD owned case# 541-752683, home sold as-is. Ask your agent for details. Submit offers for this property at www.HUDHomeStore.com, www.mmrem.com asset manager.

310 Carriage Dr., Hardy, VA

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

3 finished levels, upper level laundry, tons of storage, 968 Colbourne AVE, Vinton, VA

Sat, 08 Jan 2011 18:21:44 -0800

968 Colbourne AVE

VINTON, VA

3 finished levels, upper level laundry, tons of storage.

3BR/2+2BA Single Family House

$150,000

Year Built	1965
Sq Footage	2,004
Bedrooms	3
Bathrooms	2 full, 2 partial
Floors	3
Parking	2 Uncovered spaces
Lot Size	.27 acres
HOA/Maint	$0 per month

Description

Property Features

Central A/C	Central heat	Fireplace
Hardwood floor	Tile floor	Family room
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Basement
Laundry area - inside	Balcony, Deck, or Patio	Yard

Other Special Features

For information on any HUD owned properties or Foreclosures contact Walter Grewe, Realtor

Video tour: http://www.youtube.com/watch?v=LPnAATIU130

Additional Photos

Street view	Living room w/ fireplace
Large kitchen	Abundant cabinets
Large master w full bath	Lower level famly room

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Roanoke Virginia split level home, 4 bedroom, 2 bath, beautiful views, $60,000 below tax assessment!

Thu, 16 Dec 2010 21:04:36 -0800

Roanoke Virginia split level home, 4 bedroom, 2 bath, beautiful views, $60,000 below tax assessment!

2429 Broad St

ROANOKE, VA

HUD owned property, list price $64,000 below tax assessment!

4BR/2BA Single Family House

$72,000

Year Built	1957
Sq Footage	1,484
Bedrooms	4
Bathrooms	2 full, 0 partial
Floors	2
Parking	1 Car garage
Lot Size	.41 acres
HOA/Maint	$0 per month

Description

Great view, in need of rehabilitation through out. Price is a reflection of condition, home is listed $64,000 below tax assessment. Sold as-is, HUD case# 541-489053, submit offers through www.HUDHomeStore.com, ask your agent for details. Asset manager www.mmrem.com

Property Features

Fireplace	High/Vaulted ceiling	Living room
Basement	Balcony, Deck, or Patio

Other Special Features

For more information on this home or any other HUD owned home email me.

Additional Photos

Street view	view from deck
vaulted ceiling & 3 sided	lower level fireplace
main bath	wooded back yard

Contact Info

Walter Grewe III, Realtor

Long & Foster Realtors

Licensed in Virginia

walter.grewe@longandfoster.com

(540) 537-9281

For sale by agent/broker

Equal Opportunity Housing

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Salem Virginia Market Minute for November 2010, courtesy of Long & Foster Realtors

Thu, 16 Dec 2010 12:03:40 -0800

Salem Virginia Market Minute for November 2010, courtesy of Long & Foster Realtors If you are thinking of buying or selling a home in Salem Virginia here is the most recent real estate market information. Salem Virginia has a highly regarded school system and is a popular place to live in the Roanoke Valley area of Virginia.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

Market Minute Report-Roanoke County , courtesy of Long & Foster Roanoke North.

Thu, 16 Dec 2010 11:01:40 -0800

Market Minute Report-Roanoke County , courtesy of Long & Foster Roanoke North.

If you have interest in the Roanoke Virigina real estate market than here is the Market Minute Report for Roanoke County, Virginia.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification

www.RoanokeRealEstateTeam.com

If You are Facing Foreclosure in Roanoke This is What to Do Right Now

Mon, 13 Dec 2010 11:05:46 -0800

If You are Facing Foreclosure in Roanoke This is What to Do Right Now

(Courtesy of HouseLogic.com)

By: Jerry DeMuth

Published: February 5, 2010

If you're facing foreclosure, don't panic: Take steps right now to save your home or at least lessen the blow of its loss.

Foreclosure process takes time

The entire foreclosure process can take anywhere from two to 12 months, depending on how fast your lender acts and where you live. Some states allow a nonjudicial process that's speedier, while others require time-consuming judicial proceedings.

Once you miss at least one mortgage payment, the steps leading up to an actual foreclosure sale can include demand letters, notices of default, a recorded notice of foreclosure, publication of the debt, and the scheduling of a foreclosure auction. Even when an auction is scheduled, however, it may never occur, or it may occur but a qualified buyer doesn't materialize.

Bottom line: Foreclosure can be a long slog, which gives you enough time to come up with an alternative. Meantime, if your goal is to salvage your home, think about keeping up with payments for homeowners insurance and property taxes. Otherwise, you could compound your problems by getting hit with an uncovered casualty loss or liability suit, or tax liens.

Read the fine print

Start by reviewing all correspondence you've received from your lender. The letters--and phone calls--probably began once you were 30 days past due. Also review your mortgage documents, which should outline what steps your lender can take. For instance, is there a "power of sale" clause that authorizes the sale of your home to pay off a mortgage after you miss payments?

Determine the specific foreclosure laws for your state. What's the timeline? Do you have "right of redemption," essentially a grace period in which you can reverse a foreclosure? Are deficiency judgments that hold you responsible for the difference between what your home sells for and your loan's outstanding balance allowed? Get answers.

Pick up the phone

Don't give up because you missed a mortgage payment or two and received a notice of default. Foreclosure isn't a foregone conclusion, but it's heading in that direction if you don't call your lender. Dial the number on your mortgage statement, and ask for the Loss Mitigation Department. You might stay on hold for a while, but don't hang up. Once you do get someone on the line, take notes and record names.

The next call should be to a foreclosure avoidance counselor approved by the U.S. Department of Housing and Urban Development. One of these counselors can, free of charge, explain your state's foreclosure laws, discuss alternatives to foreclosure, help you organize financial documents, and even represent you in negotiations with your lender. Be wary of unsolicited offers of help, since foreclosure rescue scams are common.

Be sure to let your lender know that you're working with a counselor. Not only does it demonstrate your resolve, but according to NeighborWorks, homeowners who receive foreclosure counseling are 1.6 times more likely to avoid losing their homes than those who don't. Homeowners who receive loan modifications with the help of a counselor also reduce monthly mortgage payments by $454 more than homeowners who receive a modification without the aid of a counselor.

Lender alternatives to foreclosure

Hope Now, an alliance of mortgage companies and housing counselors, can aid homeowners facing foreclosure. A self-assessment tool will give you an idea whether you might be eligible for help from your lender, and there are direct links to HUD-approved counseling agencies and lenders' foreclosure-prevention programs.

There are alternatives to foreclosure that your lender might accept. The most attractive option that'll allow you to keep your home is a loan modification that reduces your monthly payment. A modification can entail lowering the interest rate, changing a loan from an adjustable rate to a fixed rate, extending the term of a loan, or eliminating past-due balances. Another option, forbearance, can temporarily suspend payments, though the amount will likely be tacked on to the end of the loan.

If you're unable to make even reduced payments, and assuming a conventional sale isn't possible, then it may be best to turn your home over to your lender before a foreclosure is completed. A completed foreclosure can decimate a credit score, which will make it hard not only to purchase another home someday, but not impossible: The foreclosure disappears within 7 years or even less, especially if there are extenuating circumstances.

The more quickly you get steady employment and repair your credit score, the more quickly you'll be eligible to buy a home again. It also may be difficult to rent a home in the short term, but your HUD counselor may be able to offer help.

But you're better off if your lender can approve a short sale, in which the proceeds are less than what's still owed on your mortgage. A deed in lieu of foreclosure, which amounts to handing over your keys to your lender, is another good possibility.

Although a deed in lieu of foreclosure or short sale will have virtually the same effect on your credit score as a foreclosure, you will likely be able to buy another home more quickly than if you go through a foreclosure. The earlier you begin talks with your lender, the more likelihood of success.

Explore government programs

The federal government's Making Home Affordable program offers two options: loan modification and refinancing. A self-assessment will indicate which option might be right for you, but you need to apply for the program through your lender. A Making Home Affordable loan modification requires a three-month trial period before it can become permanent.

Fannie Mae and Freddie Mac have their own foreclosure-prevention programs as well. Check to determine if either Fannie or Freddie owns your mortgage. Present this information to your lender and your counselor. Fannie and Freddie also have rental programs under which former owners can remain in recently foreclosed homes on a month-to-month basis.

The federal Home Affordable Foreclosure Alternatives program, which takes full effect in April 2010, offers lenders financial incentives to approve short sales and deeds in lieu of foreclosure. It also provides $3,000 in relocation assistance to borrowers. Again, talk to your lender and counselor.

Jerry DeMuth has written about mortgages and other financial issues for more than two decades for trade publications, major newspapers, and consumer magazines. His writing has received four awards and has been included in eight non-fiction books.

Walter Grewe III, Realtor, SFR, Accredited REO Agent^TM

Get the best results with the least hassle when buying or selling a home.

(540) 537 9281 Long & Foster Realtors, Roanoke North Office
Visit NAR's Short Sales and Foreclosure Resource Certification