Time is ticking away…. only a few days left until the November 30th deadline. After that the $8,000 tax credit for first time homebuyers will expire. It’s been so inspiring seeing very young couples purchase their first home for a great price, with a low mortgage payment. In many cases, their new mortgage payment is less than what they were paying for rent. In 10 years, they will look back on their decision to buy today, when prices and interest rates were low, as one of the wisest financial decision they ever made. It is a decision that is giving them dignity and financial stability.

Sometimes, people who have never purchased a home are a little intimidated by the thought. . .or they think that it just isn’t meant for them. Nothing could be further from the truth. Don’t let this opportunity slip by. . after all – it isn’t everyday that $8000 dollars walks up and tries to get into your pocket!

Anyway. . give it some serious thought and give me a call, (Carol McCarthy 703 338 1129 – caroling1@verizon.net) I can show you how it’s possible. As is always the case, I will only do what is in your best interest. . .because it is never about me. . .as I like to say: IT’S ABOUT YOU! I hope you had a great summer and I look forward to your call or let’s just get together for some coffee! I’d like that.

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By ALAN ZIBEL (AP) – 4 days ago

WASHINGTON — Sales of new homes surged 9.6 percent in July, another sign the housing market is climbing back from the historic bottom it reached early this year. Driven by falling prices, the fourth-straight monthly increase was greater than expected.

The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, but are still off nearly 70 percent from the frenzied peak four years ago.

The median sales price of $210,100, however, was down slightly from $210,400 in June and was off 11.5 percent from year-ago levels. Prices are still up from March’s low of $205,100.

Last month’s sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units. Continue reading »

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This is a very informative video about the real estate trends in the Washington DC Metro area, including Prince William County. Overall, the trends are looking good for the housing market in Northern Virginia and in Prince William County. Take a few moments to view this video. Continue reading »

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If you are in the market for a green home, there are several things that you will want to keep in mind. First, what is around your potential new home is as important an aspect to a green home as the features that help you consume less energy on a daily basis. If your home is in an area where you can walk to get everything you need, then it is much more likely to classify as a eco building than a house far in the country that requires long drives to get anywhere. By having everything that you need nearby, you will be able to save gasoline, time, and funding.

There is also a growing trend for people desiring a completely self-sufficient green home. These homes have large gardens that produce enough food to feed a small family without issue. They may be powered on solar energy or by a small water mill located directly on the property. However, they have one interesting thing in common: these green homes are off the power grid. By not being linked to the grid, they do not contribute to the growing problem of high energy consumption. For those who are truly interested in eco homes, this may be the style of home desired.

If you want to be somewhere between the well located home and a self-sufficient house, you will want to look into an Energy Star home. These are e.g. energy homes and are designed to require as little energy as possible to stay cool in the summer and warm in the winter. By removing the need for as much heating and air conditioning, as well as using on the best of appliances, you can significantly reduce the amount of money spent on electricity. As you cut down the amount of electricity used, you can contribute to lowering the energy requirements for your area. The downside to this type of green home is that they can cost quite a lot to get set up. This extra investment does pay off down the road, however.

Owning a green home is not the only thing that you can do to help the environment. Purchase products that are certified as doing little damage to the environment when it was made. Purchase cleaning supplies that are biodegradable and do not cause lasting harm to the waterways and the life that lives in those waters. Boycott products that harm the environment. If you do your part by owning a green home, you can be a living example that it can be done without sacrificing comfort and ease of living.

Timothy Greensland

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By Carol McCarthy, Realtor, ABR, Exit 1st Choice Realty of Woodbridge, Virginia

A few months ago, HVCC (Home Valuation Code of Conduct) was implemented for Conventional loans which wreaked havoc on many pending transactions. What is the HVCC, you may ask? It is a rule that Congress imposed on the Real Estate and Mortgage industry thinking that they were fixing a problem without consulting those with boots on the ground. Essentially, the point was to prevent any direct communication between an appraiser and Mortgage Lenders or Real Estate agents while appraising a property under contract. However, in addition to this, the appraisers now couldn’t be hired directly by the lender and, instead could only be hired by an Appraisal Management Company, who often were hiring less experienced appraisers  not familiar with the subject area.

I had such an experience while representing sellers of a beautiful, well maintained, 5 year old custom built house. The appraisal came in $30,000 too low. It was a serious blow to everyone, especially the sellers who were already bringing money to the table. It was also a problem for the purchasers who had locked in a loan at a very low interest rate. It would be a big financial hit for them to start house hunting all over again when interest rates had risen.

The appraiser was hired by an Appraisal Management Company for $250. The usual pre-HVCC fee for an appraiser had been around $400-that would be paid directly to the appraiser. However, under the new HVCC arrangement, in addition to a much lower fee for the appraiser, a portion of that $250 had to be shared with the Appraisal Management Company. It’s obvious that the experienced appraisers are not going to work for perhaps $175 instead of $400. This, inadvertently, drives the more capable, experienced appraisers out and nobody wins when that happens.

Case in point, in the circumstance that I experienced, the appraiser was comparing my seller’s property to three other distressed properties nearby, which of course, was a seriously flawed comparison. Fortunately, I had been inside two of those properties while showing houses to other clients. As a result,  I was well aware of their condition; missing appliances, flooring, holes in the wall etc.

Faced with this flawed appraisal, and desperate for a recourse, I discovered that there is a method in place to dispute such appraisals. In order to bring things to an equitable close, however, it is of vital importance that you have all your facts together and on paper. Oh, and make sure you check your emotions at the door. . .in other words, “the appraiser is an idiot” is not one of the facts you need to bring forth.

Once you have your t’s crossed and i’s dotted, everything is then presented to the lender who will then submit it to the Appraisal Management Company. In my case, to garner a few more brownie points, I prepared a spread sheet with comments clearly describing the condition of the distressed properties. I did this, also, because I was sure the appraiser hadn’t taken the time to assess those properties from the inside. I asserted that if those distressed properties were to be used as comparables, then there had to be compensation for their distressed condition. In lieu of that, I offered a more expedient and reasonable course.  I simply proposed that we substitute the distressed properties with other properties more comparable, outside and inside,  to my client’s property.

It worked! The new appraisal came in $2,000 over sales price! The settlement was delayed a week, but it went through, albeit with 2 agents having gained a few more gray hairs!

The positive part of this scenario, was that, except for the appraiser, all parties were extremely cooperative. The buyers and sellers were very empathetic with one another, as well as the agents and the lender.

So, after this long story, we’ve recently learned that FHA loans won’t be bound by the rules of the HVCC! . . .and thus, we breathe our sigh of relief!

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Purchasing property in Spain has received considerable negative press lately which you have undoubtedly read about if you have considered buying property in this region. Buyers have in the past been caught in legal traps and lost their deposits in dealing with developers lacking scruples. If Spanish laws are made very clear, buying property in Spain can be a safe investment. An expert on mortgages for Spanish property can highlight many issues before you get too far into the process. An example of a company who offers this service is Your Spanish Mortgage. Here is a look at the news ways of buying property in Spain.

“Horror Stories” only exist because people fail to follow the law or they have failed to educate themselves about the law. If one would educate themselves about the law they would not incur these “horror stories”. Contrary to the past, Spain now has laws that better protect future property buyers. Most people and businesses accept the changes and understand them, meaning more agents and businesses are aiming to help you rather than to cheat you.

Something to keep in mind is that lawyers working in Spain can work for the buyer and the seller, so they may not put your needs first. Your lawyer will provide you the most unbiased support, not your seller.

- If you want someone to work on your behalf, the estate agent is not the right choice. Almost all estate agents will work in the interests of those that pay them, that is, the seller or the developer.

- Certain developers offer to pay a larger fraction of the selling price than others. Agents are not always thinking about what is best for you when many times they have their own financial needs to worry about.

With wise counsel, there is no reason you should fall prey to any of these problems. In order to set your mind at ease, and make sure the right person is watching out for your interests, its important to make sure your asking the right questions.

Private purchase contracts that are written without errors will lend you the sufficient legal protection needed. Standard seller purchase contracts do not, despite being the more common option in most cases.

Viewing properties abroad is difficult and many don’t understand the specific area or local stipulations. The more you can learn about the process, the better off you will be.

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