WHY AN INDEPENDENT HOME INSPECTION IS ESPECIALLY IMPORTANT FOR NEW HOME CONSTRUCTION!

WHY AN INDEPENDENT HOME INSPECTION IS ESPECIALLY IMPORTANT FOR NEW HOME CONSTRUCTION!
What about “soil settlement”??

We know why many new home buyers do not engage the services of a home inspector when purchasing new construction.  Some reasons we’ve heard include:

“The builder’s sales person said I don’t need a home inspector because the county inspects.”
“I shouldn’t have to spend that money.”
“Everything is NEW and has the new home/appliance warranties.”
“I don’t want to spend the money.”

New home buyers don’t always understand that county inspections are primarily for safely and rarely identify poor construction techniques.

Inspired by an article by Jay Markanich  about a recent new construction home inspection.  Slip Joints Below Grade Are Leakers!  

HOME BUYERS SHOULD NOT WAIT FOR THE PRE-SETTLEMENT WALK-THROUGH TO Home Inspections

HAVE THE HOME INSPECTED BY AN INDEPENDENT HOME INSPECTOR

Jay provides an excellent reason for new home buyers to employ the services of a knowledgeable and experienced home inspector during the construction phase of a new home and not wait for the “pre-settlement walk-through“. 

In the case of the defects noted by Jay in his article, by avoiding the pre-drywall inspection, these defects and any defects that could have been hidden by the final layer of soil and final grading and sod or seed.  These defects would NOT have been discovered.

Jay also says, “and if there is soil settlement”.   I would amend that statement to “WHEN THERE IS SOIL SETTLEMENT”.  I view few homes more than a few short years old that do not exhibit some degree of soil settlement. 

FACT:  MANY NEW HOMES ARE CONSTRUCTED ON “FILL”. 
FACT:  FILL WILL SETTLE.
FACT:  IN SOME AREAS, SINK HOLES ARE A HIGH RISK.
FACT:  THE EARTH MOVES!!!

MOUNDING of the home site is popular in many luxury and semi-luxury communities.  See below.

Home on mounded lot

This home site has been “mounded” to about 5 feet above street level.  This grading practice provides a more attractive view of the home from the road and surrounding area.  With the exception of communities with hills or cliffs, in areas of level typography, mounding is very popular.  Builders use the dirt excavated for the basement foundation to mound the home site by 1-6 feet. 

Over the years, I’ve observed many homes where the contiguous surrounding soil has:
SUNK from 1-6 inches,
Pulled away from the foundation leaving gaps of 2-6 inches,
Developed sink holes in close proximity to the structure,

What can a home buyer do to persuade the builder that the final grading is insufficient?? 

USE THE SERVICES OF A COMPETENT AND EXPERIENCED HOME INSPECTOR who will put in writing these serious grading defects. 

While there is no inspection contingency in a new home contract, my experience is that builders are likely to make the corrections if they have a written report. The safest and easiest practice for a new home buyer is to engage a home inspection service in the beginning of the construction process so any defects can be identified while they are easily corrected. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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WE ARE BUYERS AGENTS IN LOUDOUN COUNTY VIRGINIA.  WE KNOW LOUDOUN COUNTY REAL ESTATE, NEW AND RESALES.  Our way of saying THANKS to our home buyers is a 1% Cash to You REBATE at settlement. 

WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia for over 25 years.  We provide buyers with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,  
* Comparative Market Analysis for homes under consideration,
* Experienced financial analysis to help you understand different loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.

Lenn      search     

Lenn Harley, Broker, Homefinders.com, 800-711-7988

HOMEFINDERS VIDEO 

For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com.  We’ll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer’s Agents in the area. 

ASK ABOUT THE HOMEFINDERS.COM HOME BUYER’S REBATE OF 1% OF THE PURCHASE PRICE OF THE HOME YOU DECIDE TO BUY – ANYWHERE IN LOUDOUN COUNTY, VIRGINIA.

Lovettsville Homes and real estate
Loudoun County Homes and Real Estate

New Homes Loudoun County VA
Leesburg Real Estate

http://www.youtube.com/user/HomefindersRealtors

GARAGE TOWN HOMES IN LOUDOUN COUNTY – and HISTORY OF THE “GARAGE TOWN HOME”.

one car garage towns

GARAGE TOWN HOMES IN LOUDOUN COUNTY – and HISTORY OF THE “GARAGE TOWN HOME”.

Do you remember the townhomes constructed in the 1970s, 1980s and 1990s???  I do.  2 levels built on a slab OR 3 levels built on a basement foundation with 2 levels out of the ground. 

The homes pictured below are typical of the moderately priced homes constructed with 2 levels out of the ground and a basement foundation (finished or unfinished).  If the lot was appropriate for a level WALK-OUT basement THAT WAS A DEFINATE SELLING FEATURE. 

However, with the style seen below, there is no way to integrate a garage on the main level without losing valuable liveable square feet.  We do know of 2 level town houses with an integrated garage on the ground/main level.  However, they are quite large in terms of square feet and priced far above the price that attracts most buyers to town homes. 

These homes were a modest 500-650 square feet per level and a finished basement could bring the total finished square feet up to a comfortable 1,650 square feet.  These homes sold well because they were priced about 2/3 of the average prices of single family detached homes in the same community/area.  

The homes were priced right for buyers not ready for the price of the larger detached models.  They were and still are popular with owners who don’t want yard maintenance.  In our experience the prime reason buyers select the townhomes are PRICE. 

There are 314 Town Homes for sale in Loudoun County TODAY.  See ALL listings HERE.  The Call Lenn.
We can help, 800-711-7988.

 

Two Level Town Homes in Loudoun County VA

Average Price for a town home in Loudoun County with no garage is $$239,375.

ENTER THE 3 LEVEL TOWN HOME CONSTRUCTED WITH 3 LEVELS ABOVE GROUND.  A dramatic change in town home styles evolved in about 1980.  Builders introduced town home designs with 3 level above grade and the garage, one or two car models, on the lower level.  No basement foundations.  They are constructed on a slab.  As can be seen in the photo below, the MAIN LEVEL is actually UP one level. 

The models shown below are about 1500 square feet on the top two levels plus another 500 finished space on the lower (garage or ground level) brings the liveable square feet up to about 2,000 to 2,200 square feet.  Depending on the width and we’ve seen models that were 30 feet wide and 40 feet deep offering an easy 2,400 square feet plus another 600-700 square feet on the ground or garage level.  That’s a more than comfortable 3,000 + square feet of liveable square feet. 

These homes sell because, for the liveable square feet available, they are still priced lower then single family detached in the same area, even with comparable square feet.  The town homes are always going to be priced lower than comparable singles due to the lower LOT COSTS.

 

2 Car Garages in Loudoun County VA

Average Price for a two car garage town home in Loudoun County is $$399,799.

OTHER MODELS INCLUDE THE ONE CAR GARAGE MODELS WHICH ARE PRICED LOWER THAN THE AVERABLE 2 CAR GARAGE MODELS.  Notice the width of the one car models below.  The narrower width provides for less square feet and a much lower base price than the wider 2 car garage models. 

 

 

Average Price for a town homes with a one car garage in Loudoun County is $306,762.

SOLD DATA FOR December 1, 2011 through January 31, 2012 show the following statistics.

 

# Garages # SOLD                SOLD $             .    Built
                           
No Garage 31 $239,375 1988
1 Car Garage 25 $306,762 2000
2 Car Garage 43 $399,799 2007

The statistics show that homes with no garage are older and sell for less.
The homes with a one car garage were built later and sell for more.
The homes with a two car garage were built even later and sell for even more.

QUESTIONS ABOUT THE TOWNHOME MARKET in LOUDOUN COUNTY, VIRGINIA?  Just call Lenn, 800-711-7988.

 

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WE ARE BUYERS AGENTS IN LOUDOUN COUNTY VIRGINIA.  WE KNOW LOUDOUN COUNTY REAL ESTATE, NEW AND RESALES.  Our way of saying THANKS to our home buyers is a 1% Cash to You REBATE at settlement. 

WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia for over 25 years.  We provide buyers with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,  
* Comparative Market Analysis for homes under consideration,
* Experienced financial analysis to help you understand different loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.

Lenn      search     

Lenn Harley, Broker, Homefinders.com, 800-711-7988

HOMEFINDERS VIDEO 

For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com.  We’ll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer’s Agents in the area.   

ASK ABOUT THE HOMEFINDERS.COM HOME BUYER’S REBATE OF 1% OF THE PURCHASE PRICE OF THE HOME YOU DECIDE TO BUY – ANYWHERE IN LOUDOUN COUNTY, VIRGINIA.

Lovettsville Homes and real estate
Loudoun County Homes and Real Estate

New Homes Loudoun County VA
Leesburg Real Estate

http://www.youtube.com/user/HomefindersRealtors

WHY WE PLACE A ONE YEAR HOME WARRANTY ON ALL RESALE HOMES WE SELL.

WHY WE PLACE A ONE YEAR HOME WARRANTY ON ALL RESALE HOMES WE SELL.

Because it protects the home buyer from unexpected repair costs when appliances, plumbing, electrical, heating or cooling systems fail following settlement.

Over the years our home buyers have had repaired or replaced – -

Water Heater (replaced)
Air Conditioner condenser (two year old system
Air Conditioner (10 year old system)
Heat Pump (Replaced)
Heat Pump (Repaired)
Plumbing leak in toilet drain
Swimming Pool Circulating Motor
Oven Door
Refrigerator Ice Maker
Refrigerator Mother Board Control
Well Pump

 

When the home buyer’s newly purchased home is covered by a warranty at settlement, they can sleep at night knowing that in case of an emergency failure in their home, they have an 800# to call for help. 

Making sure our home buyers are protected has been our practice since 1994 when I left the mega brokerage and was free to pay for the warranty myself if the seller didn’t agree to pay. 

This practice was especially helpful during the years 2004 through 2006 when sellers were rarely willing to pay for the warranty. 

Another reason every resale home is covered by the warranty?? 

RISK REDUCTION

Since a large percentage of lawsuits by home buyers following settlement are related to property defects, the Home Warranty is the real estate broker’s first line of defense.

If the new owner can get repairs made with little cost to themselves, litigation can be avoided.  

This is good risk reduction for the listing agent, the buyer’s agent, the seller and, of course, THE HOME BUYER. 

Caution to agents.  The Home Warranty is not to be used for items discovered in a home inspection.  The home warranty company assumes that the property is in good condition AS OF THE DATE OF SETTLEMENT. 

                                      In Good Hands

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.  Serving home buyers in Maryland and Northern Virginia.

Homes for Rent in Loudoun County, Virginia – Single Family Residential

Homes for Rent in Loudoun County, Virginia – Single Family Residential

Homes for Rent in Loudoun County, Virginia – Single Family Residential

There are 91 Single Family Homes for rent in Loudoun County as of January 30, 2012. 
To view the complete listings, many with multiple photos, CLICK HERE.

Town # For Rent Price Ranges
Aldie 2 Homes $1,100 to $2,450
Ashburn 11 Homes $1,000 to $4,000
Bluemont 1 Home $1,650-$1,650
Chantilly 4 Homes $2,995 to $3,799
Hamilton 6 Homes $1,500 to $4,900
Lees 24 Homes $1,095 to $5,500
Lovettsville 5 Homes $825 to $3,900
Middleburg 3 Homes $1,550 to $4,900
Paeonian Springs 1 Homes $2,800-$2,800
Purcellville 12 Homes $1,200 to $3,250
South Riding 3 Homes $2,600 to $3,500
Sterling 12 Homes $1,900 to $3,900
Waterford 3 Homes $850 to $4,500

FOR A TOUR OF HOMES FOR RENT IN LOUDOUN COUNTY, just give us a call and our rental specialist will arrange appointments, application and assist your with qualification and lease agreement, 800-711-7988.

Homes for rent in Loudoun County will include newer built, 2-5 years old to the older homes in towns throughout Loudoun County.

Leesburg Historic Estate Home   Leesburg Historic Home       Leesburg Historic Main Street    
             

 

 
 
ALDIE - New Homes Summer   ALDIE - New Homes Summer   ALDIE - New Homes Summer   ALDIE - New Homes Summer    
             

WELCOME TO LOUDOUN COUNTY HOMES AND REAL ESTATE

 
Loudoun County Map
 

Would you like to take a tour of homes for rent or for sale in Loudoun County in your price range??? Just tour the properties for sale on HOMEFINDERS-SEARCH.COM  and you can select the homes to visit. We’ll make the appointment and show you homes throughout Loudoun County in your price and home style or type of your choice.

Aldie, Arcola, Ashburn, Brambleton, Bluemont, Cascades, Chantilly, Country Side, Dulles Greenway, Hamilton, Hillsboro, Lansdowne, Leesburg, Lincoln, Lovettsville, Lucketts, Middleburg , Neersville, Paeonian Springs, Philomont, Potomac Falls, Purcellville, Round Hill, South Riding, Sterling, Taylorstown, Waterford

20105, 20107, 20117, 20118, 20129, 20132, 20134, 20141, 20142, 20146, 20147, 20148, 20152, 20152, 20158, 20159, 20160, 20163, 20164, 20165, 20166, 20166, 20167, 20175, 20176, 20177, 20178,20180,20197

Courtesy, Lenn Harley
Broker, Homefinders.com
800-711-7988
 
 
Lenn
 
WE CAN HELP

New Townhomes for Sale in Clarksburg MD – $1,000 Buyer REBATE! – 2 Levels, 3 Bedrooms, 2 Full Baths, Immediate Delivery, $155,000, Closing Help.

New Townhomes for Sale in Clarksburg MD – $1,000 Buyer REBATE! – 2 Levels, 3 Bedrooms, 2 Full Baths, Immediate Delivery, $155,000, Closing Help. 

HOMEFINDERS.COM real estate services are FREE to home buyers! 

Clarksburg Townhomes for sale – MPDU pricing with no income restrictions.  Call Lenn for more information.

 

SEE MORE PHOTOS OF NEW TOWNHOMES FOR SALE here

These new townhomes are available NOW for immediate delivery.  To tour these homes, contact
Lenn Harley, Broker, Homefinders.com, 800-711-7988 to register for the Homefinders.com $1,000 home buyer REBATE.

FANTASTIC OPPORTUNITY to buy a brand new Townhouse Condo in Clarksburg MD at a greatly DISCOUNTED price.  You won’t believe the style, comfort and convenience offered by the builder in these lovely new homes.

Two complete levels with
Ground level:  Foyer, Living Room, Kitchen/Dining, Bedroom #3/Office/Den, Full Bath – All on main level.
Lower level:  Master Bedroom, Bedroom #2, Recreation Room (with exit to back yard, Full Bath, Mechanicals.

ALL IN CLARKSBURG WITH MONTGOMERY PUBLIC SCHOOLS

Little Bennett Elementary School
Rocky Hill Middle School
Clarksburg High School

 

Exterior views of Townhomes with a variety of styles.

   

Foyer entrance, Spacious Living Room, Kitchen – Dining Area, Pantry.

   

FOR MORE INFORMATION or to register for the HOMEFINDERS.COM, $1000 home buyer REBATE, call Lenn Harley, Broker, Homefinders.com, 800-711-7988.  WE CAN HELP!!

New Townhomes for Sale in Clarksburg MD – $1,000 Buyer REBATE! – 2 Levels, 3 Bedrooms, 2 Full Baths, Immediate Delivery, $155,000, Closing Help. 

                              

 

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To tour other homes for sale in Montgomery County, visit the Homefinders.com Residential Home Search Web Page HERE. 

 

WE ARE BUYERS AGENTS IN MONTGOMERY COUNTY MARYLAND.  WE KNOW MONTGOMERY COUNTY REAL ESTATE, NEW AND RESALES.    

WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia for over 25 years.  We provide buyers with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,  
* Comparative Market Analysis for homes under consideration,
* Experienced financial analysis to help you understand different loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.

Lenn      search     

Lenn Harley, Broker, Homefinders.com, 800-711-7988

HOMEFINDERS VIDEO 

For a tour of homes in your location of choice in Montgomery County MD contact Homefinders.com.  We’ll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer’s Agents in the area.  We’ll also guide you to the school information.

About Montgomery County Real Estate
About Buying Montgomery County Real Estate and Homes
Information about buying a home in Montgomery County MD
Olney MD Real Estate and Homes for sale
About Buying a home in Montgomery County MD
Visit Montgomery County, MD

Homefinders.com on YouTube

CONSIDERING A SHORT SALE FOR YOUR MARYLAND OR NORTHERN VIRGINIA PROPERTY? WHAT IS THE FIRST STEP??

CONSIDERING A SHORT SALE FOR YOUR MARYLAND OR NORTHERN VIRGINIA PROPERTY?  WHAT IS THE FIRST STEP??

The advise is often “EDUCATE YOURSELF”!!

GOOD ADVICE FOR HOME OWNERS CONSIDERING A SHORT SALE TRANSACTION??  

I don’t believe so.

The very first thing a home owner should consider is the selection of a LISTING AGENT/BROKER.

A consumer doesn’t have to re-invent the short sale transaction.  How do they know where to begin to “educate themselves”?

THEY DON’T!!

Experts who advise consumers to “educate yourself” simply, IMO, contribute to the many misconceptions under which owner/sellers enter the Short Sale process.

Consumers cannot assimilate the data or information they read and consider without a sound knowledge of how a real estate transaction works and how the Short Sale relates to that process.

EXPERIENCED REAL ESTATE AGENTS ARE WHAT MAKE FOR SUCCESSFUL SHORT SALES.  We help consumers understand the process.  Consumers do not have to

Attend real estate school
Affiliate with a broker
Experience a variety of real estate transactions
Obtain advanced training to manage Short Sales
Understand the Short Sale requirements
Understand the Short Sale language
Provide market and pricing information
Evaluate Short Sale prospective buyers
Manage Short Sale contracts
Arrange for the Short Sale title work
Manage the Short Sale closing

AND MORE. . . .

I suggest that the very FIRST STEP A PROSPECTIVE SHORT SALE OWNER SHOULD TAKE IS

ENGAGE AN EXPERIENCE LISTING AGENT/BROKER.

Short Sale Questions??  Call Lenn Harley, Broker, Homefinders.com 800-711-7988.

New Townhouses in Ashburn Virginia – Immediate and February, March Delivery, $400,000 Range, 1% Buyer REBATE!

New Townhouses in Ashburn Virginia – Immediate and February, March Delivery, $400,000 Range, 1% Buyer REBATE!

WE’VE BEEN PREVIEWING NEW TOWN HOMES in ASHBURN today and found some jewels.  This builder has homes for Immediate, February and March delivery.  

So stylish and beautiful, you won’t believe your eyes.  JUST LOOK!! 

A plain up/down staircase wouldn’t do.  WE WANT STYLE!!  This is the staircase from the main level to the Bedroom level. 

Now for the most important room in the house – the Gourmet KITCHEN.

Do you like to entertain?  Look at this inviting Living Room on the Main Level.

The Master Bedroom is spacious and ready for decorating around a King Sized Bed.

Want a quiet “get away” place?  The Recreation Room on the lower (Garage) level is fully finished and ready for your Office, Den, Media Room, Playroom.

THE FINISHED COMMUNITY IS LOVELY with wooded areas, remote from commercial and quite secluded in Ashburn.

CALL LENN HARLEY to tour these town homes constructed by one of our favorite builders, M/I Homes. 

7 Homes for March 2012 delivery. 
1 Home for Immediate delivery.
$7,500 Closing Assistant from Builder.
$4,000 Cash REBATE from Homefinders.com (Wmust introduce you to the builder).
HOA Fee – $78 monthly

If you’re in the market for a new townhomes in Ashburn, contact me for an introduction to the builder. 
Lenn Harley, Broker, Homefinders.com, 800-711-7988.  WE CAN HELP!!

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WE ARE BUYERS AGENTS IN LOUDOUN COUNTY VIRGINIA.  WE KNOW LOUDOUN COUNTY REAL ESTATE, NEW AND RESALES.  Our way of saying THANKS to our home buyers is a 1% Cash to You REBATE at settlement. 

WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia for over 25 years.  We provide buyers with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,  
* Comparative Market Analysis for homes under consideration,
* Experienced financial analysis to help you understand different loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.

Lenn      search     

Lenn Harley, Broker, Homefinders.com, 800-711-7988

HOMEFINDERS VIDEO 

For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com.  We’ll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer’s Agents in the area.   

ASK ABOUT THE HOMEFINDERS.COM HOME BUYER’S REBATE OF 1% OF THE PURCHASE PRICE OF THE HOME YOU DECIDE TO BUY – ANYWHERE IN LOUDOUN COUNTY, VIRGINIA.

Loudoun County Homes and Real Estate
Nehttp://www.youtube.com/user/HomefindersRealtors

Townhomes SOLD in Ashburn VA January 1 – January 25, 2012. A Market Report

TOWN HOUSES SOLD IN ASHBURN VA January 1 through January 25, 2012.

RESALE TOWN HOMES are selling for less than new construction during January 2012. 

To tour town homes in Ashburn including Brambleton, contact

Lenn Harley, Broker, Homefinders.com, 800-711-7988. 
1% REBATE for all Loudoun County home buyers when you work with Homefinders.com

We can help.

Ashburn RIVERSIDE VILLAGE AT UNI $265,000 $258,000 $0 103
Ashburn ASHBURN FARM $248,000 $248,000 $3,000 22
Ashburn ASHBURN VILLAGE $389,900 $380,000 $2,800 92
Ashburn ASHBURN VILLAGE $269,900 $255,000 $1,500 19
Ashburn BELMONT GREENE $405,000 $405,000 $6,000 112
Ashburn PARKSIDE AT ASHBURN $225,000 $210,000 $2,100 15
Ashburn BELMONT LAND BAY $289,900 $285,000 $2,500 73
Ashburn BELMONT LAND BAY $247,000 $247,199 $1,117 12
Ashburn ASHBURN VILLAGE $375,000 $375,000 $0 130
Ashburn BELMONT GREENE $349,900 $335,000 $0 33
Ashburn BELMONT GREENE $349,900 $335,000 $0 15
Ashburn ASHBURN FARM $309,650 $309,650 $5,000 5
Ashburn ASHBURN FARM $308,900 $309,000 $9,000 0
Ashburn   $424,500 $424,500 $9,576 0

BUYING A HOME BEFORE SELLING THE OLD ONE.

WANT TO BUY A NEW HOME BUT CAN’T SELL THE EXISTING ONE??  There are rules and it’s not as easy as it once was.             

It’s harder than it was a few years ago. 

I remember when a home buyer could close on a home purchase of a new or resale residence, rent the existing property and all the lender would request would be a signed lease showing that the existing home was rented.

WERE THOSE THE “GOOD OLD DAYS”?? 

For home owners who wished to buy up and rent their existing home it surely was. 

For the real estate agent it surely was.  I closed many new and resale home purchases for home buyers who rented their home and purchased a new one. 

The lender had no interest in the rental property beyond crediting the home owner with 75% of the rent provided for in the lease as income to the owner. 

NOT A WEEK GOES BY THAT I’M NOT CONTACTED BY A HOME OWNER WHO WANTS TO TAKE ADVANTAGE OF THE LOW PRICES TODAY TO BUY THEIR DREAM HOME.  However, the new rules for buying a new home with an existing rental property have made that type of transaction very difficult. 

IT CAN BE DONE, BUT THE NUMBERS HAVE TO WORK.  I closed one last year for a past buyer.  12 years ago, I sold a nice home to a relocating family who decided it was time to take advantage of home prices today to “buy the big house” which would be their residence for many years to come. 

However, they did NOT want to sell their existing home for today’s market value.  They decided to rent it.  This was possible because:

1.  They had 50% equity in the existing home.

2.  They had 20% cash down on their new purchase.

3.  They had excellent credit scores.

4.  They rented their existing home through a rental management company.

Over a few short years, those criteria for buying a new home and renting the old one have changed dramatically.  For instance. . . .

THE BUYER MAY HAVE TO. . .

Qualify for BOTH mortgage payments.

Have a cushion of 6 months mortgage payments for BOTH homes.

Buyer must have at least 30% equity in the existing property.

There are other conditions and exemptions that may apply, however, once a relocating or local buyer learns of the above minimum requirements, they realize that they may not qualify. 

I believe it helps for agents to be aware of these rules.  My experience is that, when inquiring prospective home buyers are aware of the new rules, they will be better prepared to buy or rent.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

WHAT DOES “GOURMET KITCHEN” MEAN??

WHAT DOES “GOURMET KITCHEN” MEAN??

Just what does that word “gourmet” mean???

It does NOT mean quality of appliances although it may.

In my experience, the word “Gourmet” means different things to different builders.

Gourmet Kitchen in homes in Loudoun County Virginia

Gourmet Kitchen

For most it will mean an upgrade to a “Gourmet Kitchen” from the “Standard”.  It often means an upgraded kitchen design to a design with higher grade counter tops (from laminate to Corian or Granite). It often means adding a center island. It often means changing from an oven range to a cook-top with a double wall oven or wall oven/microwave. It often means upgraded cabinets. It often means adding designer lighting package rather than the ceiling florescent fixture. It may mean upgraded flooring from vinyl to ceramic or hardwood.

One thing it will almost always mean is $$$$$$$$.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.