Northern Virginia Homes Guide & Blog

Simplifying Home Selling - 1-2-3

Understanding the three basic factors in marketing and selling houses (or commercial property) is actually uncomplicated.  It has always been. 

The three factors - Location -  Price -  Condition - are elements which determine success in selling.

Location is the one factor the seller, generally, cannot control or change.  However, it is always important in buying decisions to evaluate the property site.  Location, Location, Location...

Price is equally important, and price may be the most important factor of these three.  The economic principle of "substitution" tells us that buyers, when selecting among several "similar" home styles, will purchase the less expensive.  Sellers, if not knowledgeable of their home's "market value", need to have an experienced, reputable source to provide the valuation.  Picking a price, without knowledge of "market value" does not, generally, work.   

Condition refers to the property condition- inside and outside.  Creating dazzling and attractive interiors, creating above-average curb appeal, and enhancing property exteriors will get the prospective buyer's attention.

By understanding and working on P&C, the seller today can win.  It works!

  

First Time Home Buyers-- Here's Another Reason to Buy

  Oh, and Dan is an ABR
(Accredited Buyer Representative), Ready to Help You Today .

Don't Be Tricked This Halloween! .. And, Don't Be Tricked When You Are Ready to Buy or Sale Real Estate

With all the uncertainty today in our world, don't be tricked into dealing with buying or selling real estate (real property) on your own.   And, don't trust just anybody to help you.  Period.

Dan is ready to help.  For Buyers, Dan is an Accredited Buyer Representative
(ABR).   

For Sellers, Dan is a Certified Residential Specialist (CRS).

I'll take the uncertainty away and make your life easy again.

NO tricks.  So, Contact Dan Today.  (703) 490-0801.  or email me.

First Time Home Buyers- Now, There is Help-

If you are a first time home buyer, the new Housing & Economic Recovery Act of 2008 may help you purchase that home you have sought.

Please see the link here to the Department of Housing & Urban Development's FAQs.

Also, more information comes from the National Association of Home Builders.

Quality of Real Property Deeds Today

GENERAL WARRANTY DEEDS  VS.  SPECIAL (LIMITED) WARRANTY DEEDS

When transferring real property, the Seller (known also as the Grantor), is required to provide a specific warranty to the Purchaser (Grantee, receiving the grant) by issuance of a document known as a deed. 

With sales of foreclosure properties and bank-owned properties today, the buyer should be aware of the quality of the property deed he or she is to receive prior to settlement. 

Noted below are details of General Warranty Deeds and Special or Limited Warranty Deeds.  In many cases, the deed given by the bank, mortgage firm, or foreclosure owner to the purchaser (grantee) is a Special or Limited Warranty Deed.

The highest form of deed to be received is the General Warranty Deed.
In receiving this deed, the grantee will have the fullest protection and warranty against title defects and will receive the highest quality of title.  The grantee receives 5  warranties (covenants):

    1-The grantee is guaranteed that the grantor owns the property with the right to convey to the grantee the rights of ownership.
       (Covenant of Seisin)

    2-The grantee is guaranteed that there are no encumbrances against the property, except those which may be noted in the deed.
       (Covenant Against Undisclosed Encumbrances)

    3-The grantee is guaranteed that there are no superior claims or right(s) to the property by any other persons or entities.
        (Covenant of Quiet Enjoyment)

    4-The grantee is guaranteed that if a superior claim to title would arise, the grantor will do whatever is necessary to deliver clear title.  (Covenant of Further Assistance)

    5-The grantee is guaranteed that if a title claim cannot be cleared, the grantor guarantees monetary compensation for the loss.
        (Covenant of Warranty Forever)

If a grantee receives a Special or Limited Warranty Deed, there is only 1 Covenant.

    1-The grantee is guaranteed that there are no encumbrances against the property, specifically and only those caused the grantor.  There is no guarantee against previous owners.
       (Covenant Against Undisclosed Encumbrances)

NOTE: The Special or Limited Warranty Deed is mostly used by trustees, custodians, agents, and executors.

Pricing Your Home in Today's Real Estate Market

One of the most important tasks in marketing your home for sale is pricing.  If you really want to do things properly, you should contact an appraiser (for Virginia properties, an appraiser licensed in the common-wealth and one who knows your area).  There is a nominal fee for the service ($300, $350, etc.) and it varies, depending on the size of property and the scope of the appraisal.

 

The appraiser will be able to properly determine the square footage of the improvement (the house, itself) and to properly value the land.  He or she will know the appropriate comparables to use in basing a valuation.

Selecting comparables requires research and knowledge.  The process involves bracketing by square footage, with a range of home sizes (GLA or gross living area) which are equal to yours, less than your home size, and slightly more than your home size. 

Comparables should come from the most recently sold properties, generally within the last six months.  Those most recently sold are better comps.  Adjustments are made to the comparable properties, as it relates to your home (known as the subject property).  These adjustments which determine your valuation may include such factors as site, location, view, design and appeal, chronological age, effective age (factoring system upgrades and updates), quality of construction, the various interior features and fixtures, and more,

Please Note:   If you select a REALTOR, one who is not licensed as an appraiser, you will generally get a CMA (comparative market analysis).  The CMA will be, in some cases, less reliable.  Obviously, the appraiser has more training and expertise as it relates to valuations.

Finally, the valuation you receive (if it's "market value") is a value that is timely.  It is the value as of today (for most appraisals and not related to estate appraisals). 

Tomorrow's external factors and market conditions may bring another value.
(Article content is solely that of Dan Bonner.)