Archive for July, 2009
When It Pays To Get the Thumbs Up
July 31st, 2009 categories: Real Estate News, Repairs
Have you ever seen that old Maxwell House commerical? It’s early morning, and there’s a couple sitting on their back deck, enjoying each other’s company while enjoying a cup of coffee. Haven’t we all enjoyed similar moments? A cool morning or evening on the deck, with our favorite beverage, enjoying the relative peace and quiet, and beauty that surrounds us.
The deck is one feature many home buyers are looking for when shopping for a home. One of the attractions of the Stafford and Fredericksburg area, and Virginia as a whole, is the temperate climate. Outside of a couple of Winter months, our climate is quite comfortable. So, spending time outside, on the deck, just makes sense, whether its lighting up the barbeque or simply another occasion, relaxing with friends. For many home buyers, if the home they purchase doesn’t have a deck, they’ll build one before too long. But, sometimes, in making plans for the deck addition, homeowners forget the most important consideration of all – obtaining the required permit from the county.
Whether adding an room or a deck to a home, Stafford and Spotsylvania counties require a buidling permit. Each of the counties provide clear guidance as to what their permit requirements are on their county’s website.
With the advent of these online resources, homeowners know exactly what they need in order to have their decks built properly. But, as the above “Deck Details Policy” indicates, before beginning with the deck work, ensure the contractor you’ve hired is properly licensed. The Virginia Board for Contractors web site is a good place to begin your search for a licensed contractor. In order to obtain a permit, the contract MUST be properly licensed.
Whether adding a deck or another room onto your home, you’ll need a permit, and the contractor needs to follow the appropriate building code requirements. Licensed contractors are well aware of these requirements. Without these, you’ll not only find it impossible to get these parts of the home insured, but you’ll also face difficulties when it comes time to sell.
Homeowners sometimes fail to report home improvements to the county’s assessor to avoid increases in their home’s assessed value, and, what they are taxed. But, they’ll have to face the music when they decide to sell. As part of the property diclosure process, this improvement, and the lack of permit, which are material facts, will need to be disclosed. A good buyer’s agent will do their best to require the seller to produce the permit before they’ll agree to sign for the house.
So, while you may look forward to those morning or evenings, enjoying a little “down time” on the deck, do yourself a favor, and make sure that deck is permitted first.
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New and Easy Area Home Search
July 28th, 2009 categories: Real Estate News, Relocating
If you’re looking for Stafford and Fredericksburg area homes, this simple resource is just that, simple, easy, and gives you homes, and nothing else. So, take advantage of: http://www.searchingsolutions.com/fredericksburghomebuyer.com
Take a look and keep coming back. If you need more information than provided, don’t hesitate to call me.
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Do Fredericksburg Homeowners Have a LUST Problem?
July 23rd, 2009 categories: Real Estate News, Relocating
”Approximately two-thirds of lawsuits brought against real estate brokers are filed by dissatisfied purchasers, involving allegations of misrepresentation, negligence or fraud.”
Realtor Institute of Virginia
Have you ever heard the term, “buyer’s remorse“? Most of us have experienced it, more than once. You pay a price, normally, a substantial price, for an item that’s the apple of your eye, only to find out later, it wasn’t as “cool”, or neat, or necessary as you previously thought. There are some things avoidable in life, but temptation doesn’t appear to be one of them. Often we purchase things we don’t need, only to have regrets later.
Buying a home in Fredericksburg, Stafford, or anywhere for that matter, and doing it in a way that allows you to walk away with no regrets, normally requires careful planning and research. Home buyers may know what they want in a home, but, once a potential property is identified as a candidate for purchase, how much research is necessary in order to adequately inform oneself of what the specific home has to offer?
Yes, it’s fairly easy to identify obvious defects. As a matter of fact, Virginia’s Residential Property Disclosure Act and Virginia Code require the seller of residential property to provide the buyer with a Disclosure Statement. Practically, this looks more like our old Disclaimer Form. The statement’s verbiage begins by saying:
The Virginia Residential Property Disclosure Act (§ 55-517 et seq. of the Code of Virginia) requires the owner of certain residential real property, whenever the property is to be sold or leased with an option to buy, to furnish to the purchaser a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT stating the owner makes the following representations as to the real property. Certain transfers of residential property are excluded from this requirement (see § 55-518).
Property Address/
Legal Description: ________________________________________________________________
The undersigned owner(s) of the real property described above makes no representations or warranties as to the condition of the real property or any improvements thereon, and the purchaser(s) is advised to exercise whatever due diligence the purchaser(s) deems necessary including obtaining a certified home inspection, as defined in § 54.1-500, in accordance with the terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement on the parcel of residential real property.
Virginia is a “buyer beware” state. The popular Latin form of this is Caveat Emptor, which literally means, “Let the buyer beware.” In other words, when buying a home, it is up to the buyer to determine if there are problems. Does that mean the seller doesn’t have to inform the buyer of known problems with the house? No, it doesn’t mean that at all.
Sellers have a requirement to disclose all known material defects of the property. What, you might ask, is a “material” defect. Any condition that materially affects the value or use of the property adversely. But, what if the defect is not known, or unknown? That’s what home or property inspections are designed to discover. Those unknown problems or faults are sometimes called “latent” defects.
Charges of misrepresentation, or concealment of pertinent facts of a property by a Realtor, are serious charges. It is a clear violation of Article 2 of the Realtor Code of Ethics. According to the Code:
Article 2
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)
Standard of Practice 2-1
REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority.
In the Commonwealth of Virginia, one common property defect that ’s resulted in claims of misrepresentation, are underground storage tanks (UST). Specifically, the problem of leaking underground storage tanks, better know as LUST. As you might imagine, these leaking storage tanks are an environmental hazard. According to the Environmental Protection Agency (EPA), underground storage tanks are buried and contain, or previously contained, liquids or other materials which may be hazardous if discharged freely into the ground. Because these tanks, or the piping associated with these tanks, often deteriorates and leaks, they’re potentially, extremely hazardous. The EPA claims there are close to 2 million underground storage tanks currently in use and a significant number of abandoned ones. According to them, only a small percentage of these are protected against corrosion. The EPA estimates there are over 100,000 leaking tanks, and the number is rising quickly.
Underground storage tanks can present serious problems, and be a source of liability for the owner since LUST pose severe contamination problems for soil and water supplies. Soil and water contamination are just two of the problems resulting from leakage. Fortunately, there are steps homeowners, and buyers and their agents can take to identify properties containing these items. Of course, hiring consultants with expertise in this area is step #1. And, in many states, the Department of Environmental Quality(DEQ) receives federal funding for clean up of USTs. So, while the property seller may “own” the problem, they’ll frequently receive federal funding to clean it up. We’ll delve a little deeper into those details in our next article.
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A Wallpaper Redux?
July 20th, 2009 categories: Real Estate News, Relocating
Last week I ran across two articles that claimed Wallpaper is making a comeback. While I’ve certainly heard stranger things, I had to wonder what sources these writers used in making this claim.
In the real estate business, at least from a Realtor’s perspective, marketing homes whose walls are plastered with wallpaper, can sometimes be challenging at best. While, from time to time, wallpaper, tastefully done, may provide a unique look to a property, more frequently, its can be an eyesore and a hurdle to overcome to successfully market a home.
The Associated Press began last week’s story by saying that this spring, Oprah declared wallpaper was back in vogue. According to their report, if a homeowner is “looking for drama, texture warmth and personality, wallpaper is the way to go.” Well, yes, most of us might agree, if you want to be unique or loud, or dramatic, wallpaper fits the bill. According to Anne Goldsmith, a New York decorator, wallpaper makes “a bold statement” and “can just be really fun.”
I’m reminded of last week’s British Open. John Daly, a previous Open winner, and sometimes better known for his off-course exploits, was making his bold statement, attired each day in a pair of Loudmouth Pants. According to CEO Scott Woodworth, “If you’re uptight, self-conscious, and care more about your golf score than the experience, then Loudmouth golf pants are NOT for you. But if you treat a golf outing as a special occasion for fun and laughs…then wear some outrageous Loudmouth pants – they can’t hurt your score. They might irritate your opponent.”
If you’re considering selling your home, especially if you own in the Stafford or Fredericksburg, Virginia region, or for that matter, anywhere outside New York or California, pause before you decide to design your home with reams of wall paper. Take a minute to ask yourself, “Am I doing this for fun and laughs?”
Despite what you read in the newspaper, or hear on the Oprah show, the vast majority of home buyers are NOT looking for a “statement home” or someone else’s “experience” to call their own. Instead, they’re searching for peace and quiet and comfort. For that special occasion for fun and laughs, there’s always the local comedy club or King’s Dominion, just fifteen minutes South of Fredericksburg.
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It Takes A New Village
July 15th, 2009 categories: Real Estate News, Relocating
Old Town Fredericksburg is one of the Commonwealth’s most popular tourist locations. Its “quaintness” factor makes it a “must do” when visiting this region. With the historic sites, featured attractions, brick walk-ways bordered by stores and restaurants, Old Town is full of attractions for the entire family.
While reproducing the originality of Fredericksburg isn’t possible, recreating its atmosphere is.
Bringing the old town atmosphere into the present is a popular trend that’s manifested itself in the development of new towns across America since the 1980s. This New Urbanism, the urban planning and and real estate development movement which arose in the last couple of decades, has made its mark recently in New Town Williamsburg, and is the model for Spotsylvania’s current development, Courthouse Village.
Williamsburg’s pedestrian and consumer friendly new development has already attracted an abundance of businesses and property buyers. Its unique combination of offices, shops, entertainment, and housing options offers other area alternatives than those of the historical section. In Spotsylvania, developer Bill Vakos III, an executive with W.J. Vakos & Co, has begun development of something similar.
Vakos’ plans call for a town square with concerts and other entertainment. He wants a grocery store, gas station, numerous restaurants, a Civil War themed museum and a 38-room hotel within the 12 blocks of sidewalks. With construction underway, plans are to complete the development during the next decade. In line with the objectives of new urbanism, the goal is for residents, if they so desire, to live comfortably without an automobile, where most of the daily activities are located within walking distance and are connected by attractive streets and public spaces.
A community’s allure is often directly related to quality of life. New developments like those in Williamsburg and Spotsylvania Village seek to meet the twin goals of building convenience for consumers while responsibly cultivating the areas resources. For any community, or village, those seem like objectives worth waiting for.
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His Needs, Her Needs
July 9th, 2009 categories: Real Estate News, Relocating
Have you ever heard the popular phrase, “Men are from Mars, Women are from Venus” when discussing the differnces between men and women? Of course, as many people know, that phrase comes from the title of the best selling book by John Gray, written in 1992. While the title is often remembered, the subtitle, which is the essence of Gray’s book, is rarely, if ever cited. That is, “A Practical Guide for Improving Communication and Getting What You Want in Your Relationships.”
The author’s focus is on the differences between behaviors and desires of men and women. From there, the book centers on recognizing these differences and learning to communicate effectively to meet the needs of each party. Understanding the expectations of one another, and communicating each others’ desires, are two keys to a successful relationship.
Yesterday, a fellow agent held me captive while recounting their latest adventure with a client of theirs, who had decided they wanted to “move on” and use another agent. In this case, the clients had informed the agent that they believed the agent wasn’t meeting their needs. So, now, it was time to find another agent, one that would do a “better” job of keeping them informed of “all of their options.” According to the agent, the clients talked to the husband’s brother who provided them with valuable information their agent neglected to tell them. From what my fellow agent said, the client’s brother provided a layman’s explanation of the need to make “back up” offers on properties they liked. Specifically, back up offers on Short Sale properties they liked.
Well, for those of us that have handled a few Short Sales – back up offers on short sales, while doable, probably aren’t the easiest road to success. By the way, did I mention, the client’s brother has never had any training in Real Estate? None, zero, zip! Also, these clients wanted to be in a house as soon as possible. So, as many of you know, ASAP and short sale are mutually exclusive. In other words, you can’t get there from here.
After listening to the agent’s tale, I had to ask if they began their relationship with their buyer by doing a “needs assessment.” Were expectations discussed before they began to look for homes? If not, why not? As happens in many real estate relationships, especially with buyers, the foundation that is necessary for a successful relationship is never established at the outset. In the rush to run out and look at homes, the clients, and the agent, sacrifice the most important step that’s vital in establishing a successful relationship – business or otherwise. And when things in the relationship begin to break down, it’s usually due to a lack of proper preparation.
So, what should that initial needs assessment, or discussion of expectations consist of?
1. Clear statement of clients and agents expectations.
2. Ground Rules. The What, Where, When and Why of the relationship. This simply means a review, or preview of what the normal operational parameters are. With expectations already discussed, this clarifies how you’ll look for homes, who will do what, when various parts of the transaction will take place, where things will take place, etc. It’s simply a way of providing a clear picture to the client of the transaction from the outset to the settlement table. No one likes surprises, an this should preclude that.
3. A discussion of a Realtors responsibilities and our of Code of Ethics. This isn’t an in-depth conversation, but simply a reminder to the client of the professional they’re relying on to make their transaction a smooth one.
Unmet client expectations are never helpful in business relationships. To avoid them, it’s essential to clarify, from the beginning, in a manner understood by all, what’s to be expected from all parties involved. While it may temporarily delay the buyer’s house hunting road trip, it’ll likely prevent misunderstandings or problems further down the line. And in a Realtor’s business, where you aren’t compensated until closing, getting there is worth the reward.
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