It’s More Than a Matter of Inches
September 13th, 2008 categories: Military Installations, Relocating
“Why aren’t there any room sizes on the listing?”
I can’t begin to count the number of times I’ve been asked this question by prospective home buyers, whether calling to inquire about a property for sale, or after I’ve handed them a copy of the property listing. Buyers are consumers. And, in most cases, consumers want to know exactly what they’re spending their cold hard cash on. Predictably, they’re interested in knowing whether or not the property suits their needs.
Home ownership is not a “one size fits all” business. For those of us who’ve picked up a “super-sized” dining or bedroom room suite during one of our duty tours abroad (does Germany ring a bell?), room size is a vital consideration when looking at a possible next home. Not being able to fit furniture in a particular room is not an option.
Many property listings include the total finished living space, but far fewer mention or provide the size of each of the rooms inside the property. For many prospective buyers, this is information that is sorely needed when making the decision on whether a home might be suitable for occupancy.
Room sizes are included in a property listing to provide buyers with an accurate picture of the property. These sizes are normally not included for one of three reasons:
1) The seller has requested they not be included.
2) The agent has chosen not to include them.
3) The listing agent has not taken the time or made the effort to determine what the room sizes are.
Do any of these reasons make sense? Of course, the seller has the right to do whatever they choose. However, the listing agent has no excuse for not including room sizes in the property listing. Their duty is to act in the best interest of their client.
Providing information about a property, through words, pictures, or virtual tours, is the primary means of informing the viewing/shopping, or buying public what you is being sold. In selling a home, less is not more. On the contrary, home buyers want more information. The Stafford & Fredericksburg areas aren’t lacking when it comes to informed consumers. As far as our clientele is concerned, the more informative and specific a listing agent is in describing a property in the Multiple Listing Service(MLS), the better.
Fortunately, if room sizes are not included, there are a couple of ways to determine what the actual room sizes are.
First, the property made have been listed previously. If so, the room sizes may be included in the previous listing. Secondly, the listing agent, or seller, may actually have a blueprint or house plan indicating room sizes. Finally, when all else fails, you can always take measures (literally) into your own hands. When viewing the house, pull out the tape measure and measure the room sizes yourself. Believe it or not, most homeowners won’t mind. Remember, they want the home to sell! If you measuring rooms will help accomplish that, then they’ll be more than happy to oblige.
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The Big Yellow Bus
September 2nd, 2008 categories: Real Estate News, Spouse Stuff
Well, our holiday is over, and it’s time to get back to work. Ignore the fact that most us are employed 12 months out of the year. But, Labor Day’s goodbye isn’t the only indication that the school year’s about to begin. In case you’ve forgotten, we’ll be seeing those large yellow buses competing for road space as well!
Seems that as long as I can remember, the yellow school bus has been the primary means for most students to get to and from school each day. But, do you ever wonder where the yellow came from?
While the challenge of transporting students to school has been around as long as schools have, bus transport became popular in the early 1900s. Most of the early transport was required in order to pick up students who lived in rural areas where walking to school, due to the distance to school, was simply impractical. Development of the modern school bus took off in the 1930s and led to the design of those used today. National school bus construction standards were established at a 1939 conference led by Dr. Frank W. Cyr, of the Teachers College at Columbia University. Originally labeled as National School Bus Chrome, the color chosen for school buses later became known as National School Bus Glossy Yellow. Yellow was the chosen color because black lettering on the color was easiest to see in the early morning hours when buses where on the road.
The sight of the yellow school bus reminds us that its time to get back to work, specifically for students and those that teach them. It also reminds me how important it is to get and on the road a bit earlier in the morning. While I may appreciate the purpose of the yellow school bus, I’ll avoid them if at all possible. Fortunately, Stafford County publishes its bus routes. In Northern Virginia, traffic congestion is a challenge in and of itself, when school isn’t in session. Can you imagine what it is like when the buses are rolling?
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Whose Title Is It Anyway?
August 28th, 2008 categories: Market Trends, Relocating
One of the costs, or settlement costs, borne by the buyer when purchasing real estate is title insurance. It is one of the many “Title Charges” on the HUD-1, or Settlement Statement the buyer and seller reviews at the closing table during the real estate settlement. Title insurance is further broken down into lender’s coverage and owner’s coverage. Each of these serve an important purpose, as indicated, the former for the lender, the latter, the purchaser. And, as mentioned earlier, since this cost is normally the purchaser’s, it is an expense that needs to be understood clearly.
Title insurance is protection, plain and simple. Protection against what? Simply put, it protects those covered against claims against the property, or, more accurately, against the title to the property. These claims can range from unpaid real estate taxes, liens due to unpaid work done to the property, to a forged signature during the tranferrence of title. So, as you can see, the coverage can be characterized as an ”umbrella of sorts” insuring against many title problems. If there are any claims against the title, the insurance insures against the claims and any legal fees that arise.
Is title insurance required? Well, unless you’re paying cash, lenders want protection too. In this case, they want to protect the amount of the loan. So, yes, you’ll be required by your lender to get title insurance coverage. As a purchaser, it’s important to remember that this protection covers the lender but doesn’t protect your equity in the property. That’s where the owner’s coverage comes in.
Remember, the insurer has searched the title. But, nothing is 100% fool proof. That’s why insurance is needed.
Lastly, title insurance exists for both the property owner and the lender. The owner’s policy lasts as long as the insured owns the property, and is typically the purchase price paid. On the other hand, the lender’s policy is issued to lenders, and follows the assignment of the mortgage loan, thus facilitating the sale of mortgages in the secondary market to high volume purachers like Fannie Mae and Federal Home Loan Mortgage Corporation(Freddie Mac).
The “closing table” is a welcome sight for all involved in the sale of a home transaction. After weeks or months of hard work, it is a “finish line” of sorts. For many, it represents a destination finally arrived at. The Settlement Statement or HUD-1 is used to explain who pays what, and is used by the Settlement Agent to itemize all charges to buyer and seller. Additionally, the agent is charged with clearly explaining to all parties involved who pays what, and why. One of those expenses paid by the purchaser is title insurance. Hopefully, the next time you’re sitting on the buyer’s side of the settlement table, you’ll know exactly what your title insurance is paying for. If not, please ask!
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Your Home Inspector - More Like Fred Flintstone Than Sherlock Holmes?
June 4th, 2008 categories: Military Installations, Relocating, Repairs
Whether or not a Home Inspection is worth the expense, is an issue that usually prompts a good discussion among prospective home owners. According to some, like a recent client of mine, the inspection is an unnecessary expense that does little more than make a buyer “feel good” about their purchase. But if that’s true, if home inspections are nothing more than a false sense of security, why do some many home buyers, or home sellers, get them done? Are Home Inspections worth it?
First, in any service industry, some professionals are better than others, more competent, more thorough, more professional. Last year, I worked side by side with a home builder who never put down his tools until the job was “just right.” Calling him a “perfectionist” would be an understatement! The same goes for home inspectors. So, make sure the one you hire comes with recommendations - good ones. If you choose to go it alone in choosing an inspector, then make sure you ask some important questions. How long have they been in the business? Are they licensed and certified? If so, with whom? National Home Inspector certification through organizations like the Amercian Society of Home Inspectors (ASHI), National Association of Certified Home Inspectors (NACHI), & National Assocation of Home Inspectors (NAHI), requires their members to adhere to strict standards of practice or conduct.
Second, while home inspections aren’t a perfect science, they are the primary means a buyer protects themselves from getting stuck with a “lemon” when purchasing a property. The Home Inspection Contingency in the Virginia sales contract is designed to protect the buyer. Based upon the Home Inspection, the contingency allows the buyer to:
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Request the seller make the needed repairs
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Re-negotiate the price
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Void the contract
The price re-negotiation is a direct result of the discrepancies found in the inspection. But, at the end of the day, if seller and buyer cannot resolve what needs to be done, then the purchaser can void the contract and move on to their other home choices.
Third, in today’s buyer’s market, the home inspection shouldn’t cost the buyer a thing. With the glut of homes on the market, and home inspections running $250-$350, the sellers will probably be more than happy to pay for the home inspection in order to ratify a contract.
Few things can affect the value of a home more than property discrepancies found after the fact. For many buyers, the expertise required to find these hidden problems are best left to a qualified Home Inspector. 
They have the training and detailed experience necessary to detect even small problems before they become your problems. A certified professional is worth their weight in gold when it comes to ensuring a home doesn’t have any hidden surprises. So, take your time and do the necessary research before choosing your Home Inspector, because the last thing you want is one that reminds you more of Fred Flinststone than Sherlock Holmes.
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