Real Estate blog for homebuyers & sellers in Richmond, VA

Top 10 Mistakes Sellers in Richmond VA Make!

Barbara Reagan — Fri, 12 Mar 2010 10:02:01 EST

I recently came across an article that talked about the top 10 mistakes sellers make when they put their homes on the market for sale. I read through the items and I would agree with the information given in the article. If you have tried to sell your home and have been unsuccessful, you need to keep in mind that it may have been the price, or it may have been the Realtor who listed the home, but many times it can be other things. So for everyone who currently has their home on the market, or for everyone thinking about putting their home on the market in the future, here are the top 10 mistakes a seller makes when selling their home!

Waiting until spring to sell: homes will sell at all times of the year! Even in the traditionally “slow” selling season (winter/holidays) homes are still selling! Sellers should keep in mind that the buyers who are out there in the winter and the fall tend to be a more serious buyer! Plus, as a seller, keep in mind that you may have less competition out there for a potential buyer, since many other sellers are now waiting until the springtime to put their home on the market!
Not understanding the terms of a buyer’s offer: when you finally get an offer, it is very important that your Realtor and you go over all the paragraphs to make sure you understand just what it is that you are committing yourself to! Many times, sellers will read through offers and then not ask questions, only to find out that they may have misunderstood what it is that they have committed themselves to when they signed the contract.
Going FSBO (For Sale By Owner) without understanding the process: if you do decide to sell your home without using a Realtor, you need to understand what it will take to sell your home in a real estate market that has a lot of inventory, which includes a high number of foreclosures & short sales! This means that you need to know how much you want to spend on advertising, how you want to advertise your property, how will you arrange for showings, and so many other things. Selling your home in today’s market is so much more than putting the sign in the ground, holding one or two open houses, running one or two ads and praying for a contract!
Ignoring low ball offers from buyers: when you do decide to sell your home, you need to mentally divorce yourself from your current home! This means that when a buyer comes through and makes comments about the color of paint on the walls or color of the carpet you need to not take it too personally. The same thing needs to happen when you get an offer that you may think is “insulting”. Many buyers today are trying to see just how motivated sellers are in today’s market and may make offers simply to test how low a seller is willing to go. If you get a low ball offer, you should not take it personally and come back with a reasonable counter offer. Many times, these offers can be worked out and go to closing!
Wasting time on unqualified buyers: in today’s market, there are lots and lots of buyers out there. With the tightening mortgage credit standards you need to be sure that the buyer of your home can actually qualify to buy your home. After all, once you accept a contract on the house, you will be, effectively, taking it off the market to other buyers! This means that you need to make sure that the buyer has a good, strong lender letter indicating that credit has been reviewed & the buyer is credit worthy to buy the property. This is one of the reasons why many banks with foreclosure listings on the market have very specific wording that they want from the lenders who are supplying the pre-qualification letters! And sellers should be making sure that they are getting these types of letters also from the lender before agreeing to pull their homes off the market!
Skimping on marketing: it only takes 1 buyer to buy your home, but where that buyer comes from is the big unknown. This means that you have to utilize all means available to try to attract potential buyers to your home! This means you need to use the internet, direct mail, email marketing, open houses, color flyers, networking with other Realtors, making the home easy to show even with very short notice – the list goes on and on, but in a real estate market with lots of inventory competing for the buyers out there, marketing is essential!
Sabotaging the showing: remember there are lots and lots of inventory. Buyers expect foreclosures to not be in the best show condition, but they do expect that the homes that are not foreclosures will show well. The more “model home” perfect you can make your home – and then keep your home – the better it will be for you as a seller! Always remember that buying a home is an emotional decision – the buyer needs to be able to envision their furniture and personal items in your home in order to imagine that it can be theirs! So don’t leave dirty dishes in the sink, don’t leave the beds unmade in the morning, pick up the tools, sweep the sidewalks, vacuum the carpets – after all, your main objective is to get your home sold as quickly as you can and for the most money that you can get!
Not prepping the home for sale: in order to get your home into the best show condition possible, you may need to do some things before it ever even goes on the market. Walk through your home with a camera and take pictures of each room from each corner, then look at what you see – can you declutter anywhere? How about the closets? Do any of the rooms need new paint or new carpet? Do any of the rooms need repairs before the home goes on the market? Should light fixtures be changed? A picture is worth a thousand words and by looking at the pictures you will know exactly what your potential buyer is seeing!
Overimproving your home for the neighborhood: if your home is in a starter neighborhood and your potential buyer is a first time homebuyer, then you may not want to put granite counters, subzero appliances and many other top of the line upgrades into the home and expect to get all of your money from the sale of the home! If you are going to overimprove your home, then it should be for your enjoyment and realize that you may not get the money for those improvements from the sale of your home!
Overpricing your home: even with everything talked about above, price is still the main driving force in this market. Buyers today have lots of homes to choose from, including foreclosures & short sales! If you bought your home only a couple of years ago, then it is possible that the value of your home may have dropped. Always keep in mind that as far as a buyer is concerned, they don’t care what you paid for your home, and they don’t care what you need to get out of the home to make your next move! They only care about not paying more than the market will bear, and in many cases, they will even want to pay under the market value! So if you overprice your home, it is possible that you will be doing nothing but selling other homes that are properly priced in your area!

I hope that this helps all the sellers out there! The real estate market today is a very tough one, as you are aware, and selling a home today takes a lot more work and a lot more patience! I would love to hear your thoughts on the above – and, of course, if you have any additional “mistakes” that you think sellers make in this market, I would love to hear about them too!

Have a great weekend everyone!

Thinking of Building Your Dream Green Home in Richmond VA?

Barbara Reagan — Thu, 11 Mar 2010 12:25:38 EST

I recently began working with a buyer who is considering building a home and wants to incorporate as many green features as possible! I think this is a great idea and one that I am all for and think that we should do as much as we can to be as green as possible! But today, I came across this article that made me stop & think about some of the things that I had not taken into consideration when talking to my buyers about building a green home – particularly about how appraisers will value the items that are put into the home! The article I saw today on CNN’s website made me realize that, until there is some agreement about how much value some of the green items increase the value of a home, buyers may have to bring more money to the table than they anticipate. This is because the loan the bank will make is, for example, an 80% Loan to Value – with value being defined as either the purchase price or the appraised value, whichever is the lower! If the house you are building is priced at $400,000 (and this includes all the green systems and upgrades that will go into the house), but because there is not enough green homes built in the area to get some value for these items, you may not know what sort of value the appraiser is going to put on things like solar panels and solar hot water heaters, then it is possible that the appraised value will come in significantly below the $400,000 purchase price! So, pre-appraisal, the buyer may be thinking that they are going to get a loan for $320,000 (which is 80% of the $400,000 sales price); however, if the appraisal comes in at, say $350,000, then the bank will only be willing to loan the buyer $280,000 and the buyer may have to come up with an additional $40,000 in order to be able to purchase the home. This is definitely something that every buyer’s agent should be talking to any of their clients who are thinking of about building a green home here in the Richmond area, where green building techniques are still a relatively new thing!

http://money.cnn.com/2010/03/10/real_estate/green_homes_redlight/

Anyways, I hope everyone finds the article helpful & points out something that should be considered when thinking about building or buying a green home! Let me know if there is anything I can do for you as well as any comments you may have on the article!

2010 Real Estate Market-Far West End of Henrico County & Short Pump VA

Barbara Reagan — Mon, 08 Mar 2010 19:25:45 EST

As we begin a new year, everyone is very interested in knowing – are we still in a year of pain, or will things finally begin to look better! So, as the spring time weather happened today, I thought I would go ahead and take a look at the real estate trends that we are seeing for the first few months of 2010! Although the Far West End & Short Pump figures look much better than the numbers do in other areas, I still think the jury is out as to whether or not the tide has turned here, as well as in other parts of Richmond! There is still a high level of fear that, even if the real estate market here seems to have stabilized, there is some uncertainty as to whether or not things will continue like this, or if we will have a “double dip” recession and/or future job layoffs. So, with that fear & uncertainty out there, people are still tending to purchase less home than they qualify for. The good news for this area is that foreclosures & short sales are much lower than they are in other areas of the Richmond area. To let you know what the area is doing, I have put together a video showing the market trends you find here. If you would like to see what you neighborhood is doing, don’t hesitate to contact me.

And don’t forget to look for additional videos over the next week! I welcome your comments & thoughts about the real estate market in Richmond!

0 Blenheim Rd., Powhatan, Va

Barbara Reagan — Mon, 08 Mar 2010 10:04:50 EST

I just finished uploading this Building Lot for sale, 0 Blenheim Rd., Powhatan, Va

Berrymeade Open House!

Barbara Reagan — Fri, 05 Mar 2010 19:17:36 EST

We are proud to announce that this Sunday, March 14, 2010, 1:00 PM to 4:00 PM we will be hosting an Open House at 10104 Berrymeade Pl in Berrymeade, Glen Allen. This is an opportunity to visit this excellent House for sale in beautiful Berrymeade.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Berrymeade House for sale.

As always please do not hesitate to give me a call at 804-360-3636 if I can answer any questions before the open house, or if you would like to book a private showing.

Barbara Reagan
Long & Foster Realtors

10104 Berrymeade Pl, Glen Allen, Va

Barbara Reagan — Fri, 05 Mar 2010 19:04:20 EST

I just finished uploading this House for sale, 10104 Berrymeade Pl, Glen Allen, Va

This home is it! If you have been looking for the perfect home, then look no more! And if you hurry, you can still get the Homebuyer Tax Credit! From the moment you pull into your driveway, you will feel right at home! Come up onto the front porch & into the large living room, where you will find new hardwood floors! A gas log fireplace will help keep you warm during those long winter nights! The eat in kitchen has everything the cook in you will want: lots of counters & cabinets, self cleaning oven, refrigerator, dishwasher & disposal! A pantry as well as a laundry room offers lots of storage space in this home! Down the hallway, you will find a hall bath (with tub), 2 guest bedrooms with new carpet (and one with ceiling fan), while the relaxing owners retreat is the perfect escape after a hard day! Here you will find his and her closets, ceiling fan, new carpet and a full bath (with shower)! Outside, there is much to offer you-a large deck, fenced in yard, attached & detached storage sheds, driveway & a relaxing view behind your home! But don't stop here - last year the seller put in a new 13 SEER HVAC system (both inside and outside units were replaced), new thermal windows & new vinyl siding! Several rooms have been recently repainted! As a bonus the seller is conveying the remainder of the 2-10 Warranty (good until October 2010). So what are you waiting for - interest rates are still low and there is still time to get under contract by April 30 to get your homebuyer tax credit! Great location - great Henrico County schools - move in ready - low maintenance features throughout - this one is priced to sell! Call today to see this one before it is gone!

289 Shannon Glen Dr., Louisa, Va

Barbara Reagan — Fri, 05 Mar 2010 18:51:06 EST

I just sold this House at 289 Shannon Glen Dr., Louisa, Va .

View this recently sold House or see all my home sales

Top 10 Knowledges a Good Buyer Agent Should Have!

Barbara Reagan — Mon, 01 Mar 2010 10:21:00 EST

As a Buyer Agent working with many different buyers over the past years, I have often wondered what makes a good, or even a great, Buyer Agent! Since I work full time as a Realtor, I am constantly trying to improve myself and trying to always find ways to make myself a better Realtor for both my buyers & sellers! So this weekend, I made a list of what I think are the top 10 areas of knowledge a good, or great, Realtor should have and should continue to improve upon! Feel free to add or comment on my post!

So what do I think makes a good, or even great, Buyer Agent in today’s challenging real estate market? I think it is someone who helps you get the right house in the right neighborhood at the right price and at the right time for you! Being a good Buyer Agent today should be so much more than putting someone in a car, opening up a house & telling them to “press hard 3 copies”! So here are what I consider the top 10 knowledge areas a good Buyer Agent should have – and should continue to improve upon!

First, there should be knowledge of the overall marketplace! This means that a good Buyer Agent should be knowledgeable about the trends in the neighborhoods, the counties (or city), and the overall Richmond area! This means visiting the houses & neighborhoods in the area and getting to know these areas!

Second, there should be knowledge of financing trends! This means that a good Buyer Agent should be knowledgeable about the various mortgage products that are out there for different buyers needs! Although I don’t think a good Buyer Agent should know the details about each and every financing option out there, it does mean that you should know what is out there and who may be the best lender to put that buyer with!

Third, there should be knowledge of new homes & the builders! In today’s market, a good Buyer Agent should at least know what builders are still financially stable, what builders are building in the different areas, what builders are offering as far as incentives and how they affect the buyers who are writing contracts in those neighborhoods.

Fourth, there should be knowledge of environmental concerns! This means that a good Buyer Agent needs to keep up with things like radon, mold, lead paint, underground oil tanks, basements in the Richmond area, asbestos, well and septic, etc. Although a Buyer Agent should not pretend to be an expert in these areas, the good Buyer Agent should be knowledgeable enough about the issues to advise and then to refer their buyers to those people and companies who are expert in those areas!

Fifth, there should be knowledge of older homes! This means that a good Buyer Agent should know how an older home such as you find in the City of Richmond and the more rural areas is different than newer homes you find in the Henrico, Chesterfield & Hanover Counties. There are differences in maintenance, renovation issues and even environmental issues. Again, a good Buyer Agent should not be an expert in these things, but should know enough to advise their buyer and then be able to refer them to people & companies who are the experts so that the buyers can make informed decisions on which type of home is best for them.

Sixth, there should be knowledge of rural areas vs. the city of Richmond vs. suburban areas! Each area has it’s own “flavor” and there is no right or wrong area for someone to live in. But a good Buyer Agent should have a feel for each of the different types of living areas so that when a buyer says to them that they want to be within 10 minutes of shopping and they want to be in an area with good schools and lots of kids, the Buyer Agent will have a feel for some of the areas that may work for that buyer and, more importantly, may not work for the buyer! If this is a requirement for a particular buyer, you certainly would not want to show them property that is in no subdivision somewhere out in Louisa County where you are 30 minutes from the closest shopping mall and there are no kids nearby!

Seventh, there should be knowledge of the contracts & all associated paperwork! Today’s real estate transaction is very complicated and the contracts continue to get longer and there continues to be more and more paperwork added! When someone sits down to write up an offer, a good Buyer Agent should take all the time needed to be able to go over the contracts with the Buyer and ensure that they understand what they are signing and to make sure that if there are questions you can either answer the questions, or be in a position to refer the question to a real estate attorney to advise! If there are things that are of importance to a particular buyer, then it is very important that a good Buyer Agent will know what is in the contract so they can make sure all items that are important to the Buyer are taken care of within the contract!

Eighth, there should be knowledge of the inspection process! Virginia is a “buyer beware” state, which means that it is up to the buyer to do all their own due diligence! This means that a good Buyer Agent will make sure that their buyers are referred to good home inspectors to cover all those areas that are of importance to the buyers and that there is ample time within the contract to do all needed inspections!

Ninth, there should be knowledge of the closing process! The closing process is probably the most important part of the whole home buying process, but it is sometimes the most anti-climatic part of it. During the closing, the settlement agent will take each document and summarize it for the buyer. As their agent, I am pretty much sitting there to ensure that if there are any questions that arise regarding the contract or something the buyer doesn’t quite understand, then I am there to help with the process! But closing is really between the buyer and their chosen settlement agent. But before closing happens, most buyers will have lots and lots of questions about it, and a good Buyer Agent can help make this part of homebuying seem a lot less mysterious by being able to explain just what happens in the closing.

Tenth, there should be knowledge of people! A good Buyer Agent should be able to help their buyers achieve buying a home with as little stress as possible. Of course, not every buyer and Realtor can work well together – sometimes it just doesn’t work and a good Buyer Agent should make sure that the Buyer knows you are there to help them and to be able to assist them in the way that is most suited to that person’s personality, including advising them to find another Realtor to assist them should you not be able to!

As you can see, Realtors today wear many different hats! Many of these same qualities and knowledges also apply to the Listing Agents! And the only way to ensure that a good (or great) continues to be a good (or great) Buyer Agent is to continually educate themselves about the market, the environment, the trends and to find ways to take whatever market is out there and whatever price point a buyer may be at and help them into the home that they can be happy living in for many years to come! Let me know if you agree or disagree with my thoughts, or if there are any other knowledges you think a good Buyer Agent should possess, I would love to hear about them!

Yes Virginia - You Can Buy Your First Home!

Barbara Reagan — Thu, 25 Feb 2010 20:46:28 EST

Yesterday, I attended a forum on grant programs that are available in the area. It was a very interesting forum, because it made me aware of some of the grant programs that are available for first time homebuyers. Although I have worked with a number of homebuyers who have utilized the grant funds over the years to get into their first home and I have advised many of my homesellers whose homes could potentially qualify for a buyer using grant funds, I was still amazed at how many options exist out there for the first time homebuyer. So below, I am going to summarize some of the things that I learned there. This post will not go into detail on the specifics of the program; however, if you do wish additional information on the programs, give me a call and I would be happy to refer you to a lender who can explain your options to you and see if there is a program that will work for you and your situation!

Housing Opportunities Made Equal (HOME): They offer down payment & closing costs programs for homes in City of Richmond, Chesterfield County, Henrico County and some statewide programs. There may be a maximum income limit and there may be some additional guidelines the buyer must meet. Additionally, HOME may also make below-market mortgage loans to some families and they also offer pre-purchase counseling & homebuyer education programs. You may wish to visit their website at www.phoneHOME.org for more information.

Southside Community Development Housing Corporation (SCDHC): They offer down payment & closing cost assistance forgivable loan programs for homes in City of Richmond, Chesterfield County and Henrico County. Their programs have an income limitation, must be for a first time homebuyer who will be occupying the home as their principal residence, and the buyer must contribute at least 1% of the sales price to the transaction. The lenders that must be used must be a VHDA lender. Additionally, Southside Community is also a developer and is currently developing a neighborhood in Chesterfield County/southside City of Richmond, which has a significant amount of grant funds available for the buyers. You may wish to visit their website at www.scdhc.com for more information on what they do.
Virginia Housing Development Authority (VHDA): These are loans that are available for first time homebuyers in the state of Virginia. The loans are fixed 30 year loans and are serviced by VHDA. They offer a number of different programs with below market rates. Additionally, VHDA offers a SPARC grant that can be used to help bring the VHDA rate even lower. Two programs that are good for a homebuyer who has little money are the VHDA FHA Plus loan (where the Plus part of the loan is a 2^nd mortgage up to 5% of the sales price) and the VHDA Homebuyer Tax Credit Plus loan (where the Plus part of the loan is the homebuyer tax credit). The VHDA loans will have income and sales price limitations and will require the buyer to complete a homebuyer education program. VHDA offers conventional, FHA, VA and Rural Housing loans. You may wish to visit their website at www.vhda.com for more information on what VHDA can offer.

Federal Home Loan Bank of Atlanta Grants: In April 2010, a few banks who are members of the Federal Home Loan Bank of Atlanta network will be getting funds in order to offer grant programs out to buyers who meet the qualifications. This grant can be up to $10,000 but will be disbursed on a first come first serve basis. The buyer will need to make a small contribution of their own funds and this grant program can be combined with other grant funds. There is a homeownership education class required. There is a maximum income limit to qualify for this program. If interested, please let me know and I would refer you to a lender I have used for many years who will be able to assist you with this grant program.

So here you have a summary of what may be available for you, should you be able to qualify. As you can see, there are lots of options for the first time homebuyers, so give me a call and I will refer you to a lender who can let you know if you qualify for the grant programs, VHDA financing and what will need to be done in order to get these funds if you do qualify. Not every lender can do the grants, so it is best to check the various websites, then call and talk to a lender to see just how you can use the resources that are available to you to get into your first home! Let me know if you do have any questions! It is still a great time to buy a home! And remember, if you do decide that you want to go from renting to homeownership, and you still want to try to get your $8,000 tax credit, remember – you need to be on a contract by April 30, 2010 (only a little more than 2 months away) and you need to close on your new home no later than June 30, 2010! So don’t delay!

Buying a Home in Richmond VA? Tips to Go From Stressed to Happy!

Barbara Reagan — Wed, 17 Feb 2010 10:58:53 EST

With the $8,000 tax credit (and the $6,500 tax credit) as well as the continued low interest rates, I find myself working with more and more buyers, especially first time homebuyers who have never gone through this process before. Most of them are very overwhelmed by not only the vast amount of paperwork they have to sign & fill out, but also by the process itself. My philosophy has always been that an educated buyer is a less stressful buyer. But today, with all the information out there on the internet, I am finding that some of my buyers who are busy doing a lot of research on the internet, are now becoming even more stressed because of the amount of information (and misinformation they are getting)! So for all the homebuyers out there who are getting more and more stressed out about the prospect of buying a home, here are my tips to help you go from stressed to happy!

First, find a great Realtor to work with! This is going to be a person you will be depending upon to help guide you through the process. It should be someone that you are comfortable with and a person who you trust to put your interests first and foremost! If you have a Realtor and you just don’t feel like they are working for you, talk to the Realtor and see if you can work out your issues! If you can’t, perhaps you should find a different Realtor to work with you!
Second, know what you can comfortably afford! This means that not only do you want to get pre-qualified by a reputable lender who is adhering to the new Good Faith Estimate, then determine what sales price you are the most comfortable with! Just because you can qualify for a half million dollar house, you may not want to spend that much money each month on your payment!
Third, keep in mind that owning a house means there will be maintenance & repair costs after closing! Even with a new construction home, there will be repairs that will have to be made and normal maintenance items you should take care of each year! Don’t stretch your monthly payment so much that you find yourself putting off maintenance & repair issues after closing!
Fourth, don’t be blinded by the staging & home furnishings in the house you are considering! You don’t want to overlook the more important things, like the location, the street noises, whether the house is in a flight path! Remember, those furnishings will be gone after closing, but you will still have the same location and other things you can’t change after closing!
Fifth, don’t ask for too many opinions! When you are buying a house, it is important for you to ask the opinion of trusted friends and advisors! And this is good; however, you should always keep in mind that it is you and your family who will be living in the house, not your aunt and uncle or your cousin in another state! Don’t let so many varying opinions cloud your judgment about the house!
Sixth, keep in mind that no house is perfect! When I was growing up, people did not move every few years! Then we got into a period where it was the norm for people to sell their home every couple of years! Now, we are in a period of time when people need to be in their houses for awhile – probably somewhere around 5 to 10 years! But you won’t be in the house for 30 years plus. So keep in mind that you may not get 100% of everything you want in a house! So with that being said, find a house that has the things that are the most important to you and that you feel you can live with for the next 5 to 10 years, or can add to the house after closing!
Seventh, keep in mind that there is no right time to buy a house! Unless you are an investor looking to buy a house to flip, you want to buy a house when the time is right for you! There will always be homes on the market for a homebuyer, and when the time is right for you to buy a home, you will be ready to buy that house!
Eighth, when negotiating a contract, don’t try to be a champion negotiator! Everyone wants a good deal, and in today’s real estate market, there are really lots of good deals out there! When you are ready to write up your offer, make sure your Realtor runs a Market Analysis for you! This will tell you how fairly the house is actually priced! Don’t automatically assume that the sellers will be willing to sell you a home that is 20% below their asking price just because we are in a buyer’s market! Remember, if this is the house that you want to buy, you want a good deal, but you also want the seller to fairly negotiate with you, not only on price & terms at the time the contract is being negotiated, but also at the time of the inspections!
Ninth, don’t try to time the market! No one knows what the future is going to hold – there are Realtors who are saying that the market has stabilized and that 2010 will be a turning year, there are others who think it will be later. There are Realtors who think that normal appreciation in this market will be around 2% to 5%, while others think it is different! No one is right because the future is not yet here! So, at the end of the day, no one knows what the future will hold! You need to decide when the time is right for you to buy your home!
Tenth, love the house that you buy! I have always told my buyers that when you find the house of your dreams, you will know it! Don’t try to force the feeling! You could find that house on the first trip out or it could be many trips out! The main thing is – buy the house you love! Real estate has always been a good investment, but it is a much better to be in a home that you love and that is yours and knowing that the money you are paying each month is going to build your equity, not your landlord’s equity!

These may not be the only things that can help you go from stressed to happy when buying your home in Richmond, Virginia! Know of any other tips? Feel free to share them here! Please keep in mind – there is a method to the madness and there is a system to help you with your home purchase! Feel free to let me know if there is anything I can do to help you!

3111 Forest Hill Ave., Richmond, Va

Barbara Reagan — Sat, 13 Feb 2010 18:19:09 EST

I just finished uploading this Duplex for sale, 3111 Forest Hill Ave., Richmond, Va

LOCATION! LOCATION! LOCATION! Great Woodland Heights location! This Victorian is set up as a duplex, but could be turned back to a single family home (please - check with City of Richmond to ensure that you would be in compliance with whichever use you choose for this home!). This home was renovated only a few years ago - vinyl siding, new plumbing, new electric, central air added on both levels, replacement windows in the upstairs level, wood floors refinished. Throughout both levels you will find several original fireplaces (which are conveying "as is" and do not currently work). This duplex has separate gas & electric meters, as well as separate hot water heaters, but water is master billed. When you enter this home, you will find parquet wood floors in the vestibule! The downstairs unit has a living room, bedroom (which could be a dining room if turned back to a single family home), a small office space, full bath & a kitchen (with washer/dryer connection), as well as a screened porch off the kitchen! The upstairs unit has a living room (which could be used as a bedroom if turned back to a single family home) as well as 2 additional bedrooms, a kitchen & full bath. But in this upstairs unit, there is access to the third level, where you will find an additional 2 finished rooms (home office, extra bedroom, another family room) as well as unfinished storage space. The former sleeping porch has been finished into a room with heat and air conditioning! The partial basement is accessible from the lower level unit and the owner indicates that there has been no water in the basement since Hurricane Isabel (the owner added a walkway outside to drain away the water & had the bricks repointed insided & outside)! Some TLC & maintenance needed here, but a little elbow grease makes this a great buy for someone looking to live in one unit and rent out the other, take it back to a single family home, or even have family living in this home! So see this home, then make an offer! Note: this home is being sold "as is" and is a potential short sale!

Richmond's 12 Kinds of Neighborhoods!

Barbara Reagan — Fri, 12 Feb 2010 20:13:03 EST

Today I came across an article on Frontdoor.com (see http://tinyurl.com/yapxejk) that talked about the 12 kinds of neighborhoods to fit any kind of lifestyle! So it started me thinking about whether Richmond has all of these 12 kinds of neighborhoods. So here is my take on “Richmond’s 12 Kinds of Neighborhoods”-

(1) Urban Core (Downtown): this is described as the downtown areas and the heart of the metro areas. Examples of this type of area in Richmond include the Fan, Museum Area, Church Hill, Jackson Ward. Here you will find a divers housing options including modern lofts, converted warehouses, aging homes, close to nightlife and city attractions.

(2) Urban Pioneer (Up and Coming): this is described as areas that are near downtown. Examples of this type of area in Richmond could include the Carver area (although this could also be put into the Urban Core area), Barton Heights, Highland Park, the Manchester area and the Blackwell areas. The Frontdoor.com article says that here you will find cheaper homes that are likely to increase in value, fixer uppers.

(3) New Urban: this is described as areas near a business hub other than the city’s main downtown. The article says that here you will find new single family homes in retro styles, upscale apartments and condos. In the Richmond area, I think the closest we would have to an area like this are some of the new developments that you will find in Roseland and Hallsley in Chesterfield County and Rocketts Landing in eastern Henrico/city of Richmond.

(4) Cul-de-sacs & Kids (Bedroom): This is described as suburbs and new subdivisions, where you will find the “soccer moms” and active neighborhood associations, with lots of kids. There are many neighborhoods in Richmond that will fit this description. In Henrico you can find Wyndham and Twin Hickory; in Hanover County you will find this in Ash Creek and Milestone; while in Chesterfield you can find this in neighborhoods like Woodlake and Brandermill.

(5) Pedestrian: This is described as small pockets in major metros, and would include cozy condos & apartments as well as lofts above businesses. Again, I would think that neighborhoods like Rocketts Landing, West Broad Village and Roseland in Chesterfield could be areas that fit this description.

(6) Historic: This is described as any area that has large, well-preserved, older single family homes known for their architectural styles. Richmond VA abounds with history and one of the things you will find throughout the area, especially in the city of Richmond, are homes built in the late 1800’s and early 1900’s where people have gone in and done wonderful jobs in renovating and preserving the architectural integrity of the homes. You can find this all over Richmond: the Fan, Church Hill, Woodland Heights, Ginter Park and Bellevue, Bon Air. With many of these areas, you may find strict requirements for the renovation of these homes.

(7) Status/Destination: This area describes these are homes that are in the hills or mountains, by the water, behind the gates. I don’t know that there are many homes that fit this exact definition, there are several areas of Richmond that could fit into this definition as much as a community can in Richmond: Mooreland Farms and other neighborhoods along the River Road corridor, the Manakin Sabot area in Goochland and Chesdin Landing in Chesterfield County.

(8) Ethnic: When I think of “Ethnic” communities, I think of Chinatown in San Francisco, or Little Haiti in Miami. I don’t know that Richmond has a “Ethnic” community in this sense of the word. I do believe that throughout the Richmond area you may find pockets where immigrants of different nationalities have settled, but I don’t believe that we have a community as has been described in this article.

(9) Active/Resort: I don’t think we have resort communities, such as you would think of in the sunbelt and coastal areas. However, there are some neighborhoods that are built around things like a lake (such as Chesdin Lake). This would be the closest thing we would have to a resort type of community.

(10) Golf: When one thinks of golf communities, they may picture communities such as you would find in areas like Hilton Head or Myrtle Beach SC, perhaps in Arizona or Florida. But Richmond does have some communities that have golf courses incorporated into the community. These include Wyndham in Henrico County, Founders Bridge, Birkdale & Brandermill in Chesterfield County.

(11) Retirement: Again, when I think of retirement communities, I think of communities in areas like Florida, California and Arizona. However, Richmond has communities that have been built and geared to those over 55. These are throughout the area and may or may not have planned activities, etc.

(12) Rural: In addition to a vibrant city & great suburban communities, Richmond also has lots of great rural areas. You will find these in all the counties: Hanover County has Montpelier and Beaverdam; Henrico has Varina; Chesterfield has rural areas in the far western reaches of the county. There are rural communities with acreage lots in the outlying counties like Powhatan, Amelia, King William, Goochland and Louisa!

So as you can see from the above, although we don’t quite have 12 different distinct “communities”, we do have a lot of variety within our area! This is what I think makes Richmond a wonderful area and why I think so many people love to call Richmond home! If you are thinking of buying a home or are thinking of relocating to the Richmond area, read the Frontdoor article to get a feel for how they describe these various types of communities, then give me a call. I would love to show you my city!

Sell My House Before Buying Another???

Barbara Reagan — Tue, 09 Feb 2010 20:06:34 EST

The other day I was talking to someone and they told me that they were thinking of moving. Of course, they own a home and the first thing they wanted to know was – should they sell their home before even beginning the search for a new home! This is kind of like asking which comes first – the chicken or the egg; the horse or the cart! A few years ago, my advice would have (perhaps) been to begin looking for a home, get qualified for a bridge loan (remember those things that are no longer available!) and find a home! This was because, back in the “good old days”, houses were selling within hours if not days, and so there was little chance that a person’s house would not sell rather quickly, and there was an even smaller chance that the house they would want to purchase would even be available by the time their house was sold! But, oh how times have changed in only a few short years! So here was my advice to these people – sell your home first and plan to potentially go into a rental for a period of time before beginning your search for a new home! Why?

First, it may take some time for your home to actually sell! This market is not a market that is particularly kind to sellers. You are competing against not only other resales, but new construction homes where the builder may be offering steep discounts to get their inventory sold as well as foreclosures & short sale properties. Until you actually get a contract from a buyer and get the home closed, you may not be sure of exactly how much you will walk away with after paying off the costs of the sale!

Second, you may find a home that you fall in love with and then find out that you can’t buy it! Perhaps you write up an offer that is contingent upon your home selling – but there remains the possibility that the seller gets another offer that is not contingent upon the sale of a home! Or your home never sells and therefore, the home sale contingency cannot be removed!

Third, if you are asking the seller to accept your contract that is contingent then you may or may not be in a position to negotiate a better deal than you could if you were not making your contract contingent upon the sale of your current home!

Fourth, the seller may not want to accept your offer that has such a big contingency in there! Then you have to hope that no one else comes in and scoops up the house of your dreams before you can get your home sold!

So what are some of the alternatives?

When you get an offer on your home, see if the buyer of your home will let you rent back for a period of time after closing.

If your contract has a long closing time period (such as 60 days), begin searching as soon as you are comfortable that your contract will go to closing – you have a strong lender letter, inspections have been agreed to and completed, etc. In this way, you can make an offer on your dream home contingent upon your current home closing. Ask your buyer to allow you a 1 or 2 day possession after closing to complete the closing on your new home and to move out.

Make any offer you get contingent upon you having a period of time to find a home of your choice. This should be limited to a short time frame (e.g.-2 weeks or so) so as not to scare off any potential buyers. This will allow you a short period of time to find another home, and if you do not find one during this time period, you can terminate your contract or try to negotiate an extension with your buyer.

Move into a short term rental. Although this may be a little inconvenient, it may give you the time you need to find the right home and to negotiate with the seller from a position of strength, rather than with a large contingency in your contract. This makes you a much more attractive to the seller of the home you would like to purchase and make give you more leverage than you would otherwise have.

Whatever you do decide to do, when you are talking to your Realtor about selling your home and helping you move to another home, this is something that should always be discussed. There are pros and cons about each option you have available to you – you need to determine how high your risk tolerance is and if you are willing to move into a rental home after selling your current home!

As we come closer to our spring selling market, this will be a question that many of us will be asked. Knowing your options will help you make decisions that are right for you and your family with no surprises! Feel free to let me know if you have any questions!

"As Is" Is "As Is"

Barbara Reagan — Mon, 08 Feb 2010 11:22:49 EST

In today’s market, there are lots and lots of homes for buyers to choose from – everyone is pretty much aware of that – buyers are delighted to have so many homes to choose from; sellers may not be so happy about it because it means their homes are competing against lots of other homes! And many of these homes the buyers have to choose from are homes being sold “as is”. So, of course, the first question many ask me and other Realtors, is –

Just What Is An “As Is” Sale?

This post, hopefully, will shed a little bit of light on what these 2 little words actually may mean for you, whether you are a buyer or a seller!

It means that the seller will do no repairs! So, as a buyer, you will want to make sure you know just what repairs you are going to have to make after closing! You want to make sure that the cost of any and all repairs and any improvements you may need to make to bring it up to today’s living standards as well as the price you are paying will not put you into an “overimproved the for the neighborhood” state!

It means that the seller will give no warranties or guarantees that the systems are in good working order at the time of closing! Most of the contracts that we deal with here in Richmond VA say that the seller warrants that all systems (plumbing, electrical, HVAC, etc) will be in good working order at the time of the closing. However, you need to keep in mind that if a system such as the plumbing system was in good working order at the time of the inspection and then it fails before closing, the seller has no obligation to put it into good working order for you. Keep this in mind and have a contingency fund available to do these repairs if you need to after closing.

It may mean that the type of deed the buyer may receive will be a special warranty deed, which is a much more limiting type of deed than the general warranty deed that is generally used when a buyer purchases a home here in the Richmond, VA area. Here is a website that will give you a brief definition of the difference between the two types of deeds.

Virginia is a “caveat emptor” state, meaning that it is up to the buyer to do any and all due diligence regarding the condition of the property. Even if you were not purchasing a property “as is”, you would be well advised to have an inspection done on the home. However, when you are purchasing an “as is” home it is even more important! Therefore, it is most important that the buyer do any and all due diligence on the home they are contemplating buying. This would include not only whole house inspections, but things like radon, roof, well, septic, termite, chimney inspections and any research on the area, crime stats, Megan’s law issues, etc. You may also want to do your own research on well and septic permits, making sure any needed repairs/improvements were done by proper permits,

Any and all inspections: whole house, radon, roof, well, septic, termite, chimney
Researching area for things like crime, schools, Megan’s law issues and anything else the buyer is concerned about
Researching the well and septic permits that are with the local health department to make sure these are what they should be
Making sure that the owner has obtained proper permits for any and all improvements that were made to the house that should have been done with permits
Making sure that the lot size is what it should be by having a survey completed and that there are no encroachments on the property that you may need to take care of after closing or may affect your ability to close on the property.

It is highly recommended that when you are buying an “as is” property that you get an owner’s title policy rather than the minimally required lender’s policy. I had a buyer who recently purchased a home – after closing, the county came by and said that the deck that was on the house had not been properly permitted when it was put on and was now looking to the new owner to make it correct. Because he had an owner’s title policy, he was able to have the title company take care of it. Here is a great site for seeing what the differences are in the various title policies that are offered.

The buyer needs to understand that when they go to closing, there will be paperwork that says you are accepting the property in the condition it is in as of the time of closing, and therefore, any addendums that were agreed to prior to closing will be terminated. This means that if you find something after closing, you may not be able to have it resolved after closing. Although the law says that known defects must be disclosed to a buyer, this may sometimes be a very hard thing to prove after closing.

The buyer needs to be able to terminate the contract should inspections disclose repairs or issues you do not want to deal with. This means that you need to make sure that your contract has these contingencies written into the contract and that you have a way out of the contract at no penalty should your inspections reveal issues you do not want with after closing.

You need to make sure that whatever issues there are with the house will not impact your financing. Certain government loans may require repairs to be completed prior to being able to get financing done. So when looking at the house, if you know that you must use a certain type of loan such as FHA or VA or VHDA and you know that the seller will not do any repairs, you need to make sure that the repairs needed do not impact that financing type.

Finally, do not let the above scare you away from buying “as is” homes. You only need to make sure that you do your own due diligence on the property. As Is Sales will be good buys, but you need to be careful and take these things into consideration!

To Stage or Not To Stage - That Is The Question!

Barbara Reagan — Sat, 06 Feb 2010 12:08:15 EST

In today's real estate markets, buyers are looking at more and more homes - that is because there are so many homes on the market for the buyers to choose from! Of course, many of the homes my buyers may end up looking at will be estate sales, short sales or foreclosures - and these will be "as is" sales and may or may not be in the best show condition! But not all houses are these type of sales, so if you are planning on selling your home, a small investment in "staging your home for sale" may help to put your home head and shoulders above your competition! Of course, pricing your home properly and making it easily accessible for other agents to show the house also helps, but many buyers out there today have a hard time looking "beyond" things like messy rooms, or rooms that don't flow well! So, today, this post will give you several videos on some room makeovers that will show you just how much better a particular room can look after it has been staged to sell! Enjoy the video, as well as the snow! And, as always, let me know if there is anything I can do to help you!

Living Room Makeover!

Master Bedroom!

Home Office!

Hopefully, you got some great ideas for how to redo your rooms! If you need some help with doing that, you may want to take your camera or video camera and take some video of each room of your home! Then take a critical look at each room - remember, this is what your buyer will be seeing when they come in! Do the rooms flow well? Is there too much furniture in the room? Do you need some pop of color? A video of your home will give you some great ideas of what to do! Enjoy!

Remodeling? Renovating? Don't Get Scammed?

Barbara Reagan — Wed, 03 Feb 2010 20:24:04 EST

I am working with many buyers who are looking at either foreclosure homes, or homes that need to be updated. Invariably the discussion always turn to how they should choose a contractor to do the work! So to help my clients, as well as other homeowners & future homeowners, not get ripped off by contractors, here is my top 10 list of ways to make sure you get a good, competent contractor to do your work!

1. Ask for references that you can verify! You want to make sure the references the contractor gives you are actually real people, so make sure you actually call them. Ask questions, such as when the contractor did the work, how happy were they with the work that was done, how responsive was the contractor, did they show up on time, did they clean up after themselves, did they complete the job on time! There may be other questions you can ask, but these are generally the ones you want to make sure you ask! The answers to these questions will give you a lot of insight into just how good your contractor will be in doing your job right and on time!

2. Make sure you can pay by check or credit card, in addition to cash! If the contractor insists on you paying cash for the job, this isn’t necessarily a problem. But it may raise some red flags that the contractor may have some credit difficulties, which could potentially impact your job!

3. Make sure the contractor is licensed! If you are doing a big job, you should make sure that the contractor you use is a licensed contractor. In Virginia, the licenses of all contractors are on file with the Department of Professional & Occupational Regulation. Check their website at http://www.dpor.virginia.gov where you can not only see that their license is current, but if there have been any complaints lodged against them and the resolution of the complaint!

4. You may wish to pay suppliers directly! If a contractor is requesting cash advances for supplies, ask your contractor to let you pay the suppliers directly. In this way, you will make sure that the suppliers are paid so no liens can be placed against your home by these suppliers!

5. Get lien releases from all suppliers & subcontractors before final payment! If you are making payments over time, make sure that before you do the final payment to the contractor, you have all subs and suppliers sign lien releases. This will help protect your home and title from having a mechanic’s lien placed on it.

6. Make sure the contractor carries insurance! It is always wise to make sure that your contractor carries the proper insurance for the job!

7. Get three itemized bids! When getting the bids make sure that the bids are in writing, are itemized and include all the items you want to have done in the renovation or remodeling job!

8. Once you decide on the contractor, make sure that you have everything in writing and a contract is signed between all parties! Your contract should include a start and stop date, should indicate if a job is delayed, who is responsible for what, and is signed by all parties to the contract! Make sure you understand all terms before you sign the contract!

9. Make sure that the contract includes the proper permits for the work to be done, as required by your locality! If the work to be done is to be done under permits, make sure that the cost includes not only the permit but that the city/county will be called to inspect the work once it is completed & signed off by the jurisdiction as properly done. If this does not happen, it is possible that you may have to pay fines and/or redo the work in the future if it was not properly done and properly permitted.

10. Keep a job file of the work being done! This should include things such as the signed contract, any change orders, pictures of the job in progress, invoices and cancelled checks, lien releases & any correspondence with the contractor!

Hopefully, by doing these, you won’t end up like the people in this article I came across in the Baltimore newspaper! http://tinyurl.com/yenxqwh

Doing a few things will help you get your job done right and done by competent contractors! Good luck with any future renovation and remodeling!

To Pre-Inspect or Not To Pre-Inspect!

Barbara Reagan — Fri, 29 Jan 2010 18:33:02 EST

A few days ago I was at a home inspection and the question came up about whether or not I recommend to my sellers to have their homes pre-inspected prior to listing it! It led to quite an interesting conversation, so I thought this would be a great thing to post here. So here are my thoughts about why I think it is better for sellers to have their home pre-inspected prior to listing it for sale:

A home inspection can be a big selling feature for the buyer of your home! In this market, where there is lots and lots of inventory and your home is competing with many homes in lots of different areas, anything you can do to make your home stand head and shoulders above the competition will help make your home more sellable!
A home inspection will offer your future buyer peace of mind! Buyers are not only buying a home, but they like to know that the home they are buying won’t have any major surprises. Today’s buyer should always have their own inspection, but knowing that the inspection should have relatively few items of concern will help your buyer feel comfortable with their decision to purchase your home!

A home inspection will offer you, the seller, peace of mind! It allows you, the seller, to not have a concern about what a buyer’s inspector may find! If something is found during the buyer’s inspection that you weren’t aware of, it may be relatively minor in nature and easy to fix, or a buyer may not even ask for it to be repaired!

A home inspection will allow you to fix all the major deficiencies that show up on your inspection report! This means that you can be assured of not having a buyer walk away from your transaction because you may not have the money to fix the major deficiencies found on their inspection!

A home inspection may allow you to hold firm to your asking price! Many times buyers may see things that need to be taken care of (such as peeling paint, repointing of the masonry, dripping faucets, etc) and come up with a dollar amount that they think it will take to repair these things. Usually, buyers will overestimate this in their mind. Then when the inspection occurs they may then ask for these things to be repaired or a credit given at closing in lieu of these repairs. Knowing that there is nothing major that a buyer could be mentally deducting from your asking price will allow you a better chance of getting your asking price!

A home inspection may allow you to offer all types of financing! With some types of financing (VA, FHA, VHDA or grant programs), the appraisals may note repairs that need to be completed! Appraisals in this real estate market are getting more and more stringent, and not having to worry about repairs on an appraisal will help open up more buyers for your home and eliminate any concerns about losing them due to repair issues on an appraisal.

A home inspection will allow you to disclose the true condition of your home! Although Virginia is a buyer beware and the disclosure that is given to buyers doesn’t really disclose much, the law still requires that a seller must disclose any known defects about the house. If a buyer closes & then discovers a defect, it is up to the buyer to prove that the seller knew about the defect. If you know what is wrong with the house & the seller chooses to fix these items before closing, then there are no defects and letting the buyer know that all repairs have been done by showing receipts gives the buyer peace of mind about the house!

I have always suggested this to my sellers during the listing appointment. Many have chosen not to do this, but I do think that with the continued sluggishness of the real estate market, anything a seller can do to put themselves head and shoulders about their competition (which includes foreclosures & short sales) will help them sell their homes faster! I’d love to hear what you think about this!

10 Don'ts of Buying a Foreclosure!

Barbara Reagan — Wed, 27 Jan 2010 11:39:25 EST

In working with homebuyers, invariably the buyers begin to look at foreclosures, hoping that the house can be purchased at a great price and that, after doing all the work, will have a lot of equity into the home! And this thought is not a bad thought. But, as I have advised my buyers, not all foreclosures are great buys, no matter how low the asking price is or how low you think you can get the home for! So I have listed below my 10 DON’Ts if you are buying a foreclosure home!

1. Don’t buy a home in the wrong area! Although the number of foreclosures in the Richmond area is relatively low (compared to other parts of the country or the state), there are areas in which there are a lot more foreclosures than in other areas! If you are looking in a neighborhood where there are a high number of homes on the market which are short sales & foreclosures, this may or may not be the right area for you to purchase in. You should keep in mind that these homes will continue to impact the value of your new home until they are sold! You need to keep in mind how long you plan to stay in your new home and make sure it is long enough to get the foreclosures & short sales in the neighborhood sold!

2. Don’t assume it is a great buy! This goes along with the first “don’t”! Just because the price is low doesn’t make it a great buy! Do your homework before putting your hard earned cash into the house!

3. Don’t get caught up in a bidding war! Know what your top figure is that you are going to pay for the house and if multiple offers come in, don’t go above your top price point!

4. Don’t buy a home without an inspection! Even if you are buying a HUD foreclosure where HUD has already done an inspection, pay your own inspector to go out and do inspections on your behalf. This may mean that you will have to put the utilities on in your name and pay to have a plumber come in and de-winterize and then re-winterize the property. But the money spent to find out exactly what you will have to deal with after closing is well worth the small investment you will make up front!

5. Don’t overpay for the home! When you do decide to make an offer on the house, you need to keep in mind that it is an “as is” sale! This means that the bank will make no repairs. Therefore, you need to have a market analysis done before making an offer on the home so that you know just how much money you can spend between the purchase price and the repairs and upgrades after closing. You do not want to overimprove the home for the neighborhood! If the home will cost you $100,000 to purchase and it will take another $50,000 in repairs and/or renovations and upgrades, but the after renovation value is only $140,000 – then it does not make sense to buy this home, UNLESS you truly love the home and neighborhood and you are willing to overpay to be in this house and this neighborhood! That is only your choice, but it should be an informed choice!

6. Don’t buy the home without paying for a title search and an owner’s title policy! In Virginia a homebuyer gets a general warranty deed conveying the property. However, a foreclosure home is generally conveyed by special warranty deed, which is not as strong a deed as the general warranty deed! Most lenders will require you to have a title search and will require you to purchase a lender’s title policy (which has limited protection for your title). If paying cash, you may wish to save a little money on the title search and title policy! But the small investment of money to have a title search done prior to closing can reveal if there are things like back child support and alimony judgments on the title, unpaid association fees, unpaid utility bills and other things that you may need to get the foreclosing bank to take care of prior to closing. An owner’s title policy will offer you much stronger coverage on your title should any issues come up after closing that will affect your title (and remember, when you sell your home, you will need to convey a clean and marketable title to your future homebuyer)!

7. Don’t expect the bank to make allowances for your situation! When you buy a foreclosure, all the banks have addendums that they require you to sign in order to be able to purchase the home! These addendums are all skewed in favor of the bank! And all of them will have a per diem that penalizes the buyer if you don’t close on time, but do not penalize the seller if the property does not close by the time stated on the contract. If you are currently a homeowner with a contract on your home scheduled to close on a particular day and you are moving to a foreclosure home, it does not matter to the bank that you want to be able to do a simultaneous closing. You may need to be prepared to have a temporary place to live in until the foreclosure you are buying can go to closing!

8. Don’t close on a foreclosure home without an attorney! In Virginia, the buyer can choose to have either a settlement agent or an attorney do your closing. Since there are issues that can arise when trying to purchase a foreclosure, it is always better to have a real estate attorney do your closing!

9. Don’t expect a warranty! Since the foreclosing bank has never lived in the property, they will not be providing any sort of warranty on the property. This is all the more reason to do your own due diligence on the property – any and all inspections, contractor bids on the repair work after closing, getting an owner’s title policy, using an attorney to do your closing!

10. Finally, don’t go to an auction unless you are ready to buy! This means that you either need to have the cash in hand or you must have your financing in place! When buying a home at auction, you have a very limited amount of time to inspect the home (usually only a few hours prior to the actual auction), which means that you need to know what you are looking at when you inspect the home prior to the auction. You also need to have a substantial downpayment to give at the time of the auction and you need to be prepared to close within a few weeks after the auction or risk losing your downpayment! Additionally, if there are a lot of people at the auction, you may get caught up in the excitement and may end up overbidding for a home! Be careful when going to an auction!

These are my 10 Don’ts for buying a foreclosure home! I don’t want to scare any buyers from buying a foreclosure home – my only advice is that you should be careful and do your homework! There are very good buys out there and I have had many buyers over the last few years get some very good deals on foreclosure homes, but they have all done their homework before buying a foreclosure home!

So my advice to you – look carefully at the home, do a market analysis to know how much you can do before you have overspent for the neighborhood, do a home inspection, use an attorney, do a title search – and finally, buy a great home!

Saving Money in 2010!

Barbara Reagan — Tue, 26 Jan 2010 16:35:22 EST

Tomorrow night our president will give the State of the Union address – and in it, I am guessing that he will be talking about jobs, the recession, etc! Of course, everyone is watching their money and their monthly bills! So for everyone who owns a home, or is currently renting, here is a list of things that you can do to help save some money off your energy costs! Most of these are things we have all heard before – and many of these may be things our parents even did, but if we can save a little bit of money off our utility bills each and every month, we can use that money to treat ourselves to something special! So feel free to print this out and use it to see just how much money you can save this year!

Dodge Drafts: For Christmas I got one of those “Twin Draft Guards” that everyone sees on television late at night! I have been using it since Christmas and I must say – it is a great little gift! I am now thinking of going out and buying another 2 for my other doors! If you don’t want to buy one, you can always roll a bath towel and put it under your drafty doors! Doing this will save a few dollars on your utility bill!
Change Furnace Filters: Every time I work with a homebuyer and we do the inspections, it seems that one of the things noted on the home inspection report is that the filter is dirty! Not being an HVAC person, I was surprised to hear just how much money you spend on your energy costs when you do not go in and change dirty filters! What I was told was that dirty filters increase the energy load on your system because it restricts the air flow!
Run Ceiling Fans in Reverse: I have ceiling fans in each of the rooms in my house, but never realized that by doing something as simple as reversing the direction of the blades can help me save money on my utility bills! So in the summer, I make sure that my blades are running counterclockwise; while in the winter, I switch the blades to run clockwise! This is because when the blades are running clockwise, they will push down the warm air that is at the ceiling back down to the living space!
Turn Down The Water Heater: When I got my new water heater installed a few years ago, the installer told me that by turning my water heater’s temperature down to 120 degrees can save you some more money! And do you really need to have your water heater set at the 140 degrees that the manufacturer has set?
Install Storm Doors & Storm Windows: This can increase the energy efficiency in your home by as much as 45%! Storm windows & doors block the cold air from getting into the house!
Have The HVAC System Checked By a Professional: This is a normal maintenance item, but maintaining the system & making sure it is properly working will help to save you costs over the long run! I have mine checked every year and the cost is somewhere around $150 – a very small price to pay to make sure my system is working in the most efficient way possible!
Look At Your Thermostat’s Temperature: Did you know that for each 1 degree you turn down the temperature on your thermostat, you can save between 1% and 3% on your heating bill? When you are leaving the home for work, or to go out at night, turning down the thermostat by a few degrees each time you leave and that will help reduce your utility bill down each month!
Insulate Your Windows: It may not necessarily look pretty, but going to Lowe’s or Home Depot and buying a Window Insulation Kit for each window will help to block any drafts you may have coming into your home! These things are easy to install and will help you save money each month!
Caulk & Weatherstrip Any Leaks in the House: How do you know where you may have leaks? Take a lit incense stick and move it along the walls, windows and doors (be careful of furniture & drapes) – if it wavers, this is an indication of a leak, where caulking and weatherstripping may help to seal up those leaks!
Turn off Unneeded Lights: As a kid, I remember my father always reminding me to turn off the lights! Keeping the lights off when you are not using them will save you some money each month!
Switch to Energy Efficient Light Bulbs: Another idea to help save you some money each month!

Although I don’t think any of these things, in and of themselves, will save you a tremendous amount of money on your utility bills every month, in this economy I think that whenever we can save a few dollars here and there, those few dollars will add up over time! Feel free to print out this list! And if you have anything else that you can add to the list, let me know!

I’m Barbara Reagan

Whether Buying, Selling or Downsizing – Service Above & Beyond!

Click Here to Search For Properties in the entire Richmond VA area!

Barbara A. Reagan – ABR, GRI, ePro, CRS, SFR

Long & Foster Realtors

Serving – the City of Richmond, Henrico County, Hanover County & Chesterfield County!

Call or Text Me at 804-869-1191

Friday's Laugh - Goodbye To Conan!

Barbara Reagan — Fri, 22 Jan 2010 15:04:08 EST

Here is a great video of Conan O'Brien's last few days at NBC! After such a grueling week, it is always great to have a laugh or two! So enjoy the video!

I'm Barbara A. Reagan

Whether Buying, Selling or Downsizing - Service Above & Beyond!

Click Here to Search For Properties in the entire Richmond VA area!

Barbara A. Reagan - ABR, GRI, ePro, CRS, SFR

Long & Foster Realtors

Serving - the City of Richmond, Henrico County, Hanover County & Chesterfield County!

Call or Text me at 804-869-1191