Who are Fannie Mae and Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.

Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.

In 2008, due to mismanagement resulting in billions of dollar of losses, Fannie and Freddie were taken over by the government.

How do Fannie and Freddie impact Fairfax County Virginia real estate?

• They contributed to the financial crisis and real estate downturn, by loosening underwriting standards, buying and guaranteeing riskier loans and increasing purchases of mortgage-backed securities.
• They are key players in the government’s Making Home Affordable foreclosure-prevention program. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.
• They influence mortgage interest rates and the availability of home loans. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level.

What’s going to happen to Fannie and Freddie?

Fannie and Freddie’s future is uncertain. The House Republicans and the Obama administration agree that Fannie and Freddie should be done away with. But this will not happen soon, if at all. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced.

If you have questions about Fairfax County Virginia real estate or how national or international events impact Fairfax County Virginia real estate, please give me a call at 703-909-3939 or email me at Steve@HomeSearchWebsite.com. I’m happy to help.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Minimize the risk of receiving an inaccurate appraisal by …

• Meeting the appraiser at the house. Show them around your Fairfax County Virginia real estate, just like you’d show a potential buyer. That way you can highlight some of your home’s unique features that they might otherwise overlook. Also, if they have any questions about when things were updated or replaced, you’ll be there to share all relevant information — instead of them just taking a guess.
• Establishing that he or she is geographically competent. Appraisers that don’t know the area can misquote, so be sure to ask them questions, such as how far their office is from the property and if they have access to local MLS data. If you feel the appraiser doesn’t meet geographic competency standards, then you can raise the issue with your lender.
• Providing him or her with comparables. You probably know the neighborhood better than the appraiser, so supply information on recently sold homes that you think are similar to yours. He or she might not use them, but it can’t hurt.
• Record any mistakes. Always ask for a copy of the appraisal to review, because appraisers make slip-ups all the time. Especially if the value is low, be sure to look over the details of the appraisal and call out any discrepancies. If this is the case, you won’t be able to change the designated value, but you can file a complaint against the appraiser. If the mistakes are big, ensure you get a second appraisal.

Don’t let an inaccurate home appraisal ruin your future financial goals. Take Fairfax County Virginia real estate appraisals seriously, be proactive, do your homework and definitely review the final version.

If you’re getting ready to sell your home or purchase a new one and have questions about appraisals, please call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Follow these steps to get preapproved for a mortgage:

1. Get referrals. Ask family, friends, neighbors and your Fairfax County Virginia real estate agent for referrals to a lender with whom they have had a good experience. Talk to several lenders to compare service, rates and other options.
2. Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for preapproval.  Lenders will review your credit report before preapproving you for a home loan.
3. Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).

Even though the preapproval process is rigorous, obtaining a preapproval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.

Preapproval helps you narrow the focus of your Fairfax County Virginia real estate property search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation.

When you find the Fairfax County Virginia real estate of your dreams, you’ll be ready to move to the next step!

If you’re looking for more information on the home buying process, I can help. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

There are an abundance of beautiful, well-maintained Alexandria VA homes for sale right now. But there are very few buyers looking at them because it’s cold and dreary. They’d rather wait until spring. That means great prices for you right now!

Here are a few tips to help you catch a winter bargain:

• Ask to see summer photos: Want to know what the yard is like in the summer? Look at photos from last summer.
• Try light therapy: This makes everything look better. It’ll boost your mood and help you make a rational (not emotional) decision on which home is right for you.
• Use your imagination: If there’s something you don’t like about the house, imagine what it will look and feel like in warmer weather. The natural light will be brighter, the air will be fresher and the grass will be greener.
• Offer less: If the homeowners want to get the home sold this winter, they’re going to be more open to considering your offer, even if it’s several thousand dollars less than the asking price. If they’re unwilling to go as low as you’d like on the price, ask for other concessions. You might get the seller to pay for part of your closing costs, buy a home warranty plan or to leave the pool table that fits so perfectly in the family room.

If you’re willing to brave the cold and ignore the winter blues, you could save a bundle when buying one of the Alexandria VA homes for sale. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com and tell me what you want in a home. I’ll put together a list of great buys for you.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

• Check and lock windows. Even if you think your windows are shut, go around and check each one to make sure it’s snug – and lock it.
• Use ceiling fans. Consider adding ceiling fans to every room; they truly make a difference. Set them spinning in the correct direction to pull air up this winter so they displace warm air at the ceiling and send it down the walls. Set on the lowest speed, a ceiling fan evens out indoor temperature without creating drafts.
• Invest in insulated window treatments. Stop the costly escape of household heat and absorb solar heat during the day.  Thermal window shades can stop up to 80% of heat loss.
• Close drapes/shades at night. This keeps the cold out and the warmth in.
• Bake! Remember when it was too hot last summer to even think about cooking? Now is the time to indulge in home-baked goodies.
• Drink warm tea.  There is a tea for every constitution. If you haven’t discovered the soothing comforts of tea drinking, start exploring!
• Dress for winter. Don’t be in denial and run around in a T-shirt. It’s winter! Wear layers, wear wool, wear corduroy, wear flannel—then you can turn down the thermostat.
• Humidify. If you heat with wood, don’t forget to place a decorative ceramic container of water on the stove to increase indoor humidity. You can place a few drops of your favorite essential oil in the water for nice ambience.
• Sleep in flannel sheets. There is nothing cozier or more inviting. Flannel bedclothes mean instant warmth.
• Get a programmable thermostat. You can set it to drop the temperature a few degrees while you sleep, and bring it back up before you rise.
• Get off the couch! If you hibernate too much, you may get the blues. Be sure to dress warm and get outside—walk, ice-skate, sled, ski—whatever you enjoy, just get some fresh air and exercise. Then you can scurry back into your comfy condo in Arlington VA, feeling refreshed and grateful to have shelter from the cold winds.

If you’re looking for a snug home or condo in Arlington VA to purchase, I can help. Contact me at 703-909-3939 or Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Programmable thermostats cost anywhere from $30 to $150, so they quickly pay for themselves. By programming your thermostat to return to  your comfort level before you arrive home or get up in the morning, your Alexandria VA home will be just as comfortable as what you’re used to, and you’ll reduce your carbon footprint.

Here is how easy it is to install a programmable thermostat:

• Turn off the circuit breaker for the thermostat. Since you will be handling wiring, you must cut off the electricity going to the thermostat first of all. If your Alexandria VA home has electric baseboard heat, don’t do this update yourself–the wiring carries higher voltages and should only be worked on by a qualified electrician.
• Remove the old thermostat. Older thermostats contain mercury, so handle it carefully and do not throw it into the trash. Check with local recycling centers or waste handlers to learn how to safely dispose of mercury.
• Tape wires to the wall. You don’t want the wires to fall inside the wall. Note where they were attached to the old thermostat and label them accordingly.
• Mount new wall plate. Follow the instructions that came with the new unit to mount the plate over the area of the old base.
• Connect new thermostat to wiring. Again, follow the instructions included with your new unit.
• Mount the new thermostat onto the new base.
• Turn the circuit breaker back on.
• Program the thermostat following manufacturer’s instructions. Digital devices can be hard to program, so hang onto those instructions and keep them where you can find them.

Now your Alexandria VA home can be greener, more economical and more comfortable. Want to buy a home that’s green, energy-efficient and comfortable? I can help. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’re one of the lucky owners who has a home for sale in an area that stays beautiful all year long, you can still find a few tips here to help get your home ready to sell.

Six tips to help you sell your home this winter:

1. Keep it cozy. You want your home to be warm so people can comfortably take their time viewing your Fairfax County Virginia real estate. Saving money on heating costs isn’t worth it if it means freezing out your potential buyers.
2. Turn up the light. Keep curtains and blinds open during the day. Turn on your lights, both inside and out, at night. Put your lights on timers if you won’t be home until after dark. Use motion detectors to light up in the evening when a potential buyer approaches your doorstep.
3. Point out cold-weather benefits. Have mass transit within walking distance? That’s a big benefit in bad weather because you don’t have to de-ice or dig your car out of the snow in order to get to work.
4. Take advantage of good winter locations. If your home is in a location that people flock to in the winter, such as an area with great outdoor winter sports such as skiing or a warm-weather area like Florida, now is the time prime time to promote your house! Put all you’ve got into marketing the benefits of living where it’s always sunny or where winter living is fun.
5. Set the mood. Play soft, classical music. Toss afghans or throws across the back of your sofa. Hang plush robes in your bedroom or bathroom.
6. Clear away snow and ice. Shovel a path through the snow so potential buyers don’t have to get out their snowshoes. De-ice your driveway, sidewalk, steps and porch to prevent slips and falls.

If you’re ready to sell your Fairfax County Virginia real estate this winter, I can help. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’re lucky enough to have a fireplace or woodstove in your Arlington VA home, please follow these precautions:

• Call in a chimney sweep. Every year, you should have your chimney cleaned to remove creosote   buildup. This keeps air flow unobstructed and prevents a chimney fire, which would be devastating to your Arlington VA home. A professional chimney sweep should also check for cracks in the flue liner and proper functioning of the damper.
• Inspect your chimney cap. The chimney cap keeps the rain and snow out of your flue. It also prevents birds or other animals from entering the flue. The sides of the chimney cap are wire mesh, which also needs to be kept clear of creosote. Otherwise air flow will be hampered and smoke will enter your home instead of being properly drawn up the chimney.
• Burn only dry, seasoned wood. Wood that has not been aged long enough will sputter, smolder and smoke, causing excess build up of creosote.
• Burn only untreated wood. Do not burn treated wood, plastic or other debris in your fireplace or woodstove. These give off toxic fumes you do not want inside your home.
• Wait until ashes are cool before removing them. If you try to clean out the fireplace or stove while there are live coals or embers in the ashes, they will give off smoke into your home while in the ash bucket. They could also result in burns, if dropped on the floor.
• Install a carbon monoxide detector. Carbon monoxide is a deadly gas produced during incomplete combustion. The only way to know if it is in your home is by using a detector.
• Keep the damper closed when not burning a fire. This will prevent the warm air from going up the chimney.

If you’re looking for a Arlington VA home with a fireplace, I can help you buy one. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

It’s always good to educate yourself, so that you can assess all the options and maybe show off to your Fairfax County Virginia real estate agent and loved ones if you happen to come across this term during your house hunt. Below is the basic breakdown of the four main types of concurrent ownership.

1. Joint Tenancy with the Right of Survivorship – This means that owners retain equal share of the property. In the event that one of the owners dies, their share of the property is distributed equally among the remaining owners. Be sure to use specific language in your deed or will, otherwise the property might be considered tenancy in common.
2. Tenancy in Common – One or more people own the property, but the shares might not be equal. Also, if one owner were to die, the property would be passed by will or inheritance, and not necessarily to the other owners.
3. Tenancy by Entirety – This type of concurrent ownership is usually between a husband and wife. It states that the entirety of the property passes to the spouse upon one of their deaths. A divorce in most cases will change the tenancy of entirety to tenancy in common.
4. Community Property – Not all states recognize this type of joint ownership. However, if your state does, then all property acquired during a marriage is communal, while anything owned before the union or that has been inherited or gifted would remain separate property in the case of divorce.

By knowing the definition of concurrent ownership, you’ll be able to ensure that any communally owned property will be distributed the way you see fit in the case of an unexpected death.

Whether you’re thinking about purchasing Fairfax County Virginia real estate by yourself or with multiple people, I’d love to help. Please call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

You can find the best tenant for your vacancy by following these few steps.

1. Advertise
Having plenty of applicants to select from means that you can find a good match for the vacancy. So advertise to collect a crowd of prospective tenants.  It’s worth the extra time of showing the property to more people to find a reliable tenant.

• Spread the word among your friends and family that you have a space available. Through personal connections, you are most likely to find a good match for your space.
• Put a sign up outside the unit. People living near the neighborhood, or visiting family or friends in the area, are most likely to want to rent there.
• Put listings for your Fairfax County Virginia real estate in your local newspaper and online sources (such as craigslist).

2. Review Rental Applications with Care
While there are no guarantees, a few practices can help you screen applicants for your Fairfax County Virginia real estate vacancy.

• Check Rental History: If your prospective renter has moved every three months, it’s worth asking why.  When you call to verify rental history, check with former landlords to find out if there were any issues.
• Check Credit Reports: Your prospective tenant might proclaim that he is independently wealthy, but even if he is, that doesn’t mean he pays his bills on time. That said, remember that credit reporting agencies aren’t always accurate, so do allow for issues to be explained.
• Verify Income: Your tenant should have a steady means of meeting his rental obligation. Request copies of recent pay stubs or other income to ensure that the tenant can reasonably afford the rent you are charging.
• Check Job References:  Ideally, you want a tenant who has a stable history in his profession.

Of course, as a landlord you already know that the Fair Housing Act prohibits discrimination based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).

If you are investigating new rental property purchases or looking to sell some of your current assets, I can help. Give me a call today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939