Thursday, September 15, 2011
Monday, September 12, 2011
No Down Payment? You Can Still Buy A Home
Many potential homeowners look at their bank account and figure “there’s no possible way I can buy a home”; however there are many programs that offer down payment and closing cost assistance that potential homeowners are unaware of. This is one reason it can pay off if you take the time to contact a realtor and a mortgage loan officer to see what you qualify for.
First Time Homebuyers have the best opportunities available now –down payment assistance to buy a home complimented by an abundance of available homes and low mortgage interest rates.
And what happens to those that wait?
Assistance to purchase a home will dry up because its only on a first come first serve basis; interest rates will go up and the price of homes will increase. Take a glance at all the programs available to help you with down payments and closing costs;
Workforce Initiative Subsidy for Homeownership (WISH)
The WISH program provides a three-to-one match to down payment funds a homebuyer deposits towards the purchase of a home, up to $15,000; so for every $1 you save up the WISH program will match it with $3
To be eligible for WISH funds, the homebuyer must meet the following eligibility criteria:
• You must enroll in the WISH Program
• You must successfully have completed a homebuyer counseling program
• You have to be a first-time homebuyer, as defined by the member
• You must meet income eligibility guidelines that are at or below 80% of the HUD area median income
• You must open escrow on a home purchase transaction within one year of enrollment in the WISH Program
US Dept of Housing & Urban Development Homeownership Vouchers (HUD Homeowership)
If you qualify for and obtain a Section 8 Housing Choice Voucher, you can use the HUD subsidy to purchase a home via the Homeownership Voucher Program.
• Contact your local public housing agency to apply for the Section 8 program. The Section 8 program provides rental subsidies, known as Housing Choice Vouchers, to households that earn significantly less than their area's median income
• You cannot earn more than 50 percent of your area's median income
• You must get on a waiting list, assuming it is open in the area where you wish to live
• Use your voucher to buy a home
Those are only two popular down payments and closing costs assistance programs but there are many state, local and county programs available to a wide range of potential homebuyers, all with varied income guidelines.
And don’t think for a moment the only grant programs available are for low-income individuals because there are programs that are based on revitalization areas and do not look at your income.
You may qualify for a grant based solely on your employment such as the Good Neighbor Next Door program. It all starts with contacting a real estate agent and a mortgage loan officer.
Tuesday, September 6, 2011
Pitfalls To Avoid In Commercial Real Estate
As wonderful and constant as commercial real estate is, there are some major pitfalls that can completely ruin the interest, investment and return on a property. Besides inaccurate assessments and risks that are beyond your comfort zone, the only real reason these pitfalls occur is because of the lack of due diligence that you perform. By not investigating deeply enough, not overturning every rock, and rushing into what seems like an awesome deal, you can experience some horrible events that can literally cost you hundreds and thousands of dollars.
These are setbacks I hope you never experience by asking every question, verifying everything, and assuming nothing.
Below you will find some unfortunate and common mistakes that can occur if you are not completely on your game.
Some of the major pitfalls in commercial real estate are related to the zoning and use of a property. Brokers may offer information that is not accurate about the rezoning and use capabilities of a property. Although many of the people in this business are honest and have integrity, you can bet you will run across a few brokers or agents that will do and say almost anything to sell a property.
Some problems that arise may include not checking with the city planning and zoning decision makers to see if a property can and will be able to be rezoned to the zoning that is expected. Also, just because the zoning may include your use, you must check with the city to make sure there are no special contingencies regarding use.
The last thing you want is to have a property you believe can be re-zoned to a higher and more profitable use, and after you purchase it, realize you cannot do what you intended! This can mean a less of a return on investment, or a complete loss of an investment. Believe me, situations can get very bad regarding the rezoning and use of a property, and fighting with the city will take more money, energy and time than it is often worth.
Another pitfall that can arise is purchasing a building that is leased, and then losing tenants due to leases or rental agreements being up! It is important to see and verify the leases of a building to make sure you will have some income to cover the debt service while you change, renovate, or do whatever it is you are going to do with the property. Verify you will have tenants when you purchase the property; otherwise, you may not have enough income, and this can leave you in the red.
It must be acknowledged that every property and situation can differ greatly from another. Because of this, there can be many different ways that a property can go. For this reason, all “what ifs” must be addressed, as well as exit strategies created for every scenario. When you limit yourself on exit strategies, you increase your possibility for failure.
With every property you must ask yourself, “What is the worse that can happen?” Weigh the risks and the probability of the worst happening, and either plan an exit strategy for this possibility, or don't move forward. You must look at everything from the worst to best case scenario, and have an exit strategy for each. Not only will you be prepared for anything that comes your way, but you will have less of a chance of really getting buried and losing money on an investment gone badly.
In commercial real estate, I often see a person trying to save a few thousand dollars that ends up costing him or her hundreds of thousands, just because they try to play hard ball with negotiations. It is always important to know what you are willing, and not willing to do when you go into negotiations regarding the purchase or selling of a property, as well as leasing and rental agreements.
For example, asking for $35.00 per square foot and being offered $30.00 per square foot, (reasonable in this situation), and assuming the interested party is very motivated about the space, and coming back with $33.00 a square foot and nothing less, my cause the loss of the three year leasing agreement, and the income for another two months from the property because it is not leased out is definitely not worth it!
Take the $30.00 per square foot; get the property leased up, and make an agreement that the rate will increase two or three dollars every year after. Don't lose the tenant because you want to play hard ball in negotiations when, really, you can make it work!
As you become more educated and get closer to reaching your goal of being a real estate insider, you may want to branch out into new markets and expand your comfort zone. This is great. However, you must realize there are many differences between various types of properties. Doing a deal with a 120 unit apartment complex is different than a 55,000 square foot office building.
When moving into different markets, items can easily be overlooked, and major problems can arise, simply because you are not aware of them. It is often a good idea to partner with someone already in that new market so that you may have the benefit of experience and know-how on your side. Learn form this venture so you will be more familiar with the market, property, and how it should be addressed. It is easy to get in over your head with new markets that can lead to major and expensive problems.
As you continue on your adventure in commercial real estate, be sure to do all your homework regarding a property. You will be less likely to run into problems, or better yet, be prepared to fix the problems if financially worth it. Never assume everything is as it appears, because, more often than not, it isn't! You must play smart in this game, or you can lose everything. Use you resources to get the best and most accurate information and you can avoid these pitfalls in commercial real estate.
These are setbacks I hope you never experience by asking every question, verifying everything, and assuming nothing.
Below you will find some unfortunate and common mistakes that can occur if you are not completely on your game.
Some of the major pitfalls in commercial real estate are related to the zoning and use of a property. Brokers may offer information that is not accurate about the rezoning and use capabilities of a property. Although many of the people in this business are honest and have integrity, you can bet you will run across a few brokers or agents that will do and say almost anything to sell a property.
Some problems that arise may include not checking with the city planning and zoning decision makers to see if a property can and will be able to be rezoned to the zoning that is expected. Also, just because the zoning may include your use, you must check with the city to make sure there are no special contingencies regarding use.
The last thing you want is to have a property you believe can be re-zoned to a higher and more profitable use, and after you purchase it, realize you cannot do what you intended! This can mean a less of a return on investment, or a complete loss of an investment. Believe me, situations can get very bad regarding the rezoning and use of a property, and fighting with the city will take more money, energy and time than it is often worth.
Another pitfall that can arise is purchasing a building that is leased, and then losing tenants due to leases or rental agreements being up! It is important to see and verify the leases of a building to make sure you will have some income to cover the debt service while you change, renovate, or do whatever it is you are going to do with the property. Verify you will have tenants when you purchase the property; otherwise, you may not have enough income, and this can leave you in the red.
It must be acknowledged that every property and situation can differ greatly from another. Because of this, there can be many different ways that a property can go. For this reason, all “what ifs” must be addressed, as well as exit strategies created for every scenario. When you limit yourself on exit strategies, you increase your possibility for failure.
With every property you must ask yourself, “What is the worse that can happen?” Weigh the risks and the probability of the worst happening, and either plan an exit strategy for this possibility, or don't move forward. You must look at everything from the worst to best case scenario, and have an exit strategy for each. Not only will you be prepared for anything that comes your way, but you will have less of a chance of really getting buried and losing money on an investment gone badly.
In commercial real estate, I often see a person trying to save a few thousand dollars that ends up costing him or her hundreds of thousands, just because they try to play hard ball with negotiations. It is always important to know what you are willing, and not willing to do when you go into negotiations regarding the purchase or selling of a property, as well as leasing and rental agreements.
For example, asking for $35.00 per square foot and being offered $30.00 per square foot, (reasonable in this situation), and assuming the interested party is very motivated about the space, and coming back with $33.00 a square foot and nothing less, my cause the loss of the three year leasing agreement, and the income for another two months from the property because it is not leased out is definitely not worth it!
Take the $30.00 per square foot; get the property leased up, and make an agreement that the rate will increase two or three dollars every year after. Don't lose the tenant because you want to play hard ball in negotiations when, really, you can make it work!
As you become more educated and get closer to reaching your goal of being a real estate insider, you may want to branch out into new markets and expand your comfort zone. This is great. However, you must realize there are many differences between various types of properties. Doing a deal with a 120 unit apartment complex is different than a 55,000 square foot office building.
When moving into different markets, items can easily be overlooked, and major problems can arise, simply because you are not aware of them. It is often a good idea to partner with someone already in that new market so that you may have the benefit of experience and know-how on your side. Learn form this venture so you will be more familiar with the market, property, and how it should be addressed. It is easy to get in over your head with new markets that can lead to major and expensive problems.
As you continue on your adventure in commercial real estate, be sure to do all your homework regarding a property. You will be less likely to run into problems, or better yet, be prepared to fix the problems if financially worth it. Never assume everything is as it appears, because, more often than not, it isn't! You must play smart in this game, or you can lose everything. Use you resources to get the best and most accurate information and you can avoid these pitfalls in commercial real estate.
Saturday, September 3, 2011
Master-Planned Communities For Active Adults-Not Your Typical Subdivision Anymore
Retirement living is changing drastically – these days you're more likely to see residents zooming by on motorized golf carts and jogging that 3rd mile, than chugging along in a push wheelchair. This is not your grandmother’s retirement community.
Many of these master planned retirement communities are age-restricted and often located near metropolitan areas or nearby suburbs. The minimum age is typically 55, with one member of the household qualifying. Some communities restrict ownership to those who are age 62 and older, and all occupants must be at least 62. Many are gated and private.
Living in Style - Amenities
How do you know if you're in a Master-Planned Community or simply a typical subdivision? Generally, they are distinguished by the tremendous number of amenities and conveniences;
• Club House
• 18-Hole Golf Courses
• Libraries
• Fitness Centers
• Swimming Pools and Spas
• Arts & Crafts Centers
• Billiards and Card Rooms
• Tennis Courts
• Basketball Courts
• Continuing Education Classrooms
• Hiking & Biking Trails
• High-Tech Media Centers
• Banquet and Ballrooms
The list is endless; it’s like an on-going vacation that never ends.
So why would you move out of a perfectly comfortable home that has served you well and into a retirement community filled with strangers? Just think of all the benefits waiting for you.
• Single-story living.
One level means those facing troubled knees or aching bones aren't forced to climb stairs.
• Birds of a feather.
Your neighbors are unlikely to be screaming teenagers on skateboards; they are people just like you.
• Little or no yard maintenance.
The homeowner association mows lawns, waters gardens, trims trees, sweeps walks and, in areas where it's needed, provides snow and ice removal.
• Resort living.
Fun-filled activities are located within walking distance or an easy commute. All fees are included.
• Mix work with play.
Many of today's seniors are not ready to live a life of 100% leisure and want to continue working or perhaps start a new career. Homes in retirement communities generally include an office, den or separate workspace.
It's also all the intangibles like human services, religious diversity, community spirit, healthcare and lifelong learning that are the cornerstones of these master planned retirement communities.
When choosing where you will retire, ask yourself, what type of life do I envision?
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Friday, September 2, 2011
Selling Your Home In A Buyers Market
Many experts have declared that any meaningful housing rebound will begin soon; and how long have we heard that? Home prices continue to decline fueled by tight lending standards and a rising supply of houses on the market.
In today’s market you have to be determined to sell and face the reality in many regions -- it's a buyers' market, and you will be competing with a growing supply of motivated sellers to get buyers interested in your house.
When trying to sell your home in a buyers' market, the three most important factors are price, condition and flexibility. Just because you may have paid too much for your home doesn't mean buyers think they should have to pay; pricing must be based on today’s market, no matter how difficult it may be for you to realize that.
Price It Right: Real estate pros say the key to selling a house is to "price it right." Set the price at what you can get, not what you think its worth. The fact is, it doesn't matter what you think your house is worth -- the only thing that matters is what a buyer is willing to pay. You don't want to over-price your house because buyers ignore it and your listing will lose its freshness and appeal, not to mention the uncompensated effort of keeping the home spotless during the showings. Also, the "original listing price" and "current asking price" are on your home's Multiple Listing Service (MLS) listing; if you do not show some decline from the original offering price, some buyers will see it as a sign you have unreasonable expectations of what you can fetch for your home.
Research Local Market: The best way to know if your home is priced fairly relative to comparable houses for sale is to compare your asking price to comparable homes in your community.
1. Get the listings of the houses in your area, and the price range. Look at the listing for every comparable home that is or was listed in your neighborhood over the past six months.
2. Compare similar properties; make adjustments for locations, age, upgrades and lot sizes and come up with a range of values.
3. Also, get a list of the recent sales prices and the original listing prices of comparable houses in the area. You can track this down on web sites such as www.zillow.com and www.realtor.com
Get a Pre-Sale Inspection: Sellers are strongly advised to consider getting a pre-sale home inspection, especially if their home is older or in need of repairs. They can either use a clean home inspection report as a selling advantage or take care of the repairs listed on the inspection report.
And lastly, be flexible. In this market, buyers will expect to pay less than the asking price. They will be armed with the original list prices and final sales prices of comparable homes and will know the price reductions other sellers are accepting.
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Thursday, September 1, 2011
Qualifying For A Mortgage With Unconventional Income
Not everyone makes money the conventional way. Some people have sporadic sources of income but which sources of income will a lender use to qualify you for a mortgage?
Lenders will review all sources of income, but typically use only sources that are expected to continue on a steady basis.
They will distinguish between sporadic or occasional sources of income, and stable, regularly scheduled income. Borrowers can document supplemental sources of income by providing copies of bank statements showing deposits of amounts claimed, tax returns, and payroll/deposit stubs from employers.
There are special rules that apply to certain types of income, and these exceptions are reviewed case by case;
• Trust Income. If the trust is irrevocable and guarantees a payout for three years after closing, the income may be used. The borrower must provide a copy of the trust agreement and proof of two years of continuous payments.
• Social Security, disability and public assistance. This income must be verified as nontaxable. You’ll be required to provide documentation and tax returns. The borrower must also show proof that these payments are likely to continue.
• Unemployment income. Some lenders will allow this income to be used, if you can show you’re a seasonal worker. You’ll have to show that you have been receiving this type of income for the past two years. Proof is imperative, so you’ll have to show records of payments received.
• Notes receivable. If you hold a note and are collecting interest for a minimum of two years previous and will continue to collect this interest going forward, the interest may be added in as income. This doesn’t include a personal loan where your sister, for example, owes you $10,000 and pays you $100 per month.
• Rental income. You will have to show the lease that the tenant has signed as well as documented proof of the rental income, such as bank statements. Only 75% of rental income can be used towards qualifying a borrower for a mortgage.
The key factor for lenders to determine your income eligible for use in prequalifying you is continuity. Do you have continuous and reliable income that can be used to repay your mortgage? You can also include salary and/or wages from full and part time permanent jobs and employer paid bonuses that are paid on a predictable, periodic basis.
Those borrowers who are qualifying for a mortgage loan should pay special attention to the sources of income you use because it can help you understand how much you can really afford to pay for a home.
Wednesday, August 31, 2011
Is A Reverse Mortgage Right For You
Reverse mortgages are not always the best step for everyone, but when looking at the positives, the reverse mortgage is managing to come out ahead. There are other alternatives like a home equity loan or downsizing to a smaller residence with fewer expenses but for the older homeowner in pursuit of more cash, reverse mortgages can work great.
The Positives of a Reverse Mortgage
• One of the primary benefits of a reverse mortgage is that you can remain in your house. To lose your home, you would have to stop paying property taxes.
• The second major benefit is that you can have readily cash available on-hand when you need it.
• Today’s reverse mortgages are simpler and have limits on them. People applying for these types of mortgages must be given advice, so you’re not going in blind.
• A reverse mortgage can make life more comfortable for older people.
Are you the Perfect Candidate?
There are people that use money frivolously for luxuries and for those falling into this category, you should be cautious before taking out a reverse mortgage. Reverse mortgages are really for those who need to subsidize their retirement income.
Before approval, you are required to meet with a counselor to discuss reverse mortgages, how they work, your expectations and alternatives you may qualify for. But a good candidate doesn’t simply mean eligibility – is this type of mortgage right for you and your needs?
Take a look at this checklist;
You and your spouse are 62 years of age or older
The house is your principal residence
You have lived in the house at least six months out of the year
You have a lot of equity in your house
You want to pay down debt
You do not plan to move
You are not receiving SSI or money from another government sponsored program
You have considered the alternatives such as moving to a smaller, less expensive residence
You understand that the time you have to change your mind is limited, more like 3-5 days
You probably already have an idea of what you could take care of with a reverse mortgage. Feel a sigh of relief, some breathing room for those overwhelmed with bills; but do you know what not to do with your money?
Great responsibility will befall you once you get a lump sum of money. While thinking of a more comfortable life, get some advice from a financial planner to see how to handle your money.
Tuesday, August 30, 2011
Going From Homeowner To Renter
During the past few years many well-intentioned homeowners have suffered the wrath of our housing crisis and unfortunately must become a renter. It’s probably been quite a while since you’ve searched for apartments, negotiated with landlords or signed a rental agreement. The single most dangerous mistake you can make is failing to get your rental terms on paper, before the move in.
The differences between a Lease and Rental Agreement
Both leases and rental agreements are legally enforceable and they establish the terms of your tenancy. Both cover basic issues such as the amount of rent, security deposits and who can live in the rental unit. But the primary difference between the two types of agreements is the length of tenancy.
• Rental agreements establish a tenancy for a short period of time, usually one month. A month-to-month rental agreement automatically renews each month unless you or your landlord gives the other the proper amount of notice [typically 30 days] to end the agreement.
A landlord can change the terms of a rental agreement, for example, increase the rent with proper written notice.
• Leases obligate both the tenant and the landlord for a set period of time, usually a year. Your landlord can’t raise the rent or change other terms until the lease ends. Your landlord also cannot force you to move out unless you breach an important term of the lease such as failing to pay the rent, nuisance or other property laws. At the end of the lease you or your landlord may decline to renew the lease or simply negotiate to sign a new lease with the same or different terms.
Oral agreements and un-written understandings…
While an oral agreement is legal and enforceable, it’s difficult to prove and unwise to rely upon. People’s memory become unreliable, leading to who said what and it just turns into misunderstandings.
Which is Better - Lease or Rental Agreement?
A lease provides the tenant with more security than a month to month agreement. A lease is usually the better option for tenants who plan to stay put for the foreseeable future. However a month to month gives you flexibility, especially if you are not intending on staying for a full year. Also, if you are in a bad situation, but are forced to rent a place you’re not all that happy with, a month to month will allow you some place to live while you search for something better.
Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company
44121 Harry Byrd Hwy, Suite 205, Ashburn, VA 20147
I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele. If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me. In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions. I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real estate. I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
Monday, August 29, 2011
Foreclosure Survival Ideas
The one word that strikes pain and fear in homeowners is Foreclosure. But today, being threatened with foreclosure or even receiving formal notices from the bank doesn’t mean you’ll lose your home. You still have some options.
Negotiating with the Lender
Your best approach is to start negotiating with your lender as quickly as you can.
• You may be able to get temporary relief from having to make monthly payments (forbearance).
• A plan to make up for missed payments, at the end of your mortgage
Of course, there are many stories I’m sure you’ve heard where lenders won’t return phone calls or simply refuse to negotiate; however, it is always wise to start with this option since later down the road, you can bring this up as a defense to show they wouldn’t cooperate early on. You can negotiate directly with the lender or work through a non-profit housing counseling agency.
Filing for Bankruptcy
Chapter 13 – with this type of filing you are able to develop a plan for making your regular monthly payments and paying off the arrears. If the bankruptcy court approves your plan, you’ll have between three and five years to make your payments. Chapter 13 also reduces or eliminates your total debt load, making your mortgage more affordable. In many situations, you can eliminate a second or third mortgage and reduce your first primary mortgage to the market value and probably reduce the interest rate to just above the prime rates.
Chapter 7 – with this type of filing you are able to wipe out your unsecured debt like credit cards, personal loans, medical debt, judgments, etc. This will free up more of your funds so you can place the money towards your mortgage. Chapter 7 may not be appropriate for you; because of the equity, if any, in your home, a Chapter 7 filing could trigger the sale of the home.
Fight the Foreclosure in Court
If you can show that the lender or mortgage servicing party violated your state or federal rights, you may be able to derail the foreclosure, at least temporarily. An increasing number of courts are siding with the borrower when it comes to presenting documented evidence of ownership. Because of the way mortgages have been sold and resold, the evidence is either lost or procedurally inadequate, meaning, your paperwork was not completed correctly.
Violations of federal lending rules and other federal and state laws regarding consumer transactions may provide protection against foreclosure.
It’s very important to contact a lawyer and if you cannot afford one, get in touch with legal aid to see if you are eligible for free legal representation.
Disclaimer: Do not construe this information to be legal advice; nothing in this article should be construed by you as a source of a legal relationship. This Legal Information is solely intended for general informational purposes only.
Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company
44121 Harry Byrd Hwy, Suite 205, Ashburn, VA 20147
I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele. If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me. In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions. I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real estate. I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
Friday, August 26, 2011
Estate Planning And Real Estate
There are many reasons people don’t plan for the one certainty in life – Death. Some people would rather not think about grim thoughts; others could care less about planning and what happens after they are gone. And many people just rest upon false premises that of course their prized possessions would pass on to their loved ones without doubts.
A judge would disrespectfully disagree with those statements and you may be leaving behind one big mess.
• Martin Luther King Jr
• Howard Hughes
• Jayne Mansfield
• Sonny Bono
• Rita Hayworth
• John Denver
All of the people mentioned above died without leaving a will. The civil rights leader, Dr Martin Luther King Jr died without leaving a will and his estate became the jurisdiction of Georgia. Sure, everyone knew he was married to Coretta Scott King and had four children; however, the widow needed to post a bond in the amount of $20,000 for Dr King’s estate. If Dr King had done some estate planning and prepared a Will, it could have expressly stated that the executor, Mrs. King, need not post any bond.
Probate-avoidance isn’t complicated; you simply create a revocable living trust. The trust document names people you want to inherit each item of property. One significant advantage of a living trust is that you can name alternate beneficiaries – people who will inherit if your first choice does not survive you. You can even name alternatives for each of your alternatives.
You name a trustee, the same as if you were to name an executor to carry out your wishes upon your death. The trustee is in charge of keeping complete control of all the property and transferring to family, friends or whomever you named as the beneficiaries; and it’s handled all at no cost. So in the end, say you left your real estate to your eldest son, James Jr., the trustee can simply sign a deed transferring the property to James Jr.
Living trusts are the most flexible way to avoid probate. If there is a challenge to your living trust, it’s extremely difficult to attack. The person challenging your trusts would have to prove your signature was forged or influenced by someone else because you were incompetent at the time.
Setting up a valid living trust isn’t difficult; many do-it-yourself kits are available and you can get it notarized and witnessed to prove your frame of mind. For real estate purposes, a living trust is a wise strategy to avoid court.
Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company
44121 Harry Byrd Hwy, Suite 205, Ashburn, VA 20147
I have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele. If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me. In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions. I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real estate. I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
Wednesday, August 24, 2011
How Potential Homebuyers Are Buying More With Less
There was a time when keeping up with appearances was a goal for many potential homeowners; no cares or worries about the price, as long as the home was spacious and worthy of the Joneses; the traps of a spending frenzy for big homes, nice cars and gadgets galore.
That thinking is long gone because potential homebuyers have learned that when you buy smart you can get more for less.
You want to approach buying your first house with a financially realistic point of view; the rules are “keep it simple.” Buy smarter. Buy cheaper. Look for the bargains.
Determine what you can afford. The days of easy money are over. Mortgage lenders have tightened their standards and are requiring larger down payments with strict credit criteria. Typically, they want buyers to spend no more than 28% of their gross monthly income on mortgage payments, real-estate taxes and home insurance.
Know your market. Now more than ever, location is crucial, down to the neighborhood and street level. Focus on good school districts, crime statistics and any impending construction or public works that could increase or decrease the value of a home. But compare everything.
Make your dollars count. Although conditions vary by market, look for a home that is significantly lower than its 2008-2010 prices. Yes, there are homes still on the market from 2008 and most are in the “immediate move-in” category.
Haggle. Don't assume the seller is even in the right ballpark with his asking price. Take a lesson from property investors and check out prices from other angles as well. Consider what it would cost to buy land and build a comparable structure.
That thinking is long gone because potential homebuyers have learned that when you buy smart you can get more for less.
You want to approach buying your first house with a financially realistic point of view; the rules are “keep it simple.” Buy smarter. Buy cheaper. Look for the bargains.
Determine what you can afford. The days of easy money are over. Mortgage lenders have tightened their standards and are requiring larger down payments with strict credit criteria. Typically, they want buyers to spend no more than 28% of their gross monthly income on mortgage payments, real-estate taxes and home insurance.
Know your market. Now more than ever, location is crucial, down to the neighborhood and street level. Focus on good school districts, crime statistics and any impending construction or public works that could increase or decrease the value of a home. But compare everything.
Make your dollars count. Although conditions vary by market, look for a home that is significantly lower than its 2008-2010 prices. Yes, there are homes still on the market from 2008 and most are in the “immediate move-in” category.
Haggle. Don't assume the seller is even in the right ballpark with his asking price. Take a lesson from property investors and check out prices from other angles as well. Consider what it would cost to buy land and build a comparable structure.
Monday, June 20, 2011
Sunday, June 19, 2011
How to Improve your credit score before buying a home
Lenders approve mortgage loans to those potential homebuyers with the best credit scores over 700. Yes, I know it’is advertised that you need 640+ for an FHA loan however those are only guidelines; it’is the lenders that will ultimately approve your loan and new strict rules with higher credit scores are required.
However you can improve your credit and boost your credit score in just a few months.
First, to improve your credit score, it's important to know where you stand so you must request a free credit report and work on the negative trade lines first.
Here's a plan for a quick boost to your credit score:
• Apply for an installment loan
You'll get the fastest improvement in your scores if you show you're responsible with a major loan: (personal loans, auto, mortgages and student loans). If you don't already have an installment loan on your credit report, consider applying for a small personal loan or buy a small car that you can pay back over time. Nothing expensive, just something that is manageable.
• Get a credit card if you don't have one
Don't fall for the myth that you have to carry a high balance to have a good score. You don't, however you need to show responsibility so that means you will have to use the credit card, sparingly. Having and using a credit card can really build your score quickly. If you can't qualify for a regular credit card, consider a secured credit card.
• Pay down your credit cards
The most dramatic boost to your credit score will come from paying down your accounts such as credit cards. Not paying it off, just paying it down. Lenders like to see a big gap between the amount of credit you're using and your available credit limits.
• Use your cards lightly
Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month. The underwriters will look at your habits and if you are running up your balances each month they have to determine will you have reserves each month to pay your mortgage on time.
Many new homebuyers are not aware of the process to get a mortgage loan; your application is run through an initial automated model of a loan method to get early approval, but that is not the entire process.
The underwriters review all the paperwork and scrutinize your credit history to see if you are a good risk in order to use their money. During the process they review how you pay your bills and the probability of you running into trouble.
So the use of your credit is examined in depth.
Everyone can repair and improve their credit scores but it doesn't happen overnight. If you plan on applying for a mortgage loan and you need to work on your credit, have a 6 month plan and you will become homeowner before you know it.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
However you can improve your credit and boost your credit score in just a few months.
First, to improve your credit score, it's important to know where you stand so you must request a free credit report and work on the negative trade lines first.
Here's a plan for a quick boost to your credit score:
• Apply for an installment loan
You'll get the fastest improvement in your scores if you show you're responsible with a major loan: (personal loans, auto, mortgages and student loans). If you don't already have an installment loan on your credit report, consider applying for a small personal loan or buy a small car that you can pay back over time. Nothing expensive, just something that is manageable.
• Get a credit card if you don't have one
Don't fall for the myth that you have to carry a high balance to have a good score. You don't, however you need to show responsibility so that means you will have to use the credit card, sparingly. Having and using a credit card can really build your score quickly. If you can't qualify for a regular credit card, consider a secured credit card.
• Pay down your credit cards
The most dramatic boost to your credit score will come from paying down your accounts such as credit cards. Not paying it off, just paying it down. Lenders like to see a big gap between the amount of credit you're using and your available credit limits.
• Use your cards lightly
Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month. The underwriters will look at your habits and if you are running up your balances each month they have to determine will you have reserves each month to pay your mortgage on time.
Many new homebuyers are not aware of the process to get a mortgage loan; your application is run through an initial automated model of a loan method to get early approval, but that is not the entire process.
The underwriters review all the paperwork and scrutinize your credit history to see if you are a good risk in order to use their money. During the process they review how you pay your bills and the probability of you running into trouble.
So the use of your credit is examined in depth.
Everyone can repair and improve their credit scores but it doesn't happen overnight. If you plan on applying for a mortgage loan and you need to work on your credit, have a 6 month plan and you will become homeowner before you know it.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
Are you trying to sell your home by yourself?
Are you trying to sell your home on your own in Northern Virginia?
March 2, 2011
I provide For Sale by Owners a FREE website to expose your home to thousands of buyers on the Internet. Just visit this site to obtain your FREE home web site --
http://www.realtyreports.biz/1715/fsite
Additionally, I offer you a free marketing package. To view a sample of this marketing, please visit --
http://exitrealty.com/dms
I am also available for a free one hour consultation.
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
March 2, 2011
I provide For Sale by Owners a FREE website to expose your home to thousands of buyers on the Internet. Just visit this site to obtain your FREE home web site --
http://www.realtyreports.biz/1715/fsite
Additionally, I offer you a free marketing package. To view a sample of this marketing, please visit --
http://exitrealty.com/dms
I am also available for a free one hour consultation.
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
Monday, June 13, 2011
Go it alone or hire a Real Estate Agent?
The internet has an abundance of information on real estate so why should you hire a real estate agent? It seems easy enough to buy or sell and just look on the major real estate sites and there is plenty of everything you need, right? Wrong!
1. Real Estate agents are the experts; they have experience with selling and buying homes. They should know more than you about the neighborhoods, schools, pending communities that could impact where you live. – The point is that you are at an advantage of having a professional helping you with challenging terms, contracts and state laws that you may not be privy to.
2. Are you aware of all the work it takes to find that perfect home or land parcel? Driving to and from, walking in and out and hitting roadblocks that could have been avoided, Agents can help you weed out unwanted properties by getting details on what you are looking for in a home. On the flip side, agents can help bring potential buyers that are really interested in buying your home and those that qualify to buy your home which alleviates lots of wasted time on the buyers and sellers part.
3. Do you know how to successfully negotiate on your behalf? Negotiating is a part of the process in any real estate transaction and good real estate agents are great at it. Agents can find out how much the seller has into the property, if the seller will give a credit for closing costs, unknown problems and advantageous bonuses in the home, etc. Do you really want to go it alone with not knowing everything to ask for?
4. One of the best advantages of having a real estate agent is in handling the loads of paperwork. You cannot imagine how many papers must be reviewed. Did you know that purchase agreements are about 14 pages long and sometimes longer? Real estate agents deal with these contracts on a daily basis so they can walk you through this process with ease. Keep in mind, one tiny mistake could land you in court or cost you thousands of dollars because of discrepancies in your contract.
5. How will you get into properties to see them without a real estate agent? Agents have special keys and codes that can get them into any house on the market. Real Estate agents also spend time completing lots of analysis and figuring out if there are any issues with the properties and what the buyers and sellers bottom line is.
Everyone wants to save money where they can but there are some avenues where you should never tempt fate. With such a large purchase, do you really think this is where you want to cut corners to save money?
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.
Cell 703.727.9885 Office 703.574.3800
1. Real Estate agents are the experts; they have experience with selling and buying homes. They should know more than you about the neighborhoods, schools, pending communities that could impact where you live. – The point is that you are at an advantage of having a professional helping you with challenging terms, contracts and state laws that you may not be privy to.
2. Are you aware of all the work it takes to find that perfect home or land parcel? Driving to and from, walking in and out and hitting roadblocks that could have been avoided, Agents can help you weed out unwanted properties by getting details on what you are looking for in a home. On the flip side, agents can help bring potential buyers that are really interested in buying your home and those that qualify to buy your home which alleviates lots of wasted time on the buyers and sellers part.
3. Do you know how to successfully negotiate on your behalf? Negotiating is a part of the process in any real estate transaction and good real estate agents are great at it. Agents can find out how much the seller has into the property, if the seller will give a credit for closing costs, unknown problems and advantageous bonuses in the home, etc. Do you really want to go it alone with not knowing everything to ask for?
4. One of the best advantages of having a real estate agent is in handling the loads of paperwork. You cannot imagine how many papers must be reviewed. Did you know that purchase agreements are about 14 pages long and sometimes longer? Real estate agents deal with these contracts on a daily basis so they can walk you through this process with ease. Keep in mind, one tiny mistake could land you in court or cost you thousands of dollars because of discrepancies in your contract.
5. How will you get into properties to see them without a real estate agent? Agents have special keys and codes that can get them into any house on the market. Real Estate agents also spend time completing lots of analysis and figuring out if there are any issues with the properties and what the buyers and sellers bottom line is.
Everyone wants to save money where they can but there are some avenues where you should never tempt fate. With such a large purchase, do you really think this is where you want to cut corners to save money?
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.
Cell 703.727.9885 Office 703.574.3800
Sell your Home in 30 days
Helena Talbot - Principal Broker
I specialize in helping buyers and sellers invest in real estate in
Loudoun County and Northern Virginia.
Every homeowner believes their home is a special gem, worthy of whatever price they deem the home deserves. Of course, this doesn't mean the home is actually saleable at that price.
Many homeowners run into this problem when it comes time to sell their home but learning from past clients on how to make small modifications to get the best sale price can help.
Tip #1 - Only put money into things that actually increase the value of your home; kitchen appliances, bathrooms, floors, additional living space like rooms in the basement will quickly raise your homes value price.
Tip #2 – Many clients have replaced the carpeting; going from a dark or muted carpet color to a neutral color actually makes the rooms look bigger and inviting. This simple change can increase your homes value in the thousands. Combine that with a neutral color paint job and your home will look fresh and modern and appealing to a homebuyer.
Tip #3 – Some clients reported unfavorable observations by potential homebuyers about their choice of window treatments; consider removing those dated curtains and install modern honeycomb blinds; These can be purchased from Home Depot for all your windows and the total cost mis generally under $100. The look simplifies the aesthetics of the home and allows potential homebuyers to envision their own distinctive looks.
Tip #4 – Molding, trim, chair railings and panels can transform a home into WOW! Decorative touches add visual appeal and flair to any room. These are typical upgrades and you can choose from a look of yesteryear up to a more modern touch. For example, take an older cottage home that needs some visual touches to look more stated with crown molding and cornicing add to the effect.
Tip #5 – Install Ceiling fans; if you live in an area where warm weather is common, replacing built in ceiling lights with ceiling fans will improve the form and function of your home and give a new atmosphere to drive up the price.
Preparing your home for the current market doesn't have to mean spending tons of money. Many times our homes are dated and we need to modernize a few things to appeal to todays buyer. Just a few changes have meant a quick sale to past clients.
Take a step back and really look at simple changes you can make.
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
I specialize in helping buyers and sellers invest in real estate in
Loudoun County and Northern Virginia.
Every homeowner believes their home is a special gem, worthy of whatever price they deem the home deserves. Of course, this doesn't mean the home is actually saleable at that price.
Many homeowners run into this problem when it comes time to sell their home but learning from past clients on how to make small modifications to get the best sale price can help.
Tip #1 - Only put money into things that actually increase the value of your home; kitchen appliances, bathrooms, floors, additional living space like rooms in the basement will quickly raise your homes value price.
Tip #2 – Many clients have replaced the carpeting; going from a dark or muted carpet color to a neutral color actually makes the rooms look bigger and inviting. This simple change can increase your homes value in the thousands. Combine that with a neutral color paint job and your home will look fresh and modern and appealing to a homebuyer.
Tip #3 – Some clients reported unfavorable observations by potential homebuyers about their choice of window treatments; consider removing those dated curtains and install modern honeycomb blinds; These can be purchased from Home Depot for all your windows and the total cost mis generally under $100. The look simplifies the aesthetics of the home and allows potential homebuyers to envision their own distinctive looks.
Tip #4 – Molding, trim, chair railings and panels can transform a home into WOW! Decorative touches add visual appeal and flair to any room. These are typical upgrades and you can choose from a look of yesteryear up to a more modern touch. For example, take an older cottage home that needs some visual touches to look more stated with crown molding and cornicing add to the effect.
Tip #5 – Install Ceiling fans; if you live in an area where warm weather is common, replacing built in ceiling lights with ceiling fans will improve the form and function of your home and give a new atmosphere to drive up the price.
Preparing your home for the current market doesn't have to mean spending tons of money. Many times our homes are dated and we need to modernize a few things to appeal to todays buyer. Just a few changes have meant a quick sale to past clients.
Take a step back and really look at simple changes you can make.
Loudoun County and Northern Virginia Real Estate Sales and Solutions - Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
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