Loudoun County VA real estate: October 2012

Wednesday, October 31, 2012

Helena Talbot's blog - Things To Check Beforing Moving Into A Neighborhood

Buying a home is a very exciting time but you need to be diligent and do your research very thoroughly. You may be spending the rest of your life living in this neighborhood. Doesn't it make sense to spend a significant amount of time checking it out first? Here are a few things you must check before signing on the dotted line.

1. Check The Crime Stats - Don't assume you know whether or not it is a good neighborhood. Check the sex offender registry. Google your address - you may find out that your house was once a meth lab or worse. Check the crime maps for the area, you may be very surprised at what you find.

2. How Recession Proof Is The Neighborhood - Is the neighborhood in good proximity to job opportunities. Is it an area that has a multitude of subprime loans that could result in default and leave the neighborhood with a huge supply and no demand. Look for a more than normal amount of "For Sale" signs or foreclosure notices on the windows. Check to see if all of the homes for sale in the area all have major price reductions or if it costs less to buy than to rent. All of these are good indicators that this is a pretty hard hit area and you may need to think twice. However, on the same note, you will find some great deals here as well. So if you are in it for the long haul you should be alright. You just don't want to get stuck in an upside down home if you end up needing to sell quickly.

3. Does The Area Match Your Needs - Does the neighborhood have the types of things your enjoy, such as your hobbies, hot spots you like to frequent, parks and recreation, your favorite restaurants.

4. Does The Area Have Your Necessities - Are your favorite grocery stores available or how far would you have to drive to get to them. Is daycare close by. What about the gym and the nail salon etc.

5. Check The Neighborhood At Different Times Of The Day And Night - This is probably up there with one of the most important things you need to check. Sometimes a neighborhood will look perfectly normal during the day; however, a drive through during the night exposes a whole other element that you would definitely not want to live around.

These are just a few things that you need to check now and again before you sign your mortgage paperwork because neighborhood dynamics can change quickly and frequently. The very best way to help avoid a big mistake is to talk to your realtor. Your realtor has access to all of this information at their fingertips and they would be more than happy to help you get your ducks in a row before you commit to one of the biggest decisions of your life.

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. I am experienced in listing and selling short sales. For information on the short sale process, please visit www.LoudounShortSaleSolutions.com.

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 am a member of the Top 5 in Real Estate Network.

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 www.facebook.com/LoudounCountyConnect www.twitter.com/ExitAshburn www.Linkedin.com/in/HelenaTalbot

Tuesday, October 30, 2012

Helena Talbot's blog - Tips To Get Your Home Sold

Do you know what your homes "Hot Buttons" are? We all know that location plays an important role in the sale of a home but there are several things that your home may have that you are not highlighting.

Here are a few things that you may not have thought of that you can use as "Hot Buttons" to help get your home sold more quickly.

Everyone has their favorite places that they frequent - convenience places - such as the neighborhood Walmart, Costco, Home Depot or the closest Daycare Center etc. So make sure that you let your realtor know about the things that people may be looking for and ask your realtor to include them in all of the print material

Is your home within walking distance to any neighborhood shopping districts? The ones with the highly sought after hang outs like Starbucks etc. Walk Scores are a huge part of a buyers decision as to whether they will buy a home or not.

Bookshelves, nooks and storage spaces are also big time necessities for most people. Especially for apartment dwellers that are bursting at the seams due to the lack of these things. So make sure you let your realtor know about each of these spaces that could be a huge selling point for many people. Additionally, you are going to want to do everything possible to highlight these spaces with decor that will show off that particular use of space.

Is your home dark? Consider removing the curtains or that old shade. This will make the space look lighter and brighter in the eyes of a buyer. A light, bright space has a positive emotional impact on people when they walk into a room so do everything you can to lighten your dark spaces with as much natural light as possible.

Do you have a patio, deck, back yard or porch of any kind? Many buyers, especially people who have been living in an apartment and have not had the pleasure of having an outdoor living space, will have those things on their list of must haves. So if you have an outdoor living space, it would benefit you greatly to stage those areas. Accent them and make them as appealing as possible to your potential buyer. You want to have your potential buyer envisioning themselves using those spaces on a daily basis. Sometimes if your outdoor spaces are extremely desirable, the buyer will overlook some imperfections on the inside just because the outdoor spaces are everything they have ever wanted. A well staged outdoor space can also bring in higher offers.

Let your potential buyers know if there is anything that you would be willing to leave in the house. Such as the refrigerator, washer, dryer, a patio set etc. These are the items that are hard to move and many people do not have one of their own and on moving day the last thing your buyer wants to think about is having to go out and purchase an appliance just to be able to live in their new home.

Talk to your realtor about all of the little things you can do to get your home sold quickly and for top dollar. Your realtor has been doing this for years and will have many tricks up their sleeves so take advantage of all that experience and let them do everything they can to help you sell your home!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Monday, October 29, 2012

Helena Talbot's blog - Tips To Get Your Home Sold

Here are a few things that you may not have thought of that you can use as "Hot Buttons" to help get your home sold more quickly.

-Everyone has their favorite places that they frequent - convenience places - such as the neighborhood Walmart, Costco, Home Depot or the closest Daycare Center etc. So make sure that you let your realtor know about the things that people may be looking for and ask your realtor to include them in all of the print material

-Is your home within walking distance to any neighborhood shopping districts? The ones with the highly sought after hang outs like Starbucks etc. Walk Scores are a huge part of a buyers decision as to whether they will buy a home or not.

-Bookshelves, nooks and storage spaces are also big time necessities for most people. Especially for apartment dwellers that are bursting at the seams due to the lack of these things. So make sure you let your realtor know about each of these spaces that could be a huge selling point for many people. Additionally, you are going to want to do everything possible to highlight these spaces with decor that will show off that particular use of space.

-Is your home dark? Consider removing the curtains or that old shade. This will make the space look lighter and brighter in the eyes of a buyer. A light, bright space has a positive emotional impact on people when they walk into a room so do everything you can to lighten your dark spaces with as much natural light as possible.

-Do you have a patio, deck, back yard or porch of any kind? Many buyers, especially people who have been living in an apartment and have not had the pleasure of having an outdoor living space, will have those things on their list of must haves. So if you have an outdoor living space, it would benefit you greatly to stage those areas. Accent them and make them as appealing as possible to your potential buyer. You want to have your potential buyer envisioning themselves using those spaces on a daily basis. Sometimes if your outdoor spaces are extremely desirable, the buyer will overlook some imperfections on the inside just because the outdoor spaces are everything they have ever wanted. A well staged outdoor space can also bring in higher offers.

-Let your potential buyers know if there is anything that you would be willing to leave in the house. Such as the refrigerator, washer, dryer, a patio set etc. These are the items that are hard to move and many people do not have one of their own and on moving day the last thing your buyer wants to think about is having to go out and purchase an appliance just to be able to live in their new home.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Friday, October 26, 2012

Helena Talbot's blog - Helpful Tips For First Time Investors

If you are just starting out as a real estate investor, you basically have two types of investing options. You can buy and hold a property and sell when the value goes up or you can buy a property, remodel it and then flip it.

Obviously, the safer risk is to buy a property and hold it until the value increases. If this is the route you have decided to take, then there are a few things you need to keep in mind.

1. Look for a property that is close to where you live. It will be much easier for you to inspect and supervise the remodel if it is close enough for you to inspect the progress throughout each day.

2. Look for a property that is in a neighborhood that is on the rise as far as future development. This will allow you to benefit from the increase in the property value as it goes up.

3. If you are trying to decide whether to buy a newer built home, a remodeled home or a less expensive home that needs some cosmetic repairs - buy the fixer upper and put some upgrades into it. This will give you a better return on your investment in the long run.

4. Buying a home as a real estate investment could provide you with some tax savings

5. Get a personal financial advisor to help you set your investment goals

6. Your real estate agent can help you find a property that will match your investment plans

7. Your realtor can help you with a myriad of questions such as: why a particular property would be considered a solid investment. Why certain features make a home easier to rent. What kinds of maintenance expenses you could encounter. What kind of cash flow you can expect and how the tax savings can add to your investment.

8. Your realtor can also give you the history of pricing trends for any particular market area so that you can use that information to achieve your investment goals.

Real estate investing is something that you do not want to learn the hard way. The most important things you can do to make sure you don't make a rookie mistake is to find an experienced realtor and personal financial advisor to guide you through the entire process as smoothly as possible.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Thursday, October 25, 2012

Surefire Ways To Lose The Deal

Buying a home is a wonderful experience. However, you must go about it in the right way. So if you think that you can go around spitting out offers and using dirty dealing techniques just because you know that it is a buyers' market right now - you are sadly mistaken.

When you are trying to buy a house, there are several things you absolutely must not do. The best way to know what not to do is to put yourself in the sellers shoes.

Here are a few surefire ways to lose the deal and quite possibly your dream home

 Do not make an extremely low or unjustified offer. Yes, you do have the upper hand because it is a buyers' market right now; however, no one can afford to give your their home below market value. The seller will see you as someone that is wasting their time. They will turn down your offer and will not even consider a counteroffer. Talk to your realtor to determine the fair market value for the area - before you make an offer. It's ok to make an offer below the asking price if you have the market data to support your request.

 Get your financing in order before making an offer. It is not uncommon for people to start arranging their financing as far in advance as six months or more. People assume because they have decent credit and some money saved for their new home that they will automatically be approved. However, in this economy, that is not always the case. You may find the perfect home for you and your family but if you cannot show that you can be approved, you might just lose the deal. The seller will not want to risk accepting your offer and then finding out months down the road that you cannot get approved for the purchase of their home.

 Do not walk into someone's home and start trash talking their house or their neighborhood. If you think this will get you a lower price, you are wrong. You are only going to anger the seller and they will turn down your offer in no time flat. A person's home is a very personal thing. Some people have lived in their homes for a very long time and the emotional attachment they have for it can run very deep. So keep all negative comments to yourself. You can talk to your realtor about your objections once you have left the sellers home and are in the privacy of your realtors office.

If you see a reason to make a lowball offer on a home, talk with your agent about respectfully voicing your concerns to the sellers agent. Your realtor has years of experience dealing with this type of thing and there is a very good chance that your realtor may already know the sellers agent and can address your concerns in a constructive manner.

Remember, always put yourself in the sellers shoes before doing anything. You don't want to find the perfect home and then have it snatched away from you from an unwilling seller. So play nice and let your agent guide you every step of the way.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Wednesday, October 24, 2012

Important Questions To Ask Your Home Inspector

You know when you are buying a home, that you will need a home inspection. But when it comes time to read the inspection report you feel like you need a translator! Here are a few important questions you should definitely ask your home inspector to help you understand the inspection report before closing the deal.

1. Clarify what is truly bad. Have the inspector tell you exactly what is really bad, what will need to be fixed right away and what can wait. Also, have him let you know what he put in the report that he just wanted to let you know about, but was not a necessary repair. This is important because the inspector may have something noted under the category "Health & Safety Hazards" and all it is a small plumbing issue that would only cost a few dollars to fix. So it is important to clarify everything.

2 How hard is that to fix? You should ask the inspector how something should be fixed and they will usually be more than happy to explain to you how easy the repair is to do yourself. If it is not a simple fix, they may have someone they can refer to you to have the repair done professionally. Additionally, they can also tell you about how much the repair should cost, whether you do the repair yourself or have it done professionally. This information can be invaluable when you are not sure about a particular repair.

3. If it were you, what would you do? Ask the home inspector what they think you should have fixed or not fixed, whatever the case may be. It is the home inspectors job to point out every little thing in their report. That's what you are paying them for remember. So find out what is and isn't a necessary fix.

4. Get clarification on anything you don't understand. Sometimes the inspection report contains a term or a repair that you have no clue what they are referring to. Ask the inspector to show you each and every item on the report that does not make sense. It is going to be your new home for years to come and you need to understand everything about it.

5. How does that work? There will inevitably be one or maybe several mechanical systems that you don't know how to work. Most home inspectors would be more than happy to show you how to operate everything. But you have to ask. So go through the entire house and make a list of everything you think you may need help with - then ask.

The home inspection is one of the most important things you will be doing when buying a new home. Finding out any major defects etc. could keep you from buying a money pit or could help you to renegotiate the deal if many repairs are needed. Get your realtor involved in the process. Your agent sees hundreds of homes every year and you might be quite surprised at what they can point out before you even begin the inspection process.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Tuesday, October 23, 2012

Helena Talbot's blog - How To Restore Your Credit Score Quickly

Buying a home is the American dream and you have decided that it is time to start looking into buying a home of your own. That's great! However, you probably know that there are things you should be doing before you begin your search - but where do you start?

The first thing you need to get in order, before you do anything else, is to get a copy of your credit reports. That's plural - credit reports. You need to get a copy of your credit reports from all three credit reporting agencies - Trans Union, Equifax and Experian.

If you are thinking about buying a house, you may not realize the importance your credit repots hold in getting an approval for your new home. The mortgage companies are more concerned about your recent buying and repayment history than what may have happened years ago.

If you have too many recent late payments or collections, there may not be anything you can do to get approved in the immediate future. However, there are some things you can do to clean up your report. So in six months to a year or maybe even two years, depending on how bad your credit is and how long it takes you to clean it up, you can apply for a home mortgage and get your approval.

Here are a few things you can do to restore your credit and credit score quickly

1. Check your credit reports for errors. Again , that is plural so check all three of your credit reports for errors. If there are mistakes on your credit reports, you will need to start an investigation with the company or the source of the derogatory information. Contact them in writing and make sure you include all supporting documentation proving the information is in fact an error.

2. Set up a timely repayment schedule. If you have any accounts that you have been late in paying, you will need to begin paying all of them on time. Paying your bills on time for a minimum of six months will go a long way in improving your credit rating.

3. Collections. Try to avoid having your accounts turned in to collections. A collection is the most damaging of all credit issues. So work out a re-payment plan before your account turns into a collection. A credit improvement agency may be able to help you get your collections erased; but only if the creditor did not abide by all of the laws of the Fair Credit Reporting Act. However, this is generally not the case because most creditors know the laws and how to follow them. So don't count on this as a quick fix . Most collection accounts will stay on your credit report for a minimum of seven years.

4. Keep a low balance on all of your revolving credit accounts. Try to keep your balances below 50% of your limit. The lesser the balance the better it looks to potential creditors.

5. Do some soul searching. Try to determine what caused your credit status to get out of control in the first place. Then do whatever you have to to amend your bad habits - if any.

6. Get a secured credit card. Secured credit cards can be very helpful in improving your credit.

There are many things you can do to get your credit report back on track quickly. So talk to your real estate agent for more information about how you should go about doing this. In the meantime, your realtor will be able to get you started on your path to homeownership while you are working out your credit issues. Your agent has the experience and the know how to help you get into your new home as quickly as possible. So take advantage of all they have to offer you.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Monday, October 22, 2012

Helena Talbot's blog - Buying A Second Home

Buying a second home - should you or shouldn't you - that is the question. Well, buying a second home could very well be the absolute best thing you have ever done but you have to do it for the right reasons. Let's talk about a few of the things you need to consider before making any quick decisions.

First you must ask yourself why you want to purchase a second home. Is it to invest in your future? Is it to use for a vacation home? Are you doing it for an additional income? The answer to these questions is critical so let's look at all of the facts.

If you are buying a second home as rental property to use as part of your retirement plan then you have made the right decision. Buying a home forces you to make regular savings in the form of a mortgage payment each month and that is money in the bank when it comes to a retirement fund.

You must make sure,however, that you have enough money to cover the mortgage payments plus any additional expenses such as repairs, yearly taxes and insurance, if they are not a part of your mortgage payment, and anything else that may arise. The good news is if you buy the right house at the right price, your rental property should always stay rented.

Another reason a second home as part of your retirement plan is a good idea is due to the fact that your investment money is subject to less income tax and the interest and taxes may be deductible. So planning ahead could pay off in a big way.

Housing, for the most part, appreciates over time. There are definitely ups and downs in the housing market but buying a home is a long term investment that can ride those tides very well. A home is an inflation proof investment.

The experts have predicted that both fixed rate and adjustable rate mortgages will probably remain in the single digits for the foreseeable future. Therefore, financing a home with a nominal down payment should remain achievable for quite some time.

Buying a home is very exciting and can be a very profitable experience but your decision cannot be made lightly. It is wise to give a lot of thought to why you want a second home, then make a financial plan and stick to it.

If you have some disposable income, then purchasing a vacation home may be just what you need to add a little spice to your life. Then by all means, go ahead and find the perfect house, buy it and enjoy.

Whatever the reason you want or need a second home, please think about your reasons, make a plan and follow through. It is also advisable to talk to a real estate agent about all of your options before diving in. A real estate agent can help you make the best decisions and could potentially save you thousands of dollars in the long run.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

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 www.facebook.com/LoudounCountyConnect www.twitter.com/ExitAshburn www.Linkedin.com/in/HelenaTalbot

Friday, October 19, 2012

Helena Talbot's blog - How To Recognize A Home That Will Hold Its Resale Value

Buyers who are looking for a new home are often very excited. It is that excitement that can sometimes cloud their judgment when it comes to buying a home that will retain its resale value. So what can you do to make sure that your excitement does not overcome your good judgment and common sense?

Here are some things to keep in mind when you are trying to buy a home that will retain its resale value.

1. Location, location, location! Is this home on a busy street or does it have some other undesirable factor about it? If so, make sure the price is adjusted accordingly.

2. Consider all defects that are not correctable. Things like location, traffic, floor plan etc. Then make sure the selling price reflects these non -correctable items. Remember, you may have to sell this home with these same defects in the future. So you don't want to be left holding the bag.

3. Does this home suit your long term needs. If so and you plan on living in the house for a very long time, then resale value may not be as big of a determining factor for you.

4. Don't be bullied. If you are looking in a hot market, don't overlook the issues that could cause you to lose money if you have to sell in a future market downturn.

5. Look for a home that has a broad appeal. A home that is suitable for most people. One that has a good floor plan and amenities that the majority of people are looking for is important.

6. Think about the size and the space. Is this home going to be very expensive to maintain due to its home or yard? Are there any other factors that could influence someone's decision to buy.

7. It is best to buy a home that is in good condition -one that someone clearly took the time to maintain over the years. Routine maintenance is a huge factor when it comes to future repairs.

8. Convenience - how convenient is this home to schools, banks, day care centers, shopping, gas and restaurants.

9. Look for an easy commute - is this home located in an area where the major thoroughfares are easily accessible. Is there a bus line nearby etc.

10. Find a home that has a good resale value and not one that is just a good deal.

Talk to your realtor about buying a home that has a good resale value and they will be able to help keep you on the right track. Resale value should be one of the major deciding factors when buying a home. Remember, most people do not live in the same house their entire lives. So plan accordingly!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Thursday, October 18, 2012

Helena Talbot's blog - A Step By Step Guide To Buying A Home

Do you ever wonder if homeownership is right for you? Well, let me ask you this; do you dream about doing your own yard work, home repairs, puttering around in the garage. If so, then homeownership may be for you. No one really dreams about paying a monthly mortgage, property taxes, insurance etc. But actually being a homeowner definitely makes those things very well worth it.

This is your opportunity to have the American Dream of owning your own home. Putting down roots and starting a family or expanding your current family. However, the home buying process can seem a bit overwhelming, especially if you have never bought a home before.

Here is a step by step guide to help you in your home buying journey.

1. Talk to an experienced realtor who will help you learn what you need to know about the home buying process. You may need to interview several realtors before deciding on the best one for you

2. Decide if you want to keep renting or if you are ready to buy

3. Check your credit and begin improving your credit score

4. Make a budget and determine exactly how much you can afford to spend on your new home. Don't forget that there will be closing costs and other associated fees in addition to the purchase price of your new home

5. Study the different types of mortgages and how they work and then decide which one is right for you

6. Think about where you want to live. What location is best for you and your family

7. Do you want to buy a conventional home, a foreclosure, a fixer-upper etc.

8. You will also need to decide on a mortgage company, home inspector and possibly a real estate attorney or a financial advisor depending on your situation

9. Research the area you have decided to buy a home. Drive through the neighborhood at varying hours, check the current prices of the available homes and notate their condition.

10. Check the crime statistics for that neighborhood

11. Does the neighborhood have the conveniences you are going to need, such as child care, your bank, your favorite grocery stores and restaurants etc.

12. How far is your chosen area from where you work now and where you may potentially be working in the future?

13. Talk to your chosen realtor about supplying you with some home listings that meet your specified criteria

14. Once you have looked through the home listings, let your realtor know which ones you would like to look at

15. After you have chosen a house, your realtor will help you submit an offer

16. Be prepared to negotiate the deal

17. After your offer has been approved, you will need to set up a home inspection

18. You will now need to get your mortgage loan approved

19. Set a closing date and then close on your new home

20. Now all you have to do is get moved and enjoy the home of your dreams

This seems like alot to go through and it is; but all you have to do is call your realtor and let them do the rest. Your realtor will walk you through each and every step of the home buying process and let you know exactly what to do and when. So don't sweat the details and stay in close communication with your realtor and they will make sure things go as smoothly as possible every step of the way!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Wednesday, October 17, 2012

Helena Talbot's blog - What To Do If Your Home Inspection Comes Back With Serious Issues

So you have spent hour upon hour looking through home listings, previewed many homes and finally you have found one that you want to purchase. That's great! We know how excited you are about finally finding the home of your dreams. But wait - there is still a process that has to be followed before you can actually close on your new home and get moved in and settled.

Part of the process is the home inspection. It is very important that you do not bypass the home inspection process. The home inspection can uncover major defects that you may not be able to see.

In fact, there are some defects that could keep you from purchasing that property at all.

• if your chosen home sits on a fault line

• if the water supply is contaminated

• if there is a serious crack in the foundation

• if the home is located under electro-magnetic power lines

• if your chosen home is contaminated with radon gas

There are many things that can put a halt to your dreams. All home inspections come back with defects on them, usually they only contain minor to cosmetic findings. It is rare that a home inspection will come back with one of the above mentioned issues on them but it can and does happen.

So what should you do if your home inspection comes back with items that are unfavorable or cannot be changed? Well, this is the tricky part, it depends on whether or not the defect can be resolved within reason or at all.

The first thing you should do if your home inspection comes back with a major defect on it - then you should ask yourself the following questions:

1. Can the problem be fixed?

2. How much will it cost to fix those problems?

3. Does the problem have to be corrected now or can it wait a year or two?

4. Is waiting to do the repair going to create a bigger repair later?

5. Can I roll the repair costs into the mortgage loan?

6. If not, will the bank approve the loan without the repairs being completed?

7. Can these things be justified based on my desire for the home or should I bow out and find another home without the major defects and hassles that come with it?

If the home has defects that cannot be resolved, unfortunately, there is nothing you can do unless you pay cash and sometimes not even then. Consult with your realtor to find out what your options are for any defects that are uncovered in the home inspection. Your realtor will be able to assist you in helping to get the issues resolved or perhaps, in their opinion, it might just be better to search for another, more suitable home for you.

Either way, your realtor will be your best resource when it comes to a problematic home inspection report. So take advantage of your agents years of experience in dealing with home inspection issues.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Tuesday, October 16, 2012

Helena Talbot's blog - How To Qualify For A House If You Are Self Employed

You are all excited because you are ready to buy a house. We don't blame you. This is one of the most exciting times in a person's life. But wait- you are self employed. How can you possibly qualify for a home loan?

It is true that it is a bit more challenging to qualify for a home loan if you are self employed versus someone that is working for a regular salary. However, there is no reason that you should stop yourself from buying a home just because you are self employed.

Here are a few things you can do to help qualify for a loan if you are self employed.

1. Generally you will need to have been in the same field for two years

2. You should meet with more than one loan officer before you begin your home search

3. Be prepared to show your tax returns for the last two to three years

4. Loan officers realize that many self employed people look worse on paper than they really are due to being able to write off some expenses that salaried people cannot

5. You should attempt to get a pre-approval letter from your chosen lender and have it state that you are pre-qualified for a loan

6. Your realtor will attach this letter to any offer you submit on your potential new home

7. This letter will make your offer more attractive to sellers

8. Talk to your realtor for helpful tips on additional ways to help you get approved

Being self employed makes it a bit more challenging to qualify for a home loan but it is not impossible. But you will need to have the proper documentation to prove that you can re-pay the loan without difficulties. Your realtor will be able to supply you with a list of lenders that specialize in helping self employed people qualify for their new home.

So don't put off your dream of home ownership. Talk to your realtor today about helping you prepare for this process. They will be more than happy to supply you with all of the information you will need to qualify in addition to a list of available homes in your area. The longer you wait, the longer it will be until you are able to get moved into and enjoy your new home.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Monday, October 15, 2012

Helena Talbot's blog - How To Avoid Delays In The Closing Of Your Home

You have finally found the house of your dreams and you can't wait to close and get moved into your new home. So you definitely want everything to go as smoothly as possible with the sale of your current home. Here are a few things you can do to make sure that you help avoid any possible delays during escrow.

First of all, problems can arise during closing no matter what you do and closing dates are never set in stone. Just about anyone involved in the process could potentially cause a delay. So you will want to keep in close contact with your realtor. Your realtor will be able to inform you immediately of any deadlines that are approaching and help you to effectively deal with any delays.

Here are a few a few things you can do to help avoid any escrow delays.

1. Make sure you have a very well written sales contract

2. Ask your realtor to make sure that the buyer is required to provide proof of sufficient funds for their down payment and closing costs

3. It is a good idea to have the buyer provide proof of the ability to buy homeowners insurance (due to new restrictions on insurance policies, the mortgage lender will most likely require them to provide their insurance prior to funding the loan)

4. Make sure you modify the part of the sales contract where the seller makes a warranty to the buyer of the condition of the property. It should be modified to reflect the sellers transfer disclosure statement. If you leave this out, the seller may have to repair items that are found not working or faulty and this could delay your escrow period

There are many things to remember and many things that need to be taken care of prior to a closing. So it is a good idea to keep in regular contact with your realtor throughout the entire process. Your realtor will help keep you on track and make sure that everything you need to do gets done within the timeframe that is required.

The last thing you want is to get to your closing appointment only to realize that one of the items needed for closing has not been done. Your agent wants to get you through the sales process and through your closing as smoothly as possible. So you don't need to worry about anything, but you do need to keep in touch.

The next thing you know, you will be enjoying your new home and that everything was completed without a glitch! At least, that is, until you get ready to buy your next home, then everything starts over again. But that is a topic for another day. For now you can relax and enjoy your new home for years to come.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Friday, October 12, 2012

Helena Talbot's blog - The Benefits Of A Home Warranty

Ok, so you just found a new home and are ready to put your current home on the market. You want your home to sell quickly and without any glitches along the way. But what can you do to protect yourself and your buyer? Well, have you ever heard of a Home Warranty? If so, great, then you already know this is the way to go. If not, then keep reading and we will look at why getting a home warranty is so important.

What exactly does a Home Warranty do for you? The Home Warranty is really just an insurance policy. Most policies will protect you from the day your home is listed on the market until one year after the closing date. By buying a Home Warranty, you will make the purchase of your home more attractive to home buyers.

The Home Warranty will cover anything that could break down or go wrong. Things such as a broken dishwasher or air conditioner, etc. By buying Home Warranty protection, you will help to eliminate the worries about unexpected but necessary repairs for you and the home buyer as well. This will limit the liability for both of you in the event that a problem is discovered before or after closing.

Home Warranty policies will vary; however, the standard deductable is usually somewhere between $35-$100 but can vary from state to state.

So to sum up the advantages of buying a Home Warranty:

• It will potentially save you money

• The Home Warranty will repair or replace any covered item

• The cost of a Home Warranty is only a fraction of the cost of replacing a major appliance

• It provides an incentive to the sale to any potential home buyer

• The Home Warranty will relieve any buyers anxiety about buying your home, especially if you have an older home

• It also relives a buyer of any concerns that you failed to disclose a material defect on the home disclosure

• Additionally, it will help prevent the buyer from trying to sue you for failing to disclose any of the homes major defects on the home disclosure

The Home Warranty Protection policy is a fantastic way to protect you and your buyer from unforeseen repairs that can and do arise without warning. During the home buying /selling process is no time for either party to have to shell out more money, especially for repairs.

Talk with your realtor about obtaining a Home Warranty Protection policy, they will be able to go over the entire program and its benefits with you. So sit back and relax and enjoy the peace of mind you will get from purchasing the all important Home Warranty Protection policy.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.