Helena Talbot's blog - BUYING YOUR 1ST HOME

Helpful hints for making your first real estate purchase.

What You Need To Take Advantage Of Tax Breaks

Everyone is looking for a tax break.  But did you know that some of those tax breaks can come from real estate?  If you are one of those people that is always looking for that next great deal, then look no further.  Here is a savings guide that will instruct you on what documents you will need to get your tax savings!

Mortgage Interest Statement - IRS Form 1098. The best real estate tax deduction on the books is the one that lets you deduct 100 percent of the mortgage interest you paid in a year.  This includes prepaid interest or points you may have paid at closing.

Property Tax Statements - You can deduct your homes loan interest, if you own a residence, you are allowed to deduct the property taxes you pay to your neighborhood city, county and/or state. You are not allowed to deduct any of the other miscellaneous expenses that some cities bundle  with the taxes they collect, like trash collection and street lights etc.

Settlement Statement or HUD-1 - If you bought or sold a house last year, you should have gotten a form called the HUD-1 Settlement Statement.  This is the form that records several things that could help you at tax time.  This might include prepaid interest, the prorated property taxes you paid at closing, and other closing expenses like origination fees and discount points. There are some states that will supply tax credits if you buy real estate foreclosures.

Moving Expenditure Receipts - Many people do not realize that their moving expenses are tax deductible,  if your new residence is at least 50 miles farther than your new office and than your old home was from your prior work location.  However, you do have to work full time.  Remember to keep your receipts though because you will be required to show proof of your expenditures for your move.  Meals and such are not allowable in your total.

Cancellation of Debt Statement or IRS Form 1099 - If you lost a residence to foreclosure, a short sale or deed in lieu of property foreclosure, then the lender may get some version of Form 1099 from their loan providers, charging them with earnings in the amount of the home loan debt that has been canceled.

Utility statements for your home office. If you are an employee that works outside of your home then you are not eligible for this deduction. But if you use part of your home solely for the use of your business, it is possible that you may be able to deduct a portion of your homes expenses such as utilities, repairs and replacements etc, as a result.

Receipts from energy efficient home improvements - Homeowners who have made improvements to their homes Under the Nonbusiness Energy Tax Credit,   qualify for energy efficient tax credits.

Mortgage Credit Certificate or MCC - This means if you own a house that you purchased within the last few years using a Home Mortgage Credit Certificate that was issued by a local housing authority, that Certification may qualify you for a fairly large tax credit.  This is  based on a percentage of the mortgage interest you paid - on top of your mortgage loan interest deduction. Of course some restrictions apply.

The bottom line is - if you own a home, then you have nothing to lose and everything to gain by getting a tax professional that can help you make sure you are getting every possible deduction.  Getting a tax attorney can also lower your possibility of an audit.  Don't forget to ask your tax consultant about the tax liabilities for any real estate transaction you commence with.

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

Helena Talbot's blog - Top 5 Tips for Buying a Luxury Home

Despite the doom and gloom the media portrays regarding today’s real estate market, several unique opportunities exist for home buyers, in particular, luxury home buyers.
While home prices across the country have dropped or stabilized to varying degrees, according to my colleagues in the Top 5 in Real Estate Network®, luxury home prices have been slashed, in many cases, as the market for such high-end properties has dwindled in challenging economic times. This presents a great opportunity, for those who have the financial resources, to purchase a luxury home that might have been completely out of their range six years ago.
Purchasing a luxury property, however, is unlike a standard home purchase. I advise all my luxury-home clients to consider the following before embarking on their search:

1. Weigh the finances carefully. 
Even if you’re ready to pay cash for your luxury home, you still want to ensure you’re getting the best possible value and potential return on investment from your home purchase. Make sure you truly have the financial wherewithal to remain in the home as long as you’d like. Consider the stability and growth potential of your future income before moving forward.

2. Have your documentation in order.
Many luxury home buyers derive their net worth from a variety of sources and investments. Given the high-end purchase price of a luxury home, along with today’s unstable economic climate, prequalification is often necessary when it comes to luxury purchases.

3. Investigate alternative search methods.
The best luxury property deals might not be found through traditional real estate search engines but rather through word of mouth. Make sure you’re working with a professional real estate agent who is well connected and networked in the communities your are considering

4. Seeing is believing.
Expansive square footage, sprawling property, and a bevy of incredible views often make luxury homes difficult to completely capture in photos, videos or virtual tours. A visit in person is an absolute must to make sure you’re not missing any potential details and, conversely, to make sure the property lives up to its image. 

5. Consider the future.
Your luxury home investment needs to be carefully considered for the future, in particular your expectations in terms of your return on investment. Most luxury home buyers are buying a lifestyle and don’t intend on flipping their home anytime soon. Given the volatility that still exists in today’s market, make sure you’re not headed into your luxury purchase with unrealistic thoughts of financial gain but rather to enjoy a spectacular home for many years to come.

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

What To Do If Your Appraisal Comes In Low

Now that you have found a home that you want to purchase.  It is time to have an appraisal done.  But what do you do if your appraisal comes in lower than what you agreed to pay for the house? 

Here are a few things you can do to help push through a low appraisal.

1.  Appeal errors and / or bad comps - read the appraisal and see if you can find any obvious errors.  Human error does happen.  Perhaps the appraiser missed a bedroom  or miscalculated the square footage.  If this happens, it will skew the entire report because now the comps that were used are wrong also.

2.  Double check the comps - ask your agent to double check the comps that were used.

3.  Ask for a second opinion - if the appraiser ignores your request to revise his report, you may need to ask the lender for help.  If the lender believes strongly in your case they may be able to  talk to the underwriter and request that a second appraisal be performed .

4.  Renegotiate -  low appraisals are disappointing to everyone.  If the sellers have enough equity in their home, they might agree to lower the price down to the appraised value or close enough that the buyer feels comfortable putting more cash into the deal to close the purchase price-to-appraised price gap.  

4. Pay it or split the difference - if you have been looking for your new home for a while and you have finally found the perfect home, then you may want to just go ahead and pay the difference.  If the home has been on the market for a while or the seller has an urgent need to move, they may be willing to split the difference with you just to close the deal.

5. Maybe it's time to change lenders - mortgage banks have more control when it comes to choosing appraisers than mortgage brokers do. Many local mortgage brokers work for companies that also have banking divisions, and may be able to get your loan processed through that division in an effort to give your transaction a fresh start and work around a low appraisal.

It can be challenging when the home you have chosen to purchase does not appraise for the contracted sale amount.  Talk to your realtor.  Your agent has the experience to deal with low appraisals and will be able help you through this and get you into your new home before you know it.

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

What To Do If Your Appraisal Comes In Low

Now that you have found a home that you want to purchase.  It is time to have an appraisal done.  But what do you do if your appraisal comes in lower than what you agreed to pay for the house? 

Here are a few things you can do to help push through a low appraisal.

1.  Appeal errors and / or bad comps - read the appraisal and see if you can find any obvious errors.  Human error does happen.  Perhaps the appraiser missed a bedroom  or miscalculated the square footage.  If this happens, it will skew the entire report because now the comps that were used are wrong also.

2.  Double check the comps - ask your agent to double check the comps that were used.

3.  Ask for a second opinion - if the appraiser ignores your request to revise his report, you may need to ask the lender for help.  If the lender believes strongly in your case they may be able to  talk to the underwriter and request that a second appraisal be performed .

4.  Renegotiate -  low appraisals are disappointing to everyone.  If the sellers have enough equity in their home, they might agree to lower the price down to the appraised value or close enough that the buyer feels comfortable putting more cash into the deal to close the purchase price-to-appraised price gap.  

4. Pay it or split the difference - if you have been looking for your new home for a while and you have finally found the perfect home, then you may want to just go ahead and pay the difference.  If the home has been on the market for a while or the seller has an urgent need to move, they may be willing to split the difference with you just to close the deal.

5. Maybe it's time to change lenders - mortgage banks have more control when it comes to choosing appraisers than mortgage brokers do. Many local mortgage brokers work for companies that also have banking divisions, and may be able to get your loan processed through that division in an effort to give your transaction a fresh start and work around a low appraisal.

It can be challenging when the home you have chosen to purchase does not appraise for the contracted sale amount.  Talk to your realtor.  Your agent has the experience to deal with low appraisals and will be able help you through this and get you into your new home before you know it.

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

How To Win The Bid When The Home Of Your Dreams Receives Multiple Offers

It is heart wrenching to know that you have found the perfect home and then learn that there have been several offers submitted in addition to yours.  So what now?  Is there anything you can do to help give your offer a boost to the front of the line?  Yes, there is! 

1.  Offer more than the asking price - the chances are very likely that the other offers submitted are at or below the asking price -especially in the current market of bargain seeking buyers.   Just remember to offer a higher asking price only if the market data for the area can justify your offer.  If it doesn't, then you are just asking for trouble later on down the road if you submit an offer that is not in line with the market price for the area.

2.  Show proof of your ability to close the deal - a deal that does not close is no deal at all.  Sellers are very aware of the high rate of contract cancellations and credit problems.   So if you can show proof that you are credit worthy , can easily be approved and you submit an offer higher than  the asking price,  you will then have a much higher chance of getting  the winning offer.

Here are a few more things you can do to solidify your offer:

• offer a shorter contingency period

• show proof that the areas comps can support your over the asking price offer - this will minimize the risk of the home getting a lower appraised value than the offer you are making

• make an all cash offer or a  high-down payment offer

• offer to purchase the home as-is

• get the inspections, appraisals or repair bids prior to  making an offer and waive any contingencies up front

All of the above recommendations are contingent upon the right situation.  Please work closely with your real estate agent to help you determine when these recommendations are a good idea and when they are not.

3.  Always use a highly respected real estate agent and mortgage professional -  it is to your advantage to work with an agent that all of the agents in the area know and like.  This could work to your advantage and could give your offer a boost.  The seller and their agent will feel more comfortable accepting an offer if it is coming from a well known and well liked local agent.

4.  Let the buyer know how much you love the home - most sellers are very passionate about the place they have called home for so many years and will not want to sell it to someone that does not love it as much as they do.  So write a letter to the seller letting them know how you feel about the home and paint a picture for them about why you feel it would be such a perfect place for you and your family.

This is the time you really need to rely on your realtor to help you achieve the winning offer.  Talk to your agent about everything you need to do to secure this house.  They will be more than happy to do everything in their power to help you win!

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

How To Submit A Fair Offer Price

Have you found a home that you would like to make an offer on?  But are not sure how much you should offer without offending the seller and still get the best deal you can possibly get?   This question is one that puzzles most everyone that has ever bought a home.  So let's talk about what consists of a "fair offer price".

You already know the seller's asking price so that is the easy part.  But how do you go about figuring out what to offer?  Here are a few steps you can take to determine a fair offer price.

1.  Look at what recent homes have sold for in your area.  Don't look at what they listed their home for but what they actually sold for. 

2.  Remember as you are looking at this data to also look at the condition of the homes, the improvements that were made to those homes, the current conditions of the market and the reasons for the sale of those homes.  For example, was the seller desperate for the sale etc. as this can play a major role in the sales price and can skew the numbers if you are not careful.

3.  Check the current competition in the area.  Are the comparable homes close to the one you are looking at, is the home comparable in square footage, the number of bedrooms and bathrooms.  Is the garage the same size.  Is the property lot the same size.  Also, look at the type of home it is - is it the same type of construction.  If it is a tract home with many other exact same homes in that area, you will be better able to compare it against an exact match for the most part.  

It is really important at this point in the home buying process that you sit down with your realtor and go over all of this information.  Your realtor knows the market inside and out and can advise you on how to put together a fair offer price.  You really don't want to do this without the help of a licensed professional.  Your realtor has access to resources that you don't to help determine what should be factored into a good offer.  Remember, if you get this step wrong it could cost you thousands of dollars over the life of the loan.  So talk to your realtor today.

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