Exit Realty Professionals Blog Virginia Beach Real Estate
If you have a foreclosure in your past and you're interested in buying a home again, you might wonder what you need to do before you can buy another house. While home ownership can be a rewarding experience, it can also be stressful. Overcoming the disappointment of foreclosure can be challenging both emotionally and financially. The biggest obstacles will be getting your financial ducks in a row and securing financing. Here is a checklist of 5 things you need to do if you have a foreclosure on your record before you can buy a home for sale in Hampton Roads.
1. Satisfy the waiting period.
There is usually a good reason why your previous home went into foreclosure. Perhaps you were laid off from your job, there was an extended illness for one of the breadwinners in the family or another hurdle arose that put a financial strain on the household. It could also be that you simply overspent your resources. Fannie Mae is a federally sponsored enterprise that buys a number of mortgages in the U.S. There is a three-year waiting period required by Fannie Mae and some other significant mortgage lenders after a foreclosure if you have documented, one-time extenuating circumstances. Make sure you have ample documentation in hand before you apply. For cases without extenuating circumstances, the wait time is seven years for Fannie Mae and some others. If you don't want to be in a holding pattern, the alternative is to find a mortgage lender without restrictions. They may require a 20 percent or larger down payment and often have relatively high interest rates to offset the risk.
2. Clean up your credit record.
Credit records that include foreclosures typically have a long laundry list of other delinquencies and defaults associated with them. While these may be accurate, it is always wise to go through and verify that all of these blemishes are true and correct.
Suzanne Swiatkowski comes to us from Re/Max. She graduated from Alpha College of Real Estate and currently resides in Virginia Beach. As a former Military wife, she is well aware of the challenges that military families face when relocating.
"I know the importance of answering calls as quickly as possible and listening intently to determine the needs of my clients. I look forward to assisting all families looking to buy, sell, or rent in the Hampton Roads area."
My name is Gregory Everson and I specialize in property management and assisting buyers and sellers with their investments in Real Estate in Hampton Roads Virginia.
I believe that one of the most important decisions in finding your perfect home or rental property is choosing the right person to guide you there. As a dedicated real estate professional, I am devoted to my clients' individual needs. I pride myself on the attention to details, looking after your best interests and helping you make smart and informed decisions.
Searching for your new house or rental property requires time and patience, so let me assist you along the way. EXIT Realty provides me with more tools and training then I ever believed a company could offer. Using a Realtor with the best technology tools and the ethics to represent you professionally is a win-win for you.
Let me use my expertise and the expertise of Exit Realty Professionals to help you buy your dream home or, sell/rent your current home.
Call or email me today - I look forward to helping you find just what you are looking for!
Having an open house to showcase your home for sale in Hampton Roads is one of the more traditional real estate marketing methods. If you're looking for a boost in exposure, talk to your Realtor about holding one. Here are 10 tips to help you get the most out of holding an open house when your home's for sale.
1. Make sure your home is clean. Do a thorough once-over, from top to bottom and inside to outside. If you're too busy, hire a professional service to do it for you. Remove any clutter and put away any personal items.
2. Boost the marketing of your home for sale in Hampton Roads. Your Realtor can promote your open house on the Internet and add an Open House sign to your For Sale sign. Be sure to tell your neighbors and other people you know about the open house.
3. Take some fresh pictures. If your home has been on the market for a long time, this will be something new for prospective buyers to consider. Make sure they are clear, present a positive image and have good lighting.
4. Leave before it begins. Once everything is set up, let your Hampton Roads real estate agent handle the details and step out until it's over. Having homeowners present can be intimidating for those looking at houses for sale.
5. Be sure that your Realtor can reach you. Be in a place with cell service or email access, just in case someone has a question that your Realtor can't answer. Confirm your cell phone number and email address with your Realtor. Be sure you have it turned on and that the ringer is loud enough to hear it wherever you are.
6. Choose a time that's convenient for you. A two- or three-hour time slot on a Saturday or Sunday afternoon is a popular choice for Hampton Roads homes for sale.
If you're renting a house or apartment and you're toying with the idea of buying a home for sale in Virginia Beach, you might wonder how you'll know if it's the right step for you. There are many different factors to consider. Are you ready to buy a home? Here are four factors to consider when pondering the age-old topic of renting versus buying.
Do You Have Good Credit?
Sometimes renting a place just makes more sense. If you have no credit or if your credit isn't strong enough for you to buy a home for sale in Hampton Roads, responsibly renting for a year or two can help you build your credit. Two main credit reporting agencies, Experian and TransUnion, factor rental payment data into their scoring. While renters can't report their own payments, there are apps available that track this information, and the payment history can be reported. WilliamPaid, for example, will handle electronic rental payments to landlords and report the results to Experian if the tenant opts in to the service. While this can help build your credit, one drawback is that any problems you have in paying your rent on time will also be reflected. This could damage your credit instead of helping it.
Comparing the Costs
According to comparative statistics from Ginnie Mae published by the National Association of Realtors (NAR), renting can be less expensive over the short term, but more expensive over the long term. For example, someone paying $800 per month the first year would pay about $200 less than someone with a home worth $110,000. The mortgage payment would remain steady at $1,000, but annual tax breaks would lower the actual amount paid every year. For renters, a typical annual landlord's increase of 5 percent would raise the amount of money paid year over year.
Leslie Cranford came from Lawson Homes, a new home development builder in Hampton Roads. She takes pride in giving her clients a wonderful buying and selling experience, and she believes honesty can go a long way towards building a strong business and real relationships.
"I chose EXIT after talking to one of their Associate Brokers. She informed me of all the great things EXIT had to offer. I immediatley chose to be an EXIT Realtor! I look forward to having a support system from EXIT Realty Professionals."
John White is currently an Analyst in the shipping industry at CMA-CGM. His goal is to provide his clients with exceptional real estate services. John has a great passion for the Real Estate industry and he looks forward to the transition into a full time Realtor.
"I chose EXIT because I was initially impressed with the warm welcome I received when I requested information regarding becoming an agent. My expectations were easily met once I was able to sit down and see everything EXIT had to offer and my mind was made up. I'm extremely excited about my career as a Realtor with EXIT!"
Although spring is traditionally known as the best time of year to buy houses for sale in Chesapeake, Va. and the surrounding area, winter has its distinct advantages. If you are planning to move in the near future, you don't have to wait until the weather warms up to start looking for your dream home. There are several reasons to buy Hampton Roads real estate for sale in the winter. Here are just a few of them.
The turnaround time for processing loans, title searches and legal documents is much faster this time of year.
Homeowners with their property on the market during the fall and winter months are typically more motivated. This can work to your advantage with negotiations, pricing and a quick closing. People selling a house in Hampton Roads at this time of year may be more likely to drop their asking price if the home has been on the market for quite some time.
Cold Weather Home Conditions
This is a prime time to look for things that might get missed in warm weather. Pay attention to how well the heat is distributed in the homes you tour. It's also easier to feel cold drafts and hear whistling wind from energy inefficiency. These factors are typically a surprise for spring homebuyers.
While we see rain more often than snow, you can take advantage of the weather and see how the yard and neighborhood roadways are affected by snow removal, rain puddles and storm drainage. According to USA.com, Chesapeake averages between six and seven days of precipitation per month in December, January and February.
Mortgage interest rates are low. There is still time to take advantage of this affordable trend.
There are historically fewer home buyers in winter, which translates into less competition when you decide to make an offer.
With cold weather comes falling leaves, and with winter comes a sparse and dreary look to many homes for sale in Hampton Roads. If you're getting ready to put your house on the market and you don't want to wait until the weather warms up, there are several things you can do to make your property more buyer-friendly and improve its curb appeal. Talk it over with your Realtor. You can also try some of these tips.
Leaf and Snow Removal
Make the effort to remove falling leaves from your property. Be sure to clear any drains to avoid ponding in your back yard if it rains. When there is snow in the forecast, make sure your front walk is treated and shoveled for safety. If you have already moved out, ask a landscaping company to maintain your yard as needed.
Rain and snow during the winter months can mean wet shoes tromping through your carefully-maintained home as potential homebuyers are shown your property. Provide quality floor mats both inside and outside the main entry door to your home. Most people will take the time to wipe their feet given the means.
Don't be a Grinch. While your home should be clean and personal effects minimized, some tasteful decorations can make any home for sale more inviting. A wreath on the door and holiday lights on a few bushes or on your roofline will prevent your property from having a cold, dark and Grinch-like appearance amid the long line of glowing homes throughout your neighborhood. This is not the year to compete for best display.
Add a splash of landscaping color to improve your home's exterior. Whether you set a few containers on the front porch, hang some window boxes or brighten up a flower bed, it will add a bit of warmth and curb appeal to your property.
When you're thinking about selling your Virginia Beach home, you have several options. Simply put, you'll need a professional who can help you point out the things you love the most about your home; the things that will make other people fall in love with it the way you did.
It's common knowledge that most buyers start their search for homes on the Internet. That's why it's so important to list with a Virginia Beach real estate firm that takes full advantage of Internet marketing. At Exit Realty Professionals, we pride ourselves on thinking outside the box when it comes to marketing your home. With the growth of mobile devices accessing the Internet, it's very important that your agent's Internet solution has mobile-device-friendly viewing capability. From our agent websites to our e-listings virtual tours and home listing websites, we've got you covered. Here you'll find 10 reasons to list your home for sale with Exit Realty in Virginia Beach.
1. You'll work with motivated, highly trained, tech-savvy Realtors®.
2. Mobile-device-friendly websites and virtual tours give potential home buyers an elite view of your home.
3. Exclusive "Exit Realty Only" E-Listings feature text for tour riders. (See our short video here.)
4. Your home has its own domain on listing-specific websites.
5. Websites with built-in blogs for search engine optimization help your Virginia Beach home for sale rank high on search engines like Google.
6. We feature listings on Zillow.
7. You'll have a featured listing on Trulia.com.
8. We provide personalized listing reports for online property views.
9. Listing syndication goes to more than 50 web portals.
10. We are Realtors®, bound to a strict code of ethics as outlined by the National Association of Realtors®.
Contact us anytime. We offer an easy Exit strategy to sell your Virginia Beach home quickly and at a fair price.
With winter here, some potential home buyers weigh the absence or presence of a fireplace as they look at homes. If you're looking at homes for sale in Hampton Roads, it's important to decide up-front whether a fireplace is a deal breaker. If it's on your must-have or must-not-have list, you'll need to let your Hampton Roads real estate agent know. This could affect the listings you're shown and save time for you and your Realtor.
If you see a chimney on a home, don't automatically assume it has a fireplace. If it does have a fireplace, don't assume that it works and is in usable condition. If the MLS listing doesn't mention it but you see one in the picture, be sure to ask. This will minimize possible disappointment later.
Is it Real?
Keep in mind that not all fireplaces are wood-burning. Gas fireplaces are also popular and create warmth. Some homes have electric or gel fireplaces, often referred to as "fake fireplaces" because they serve no functional purpose to provide warmth.
A wood-burning or gas fireplace adds value to property. If a wood-burning fireplace is on your must-have list, keep in mind that installing a full fireplace and chimney in the home costs between $6,000 and $25,000, depending on the location, style and materials. A gas fireplace with no chimney can run about $3,000 and up. Repairs to an older chimney with structural issues can run up to $10,000, depending on the extent of the problem.
The average low temperature in Virginia Beach is 34 degrees F in January, 35 in February and 37 in December. In the more inland Hampton Roads city of Suffolk, the average low temperature is 31 degrees F in January, and 34 in February and December. A fireplace isn't a reliable source of whole-home heating, but it can create warmth and ambience on rainy days and chilly nights.