Charlottesville, Virginia Accolades and Awards

The Charlottesville real estate market boasts a wonderful track record for quality of living.   From city living to farms and estates, Charlottesville is a buyer’s dream come true.  Besides the wide range of housing choices, Charlottesville also offers  a tremendous amount of educational, entertainment and cultural possibilities.   The awards Charlottesville, VA has received speaks volumes about this fantastic community.

Cities Ranked & Rated 2004: Ranks Charlottesville as #1 Best City to live in USA & Canada (Today Show/USA Today)

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• 18th Safest Mid-Sized Cities in the Country (populations between 150,000 and 500,000), Farmers Insurance|
• AARP, Top 10 Healthiest Places to Retire, 2008
• Best Places to Retire, Black Enterprise Magazine, 2nd in 2008
• Best City for Living and Launching a Business by Fortune and Money Magazines - 18th Place in 2008.
• Best Small Market for Business by Forbes Magazine - 9th Place in 2008.
• 2008 Governor’s Environmental Excellence Award, Gold and Flag Award in the Environmental Program (Government) category
• USGBC LEED Gold Certification, Downtown Transit Center, 2008, 1st LEED Gold municipal designation in the state.
• Fire Chief of the Year, Fire Chief magazine, 2008
• Top Ten Digital City, Center for Digital Government, 3rd 2005, 4th 2006, 6th 2007
• National Trust for Historic Preservation, Distinctive Destination, 2007
• 2008 Bicycle Friendly Community at the Bronze Level from the League of American Bicyclists
• Southern Business & Development Magazine: #1 on the list of 10 “Really Cool Small Southern Markets”
• Life magazine: Charlottesville region “The Best New Place to Drink Wine.”  Charlottesville area - one of 10 superlative locales cited in Life’s write-up of “10 Perfect Weekend Escapes.”
2007 Businesses for the Bay Environmental Excellence Award ”Outstanding Achievement for Pollution Prevention, Local Government”
• 2004, 2005, 2006, 2007 Digital Cities Survey Award: Rated Charlottesville’s Web site #5 in US cities with populations of 30,000 - 75,000
• Money Magazine: Best Places to Live
• Outside Magazine: One of the Best Places to be Found 1995 & 1999, also one of Seven Dream Towns That Have it All, Best Town to Live 2006, 2008
• Kiplinger’s Personal Finance: #2 Healthiest Place to Live in America
• Men’s Journal: #3 Healthiest Small City to Live in America
• Reader’s Digest: Top Ten Places in the Country to Raise a Family (#7 out of 50)
• American Health: Top Ten Healthiest Cities for Women (#6)
• Golf Digest: Best Retirement City for Golfers (#1)
• Tennis Magazine: Best Tennis Town (#1)
• Arts and Entertainment Television: One of the Best Places to Live in America (#6)
• E-Podunk.com: Best Small College Town (#1)
• Modern Maturity Magazine: Most Alive Places to Live (#2 College Town)
• Forbes/Milken Institute: Best Small Places for Business and Career 2001 (#12)
• Travel 50 & Beyond: Top Ten Great Places to Retire 1999
• Best Trail Running, Outside Magazine 2006
• Cottage Living Magazine, Great Place to Live
• GFOA CERTIFICATE OF ACHIEVEMENT FOR FINANCIAL REPORTING
• for fiscal year 2008 for the 29th consecutive year.
• AAA Bond Rating by Moody’s and Standard and Poor’s 2008, Moody’s has ranked City AAA since 1973, S & P since 1964
• Chesapeake Bay Stewardship Awards, Outstanding Achievement for Pollution Prevention, 2007
• Treasurer of the Year by the Virginia Treasurer’s Association, 2006
• City Website was voted Best City Website by the City County Communications and Marketing Association – Savvy Award, 2006
• City Website was voted Best City Website by the National Association of Government Webcasters
• Top Five Green Cities, Blue Ridge Magazine, 2006
• City Website received Sponsors Award by the National Association of Government Webcasters
• City Parks and Recreation Department accepted as Extraordinary Environmental Enterprise by the Virginia Department of Environmental Quality
• City Parks and Recreation Department accepted Tree City USA
• Best Place to Relocate, Relocate America, 2006
• Fire Department - ISO Class 2 Fire Department (1 being the best on a score of 10)
• Internationally Accredited Fire Department
• Fire Department - Governor’s Award for Excellence in Fire Service Management
• Dozen Distinctive Destinations – Charlottesville – National Trust for Historic Preservation, 2007
• Best Workplace for Commuters, US Department of Transportation, 2006
• Department of Social Services, USDA recognition for outstanding customer service, 2005
• City Ranked the Top “Really Cool Small Southern Market”
• By Southern Business and Development Magazine, (April 2005)
• Money Magazine 100 Best Places to Live – August 2004
• Forbes Magazine – Best Small Places to Do Business – Rank 22
• Business Journals – Best Places to Work – June 2005
• Charlottesville Officially Awarded First Tee Chapter, by the World Golf Foundation.

Charlottesville Real Estate Auctions vs. Traditional Sales? .1

This is a great topic for home sellers as they do not really understand the auction method of sale as it pertains to real estate. So, is selling your home at auction a better way to go rather then listing it with a traditional real estate agent?

The answer is an emphatic yes.
The auction method of sale gives consumers many more options when it comes to selling their home. But before I speak to the advantages let’s clear up some of the misconceptions. The word auction does not always mean foreclosure or short-sale. The auction method of sale is absolutely not always for distressed situations. This method of sale and the psychology behind it generates a tremendous amount of curiosity and interest for home buyers. Just seeing the word Auction on a real estate sign or in the MLS get buyer’s energized. If the auction is marketed correctly and administered ethically by an Auctioneer, the community will recognize this means of sale as a positive and not a negative. Buyers will always want to preview auction properties before traditional real estate listings.

The auction buzz
So now you have the energy and a buzz around your property that is being sold at auction. What are the advantages? The first advantage is flexibility. If you list your home with an auction firm, make sure they are also licensed to carry out traditional real estate sales, too. If the home does not sell at auction then it can immediately come on the market in the traditional sense. This will give you a competitive advantage with respect to a sales strategy. Yes a sales strategy, more tools that can bring an actual signed sales contract in less than 30 days. By coupling the auction method to traditional real estate sales you have created the perfect situation to sell your home.

PART 2 - CLICK HERE

Real Estate Auctions vs. Traditional Sales? .2

Is it a sales plan or marketing plan?

The typical sales plan for a Realtor is to market the property on the MLS and wait for offers. Ok to be fair, I am a Realtor as well, we do run ads in the print media but typically most buyers find homes online via the MLS sharing it’s listing data with major, consumer real estate websites or from Realtors sending clients MLs listing data directly. In a sense the MLS markets the property. As a Realtor this is automatic. As soon as I input your home in the MLS it is marketed on the major real estate [Read more]

New 2009 Conforming Loan Limit by Zip Code

Here are the new updated conforming mortgage loan amounts as well as jumbo loans.  Please CLICK HERE for a detailed look by zip code.  If you have any underwriting questions please do not hesitate to ask. The guidelines are tight and we may have some great tips for getting the loans to fund.  If you do not have Excel then comment this article with you Zip and I will shoot you back the amount.

Thanks,

Roy Slater / www.Hathaway-realestate.com

Home Sellers Face the Deaded Financing Contingency

The buyer financing contingency has left many sellers bitter and back on the market.  How can this happen?  The buyers had a pre-approval letter.  What went wrong?

As a mortgage broker licensed in numerous states and one that has come from direct lending institutions such as GMAC-Ditech.com and LendingTree.com, this issue is one that I could write a book about.  But I will try to keep it simple and to the point.

The reason why the financing contingency gets used so much is because most Realtors do not have access or foreknowledge of the mortgage process nor do they have access to mortgage lender guidelines to know what the reality is with respect to what a qualified borrower really is.    Couple this to the fact that lender pre-approval letters are all conditional until an underwriter reviews and approves.  Moreover, add in the fact that your loan officer is not an underwriter and his pre-approval may be incorrect..  The summation is a recipe for disaster.

So, how do I avoid this mess as a seller?
Well… you need to choose you Realtor wisely.  Selling your home is not just about a Realtor’s fancy marketing plan.  It is about a Realtor’s ability to also identifying quality offers and in scoring buyer risk should you accept an offer.  It is about having the where-with-all to ask a buyer the appropriate questions in the negotiation process in order to score buyer risk and eliminate financing contingencies.

Within minutes a knowledgable mortgage person can know whether or not a buyer is solid or not.   So, if you can ask for the following items in your buyer counter offer it will help tremendously: (related article click here)

• credit report
• ask how the buyers get paid( w2, 1099, or self employed) key questions to score risk. if there is 1099 or self employed income then risk goes thru the roof.  For more info on this drop me a comment and I will go thru why.
• a copy of asset statement showing down payment.
• require loan officer name, phone number and access to all loan information

This information can really help you sore risk and leave a prospective buyer no out with respect to a financing contingency escpecially when this information is used correctly.  Of course this information is useless unless your Realtor knows how mortgages work, current product guidelines and the knowledge of current programs available.

end

Roy Slater
Hathaway Real Estate
- Charlottesville Real Estate
- Southern California Real Estate

How to Negotiate with Sellers

Buying a home is one of the most important purchases most people will make. In order to make the right decision the first time, potential buyers need to be prepared.  Consider the following before starting negotiations:

Be prepared

Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:

Why is the homeowner selling? (If they’re moving because they find the area undesirable, you might want to consider this issue.)

How long has the home been on the market? (If it has been on the market for a long time, perhaps there are negative facts about the property that you need to know.)

How much did the seller pay for the home compared to the current asking price? (If the seller paid more, find out why.

Was it a general real estate trend, or did property values in that particular neighborhood go down?)

What is the seller’s time frame for selling and moving? Does it fit within your needs?

Are there any defects in the home or problems with the surrounding neighborhood? (For example, is the roof so old that it will likely leak during the next storm? Is there a new construction project in the area that will lead to major traffic congestion?)

As the potential buyer, you want the advantage. While you want answers to all your questions to the seller, reveal very little about your circumstances. Do not give the seller personal information such as your income, the maximum you are able to pay for a down payment or the home, or when you want to move. Make sure that your agent knows not to reveal any such information to the seller or his/her agent.

Also, do not let the seller see how much you want the property. If you appear desperate or overly enthusiastic, the seller then has the stronger bargaining position. When meeting with the seller or listing agent, keep your emotions in check.

Establish a Timeline

Find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, use that to your advantage in negotiating. Even if you, the buyer, are the one with the deadline for purchasing a home, don’t let yourself be rushed into making concessions or a purchase you may regret later.

Smart Home Sellers Avoid the Home Inspection Time Bomb

Serious home sellers along with direction from Realtors can easily navigate thru home inspection time bombs.  Seasoned listing agents help sellers avoid the home inspection contingency by ordering a home inspection on the sellers behalf before the home goes on the market.

The home inspection contingency across many states is the easiest way for many buyers to jump ship on a contract.  The home inspection contingency usually allows buyers the perfect exit to a contract at any hint of possible delayed maintenance or construction issues no matter how minor.  Buyers simply counter back unreasonable repair requests, cancel the contract altogether, and goes as far as trying to devalue the home in order  to renegotiate a lower price.  Canceled contracts in a declining market can be a major set back for home sellers.

To minimize these setbacks, it is strongly recommended that sellers have the home inspected before it goes on the market.  Don’t bury your head in the sand and hope nothing is wrong with your home.  Get the issues fixed ahead of time and get top dollar for your home. Use the your home inspection as a tool to lock down prospective buyers.  By heading off problems ahead of time, you can easily avoid contract cancellations and leave buyers with no wiggle room for cancellation with respect to home inspections.

Remember, serious and professional listing agents require home inspections for their clients ahead of time.  In many cases many of the top listing agents will not take a listing without one.  They do not like ticking time Bombs either. Selling homes is a serious responsibility and should not be taken lightly with a wait and see attitude especially in today’s market.  Take the time and effort to neutralize possible contingencies before they come back to haunt you.  Look for the next article on nuetralizing the dreaded financing contingency.

New Conforming Loan Limit Calculator by Zip Code.

This article is outdated..  For the NEW 2009 Conforming and Jumbo Loan limits please CLICK HERE

We are now getting a glimpse of how investors(mortgage providers) will be treating the new Fannie Mae/Freddie Mac conforming loan limits which were part of the national stimulus package. The first of many investors are coming out with general underwriting guidelines. It appears they are moving cautiously. This may speak volumes on their attitudes on the subject of increased loan amounts. Moreover it appears that they will be categorizing these loans in a different conforming product bucket. (Conforming Jumbo Loans)Below is a conforming loan limit calculator as well as some highlights of the guidelines.

Calculate your new mortgage loan limit by Zip Code. Click Here

[Read more]

Charlottesville Area Results under 300k

Charlottesville area home buyers are seeing great success in the under 300k market segment.  The market is correcting itself and becoming much more affordable.  New buyers are feeling more compelled to get off the sideline and start looking for deals.  This is especially true on any property with the keyword “bank owned,” “short sale,” or “foreclosure.”  despite the financial contractions on wall street and around the world.

Good buyer agents have a ton of flexibilty in their offerings to sellers.  More data is available to prove the case on fair market value with respect to the value declines.  Listing agents are working harder to explain the this sold and recorded data to home sellers to make them understand the new fair market values.

Below are a list of the current listings in Charlottesville, Albemarle County, Nelson, Orange, Greene, Madison (Real Estate), Virginia.  Click here to visit these active MLS listings.

Top 10 Stupid Mortgage Loan Officer Questions

I received this joke email and I thought I would share it. Although this is a joke email, these questions are asked by borrowers and loan officers on a daily basis. Moreover, some loan officers actually commit loan fraud by structuring deals with these bits of logic. Below are the “10 Stupid Questions” and reasons why [Read more]

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