Recently I was showing a property to first time buyers who fell in love with the home. They wanted to write a contract and told me the terms. Now, I had never met them before so we never had a pre-buying meeting where I go through the basics of buying a home. In the kitchen […]
It is a trick question. I had better be the winner as I have one advantage over all of value based formulas used by the big 3. I have seen the inside of the house. Often, really too often, folks tell me, ” but Zillow says….” I could counter that Trulia says it is worth […]
There are many decisions you need to make when buying a piece of real estate. Some are obvious – price, settlement date, inspection clauses, loan type etc. How to take title is one decision people often do not think about but should as it can have a huge impact on your future financial well being […]
The Truth in Lending RESPA Integrated Disclosures (TRID or TILA-RESPA) is changing the lending landscape and how settlements are conducted. In fact we will no longer have settlements but more on that later. Like most construction projects, the original launch date has been pushed back. The changes were scheduled to take effect August 1 but […]
I have been helping buyers and sellers in Northern Virginia for over 25 years. During that time, I have seen many crazy twists and turns in real estate transactions. Still, I have not seen everything. There is always some new angle that I have not encountered but most “surprises” I see coming and make sure […]
It is very hard to determine the real culprits of the housing crisis of 2008-2010. Sure conventional lenders were making loans they should not have made. They were not thoroughly reviewing the financial strength of applicants and too often putting buyers in adjustable loans that adjusted good people right out of their homes. Add in […]
Below is an updated sales price history for Northern Virginia from 1975 to the present. The chart shows the overall stability and strength of the Northern Virginia market. (These numbers cover Fairfax County, Arlington County and the cities of Alexandria, Fairfax and Fall Church.) The chart show the price change year over year, over the […]
Yes, satisifcer is a word, at least according to Barry Schwartz, a Swarthmore College professor and author of The Paradox of Choice. If you are not a satisficer, you are probably a maximizer. Whichever mindset you employ will dictate how you search for a home. More on that shortly. I was introduced to the satisficer/maximizer […]
Yesterday in a report on Bloomberg News and picked up by other services, it was reported that Ben Bernanke, while speaking at an investment conference, stated he recently tried to refinance his mortgage and his application was denied. Huh? The former Fed Chair can’t get a mortgage? Is this a joke? It is not. Upon […]
One of the most expensive line items on the buyer side of the settlement sheet is title insurance. Most folks don’t understand what it is and whether or not they should get it. If you are getting a mortgage on the property, the lender will require lenders coverage but buyer coverage is optional. Before deciding […]
