First Time Buyers Club
It’s a HOME INSP-ECTION, not PERF-ECTION, for crying out loud…
August 12th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, Home Buying, Home Selling, McLean Dirt, Real Estate 101, Reston Dirt
Let me apologize ahead of time for what’s about to come spilling out of my 
brain and onto this page – it’s a rant – it doesn’t happen very often, as I’ve used my blog mainly for the purposes of educating my readers on the real estate market climate, procedures, the process, etc… but today’s topic is a rant – no disguising it! (Perhaps by the time I get to the end something good will come of it!)
So when a you (assuming you’re a buyer) are out looking at homes, the purpose is to find a home in which you’d like to live – correct? Not a home you’d live in ONLY IF IT WERE PERFECT, right? But a home you can see yourself settling into over the coming months and years – building a life, perhaps getting married, perhaps having children, perhaps having parties, perhaps downsizing; maybe it’s your first home and it’s exciting to have a place to call your very own – you can paint the walls Burgundy and the ceiling gold if you want (Hail to the Redskins!). But it’s a place you can envision calling home – including all of the trips to Home Depot or Lowes or your local hardware store that accompany home ownership.
Hopefully if you see a home you like, you will spend some time in it prior to writing an offer – looking around, looking at the kitchen (appliances, cabinets, etc…) looking at the windows, the utilities, bathrooms, exterior, etc… Sometimes you walk into a house and get a gut feel that it’s really not in good condition and it makes you wonder what’s lurking beneath the surface – and sometimes you walk into a home and feel (I said FEEL – nothing scientific about it) that it’s “move-in ready.” So what if the windows are old – you can see that; and the dishwasher is older and might have to be replaced; you might see some dings on the walls or a scratch on the floor. BUT YOU CAN SEE IT…
Then comes your home inspection – the purpose of a home inspection is to uncover property condition issues that you can’t see and to determine if there are any major deficiencies – so is it a big surprise that if you see old windows that the home inspector will too? Sure – is it appropriate to ask for a credit to fix or replace those old windows? NO – hopefully you wrote the contract knowing that you’d have to replace the windows!!!!! Now, if the inspector uncovers a leak or some wiring issues; an appliance that doesn’t work properly, a cracked foundation, etc… these are issues that need to be dealt with. Now I’m not saying you should unconditionally accept whatever flaws are uncovered in your soon-to-be new-to-you home but there are aspects of home maintenance that are just to be expected.
I received a home inspection report today on a listing of mine where the buyer has basically asked for everything but the kitchen sink (oh wait, the kitchen sink is included too). Perhaps the buyer feels this puts them in the best negotiating position – to ask for everything and then accept whatever the seller is willing to do? Or perhaps they are looking for a perfect (80 year old) home. (NO SUCH THING) Or maybe someone told them to be tough – who knows – all it did was irritate my seller. So what now? Where is the balance between having some things repaired and seeking perfection? Honestly buyers, it leaves a seller feeling that they will never be able to make you happy in this process. So…
The lessons in my opinion to be learned here are:
1) when you buy a house, you are assuming a responsibility to maintain it. No house is ever perfect – even a brand new house. Some things are frankly a matter of personal preference (do you want a door stop or not – yes, a door stop was one of the items on the report I received today)
2) as a buyer, when you receive an inspection report littered with little items, focus on the larger items. Focus on the things you were unaware of or if left un-tended to could pose a longer term problem.
3) is the item you’re asking for an “upgrade” or a repair? Let’s be clear, at least in Virginia, many items simply need be in normal working order – not upgraded or improved (hmmm, does labeling your electrical box impede the normal working order of the breakers? didn’t think so…)
4) consider asking for a credit. This way you can fix things the way YOU want them fixed – to your standards and on YOUR schedule. If you can agree on a number, often this can be the best route to make everyone happy.
Just remember, it’s an inspection of something imperfect. If you treat it as such and have realistic expectations, then it can be a smooth and perfectly reasonable part of the transaction…
Rant over – thanks for listening!
Happy Tuesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, there’s no time like the present!
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When is “so-so” good enough? Or even Perfect?
July 9th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, Home Buying, McLean Dirt, Reston Dirt
When I begin working with a buyer we usually, sooner or later, end up with a wish list of sorts. Of course everyone would like to be able to buy their dream home, but I’ve seen it at almost every price range, that most buyers feel if they could just stretch EVER SO SLIGHTLY more they could get exactly what they want! It’s whether I’m showing $200,000 condos or 
$1.8M homes – there’s just that one little stretch that could get X. Whatever it is – it’s sort of interesting.
So where do you draw the line? What do you look past? And what would you see that should cause you to keep on looking?
The easiest (and sometimes hardest) thing to look past is DIRT – yes I said DIRT. Sometimes a house just needs to be cleaned – REALLY cleaned – windows, carpets, baseboards, exterior trim, etc… it may be gross, but really try to imagine it sparkling.
Next – PAINT – Paint is probably the least expensive way to make a big change – can’t stand those pea green walls? What about mocha? or cranberry? EASY – so imagine it in the color scheme you like. Then head out to the paint store to explore the options!
What about an outdated kitchen? Well, first you need to really evaluate what’s outdated… is it everything from the aqua blue stove to the metal cabinets? Then you might be looking at a complete re-do – but have you ever strolled the aisles of Ikea? They have some really nice looking options, especially for small spaces, that are actually affordable. In order of expense (for most) are: Cabinets, Appliances, Countertops, Flooring, miscellaneous (hardware, light fixtures, faucet)… If you can live with the cabinets, perhaps consider buying a new appliance, new flooring and lighting – then see what’s left.
OK, So you understand where I’m headed with this – there are a lot of things you can do to change the home – even removing trees, old overgrown bushes, power washing a deck or even the house, etc… but what are some things that should cause you pause…
First let me say that there are very few problems that cannot be fixed – however it has to be decided how much you want to bite off. If there are issues with the structural integrity of the property – you must decide the severity and often it’s a matter of taking on the unknown – I’d consider passing.
Here’s a biggy – busy road – does it back or front somehow to a busy road? And how busy is it? Is it a cut through? Or a main thoroughfare? Or even a freeway? Do you enjoy having your windows open? Do you have small children or pets that you would worry about? The reality is that a busy road is generally not someone’s first choice for location – however, every house will sell, every house will have a buyer – just a matter of a price hit.
Then there’s the site – how is the property situated on the lot? There are some things you can do with retaining walls, decking, etc… but if you want a flat level lot and the home you love is on a steep incline? Can’t really be changed. Things to think about.
I think the bottom line is that you need to give a house a chance – homes aren’t perfect, but as a buyer, you need to evaluate the deficiencies and determine what can be done – then, if you are able to get comfortable with them – carry on!
Happy Thursday!
Jennifer
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Alphabet Soup of Contingencies – Is the Property Available or NOT?
May 19th, 2009 Categories: Arlington Dirt, First Time Buyers Club
I know a lot of prospective buyers and even prospective sellers comb the Internet regularly to keep tabs on the market – favorite homes, comparable homes to theirs, homes they’d like to see with their agent, homes they’d like to see at an open, etc… Sometimes the status changes and one of the questions I get pretty frequently is “what does ‘CNTG/NO KO’ mean??
So I thought it might be helpful to spell out some of these terms and what happens during the process of contract acceptance to close date.
When a contract is accepted, either there are contingencies or not – if there are NO contingencies (finance, appraisal, home or radon inspection, etc…) then it gets entered into the computer as “CONTRACT.” These days that doesn’t happen very often but keep the definition in mind because it means that it is on it’s way to settlement with the only way out being default.
Normally there are purchaser’s contingencies like an appraisal contingency or a home inspection – in which case the status becomes “CNTG/NO KO” and what this means is that it is contingent but the purchasers may not be “kicked out” or displaced – the only way to cancel the contract lies with the purchaser for the reasons outlined in their particular contract, but NOT the seller.
On rare occasions, a seller will accept a purchaser’s contract contingent upon the sale of their existing home – in this scenario, a purchaser MAY BE KICKED OUT, or DISPLACED from their first position with proper notice, etc… this is depicted by CNTG/KO – when you see this, you should treat the property as available with acceptable terms/negotiation.
The only other thing we sometimes see is “PENDING” – our MLS system (MRIS) doesn’t use this term but sometimes another website might pick up a variety of “contract” status’ and call it “pending” meaning, generally, unavailable.
Hope that clears up some questions – if you have others, like how to buy in this market, how to get your $8,000 tax credit, how to take advantage of great interest rates or how to best get your home sold, feel free to call me today! (or tomorrow – I’ll be around!)
Happy Tuesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is HERE!
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What Criteria DO Your or Should You Use when Evaluating a Real Estate Professional?
January 28th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Real Estate 101, Reston Dirt
There are probably a hundred different reasons to give for selecting (and maybe fewer for having an on-going relationship with) your real estate professional. Some seem very rational and reasonable and quantitative, others a little more intangible, qualitative and difficult to define. I’ve been thinking about this for some time and here are my thoughts, at least looking from 10,000 feet:
Things you SHOULD look for:
Friendliness
You might think this shouldn’t exactly be at the top of the list – but I will tell you that friendliness goes a long way. I was recently successful in a multiple contract short sale situation because I was friendly with the listing agent. People WANT to work with people they like – so choose someone friendly – know that they won’t offend someone or rub them the wrong way and most of the time, it will work in your favor!
Availability – Accessibility — Responsiveness
This is really important… is your prospective agent full time? Are they managing a client load that doesn’t allow for them to make time for you? Do they cancel? Are they late? How easy are they to reach via whatever means of contact you’re comfortable with? Do they text? Do they email? How quickly do they return calls and/or emails? Are their priorities straight?
Experience
This is a tough one – I believe even inexperienced agents can do a good job – after all, we were ALL inexperienced at some point in time. But you need to judge for yourself how their experience level matches with your expectations. Are they experienced in the neighborhood that you’re interested in, but not well versed outside of it? Are they great at understanding the contract but don’t have the “systems” down to manage your transaction seamlessly and painlessly? And when contemplating the brand new agent – do they know what they don’t know? Do they know when to say “I don’t know but I’ll find out for you” and/or when they need to bring in an expert to assist? That’s what you need to gain a comfort level with.
Trust
By this I mean many things but mostly how your relationship develops with 
your agent. Sometimes your agent will need to tell you tough things – you’d rather they were honest with you but sometimes it’s difficult to separate the message from the messenger. Sometimes it’s a discussion about the pricing of your home. Sometimes it’s about the market conditions that help determine an offer price. Sometimes it’s their advice about one property over another from an investment perspective. At the end of the day, the decisions and choices are yours, but you’ve hired a professional to assist in the process – heed the advice which you should be able to do if you have that trust.
What’s NOT so important?
How many “For Sale” signs have their name on it in the neighborhood that interests you?
Why should this be important? It suggests that only the agents who have signs there are knowledgeable of the neighborhood – it doesn’t always work that way. Don’t get me wrong, I love a sign call as much as the next girl, but you have to be sure all of the other factors are in place too!
Just because your boss used him, doesn’t mean he’s right for you…
OK, I’m braced for all the flack I’ll get for that statement – again, don’t get me wrong, I love a referral as much as the next girl, but it’s not always a good fit. I try hard to earn every piece of business I get whether it’s a referral, a reader of my blog, a past client, a sign call, someone I meet at an open house, etc… But at the end of the day, all of the factors I mentioned above need to be there…
How many clients they’ve helped in the past…
While this does tie into experience, as I stated above, it’s not the be-all and end-all in determining if they’re right for you.
So the bottom line is… decide what factors are important to you, do a little research, ask some questions and then, go with your gut. It usually doesn’t let you down. I’m always available to chat if you’d like!
Happy (icy) Wednesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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