Here’s a great tool for people looking to buy or rent a home in Stafford County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Stafford County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Here’s a great tool for people looking to buy or rent a home in Fairfax County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Fairfax County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Here’s a great tool for people looking to buy or rent a home in Prince William County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Prince William County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

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When you buy a home in Virginia that is part of a property owner’s association (POA), there are several rules that must be followed during the contract phase.  Home buyers are to be provided a copy of the Property Owners Association Disclosure packet which details the associations financials, bylaws and information specific to the home they are buying.  Here are a few questions and answers that clarify some commonly misunderstood aspects of the rules.

Question: How long does a buyer have to terminate the purchase contract after receiving the POA packet?

Answer: Buyers have three days from delivery of the packet to review it.  The wording in the contract is very important.  If “three days” is specified and delivery is on Tuesday at noon, you have until 11:59 PM on Thursday.  If “72 hours” is specified, you have until noon on Thursday.

Question: I’m a buyer and I want to terminate the contract based on the POA packet, but not because I saw something I didn’t like in the packet – I just got cold feet.  Can I do that?

Answer: Your reason does not matter, you have the right to terminate at any time during the termination period.

Question: I am a seller and I’d like to request that the buyer waive their right to receive the POA packet.  Can I do that?

Answer: No.  The POA Act firmly states that buyers may not waive their rights under the act.

Question: Does the POA Act apply to foreclosures and REO (bank owned) properties?

Answer: In the case of a foreclosure (bought at a foreclosure auction) – the Act does not apply and a packet is not required.  However, if the property is being sold by a bank, the Act does apply and a packet is required.

Exciting stuff, I know!  But, this information could prove very useful in your next real estate transaction.  The POA termination period serves as a built-in contingency for buyers and shouldn’t be overlooked as an important part of the contract phase.

Question: I have received the POA packet and I want out of the contract (within the termination period).  What should I do?

Many agents would have you sign a release from the contract which also requires the seller’s signature.  But, what if they refuse to sign it?  You may still be obligated under the contract.  Instead, send a termination.  This is a unilateral act by one party declaring the end to the contract and it does not require the agreement of the other party.

Question: If the buyer receives an incomplete or insufficient POA packet, does the termination period start?

This is an interesting one.  If what is given (whether complete or not) was called the packet or if it was all that was going to be given, the termination period starts then.  Even, simply telling the buyer that no packet will be delivered starts the clock.  As a buyer, always if what you have been delivered is intended to be the packet.  Remember, if you don’t feel the packet is sufficient, you can always pull the plug within the termination period.

Got a question about real estate – I’m here to help.  Contact me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

So, you’re talking to a REALTOR® and they sound like they’ll be great!  But, how can you do a little background checking on them?  I mean, what if this guy/gal has violated Fair Housing laws or has had other complaints filed with the state?!

Check out Virginia’s Department of Professional and Occupational Regulation (DPOR).  The mission of the Department of Professional and Occupational Regulation is to protect the health, safety and welfare of Virginians, while promoting a competent workforce, fair housing opportunities, and a productive economy.

Here, you can look up licenses for (among many other categories) real estate salesman, barbers, cemeteries, contractors and tattooing.  Just follow these steps:

1. Click License Lookup
2. Enter the name of the licensee
3. Click the appropriate type of license (i.e. Real Estate Individuals)
4. Click Search Licensees

You can even see the licensee’s continuing education hours for the current term of their license.  (FYI – every two years a real estate salesperson in Virginia must complete at least 16 hours of continuing education [32 hours in their first two years of licensure])

You can look up mine here!

So, if you’re in the mood for a little detective work next time you’re evaluating a REALTOR®, hop on over to DPOR and check them out.

Harris Interactive conducted a survey which provides some tremendous insight into the feelings of homeowners and renters regarding homeownership.  Below is a chart showing the percentage of homeowners and renters who agree with the following positive attributes of homeownership.

I’ll be back with more in the days to come.  Got a question about owning a home in Virginia?  I’m here to help!  Give me a call or send me an email at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Harris Interactive Poll conducted Oct 6-14, 2010

WHY HOME OWNERSHIP MATTERS

TO PEOPLE…

• Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
• Owning a home is one of the best ways to build long-term wealth.  Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
• Homeowners are free to redecorate, renovate, and modify their homes as they wish.
• Most homeowners enjoy stable housing costs—a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 % a year.
• Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return.

TO COMMUNITIES…

• People who own homes vote more, volunteer more and contribute more to their neighborhoods.
• ­ Homeowners do not move as frequently as renters, providing more neighborhood stability.   In turn, this stability helps reduce crime and supports neighborhood upkeep.
• Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.

TO AMERICA…

• 67% of American households are owner-occupied. America is a nation of homeowners.
• Homeowners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
• Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
• Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our national economy.

Source: National Association of REALTORS

Related articles

• Home Ownership Tax Deductions (turbotax.intuit.com)

Imagine this…

You have just started looking at homes…and…the first one you see is absolutely perfect for you.  You think: “well, we should really keep looking – what if there is something better?”

Now, I’m not a pushy salesman type so to help my client along in their thought processes, I ask the unsure client this:

Would you be sad if this home was gone when you make up your mind?

Perhaps a more perfect home may come along in the future, but in many cases the subsequent homes you view don’t quite stack up to that one.  So, don’t be afraid to move on a home early in your home search.  When you see a home that matches what you want – go for it!

Getting ready to go house hunting in Northern Virginia?  I’m here to help!  Call/email anytime – 703-403-0536 or patrick@patrickduffyrealtor.com.

Image by thinkpanama via Flickr

The type of tenancy by which you own your Virginia home has far reaching implications.  This post is only a brief summary and should not take the place of legal or tax advice.

Sole Owner
The property is owned entirely by one person.

Tenants in Common
The property is owned by two or more persons.  Unless a designated percentage of ownership is specified in the Deed, an equally undivided interest is shared by the owners.  If one owner dies, his/her interest is passed on to his/her heirs.  If no tenancy is specified in the Deed – Tenants in Common is assumed.

Joint Tenants (With the Full Common Law Right of Suvivorship)
The property is owned by two or more persons with one interest between them all.  When one owner dies, his/her interest passes to the surviving owners.

Tenants by the Entirety With the Full Common Law Right of Survivorship
Property owned by a husband and wife who are viewed as one entity.  Upon the death of one spouse, the property passes to the surviving spouse.  A creditor of one spouse may not attach alien to the property to secure a judgment, but a creditor of both spouses may attach a lien to secure a judgment.

Before you close on your new Virginia home, carefully review your tenancy options and before you wrap up your settlement – double-check your Deed to make sure they have it spelled out correctly for you.  If you already own property, check out your Deed.  If, for example, you bought your home with your boyfriend/girlfriend and you are now married, you can record a new Deed as Tenants by the Entirety.  Consult with an attorney and/or a settlement company to review your options.

Got a question about real estate?  I’m here to help!  Reach me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Read on for more info about tenancy here:

Joint Ownership - http://www.virginiaclosings.com/6.html

What are the Most Common Types of Tenancy? - http://www.hazelwoodtitle.com/tenancy.html

What are some of the most common forms of property ownership? http://real-estate-law.freeadvice.com/real-estate-law/property_ownership_forms.htm

Related articles

• The Problem with Jointly Held Property (press.rocketlawyer.com)
• Tax Tips for Joint Home Ownership (brighthub.com)
• How to Remove Someone From a Deed (brighthub.com)

Here’s a quick look at some key housing stats in the Northern Virginia area for the month of November 2010.  FYI – the Northern Virginia Association of Realtors (NVAR) Region is comprised of Alexandria City, Arlington County, Fairfax City, Fairfax County and Falls Church City.   The Prince William Association of Realtors (PWAR) Region is comprised of Manassas City, Manassas Park City, Prince William County.  The Fredericksburg Area Association of Realtors (FAAR) region is comprised of Caroline County, Fredericksburg City, King George County, Spotsylvania County and Stafford County.

CLOSED SALES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE TO LIST PRICE RATIO

As you can see, closed sales are down quite significantly from this time last year.  However, with the exception of the Fredericksburg region, sales trended slightly upward from October to November.  Median sold price has seen a healthy increase from last year in the NVAR and PWAR regions.  On the flip side, all regions saw at least a 1% drop from October to November.  Average days on market are up all across the board and average sold to list price remains relatively stable.  The market tends to slow down around the holidays, so we may see some further slides in the numbers.  Stay tuned to this blog for developments in the market as we should see more foreclosure inventory hitting the market starting in early 2011.

If you’d like more details specific to your county and/or zip code, please contact me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.