Saturday, July 9, 2011

Chesapeake Real Estate: Free Home Buying class with Lunch



FREE Home buying Classes for first time home buyers in Hampton Roads, VA!!!!!!!!

Sat July 16th 9-2pm- LUNCH INCLUDED -

Greenbrier Chesapeake Library Meeting Room

1214 Volvo Parkway, Chesapeake, VA 23320


Come learn about the buying process from beginning to end. There will be a loan officer, a real estate agent, a home inspector, and a title agent, on hand to give you valuable information and answer your questions.

If you are serious about buying a home in 2011 then this class is designed for you. Find out how to get preapproved to buy, how to make an offer, and what to expect in the closing process.

A pizza lunch is included!

Call, text, or email TODAY to RSVP, leave name and phone number.

Must RSVP to Dee Dee Jones 757-831-8294 call, text, or email djoneshomes@gmail.com

Wednesday, July 6, 2011

Chesapeake Real Estate: Do you know the difference between personal property and a fixture.



This post was inspired by Tim Brown's post Hey That's coming with Me!Thanks for sharing Tim, buyers and sellers often do not understand the difference between personal property and fixtures. They often want to keep items that are sentimental to them and don't understand why it does or shouldn't transfer. When I am working with a seller it is best to address issues of fixtures vs personal property up front. I tell my sellers - if you want it remove it or replace it before we list. I know it sounds simple but sometimes buyers will ask for some personal item furniture, art work, and nowadays flat screen TVs are often requested in an offer. So what do you do as a seller expect the off the wall request but you do not always have to give in. I advice my buyers to ask if they want but to be prepared if they are told H%#@ No! Sometimes it is matter of negotiations, or error, and sometimes its stupidity.

Wikepedia's Definitions- A fixture is a legal concept that includes any physical property that is permanently attached or fixed to real property. If the property is not affixed to real property it is considered chattel/ Personal property. Chattel or personal propertyis converted into a fixture by the process of attachment. Most states look at the method of how a fixture is attached and the intention between the parties as the greatest test of whether an item is a fixture. However if it was not clearly defined in the contract the purpose of the item and degree of attachment will usually be deciding factors.

So if you own wood and nails and its sitting on the side of your house, you might consider it personal property. The buyer may ask for it to transfer so they can build a fix - annexing (using) the wood and nails now makes it a fixture.

This may be easy to see but sometimes the buyer and seller have different intentions. Buyer sees a nice mirror bolted down and attached to wall in living room and doesn't note in contract and is mad when at walk thru there is a white wall with holes. If not specified upfront an issue will arise. What was intention? What was method of attachment?

Seller wants to take new washer and dryer with them. Since buyer just put washer and dryer to transfer on contract seller switches out with old model before walk thru. Buyer has a fit at final walk thru because they are expecting the washer and dryer that was there when they wrote contract and refuses to close. This will be an issue. What do you do?

I once had a seller remove all the toilet paper holders and all the towel bar racks. What was the intended use? and method of attachment?

Buyer sees a nice chandelier in dining room and wants light fixture to transfer and seller sees heirloom from grandma they want to take with them. Existing Light fixtures to transfer was written and agreed to in contract. Seller removes light fixture before closing. This is an issue? How should it be remedied???

So as you see this is not always clear to buyer and seller. If you use a good agent the problem can usually be avoided and if it arises it usually can be remedied quickly.



If you are in Hampton Roads, Southern Virginia Cities: Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Smithfield, Suffolk, Williamsburg, York County. Join the Group, http://activerain.com/groups/hamptonroads

"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."

Visit my website today, The Hampton Roads Real Estate Lady!

Deandrea "Dee Dee" Jones djoneshomes@gmail.com

Associate Broker Wainwright Real Estate Virginia Beach, VA

Certified Real Estate Instructor Millennium School Of Real Estate

http://DJonesRealEstate.com

Friday, July 1, 2011

Forclosure Help this may be your answer!

I received this info from one of my trust worthy loan officers. I am often called to hear stories of job loss, divorce, and I hate being unable to help. I dislike the most hearing stories of people loosing there homes. If you are going in to foreclosure look for help it may be out there. Here is one program to take a look at.

Hud's EHLP -Eligible Homeowners Loan Program

The U.S. Department of Housing and Urban Development (HUD), in
conjunction with Neighbor Works(r) America, launched the Emergency
Homeowners' Loan Program (EHLP) to help homeowners who are at risk of
foreclosure in 27 states across the country and Puerto Rico. This program was launched 6/21/11.

Under HUD's EHLP guidelines, eligible homeowners can qualify for an interest
free loan which pays a portion of their monthly mortgage for up to two
years, or up to $50,000, whichever comes first.

How does it work with any program you must meet specific guidelines and there are many rules:

The EHLP loan is secured by a junior lien against the approved homeowner's
principal residence, and is forgivable over a 5-year principal reduction
period, as long as the assisted borrower remains current in their monthly
mortgage payments and meets other program requirements.

"It's important to remember that applicants must meet strict criteria for
this program," said Kelly Gill-Gordon, VHDA Home-ownership Education Program
Manager. "These criteria include being at risk of foreclosure due to
involuntary unemployment or underemployment, a reduction in income, and
being three months behind on your mortgage. Local counseling agencies across
Virginia will be administering this program, and qualifying applicants will
be placed in a lottery for available funds. All program details can be found
at the program's website, FindEHLP.org."

HUD's EHLP funds will pay a portion of an approved applicant's monthly
mortgage including missed mortgage payments or past due charges including
principal, interest, taxes and insurance. The HUD program is expected to aid
up to 30,000 distressed borrowers nationwide, and approximately 1,200 in
Virginia.

The program is now available and the deadline is July 22, 2011. Homeowners
are encouraged to submit their information now to find out if they qualify
for this new mortgage assistance program, and learn more about other options
available to them.

Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, to implement the program. HUD's
EHLP funding is a complement to the Hardest Hit Fund which makes available
$7.6 billion to 18 states and the District of Columbia that were hardest hit
by the housing crisis.

Contact information for participating agencies, the Pre-Applicant Screening
Worksheet and more information on HUD's EHLP assistance and its eligibility
requirements can be found at www.FindEHLP.org
or by calling toll
free at 855-FIND-EHLP (346-3345).

It is to early to see the pros and cons of this program but If you are looking for an option feel free to call the contacts above for more EHLP info.



If you are in Hampton Roads, Southern Virginia Cities: Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Smithfield, Suffolk, Williamsburg, York County. Join the Group, http://activerain.com/groups/hamptonroads

"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."

Visit my website today, The Hampton Roads Real Estate Lady!

Deandrea "Dee Dee" Jones djoneshomes@gmail.com

Associate Broker Wainwright Real Estate Virginia Beach, VA

Certified Real Estate Instructor Millennium School Of Real Estate

http://DJonesRealEstate.com