Monday, February 13, 2012

Hampton Roads Condo Buyers and SellersListen Up


VA Realtors have a new tool they can use to check for FHA approved condo complexes.

VAREALTOR.com/condocheck enter zip code or city state and get your answers

In May 2011 every condo complex was de certified and forced to reapply for FHA condo certification status. We are finding most became re-certified but a few have not. What ever the reason according to the Virginia Association of Realtors, "the end result is that buyers who want a unit in the un-certified condos are ineligible for FHA financing-something many seller don't discover until late in the process when they learn that their pool of prospective buyers has shrunk considerably....and because the certification process can take months deals fall through. "

Buyers if you are planning to use FHA financing have your agent check the status of the complexes you want to view preferably before your first initial visit.

For a condo to meet FHA loan guidelines it must:

At least 50% of the units must be owner occupied

Have specific Insurance coverage

No more than 25% of the property's total floor area can be used for commercial purposes ( so mixed used developments will not usually qualify)

No more than 10% of units can be owned by more than 1 person or entity.

No more than 30% can be financed by FHA

No more than 15% of the total units can be delinquent on their dues more than 30 days past due.

At least 50% of unit in complex sold. (Can not have more than 50% vacancy)

Must maintain a budget with sufficient funds for maintainace of the common areas and required condo project.

If you are interested in buying a condo, condo complex or single family home zoned condo in Hampton Roads then contact me.




THE HAMPTON ROADS REAL ESTATE LADY!

Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.

"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

Associate Broker / Recruiting Sales Manager Peninsula

Blu Skyy Realty Virginia Beach, VA

http://DJonesRealEstate.com

Friday, February 3, 2012

Virginia Real Estate Investors Think Big like the big wigs


3 Virginia Beach Real Estate Stocks were voted best stocks according to StockScounter's February report.

The Scouter score is based on how the stock performs in the following criteria: business fundamentals, price behavior, valuation and stock-ownership characteristics appear to predict a rising price in the coming weeks, based on how those factors have influenced stock prices in the past. REIT's- are usually formed to finance luxury condo and apartment ventures, strip malls, shopping malls, and commercial buildings that generate income from rents.

Real Estate investment Trust (REIT)- according to Wikepedia- a REIT is a company that owns, and in most cases operates, income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. This is a great way for the girl next door to buy a piece of the shopping mall down the road or gain a profit from the high rise being built down the street. Why not own your condo and a peice of the whole block. When investing in a REIT -you need to think big.

Looking for a place to invest those tax refunds, research more about these stocks. And if all else fells call me to buy a home, condo, or investment property.

The 3 Virginia stocks that topped the list were:




Company

Digital Realty Trust (DLR +0.21%, news)


Sector

Real estate investment trust


Jan price

$70.86


Score

10



Avalonbay Communities (AVB +0.95%)

Real estate investment trust

$136.01

10



Virginia Commerce Bancorp (VCBI +3.83%, news)

Banking

$8.86


10



THE HAMPTON ROADS REAL ESTATE LADY!

Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.

Visit my website today,

The Hampton Roads Real Estate Lady!

Deandrea "Dee Dee" Jones

Associate Broker / Recruiting Sales Manager Peninsula

Blu Skyy Realty Virginia Beach, VA

http://DJonesRealEstate.com