THE FINAL WALK THROUGH PROCESS

Congratulations! You are ready to settle on your new home. JS Realty has guided you through the entire home buying process and now it is time to complete the final steps. The last step in the process is to perform a final walk-through of the home you are buying – a very important step indeed!

JS Realty will coordinate with you – our Buyer – and the listing Agent a time to perform the final walk-through that works for both you and the Seller.

JS Realty Pencil Calendar Walk ScheduleNEW LENDING RULES that go into effect on August 1 state that no changes can be made to the settlement statement within 3-4 days before settlement. This is going to require us to perform 2 walk-throughs. The first walk-through will be performed one week before your settlement day to ensure all home inspection items have been remedied and all components of the home are in working order. On the day of settlement, or the night before, your JS Realty Agent will do another walk through the home to make sure nothing has changed with the condition of the home.

The following will be addressed during the initial walk through:

Condition – we will making sure the home is turned over in the same condition as it was when we decided to write an offer.

JS Realty Washing Machine HE Eco WalkHome Inspection – this is the time we ensure all home inspection items have been resolved satisfactorily.

Appliances – we will enter the home with our Buyer and physically run all of the components of the home, from running the dishwasher and washer/dryer through a full cycle, to testing all the sinks, toilets and faucets. We are looking for any new leaks or any issues that may need addressing before settlement.

JS Realty Checklist Walk through Inspection ReportWhile we are performing the walk-through, your JS Realty Agent will be checking off all items on the home inspection list that the Seller agreed to remedy. One by one we make sure those issues are taken care of, and when applicable, have a written and paid receipt from the contractor that performed the work.

Also at this time, your JS Realty Agent will review with you the regular maintenance items – such as where your furnace filters go, and where your outside water spigot shut off valves are located. The main water valve that shuts off water to the entire home is another component that all Buyers need to be aware of in case of a leak in the home.

JS Realty document  walk sign pen womanIf there are unresolved issues stemming from the walk-through, your JS Realty Agent will contact the listing Agent and work to resolve the issues. Once we are satisfied that the home is in the proper condition, we will have you sign off on the walk-through.

The next time you walk into the home, it will be YOURS! And we don’t want any surprises for that joyous occasion.

If you have any questions concerning the home buying and selling process, or you would like a no obligation consultation, contact us today!

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The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.

MULTIPLE CONTRACT NEGOTIATION

Great job! You presented your home in great fashion and priced it correctly, so now you have multiple offers on your home. But how do you decide which contract to ratify? Obviously, price is a major factor, but it’s not the only factor you should consider. Financing, contingencies, rent backs, settlement dates and conveyances are other items you need to consider before deciding on which offer to work with.JS Realty working on computer contract

Your Real Estate Agent will guide you through negotiating the best terms and conditions possible. At JS Realty we use a spreadsheet that lists all the important, negotiable components of the offers side-by-side to make it easier to compare offers. Start with your highest offer and work your way through the other elements of the contract. This is the time you have the most leverage in your negotiations, so use it wisely!

Following is a list of the other components of the contract that you should review closely with your Real Estate Agent:

Buyer’s Financing – is the offer a conventional loan or is it a government backed JS Realty Calculating Money Finance contractloan such as an FHA or VA? Conventional loans tend to have less stringent home inspection and appraisal requirements.

Home Inspection Contingency – if an offer has no home inspection or if the home inspection is for informational purposes only, that could save you (the Seller) money on repair costs.

Settlement Date – if you would benefit from a rent-back now is the time to put JS Realty calendar close upthat in place. Sometimes we are able to negotiate a free rent back in multiple offer scenarios, which gives you the freedom to make your move easier and less stressful.

Appraisal Contingency – this can be the hardest contingency to get waived, but in some multiple contract situations we have been successful in getting the appraisal contingency waived.

Contingency Timelines – you will want to shorten the timelines for home JS Realty Checkboxinspections and any other inspections to as short as possible. The job of your Real Estate Agent is to get all of the contingencies in the contract released as soon as possible. Appraisal & financing contingencies are difficult to shorten too much, because you are relying on 3rd parties to do their job, so therefore you have less control.

Down Payment – how much a buyer is putting down for down payment and JS Realty Close up on a pen writing a checkearnest money deposit also plays a part in your decision for which contract to choose. The more money a buyer has invested in the transaction, the more committed they are.

Remember: this is when you hold the most leverage of any time during your transaction, so make it work for you!

Feel free to reach out to the JS Realty Team with any questions about multiple contracts or any other Real Estate related questions!

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The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.

THE HOME INSPECTION PROCESS

Congratulations – you are one step closer to owning a home! Once you have ratified a contract on the home of your dreams (meaning you have a contract to purchase a home at terms agreeable to all parties), the first & very important step is to perform your home inspection. At JS Realty we feel the home inspection is the most important step in the home buying process. Not only will the home inspection identify the good points and items that need attention, the home JS Realty Young married couple at desk in a business meeting JS Realtyinspection will give you valuable insight into maintaining your homes systems.

JS Realty has a team of qualified Inspectors for whatever is needed for a home. A general home inspector checks all the components and systems of the home interior and exterior. If specific issues are found, sometimes it is necessary to bring in a specialists from that field, such as a structural engineer, roofer, HVAC contractor, or others. We encourage our buyer’s to accompany the home Inspector as he inspects the home. Our home Inspectors provide a resource to learn as much as you want about the components of your home, gleam valuable tips on maintaining the home and what systems need regular preventative maintenance.

JS Realty Real estate comparisonAfter the home inspection has been completed, the Inspector will give the buyer a full report on all the positives and negatives of the home. Your JS Realty Agent will review the report with you and decide which deficiencies we want the seller to fix. At JS Realty, we feel the home should be turned over to the buyer with all components in working order (note that a home inspection is not for improvements or cosmetic issues).

Your home inspection is for education and transparency, and we will provide guidance on the best strategy to address any potential issues.

We are here to help! If you have additional questions regarding home inspections, or any other part of the home buying process, contact us today!

JS Realty Free home analysisThe JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.

MARKET REPORT FOR ASHBURN, VA

From the number of active homes on the market to the number of homes sold so far this year, the JS Realty Team will keep you updated on the Ashburn Real Estate market.

As of April 5, 2015 there are currently 473 homes on the market in Ashburn Virginia. Ranging from a 2 bedroom, 1 bath condo listed for $182,900 to a gorgeous home sitting on over 11 acres that boasts over 8,000 finished square feet of living space for $2,499,990. The median list price is $515,000 – which is slightly above the median list price for Loudoun County ($500,000).

JS Realty Ashburn sales price and volume chartThis chart shows the median sales price vs. sales volume. Home prices typically follow sales volume with, of course, a little lag time. (Click image to enlarge)

 

So far in 2015, Ashburn Virginia has real estate market graph increaseseen a pretty steady pace of sales with 280 homes sold. Inventory typically increases this time of year and we are looking forward to a busy spring market. All the signs are there – low interest rates, slowly rising home prices, as well as buyers and sellers looking to make a move.

If you are looking to buy or sell a home this year Scott Koval and Sarah King Taylor of the JS Realty Team would be glad to meet with you to discuss your options. In our initial consultation, we focus on finding out exactly what our clients are looking to accomplish and then we will map out a plan of action to help them achieve their goals.

Contact us today – we are here to help you!

The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.

A BUYERS GUIDE TO PURCHASING A HOME – Part 2 of 2

If you missed the first part of our Buyers Guide to Purchasing a Home, you can find it here.

One of the most rewarding experiences is finding the perfect home at the right price for our home buyer. The JS Realty Team strives to find that perfect match. From the initial consultation to celebration/settlement day, we guide our buyers through the entire home buying process.

Congratulations – your offer has been accepted! Here are the next steps that need to take place in order to complete the transaction.

1. Home Inspection – the first step after ratification is to schedule the homeJS Realty Home Inspection inspection. At the same time as the home inspection, we will schedule any other inspections we deem necessary. We will meet our buyer and Inspector at the home for the inspection. After a thorough inspection, the Inspector will provide us with a full report of the good features as well as areas of concern about the home. We will review this report with our buyer and decide which items we will ask the seller to fix. If there are major concerns that make the buyer too uneasy about the home then we will void the contract and search for other homes. If the buyer and seller agree to the home inspection terms, then we will move on to the next step. As long as we are comfortable with the inspections, we will proceed.

Note: At this time the buyer has 2 responsibilities: to secure their loan and to obtain homeowners insurance. We handle all facets of the transaction except for these 2 items.

2. Order an Appraisal – the next major step is for the buyer’s Lender to order the appraisal. If the property appraises at or above sales price then we will release the appraisal contingency.

3. HOA Disclosure Packet – also at this time, the buyer will be receiving the HOA Disclosure packet if the home is located in a community that has a HOA. The buyer will have a certain time period, based on method of delivery, to JS Realty Checkboxread the disclosure packet and by Virginia law if they are not content with the rules and finances of the community, the buyer can void the contract.

4. Schedule Settlement Date/Utility Transfer – now that home inspection, appraisal and HOA disclosure contingencies are released we are moving towards settlement/celebration day. We will coordinate a date/time for settlement, and help our buyer schedule the transfer of utilities to their name as of the settlement day.

5. Final Walk-thru – a walk-thru of the home is performed, at the very least the day before settlement. This is where all repairs from the home inspection will be checked to make sure they were made to our satisfaction. We will also run any and all mechanical items to make sure the home is in the same condition as it was on the day we performed the initial home inspection. If there are any discrepancies we will address them with the seller’s agent and have the issues resolved.

6. Settlement/Celebration Day! When settlement/celebration day arrives, we will accompany our buyer to settlement and make sure all the figures on the HUD-1 are correct and help answer any last minute questions our buyer might have.

The JS Realty Team really cherishes this moment for our buyers. From the initial consultation until we reach settlement day, we will work hard to overcome the many obstacles of buying a home to ensure a smooth transaction for our clients. Our satisfaction comes from seeing our happy buyers and in knowing that we have created a relationship that will last a lifetime. The JS Realty Team is not interested in a single transaction, but in forming a relationship with our clients so they know we will be there to help them with their Real Estate needs now and in the future.

The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.

BUYERS GUIDE TO PURCHASING A HOME – Part 1 of 2

One of the most rewarding experiences is finding the perfect home at the right price for our home buyer. The JS Realty Team strives to find that perfect match. From the initial consultation to celebration/settlement day we guide our buyers through the entire process.

During the initial consultation, it is very important for us to find out as much asYoung married couple at desk in a business meeting JS Realty possible about what our buyer is looking for in a home. Every buyer has different needs and we want to tailor their search to those desires. Discussing the buyers comfort price, ideal location, school systems, and housing concerns (number of bedrooms/baths, garage, yard size, etc.) are just the beginning of what we cover during our initial consultation. After that, we follow a few key steps to getting our buyer into their new home:

1. Prequalifying with a Lender – We do this so our buyer will have a clear picture of what their home will cost. It’s important they know what a down payment, closing costs, and the mortgage payments will be in their desired price range.

2. Activate an Automatic Search – After being approved by the Lender, we will activate an automatic search that will send out all the homes that fit our buyer’s criteria. Anytime a new listing enters the market, our system will immediately email the home to our client. Using this feature allows us to stay on top of all new listings!

3. Listingbook Account – All buyers will receive an account Listingbook JS Realtythrough Listingbook which will allow them to search in real time, on their own, through the same MLS system that Realtors use.

4. Schedule Showings – Getting to preview the homes they have selected is an exciting prospect for the buyer. We will plan out a home tour and schedule showings, getting feedback from the buyer on the positives and negatives of the homes. This helps us refine the search and discover what they feel is most important in a home.

5. Offer Contract – Once the buyers finds the home, we will sit down and write the offer.  As we do this, we will explain the many facets of the contract and the contingencies that we build in to protect the buyer. We will include an approved prequalification letter from the Lender for the specific price of the offer being made, along with an earnest money deposit. This deposit is a check made out to Samson Properties will be deposited into an escrow account after the contract has been ratified. The money will wait there until settlement.

6. Submitting the Offer – Once we submit the contract and all appropriateDiscussing business activity JS Realty paperwork, the negotiating begins. This is where our experience of selling over $200 million in Real Estate transactions enables us to negotiate the best deal possible for our clients. If buyer and seller agree to all terms of the contract, we are ratified!

There’s still a way to go before calling the moving trucks! Read the 2nd half of our Buyer’s Guide, where we will walk you through the inspections, appraisal, and settlement.

 

REVIEWING AN OFFER TO PURCHASE YOUR HOME – Part 2 of 2

Great news – you’ve received an offer to purchase your home! …Now what?

House contractIn this 2-part series, we’re walking you through everything to consider when reviewing an offer to purchase your home for a successful and smooth transaction.  If you missed PART 1, you can find it here.

 

Now that we’ve reviewed the offer, checked out all the loan info and gotten a settlement date, it’s time to discuss Inspections, Warranties, Contingencies, and Post Settlement Occupancy.

Most contracts have the following contingencies:

  • Home Inspection
  • Radon test
  • HOA disclosure
  • Financing & Appraisal

When the JS Realty Team is representing the seller we want to keep the timeline for these contingencies to be as short as possible. The sooner we can close the contingencies, the better chance for a smooth settlement!

So, who is responsible for ordering the pest/termite inspection?
We like our clients to be in control of that process. Termite companies don’t make money on inspections; they make their money treating homes for pests. Therefore, we want to make sure we hire a reputable company.

Ideally, the home inspection and radon test are done within 7 days of ratifying the contract. If there is an issue with the home that the buyer is not comfortable with, we want to know as soon as possible. That way we can solve the problem or release the buyer and get the home back on the market immediately.

If the seller’s home is located in a HOA, then the seller needs to order their resale disclosure packet as soon as contract is ratified. By Virginia law, the buyer has a prescribed time (dictated by how the disclosure packet was delivered) to review the disclosure packet.  If the buyer is not comfortable with the rules or finances of the community, they can void the contract. It is very important to get this contingency released as quickly as you can.

Appraisal – this takes, on average, 2-3 weeks. The lender orders the appraisal soWomen working in the real estate company you need to give them time. Financing is typically 3-4 weeks and it is the weakest of the contingencies. The buyer has control over the home inspection and HOA disclosure contingencies; however they do not have as much control over the appraisal and financing.  That is why we want the Home Inspection completed and HOA documents reviewed as early on in the process as possible.

Another item to consider when ratifying your contract is whether or not you need a Seller Post Occupancy period. This needs to be negotiated at contract time where the seller has the most leverage.

JS Realty also offers a home warranty for our seller’s during the listing period.  If we have agreed to purchase the buyer’s a warranty for their first year, it would be put into place at settlement.

As you can see, staying on top of all the different components of the sales contract is essential to a smooth transaction. Again, the sooner we can close the contingencies, the better chance for a hassle free settlement! The JS Realty Team strives to ensure that our sellers have the best possible outcome in the many facets of the Real Estate transaction.

The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.