FREE Money for a Down Payment!

No Money Down Home Loans are Back!

The VHDA just announced that they plan to roll out a program that offers down payment grants for qualified first time buyers on Monday, March 14. That’s basically free money!Virginia Dollar Sign JS Realty

These non-repayable grants are for 3% (Conventional) or 3.5% (FHA) of the purchase price. When combined with a mortgage credit certificate (tax credit) this is a great way to purchase a home with no money down.

This program is designed to help first time home buyers (or buyers that have not owned a home in the past 3 years) realize the American dream of home ownership. Now, there are income and sales price limits, so this is not for everyone. However, this will enable home buyers who need help with the down payment to purchase a home.JS Realty New Home Buyer RulesHere are some of the parameters of this grant that buyers must follow:
-Intend to live in the home
-May not use home for trade or business
-Lot size limited to 2 acres (unless a waiver is obtained, which will allow up to 5 acres)
-Demonstrate creditworthiness
-Demonstrate stable income
-Take and complete VHDA’s Homeownership Education class

You can view the specific income and sales price limits to qualify for this grant here.  The income and sales price limits also vary depending on where in Virginia you live. This creates an opportunity for home ownership where it may not have been possible otherwise.

We want to help you make your dream of home ownership come true!

Take advantage of this amazing program! Contact Scott Koval and Sarah Taylor at the JS Realty Team for a personalized consultation.

MORTGAGE LOAN FEES

What Fees are Associated with a Mortgage Loan?

There are a number of fees that a borrower may encounter when finalizing a mortgage loan for a real estate purchase or a refinance. We’ve compiled a list of fees that are part of the settlement for a JS Realty Mortgage application form with a calculator and house.mortgage loan. The fees can be separated into several categories: lender fees, escrow deposits, prepaid items, title fees, government recording and transfer fees, and additional settlement fees.

LENDER FEES

-Origination Charges – these are comprised of fees charge by the lender to process and underwrite the loan
-Discount Points – these are charges to the borrower for a particular loan interest rate or certain loan program
-Credit Report – fees charged to run a credit report for the borrower
Appraisal fee – cost to have a licensed professional provide a market value of the property
-Flood Certification Fee – this is needed to determine if your property is located in a flood zone and if flood insurance is needed on the property

PREPAID ITEMS

Daily Interest Charges – interest is paid from date of settlement through the end of the same calendar month
Homeowner’s Insurance – initial premium is paid upfront
Mortgage Insurance (if necessary)

INITIAL ESCROW DEPOSITS

Property Tax Fee JS RealtyMost loans require the borrower to pay for property taxes and homeowner’s insurance on a monthly basis as part of the mortgage loan payment. When property taxes are due (typically twice a year), and homeowner’s insurance (annually) the lender will pay the bills out of the escrow funds.

TITLE FEES

-Settlement fee – Charged by the settlement company for preparation of closing documents and conducting the closing.
-Lender’s title insurance – cost of insurance covering the amount of the loan. This is required by the lender and covers title issues for the life of the loan.
-Owner’s title insurance – OPTIONAL coverage for the owner’s to protect against any tile claims on the property. This policy will protect the owner’s forever.

GOVERNMENT RECORDING AND TRANSFER FEES

JS Realty Calculating Money Finance FeeGovernment Recording Fee – fee charged by government to record the deed of trust
Transfer Taxes – basically a sales tax that is paid to the local government as well as the state government

ADDITIONAL SETTLEMENT CHARGES

There can be several “additional” fees associated with a loan. Here are a few:

-Pest Inspection
-Survey
-HOA/Condo Transfer fees
-HOA/Condo dues

JS Realty Keith Harris
Keith Harris
NMLS # 838973

If you have any questions about a loan, or would like clarification on any of these charges or fees associated with mortgage loans, please contact our preferred Lender, Keith Harris at Intercoastal Mortgage Company.

 

 


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

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!

JS Realty Free home analysis

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

THE EARNEST MONEY DEPOSIT – WHAT IS IT?

Realtors say the oddest things and just assume you understand! I personally JS Realty Terms Word Cloudremember sitting in my Real Estate class, thinking “I am learning a whole new language!” It was a bit overwhelming, even though I had the desire to understand each and every word, along with its definition. Not everyone understands Real Estate terms, especially if this is your first time working with a Realtor. Over the next couple of months, the JS Realty Team will work towards enlightening you and helping you learn our “Real Estate Language.”

What is an Earnest Money Deposit (or “EMD”)? And why do I need to pay one?
JS Realty Deposit slipAn Earnest Money Deposit is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing, and in case it exceeds your mortgage down payment, and settlement cost, you will receive the balance at closing.

How much should I offer?
This can differ depending on the real estate markets and can also depend on JS Realty Calculating Money Financewhether or not there are multiple offers on the property. If you feel that you are not in competition, you can expect to pay around 1-2% of the sales price in most markets. For example: a $300,000.00 sales price x 1% = $3,000.00 EMD. If you are in competition with other offers, you may want to offer more, as this will tell the Seller you are more serious about their home and could help you win the offer. This is where a good Realtor can really help you structure the correct offer with the right amount of EMD.

Where did my money go and how is it being spent?
JS Realty Handing Over Cash For House in Front of Beautiful New Home
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or the Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a check refunding you the balance. As you can see, this is your money, and it is treated as such. It is only applied to your cost.

What if I do not buy the house? How do I get my money back?
Every market can be different when it comes to answering this question. Make sure you read and understand the contract and that it states what happens to the EMD if you no longer qualify to by your dream home, or you discover during the home inspection process that there is something that does not meet your expectations and you decide you do not want to buy the home. If you are within your rights to cancel the contract, the Seller will agree to release the funds back to you in full. However, there are many different ways this can be handled and some are not favorable, so, understand the contract you are signing and discuss any concerns you may have with your Realtor. If you are not comfortable with the language that is written in the contract be sure to consult an attorney before signing to ensure your rights are protected too.

THE BOTTOM LINE
An EMD (earnest money deposit) is your way of telling the Seller “I love your JS Realty People shaking hands in a real estate transactionhome and really want to buy it.” In most cases the money remains yours and is applied to your cost in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you in the offer process and help you structure a deal that is more than just about a sales price.

Want to know more about earnest money deposits or have further questions? Contact us today, we are more than happy to help answer your questions!

JS Realty Free home analysis

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

BRAMBLETON: BEST HOME DEALS

Don’t just buy a home, buy a community. Dine and shop at the Town Center, play at one of the parks, run a local 10K, attend fun family events, and shop at our very own Farmer’s Market. You’ll be connected to your neighbors and your community. Because in Brambleton, it’s all in your backyard.

We’ve scoured the current real estate listings and have compiled the Top 5 Deals in Brambleton! These homes are a must see…

JS Realty Brambleton Kitchen Highgate Terrace42635 Highgate Terrace
Just Listed TODAY!

 

 

 

JS Realty Brambleton Ferncrest Terrace Exterior22682 Ferncrest Terrace
Lots of square footage for only $315K. Check out that master suite!

 

 

 

 

JS Realty Brambleton Evening Primrose Drive Exterior23352 Evening Primrose Square
Amazing floor plan and great square footage for the price!

 

 

JS Realty Brambleton Kitchen Conquest Circle42898 Conquest Circle 
This home has over 3,700 SqFt of living space and an amazing patio!

 

 

JS Realty Brambleton Gentle Falls Drive Interior

42184 Gentle Falls Drive
The Portsmouth – our favorite Model of the week.
It’ll be your favorite too!

 

 

Are you thinking about buying a home in Brambleton? Contact us now – so we can help you find your dream home!

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

MEET OUR PREFERRED LENDER

The JS Realty Team is excited to introduce you to our preferred mortgage lender, Keith Harris!

JS Realty KHarris Lender
Keith Harris,               NMLS #838973

Keith is a Licensed Realtor and Associate Broker who has been in the real estate industry since 2003 and the mortgage industry since 2011.  Since then, Keith has closed over $250 million in real estate and mortgage transactions.  His previous experience as a Realtor is valuable to both real estate agents as well as the borrowers, and he views both as his clients. You can be sure that Keith is always looking to provide the best solution for the borrower. He is available to meet with clients when it’s most convenient for them – so if the typical work week makes it difficult to get together, Keith is available on weekday evenings and most weekends. Keith’s professionalism, integrity, and stellar work ethic goes above and beyond to ensure his clients get the best possible outcome.

For 10 years, Keith has coached youth sports and he takes a similar approach in coaching his clients to get to a “winning” solution!

JS Realty Intercoastal MortgageKeith Harris is a Lender at Intercoastal Mortgage Company. They are committed to spending the necessary time to understand your needs and tailor a loan best suited for you.

As a Full Service Residential Mortgage Lender, there’s no need for a “middle man”.  These are only a few reasons why Keith is our preferred Lender:

  • Direct Local Lender – not a broker
  • Extremely competitive rates
  • In-house Processing, Underwriting, and Closing
  • Uses only local Appraisers who know our market
  • Takes care of completing your loan application &  paperwork
  • Specialize in complex scenarios and First Time Homebuyers
  • Free, 1-time float down, once rate is locked (scenario specific)
  • Offers the following:
    • FHA, VA, Conventional FNMA & FHLMC, Jumbo and Super Jumbo, USDA, Construction Loans, Bridge Loans, No Money Down loans
  • Licensed in Virginia, Maryland and District of Columbia

JS Realty Equal Housing LenderTo apply online, click here to fill out the loan application. There is no cost or obligation associated with obtaining a preapproval from Intercoastal Mortgage Company.

JS Realty Free home analysisThe 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.

CHOOSING YOUR REALTOR

You have made the heart felt decision to buy or sell a home. Life is busy and JS Realty Team Young Family Looking at a Beautiful New Home with a For Sale Real Estate Sign in Front.selling or buying is a hefty task for you to take on. On average, most people only buy or sell real estate a couple of times in their entire lives. Now that you are ready, hiring the right Realtor should be at the top of the list. Yes, most of us have a family member or a friend that “might” be able to help, but let’s be real – unless you know they are fully committed to the job as a full time agent and are the best at what they do, you may want to rethink who you are choosing and why.

Why should you care? You are about to embark on a transaction that involves more than 15 professionals (and their staff) to help get you to the settlement table. Coordinating and managing these professionals is a job in and of itself. A JS Realty Discussing business activity JS Realtygreat Realtor can not only bring professional insight on the home selling or buying process, but they will also coordinate and manage all the professionals during the process. You deserve a high level of service and below are some key questions you should consider asking a Realtor prior to engaging their services.

1. How long have you been in the business and how many transactions have you been involved with? You will know more about their experience by how many transactions they have been involved with. The number of transactions a Realtor has completed = knowledge of the market place and ability to create successful sales. For example: A 15 year agent has participated in 25 transactions during their career, but a 5 year agent has participated in 75 transaction during their career. It’s the transactions that create the experience, not necessarily the years of service.

2. Are you a full time Agent? The level of service and communication you receive is key. Hiring a Realtor that is committed to the job as a full time venture, should be at the top of your list. Most of the professionals involved in the transaction work M-F, 9am to 5pm. Your Realtor will need to be able to communicate and coordinate with these professionals to provide you the highest level of service and simplify what is needed from you. If an agent is only able to help you on their lunch break or after they are done with their other job, things can easily get out of control or fall through the cracks. You deserve the commitment and attention a full time Realtor can provide.

3. How will you communicate with me? Cell phones, email, video, text and social JS Realty Man Phone Call Computer Writingmedia have really changed how Real Estate is done.  While they all provide a level of efficiency to the process, the pace at which things get done has increased tremendously. Your Realtor should be able to accommodate your style of communication. If you are someone who likes to email, then a phone call or text may not be the best way to communicate with you. If you can’t answer the phone during the day due to work, then you really need someone that is willing to email or text you instead of calling. If you are out of the area and can’t see a house, a video tour of the home can help a lot too! Realtors have all sorts of services available to them, including electronic signature services. This not only saves you paper and ink, but time – there’s no need to print, sign, scan and email anymore. Understanding what tools and resources your Realtor has available to them can save you a lot time. Be sure to ask and make sure you are working with someone who can accommodate your preferred level of communication.

4. What will it cost me to sell or buy this property? Understanding your cost up JS Realty Check writingfront counts. Buyers usually don’t pay commission directly, but sellers often do and the costs can vary from agent to agent. If you are selling a home, it will be important to understand and know what you are getting for the fee. An agent may charge less than another, but that does not mean they all provide the same services and resources. Make sure you are comparing apples to apples. Also ask for a breakdown of estimated closing costs, as they are different from state to state, and can also differ depending on if you are buying or selling. Understanding this upfront, can save you from “unforeseen surprises” later in the transaction.

5. Will you represent me exclusively, or will you represent both the buyer and JS Realty House contractthe seller in the transaction? While it’s usually legal to represent both parties in a transaction (with proper disclosures), it’s important to understand where your Realtors obligations lie. Have your Realtor explain their agency relationship to you and describe the rights of each party. At the end of the day, we all want the highest level of service and someone to represent our best interest. Make sure your expectations can be met.

Buying and selling a home is an exciting time. It can be fun, too, however JS Realty Couple Celebrating Moving Into New Home With Champagnesurrounding yourself with professionals that will meet your needs will be key. A Realtor providing a high level of service will have surrounded themselves with other professionals in the field alike, whom they will be referring along the way. You may only buy or sell a home 2-3 times in your life – why not ask for the best?

Choosing the Realtor that is the best fit for you can make all the difference! At JS Realty, we are committed to being leaders in our industry to ensure all of our real estate clients have a positive experience. If you want experience and integrity in your real estate partner, we are the experts you’re looking for. Contact us today – we would be happy to speak with you!

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

TO PAINT OR NOT?

To paint or not to paint? This is a very popular question – we get this question almost every time we meet with sellers. Get started by taking a look around to evaluate your home. You have one chance to make a first impression and it really needs to count. Our market offers lots of options for Buyers, and making your home appealing to most Buyers will give you the best advantage when it comes to JS Realty Welcome Matreviewing offers.

Let’s start outside the home first.  Take a quick look around and consider how the entrance to your home looks.  Ask yourself, “Is it going to make the Buyer feel welcome?” Besides sprucing up the yard, take a look at your mailbox, fencing, lamp post and entry door. Make sure each of them look their best, and if not, a fresh coat of paint will do the trick.  Remember: if you have an HOA, choose colors your HOA will allow.

We highly recommend Benjamin Moore paint. They offer an amazing product – the application, the durability, and the longevity of it’s hundreds of color choices are just the beginning. Take a look at a few colors you might consider for your home:

Front Door: Dinner Party (AF-300)
Front Door: Dinner Party (AF-300)
Siding: Tate Olive (HC-112)
Siding: Tate Olive (HC-112)
Yorktowne Green (HC-113)
Yorktowne Green (HC-113)

When a Buyer enters the home, we want them to feel neutral so they are not distracted by someone else’s personal style. They should see your walls as a blank canvas, so they can begin to imagine their paintings on the wall next to their dining room set. Neutral can sound boring, but it does not have to be! Check out our top two favorite colors: Barley and Carrington Beige.

Barley (199)
Barley (199)

Barley has a touch of yellow tint to it, and this can create warmth in the home.

Carrington Beige (HC-93)
Carrington Beige (HC-93)

 

 

 


We also love Carrington Beige because it pairs well with cooler colors such as grays.

Paint is such a simple way to give you – The Seller – that competitive edge.  The more Buyers who can visualize themselves living in the home, the more often you have a chance at being the home they want to write a contract on. Ideally, appealing to more than just one Buyer can result in receiving multiple offers. This can often put the Seller in a position of strength when it comes to negotiating a strong offer with the highest price and the least amount of contingencies.

So the answer to that question is YES, definitely consider painting your home prior to listing it for sale. You want your home to look its best and appeal to all types of Buyers, with all types of styles!

Want to learn more about preparing your home for sale or determining your home’s value?
Contact us today for a FREE Home Analysis!

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

AVOIDING EMOTIONAL MISTAKES WHEN SELLING YOUR HOME

Selling your home can be a very stressful and emotional process. At JS Realty we strive to make the selling of your home as stress free as possible by handling all aspects of the sale and keeping you informed. Communication with our sellers is vital to keeping anxieties to a minimum. Navigating the many duties and obstacles in Real Estate takes an agent that pays attention to every detail of the transaction.  That is where we come in!

When you decide to sell your home, you need to change your mindset. It is very important to realize that while your home was a place where you lived and raised your family, it is now a product. This can be difficult for some, as we JS Realty Meeting Realtor Contractsbecome attached to our homes and have experienced many milestones, events and memories. By detaching yourself emotionally from the home, you will be better equipped to make smart financial decisions.

Decisions, like price, conveyance items, and showing instructions need to be addressed as business decisions with as little emotion as possible. Potential buyers are looking for not only the perfect home for them, but the best value as well.

Conveyance items (ones that can/will be sold with the home) need to be worked JS Realty Large Kitchenout before the home goes on the market. When a buyer decides to make an offer on your home you never know what combination of factors led them to their decision. If, for instance, a chandelier is mounted in the dining room and it does not convey, this needs to be made very clear to all potential buyers. If items such as shelves or bookcases that are attached to your home (also called fixtures), do not convey with the sale and are not clearly disclosed, this can make the closing process very stressful.

JS Realty Open House Showing Senior Home BuyersAnother important aspect of selling your home is to make it available for showings as much as possible. Limiting showing times can increase your days on the market due to buyers not being able to see the home on their schedule.

Selling your home is never an easy process, but using an experienced agent like the JS Realty Team will help make the selling process as smooth as possible. We have the experience and knowledge to head off pitfalls of the selling process before they happen.

Whether you’re selling your home soon or in the future, contact us for a free JS Realty Free home analysishome consultation and home analysis. We will make sure you know what to expect when selling your home and help to make the sale as stress free as possible!

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