Virginia Beach Homes

FREE Scoop the Poop Stickers!!

2011-01-26T12:24:00.000-08:00

Scooping the poop is one of the single most effective things that you can do to prevent pollution in our waterways. If you don’t own a dog, take time to urge your dog loving friends to do it.

You can get the stickers free from the Virginia Beach SPCA, 427-0070, and from Lynnhaven River NOW, 962-5398.

It has been estimated that up to a third of fecal coliform pollution in the Lynnhaven River is due to dog waste.

Dog poop does not belong in a compost heap. It belongs in the trash.

And the "SCOOP THE POOP" sticker belongs on your trash can!

- excerpt
http://hamptonroads.com/2011/01/scoop-poop

The Virginia Beach Eagle Alive and Well

2011-01-26T12:03:00.000-08:00

Shelly Fowler, among the best of the local eagle photographers, was out searching recently for Azalea, the young eagle, born at Norfolk Botanical Garden and equipped with a satellite transmitter.

Fowler, who lives in Virginia Beach, got tired of looking around this area and decided to drive the Jamestown Parkway to see what she could find.“

And boy, did I get lucky,” Fowler wrote.

She saw an eagle sitting on a piling in the water. No, it wasn’t Azalea. It was an adult that looked as though It had been swimming.

- excerpt
http://hamptonroads.com/2011/01/hungry-eagle-action)

What are short sales?

2010-10-07T14:09:00.000-07:00

Many Home buyers are mystified by this term – "A Short Sale is really a long sale," they say. Many do not know how it works or understand what it means to purchase a “short sale” home. The following will explain the process.

When a homeowner gets into financial trouble and can't pay their mortgage any longer, this leads to a “default”. As a result, one of two things may happen:

1. The bank “trustee” initiates foreclosure proceeding or;

2. The homeowner puts the house in the market for sale as a “Short Sale”.

If the homeowner chooses to sell the house and they owe more than the selling value of the house, then the mortgage pay off will be short and will be labeled "SHORT SALE."

How is this done?

1. The homeowner must first put the house on the market to determine how much the house would sell for.

2. When an offer comes in, the homeowner's agent submits the offer to the mortgage company that holds the note along with all the supporting documents required by the lender, for a short sale approval.

3. Once the mortgagee (bank) receives the offer along with the short sale request, they will review all the documents and conducts a market review (BPO) or appraisal of the property to see the "Fair Market Value" of the house.

4. Approval depends on the reason for default, and how much money the bank (mortgagee ) will be losing.

For example:

The house was bought for $270,000 two years ago through a VA Loan program ( no down payment ) and therefore the balance remains $270k. Markets the house for $200k, but receives an offer for $190k. Calculating the cost to sell, ( agents commissions, termite inspections, lawyers fees, etc ) approximately $12,500. Then 190,000 less $12,500 resulting the final pay off to the bank of $177,500.00.

Now assuming the homeowner was not able to pay the mortgage for five months, with a 6% interest rate and a 30 year term, his payment would be 1,620.00 x 5 months, leaving an unpaid balance of $8,100. This amount will be added to how much the homeowner currently owes the mortgage company. Thus $270,000 + $8,100 = $278,100

For the purpose of our discussion we'll say the homeowner owed including late charges, and penalties $280,000 total.

The homeowner submits the offer of $190,000 minus the cost to sell of 12,500 = $177,500 to be applied to the balance owed ( pay off balance ). This is where the transaction gets complicated and the long wait for approval begins.

With this example, the homeowner is asking the mortgage company to absorb the loss of $100,600; ($278,100 - $177,500 = $100.600) This is not a small change for the bank to simply "forgive"; the bank reviews every application thoroughly and the review process are causing the "hang up" in approval or denial of the Short Sale application.

If the holder of the loan is Bank of America, good luck, Bank of America by my experience and according to other Real Estate professionals, takes three to six months to even look at any short sale application, and often times denies short sale request.

I have seen other cases where the defaulting homeowner were asked to sign a promissory note, promising to pay half of the short fall in small increments for number of years (around 15 years or so) with no interest.

So, here's the bottom line. If you are looking for a terrific deal and can stand to wait four to six months for the closing, then go for a short sale. But if you do not like taking a chance of not receiving an approval after waiting for several months, a great option is to buy a foreclosed property. Watch for our next topic: "How to Buy a Foreclosed Home, and Why."

U.S. homes tainted by Chinese drywall should be completely gutted

2010-04-02T17:07:00.000-07:00

The Consumer Product Safety Commission has made a public statement about the Chinese drywall situation.

Per the full news article at USAToday,
"thousands of U.S. homes tainted by Chinese drywall should be completely gutted, according to guidelines released Friday by the Consumer Product Safety Commission."

"About 3,000 homeowners, mostly in Florida, Virginia, Mississippi, Alabama and Louisiana, have reported problems with the Chinese-made drywall, which was imported in large quantities during the housing boom and after a string of Gulf Coast hurricanes."

Excerpted from full article available at:
Usatoday. com/money/economy/housing/2010-04-02-chinese-drywall_N .htm

162,000 New Jobs Added in March

2010-04-02T16:57:00.000-07:00

The Labor Department reported that nationwide, employers added 162,000 jobs in March.

Treasury Secretary Timothy Geithner says we've possibly got a number of months to dig out of the recent financial crisis, but that "the economy is recovering."

This will also further assist buyers and sellers on both sides of the real estate market, adding momentum to the recent upswing in home sales across the country.

"Work and Win!"

Proposed Increase in Property Taxes for Virginia Beach

2010-03-31T15:28:00.001-07:00

Local officials are proposing an increase in Virginia Beach real estate taxes to cover a huge shortfall in the city budget.

The issue will be discussed in a Public Hearing to be held on April 22, 2010 at 3pm, at Tallwood High School on Kempsville Road.

The increase will raise property taxes by 3 cents for every $100 of assessed value of the property, for a new total of 92 cents per $100 of assessed value.

As an example, a home that Virginia Beach has assessed at a value of $300,000 will cause the property to cost an additional $90 in taxes.

The 3 cents doesn't sound like a lot at first glance, but the the reality of it coming to $90 will definitely have a negative effect on the average homeowner's budget.

Attend the hearings if you want your voice to be heard - this is a classic example of how politicians hammer away at family budgets, disguised as a "who cares about 3 pennies?" matter.

Inventory of Homes for Sale - Virginia Beach

2010-03-30T14:30:00.000-07:00

March 30, 2010 - Inventory of Virginia Beach Homes for Sale

945 - Condo Listings

449 - Townhome Listings

2275 - Single Family Homes for Sale

World

2010-03-05T11:12:00.000-08:00

Hello World!