Behind The Real Estate Curtain

If you have been watching the housing market for the past few months, there is no doubt in your mind that there aren't many houses available, the prices are fluctuating and so are interest rates.  Just like back in the early 2000s, houses that came on the market didn't last long.  Interest rates were reasonable and then they plummeted to around 3%...and stayed there for a while.  But now, they are up around 6-7% and most people don't want to give up their 3% rate.  I don't blame them. Every couple of months the Federal Open Market Committee, commonly referred to as "The Fed" meets.  So?  Why should I care?  Because "The Fed" looks at inflation and decides whether to raise or drop interest rates.  Lower rates = more affordable housing.  Lower rates = people willing to sell their homes and relocate = more homes on the market. For example:   A $400,000 home loan at 3% interest has a principle and interest payment of $1,686.42 for 30 ye...

According to the Virginia Association of Realtors, home prices have skyrocketed and interest rates are starting to decline, but nowhere close to what they were.  Take a look at these graphics.  Houses are selling and staying on the market for about 22 days.  So, if you plan to list your home soon, START PACKING.  Graphs are as of February 15, 2024. Call me, I'll be happy to make your sale or purchase a breeze. 804-516-8561

Scammers.....Phishers.....Thieves.....Fraudsters.....they are everywhere. If you are at a point where you NEED to sell your home; maybe you have lost your job and can no longer make your mortgage payments.  Maybe you are a retiree and you owe past due taxes, or maybe you inherited a home that needs repairs and you cannot afford to make the repairs. Well, there are "companies" or persons out there who are willing to take your property off of your hands.  BUT.....beware. A few years ago, a woman asked me to help her find investment properties.  We looked at a few and then there was one she decided to purchase.  She wanted to make the offer in person to the property owner, so I set up a meeting.  Once I heard her pitch I realized this was one person I did not wish to represent. This was her proposal to the homeowner... She offered to pay the homeowner half the cost of the house up front.  She then wanted the property transferred into her name but the outstandi...

No doubt about it, we live in scary times when you really have to be careful about allowing strangers in your home.  Hopefully, your Realtor has done an excellent job of vetting your potential buyers; pre-approval through a local mortgage company is the biggest thing they can do.  That way you KNOW they have the funds and credit to purchase your home.  But it doesn't stop there.... Open Houses and Showings One tool Realtors use to sell a home is an open house.  This is a time when just about anyone can walk in your home and look around.  What can you do to protect your "stuff"?  Below is a list that is not inclusive of everything, but its a good start. If you own firearms - secure them.  Lock them in a safe or take them with you. Secure your jewelry, or coin collections or other valuable collectibles. Secure any items that you don't want broken.  Although people may not mean to, but they may inadvertently break something that is valuable to you....

I am sure you are overwhelmed with the thought of moving, yet again.  Or maybe you are an old pro at this and you "got it".  Below are some reminders of little things you might want to take care of before you sign to list your home: Take down what you want to take with you... You may have a favorite light fixture or mirror or faucet or something else that is permanently attached to the structure.  If you do, replace it now before you list the property.  Also, if you have an appliance that you want to take with you, replace it now. Curb Appeal... First impressions can make or break the sale of a house.  When someone pulls up in front of your property that is not well maintained, they will just keep on driving.  Now that winter has deposited all the trees in your yard, now is the time to get them up.  You can either rake/blow them into a pile and have someone take them away, or you can use a riding lawn mower to mulch them and put them on your flower or ...

Anyone in the military, no matter the branch, knows that beginning in May, new orders arrive for a Permanent Change in Station.  Most moves occur in the summer months, but the transition begins, usually in April and May. If you are military and are being re-assigned to, or from the Virginia Peninsula, CALL ME!  I understand the pressure of flying in on a Thursday or Friday, looking at houses and being under contract to purchase before you fly back out on Sunday.  I will be your BOOTS ON THE GROUND to handle whatever comes up HERE while you are packing at your other duty station THERE. I have worked with many families who have made the transition.  I can take a lot of the stress of the move off of your shoulders. Growing up on the Peninsula and living here for more years than I can count, I can be your source for getting to know your new home.  I can direct you to the correct source for schools, shopping, handling traffic during commutes and housing information. ...

According to Virginia state law 36-96.3 it shall be unlawful to, based on the protected classes:   Refuse to sell or rent after receiving a bona fide offer or to refuse to negotiate for the sale or rental of, or otherwise make unavailable or deny, a dwelling to any person. Discriminate against any person in the terms, conditions, or privileges of sale or rental of a dwelling, or in the provision of services or facilities in the connection with the dwelling. To make or cause to be made, printed, or published, any notice, statement, or advertisement, with respect to the sale or rental of a dwelling that indicates any preference or intention to make a preference, limitation, or discrimination.  To represent to any person that any dwelling is not available for inspection, sale, or rental when such dwelling is in fact so available. To include in any transfer, sale, rental, or lease of housing, any restrictive covenant that discriminates because of the protected classes or f...

So, you have found the perfect rental property that you just love.  But, you need accommodations because of your disability that will allow you to enjoy the property.  What is the definition of “reasonable accommodations”?  Virginia state law 36-96.3:2 outlines what is reasonable and what isn’t. According to Virginia law, your request is reasonable if: An accommodation is necessary to afford you an equal opportunity to use and enjoy the dwelling The accommodation does not impose an undue financial and administrative burden on the person receiving the request.  The accommodation does not impose a fundamental alteration to the nature of the operations of the person receiving the request If you can answer yes to each of the above, the request for the accommodation, according to the Virginia state law, is reasonable and shall be granted. If the answer is “no” to any of the three statements above, The person receiving the request shall offer to enga...

Virginia state law 36-96.3 protects persons with disabilities against discrimination by requiring that property owners not discriminate against that person, or anyone associated with that person in the terms, conditions or privileges of the sale or rental of a dwelling.  They also cannot discriminate in the provision of services or facilities in connection with the dwelling because of a handicap. The law further states that discrimination includes refusing to allow the person to make reasonable modification of the premises if the modifications are necessary for the occupant to fully enjoy the premises.  The law does state that if the property is a rental the landlord may require that the property is restored to the original conditions before the modifications. It must be noted that all of these modifications and restorations are at the expense of the occupant. With regard to multi-family dwellings for first occupancy after March 13, 1991, the public and comm...

Virginia is a “Buyer Beware” state.  That means that it is incumbent on the buyer of any real estate to perform their due diligence to ensure that what they think they are buying is what they are really buying. All that fancy verbiage means “It’s up to you to investigate the real estate BEFORE you sign the papers to purchase.” Additionally, if you are SELLING a property, it’s up to you to understand the legal requirements of the jurisdiction the property is located before you offer the property for sale.  There are many agents who understand the requirements of the jurisdictions and they should point you in the direction of the source of the requirements.  In other words, they should be the source of the source.  They should be able to direct you to the source that can answer your questions.  If they are not a licensed contractor, they may have the knowledge about certain requirements, but it is BEST PRACTICES if they direct you to the actual sou...

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Several years ago the words “assistance animal” conjured thoughts of dogs helping visually impaired, deaf people and people in wheelchairs.  Today, that may not be the case.  According to Virginia state law 36-96.1:1, assistance animals are defined as an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or provides emotional support that alleviates one or more identified symptoms or effects of a person's disability. … An assistance animal is not required to be individually trained or certified. While dogs are the most common type of assistance animal, other animals can also be assistance animals. An assistance animal is not a pet.” According to Virginia state code 36-96.3:1, a person with a disability who has an assistance animal shall comply with the rental agreement or any rules and regulations of the property owner that all other residents must follow as long as they don’t interfere with the...

With White Oak Realty, LLC…you have choices but, which one is the best for you.  Time, energy and the knowledge to deal with selling your home may be at a premium with everything going on in your life.  That is when it is best to hire a Full Service Realtor.  The Realtor will field calls from interested Buyers and Agents, meet inspectors and appraisers, run errands, send emails, explain your options with offers along with a multitude of other chores associated with selling your home. A full service Realtor will also ensure that your emotions are in check when making decisions.  Purchasing and selling a home is one of the biggest decisions of your life, other than getting married or having kids, and it too is, many times, driven by emotions.  Your full service Realtor will help keep you grounded and hopefully keep you from making a bad decision. Full service Realtors will charge a full commission that will be shared with the agent on the other si...

EIFS, also known as Synthetic Stucco, provides insulation, weatherproofing, and a finished surface in a single integrated product.  Since 1994 the "EIFS problem" has been a source of anxiety for prospective homebuyers. Research has determined that wind-driven rain enters the waterproof barrier EIFS surface in and around windows and other penetrations and at wall/roof intersections. Because barrier EIFS systems provide no means for allowing water to escape the wall cavity, intruding water is trapped inside the system, where it can remain for extended periods of time and eventually damage and even rot wood framing, sheathing and other moisture sensitive building components. These problems can occur regardless of the age of the building or the quality of construction, therefore EIFS homes should be regularly inspected. (Source: www.gethomeinspector.com) Additionally, if the EIFS touches the ground it can wick moisture from the ground into the walls.  This was a proble...

Lead based paint can be a real hazard to young children.  Virginia law requires that Sellers must disclose to Buyers any knowledge they may possess of lead based paint being present in any home built prior to 1978.  Sellers are required to disclose to Buyers that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce: ·          permanent neurological damage, including learning disabilities, ·          reduced intelligence quotient, ·          behavioral problems, ·          impaired memory. Lead poisoning also poses a particular risk to pregnant women. The Sellers and Landlords are also required to provide the Buyer or Tenant with any information on lead-based paint ...

Between 2004 and 2007 some drywall manufactured in the People's Republic of China and imported into the United States contained elemental sulfur exceeding 10 parts per million that when exposed to heat, humidity, or both, releases elevated levels of hydrogen sulfide gas into the air.  Additionally, there was drywall imported from China that has been designated by the U.S. Consumer Product Safety Commission as a product with a product defect that constitutes a substantial product hazard within the meaning of § 15 (a)(2) of the Consumer Product Safety Act (15 U.S.C. § 2064 (a)(2)). If the Sellers have knowledge that their property contains any of the affected drywall, they are required by Virginia State law 55-519.2 to disclose this to any potential Buyers.  This disclosure is exempt if the property falls under the exemptions contained in 55-518;   ·          Transfers pursuant to court order of an estate, ·   ...

Previously I posted the Buyers are responsible for conducting due diligence about a property they are considering purchasing.  I also listed in that same post titled “Buyer Beware” the list of disclosures are not required to make.  However, there are disclosures Sellers are required to make.  One is pertaining to military air installations. According to Virginia state law 55-519.1 Sellers are required to disclose to any potential Buyers if the subject parcel is located in a noise zone or accident potential zone, or both.  Such disclosure shall state the specific noise zone or accident potential zone, or both, in which the property is located according to the official zoning map. Every jurisdiction where an air military installation is located will maintain an official zoning map that delineates crash zones and noise zones.  Most of these maps are available online or by contacting the jurisdiction the property is located.  Having spent thirt...

Virginia is a “Buyer Beware” state.  Buyers are responsible for conducting due diligence investigations as to the property they are purchasing as well as the surrounding properties. The Sellers are only responsible for disclosing conditions, of which they have knowledge that may affect the health, safety and structural soundness of the property offered for sale.   They are not responsible for disclosing anything that may be planned outside those four corners. Virginia State Code 55-519 outlines everything that the Seller is not responsible to disclose, i.e.; ·          no representations or warranties as to the condition of the real property or any improvements thereon, or with regard to any covenants and restrictions as may be recorded among the land records affecting the real property or any improvements thereon ·          no representations with respect to any matters tha...

So you’ve found the perfect house.  Lots of open space.  Huge windows to allow natural light to bathe the rooms.  The perfect location close to great schools, parks, shopping and activities.  The rooms are even painted in colors you love.  You are in love with this new home. But wait!  Is it everything it is presented to be?  Are there any secrets lurking beneath that could cost you big bucks in the long run?  Maybe.  Maybe not.  The only way to reign in your emotions is to have an unbiased third party examine the home.  That person is a home inspector.  The inspector, if they are proficient at what they do, will look in every nook and cranny from the top of the roof to the bottom of the basement or crawl space and everywhere in between.  They will make a list of everything they find that is deficient, questionable or impressive…complete with photos. Once you receive the report, you should read it carefull...

Signing a Buyer Broker Agreement with an agent means that the agent now represents you as a “regular” agent.  In that agreement you will also be asked if you are willing to work with a Dual Agent or a Designated Agent.  Let me explain… A “regular” agent is the agent showing you properties that meet your criteria but they are not the listing agent for that property.  The properties may be listed by that agent’s brokerage firm, but by another agent.  If you agree to Dual or Designated Agent then that agent may also show you properties they are the listing agent on.  They must advise you they also represent the Seller when they show you the property. If you choose to make an offer on any of the properties you agent is the listing agent on, then the concepts of Dual Agent or Designated Agent come into play.  Let me explain: A Dual Agent is an agent who represents both the Seller and the Buyer at the same time.  Both the Seller and the ...