Keepin' It Real Estate

The Language of Building

I received this in an email from a local builder this afternoon.  The text is entitled "The Language of Building," and focuses on definitions of things that you might hear in construction of your new home.  As someone who just finished building a home with this builder, I can tell you that they do a good job of communicating throughout the process, and I thank them for putting this out.

* Cycle time is the number of days between the first day on the job site and a home's completion. We work with our materials suppliers and subcontractors to determine a reliable cycle time so that our clients can move into their new home on time, as promised. Controlling cycle time also enables us to provide accurate estimates and helps us stay within budget.

* Rough-in: The "rough" stage of construction is the behind-the-wall structural and mechanical work, the parts you don't see when the building is complete. That includes work such as framing the walls, pulling the wiring through the studs, and installing pipes and heating ducts. During this point of the construction process, we can "rough-in" a system or product that provides an upgraded or extra service, such as wiring for a high-speed Internet or digital cable network. Installing a system's "backbone" during the rough-in stage of construction costs significantly less than installing it once the house is finished.

* Staging: To help reduce costs, we stage or organize and schedule the delivery of materials as we need them, rather than receiving a huge load all at once. Staging may also refer to the way we place loads of materials on the job site to make them more accessible to various workers. Both practices help us reduce waste and theft, save time, and keep better track of costs -- all of which keeps budget and cycle time on track.

* Lien Waivers: these are issued to us by each of our materials suppliers and subcontractors for the work they perform on a house. Lien Waivers (also called lien releases) prove that we have paid the agreed or negotiated costs of labor and materials in full. Lien releases also protect our clients from any liability if suppliers or subcontractors claim that additional payment is due. This type of claim can prevent the closing of the homeowners' loan, so we have a formal process to collect and verify lien releases before the close of escrow on a property.

* Tape and Texture: To create a finished wall, our drywall contractor applies tape and texture to hide nail or screw heads and conceal the joints between panels of drywall or gypsum wallboard. The contractor uses a mud-like compound to fill and cover the nail heads and secure a fibrous tape that bridges the joints between adjacent drywall panels. The mud is allowed to dry and is then sanded smooth before applying paint, wallpaper, or other finishes. A quality tape and texture job ensures that cracks or nail heads won't show through finished surfaces.

Jeremy Hart, REALTOR®
Licensed in Virginia
NRV Living Real Estate Group
www.NRVLiving.comNRVLiving 
Jeremy@NRVLiving.com
540-998-4731

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Owning a Vehicle in Blacksburg

Don't forget that as of last month, April 2008, the Blacksburg Town Council did away with the Motor Vehicle Decals for any vehicle that's garaged within Town limits.  In its place, they've implemented the "Local Vehicle License Tax."

So what's it mean?

Instead of decals, the Town will be sending bills on May 15th, with a bill due date of June 15th.  This year's tax will run from June 15, 2008 through December 31, 2009, and for most vehicles will be $37.50 versus the $25.00 decal rate.

Don't forget to check your bill to verify its accuracy, and let the Town know if anything needs to be corrected.  You can pay with MasterCard or VISA, online at www.blacksburg.gov, or the Town Cashier at 300 South Main Street.  You can also find out more about the tax on the Town's Vehicle License Tax page.

Jeremy Hart, REALTOR®
Licensed in Virginia
NRV Living Real Estate Group
www.NRVLiving.comNRVLiving 
Jeremy@NRVLiving.com
540-998-4731

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Those "What Were They Thinking?" Moments (Notes from a Grumpy Buyer's Agent)

In my recent experience, our own reality real estate show contains episodes like this:  an agent brings buyers to see a house, and after thirty-three seconds inside the front door, they all leave, moving quickly to get back in the car.  What happened in that house?  Ghosts?  Dead bodies?  No, just one of these unhappy surprises:

Strong animal smells (dogs, cats, hamsters, ferrets), smoking smells, artificial room-scents that trigger asthma attacks.

Creaky floors (unless the house is quite old, so this seems like antique charm).

The ceiling or the floor met the walls at less or more than 90-degree angles (see notes on very old houses).

You couldn't see IF the walls met the floors because there was so much stuff piled around the perimeter of the rooms; or you couldn't actually walk through the rooms because there was too much furniture. (These houses usually come with curtains drawn and light fixtures that don't turn on.  Not many people will buy what they can't see.)

The owner of the house was inebriated, half-dressed, and the invitation to come on in, while heartfelt, also contained a few four-letter words.

Actually, the inside of the house looked nice; they went in just to honor their appointment with the owner to look at the house. The deal was already lost in the front yard:  a rusting car seemed to be melting into the weeds, a pile of old tires was covered by poison ivy, the peeling paint revealed some rotting trim-boards, and the chimney leaned like the Tower of Pisa.   

Not all properties are designed to sell but the ones that are, do.  (And a major price adjustment might cure most of these problems.)  A REALTOR® can help you prepare your home for today's market and assist you in maximizing the value of your home. 

Patricia J. Tracy, REALTOR®
Graduate, REALTOR® Institute (GRI)
Accredited Buyer Representative (ABR)
e-Pro Certification
Licensed in Virginia
www.pat-tracy.com
pattracy@cbtownside.com
540-230-1355

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Money and Time-Saving Tip for Stainless Steel Appliances and Granite Countertops

Are you tired of the constant wiping of fingerprints and marks on your appliances and countertops?  Here is a little secret to end that time-consuming mess in an environmentally friendly way.

The best micro-fiber cloth I've found so far is called a Miracle Cloth.  You can purchase micro-fiber cloths at any of the big-box stores, but this brand sells at Bed, Bath & Beyond. 

First, you use warm water and a little Ivory dishwashing liquid and your micro-fiber cloth to fully wash all of your appliances and countertops.  Once you have all of the goop off that you've been accumulating for years, you'll have a sparkling kitchen. 

After this, all you need is a damp micro-fiber cloth, with no chemicals, to keep your kitchen gorgeous. 

If you've heard Stainless Steel is a pain, try this out.  These cloths are also great dry for dusting.  I even use them on the bottom of a swifter to damp mop floors without chemicals.  So go green!

Dana Orr, REALTOR®
Licensed in Virginia
www.danaorr.com
danaorr@swva.net
540-230-8786

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Moving Checklist - Part 2

Here is the Part 2 addition to my Moving Checklist - Part 1:

11. Empty freezer; plan use of foods. Defrost freezer-refrigerator. (Place charcoal to dispel odors.)
12. Have appliances serviced for moving.
13. Clean rugs or clothing, before moving; have them "moving-wrapped."
14. Check with your moving counselor: insurance coverage, packing and unpacking labor, arrival day, various shipping papers, method and time of expected payment.
15. Plan for special care needs of infants.
16. Plan garage sale.
17. On your moving day: Carry currency, jewelry, documents yourself; or use registered mail.
18. Plan for transporting pets. (They are poor traveling companions if unhappy.) Make sure you can be found if they become lost.
19. Carry traveler's checks for quick available funds. Tell close friends or relatives your route and schedule (including overnight stops). Use them as "message headquarters."
20. Double check closets, drawers, and shelves (to be sure they are empty).
21. Arrange to leave keys with new tenant, owner or agent.

Susanna Lilly, REALTOR®
Licensed in Virginia
Relocation & Marketing Specialist
www.SusannaLilly.com      
SusannaLilly@cbtownside.com
540-320-9444

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Moving Checklist - Part 1

1. Send change of address to: Post Office, Charge Accounts, and Credit Card Accounts, Friends & Relatives, and Subscriptions.  Remember that your notice requires several weeks for magazines.
2. Notify your bank. Transfer funds, arrange check cashing in new city.
3. Insurance: Notify new location for insurance coverage (life, health, fire, auto, homeowner's.)
4. Automobile: Transfer car title, car registration, car tags, driver's license, state windshield sticker, and motor club membership.
5. Utilities: Gas, light, cable TV, water, telephone get refund of any deposits made. Arrange for immediate service in new town. Arrange final reading and change of name for billing.
6. Delivery People: Cancel laundry, newspaper and milk.
7. School: Ask for copies or transfer of children's records. Ask For:Medical records of family and pets.
8. Drug and Eye Contact or Glasses Prescriptions to be transferred. Doctor and Pharmacist recommendations.
9. Letters of Introduction to transfer memberships.
10. Pet requirements in new city.

Susanna Lilly, REALTOR®
Licensed in Virginia
Relocation & Marketing Specialist
www.SusannaLilly.com      
SusannaLilly@cbtownside.com
540-320-9444

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Historic District Workshop

This is a message from Blacksburg Alert, a public notification service of the Town of Blacksburg.

What does it mean to be in a historic district? 

For many homeowners within the boundaries of a  historic district, it means wondering why they cannot make alterations to their own property without getting permission from an architectural review board or historic commission.   Where do these boards get their authority anyway?  What about those people considering buying a property in a historic district?  What are the obligations of the real estate agent to disclose the fact that the listing is in a historic district?  Are there opportunities, such as tax credits, available to property owners in historic districts, and if so, where does one go for assistance?

All of these questions and more will be answered during the workshop "What it Means to be in a Historic District:  A Primer for Property Owners, Real Estate Professionals and Architectural Review Board Members."

APVA Preservation Virginia, the Virginia Department of Historic Resources and the Town of Blacksburg have partnered to offer the workshop from 2:30 to 6:00 p.m. on Friday, May 2, 2008 in Blacksburg.  The workshop will be held at the Blacksburg Municipal Building, 300 South Main Street.  The program is free and open to the public.  Due to limited seating, RSVPs  are recommended. 

For additional information or to register, e-mail Terry Nicholson, Town of Blacksburg Museum Administrator at  museum@blacksburg.gov or call 540-558-0746.

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

What Does a Settlement Agent Do?

In a real estate transaction, one of the key players on the team that will get you to settlement (also called closing) is the Settlement Agent (SA).  The buyers have the right to pick their settlement agent--who does most of the work--but the seller can choose someone else to prepare their deed and deliver that to the SA.  The SA can be the representative of a title company or can be an attorney. 

The tasks that are done come in four blocks. 

First, the SA has a trained professional research the property title (the chain of sales from one person to the next, back 60 years, and any "encumbrances" on the title--unreleased liens, missing owners signing off on a sale, etc.).  (This is not a survey of the property for physical encumbrances, like a neighbor's easement to cross the property or a utility company's right of way to use part of the property.  I'll talk about surveys another time.)

The SA then contacts a title insurance company who will prepare an insurance policy saying that this current transfer of the property is free and clear. (This title insurance is always bought for the lender, and the owner can buy their own policy which protects their equity in the property above what the lender actually owns.)

Second step:  The Settlement Agent receives the loan package from the lender and gathers other information needed for closing (taxes to be collected, homeowners' insurance, homeowners' association fees, etc.).  All this is put together for the final closing statement, which shows charges and payments to buyer and seller.

The third task the SA does is to conduct the meeting that we usually call "the" settlement, and a key function there is to explain all of the items on the settlement statement to the buyers and sellers.

The fourth task that the settlement agent (SA) does is to record the deeds and the mortgages in the county courthouse, then disburse payments to the seller and insurance companies, tax collectors, etc.  That's the last step. 

It's important that these tasks be done well so that all the legal issues are properly taken care of, and so that the buyer and the seller are given all the information they need. (Your REALTOR®'s role in this is to help coordinate all these pieces of the puzzle and keep everyone on schedule, and to help resolve any problems.)

I recommend that my clients use an attorney as Settlement Agent, although the cost may be $50 higher (out of $400 to $500), because a Title Company representative cannot explain or advise on any issues that have legal implications (even the loan papers). 

It's very important to have someone who does the job well--who has thoroughly trained paralegal assistants who actually prepare all the paperwork--and who can explain the settlement statement clearly and thoroughly to the buyer (who may be doing this for the very first time, or come from a state where these matters are handled quite differently). 

I have had excellent and awful experiences lately with attorneys doing settlement.  Ask your REALTOR® for a recommendation, and reasons why she or he likes to work with certain people. 

Patricia J. Tracy, REALTOR®
Graduate, REALTOR® Institute (GRI)
Accredited Buyer Representative (ABR)
e-Pro Certification
Licensed in Virginia
www.pat-tracy.com
pattracy@cbtownside.com
540-230-1355

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com

Virginia Tech

What is a FICO Score?

A FICO Score is a credit score compiled by the Fair Isaacs Corporation. Scores are created by that company using information from the three major credit agencies in the USA, Experion, Equifax and Trans Union.  FICO scores can range from 500 to 850, with the higher numbers being the most desirable.

When consumers apply for an installment loan, the lender will check FICO scores.  The benefit of a high FICO score can be a low interest rate.  That low interest rate can be a money-saver over the life of a loan.

Jean Simmons, REALTOR®
Certified Residential Specialist (CRS)
Graduate, REALTOR® Institute (GRI)
Associate Broker
Licensed in Virginia
jssimmon@bev.net
(540) 320-0753

Coldwell Banker Townside, REALTORS®
www.cbtownside.com
blog@cbtownside.com