Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk

Courthouse Estates Market Report - Homes for sale in Courhouse Estates - Virginia Beach - February 2010

Tere Rottink (Wainwright Real Estate) — Tue, 09 Mar 2010 15:20:30 -0600

Courthouse Estate Market Report - Homes for sale in Courhouse Estate - Virginia Beach

Due to REIN rules, I have had to take down the displays of information that I was using. Stay tuned, as I will be making my own, and displaying the information in my own format.

Map of Comparable Market Analysis or Market Report in Courthouse Estates - Virginia Beach - Virginia

The Courthouse Estates - Market Report - Homes for Sale Virginia Beach - Virginia shows what we have seen in the region. Houses are selling, as long as they are moderately priced and in great condition. Above you can see the map of homes for sale, sold and expired in the month of February, 2010.

Blue: Days on the Market Green: List Price Red: Sale Price

It is nice to see that the few houses that have sold have sold very close to asking price, although this doesn't take in to consideration prior price reductions. It olny takes in to account the asking price at the time of the offer. The Courthouse Estates - Market report- homes for sale in Courthouse Estates Virginia Beach - doesn't include properties that were sold buy owner.

A total of 3 houses sold in the month of February, 2010 as shown by the Courthouse Estates - Virginia Beach - VA - Market Report.

There are a total of 18 active listings and the average days on the market is 50 days. It was 76 DOM back in July. If you are looking to buy or sell a property in Courhouse Estates or anywhere in Hampton Roads contact me.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Below are the properties available for sale in the Courthouse Estates neighborhood and and surrounding areas at this time. To view any of this homes contact me. To view all the listings available please visit my website

Courthouse Estates Market Report - Homes for sale in Courhouse Estates - Virginia Beach - February 2010 was first published on Hampton Roads Real Estate Voice Copyright © 2010 By Tere Rottink, All Rights Reserved.* Courthouse Estates Market Report - Homes for sale in Courhouse Estates - Virginia Beach - February 2010

"EUREKA! I FOUND IT" . . . ARCHIMEDES AGAIN LEADS ME TO THE TRUTH. . WHY AREN'T HOME BUYERS OUT BUYING IN DROVES?

Tere Rottink (Wainwright Real Estate) — Wed, 03 Mar 2010 16:02:08 -0600

The opportunity for buying a home in Chesapeake, Virginia Beach, Norfolk or Portsmouth has never been better. Thanks to Lenn Harley for writing this blog in simple terms. This is the time to jump of the fence and become a home owner in Hampton Roads.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:

WHY AREN'T HOME BUYERS OUT BUYING IN DROVES?

"EUREKA! I FOUND IT" . . .

ARCHIMEDES AGAIN LEADS ME TO THE TRUTH . . . . FOLLOW THE THEORY OF DISAMBIGUATION and everything becomes very clear.

QUESTION: Why aren't consumers out in droves taking advantage of:

The lowest home prices since about 2003 (probably rising in some areas).

The lowest interest rates since about 1975 (probably not going to last much longer).

Inventory of homes for sale provides many from which to select (moving fast in some areas).

Tax Credits available ($8,000 and $6,500) for home buyers who buy soon (ends soon).

Experienced Buyers' Agents ready to help (ready to tour homes for sale).

Yet, Buyers are still "ON THE FENCE".

WHY ARE QUALIFIED HOME BUYERS NOT BUYING?? Consider this unambiguous theory:

THEY LISTEN TO THE NEWS!!

* The news about the real estate market is primarily about foreclosures.

* The news about the economy is almost all negative.

* The unemployment rate make private sector employees feel insecure.

* Their friends and family home owners owe more for their home than the present value.

REAL ESTATE AGENTS KNOW that:

* The media thrives on bad news.

* Folks need shelter/homes in every economy.

* 90% of Americans are employed.

* The mortgage interest deduction is a hedge against loss of equity.

WE REAL ESTATE AGENTS ALSO KNOW THAT:

American home owners will do what they need to do to provide comfortable shelter for themselves and their family.

Home owners seek homes in areas that provide them with schools of choice, entertainment choices, transportation alternatives, styles and types of homes that suit their lifestyle and family needs

Americans will always seek home ownership as a reflection of our independence and self expression.

THAT IS THE UNAMBIGUOUS TRUTH.

ARCHIMEDES knew!

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

FSBO - Help me get out of here!

Tere Rottink (Wainwright Real Estate) — Thu, 04 Mar 2010 11:10:57 -0600

I got such a big laugh when I saw this that I couldn't pass it up. I have to admit that once, I moved because of the neighbors, so I can relate. But, if the first thing you tell your potential buyers is that the neighbors are *&*)*__*&*^**% Who is going to buy?

East Beach - Norfolk - VA Market Report. Homes for Sale East Beach

Tere Rottink (Wainwright Real Estate) — Thu, 04 Feb 2010 13:34:55 -0600

East Beach Market Report - Homes for sale in East Beach - Norfolk

Map of Comparable Market Analysis or Market Report in East Beach - Norfolk - Virginia

East Beach - Norfolk - Virginia Market Report shows what we have seen in the region. Houses are selling, as long as they are moderately priced and in great condition. Above you can see the Market report in East Beach - Norfolk as of February 4, 2010. It appears that owners and builders in East Beach continue to over price their properties with the result of having a very high days on the market average. This number doesn't include the expired or withdrawn listing. The average DOM for expireds in East Beach is 242. Once a house is re-listed the previous days on the market go back to zero.

Blue: Days on the Market Green: List Price Red: Sale Price

Notice that houses have been selling under the asking price, but this doesn't take in to consideration prior price reductions. It olny takes in to account the asking price at the time of the offer. In East Beach the price reductions have been very large. For specific details feel free to give me a call. The East Beach - Norfolk - VA - Market Report doesn't include properties that were sold buy owner.

I the past six months there have been:
A total of 7 houses Sold, 15 Expired listings, a total of 8 houses under contract at the time of this report which is good news to the neighborhood. Of the 7 sold homes 4 are New construction, and of the Pending or under contract listings 5 are new construction.

There are a total of 40 active listings and the average days on the market is 144 days. In East Beach - Norfolk VA this number is not quite accurate as homes that have never been on the open market are entered in to the system once they are sold. The real number of DOM is much higher.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

The opinions expressed on this report are my personal opinions, as I see the numbers in the neighbhorhood. For more details feel free to contact me by email at Tere.Rottink@yahoo.com or call me 757-502-5324

East Beach Market Report - Homes for sale in East Beach - Norfolk was first published on Hampton Roads Real Estate Voice Copyright © 2010 By Tere Rottink, All Rights Reserved.* East Beach Market Report - Homes for sale in East Beach - Norfolk

Taste Unlimited Gourmet shops in Virginia Beach, Chesapeake, Norfolk and Newport News

Tere Rottink (Wainwright Real Estate) — Fri, 05 Feb 2010 18:56:18 -0600

There used to be a Taste Unlimited gourmet shops in my town of Great Bridge, and they moved it closer to the highway a few years ago. I was pretty ticked. But the place is so awesome that I still make the 15 minute drive to eat lunch, and get all their gourmet goodies. I specially like their chicken salad, pastries, potato salad..... oopss I better stop there because I could go on an on. The ambiance of their stores is very welcoming and unique.

Taste Unlimited gourmet shops was started in 1973 by Peter Coe a Yankee by birth, Southerner by choice (and a cosmopolitan by inclination) - that is his description on his website . Today they have 6 stores in Hampton Roads. I have visited the ones in Norfolk, Virginia Beach and the one in my neck of the woods in Chesapeake. They all keep their theme and high standards.

When I am looking for a unique gift, I know that I can find there what can not be found elsewhere in Hampton Roads. One year I bought about 30 boxes of uniques cookies and gave them as gifts to my relatives in Colombia. They loved them. I have also used their knowledge in buying wine as gifts. I know very little about wine. (For my daughter's sweet 16, I was asked to buy white wine, and I bought white zinfandel.) All you have to do is ask, and the expert will help you. And almost last but not least great Gift baskets. No effort presents.

There are monthly wine tastings at their Ghent, Newport News and Oceanfront stores, and Peter Cole give cooking lessons on other days at the Oceanfront location. All the pictures on this blog are from the Oceanfront store. .

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Taste Unlimited Gourmet shops in Virginia Beach, Chesapeake, Norfolk and Newport NewsT was first published on Hampton Roads Real Estate Voice Copyright © 2010 By Tere Rottink, All Rights Reserved.* Taste Unlimited Gourmet shops in Virginia Beach, Chesapeake, Norfolk and Newport News.

The North End in Virginia Beach

Tere Rottink (Wainwright Real Estate) — Wed, 03 Mar 2010 07:32:46 -0600

The North End in Virginia Beach

Nestle between 32th street and Fort Story Military Reservation you find "The North End in Virginia Beach" There are some neighborhoods that people aspire to and others don't want to leave. "The North End in Virginia Beach" is a perfect example of this. Unique eclectic homes, the beach and the style of living make this neighborhood stand out from others. With the best schools in the city, charming streets, tall trees (oak and pine mainly) and did I say the beach? Many of the homes have been handed down for generations. Must empty lots and houses in disrepair have been replaced by new homes or have been updated.

The first cottages by the beach were built in the early 1900's and a few remain. Greystone Manor was recently added to the historic landmark registry. The Edgar Cayce's A.R.E a holistic center is located in the neighborhood. During the 1920's The Cavalier hotel was built . Its unique construction of cement covered still made it fireproof. To this day The Cavalier is a favorite of tourists that come to Virginia Beach. Begining on 63rd street First Landing State Park borders the neighborhood.
Make sure to visit one of my favorite stores on 40th street Taste Unlimited.

This prestigious neighborhood in Virginia Beach has been protected from commercialization. Wealthy owners from Virginia Beach, Richmond and surrounding cities call The North End in Virginia Beach their second homes. Beach rentals are available in the summer and you can even buy your own garage apartment at this time. Condos, co-ops, luxury buildings with private pools, parking lots and beach access are an affordable way to live in one of the premier neighborhoods in Virginia Beach by the Oceanfront. There are bargains to be had in The North End, and with low interest rates and a glut of homes for sale opportunity knocks to those wishing to live by the beach.

Oceanfront homes with thousands of square footage and every conceivable comfort are for sale at this time at The North End in Virginia Beach. If you always dreamed of living by the beach in Virginia Beach, there has never been a better time or opportunity than this. There are many homes for sale in all price ranges.

Contact me for more information on this exiting, prestigious neighborhood by the beach in Virginia Beach

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Accidental Foreclosures

Tere Rottink (Wainwright Real Estate) — Tue, 23 Feb 2010 07:45:05 -0600

I have heard of banks making mistakes or it may the attorney, but in these crazy time here is another issue you should be aware of. Thanks to Stacey - Ann for writing this.

Via Dr. Stacey-Ann Baugh (EOP Real Estate, LLC):

I read an article today about a couple in Florida who was accidentally foreclosed on by Bank of America even though they paid cash for their home. I am horrified to think that there are people out there who have to endure the embarrasment and loss of a foreclosure when it isn't even justified. You would think that there would be enough checks and balances in place to prevent this from happening.

In 2 minutes this morning, I was able to find 3 cases where Bank of America mistakenly foreclosed on people who had no relationship with them:

Couple in Florida who paid cash for their home - lost personal items and had damage to their pipes.

Couple in Texas who owned their home free and clear - caused them to lose food and caused mold buildup

Man in Kentucky - it was one of his neighbor's homes that was supposed to be repossessed

Makes you wonder how many more cases there are out there with different banks across the country.

This is just a disgrace!

Donations made to charity with every successful closing!

Dr. Stacey-Ann Baugh

EOP Real Estate, LLC

www.staceybaugh.com

staceyannbaugh@gmail.com

240-481-3565 (C)

202-789-2848(O)

FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!

LAWS ABOUT THE USE OF CELL PHONES, TEXTING and BROKER LIABILITY.

Tere Rottink (Wainwright Real Estate) — Tue, 16 Feb 2010 07:58:14 -0600

A few months ago my Permit driving daughter and I were talking while she was driving. We had a minor accident, but I think that had I been paying more attention to what she was doing, I might had been able to see what we did wrong. Cell phones are even worse. Please read this information no matter what business you are in.

PS, now my daughter is so scared of driving that she refuses to get behind the wheel.

Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:

LAWS ABOUT THE USE OF CELL PHONES, TEXTING and BROKER LIABILITY.

BE RISK AVERSE. Folks who know me know that I am very risk averse. That said, we can't live in a cocoon and we can't eliminate all risk to ourselves or our businesses. We can, however, take affirmative steps to limit liability.

This post inspired by June Lewis who wrote a thoughtful article today on this timely subject.

THE MATTER OF "DISTRACTED RESTRICTIONS" WHEN DRIVING. This subject came to my attention several years ago. Granted, it was prior to the introduction of texting. However, I believe that the risk to real estate brokers when an agent is texting is the same as an agent using a cell phone while on real estate business.

Cooley Godward, a Virginia-based law firm, was slapped with a $30 million wrongful death suit where an employee of theirs was conducting business on her cell phone when she struck and killed a fifteen-year-old boy with her car.

A good article about this matter can be found at Employers Guide to Cell Phone.

When I read about the Gooley Goodward case in Virginia, I contacted my attorney and, after consultation, we decided that, in order to limit broker liability, which would be similar to the law firm liability in the Cooley case, Homefinders.com would implement a BROKER POLICY to the effect that Independent Contractors who were agents of the brokerage would acknowledge receipt of a NOTICE that it was broker policy that agents would not use cell phones while driving.

Agents signed the acknowledgment letter and it was kept in their employee file.

I could not control agents' use of their cell phone while driving. However, implementation of the broker policy served several purposes.

It made agents more aware of the dangers of talking on the cell phone while driving.

It gave some protection to my real estate brokerage and myself as the broker.

WE ARE ALL AN "ACCIDENT ABOUT TO HAPPEN". To this day, I do not talk on my cell while driving. Calls go to my 800# and I check messages regularly. If I make an outgoing call on my cell while in my vehicle, I first pull over to a safe place. That said, I understand well the pressure for agents to be connected while on the road. Agents on my network are usually anxious to answer a call from me because they know it's important. I'm usually calling with a buyer referral. However, I still would not encourage them to answer a call while driving. With a "HANDS FREE" device, voice activated agents may have a margin of safety. However, law enforcement folks claim that simple talking is distracting. I don't have an answer for that, or anything else for that matter. I would just like to raise the awareness of the subject for my ActiveRain friends. When an agent doesn't answer, I assume that they are driving and wait a reasonable time before calling another agent to make the referral.

"Hey, let's be careful out there." Sergeant Phil Esterhaus, Hill Street Blues.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Super Bowl Party! Come one, come all, and bring your pets! Everyone welcome! Even conservatives!

Tere Rottink (Wainwright Real Estate) — Sun, 07 Feb 2010 18:39:58 -0600

Join the party!

Via Russel Ray, San Diego home inspector (Russel Ray, Property Consultant):

Way back on Sunday, August 9, 2009, Tennessee beat Buffalo in the Hall of Fame preseason football game to start the road to Super Bowl XLIV.

Excitement was in the air here in San Diego with many people predicting the San Diego Chargers representing the American Football Conference in the 2010 Super Bowl. Alas, perennial bridesmaids.

But that's no reason not to party!

COUNTDOWNCLOCK

ANNOUNCING

THE ACTIVERAIN VIRTUAL

SUPER BOWL XLIV PARTY

Who? You!

Why? Why not?

When: Starting now!

Where: Right here!

The combatants

vs.

Indianapolis Colts vs. New Orleans Saints

Bring something to share!

☺☻☻☺

Please let your cat play with other ActiveRain cats
by clicking here.

♫♫♪♫♫

Twenty most recent posts

How to become a suspect....

I'm beautiful but destructive!

Not my idea of a master bath!

Looks like something out of a Stephen King movie

If it's new, it must be for me!

Come hike with me to Adobe Falls!

I promise I was nowhere near Area 51 or Vegas Bob!

Rare! Even rarer still when it has all the pieces and works!

They're just too pretty to eat...

Not your average San Diego flower

Drinks, dice, and dolls....

The cutest property greeter I've ever met!

Sometimes I just don't have a clue....

Just because it looks beautiful doesn't mean it's safe

....and then there are people who really DO listen to me!

15 months later, but I'm still here to help!

What do YOU do when YOU come home after a hard day?

Even professionals sometimes ignore safety

It's nice to have Realtors trust you, and go to bat for you, too!

One person's trash is another person's treasure

My Favorite ActiveRain TV Stations

ActiveRan Travel Station
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ActiveRain History Station
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ActiveRain Symphony Station

Is Congress Working to Create Yet Another Potential Hurdle to Real Estate Recovery?

Tere Rottink (Wainwright Real Estate) — Sun, 07 Feb 2010 10:29:10 -0600

What is wrong with this picture? From all that I read what we need is jobs in this country. The real estate industry is being over regulated, and that will only create more problems to the American dream of owning a home.

Via Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC):

To preface this post, I should probably state that it's not strictly political in nature. For those of you who read my blog regularly, you know that I don't often write about politics, and I don't strictly define myself as a Democrat OR a Republican. However, I do think and hope there's a bit of self-preservation in all of us. Call it instinct. This issue I will write about here has the potential to further damage our industry, so I felt compelled to air it for discussion/action. My ideas are my own, and I don't claim any level of economic expertise other than my business degree and my own experience running a small business since 1996. Now that we have that out of the way, read on...

Not long ago, President Obama gave his State of the Union address. At one point, he was talking about regulating the banking industry and the rest of the financial sector. There was an irony that I saw there, when it occurred to me that in their zeal to do something about the financial mess which they likely helped to create, Congress is now looking at the possibility of passing measures that could further damage the housing and mortgage industries.

Over-regulation probably won't solve our problems, at least not as I see it.

So, what am I referring to here, anyway?

Well, I had lunch with a good friend of mine not too long ago, and he brought to my attention that a number of Senate Democrats recently sent a letter to the Federal Reserve Chairman, Ben Bernanke (on Christmas Eve, no less), urging him to adopt new regulations which would ban yield spread premiums for mortgage brokers. The letter was headed up by Sen. Merkley, and it was co-signed by about 18 other Democrats. To read it yourself, visit https://www.namb.org/images/namb/GovernmentAffairs/Senate%20Letter%20to%20Fed-YSP%2012242009.pdf. The National Association of Mortgage Brokers has been working overtime to keep their members informed on this.

If you aren't familiar with yield spread premiums, or YSP's, here's one definition from Wikipedia, "the money or rebate paid to a mortgage broker for giving a borrower a higher interest rate on a loan in exchange for lower up front costs." This means that YSPs can often help to defray costs for buyers. I won't claim to understand all of the requirements therein, and it won't really matter for the purposes of this post.

I did take some time to read through the actual regulations that they are considering instituting, and some of the language there was disturbing to me:
To address the concerns related to loan originator compensation, 
the Board proposes to prohibit payments to loan originators that are 
based on the loan's terms and conditions. This prohibition would not 
apply to payments that consumers make directly to loan originators. 

The Board solicits comment on an alternative that would allow loan 
originators to receive payments that are based on the principal loan 
amount, which is a common practice today. 

If a consumer directly pays the loan originator, the proposal would prohibit the loan originator 
from also receiving compensation from any other party in connection 
with that transaction.
Since the Board is soliciting comment on this, I would be happy to oblige.

Why does this proposal bother me as a real estate broker?

Well, it seems to me that this hinders the free enterprise system as it exists now. By removing YSPs completely, you will effectively remove yet another viable option for consumers who are short on cash. Over the past few years, we've all watched helplessly as mortgage options for Joe Average have dwindled. Truthfully, the loan approval process was too loose before. I get that, believe me. There were people who got approved for loans who were truly risky propositions. However, I've seen the pendulum swing too far in the other direction now. I have told many friends and potential clients that roughly 1/2 of the marketplace was vaporized with the tightening of the credit markets and tougher loan guidelines. For every 10 home buyers that I could assist before, I now have 5 or 6. I hear the same thing from my colleagues across the country.

The subprime mortgage crisis was certainly part of the problem, and it did seem like all you really needed was the ability to fog a mirror and you could buy a home. That being said, the removal of subprime, most zero-down programs, stated-income loan products for self-employed individuals has made being a Realtor or a mortgage broker a very tough job indeed.

None of us could ever have foreseen how different our world could become in a couple of short years. Fear has replaced reason when it comes to the world of banking. Melodramatic? Not really. I am trying to feed a family of six with my income. Thankfully, I've survived some difficult years, and, along with most people I speak with these days, I am hoping to see a sincere turnaround. This proposal won't help.

Another concern that I saw in the language is that this lays the groundwork for the government to step into the real estate arena as well, perhaps prohibiting OUR commission from being tied to the sales price of a property. Again, I see this as inhibiting the free market.

On the surface, I see how this could be perceived as helping consumers, but the more likely scenario is that mortgage brokers will now have two paths to choose from:

Charge a lot more directly to consumers to originate loans, since they can't get paid by banks, or

Go out of business

Clearly, neither of these outcomes would be beneficial for any of us.

In fairness, there are some other parts of the proposal that make sense to me, mainly with regard to consumer disclosures, but this portion would be foolish. You can see the whole thing here if you're interested: http://edocket.access.gpo.gov/2009/E9-18119.htm

It's my understanding that the Federal Reserve already has the authority to monitor and regulate mortgage brokers, so any legislative action would be overkill and probably just plain unnecessary.

From my own research, I was happy to see that this issue wasn't split strictly along party lines, unlike so many other things we hear about from Washington. Although none of the Republicans on the Senate Banking Committee signed the letter, I was pleasantly surprised to find that a handful of Democrats also abstained. Kudos to Johnson of South Dakota, Benett of Colorado, and Tester of Montana for not just toeing the party line here. I applaud the members of the committee who didn't sign this pressure letter. You can see a list of all the members here: http://en.wikipedia.org/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs

I'm hoping that the highly paid lobbyists for the financial institutions that actually caused the problem don't manage to shift the blame to the little guys. While there were certainly predatory lenders that played a part in creating the mortgage crisis, most of these people are just business owners who are trying to provide an honest service and get paid for their work.
If this bothers you as much as it does me, I would encourage you to contact the members of the committee and let them know, especially if any of them are in your home state.

I welcome your input. :)
If you enjoyed this post, why not connect with me elsewhere?

If you're looking for a home in the Austin area, you can visit my primary Austin real estate website at www.austintexashomes.com. Thanks!

SNOW, SNOW AND MORE SNOW.

Tere Rottink (Wainwright Real Estate) — Sat, 06 Feb 2010 17:09:20 -0600

Last week a lot of us did not leave the house for four days. Some people were not able to stay home, but luckily the kids had two snow days, and I was relieved. To make it to school the drive is on country roads and because of the ditches it is a scary route.
Will there be school on Monday? It is snowing again, and will get below freezing tonight. I guess another weekend that we may miss church.

Thanks to David Corsar for letting me use these pictures from the oceanfront.

This last picture was taken by Valerie on our back yard.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

The 90 Day Wait on FHA Flips Has been Lifted

Tere Rottink (Wainwright Real Estate) — Sat, 06 Feb 2010 08:20:50 -0600

Good news for investors and many first time home buyers.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Via Sandy Shores, Melbourne/Palm Bay FL, Brevard County Real Estate & Investing (M & M Real Estate Inc. www.SandyShoresMelbourne.com):

The Federal Housing Administration has decided to ease up on it's anti flipping rules effective this week, February 1, 2010. Investors will no longer have to wait 90 days to sell a property that they purchased for the sole purpose of renovating it and flipping it.

There had been a 90 day waiting period before an FHA or VA buyer could purchase one of these renovated homes from an investor. The wait had previously been implmented because some "flippers" were making substantial profits on a property in a short period of time, artifically driving the price of homes up. Other flippers were caught in illegal schemes.

The Federal Housing Administration hopes that this decision will get more investors back into the market to purchase some of the nearly 3 million foreclosures available. It will also provide more opportunities for FHA and VA buyers to find clean homes, in move in condition. Typcially, VA buyers are purchasing with no money down, 100% financing and FHA financing requires 3.5% down.

But, investors will need to follow the new restrictions:

-the property must be sold in an 'arms length transaction". It cannot be sold to a friend or a relative of the seller.

-the markups on these properties must be approximately 20%. The investor must be able to justify his final sales price to a new buyer's lender. He must keep good records, and if his sales price is higher than 20% of his original purchase price, a buyer's mortgage company will be justified in hiring their own property inspector and do a thorough review of the investors documentation.

Read the full article here.

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. We have a team of professionals that can help with your Short Sale.

I buy, sell, rent, own and manage Investment Property

Mid-Atlantic Home and Flower Show in Virginia Beach. Join the fun!

Tere Rottink (Wainwright Real Estate) — Fri, 05 Feb 2010 09:48:05 -0600

Mid-Atlantic Home & Flower Show in Virginia Beach

Today begins the Mid-Atlantic Home & Flower Show in Virginia Beach. I am in my way to the show this afternoon. I love Home shows.

Gardens, gardens and more gardens! Alive with an impressive variety of blooming flowers and thriving plants - you will find something just for you!
Presented by the Tidewater Builders Association and The Virginia Horticultural Foundation, the show is part of The National Home and Garden Show Series with PremierHomeShows.com, sponsored by Better Homes and Gardens magazine.

Pat Simpson ot "The weekend Gardener" will be one of the speakers.. An expected 25,000 attendees should be there this weekend.

Some of the highlights of the Mid-Atlantic Home & Flower Show in Virginia Beach are:

-"Little Projects...Big Impacts! Easy and Inexpensive Projects" at 12:30 p.m. Feb. 6 and noon for Feb. 7 practical and inexpensive ways to increase a home's comfort, functionality and value, including at least three DIY projects costing $1,000 or less.
-"Name That Tool" presentation - at 2 p.m. Friday and 3 p.m. Feb. 6 and 7.
-"Landscape Design for Homeowners" and other presentations by Renegade Gardener Don Engebretson, "Dr. Lori" Verderame's antique appraisals (one free per ticket-holder), and hourly educational seminars by expert horticulturists and gardeners, including design demonstrations.
"Living art" with Pearl Fryar. Topiaries, pruning, finding your own gardening style and more during several presentations at
12:30 and 3:30 p.m. Friday, 1:30 and 4:30 p.m. Feb. 6 and 1 p.m. Feb. 7.

Make sure to visit the stand of my new favorite company. "The Bath Guys" I will be writing a blog about them soon, as once of my clients saved thousands of dollars on their bathroom remodeling.

It starts today Friday at 10AM until 9 PM the same as Saturday and on
Sunday From 10 AM to 5 PM

Admissions are $10 for adults with children 6 and under FREE.

Active-duty military and senior citizens receive a $3 discount.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Mid-Atlantic Home and Flower Show in Virginia Beach. Join the fun! was first published on Hampton Roads Real Estate Voice Copyright © 2010 By Tere Rottink, All Rights Reserved.* Mid-Atlantic Home and Flower Show in Virginia Beach. Join the fun!

Listen, pay attention, Listen pay attention.

Tere Rottink (Wainwright Real Estate) — Thu, 04 Feb 2010 16:03:29 -0600

Listen - listen- listen Listen, pay attention, Listen pay attention.

A common theme of blogs that I comment on are the ones that address other people listening and not paying attention to what they are being told. When I am with clients, I make it a point to listen to everything they say. Some times they are not even aware of what they feel. For example they want a bargain, and they are willing to do some work, if we find a property that meets their needs. Within minutes they tell me stories of nightmare minor construction work that they have done. I try to make them aware that a fixer upper is probably not some thing they want. But, on a more personal note,

I want to share two stories.

One. When I was very young in my early 20's I considered selling my home. I put it on the market with a real estate agent, but I informed him of my hours which included my night job. I slept until late because I was up until late. I told the agent to make sure and make appointments. Well, one day I was awaken by strangers in my bedroom. Disoriented, I realized that these were buyers, I asked the agent if he had made an appointment, and he said that since he had tried to make one, but unable to reach my agent, he thought it was ok to come in to my home. Those were the days of books and not computers, but I had seen the bolded "must make appointment before showing." I was very angry opened the door and asked them to leave. I felt sorry for the young couple, but I couldn't believe the attitude of that young "Mercedes driving" agent. My home was very humble, and I could see his face of entitlement. Well, maybe I was also sleep and disoriented. I took the home of the market and kept that home for another decade.

Two. I was talking to my sister yesterday and she told me of the sad news of a close relative who is in her deathbed. Thanks to Facebook, I am now in contact with most of my relatives, so I proceeded to send a FB note letting her children know of how sorry I was for these sad news. Some how the name of another cousin was in my mind, so I decided to send him a quick email saying hi and how are your brothers and sisters and mother. It sort of had a recurring joke between us.
Here is the punch line. Those cousin's mothers share the same name. And the dying mother is the one of the second cousin. I have to admit that I have laughed at my stupidity, and inability to listen because I assumed that the first aunt that came to mind was the sick one. How sad it is to see my relatives passing away. Reminds me to keep in contact more often, and yes I feel very guilty for laughing.
Very heart felt apologies are on their way.
.

To SELL or BUY Real Estate in Virginia Beach, or Hampton Roads visit my website. http://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice.com

Call me at: 757-502-5324

Listen, pay attention, Listen pay attention. was first published on Hampton Roads Real Estate Voice Copyright © 2010 By Tere Rottink, All Rights Reserved.* Listen, pay attention, Listen pay attention.

Prequalifying that Short Sale Listing before showing...are you doing it? Questions you should be asking.

Tere Rottink (Wainwright Real Estate) — Thu, 04 Feb 2010 14:08:04 -0600

If you are considering a short sale in Norfolk Virginia, you should read this information.

Short sales are very unique and not all them are easy to work with.

Please visit this short sale in Norfolk. The bank and seller meet all these qualifications.

Via Amy Jones (Chandler, Arizona RE/Max Excalibur):

We qualify our buyers before showing them a home, right? But are you qualifying the short sale listings you're showing them? If not, you may be wasting your time.

By contacting the listing agent and asking them a few basic questions prior to showing their listings you'll accomplish 2 things.

You'll save you and your buyers some and frustration time by not showing or writing an offer on a property that's not going to qualify as a short sale and consequently will never close.

Some Listing Agents will finally start doing their homework before taking any listing and slapping "short sale" on it.

When I meet with buyers looking for a home in Chandler, AZ, my first visit with them will include some counseling about the types of properties available for sale in our area.

Traditional resales

New home construction

Short Sales

REO's

I will explain the process with each type of sale. When we cover short sales, I'll go over my list of questions that I will ask any listing agent prior to showing a short sale listing and explain the reasons for each question and I'll obtain the buyers approval to eliminate Short Sale listings based on my findings so we're not wasting time.

I will tell you that buyers agree 100% of the time. Buyers do not want to sit around waiting on a short sale that's not going to close and loose the opportunity to find one that will.

Here are a few questions I ask any short sale listing agent (and another reason why listing agents should be responding to inquiries in a timely manner. If they don't respond...I don't show).

Do you have any offers?

Have you submitted any offers to the lender(s)?

How many offers will you be submitting to the lender(s)? If it's more than one, the interview is over and I'm moving on to the next property.

Have you prequalified the seller and do they have a hardship?

Have you reviewed their financials and do they have an income shortfall?

Have you verified the parties on the Title and Deed?

What stage of foreclosure is the property in?

How many lenders are involved?

The answers to these questions will determine whether or not we'll look at the property. Some of the answers will give me an idea of how long the process will take and depending on how long my buyer is willing to wait, whether or not we'll look at the property.

The answers will also be a very good indicator of whether or not the listing agent knows what he/she is doing. I'm willing to help a listing agent along, if certain criteria are met, but if the agent has not done their homework, they've just flunked my interview and we're moving on.

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