Sunday, December 30, 2007

Relocate to Richmond Virginia

Moving your family to another town or state is a major event in your life! We have helped families and individuals relocate to and from Metro Richmond.
If you will be moving to Metro Richmond, we can correspond by email and phone. Together, we'll determine what type of home, price range, and neighborhoods you are interested in. We'll send you every home or property that is currently available that matches your criteria.
When you visit, we'll be ready! We will visit the local Richmond neighborhoods and homes that interest you the most. In addition, we can talk about schools, sub-divisions, local market conditions, local culture... anything that is important to you.
Remember: It's our job to know this area inside and out, and we want to make your transition as smooth as possible.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Richmond Virginia Real Estate - First Time Home buyer

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home?
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 3% or less appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs?
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options.

Where the money for the transaction will come from?
Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.

The ongoing costs of home ownership.
Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your realtor and your lender aware of your desire to limit these costs.

If you are still unsure if you should buy a home after making these considerations, you may want to consult with Realtor to help you with the process.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Richmond Virginia Real Estate - Your Buyer Agent!


Your buyer's agent must:

Protect your negotiating position at all times, and disclose all known facts which might affect or influence your decision - their loyalty to you is undivided
Obey all your lawful instructions
Keep all your confidences
Exercise reasonable care and skill in performing his/her duties
Account for all money and property placed in his/her hands while acting for you

A REALTOR® who is NOT your agent cannot:

Recommend or suggest a price other than that given by the seller
Negotiate on your behalf
Inform you of his/her client's top and/or bottom line
Disclose any confidential information about his client unless authorized to do so

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Fight back concer!


Visit the Fight Back page and find ways that you can take a simple action that just might save someone's life.

Richmond Virginia Real Estate - If the price of your home is too high!

If the price of your home is too high, several things could happen:
Limits buyers . Potential buyers may not view your home, because it would be out of their buying range.
Limits showings . Other salespeople may be less reluctant to view your home.
Used as leverage . Other realtors may use this home to sell against homes that are better priced.
Extended stay on the market . When a home is on the market too long, it may be perceived as defective. Buyers may wonder, "what's wrong," or "why hasn't this sold?"
Lower price . An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you'll probably get less than if it had been properly priced at the start.
Wasted time and energy . A bank appraisal is most often required to finance a home.
Realtors have known it for years - Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that's why you need a professional to assist you in the selling of your home.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

How to Cash in on a Fixer-Upper!

It's commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It's less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits. The most important thing to know before making a decision on such a purchase is what needs to be fixed.
Be careful that you don't over pay. Especially if you plan to resell quickly, paying too much up front can doom your plans for quick profit. Research the market for reselling and have an exit plan for selling the house in place before making an offer.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

PEW NEWS IQ SCORE


Here's Your Score: You correctly answered 12 of the 12 possible questions along with approximately 6% of the public. You did better than 94% of the general public.

Find out how your score compares with other Americans who took the test in our national telephone survey:

Sunday, December 23, 2007

Happy Holidays



I want to wish EVERYONE a safe and happy holiday week . 2008 is going to be great.

What kind of Care Bear are you?

Take the quiz to see what CareBear you're most like.


Friend Bear
You are everyone's ideal friend because you are sincere and genuinely kind. Sometimes you worry about your friends' problems so much, you forget about your own responsibilities, which can get you into trouble. For you, it's the little things that really count. You also happen to be the main driver of the Cloud Car. No speeding!

Tuesday, December 4, 2007

Credit Score Primer: What Buyers Need to Know to Get a Loan!

In the wake of the credit crisis, lenders have become much pickier about whom they lend to. Here are some basic facts that will help potential borrowers understand what they face.

The measurement that most lenders use to assess applicants' credit risk is the FICO score developed by Fair Isaac Corp. The score ranges from 300 to 850.

There's not one FICO score. Buyers have three: one for each of the three credit bureaus, Experian, TransUnion, and Equifax.

Each credit score is based on information the credit bureau keeps on file. Since credit bureaus don't share their data with one another, the three FICO scores may differ, sometimes by as much as 100 points.

The components of a FICO score are:

Payment history: 35 percent
Amounts owed: 30 percent
Length of credit history: 15 percent
New credit: 10 percent
Types of credit used: 10 percent

A consumer with a 580 credit score might qualify under FHA requirements, but, generally, in order to qualify for a prime loan, a borrower must have a credit score above 620 for a conventional loan at all and above 720 for a loan at terms and rates most borrowers would consider desirable.

Source: The Dallas Morning News, Pamela Yip (12/03/07)

Sunday, December 2, 2007

Advice to Buyers: Spend Cautiously Before Closing

Home buyers should take care not to run up a lot of debt between the time they are approved for a mortgage and the day they go to the closing table.

Many lenders are pulling credit history and credit scores within a week of a buyer’s scheduled closing date just to make sure nothing major has changed. What the lender doesn’t want to see is a huge run-up of credit-card debt or other loans.

The lender also may require the borrower to sign a statement at closing affirming that there has been no change in the borrower's financial ability to repay the loan and that the borrower's employment status remains the same.

Home buyers should be particularly cautious not to throw their debt ratio out of whack by buying things for the new home before they own it because the added debt might change their credit score and the lender may no longer be willing to lend them money at the rate promised, or maybe not at all.

The best advice, experts say, is to wait to do that shopping until after closing.

Source: Ilyce Glink, Real Estate Matters Syndicate (11/09/2007)

Christmas Events in Richmond



  • Richmond, Virginia Christmas Events Christmas Parade - Richmond VA Saturday December 1, 2006, 10:00 AM

  • Mechanicsville Christmas Parade. Sunday, December 2, 2007 at 3:00pm.

  • Prince George Christmas Parade - December 1, 2007 Line up 2pm - Parade 3pm

  • Colonial Heights Christmas Parade - December 4, 2007 Line up at 6pm rolls at 7pm

  • Dinwiddie Christmas Parade - December 8, 2007 at 2pm

  • Chester Christmas Parade - December 9, 2007 Lineup at 1pm rolls at 2pm

  • Charles City Christmas Parade - December 15, 2007 at 10am

  • Powhatan Christmas Parade - December 15, 2007 at 3pm

Richmond Real Estate - Condo Buyers Should Do Their Research!

Condominium buyers who fail to take a close look at the condo association's rules and finances can be in for some unhappy surprises.

These documents can contain everything from the operating hours of the laundry room to plans for major construction or pending lawsuits. If the potential condo buyer reads the document and doesn’t like what’s there, the law generally says he or she can walk away from the deal.

"These statutes are built to give purchasers the information they need to make an educated decision," said Pia Trigiani, a lawyer at Mercer Trigiani, a firm that specializes in real estate transactions.

Here are the some key questions a condo buyer should try to answer when reading through the association's documents:
  • Is the association charging residents enough to pay expenses without going into debt?
  • Is there a pattern of special assessments that may indicate poor financial management?
  • Is there sufficient money or a plan to get more money to pay for the projects specified in the reserve study? Buyers should compare the budget provided in the resale package against the expenses predicted in the reserve study and see if there appears to be enough money.
  • What do other residents and the management company think? Read the board minutes, which are maintained by the management company. Some companies charge a small fee for this service.

Source: The Washington Post, Renae Merle (11/17/2007)