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Chester, VA Real Estate News

By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
   TIPS ON HOW TO PRICE YOUR HOME           Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?   Consider competition. How many other houses are for sale in your area? Are you competing against new homes?   Consider your contingencies. Do you have special concerns that would affect the price you'll receive? For example, do you want to be able to move in four months?   Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home's value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (http://www.appraisalinstitute.org/) or ask me for some recommendations.   Ask a lender. Since mo...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
What Is Appraised Value?   It's an objective opinion of value, but it's not an exact science so appraisals may differ. For buying and selling purposes, appraisals are usually based on market value-what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes. Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value. Appraised value doesn't consider special considerations, like the need to sell rapidly. Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer. Used with permission from Kim Daugherty, Real Estate Checklists and Systems (http://www.realestatechec...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
 10 Questions to Ask a Home Inspector What are your qualifications? Are you a member of the American Association of Home Inspectors?Do you have a current license? Inspectors are not required to be licensed in every state.How many inspections of properties such as this do you do each year?Do you have a list of past clients I can contact?Do you carry professional errors and omission insurance? May I have a copy of the policy?Do you provide any guarantees of your work?What specifically will the inspection cover?What type of report will I receive after the inspection?How long will the inspection take and how long will it take to receive the report?How much will the inspection cost? Portions adapted from Real Estate Checklists and Systems and used with permission (http://activerain.com/actio...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
  Hidden Home Defects to Watch For  No home is flawless, but certain physical problems can be expensive. Watch for:  Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics.Shifting foundations. Look for large cracks along the home's foundation.Drainage. Look for standing water, either around the foundation of the home of in the yard.Termites. Look for weakened or grooved wood, especially near ground level.Worn roofs. Look for broken or missing copings and buckled shingles as well as water spots on ceilings.Inadequate wiring. Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug in the grounding prong.Plumbing problems. Very low water pressure, banging in pipes.EDITH WHARTON 804-...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
   10 Things to Take the Trauma Out of Homebuying Find a real estate professional who's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the practitioner you choose is both skilled and a good fit with your personality. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision. Accept that no house is ever perfect. Focus in on...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
 10 Tips for First-Time Homebuyers    Be picky, but don't be unrealistic. There is no perfect home. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs. Don't wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? Think long-term. Are you looking for a starter house with ...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
5 Common First-Time Homebuyer Mistakes   They don't ask enough questions of their lender and miss out on the best deal. They don't act quickly enough to make a decision and someone else buys the house. They don't find the right real estate professional who is willing to help you through the homebuying process. They don't do enough to make their offer look good to a seller. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years. Reprinted with permission from Real Estate Checklists and Systems (http://activerain.com/action/blogs_admin/www.realestatechecklists.com)HAVE A REAL ESTATE NEED? CONTACT ME:EDITH WHARTON 804-741-9930WANNASELL4YOU@AOL.COMALL-TERRAIN RICHMOND REALTY8901-A PATTERSON AVE.RICHMOND, VA. 23229
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
  5 Reasons You Need a REAL ESTATE AGENT A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 60 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted. Real estate has its own language. If you don't know a CMA from a PUD, you can understand why it's important to work with someone who speaks that language. REAL ESTATE AGENTS have done it before. Mo...
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By Edith Wharton, Realtor - Chesterfield VA
(Cottage and Loft Realty)
"WHAT CAN A SELLER 'S AGENT DO TO HELP ME BUY ?"Without a buyer's agent, you're really on your own. Keep in mind, the seller's agent is actually working for the seller and is the seller's legal representative. Yes, a seller's agent can offer buyers some services, including a diligent search to find the right home, an explanation of available financing, calculation of monthly payments, estimate of settlement costs and presentation of your offer to buy.What a seller' s agent can't do is disclose information not in the best interst of the seller such as an opinion of the home' s real value or what price and terms the seller would accept.By law, the seller' s agent must negotiate on behalf of the seller and may not withhold from the seller information that could strengthen their bargaining ...
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