Here's a price report based on the last two years of sales and rentals as of 2/28/2010. Each report contains the median price along with high and low over the period. All figures are approximations and should not be used to judge final sales values.

Unit Type	For Sale	Condo Fees	Rental
One Bedroom, 950 to 990 sf	170,890 (136,453 to 221,000)	465 to 440	1,300 (1,200 to 1,420)
Two Bedroom, 1180 sf	209,500 (172,000 to 255,000)	550	1,700 (1,250 to 2,100)
Three Bedroom, 1700 to 1840 sf	275,000 (260,000 to 329,000)	800 to 860	2,000

Skyline Plaza is located at 3701 and 3705 S George Mason Dr. Falls Church Virginia 22041, near Leesburg Pike (Route 7), I-395, and between Eisenhower Ave and Bailey's Crossroads. Skyline Plaza was built in 1973, it's a 15 minute commute to D.C.

Amenities include:

• 24 Hour Security
• Children's Playground
• Storage Space 
• Outdoor pool
• Sauna
• Gym
• Party/Club Room
• Balconies
• Garage Parking
• Community/In Unit Washer/Dryer
• Electricity, Gas and Water included in condo fee
• Central A/C
• Gas Heat
• Gas Hot Water Heater

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

If you are looking or even just thinking about buying a condominium home in or around Northern Virginia, it's perfectly natural to feel a little nervous. Buying a condo and owning your own home is a large, life changing purchase. Indeed, any individual thinking about buying a condo needs to know what to expect and how to prepare for those expectations. Below is a short list of 5 essential tips that any condo buyer would do well to consider throughout the process of finding a new condominium home. Happy hunting!       

1) Look at Everything in Person

First, remember to look in person at any condo unit you are interested in. It is very important that you make sure to actually see the amenities, parking space, and condo facilities personally. This simple but critical task will avoid any confusion and disappointment later on and will ensure that you are satisfied with your condo purchase. If you absolutely cannot look at the condo in person than ask the seller if you can send a friend you trust to look at the unit instead. In addition, if you are located in a different city than where you are condo shopping, be sure to ask the condo seller or realtor to send you as many pictures as possible of the condo and the condo building before you make a decision.  

2) Carefully review the Condo Association Fees First

Make sure that you know what exactly is included in your condo purchase. What amenities are included in the condo fees to make the condo right for the price? Or, on the other hand, are you going to end up paying for benefits you don't need? In addition, ask if there is any insurance included. Different condo associations may charge the same amount per month, but one may include some incidental insurance while others may require hefty fees for amenities you may not really need or want. Finally, check the condo association meetings and/or any printed bulletins that result from them. Look for any past or developing issues that you need to take into account.

3) Never Ignore the Documents that Accompany the Condo Purchase 

Always review the condominium documents very carefully before you buy. In laymen's terms, don't ignore the fine print. Here, you should check the total price and property documents to make sure that they are reasonable for the area. Be especially cautious if the price is very low because this could mean you will need a special assessment of the unit, which could cost you a lot of money, later in the future.

4) Always Review Comparable Units for Sale in the Same Building

While every condo building is unique and features different amenities, styles, policies, and location, it is important that you look into other condo units that are for sale or have sold in the same building. Here, do not simply rely on the recent sale price of another unit in the building. Consider what another units' floor plan was, what views it had, or if it had any special upgrades. Depending on the view and floor of the unit, the price of a one bedroom can vary within a condo building.

5) Work with a Specialist

The condominium marketplace is often a very specialized type of real estate and as such, you should always consider working with a qualified realtor, and particularly one who specializes in condos. With the help of a realtor, you will have access to a greater condominium market which will enable you to find the best condo unit to fit your needs at a price that you can live with.  

1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Home buyers who purchased a property after Nov. 6, 2009, when the extension and expansion of the first-time and move-up home buyer tax credit took effect, have reportedly been unable to get their rebates---or even file for them---because paperwork isn't available.

Robert Dietz, an economist with the National Association of Home Builders, says the delay is apparently caused by the Treasury Department's inability to quickly create new documentation that filers could use to prove they actually bought a property.

Previously, all a home buyer had to do was file a form that said they'd purchased a property. No proof was required. As a result, there were thousands of reports of fraud. This time around, the IRS is seeking ways to force home buyers to prove their eligibility.

Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, says it probably will be another three months before the problem is resolved.

Source: CNNMoney.com, Les Christie (10/14/2010)

Want to compare Old Town to Crystal City? I can tell you there are huge differences in the lifestyles, the types of homes and the commutes in these two neighboring villages. But I can't really quantify that information. Fortunately, I don't have to. Our site has a great tool for researching and comparing neighborhoods, with information about schools, education, incomes, age of homes and more.

In the meantime, over the next few days I expect to run a few reports and publish them to give you an idea of what you can learn about neighborhoods of Northern Virginia. By the way, what's nice about this system is that you can use it to compare any neighborhoods in North America. See how Lansing stacks up to Fairfax, or how Falls Church does vs. Peoria. The research engine is here.

22202 (Crystal City)

22314 (Old Town)

This is just one of many stats that you can research and compare on our site, and this one alone is quite telling on the neighborhoods of Crystal City and Old Town. Crystal City is 22202 and Old Town (plus the Carlyle District) is 22314.

22202 (Crystal City)

22314 (Old Town)

This statistic actually doesn't give Old Town Alexandria its full historical range. Many homes in Old Town are older than 80 years of age. But Old Town has a suprising number of new homes as well. Crystal City is definitely younger.

22314 (Old Town)

22314 (Old Town)

22202 (Crystal City)

22202 (Crystal City)

Crystal City and Old Town are both leaders in household income, though perhaps Old Town is a bit more affluent. (Perhaps this is why there are more owners in Old Town?)

Can you see yourself in here?

Active home search (median):

• Number of weeks searched: 10
• Number of homes seen: 10

First-Time vs. Repeat Buyers:

• First-time buyers: 41%
• Repeat buyers: 59%
• Median age of first-time buyers: 30
• Median age of repeat buyers: 47

Buyers who definitely would use same agent again: 70%

Actions taken as result of Internet home search: 

• Drove by/viewed a home: 77%
• Walked through a home viewed online: 63%
• Found agent used to search/buy home: 27%

Information sources used in home search: 

• Internet: 87%
• Real estate agent: 85%
• Yard sign: 62%
• Open house: 48%
• Newspaper ad: 47%
• Home book or magazine: 30%

Source: 2008 National Association of REALTORS(r) Profile of Home Buyers and Sellers

The Basics: Extended Home Buyer Tax Credit 2009/2010

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000---may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income---over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale

Many houses and apartments built before 1978 have paint that contains lead (called lead-based paint). Lead-based paint is perfectly safe when treated properly, but lead from paint, chips, and dust can pose serious health hazards if not taken care of properly. Lead is especially dangerous when ingested. Lead poses a greater risk to small children who might ingest paint chips.

Recognizing that families have a right to know about lead-based paint and potential lead hazards in their homes, Congress directed EPA and HUD to work together to develop disclosure requirements for sales and leases of older housing. These requirements became effective in 1996.

Federal law requires that individuals receive certain information before renting or buying a pre-1978 housing:

• LANDLORDS have to disclose known information on lead-based paint and lead-based paint hazards before leases take effect. Leases must include a disclosure form about lead-based paint.
• SELLERS have to disclose known information on lead-based paint and lead-based paint hazards before selling a house. Sales contracts must include a disclosure form about lead-based paint. Buyers have up to ten days to check for lead hazards.

Renovating, repairing or painting a home, child care facility or school containing lead-based paint

Beginning in April 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and follow specific work practices to prevent lead contamination.

Until that time, EPA recommends that anyone performing renovation, repair, and painting projects that disturb lead-based paint in pre-1978 homes, child care facilities and schools follow lead-safe work practices. The contractor should follow these three simple procedures:

• Contain the work area
• Minimize dust
• Clean up throughly

To learn more check out the following EPA pamphlets on renovation, repair and painting:

• Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools (PDF) (20 pp, 3.7MB)
• Contractors: Lead Safety During Renovation (PDF) (2 pp, 1.5MB) HTML version

According to the National Association of Realtors:

A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate® -- the world's largest professional association.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 to today's 720,000 members. NAR is composed of residential and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,700 local associations/boards and 54 state and territory associations of REALTORS®. They can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections.

REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

Our agents are abides by this Code of Ethics and Standards of Practice. We strive to give our clients value by staying current and knowledgeable about the sales and purchase process. We also constantly increase and improve our knowledge of Northern Virginia's communities, amenities and condominiums.

Although there are numerous benefits to owning a condo which include the lifestyle that such ownership entails; individuals living as single, young professionals who are just starting out, are arguably the most notable beneficiaries. The economic benefits that condo ownership provides for this particular demographic are two-fold. First, owning a condo is certainly less expensive than owning residential property insofar as the material upkeep and residual costs that homeownership necessitates. Second, most contemporary condo buildings offer a host of wide-ranging amenities that would command a considerable cost to an individual homeowner but which can be enjoyed instead at a significantly reduced rate to condo-owners who share jointly in the overall expense. These otherwise high-priced features and amenities usually include guarded and/or private, enclosed parking; 24-hour security and front desk staff; indoor and outdoor swimming pools; clubhouses; gated recreational facilities; etc., etc. (the list goes on and on!!). To that extent, condo ownership is therefore an ideal middle ground for the single, young professional who may very well aspire towards homeownership someday but who still remains a far cry away from white picket fences, two-car garages and 2.5 children.

In addition to the economically sound benefits that condo ownership provides, there are other elemental and lifestyle benefits that are associated with condominium ownership as well. Today, there are as many types of condominiums out there as there are types of people. Plainly put, the condominium marketplace has progressed with such rapidity that the variety and availability of choice in condo options is as original and unique as individual homes. Thusly, each type can satisfy the different needs of different individuals and therefore enhance and accommodate every kind of lifestyle. For example, there are distinctions between what are popularly thought of as 'condominium apartments' versus those that are known as 'condominium townhouses', which might have small differences from one another save for their structure regulations. There are also condominiums known as freeholds whereby a condo owner owns the plot of land as well as any structure on the land such as a house or townhouse.

Finally, for single or young professionals who are still growing into their grownup-ness, condo ownership signifies an increase in responsibility and a commitment to ownership. To be clear, condo living isn't like renting a single dwelling home or apartment and this is due to the dual nature that comes with owning any condo unit. Condominium owners hold ownership over their respective units but, additionally, each owner is also responsible for the operating costs and maintenance of the all of the shared elements on the property such as lobbies, passageways, and elevators. Here, owning a condo is effectively choosing to live within a community of other condo unit owners and thus, your neighbors. Each condominium complex is a unique community and each owner accepts the rules and regulations that are equally unique to condo living.

In a condominium complex, you also become part of a distinctive community where you as an individual become an integral part in the community as a whole; and this includes being an essential part of the decision making process. However, the advantages that come with shared communal facilities like the pool, clubhouse, and state-of-the-art gym are collectively a strong incentive to watch your neighbors' back.

In summation, owning a condo can provide both economically sensible and personally enjoyable benefits to any owner looking to buy but especially for individuals who are single, working and fairly young professionals who are new to the game but ready for more. In addition, because of the multiplicity and vast assortment of condominium units and styles that are available, condo ownership includes something for everyone. Lastly, although buying a condo certainly signifies a new level of maturation and grownup responsibility; the advantages to living in a shared community and to be able to engage as an honest and responsible neighbor will hopefully serve you both by keeping your pocketbook and your sense of self a little more full.

• price drops in Alexandria
• price drops in Arlington
• price drops in Crystal City
• price drops in Old Town
• price drops in Kingstowne

Recent studies suggest that single women currently make up approximately 47 percent of the condominium buying market in the United States. The reason is pretty obvious, if you think about it. Condominiums are an increasingly popularly housing choice for single women because of the various benefits that condos offer including convenience, security, and often virtually maintenance-free living.    

For starters, security matters. For single women living alone in large, urban areas, one of the many benefits of living in a condominium are 24-hour concierge and security desks, video and security cameras in hallways and stairwells, and gated or enclosed parking areas. So if you're thinking about buying a condo, carefully consider first the kinds of security features and amenities that are available in the unit; very often peace of mind is worth its weight in condo fees. Additionally, it's important to know your potential new neighborhood. Condominiums tend to be located in urban areas where there are other young, working professionals as well as families. Make sure you know your neighborhood inside and out before you make an offer on a condominium and check the local county website for crime rates, local community news, and other annual statistics and reports.

Next, convenience is the key. Another factor that is crucially important when considering buying a condo if you are living as a single professional woman. In many condominium communities and developments there are office personnel to receive packages as well as other day-to-day business services such as dry cleaning, tailoring, and spa and fitness facilities. Some of the larger condominium developments also feature even more advanced amenities such as a grocers, bank branches and ATM's, and many other services that make a single working woman's life just a little easier.

Finally, consider maintenance in relation to time and money. Many single family homes require lengthy, time consuming and ongoing maintenance such as painting every three to five years, worrying about pipes freezing during the winter or getting the rain gutters cleaned. While it's true that you as a condo owner must be financially responsible for the upkeep and maintenance of your condo's common area, typically condo associations oversee the day-to-day management of the property itself. What does this mean for the busy single woman? Well, if the doors stick and the roof springs a leak, you can bet that your sassy self won't be called upon to find someone to fix it. But be sure to check your condo buildings' rules and regulations first. Most condo associations have a list of rules and regulations that you will have to agree to before you purchase a unit in the building. These rules may limit the number and weight of pets; how many visitors you can have at a time including how often and for how long; if you can rent out your unit; and when you can have work done in your unit. Ask the listing broker for the complete set of building rules and regulations.

Before you make an offer on a condo you want to be sure to consider what matters to you most as a busy single woman and those major concerns include safety and security, convenience and location, and matters of maintenance compared to other home ownerships costs. Happy Hunting Miss Independent!

Real estate agents are licensed real estate professionals. The Commonwealth of Virginia requires that licenses be posted in a prominent place in the office of the real estate broker. If you don't see that license, ask if the agent is licensed and ask if the license is current. Agents also carry a license on their person.

Agents are required to train and take courses, so ask about your agent about their training, and about what resources they use to locate either properties for sale or prospective buyers. If you are buying or selling a home, make sure the real estate agent has access to the MLS (Multiple Listing Service). The MLS charges agents a pretty hefty monthly fee and believe it or not some agents let their access to the MLS lapse. Make sure your agent has full access to the MLS.

If you are selling property, ask your realtor to provide you with prices of comparable properties sold in your area so you can be sure you are listing your property for a fair and reasonable price. This is called a Comparative Market Analysis or CMA. A CMA can help you and your agent determine how long it takes the agent on average to sell property. This can also help point to the best marketing plan for selling your property.

Buyers should ask about the type of properties the agent specializes in, condos, commercial, townhouses, luxury, area, etc. Also as a buyer you should provide the agent any additional information about things like local schools and community information.

Buying and selling property can be simple with the help of a good real estate agency. Spend the time to find the right real estate agency for your needs.

We appreciate the opportunity to show what we can do for your business. Contact us to learn more about what we can do for you.

I'm going to buy a home, what's the process?

1. Go to your bank or lending institution to obtain pre-approval.  As part of this you will discover what amount they are willing to lend.  This is important both to know your budget and to ensure your offers are accepted.  Failure to pre-approve can ruin your chances for success later.
2. Sit down with a Realtor to see what's available, what meets your needs, and to discover the hidden dangers in home buying.
3. Once you have found a property you wish to buy you can proceed with an offer.  Your Realtor will provide invaluable assistance by performing a competitive market analysis, a snapshot of recent home sales and their amounts, to determine what will make an offer that gets you the best possible price, without having the seller walk away.
4. The seller reviews the offer, if rejected the seller may make a counteroffer.  This process can continue back and forth until both parties ratify and accept the offer making the offer a ratified contract.
5. A ratified contract then puts into motion a host of background tasks that proceed invisibly to ensure your new home is in good order:
   1. Home inspected for condition, damage and hidden surprises
   2. Appraisal to ensure the banks investment is covered by the value of the home
   3. Loan approval to secure funds for the purchase of your home
   4. Title Search to ensure the seller really has full right to sell your home
   5. Walk-through inspection to ensure nothing changes at the last minute with the property
      
6. At settlement the lender's money and the title transfer come together to deliver you ownership of your new home. 
   
7. Now it's time to move in!

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

Are you shopping for a newly built home, townhome or condominium? We've assemble these resources to make your search easier. In the links below we focus on homes that have been built after 2004. Some of these communities and homes are so new they are still under construction! In addition, we've highlighted a few specific neighborhoods and condominium developments that "feel new" to us, even if they aren't new.

• Alexandria
• Abingdon Row
• Braddock Place
• Cameron Station
• Carlyle Square
• Carlyle Towers
• Chatham Square
• Colecroft
• the Duke at Old Town
• Exchange at Van Dorn
• Ford's Landing
• Liberty Row
• Northampton
• Palazzo at Center Park
• Pointe at Park Center
• Prescott
• Arlington
• Bella Vista
• Eclipse at Center Park
• West Village at Shirlington
• Falls Church
• Westlee
• Fairfax County
• Carrdinal Place
• Eton Square
• Founder's Walk
• Halstead at the Metro
• Island Creek
• Kingstowne
• Manchester Lakes
• Midtown Alexandria Station
• Surrey at Manchester Lakes
• Sycamores at Van Dorn
• Tiers of Manchester Lakes
• Westbriar at Dunn Loring Metro
• Wilton House
• City of Fairfax

What matters in a condo varies by the person, but questions tend to draw from the same pool of questions:

• What amenities are included.  Is there a pool?
• Tennis court?
• Exercise room?
• Are there areas I can walk my dog?
• Is heat electric or gas?
• Do condo fees include utilities?
• Electricity?
• If there is carpet, are there hardwood floors underneath?
• Is the washer and dryer in the unit?
• On the same floor?
• In the basement?
• If buying, what are the condo fees and taxes?
• Where is the closest bus stop?
• Metro stop?

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 of Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

Obtaining pre-approval from a bank is a daunting process.  It is time consuming both due to the delay and because of the amount of paperwork required to satisfy a lender of your credit status. 

It is, without a doubt, the most pressing matter before beginning your home search.  Proceeding without this step can lead to angst, lost time and energy, and opportunities.  Without pre-approval you'll be facing the following pitfalls very quickly:

• Offers will be rejected in favor of lower offers by pre-approved buyers.
• Delays can result as you await approval by your bank.
• Too late you may find the home you are looking at is beyond your budget

• A better home could have been yours if you'd known what you could afford
• Time can disappear into looking at homes that disappear from the market before you're ready to make an offer and
• Effort invested into your search can be wasted as you await preapproval to have an effective offer.

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 of Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

National trends may be continuing to decline, but in Alexandria, Arlington, and nearby parts of Northern Virginia real estate is showing two signs of a comeback.  According to an MRIS Press Release: "Selling prices remain flat metro wide in the Greater Washington DC region, but the central jurisdictions---DC, Alexandria, and Arlington and Montgomery counties---continue to buck the trend."

John McClain, Senior Fellow at George Mason University's School of Public Policy, was quoted by them as saying, "Prices continue to rise in the central jurisdictions. They're in a much better price position due to their premium location."

The most dramatic is an increase in prices of home sales, but equally important is the shortening of time properties are on the market.  These two combine to reduce the available inventory available to buyers.  Waiting can be a shortcut to loss, so holding off in anticipation of falling prices can leave you kicking yourself for missing good deals.

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 of Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

Some folks like to imagine that buying a condo is like buying a house without yard work. In some ways this is true, but it many ways it does not tell the full story. There are real differences between buying a condo, whether you are a first time buyer seeking affordability, or if you are a long-time homeowner down-sizing. 

Legal

Consider the legal limitations of condominium ownership. For example, the title of a single family home provides to the owner near total control of any legal use of the property. That means total control of the landscaping, the colors of the house and the types of windows and doors you have.

But condos are titled differently.  The governing documents in a condominium complex describe common areas and shared resources. The common area and shared portions of the property are controlled by a---sometimes burdensome---democratic apparatus of owners in the complex. The association might restrict the color you can paint your door. It is not uncommon for the association to decide what plants are planted and what types of windows you may install.

On the other hand, some homeowners associations make similar restrictions. A cynic might note that a homeowner does not have control over the street or "common area" that is controlled by the county. In a real sense we all have an association with the community at large. It's just a matter of where the community starts and what responsibilities we cede to the community.

In a single family home, community control begins at the curb, but in a condo, community control begins somewhere just beyond the paint on your walls.

Lifestyle

Because the community has shared elements, condo owners don't just have neighbors. Instead, condominium owners actually live next door to their investment partners. Condominiums force a relationship with your neighbors that goes beyond what the owner of a single family home might find. If your neighbor ruins the carpet outside his door, he ruins your carpet too.  

Life is simpler in a condominium: you don't need to worry about maintenance. Many times some or all of the utilities are managed by the association.  Often the building insurance is managed by the condo association.  Freedom from responsibility means less control and less choices about the community: but do you really care who cleans the gutters?  Do you really want to spend your life picking the insurance company?  If not then, a condo might be for you.

Condo Benefits

Condos are a lifestyle choice. In Northern Virginia, where prices are high and choices are limited, condo ownership makes a lot of sense. However, condo ownership has unique challenges and aspects that you should fully understand before buying. 

If you choose a condo specialist like us, you'll know that we have answers to important questions.

About the Author --- Will Nesbitt is the principal broker of Condo 1 Alexandria and Will Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

Licensed real estate agents can provide you with a competitive market analysis, this is based on:

1. Comparable properties in the area
2. Adjustments for differences in size and condition of the property
3. Differences based on location or the sale/rental date of the property

While real estate prices are fluid and certainly open to negotiation there are very real trends that affect not only the housing market as a whole, but localized areas as well.  This can include everything from:

• New construction
• Zoning changes
• Condemned properties
• Traffic pattern changes

It is important to remember when assessing property that there are three factors that will most influence the price

1. Location
2. Value of improvements (the home or unit)
   
3. Uniqueness of property
   

About the Author ---  Ben Fornshell is a licensed real estate agent with Condo 1 Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

Here's a summary of the Home Buyer Tax Credit by NAR:

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home---the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income---single buyers with incomes up to $75,000 and married couples with incomes up to $150,000---may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income---over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

FHA 203K Loan - Eligible Property

To be eligible for the FHA 203k mortgage loan, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.

Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.

In addition to typical home improvement loan projects, the FHA 203-k mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.
health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

What is the minimum amount of repairs required on a FHA 203k home improvement loan?

There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.

What are some of the repairs that qualify for the first $5,000?

• Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites);
• Elimination of health and safety hazards;
• Changes for aesthetic appeal: (New siding, adding a dormer, covered porch, attached garage);
• Air Conditioning or replacement: (plumbing, heating, air conditioning and electrical systems);
• Installation of well, septic system or connection to public utilities;
• Roofing, Gutter Downspouts, Flooring, Tiling and carpeting;
• Major landscape and site improvement;
• Improvements to improve accessibility and functions for the disabled.

What are the qualifications to be able to obtain a FHA 203-k loan?

The qualifications requirements are the same as a typical FHA mortgage loan. The only additional item that the borrower needs is either enough cash reserved to pay for materials and labor until they are reimbursed through a draw, or a credit card with an adequate available balance. If there is to be a contractor involved, the contractor may choose to cover these costs.

The interest rate on a typical FHA 203k mortgage loan is a little higher than a standard FHA or conventional 30/15-year fixed-rate loan. The cash requirements are the same as an FHA loan, 3 percent to 5 percent, which is less than a typical conventional loan. There are a couple of additional fees which pertain to the construction aspects of the FHA 203k loan.

Can I pick my own contractor to do the work?

You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work.

The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.

Can the FHA 203k loan be used to improve a condominium unit?

Yes, however, condominium rehabilitation is subject to the following conditions:

• Owner/occupant and qualified non-profit borrowers only;
• Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
• Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
• The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units.

By law, FHA 203k loans can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for an FHA 203k loan. Likewise, a project could contain a row of more than four attached townhouses and be eligible for a FHA 203k loan because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.

News from the IRS regarding the first-time home buyer tax credit:

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

Questions and Answers

More information is available in the question and answer section.

Buying your new house or condo involves a multitude of steps.  Having a real estate agent ensures that these steps go smoothly for you.  Having said that one of the most important aspects of your new home purchase is getting a loan secured.  Doing so in advance ensures benefits you in three ways:

1. You are searching for properties that will be within budget
2. Your offer carries extra weight because of your ready to buy status
3. The home buying process will go smoother and quicker through its final stages.

The value of these three together is quite great, and can make the difference between getting the home of your dreams and that one that "just got away".

About the Author
 Ben Fornshell is a licensed real estate agent with Condo 1 Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

When you've finally picked out the condo, house or townhouse that interests you, it's time to write the offer. Together with proof of Earnest Money, and lender approval, I'll present the offer to the selling agent.

Presenting an offer is a little bit more involved than simply faxing paperwork to the listing agent and then waiting for a response. It is important to get the offer over as quickly as possible. Bargains (in any market) don't last long.  Then I call the listing agent to let them know the offer has been faxed. 

When appropriate, I follow up in the conversation by sharing appropriate details with the listing agent. For example:

I can give the selling agent some personal background about my clients and what they are looking for. I can explain why they are qualified to buy or how many homes my client has looked at. In some cases, it's appropriate to tell seller what the buyers appreciate about the home.

I sometimes provide the sellers with a comparative market analysis to show the sellers the rationale behind the offer we are making.

Of course, it's my job to explain and review all of the major details of the offer;

• contingent or non-contingent,
• inspections,
• date of closing, etc. 
• and of course, price. 

When necessary I discuss a brief timeline outlining the expected milestones between the offer and settlement.

About the Author --- Will Nesbitt is the principal broker of Will Nesbitt Realty and maintains Condo 1 Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

Just in from the Department of Housing and Urban Development:

DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to 'monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

###

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

Unlike moving to a single family home moving to a condo has different risks. Movers working in common areas need liability and workman's compensation insurance. Often, casual labor type movers do not have insurance--exposing the association to nearly unlimited risk from personal injury claims either from owners, tenants or the movers!

The only way to protect the condo association is to make sure each and every mover provides a Certificate of Insurance. Licensed legitamate moving companies provide these document frequently--they are provided by their insurance carrier free of charge. Associations, LLC's, Corporations and REIT's can be named as additional insured on the Certificate. It should take no more than a few hours for a professional moving company to provide this document.

As an experienced Realtor/mover I have years of first hand knowledge in this matter. Brooks Transfer can provide these documents protecting the owners and the condo association.

Brian Brooks is an experienced agent for Condo 1 Alexandria. He specializes in Northern Virginia inside the Beltway.

Alexandria Appliance question: A resident of Beauregard Station called to ask me about what happens with the 

Appliances that are not removable, that is, they are part of the plumbing, ventilation, or structure of the home transfer with the sale of your condo.  This would include central air, water heaters, dishwashers, and similar appliances.  However appliances that are removable such as refrigerators, window A/C units, microwaves, etc, belong to the seller, unless stipulated otherwise in your purchase agreement.

About the Author
 Ben Fornshell is a licensed real estate agent with Condo 1 Alexandria.  To learn more about available rentals and purchases in the area check out our free search.

• All amenities - clubhouse, conference center, residents' lounge, fitness center, sports court, media room, swimming pool and barbecue area
• Master insurance
• Water and sewer
• Common area utilities
• Common area indoor maintenance, including elevators, parking garage and amenity core
• Exterior maintenance, including snow and trash removal
• Full-time property manager
• Controlled access building
• Concierge service

The Midtowns are adjacent to the Huntington Metro and designed with your leisure and enjoyment in mind. Midtown Alexandria Station provides an exceptional selection of amenities. Midtown's wide range of conveniences and comforts allows you to relax, play, celebrate, unwind and even take care of business from home. Some of the benefits of life at the Midtowns include:

• Expansive swimming pool with waterfall and Jacuzzi
• Landscaped sundeck with tiki bar
• Outdoor grill area
• Sports club
• Concierge service
• Stylish clubroom with outdoor terrace and amazing city views
• Cyber cafe with wireless high-speed Internet access
• Guest suite
• 24-hour front desk
• Structured parking
• Controlled-access entry to building and garage
• Bicycle storage
• On-site storage available

Knowing the problems of short-sales, I have developed a strategy to avoid some of the worst of the pitfalls.

If you're in a hurry don't even consider a short-sale. Short-sales work best for investors who have no emotional attachment to a property. Short-sales work well for investors who won't need to live in the home. Short-sales don't work well for home-buyers who are on a schedule.

If there are multiple offers on a property, walk away. If you make an offer on a property with multiple offers there are only two possible outcomes:

1. You waste your time pumping up the price for someone else;
2. You paid more than anyone else. If you paid more than anyone else, you didn't get a bargain.  If you paid retail for a short-sale, you paid too much.

Find out if there are multiple offers or worse yet contracts before you even look at the property. It's maddening and I wish the associations would do something but too many properties that are listed as "active" aren't really active.  There is no sense looking at something that isn't for sale.

Walk away from unethical, unprofessional agents, as these are the agents who are most likely to sanction last minute contract adjustments that cost you money.  Here are some clues you'll find in the listing that might indicate that the agent is unethical or ignorant:

• The remarks contain very basic English spelling and grammatical errors.
• The remarks solicit a specific title company. Agents and brokers don't make money off title companies. It's against the law for us to make money from title companies. It is inappropriate for us to solicit a particular title company.
• The remarks talk about agent commission. It is inappropriate for an agent to talk to the general public about what we make.  I could care less if you know what I make, but if an agent puts commission notes in the remarks the agent clearly is ignorant or unethical.
• As a member of the buying public you cannot see the commission, but your agent can see what the stated commission is. If the commission is listed as 50% or 50/50, then you're probably headed for trouble.  MLS rules require that the seller state his commission when offering the property for sale.  An agent who sanctions flexible terms is an agent who believes in the idea of flexible contracts.  The very reason for a contract is to establish the terms: not to leave the terms open so that one party can change them at the last minute. 

What can we do as agents?  I now report every bogus listing to Compliance. Every single property listed as active that is not active, I send to MRIS.  Every single title solicitation: I report to compliance. Every flexible commission I report to Compliance. 

It's a royal pain to complain and report, but I take the time to do this because I take serious my duty to the public.  I really wish an authority figure would take the time to clean-up the mess, but until then I will do the best I can with what I am given.

Will Nesbitt is the Principal Broker of Condo 1 Alexandria and serves home buyers, sellers and landlords throughout Northern Virginia.

I like experts who speak in plain English that's easy for a layman to understand. That's why Bob Murphy of Camelot Inspections is one of my favorite home inspectors and I've recommended him to many home buyers.

What is a Home Inspector?

I recently asked Bob to describe a home inspector to me. He said, "A home inspector is generalist with a trained eye. They are required to have some knowledge of every system in your home. Those systems include structure, plumbing, electrical, Heating and A/C, etc. The term 'house detective' is a very fitting description. We look for little clues that add up to a big picture called 'whole house phenomenon'."

People hire home inspectors because, "A buyer needs a home inspection to give them some knowledge of what they are buying before it becomes theirs. This includes knowledge of defects, upgrades, and maintenance cost."

As you might expect, Bob is pretty passionate about home inspection. He says, "The home inspection should be a required part of the transaction.  The appraisal,title search, and even termite inspection are required. Why?? To protect the lender!   So who is there to  protect the interest of the buyer?"

Alana, meet Bob

Recently, Alana H. was referred to me by a prior client and frankly she was one of the nicest clients I've ever had the honor of serving. After her purchase was negotiated she requested a home inspector so I recommended Bob's services. Alana was a first-time home buyer, so she wanted Bob to give her new home the once-over.

Bob told her, "Food for thought....You cannot buy a car and register it without an inspection. That is a matter of public safety.

"So why then is the public permitted to make the biggest purchase of their lives without an inspection?"

Bob meets the house

Bob has seen many immediate safety issues in all types of houses. Bob met Alana and I at her new townhouse in Reston VA. He immediately unpacked his gear and began to go to work. Like any good home inspector, Bob started with the exterior and checked out the house from the foundation to the roof. He checks downspouts, guttering and any potential problem or maintenance issues.

After getting inspecting the home's interior Bob goes to work on the interior. He pulls out the flashlight and pokes around in dark corners, in the attic and in the crawl space. As he works Bob shows the homeowner what he's doing and where potential problems can hide.

As part of his general practice Bob pulls the electrical box, checks the plumbing and applicances. He checks out major systems like the heating and air conditioning.

Bob is especially helpful with the first-time home buyer. As a first-time buyer, you'll find out what systems need attention. If you have and questions, ask Bob, he's there to help.

When all is said and done, Bob will prepare a report tailored to your home, so you'll know exactly where you stand. He supplies a helpful book with tips and answers to some of the questions you might not even remember to ask.

It's always good to learn that the home is in good shape! Bob is available to inspect houses, townhouses or single family homes in Maryland or Northern Virginia.

About the Author --- Will Nesbitt is the principal broker of Will Nesbitt Realty and maintains Condo 1 Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

For many, especially those who are new to the area, the system of jurisdictions that we have in the Commonwealth of Virginia can be confusing. This is especially confusing in Northern Virginia, where Virginia intersects with Washington DC and the State of Maryland.

Fortunately I have a fresh bottle of CONFUSION-B-GON to spray liberally as needed.

Around our nation's capital

Let me start with my single-biggest pet peeve among newcomers: the term "DC proper".

I have seen this term used regularly on a site that claims to provide local information. That information is provided by people using anonymous handles. Anonymous handles should be your first clue not to completely trust the information you find.

At any rate: there is no such thing as "DC proper". There are three main jurisdictions here: Virginia, Maryland and Washington DC.

It is very common to live in Northern Virginia or Suburban Maryland and work in DC. Virginia is as different from DC as New Jersey is from New York. With a wink and a smile I have to inform you that just because you thought your job was transferring to Washington doesn't mean that you're moving to DC proper or improper.

Virginia jurisdictions

One of the keys to understanding Virginia real estate for a property search is to understand the differences between towns, counties and cities. In Virginia, as in most other states in the US, a county and an area administer below the state-level by local / county government. Counties are often rural areas, but Fairfax County has over a million residents and has very little rural land left.

Fairfax County aside, a county may have one or more towns within it's borders. In Virginia a town, no matter how many people live in that town, is part of a county and is managed by the county. In Virginia, towns often have governments but these governments are subordinate to and part of the county where the town is found.

In addition to counties, Virginia has a fairly unique concept called a city. A city is like a county, except it is more urban than rural. For example Falls Church and Alexandria are both cities. Cities, unlike towns, are not subordinate to counties. Cities are independent and operate on a level similar to counties.

This can be particularly confusing in Fairfax County. Fairfax County is a large mostly urban county and it surrounds Fairfax, an independent city. So the City of Fairfax is surrounded by Fairfax County, but it's not a part of Fairfax County. Falls Church, Alexandria and Fairfax are all cities. Manassas and Manassas Park are both cities and both are surrounded by Prince William County.

Real estate is sorted by county

It's important to understand this system of administrative organization because land tax records are stored by the county or city. Because tax records are organized by the county or city, real estate property searches are often sorted by the administrative jurisdiction.

For a newcomer it can be a little difficult to tell the difference between Fairfax and Fairfax County, between Manassas and Manassas Park and Prince William County. Another point of confusion is Arlington. Arlington is a city in a practical sense, but Arlington is a county.

Herndon, Vienna and Clifton are all towns located in Fairfax County, which mean that these towns have local governments subordinate to the county. Springfield is much bigger than Clifton, but Springfield is not a town.

Another curious case is Crystal City. Crystal City is located in Arlington County. Interestingly, Crystal City is not a city nor is it a town!

Unincorporated settlements

Which brings us to the next point of confusion in the area. There are many unincorporated neighborhoods, villages, towns and settlements in Northern Virginia. Unincorporated just means there is no local (i.e. town) government. Rather than having a town government, an unincorporated town is managed by the county. Springfield, Annandale, Bailey's Crossroads, Mclean Tysons Corner and Reston are just a few of the many unincorporated towns in Fairfax County. In places like Springfield this can be a little confusing because without a town there is no formal border between Franconia and Springfield and thus no hard and fast distinction between the two. In addition, with the near completion of Kingstowne, Franconia-Springfield is now home to one of the largest planned communities/subdivisions in the area. Kingstowne is considered a town in and of itself by many.

Post office address

To make matters even more confusing for newcomers, there is the matter of the post office. The postal address of a property is not always an indicator of the jurisdiction of a property. For example, many addresses in Fairfax County have an Alexandria address. Service from the Alexandria post office has no bearing on the county or city of the adress in question.

Confusion-B-Gon guarantee!

Well, that's the last of this bottle of CONFUSION-B-GON. If you're still confused, no worries. Contact Will Nesbitt or Condo 1 Alexandria. Tell us what you seek and we'll find the property for you!

It's a good idea to checking your credit score before you actually decide to purchase a home, townhome or condo. Even if you think your credit scores are good, you will want to see what the bank will be considering and the scores they will be examining.

If you check your credit history now, you can find out about errors while there is still time to make a correction. You don't want to find out about credit reporting errors at the last minute. Equifax, Trans Union and Experian (the major credit reporting bureaus) are ponderous and slow to react to problems. It takes time to correct errors. The time to get the record clean is now.

On the other hand, if there are negative items on your credit report, you will want to know what will block you from home ownership and what are you options. A good loan officer can also give you an idea of how much home you can afford. If you would like a free pre-approval or would like to discuss your options call Julie at Condominium Mortgage at 703 765 0300.

About the Author --- Will Nesbitt is the principal broker of Will Nesbitt Realty and maintains Condo 1 Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

When you've picked out the house, townhouse or condo you want to make your own, it's time to write the offer. An offer is a written description of the terms under which you the buyer would purchase the subject property. If the seller accepts your terms the next step would be to proceed to closing and thus full ownership of the property. Although most realtors in Northern Virginia use the standard Northern Virginia Association of Realtors contract there are many possible contingencies, addendums and options that will alter the offer to make it specific to your situation.

One of the most common contingencies added to the offer is the "financing contingency". This contingency specifies that if the buyer cannot get financing then the deal is off and the earnest money is returned to the buyer without penalty.

Another matter that must be address in the offer is the down payment. One way that the down payment differs from the earnest money in that the down payment is paid at closing rather than at the time of the offer. The seller wants to know the buyer's down payment amount because it provides further further evidence of the buyer's qualifications to secure a mortgage.

The offer also describes the interest rate and some terms of the proposed loan. The rates and terms described in the offer are not an offer of credit from a lending institution and do not reflect the loan that the borrower will receive. Rather, the rates and terms are describe to provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. In other words if the rates double but the buyer is still approved for financing the buyer could cancel the offer because the terms exceed what he can tolerate financially.

Every purchase will have closing costs. Both buyers and sellers have expenses at closing. Buyers, especially first time buyers, are usually scraping for down payment and closing costs. The seller cannot help with down payment, but the seller can subsidized the buyer's closing costs. If so negotiated the seller can pay all or a portion of the buyer's taxes, origination fees or title insurance. This money comes directly from the seller's pocket so if buyers who need assistance can expect to pay a little higher price than those who do not need a subsidy.

Although the seller cannot help with down payment, the seller can offer some or all of the financing. The terms of the offer will describe the loan that the buyer expects to receive from the seller.

When we make the offer I can help advise you on what terms and conditions will best suit your unique circumstances and what terms are mostly likely to be acceptable to the seller.

Real estate contracts often have contingencies. A contingency is a clause in a contract that gives either the buyer or seller a way to get out of the contract if certain conditions or timelines aren't met. A contract could be contingent on anything a buyer and seller agree to, but there are a few very common contingencies. Typical contingencies are:

• financing
• sale of home
• home inspection
• appraisal

Generally, a contingency only last for a period of time and the contingency expires. After a contingency expires, either the contract expires or the contingency expires depending upon the terms of the sales agreement.

For example, Mary needs to needs to sell her present home before being able to get financing on a new condo she wants to buy. So Mary makes her offer contingent upon the sale of her existing home. If Mary is able to sell her home sold within that time period specified by the contingency, she can go forward with her purchase of the new condo. But if she fails to sell within the specified time period, the condo seller has the option of getting out of the deal.

Whenever possible, seller's prefer offers that don't have contingencies. This is becuase sellers usually believe that they can find another buyer capable making a purchase without contingencies. However, in today's market, sellers are more willing to accept contingencies than they have been in years. So contingencies, like appraisal and home inspection, are quite common and meet with little resistance from sellers.

The exact terms of a contingency, like everything else in a real estate contract, are negotiable. As your agent I can help guide you to make sure your contract has the right contingencies.

Step 1: Defining What You Want
Start by creating a prioritized list of features you want in your home and the reasons why. Use it as your search guide, but remember that depending on your budget and funding, you will probably need to make some compromises.

Your Condo 1 Alexandria real estate professional can you information about communities which fit your criteria. Of course, location is a huge part of any move. If you're new to the area, keep in mind the distance travelled during your commute is not so important as the time travelled. Traffic patterns favor some neighborhoods while some areas regularly suffer with gridlock. You Condo 1 Alexandria real estate professional can tell you about area amenities, culture and shopping.

Step 2: Figuring Out What You Can Afford
Now that you have an idea what you'd like, it's time to see how that marries up to what you can afford. Most people do this with the assistance of a mortgage professional. If you are considering a condo, make sure that you deal with an experienced lender such as Condominium Mortgage who understands the unique challenges of lending in condominium communities. Often the preapproval process takes less than an hour, and can be handled over the phone.

Your mortgage professional can tell you how much condo you can afford and what your monthly payments would be. Additionally, a pre-approval letter demonstrates to the seller that you can afford to buy their home. When the seller knows you can move quickly, this often gives you more negotiating power. By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property.

Condominiums mean condo associations and condo fees. When figuring your monthly budget you Condominium Mortgage professional can take into account any condo fees you might be expect to pay. Often the cost of condo fees are a bargain compared to the cost of utilities, time and maintaince expense that other home owners pay. It's important to put this fee into perspective when considering a condominium or PUD purchase.

To receive free loan pre-approval from Condominium Mortgage call toll free 1-703 765 0300 seven days a week.

Step 3: Shopping For Homes
Once you know what community you'd like to live in and have an idea of how much condominium you can afford, it's time to start checking out some actual communities. You can beginning this search online and save time since it can help you target homes that meet your search criteria. You can view virtually every property listed by all real estate companies in the area on this web site. It's one way Condo 1 Alexandria makes home shopping easier for you. We will even notify you by email when properties come on the market that meet your search criteria.

Next, begin visiting homes in person. Ask your Condo 1 Alexandria real estate professional to arrange home showings that are in your target area and price range. If you are not currently working with one of our agents contact Condo 1 Alexandria Customer Service at 1 703 765 0300 . We will arrange to have a knowledgeable agent assist you.

Step 4: Making An Offer
Once you find the home you want, you need to complete a purchase agreement for the condominium. Typically this is a very difficult and trying time since both buyers and sellers have totally different goals. In most cases it is better to have a third party, such as a Condo 1 Alexandria real estate professional, negotiate the offer.

If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

Step 5: Closing
In most cases you will also have the option of a "walk through" within 3 days of the closing. This is your chance to make sure that all of the items that you and the seller have agreed upon meet your satisfaction.

Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary are not completed and brought to the closing table, the closing may not happen on time. Once you close, it's official - you own the condo.

Most people have heard of the MLS, but many are unclear as to exactly what it is. MLS stands for Multiple Listing Service.

The Multiple Listing Service is probably your best tool as a home buyer and your best friend as a home seller.

But what exactly is the MLS?

The MLS is a database.

In the old days MLS databasing was done on filing cards and notebooks. Today that information is aggregated on computers. MLS data includes information about what properties are for sale and certain details about those properties such as condo amenities, number of bedrooms, garage parking. Almost everything you'd want to know about a given property is catalogued on the MLS.

Much of that information is public, such as the selling price and the address. Some of that information is private, or reserved for those who have professional access to the MLS. For example, real estate agents know which properties are vacant. The general public doesn't need to know this information as sharing that information might pose a risk to some property owners.

Yes, the MLS is a database, but it is also something more.

The MLS is a marketplace.

The collection of information on the MLS serves as the primary repository of details about real estate for sale or rent. MLS data is the foundation for most websites, and it is the primary reference point for most real estate professionals. As properties are contracted and sold, the data is constantly updated. Today, most agents and websites have data that is practically up to the minute.

The MLS is not free, but it's free to you the consumer. Agents and brokers pay fees for access to MLS data and to fees to maintain and improve the system. Professionals like me make that data available to the public for the purpose of helping buyers and sellers connect.

The MLS is a tool.

Like all tools, the MLS gives the best results when wielded by a professional. (More on this below.)

The MLS is for sellers.

Home sellers want access to the maximum number of buyers, in the most cost effective manner. When compared to the expense of newspaper, radio or other ads, the MLS is incredibly targeted and very affordable. The professionals who use this data will only bring qualified buyers shopping for property in your price range. It doesn't get better than that.

When a seller chooses a real estate agent with MLS access, the seller's sales force is equal to the number of agents who are using the MLS. The larger pool of prospective buyers the greater the chance that the property will sell quickly and for a fair market value.

The MLS is for buyers.

The MLS makes home shopping extremely convenient. MLS data does not cost the buyers a dime. Thanks to the internet and sites like Condo1Alexandria.com you can search MLS listings 24 hours a day 7 days a week. Many consumers find that a "self-search" through the MLS is a good starting point for finding the right home.

A real estate agent is for you.

In the old days consumers needed an agent to help them look through the data. These days its easy for the public to access most of the data available. So, you can do it yourself.

But if you try to find a home on your own or you try to sell without an agent, you'll quickly discover why most people choose to employ a professional. It's true: you could probably cut your own hair, change your oil filter and fill your own cavities. But why would you?

These days the problem isn't that the data is hard to find. The data is often up to the minute. These days, the problem is that there is too much data. Buyers are overwhelmed with choices. Sellers are drowned out by the noise of available information.

That's one reason why when it's time to get serious about buying or selling, a real estate professional can help guide you through the process.

Most agents know the tricks and secrets of the MLS.

As an agent, I have access to more complicated tools and search processes not available to the consumer. I work with the MLS every single day. The MLS is one of the most important tools in my toolbox. Once you have an idea of what you want to accomplish, I can employ the MLS in ways that you haven't imagined.

Buying a condo is a great way to start your independence in the world. Buying a condo is a great option for empty-nesters looking to downsize and enjoy life. Buying a condo is a great way to live in an unbeatable location.

No matter what your age is, do you really want the hassles of yard work and gutter cleaning? A condo provides the freedom of maintaining the lawn and house so the focus is on your life--- in and outside your home and not on working on your home.

All the information provided will aid and guide your search through tips and steps to follow making sure your new condo life will start out in the best way possible. Any major purpose such as a new home can be a difficult one to say the least, but it doesn't have to be. In Northern Virginia, you can rely on experts such as Will Nesbitt of Condo 1 Alexandria and Julie Nesbitt of Condominium Mortgage. Check our links for experts from across the country!

Reblogged with permission from CondoBenefits.com

Besides total cost of the property, you should also inquire as to the annual homeowners association costs. These fees are usually charged in order to pay for the upkeep and maintenance of the common areas. Owning a condominium can be one of the largest investments you make, so make sure that the one you choose can accommodate your specific needs. Purchasing a condominium can be a great way to buy a property in the location you really want with all the amenities you seek.

Find a condo

Click here to search live data on condos currently for sale in the Northern Virginia, Washington Metro market. We specialize in Alexandria, Arlington, Falls Church and parts of Fairfax County. If you would prefer, you can explain what you are looking for and we'll do the work for you. Call 703 765 0300 anytime with questions.

Condo 1 Alexandria has access to important information on real estate values, taxes, utility costs, COA fees, municipal services and facilities. Condo 1 Alexandria uses this information to filter properties and then shares this information with you so that you can make your most informed decision possible. Condo 1 Alexandria researches your housing needs in advance through the Multiple Listing Service - even if you are relocating from another city. We also understand the traffic patterns of the Metro area and why some areas are more desirable than others.

Condo 1 Alexandria has no emotional ties to the condos you may be considering. As such, we can be objective about the property and can point out advantages and disadvantages while answering your questions. Your Condo 1 Alexandria agent represents you, the buyer, in the transaction. Condo 1 Alexandria will negotiate the most favorable price and terms on your behalf. Condo 1 Alexandria can tell you if local law requires an attorney at closing and can provide you with a list to choose from if you don't have one.

When it comes to buying a house, townhouse or condo, it all starts with determining how much home you can actually afford. In conjunction with your lender or Condominium Mortgage, Condo 1 Alexandria reviews your goals, income, obligations and budget to set realistic parameters.

You'll only spend time looking at homes and condos that you can buy without breaking your budget. Sometimes this involves suggesting additional ways to accrue the down payment. When necessary, we may suggest alternative financing methods and options. [start the application process]

Your Needs, Wants and Wishes

Condo 1 Alexandria listens.

By listening to your needs and wants, we can find the ideal home for you. We want to find a space that you can call home. If you're seeking an investment, we won't ask you to bank on "appreciation". Cashflow drives all our investment suggestsions.

We listen to you to find out the size, style, amenities, features, location that you want. You determine the importance of accessibility to schools, transportation and shopping and other public facilities. We want to know the destination of your commute. We ask these questions because the answers make the difference between a good home ... and a good home for you.

Call 703 765 0300 or drop us an email to discuss your needs with an agent who cares about you.

Potential condominium owners can make an appointment to meet with on-site staff sales agent to discuss interest in condo ownership. However, when you're in the market for a condo, it's a good idea to employ your own Condo 1 Alexandria real estate agent rather than rely on the services of the condominium staff. There is a difference!

On-site are employed by the builder. As such they are motivated to show you why their development is a fine development. On the other hand, a Condo 1 Alexandria agent works for you and has no reason to drive you toward a particular site or building. I want to find the best property for you.

Whether you're buying a used condominium from a condominium owner or a new condo from a condo office, it's a good idea let Condo 1 Alexandria take you on a guided tour of facilities and the units that are available for purchase. Your real estate agent will have an understanding of the condominium ownership structure and the condominium documents and the real estate agent can explain what this means to you.

I recently had a client ask me what "EMD" was. EMD is an acronym for Earnest Money Deposit. Earnest money is money paid by the buyer to a neutral fund to show that the buyer is serious. This money is paid at the time that an offer is made to purchase a property. The buyer pays this money into an "escrow account" to indicate that this the offer is serious and real.

The earnest money is deposited into an escrow account. An escrow account is a neutral bank account. Depending on the terms negotiated the earnest money can be held by the buyer's agent, the seller's agent or a neutral third party. No matter who holds the money there are strict laws governing the handling and disbursement of earnest money. The escrow agent (the entity that holds the escrow money) cannot commingle (or mix) these funds with operating funds or personal funds. The escrow agent can only release those funds as specified by the contract or as agreed by both parties to the contract. At closing, the earnest money is released and applied to the purchase price.

In the event the offer isn't accepted, the earnest money is released to the purchaser. In the event the offer is accepted but the sale doesn't close, then the sales agreement generally spells out the conditions under which the buyer would forfeit the earnest money. In most cases, if the seller meets all the terms of the contract, the seller will keep the earnest money. If the seller does not meet the terms of the contract, then the buyer, may receive a total or partial refund of the earnest money. If the sale cannot close due to a contingency such as financing or appraisal, the money is generally released to the buyer.

The amount of earnest money deposit varies based on the type of property being purchased and local market conditions. When you make an offer on a property, I can assist you to determine the appropriate amount to pay as an earnest money deposit.

If you're in the market for a condo, one of the first decisions you need to make is whether to by a newly built condo, or to by a previously owned condominium. Both have advantages and both have pitfalls. Here are a few thoughts to consider.

The majority of condos that are sold are existing condos. This is neither an advantage or a disadvantage---simply a fact. The majority of marketing materials and advertisements you will see for condos is for new construction.  This means that it is easier to find ads, pretty pictures and floor plans for new condos.

One of the advantages of buying an existing condo is what you see is what you get. There will be no surprises, good or bad. There will be no change orders.   You won't have to look at a model and a floorplan to get an idea of what you are buying. Instead, you can tour the property that you will actually buy.

You can move into an existing condo as soon as your loan and title work are finished. There will be no construction delays. Construction delays can be sizable and in today's market it is even possible for the builder to fold-up shop before the project is completed.

All properties, condos included, have kinks.  That is to say, there are unexpected problems with the construction, lay-out or plan.  In an existing condo, the owners have already discovered, identified and usually solved those problems. In a new condo, you never know what the problems will be.  If anyone could have predicted that unexpected problem it wouldn't exist!

Existing condos are in established neighborhoods. The traffic patterns are set. The views are what they will be.  Established neighborhoods have a tendency to have "enough" shopping outlets.  Established neighborhoods have very predictable values in the future.  New neighborhoods can have unexpected increases or decreases in value.

One of the disadvantages of buying an existing condo is that you might not have some of features you want. This can be simple things like have the cable wired on the wall where you prefer to put your TV. You might have to compromise on your laundry room and be forced to share a community laundry. You might find that the layout is not exactly as you would like it. A newly built condo always has the latest features and if it is brand new construction the builder can sometimes tailor the unit to your demands.

Let's face, brand new buildings are often more appealing than old condos.The materials, the stylings, even the smell of a new condo is enticing. New condos are fun and bright and designed to appeal to the latest notion in the buying public. A new condo will not require any special assessments or repairs.  It's in perfect shape.

To weigh your options between new and previously owned condos, contact Will Nesbitt with Condo 1 Alexandria. 

If you're thinking of buying a new condo, you probably already know that every new condo development will have its own sales staff. These people are often friendly, helpful and very knowledgeable about the new condominium. However, these folks work to sell this property only. The on-site staff of a new condominium knows the property as-well-as or better than anyone around and they are there to assist you but they work for the builder.

When in the market for a new condo, it's a good idea to employ a condo expert such as Will Nesbitt of Condo 1 Alexandria to protect your interests. A condominium agent knows the entire area, not just one property. An expert knows the pitfalls and benefits of buying new, and best of all it won't cost you one dime more than if you use the onsite staff. You have a right to representation: exercise that right today!

This article was reprinted by permission from CondoBenefits.com. If you are a condo expert or if you would like a link from CondoBenefits.com just drop me a line. I'm building a directory of condo experts from around the country at that site and would love your input!

I met with a first-time buyer over the weekend. She was prequalified by Condominium Mortgage. Prequalifying helped frame her choices. It's a waste of time and energy to look at homes that are outside of the budget, so prequalification is the first step for any home buyer. Here are the steps that we'll be taking on the road to home ownership.

1. Tour properties --- We took a top level tour of some of the properties that are in her budget. This gives the client something concrete and real to think about so that she can decide whether this home ownership thing is for her or not. In addition to the units we saw, I can think of a number of places that would also fall within this client's budget and still offer a very reasonable commute to Ft. Belvoir. But I wanted to get her impressions of these places before going on a bit deeper.
2. Revisiting --- We'll revisit those communities that hold the greatest interest and look at everything available in those communities.  (So far we just did a top level search.)
   
   • A few more choices --- If none of these really feel right, we'll find a few more to consider and continue with the search.
3. Make an offer --- When we've found the property that stirs the soul, fits the budget and feels right, I'll write up an offer. At that time I'll collect "earnest money".
   
   • The earnest money is evidence that the seller is serious about the purchase and is held in escrow until the sale is completed. We'll submit a preapproval letter, a copy of the earnest money deposit and the signed offer for the seller to consider.
4. Negotiations --- Sometimes there is a difference between the asking price and the selling price. The selling price is determined by negotiation. We'll pass drafts of the contract back and forth until the buyer and seller have agreed on all terms.
5. Loan processing --- Julie at Condominium Mortgage will then collect documentation from the client. This documentation will serve the purpose of proving the representations made in the loan application process. The buyer will produce pay stubs, bank statements etc. Julie will also order an appraisal as required by all lenders.
   
6. Settlement --- Settlement is the word used to describe the actual transfer of ownership. We'll settle on the property in a timely fashion on an agreed upon date. Settlement will occur at a title company's office and a settlement agent will ensure that funds are present as is marketable title.
7. Ownership --- Here's where the fun begins ... as does the responsibility of home ownership.

Here are some common questions to ask your agent, your mortgage broker and yourself when you are thinking of buying a condo.

• How much can I afford per month?
  
• Is the condo is my price range?
  

• Is the community that I like?
  • Where are the grocery stores, shopping malls, bars?
    
• Is there enough space for my needs?
  
• What is the condition of the condo unit?
  

• Do the common areas need repairs, renovations?
  
• How old is the condo?
  
• Is there a parking facility?
  • Is parking assigned?
  • Is there a fee to park?
  • Is there guest parking and if so where?
    
• Does the condominium have access to public transportation?
  • Metro or bus only?
  • Shuttle or Limo service?
• What are the chances that this condo will increase in value?
  
• What type of security system is in place?
  
• Does the condominium association allow pets? If so how many and what type?
  
• What are the condo fees and what they include?
• What is the condo association policy about renters?
• How much is in the reserve fund?
• Does the condo association have a certificate of insurance?
  

Firstly and mostly the average consumer should know that all closing costs are open to negotiation. This means that in any given contract, any expense can be paid by either the buyer or the seller. However, there are costs that typically related to the purchase and those are paid by the buyer. Likewise there are costs related to the sale and those are most usually paid by the seller.

Here's a list some of the typical concerns for real estate purchases, with specific notes for the condominium purchaser. Some of these (like Home Inspection) are optional and a few of these are only required from some buyers (like PMI).

1. Bank costs, including application fee, credit report, appraisal or inspection fee, processing, bank attorney fee. These fees are related to the acquisition of the loan and thus an expense of the buyer and usually paid by the buyer. These fees include discount points and origination points. Each point is 1% of the mortgage amount. Discount points reduce the interest rate. Origination points are paid to the bank or broker to make the loan.
   
2. Attorney fee for representation of Buyer interest at settlement. In some states, a lawyer is paid to negotiate the interests of the buyer, but in the Commonwealth of Virginia, a settlement agent (who is often an attorney) works to ensure that the contract is followed. The settlement agent makes no representations or opinions about the deal that was negotiated. Rather the settlement agent ensures that all parties are fairly treated with regard to the contract presented.
   
3. Property tax escrows are usually moneys held by the lender to pay property taxes on the behalf of the owner.  The seller is usually responsible for taxes up to the point that the sale closes and the buyer pays taxes during his ownership.  The settlement agent reconciles this to the penny to determine who owes what taxes at closing.
4. Buyers often have to pay prorations to the seller for taxes, oil, water, sewer, rents or condo fees. The prorations are are paid to reimburse the seller for items that were paid in advance by seller. For example, if the condo fee due on the first covers the entire month, but the sale happens on the 15th, the buyer owes the seller for half of a month of condo fees.
   
5. Both the buyer and the seller have to pay fees for recording deed and mortgage. This is a nominal fee paid to the settlement agent.
   
6. Buyers must pay for their fire and liability insurance policy. Lenders usually require that this is prepaid for six months or a year. Condo owners rarely pay this fee as the policy is often included in the condo fee.
   
7. When the sale doesn't close on the first of the month, the buyer prepays a fraction of a month's interest.
8. Buyers who have a minimum down payment may have to pay Private Mortgage Insurance (PMI) premium.
9. Many lenders require the purchaser to obtain (and pay for) a survey. This is rare for condo buyers, but condo buyers have to pay for "condo docs", the documents that spell out the condominium rules and finances.
   
10. Buyers who want a home inspection must pay for one.
11. Most usually, the seller pays the realtors.
12. Lenders require that buyers purchase title insurance to insure their interest against claims and fraud.

If this seems like a lot for a first time buyer to remember, don't worry that's why you have professionals to help you along the way. Your agent, settlement agent and mortgage broker or lender will help you make the transition smooth and easy.  In Northern Virginia, if you have questions or need futher help, please contact Will Nesbitt.

Condo 1 Alexandria has access to important information on real estate values, taxes, utility costs, COA fees, municipal services and facilities. Condo 1 Alexandria uses this information to filter properties and then shares this information with you so that you can make your most informed decision possible. Condo 1 Alexandria researches your housing needs in advance through the Multiple Listing Service - even if you are relocating from another city. We also understand the traffic patterns of the Metro area and why some areas are more desirable than others.

Condo 1 Alexandria has no emotional ties to the condos you may be considering. As such, we can be objective about the property and can point out advantages and disadvantages while answering your questions. Your Condo 1 Alexandria agent represents you, the buyer, in the transaction. Condo 1 Alexandria will negotiate the most favorable price and terms on your behalf. Condo 1 Alexandria can tell you if local law requires an attorney at closing and can provide you with a list to choose from if you don't have one.

Condo 1 Alexandria will help familiarize you with the closing process by explaining it all in advance. And your Condo 1 Alexandria agent will be there with you at closing to make sure that everything proceeds properly.

Condo 1 Alexandria is part of a network of professional colleagues, such as appraisers, home inspectors, mortgage lenders, contractors and insurance agents - through which you may be more completely served.

Condo 1 Alexandria shows you only those homes best suited to your needs - size, style, features, location, accessibility to schools, transportation, shopping and other public facilities.

Contact Us

Call 703 765 0300 or email us. We'll care about you.

I met a potential client who told me that she had been looking for two years for a condo.  She called me because she wanted to see a particular property in Belle View.  After establishing that she didn't have an agent, I showed her Belle View I practically had to drag here to see a property I thought she would like based upon her input. That property was Montebello, and she absolutely loved it and was amazed because she wouldn't have had a clue that Montebello existed if it wasn't for me.

A few days later, she wanted me to tag along to another property that she had found at my property search site.  That prompted me to "set the record straight" with some frank talk. 

Obviously, I would love the opportunity to be of service to her. I appreciate and value each client and always need one more client. But there are limits to what I can and will do and this is for the protection of both the client and myself.

When I take on a client it is because I know I can add value to my client's end of the transaction.  I add value by finding right property at the right price. As I have demonstrated to her and others, I know the condos of Northern Virginia very well. Additionally, I can be a pretty tough negotiator when the time calls. 

Thus, if a client allows me to represent him or her, I think it's important that I go with the client whenever the client views properties (with the possible exception of open houses).  So, to answer her first question, of course I want to go with a client when a client has interest in a property.  But, when I see someone who has been looking for two years, three years, and has probably burned through a couple of agents who threw their hands up in frustration, I think it is important establish a few facts. 

There are two primary reasons why a buyer takes a long time to select a property:

1. The buyer either has unrealistic expections; or
   
2. The buyer does not have clearly defined goals.

When expectations are unrealistic the best thing that I can do as an agent is to apprise the buyer of reality and wish them well in their search. This is not because I'm a tough guy, but rather because it would ruin me a professional to chase the impossible. 

To use a metaphor, maybe bigfoot exists.  I've heard that people saw him.  But if I made my living as a game hunter, I'm not going to spend my time (the only thing I really have) trying to catch bigfoot.  I'll wish you well if you are looking for bigfoot, but I'll stick to game that I pull from the forest every single day.

In this case, the buyer had a reasonable assessment of reality but she didn't really know what she was looking for. In other words, she didn't have clearly defined goals.

The client's method for finding a condo was simple: she randomly searched the Internet and other media to identify prospects. She then visited the potential location and then moved on to something else. That method will use up a lot of time and energy.  I'm not saying the random selection method NEVER works, but in this case the client had already spent two years and hadn't found the right property.

Obviously, a buyer needs to see some properties to get an idea of what is available.  But what doesn't make sense is to randomly shop units to find what you want.  Northern Virginia (Arlington, Alexandria, Fairfax County) is a huge metropolitan market. There are so many condominiums in Northern Virginia that a person won't be able to see them all. (Unless like me, the only thing you do is look at condos all day.)

I told this client gently but firmly, what I thought made the most sense. I told her the truth.  That is, instead of the client leading me around and letting me open doors so she could find a condo, I would play the part of the expert.

As an expert, I would asked pointed questions and listen carefully to her replies. In this way, we can define exactly what it is that the buyer is looking for.  Then, after we have established the goals, then it makes sense to begin touring the selections that I recommend.

With each condominium we visit, I'll learn more about her needs and we'll get closer to the property that this client will eventually buy.

1. Define goals.
   
2. Refine goals.
3. Buy. 
   

Simple, effective and good for the client and the agent.