Category Archives: Belmont Bay

Homes For Rent ~ 6 Ways To Attract Great Residents To Your Rental Home

Posted on October 10, 2009 | Leave a comment

6 Ways to Attract Great Residents to Your Rental Home

These days, many homeowners are turning into landlords. Whether you have relocated and are still waiting for your previous home to sell or whether you are trying to increase income by renting a vacation or second home, you might suddenly find yourself in need of a renter.

Of course, we’ve all heard nightmare stories about bad tenants destroying properties and causing prolonged evictions. As a Member of the Top 5 in Real Estate Network®, I’ve learned of a few simple guidelines for finding serious renters and thereby, preventing most bad occupancies:

1. Location – There is no question that the more desirable a neighborhood, the lower the risks of having a bad resident apply. It is also worth noting that the higher the rent, the lower the risk.

2. Condition – A very vital but controllable influence for attracting desirable residents is the home’s condition. The formula is simple. Make it look like everything was just completely redone. Exterior property condition is very important as well.

3. Pricing - Don’t be afraid to price a property slightly below what the market dictates. For every 2½ weeks a vacancy sits on the market, the annual rent could have been lowered by 5%.

4. Signage – A prospect calling from a yard sign should be treated as a serious lead. They have seen the exterior of the property and know its precise location.

5. Response Time - Rapid response time can make all the difference. Use cell phones or text messaging to allow prospects to quickly reach someone who can show the property or answer any questions.

6. Screening - Despite all of the above, screening is still vital. Be sure to adhere to a written tenant selection plan that is in compliance with all Federal, State and Local Fair Housing Laws and the Federal Fair Credit Reporting Act.

Great renters and increased income can be found by following these simple but effective steps. For more information on finding the right renters for your home, please E-mail me. And be sure to forward this article to members of your social network who may also find it helpful.

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Ed Butler
(Licensed In Virginia)
RE/MAX Gateway
Three Offices For Your Convenience

4090-B Lafayette Center Drive
Chantilly, VA 20151

7521 Virginia Oaks Drive
Gainesville, VA 20155

10135 Colvin Run Road
Great Falls, VA 22066

When It’s SOLD, The Butler Did It!

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Posted in Ashburn Virginia, Beacon Hill, Belmont Bay, Belmont Country Club, Blooms Crossing, Centreville Virginia, Clifton Virginia, Dominion Valley, Fairfax County, Fairfax National Estates, Fairfax Virginia, Fawn Lake, Gainesville Virginia, Golf and Country Club Communities, Golf homes, Haymarket Virginia, Heritage Hunt, Homes For Rent, Lake Manassas, Lansdowne on the Potomac, Leesburg Country Club, Leesburg Virginia, Loudoun County, Manassas Park Virginia, Market Information, Penderbrook, Piedmont, Piedmont Country Club, Prince William County, Raspberry Falls, Real Esate Information, River Creek, River Creek Country Club, River Falls, Round Hill Virginia, South Riding, South Riding VA, Spotsylvania County, Stoneleigh Country Club, The Regency at Dominion Valley, Virginia Oaks

Tagged Ashburn VA, Balmoral Greens, Balmoral In Clifton, Beacon Hill, Belmont Bay, Belmont Country Club, Blooms Crossing, Centreville VA, Chantilly VA, Clifton VA, Dominion Valley, Dominion Valley Country Club, Ed Butler, Fairfax County, Fairfax National Estates, Fairfax VA, Fawn Lake, For Rent, Gainesville VA, Haymarket VA, Heritage Hunt, Homes For Rent, Homes for Sale In Loudoun County Virginia, Lake Manassas, Leesburg VA, Manassas Park VA, Parks at Piedmont, Penderbrook, Piedmont, Piedmont Country Club, Piedmont Mews, Piedmont Riding Club, Piedmont South, Prince William County Virginia, Raspberry Falls, RE/MAX Gateway, Real Estate, Rent, River Creek, River Creek Country Club, River Falls, Round Hill VA, South Riding, South Riding VA, Spotsylvania VA, Stoneleigh, Stoneleigh Country Club, Virginia Oaks, Woodbridge VA

Valuable Real Estate Information ~ Want to Refinance? Heed These 10 Appraisal Tips

Posted on October 2, 2009 | Leave a comment

Refinancing in today’s credit-crunched market can be challenging at best. A successful refinance all begins with the appraisal, used to set the maximum amount you’re allowed to borrow against your home. The problem is, in today’s market, sinking home values are often lowering appraisals as well. If you are considering refinancing your home, heeding these important tips on appraisals before proceeding can improve your refinancing options and save you time and money:

1. Continuously research the value of your home and the other homes in your neighborhood; pay attention to foreclosures in your area as they may drive down the value of your home. As a member of the Top 5 in Real Estate Network®, I am well-equipped to provide you with a detailed assessment of the current value of your home.

2. Since appraisers use “comps” (comparable market sales) of local properties sold within the last six months to value your home, make sure your loan officer leverages their knowledge to research comps in your area, before ordering the appraisal.

3. If you use your own appraiser, research them first and ask your lender to cross check them for any potential issues that may delay the process. Great loan officers will always confirm your appraiser’s credentials. I can also recommend a credible appraiser to work with.

4. Direct your loan officer to work with local, experienced appraisal companies. Local appraisers have a deeper knowledge of the surrounding neighborhood and will likely be more readily available for the home inspection to speed your appraisal process.

5. The appraisal report is yours to keep. Find out in advance who pays for the appraisal—many times appraisal fees are the homeowner’s responsibility and have to be paid up front.

6. New lending regulations require two appraisals in some situations—ask at the beginning whether you’ll need one or two.

7. Commit to your lender before committing to an appraisal. Being comfortable working with your loan officer is imperative. They often will be the liaison between you and the appraisal company.

8. Make sure any major repairs are completed before moving forward with your refinance. Structural damages drive your home value down and jeopardize the approval process for today’s popular government-backed FHA loans.

9. Don’t overestimate the value of making cosmetic home improvements. The expense is rarely justified because in the appraisal world, only improvements that add square footage will significantly increase home value.

10. Rely on market value rather than tax assessments for a realistic appraisal value—in today’s market, tax value and current market value may differ widely, but your lender can only go by appraisal value.

Finally, homeowners should expect their lender to clearly explain the appraisal process and all of the steps for refinancing up front. I can also assist you in the refinance process and help point you in the right direction—just e-mail me with your questions. If you believe this information may be valuable to your social network, please feel free to forward this email.

“When It’s SOLD, The Butler Did It!”

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Posted in Appraisal, Ashburn Virginia, Beacon Hill, Belmont Bay, Belmont Country Club, Blooms Crossing, Centreville Virginia, Clifton Virginia, Dominion Valley, Fairfax National Estates, Fawn Lake, Gainesville Virginia, Haymarket Virginia, Lake Manassas, Lansdowne on the Potomac, Leesburg Country Club, Leesburg Virginia, Manassas Park Virginia, Market Statistics, Mortgage Information, Penderbrook, Piedmont, Piedmont Country Club, Raspberry Falls, Real Esate Information, River Creek, River Creek Country Club, River Falls, Round Hill Virginia, South Riding, South Riding VA, Stoneleigh Country Club, Virginia Oaks, Woodbridge Virginia

Tagged Appraisal, Appraisals, Ashburn VA, Beacon Hill, Belmont Bay, Belmont Country Club, Blooms Crossing, Centreville VA, Chantilly VA, Creighton Farms, Dominion Valley, Dominion Valley Country Club, Fairfax National, Fairfax National Estates, Fairfax VA, Fawn Lake, Gainesville VA, Haymarket VA, Heritage Hunt, Lake Manassas, Lansdowne, Lansdowne on the Potomac, Leesburg VA, Mortgage Information, Parks at Piedmont, Penderbrook, Piedmont, Piedmont Country Club, Piedmont Riding Club, Piedmont South, Raspberry Falls, Real Estate, Real Estate Information, River Creek, River Creek Country Club, River Falls, Round Hill VA, South Riding, South Riding VA, Stoneleigh, Stoneleigh Country Club, Virginia Oaks, Woodbridge VA

7 Ways to Qualify for a Mortgage ~ Real Estate Information and Homes For Sale

Posted on September 29, 2009 | Leave a comment

A few years ago, home buyers were qualifying for mortgages who normally wouldn’t qualify for a mortgage. It was easy to get a mortgage because homes were flying off the market before they were even listed for sale. Lenders saw dollar signs, so they found a way to help buyers get a mortgage while throwing lending principles out of the window.

It’s a different story in today’s housing market. Qualifying for a mortgage is harder than it was a few years ago, but it’s not impossible. As a Member of the Top 5 in Real Estate Network®, I advise many clients on how they can qualify for a mortgage in today’s market. Here are some helpful tips:

1. Inspect all three of your credit reports. Pull your credit reports from Equifax, Experian and Transunion. Make sure that all of the information is accurate. If you find an account that doesn’t belong to you, submit the necessary form to all three credit reporting agencies to dispute the account.

2. Improve your FICO score. Unfortunately, mortgage lenders heavily weight your lending eligibility based on a score that doesn’t accurately measure your financial stability. The FICO score only measures your ability to repay a loan. Improve your score by paying down debt, paying all of your credit accounts on time, and keeping open accounts with a zero balance.

3. Save for a bigger down payment. Buying a house with a 10% or more down payment shows you are serious about becoming a homeowner. If you’re looking for a Federal Housing Administration loan, you’ll need at least a 3% down payment.

4. Increase your household income. That’s a tall order in today’s job market, but mortgage lenders want you bringing in enough money to realistically pay for the loan. Two-income families qualify easier than one-income families. Pick up a second job, become a two-income family, or start a home-based business.

5. Choose a realistic budget. The rule of thumb is a mortgage payment that is 25% of your monthly household income. Choose a price range that fits this criteria. If you make $4,000 a month, then choose a price range that gives you a mortgage payment of $1,250. The term “house poor” comes from people that spend the majority of their income on a mortgage payment.

6. Stick with one employer. Mortgage lenders like stability, especially in today’s market. If you can manage to stay with the same employer for more than two years, that will weigh in your favor.

7. Negotiate a price lower than the appraised value. If you negotiated a purchase price that is lower than the appraised value, you can consider it instant equity in the eyes of the mortgage lender. Follow the advice of your real estate agent on how to make the right offer.

Now is the time to buy, but lenders will no longer hand out loans to just anyone. Don’t let this discourage you. Take this time as an opportunity to fine tune your personal finances. For more information on how to qualify for a mortgage, please e-mail me. Also, please forward this email to any of your family or friends who might also be in the market for a mortgage.

“When It’s SOLD, The Butler Did It!”

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Posted in Ashburn Virginia, Beacon Hill, Belmont Bay, Belmont Country Club, Blooms Crossing, Centreville Virginia, Clifton Virginia, Dominion Valley, Fairfax National Estates, Fairfax Virginia, Fawn Lake, Gainesville Virginia, Haymarket Virginia, Lake Manassas, Lansdowne on the Potomac, Leesburg Country Club, Leesburg Virginia, Manassas Park Virginia, Mortgage Information, Penderbrook, Piedmont, Piedmont Country Club, Raspberry Falls, Real Esate Information, River Creek, River Creek Country Club, River Falls, Round Hill Virginia, South Riding, South Riding VA, Stoneleigh Country Club, Virginia Oaks, Woodbridge Virginia

Tagged Ed Butler, Mortgage Information, RE/MAX Gateway, Real Estate Information

Summertime Thaw

Posted on July 24, 2009 | Leave a comment

For months I’ve been saying that our market is vibrant and that the national statistics you hear about the real estate market aren’t indicative of the Northern Virginia Real Estate market! Well, it looks like our good fortune is spreading. Here’s an except from my Broker’s (Scott MacDonald) blog today.

At times I feel like a broken record – our market is different, we aren’t impacted like the rest of the country, we are seeing houses sell, etc. Well, it looks like other areas are beginning to experience what we are experiencing here in Northern Virginia. In a recent article on MSNBC it has been reported that existing home sales are up 3 months in a row – check it out here: http://www.msnbc.msn.com/id/32104105/ns/business-real_estate/from/ET – thanks for sharing Kendall Bennett. I am not sure if they are experience the number of multiple contract situations we are facing in the lower and upper price ranges like we are, but we will find out. However, I am sure they are having challenges with HVCC as it is a nationwide problem and they will experience the same problems we will have with H.E.R.A. as well – thanks Mindy Littleton. Please be sure to review the H.E.R.A. rules to give our clients the right advice with timing on closings with the new rules being implemented July 30.

In addition to the great news on existing home sales, new home starts were revised and reported to be up 3.6% in June over May 2009 numbers to an annualized rate of 562,000 – check it out even though it is a negative in regards to numbers “anticipated” last year: http://www.census.gov/const/newresconst.pdf. It is our hopes – even though hope isn’t a strategy – that with more good news like this, the media will start to report “our story” of success!

See Scott’s Blog Here

Throughout Northern Virginia, unemployment is comparatively low, housing inventory is low and housing demand has risen. We are in a Seller’s Market! Almost every property that is listed at $400,000 or less, that is priced well and shows well is winding up in multiple contract offer situations. My question is this: