Archives
October 2007
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Warrenton, Virginia
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The largest town and county seat for Fauquier County. With quite a bit of new residential construction and growth, commercial conveniences are springing up around town. Home Depot and Borders are the latest "adds" but if you prefer the personalized attention and relationships created in a small town environment, Warrenton still has that too. Main Street is lined with charming clothing and antique shops, delightful restaurants and gran; In the summertime there are boats for rent on the parks lake, performances in the amphitheater, and plenty of playground fun for the kids.
The town was incorporated in 1810 and named after the Revolutionary War hero, General Joesph Warren. But you will probably see many more landmarks noted around town for Colonel John S. Mosby who raided the area during the Civil War, and later settled here and practiced law in Warrenton.The Old Jail was build in 1808 and now holds a museum of local history. The Old Courthouse on Main Street is still in use and a great historic landmark for the town.
The Fauquier public school system serves Warrenton and several elementary schools, the Warrenton Middle School and Fauquier High School are all located in town.
The Fauquier Hospital is located in town and there are countless top-quality health care practices throughout the town and vicinity.
Fauquier County, Warrenton is located just about 40 miles Southwest of Washington, DC.It is the county seat and located in the northern region of Virginia. The primary arteries that run through the town are Routes 29,17,15 and 211 and provide easy access to Interstates 66, 64, 81, and 95. With the smaller community feel, while remaining close to more urban areas, many people are taking advantage of the lower cost of living and moving to the Virginia countryside.
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FAUQUIER COUNTY WINERIES
Fox Meadow Vineyards & Winery
3310 Freezeland Road
Linden, VA 22642
540-636-6777
http://www.foxmeadowwinery.com
Linden Vineyards
3708 Harrels Corner Road
Linden, VA
540-364-1997
http://www.lindenvineyards.com
Mediterranean Cellars
8295 Falcon Glen Road
Warrenton, VA
540-428-1984
http://www.mediterraneancellars.com
Naked Moutain Vineyard
2747 Leeds Manor Road
Markham, VA
540-364-1609
Http://www.nakedmtn.com
Oasis Winery
14141 Hume Road
Hume, VA
540-364-1609
http://www.oasiswine.com
Pearmund Cellars
6190 Georgetown Road
Broad Run, VA
540-347-3475
http://www.pearmundcellars.com
Piedmont Vineyards & Winery
2546-D Halfway Road
Middleburg, VA
540-687-5528
http://www.piedmontwines.com
Rogers Ford Farm Winery
14674 Rogers Ford Road
Sumerduck, VA
540-439-3707
Http://www.rogersfordwine.com
Stillhouse Vineyards
4366 Stillhouse Road
Hume, VA 22639
540-364-1203
http://www.stillhousevineyards.com
Three Fox Vineyards
10100 Three Foxes Lane
Delaplane, VA
540-364-6073
Http://www.threefoxvineyards
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Technology is a constantly changing thing. And it certainly continues to impact how real estate is bought and sold.
Because technology is so important to how I run my business, I'm continually evaluating what's effective and what isn't and how I can best provide information to the public.
Given that, I've made the decision to discontinue my traditional web site and focus purely on this blog. I'm getting better feedback on the usefulness of the information here than on my original web site. And it's become impossible from a time perspective to keep that continually updated and to post high quality blogs on a regular basis.
So, watch for changes here! I'll be adding some categories and moving a lot of the information from my web site here. I'll be adding a category for listings and displaying that information here. If there are some hiccups in switching everything over, I apologize for those now!
Meanwhile, I'm hopeful that these changes will allow me to continually improve what I can offer you here. As always your suggestions are warmly welcomed and eagerly solicited!
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Rappahannock County, Virginia
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Rappahannock County is a special place as any of the 7,000 some residents here will tell you!It is unique in Virginia in that it is the only county that has no traffic light and no supermarket!And that suits most of the residents here just fine!
Some of the communities in the county are Washington (the county seat), Amissville, Sperryville and Flint Hill. The Rappahannock River flows along the northeast boundary of the county and separates it from bordering Fauquier County. To the southwest is Madison County and to the southeast is Culpeper County.
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Just one of the many beautiful country roads.
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Rappahannock is at the foot of the Shenandoah and the rolling foothills are breathtakingly beautiful at almost any time of year.Tourism and agriculture are the main industries here.You will find plenty of farms and opportunities to buy your food directly from the source.Rappahannock County has several award winning wineries here. There are scores of Bed & Breakfast establishments and some world-renowned restaurants. The Rappahannock County public schools are fully accredited, elementary and high school.
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If you are thinking about relocating to this county, you should know you'd probably encounter plenty of deer, black bear and wild turkey.While neighbors can be a little further away than in the city, there is also more socializing. Neighbors depend on each other more when the nearest store can be quite a drive, especially after a major snowstorm! But Fauquier Hospital and Culpeper Regional Hospital are both within convenient distances from Rappahannock residents.
The county is likely to stay rural given the current zoning rules that say you cannot build on less than 25 acres. If you are looking for a lifestyle far from the hustle and bustle of the city, this may be the perfect place for you!
For more information visit http://www.rappahannock.com
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Fauquier County, Virginia
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Nestled between booming Northern Virginia and the scenic foothills of the Blue Ridge Mountains, residents of Fauquier County enjoy the best of both worlds. Developing communities and towns of commerce offer fine restaurants, great shopping and an inviting area for new business. All the while, maintaining beautiful farmland and the county's agricultural history. For those who enjoy spending time outdoors, the county offers many areas for great hiking or horseback riding, such as Sky Meadow State Park. There are many vineyards to explore and sample some of Virginia's finest wines.
As a somewhat "horsey" community, the county holds many point-to-point and steeplechase races throughout the season. The best known races, the Virginia Gold Cup and International Gold Cup steeplechase races, are held every spring and fall at Great Meadow Park. Great Meadow also has twilight polo matches every weekend throughout the summer. The Upperville and Warrenton Horse Shows are two of the oldest, and best known equine events. The Bluemont Concert Series make its rounds about the towns each summer and Bealeton boasts the Flying Circus Air shows.
Fauquier Hospital is located in Warrenton and serves the entire county. In 2003 it embarked on a $50 million dollar, hospital-wide renovation project to build new wings and expand and enhance current facilities.
The public school system consists of 2 high schools, 5 middle schools and 10 elementary schools and is currently in the midst of a six year improvement plan to address the growth the county is experiencing. For more information on the district, go to www.fcps1.org. The county offers many reputable private and parochial schools as well.
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MM Piecre Elementary in Remington serves about 540 children from pre-K through 5th grade.
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Liberty High School is the home of the "Eagles" and serves students in grades
9-12.
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With a population of about 63,000 the county is enjoying significant growth.There is a lot of new residential construction, but there are still many grand old Virginia homes, charming farmhouses and everything in between.
Some of the communities and subdivisions in the Fauquier County area include:
Lake Whippoorwill
Warrenton Lakes
White's Mill
For more information on FauquierCounty, visit The Fauquier Chamber of Commerce and/or the Fauquier County website.
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Grace Episcopal Church in The Plains
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Culpeper County, Virginia
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Culpeper County is an agricultural community experiencing exciting growth and development. By an increase of 20 percent since 2000, the county's population has grown to just over 41,000. Almost half of the county's acreage is still dedicated to agriculture, a great deal of which is made up of nurseries, green houses, and Christmas tree farms. But horse and beef farms are popular and wineries are prevalent. Fifty percent of the county land is still wooded.
The county was chartered in 1749 and named for Lord Thomas Culpeper, just after a young George Washington was commissioned to survey the area. It was an active community in the American Revolution and was a strategic "hub" during the Civil War due to its desirable railroad location.
In addition to a wealth of Civil War history, Culpeper offers many cultural events, free concerts, theaters and art festivals. For those who enjoy the outdoors there is plenty of gorgeous scenery to take in while bike riding, hiking, horseback riding fishing or canoeing.
Today Culpeper County has its own regional airport, although the major DC and Baltimore airports are within 100 miles, and two Amtrak lines stop through the area. The Culpeper Regional Hospital is located in the Town of Culpeper and the Culpeper public school system is fully accredited by the Virginia Department of Education.
For more information visit the county's website at http://www.culpepercounty.gov or the Chamber of Commerce at http://www.culpepervachamber.com
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Town of Culpeper, Virginia
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Downtown Culpeper is enjoying an exciting restoration effort and is prospering with quaint shops and intimate restaurants. It's easy to see why it's been called "One of the 10 Best Small Towns in America". While it is growing and developing, it has retained the small-town charm that has drawn so many residents and businesses. Located in the Virginia Piedmont area, Culpeper is flanked by the
The Culpeper County public school system supports the town's residents and is planning a new high school to accommodate the area's growth.
Blue Ridge Mountains and is located within reasonable proximity to Washington, D.C., Northern Virginia, Fredericksburg, Charlottesville, and Richmond.
There is a great deal of Colonial history here dating back to 1759 when the town of Culpeper was established by the Virginia House of Burgesses. The location of the Town, with its high ground and ample water supply and proximity to the mountains, was described as "a high and pleasant situation in the County of Culpeper where the courthouse [constructed c. 1750] now stands." The original town plan, which forms the core of modern Culpeper, was 10 town blocks. The original alleys remain and are in service.
For more information go to http://www.culpeper.to
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Amissville, Virginia
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Some time around 1763, Thomas Fairfax, 6th Lord Fairfax of Cameron divided the land now known as Amissville to Joseph Bayse and Joseph Amiss. In the early 1800s, descendants of both families wanted the town named in their own honor. So an election was held and the Amiss family won by a one vote margin, hence, the name Amissville.
Amissville is located in Rappahannock County with outlying areas falling in Culpeper County and a tiny piece in Fauquier County.There is definitely the charm of small town living here, but the conveniences in Warrenton, Virginia are just 15 minutes away.
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Amissville is a community of beautiful farms and good people.In the summer, residents can gather at Hackleys General Store for some blue grass music and every June the Amissville fire station hosts the annual carnival.Grey Ghost Vineyards is located right on Route 211 and is putting Virginia on the international wine map by producing acclaimed wines from immaculate vineyards.
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In about 1763, Thomas Fairfax, 6th Lord Fairfax of Cameron divided the land now known as Amissville to Joseph Bayse and Joseph Amiss. In the early 1800´s, decendents of both families wanted the town named in their own honor.
So an election was held and the Amiss family won by a one vote margin, hence, the name Amissville.
Most of the area is service by the Rappahannock school system, but again some outlying areas fall into the Culpeper public school district.
For more information see http://www.amissville.com
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County/City
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For more
information contact
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Tax Rate per $100
(2006)
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Alexandria City
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703-838-4646
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$0.815
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Arlington County
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703-228-3920
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$0.818
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Culpeper County
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540-727-3411
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$0.89
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Town of Culpeper
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540-727-3411
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Culpeper County plus $0.08
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Fairfax City
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703-385-7840
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$0.71
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Fairfax County
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703-222-8234
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$0.89
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Herndon
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703-435-6813
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Fairfax County plus $0.24
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Vienna
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703-255-6300
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Fairfax County plus $0.1862
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Falls Church City
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703-248-5001
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$1.01
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Fauquier County
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540-347-8614
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$0.645
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Frederick County
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540-665-5680
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$0.525
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City of Fredericksburg
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540-372-1004
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$0.89
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King George County
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540-775-4664
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$0.40
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Loudoun County
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703-777-7290
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$0.89
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Manassas City
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703-257-8263
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$0.815
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Manassas Park City
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703-335-8811
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$1.14
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Orange County
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540-672-4441
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$0.87
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Page County
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540-843-0655
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$0.67
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Prince William County
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703-792-6780
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$0.8071
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Town of Dumfries
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703-221-3400
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PW County plus $0.18
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Town of Occoquan
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703-491-1918
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PW County plus $0.085
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Town of Quantico
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703-640-7411
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PW County plus $0.15
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Spotsylvania County
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540-582-7052
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$0.62
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Stafford County
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540-658-4124
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$0.63
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Warren County
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540-635-2651
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$0.83
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88 Possible Types of Turbulence We Could Encounter
Buying a home is like taking an airline flight across the country. When you start on your trip, you have no idea how the trip will go. Neither does the pilot. You could run into 88 different types of turbulence, or other passengers on the trip could pull stunts on you. Ideally, you should have a smooth flight and land on time. Certainly the pilot will try to use his or her experience to navigate around the storms and go for the smoothest flight plan, but if they´re honest, they can´t promise a turbulence-free trip. Their job is to get you to your destination in the least time and with the least aggravation, while keeping you informed throughout the trip.
Attached is a somewhat humorous list of the 88 different types of turbulence or stunts we might run into. This list is not all encompassing, but it catches most of the common issues we might run into. While some of the items are "picky" to some, they are very real and fearful to others.
Please take a few minutes to review the list.
As your REALTOR, I see myself as the pilot of your plane. My job is to assist you in getting your home purchased on time and with the fewest aggravations. I can´t promise you no turbulence, or that other parties to the transaction won´t try and pull a few stunts, but I can promise you that I´ll utilize my experience and expertise to take you on the smoothest flight I can. And if we do hit turbulence, I won´t bail out on you. I´ll be your teammate throughout the flight, until we get you safely to your destination.
Rest assured your advocacy is my number one goal, and that means you must be delighted with the product and service we deliver beyond your expectations during the process.
As always, should you have any questions or concerns, please don´t hesitate to call me!
All the best!
Julie Emery, REALTOR, e-PRO, GRI, SRES
88 Possible Types of Turbulence We Could Encounter
The Buyer/Borrower:
- Does not tell the truth on the loan application
- Submits incorrect information to the lender
- Has recent late payments on credit report
- Found out about additional debt after loan application
- Borrower loses job
- Co-borrower loses job
- Income verification lower than what was stated on loan application
- Overtime income not allowed by underwriter for qualifying.
- Applicant makes large purchases on credit before closing
- Illness, injury, divorce or other financial setback during escrow
- Lacks motivation
- Gift donor changes mind
- Cannot locate divorce decree.
- Cannot locate petition or discharge of bankruptcy.
- Cannot locate tax returns.
- Cannot locate bank statements.
- Difficulty in obtaining verification of rent.
- Interest rate increases and borrower no longer qualifies.
- Loan program changes with higher rates, points and fees.
- Child support not disclosed on application.
- Borrower is a foreign national.
- Bankruptcy within the last 2 years.
- Mortgage payment is double the previous housing payment.
- Borrower/co-borrower does not have steady 2-year employment history.
- Borrower brings in handwritten pay stubs.
- Borrower switches to job requiring probation period just before closing.
- Borrower switches to job from salary to 100% commission income.
- Borrower/co-borrower/seller dies.
- Family members or friends do not like the home buyer chooses.
- Buyer is too picky about property in price range they can afford.
- Buyer feels the house is misrepresented.
- Veterans DD214 form not available.
- Buyer has spent money needed for down payment and closing costs and comes up short at closing.
- Buyer does not properly "paper trail" additional money that comes from gifts, loans, etc.
- Does not bring cashier´s check to title company for closing costs and down payment.
The Seller:
- Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.)
- Cannot find a suitable replacement property.
- Will not allow appraiser inside home.
- Will not allow inspectors inside home in a timely manner.
- Removes property from the premises the buyer believed was included.
- Is unable to clear up liens against their property ? short on cash to close.
- Did not own 100% of property as previously disclosed.
- Thought getting partners signatures were "no problem" but they were.
- Leaves town without giving anyone Power of Attorney.
- Delays the projected move-out date.
- Did not complete the repairs agreed to in contract.
- Seller´s home goes into foreclosure during escrow.
- Misrepresents information about home & neighborhood to the buyer.
- Does not disclose all hidden or unknown defects and they are subsequently discovered.
- Builder miscalculates completion date of new home.
- Builder has too many cost overruns.
- Final inspection on new home does not pass.
- Seller does not appear for closing and won´t sign papers.
The OTHER Realtor(s):
- Have no client control over sellers.
- Delays access to property for inspections and appraisals.
- Unfamiliar with their client´s financial position ? do they have enough equity to sell, etc.
- Does not get completed paperwork to the lender on time.
- Inexperienced in this type of property transaction.
- Takes unexpected time off during transaction and can´t be reached.
- Jerks around other parties to the transaction ? has a huge ego.
- Does not do sufficient homework on their clients or the property and wastes everyone´s time.
The Property:
- Engineer will not approve septic system or well.
- Inspection report reveals substantial damage and seller is not willing to fix or repair.
- Home was misrepresented as to size and condition.
- Home is destroyed prior to closing.
- Home not structurally sound.
- Home is uninsurable for homeowners insurance.
- Property incorrectly zoned.
- Portion of home sits on neighbor´s property.
- Unique home and comparable properties for appraisal difficult to find.
The Escrow/Title Company:
- Fails to notify lender/agents of unsigned or unreturned documents.
- Fails to obtain information from beneficiaries, lien holders, insurance companies, or lenders in a timely manner.
- Lets principals leave town without getting all necessary signatures.
- Loses or incorrectly prepares paperwork.
- Does not pass on valuable information quickly enough.
- Does not coordinate well, so that many items can be done simultaneously.
- Does not bend the rules on small problems.
- Does not find liens or any title problems until the last minute.
The Appraiser:
- Is not local and misunderstands the market.
- Is too busy to complete the appraisal on schedule.
- No comparable sales are available.
- Is not on the lender´s "approved list."
- Makes important mistakes on appraisal and brings in value too low.
- Lender requires a second or "review" appraisal.
Inspectors:
- Too "picky" with conditions and "scares" the buyer.
- Infuriates the seller.
- Home inspector not available when needed.
- Inspection reports alarm buyer and sale is cancelled.
If you want a smooth flight during your real estate transaction, and a pilot who can bring you in for a safe, smooth landing, trust....
Julie Emery, e-PRO, GRI, SRES
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Wildwood Forest is a lovely community in Amissville in northwest Culpeper County. It is located approximately nine miles west of Warrenton. There are approximately 90 homes in this subdivision.
One of the distinctive things you'll find here are the hand-painted mailboxes. Every home has one and it really does add to the ambience of the community.
Wildwood Circle is the main street and is, of course, a circle. The other streets in the subdivision are spurs off this main street.
Most of the homes here are colonials, although you'll also find a sprinkling of cape cods and ramblers. All are on large lots, generally over 1.5 acres.
There is no HOA in Wildwood Forest. Although there are restrictive covenants.
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We've talked about the tax consequences of the lender forgiving debt owed when a foreclosure is sold. That can have tax consequences for the homeowner. (Although Congress is at work on fixing that!)
But here's a new wrinkle for the buyer of foreclosure properties. If the owner of the foreclosed property had purchased it as an investment, and if he'd taken depreciation on the property, the new owner may be liable for repaying the IRS for that depreciation.
There are all kinds of problems with this but the first and most obvious one is, how is a buyer supposed to know what the original intention of the previous owner was and whether or not he viewed this as an investment and whether or not he claimed depreciation on his tax return? Who is responsible for making this information available to the purchaser? This is not information that is readily available to the general public. And, why should the purchaser be penalized for what the original owner did?
This all seems highly unreasonable to me. In most cases I can only assume that the first the purchaser would know about this would be when the letter from the IRS shows up in his mailbox. Recourse would seem to be pretty limited at that point.
What I can tell you is that if you're considering purchasing a foreclosure you ought to discuss this with a tax professional prior to putting a contract on the property. Remember that you are unlikely to have contingencies that will allow you to back out of a contract on a foreclosure. Do your due dilligence in advance or suffer the consequences!
Buyer beware clearly applies here!
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Good news today for both buyers and sellers. Mortgage rates fell last week to the lowest point we've seen in awhile. While exact rates may vary slightly by lender, generally you should be able to find a fixed rate, 30-year mortgage for about 6%.
Why are rates dropping now? It's probably a combination of reasons. One of the most important is that the markets appear to be more concerned about the possibility of recession and less worried about inflation. Another is the anticipation of an expected Fed rate cut this week.
Whatever the reasons, this is good news for buyers. They've now got some additional purchasing power.
It's good news for sellers as it's likely to get a few more buyers out there to take advantage of these rates.
How long this will last is anyone's guess. But with oil over $90/barrel inflation is still potentially lurking in the future!
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I promised you some relief from the bad news today. Here are some good news tidbits to keep you going!
Homes that are in excellent condition and aggressively priced are selling!
Countrywide, the nation's largest mortgage lender, has announced that they are aggressively helping their customers refinance their mortgages at lower, more adjustable rates. This could mean less foreclosures hitting the market and less downward pressure on prices.
We're fast approaching the holiday season. And while there may be fewer buyers this time of year, the ones out there are serious!
The highest end of the market still seems to have some resiliency. New listings (again those in excellent condition) quickly attract attention and showings.
Commercial real estate is holding up well overall. I've gotten five calls in the last week on a commercial property I have listed. The previous month had been very quiet so this is good news!
I have clients who really, really need and want to sell and they've been very aggressive about lowering the price. We had multiple showings last weekend and now have someone who says they're putting together an offer!
And, if that's not enough good news for you, it's raining!
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Rappahannock County is a very different real estate market. It's different from the surrounding counties in a multitude of ways. It's more rural. There's no stop light in the county. There's no supermarket in the county and no fast food joints. There are more people than sheep in the county!
Those are part of what contribute to its uniqueness. But from a real estate perspective, the zoning restrictions contribute significantly to the difference. The minimum lot size to build (unless grandfathered in) is 25 acres. You won't see any mammoth subdivisions in Rappahannock County.
Because of all these factors the real estate market is different here. This county is battered less by the extreme ups and downs of the market. Demand is lower overall but there tend to be fewer peaks and valleys.
However, even Rappahannock County has noticed this market slowdown. There are 84 active listings in the county. Before the slow down that was generally in the mid-30s.
The average sales price is very unenlightening. With only three properties sold in an average month the numbers can swing wildly based on how many multi-million dollar properties sold. So we won't even bother with those numbers!
The average number of days a property stays on the market has jumped in the last year from 84 days to 196 days. Even in Rappahannock County, things are selling more slowly.
It appears there's no place to hide from this tough sellers market. But there's always good news out there and we'll talk about that tomorrow!
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Date: Oct. 19, 2007
Tags: None
Radon is a colorless, odorless gas that is naturally ocurring in every state in the US. Radon
doesn't pose a problem until it's trapped in a confined area where you spend significant amounts of time. Typically most
problems with radon in residential homes are found in basements. The danger in excess radon exposure is the potential for
lung cancer.
Radon is measured in picocuries per liter (pCi/L). The EPA recommends radon mitigation for
levels of 4pCi/L or higher. This is a recommendation, not a legal requirement.
It is impossible to tell if any particular home has a high level of radon without professional
testing. While radon may occur in some neighborhoods more often than others, no one can say for sure what the radon levels
are in any particular home without testing being done.
There are both short term and long term tests available for radon. Given the length of time
usually allotted for inspections during a real estate contract period the short term tests are the norm. Short term tests
take only 48 hours, while the long term version takes 90 days.
While the EPA recommends mitigation of levels over 4pCi/L or higher, that's not true in many
other countries. This table shows standards for
both existing buildings and new construction in some other countries. As you can see, the US is pretty aggressive in this
area.
If you do find elevated radon levels in a home, don't panic! There are ways to mitigate this
an the costs are often surprisingly affordable. Mitigation usually includes sealing cracks and other openings in the
foundation. And, in most cases, mitigation will include vent pipe(s) and a fan(s).
Both testing and mitigation should be done by professionals.
Finding radon in a home doesn't have to be a deal killer. But you should always understand the
risks and what can be done to minimize them.
A good source for additional information is the EPA's web
site on radon.
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Date: Oct. 18, 2007
Tags: None
Real Estate Terms Glossary
Buying or selling a home is a pretty involved endeavor that can, at times, be overwhelming. I see it as
my job to navigate you through the process, assisting and educating you all the way. But familiarizing yourself
with commonly used real estate terms can make our conversations easier and more productive!
Following are some real estate terms or phrases that are commonly used during a real estate
transaction.
Adjustable Rate Mortgage (ARM): interest rates on this type of mortgage are
periodically adjusted up or down, depending on a specified financial index.
Agent: acts on behalf of another; representing that person´s interests and serving as
an intermediary
Amortization: a method of equalizing the monthly mortgage payments over the life of
the loan, even through the proportion of principal to interest changes over time. In the early part of the loan, principal
repayment is very small and interest repayment is very high; at the end of the loan, that relationship is reversed.
Annual Percentage Rate (APR): the actual finance charge for a loan, including points
and loan fees in addition to the stated interest rate.
Appraisal: an expert judgment of the value or worth of a property.
Assumption of Mortgage: buyer assumes liability for an existing mortgage note held by
the Seller. This is subject to approval by the lender, who must be willing to approve the Buyer and release the
Seller.
Assessed Value: the value placed on property by a municipality for purposes of levying
taxes. It may differ widely from appraised or market value.
Balloon Payment: a large principal payment due all at once at the end of some loan
terms.
Broker: a real estate professional who has a higher level of training than an agent.
Generally, this is one who is the legal representative or proprietor of the office.
Cap: limit on how much the interest rate can change in an ARM.
Closing: see "Settlement"
Commission: fee (usually a percentage of total transaction) paid to an agent or broker
for services performed.
Condominium (Condo): type of real estate ownership where the owner has title to a
specific unit and shared interest in common areas.
Contingency: a condition in a contract that must by met for the contract to be
binding.
Contract: binding legal agreement between two or more parties that delineates the
conditions for the exchange of value (for example: money exchanged for title to property).
Conversion Clause: a provision that allows converting an ARM to a fixed-rate loan
after a specified interval.
Deed: legal document that formally conveys ownership of property from Seller to
Buyer.
Down Payment: percentage of the purchase price that the Buyer must pay in cash and may
not borrow from the lender.
Earning Money: a large deposit paid when the sales contract is signed before the
closing.
Equity: the value of the property actually owned by the homeowner: purchase price plus
appreciation plus improvements, less mortgage and liens.
Escrow: a fund or account held by a third-party custodian until conditions of a
contract are met.
Fannie Mae: see Federal National Mortgage Association
Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association
(FNMA, called Fannie Mae): privately owned corporations created by Congress that buy mortgage notes from local
lenders and are responsible for the guidelines a majority of lenders use to qualify borrowers.
Finance Charges: the total cost, including all fees, points and interest payments a
borrower pays to obtain credit.
Fixed Rate Mortgage: interest rates on this type of mortgage remain the same over the
life of the loan term. Compare to "Adjustable Rate Mortgage".
Fixture: a recognizable entity (such as a toilet bowl, kitchen cabinet, or light
until) that is permanently attached to property and belongs to the property when it is sold.
Hazard Insurance: compensates for property damage from specified hazards such as fire
and wind. More complete coverage is given by all-risk homeowner´s insurance.
Home Inspection Report: prepared by a qualified inspector, it evaluates a property´s
structure and mechanical systems.
HUD-1: a precise breakdown of closing costs for both Sellers and Buyers (also known as
HUD-1 Settlement Statement required by the Real Estate Settlement Procedures Act.)
Interest: the cost of borrowing money, usually expressed as a percentage over
time.
Lien: a security claim on property until a debt is satisfied.
Listing Contract: agreement whereby an owner engages a real estate agent for a
specified period to sell property, for which sale the agent receives a commission.
Market Value: the price that is established by the present economic conditions,
locations, and general trends.
Market Price: the actual price at which a property is sold.
Mortgage: security claim by a lender against property until the debt is paid.
Metropolitan Regional Information System (MRIS): a system that provides to its members
detailed information about properties for sale.
Negative Amortization: a method of calculating fixed monthly payments in combination
with a variable interest rate. When monthly payments are not enough to cover interest costs, unpaid interest is added to
the principal balance.
Origination Fee: application fee(s) for processing a proposed mortgage loan.
PITI: principal, interest, taxes, and insurance, forming the basis for monthly
mortgage payments.
Point: one percent of the loan principal. It´s charged in addition to interest and
fees.
Prepayment Penalty: a fee paid by a borrower who pays off the loan before it is
due.
Prequalification: informal estimate of how much financing a potential borrower might
expect to obtain, done before paying substantial loan application fees.
Principal: one of the parties to a contract; or the amount of money borrowed, for
which interest is charged.
Prorate: divide or assess proportionately.
Realtor: a member of the National Association of Realtors.
RESPA Statement (see HUD-1): Real Estate Settlement Procedures Act, a precise
breakdown of closing costs for both Sellers and Buyers. (Also known as HUD-1 Settlement Statement.)
Settlement: all financial transactions required to complete contract
performance/obligations.
Title: document that indicates ownership of a specific property.
Title Insurance: protects against loss from defects in the title.
Title Search: detailed examination of the entire document history of a property title
to make sure there are no encumbrances.
Types of Ownership: there are four types of ownership: They are:
-
Sole ownership- only one person owns the property
-
Tenants in common- two or more persons have an undivided ownership in the property. The percentage
of ownership need not be equal; each party has a right to sell his interest, and upon the death of any of the owners
that owner´s interest in the property goes to the deceased´s heirs.
-
Joint tenants- ownership taken by two or more persons at the same time in equal percentages with an
undivided right to possession. If one owner dies, his or her interest automatically goes to the remaining
owner(s).
-
Tenants by the entireties- owners are husband and wife and together they hold title to the property
with a right of survivorship. Upon the death of either; the survivor takes sole ownership to the exclusion of the
deceased spouse´s heirs.
-
Unreleased trust- a mortgage or lien recorded in the Court records that appears to be outstanding
(where no Certificate of Satisfaction/release has been recorded).
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At the end of this post you'll find a link to an article about two home
builders who are in trouble, Levitt and Beazer.
Levitt is a South Florida based home builder and should have no impact to
consumers in this area. Beazer, on the other hand, builds throughout the area.
Beazer's credit rating has taken huge hits recently. It's cancellation rate is
at 68%. (Meaning that 68% of the people who sign a contract to buy one of their homes eventually back out.) And they're
restating earnings back to 2004 because of some irregularities. All this has the smell of a company in trouble. Read the
article and decide for yourself.
I wouldn't be giving a large deposit to Beazer right now. What happens if
they're not around to build that house? And how about the 1 year builder guarantee after you're in the house? And, should
things get worse and Beazer declares bankruptcy, you've got no chance of ever seeing that deposit again. Like I said, I
wouldn't do it with my money!
http://seekingalpha.com/article/49971-kiss-levitt-goodbye-and-pucker-up-for-beazer?source=d_email
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LOCAL FOOD SOURCES
There are lots of good reasons to buy your
food locally. First of all, it's nice to know where your food comes from, who grew it and where and what went into it!
Buying your food locally supports area farmers and helps maintain the rural character of our area. And, when the food you
eat doesn't have to travel thousands of miles to your table, you're helping make our country more energy efficient. That's
good for the environment and good for national security. Why wouldn't you eat local?!
Here are some local food sources in the Virginia Piedmont Area.
Fresh and Local
CSA
Deliveries to Metro-VA, Metro-MD, DC and Shepherdstown,
WV
Products available include biodynamic vegetables, grassfed beef, pastured pork, eggs and organic Kona coffee.
Ayrshire
Farms - Upperville
540-592-9504
Products available include organic heritage beef, pork, pastured chicken, organic turkey and eggs
Blue Ridge Beef - Upperville
540-592-3469
mbarreda@earthlink.net
Products available include pastured beef and pastured eggs
Bellemeade - Sperryville
540-987-9748
info@bellemeade.net
Products available include pastured beef and pastured eggs
Toni Bragg - Warrenton
540-347-7053
skytrek@earthlink.net
Organizes ZOOKS delivery from PA
Products available include Dairy Products (milk, cream, yogurt, cheese, kefir), eggs, chicken, duck, beef and produce.
Cibola
Farms - Culpeper
540-727-8590
Products available include pastured bison, pastured beef, rabbit, pastured chicken, free range pork, goat meat, lamb and
turkey.
Mark & Fran Deren - Fort Valley
540-933-6873
Products available include cow milk, cream and yogurt, goat milk and eggs
Drinking Swamp Farm - Haynesville
Available at Freericksburg and Irvington Farmers Market
804-394-3508
goatboy@sylvaninfo.net
Products available include pastured goat meat products, lamb, veal, cheese.
Field and Flower - Washington,
VA
dopray@earthlink.net
Products available include salads.
Golden Acres Orchard - Front
Royal
540-636-9611
Products available include apples.
Harmany Highlands - Flint Hill
540-675-1855
harmany@earthlink.net
Products available include pastured beef.
Heartland Harvest Farm - Mt. Solon
540-885-3133 or
540-885-7172
85 Curry Road, Mt. Solon, VA
Products available include chicken, lamb, beef, pork, eggs and turkeys.
Clarke County Farmers Market -
Berryville
540-955-4463
Town Parking Lot, S. Church Street, Berryville, VA
Hedgebrook
Farm - Winchester
540-450-0310
jackie@hedgebrook.com
Products available include cowshares, pumpkins, apples, peanuts and assorted seasonal produce.
John Kiser - Sperryville
540-987-8445
Products available include pastured pork.
Majesty
Farm - North Garden
434-293-5514
info@majestyfarm.com
Products available include cow shares, goat shares, beef, pastured veal, chevon, eggs and other seasonal items.
Manassas Milk Project
703-791-2421 or 540-349-0818
Products available include cow shares.
New Hope Farms - Castleton
540-987-9507
ern8686@aol.com
Products available include pork.
Over The
Grass Farm - The Plains
540-253-5228
overthegrass@aol.com
Products available include CSA, year round salad mix, eggs, pastured beef, cow shares, grass finished lamb, honey,
homemade jams and jellies, wool and yarn.
Petal to the Metal Farm - Bealeton
540-439-2060
petaltothemetal@aol.com
Products available include pork, lamb, eggs, live rare breed poultry, seedlings and produce.
Piedmont Organics - Linden
540-364-9996
leopold@igc.org
Products available include CSA.
Polyface Farm - Swope
540-885-3590
Deliveries available to Sperryville and Springfield
artncrew@cfw.com
Products available include pastured poultry, Salad Bar Beef, Pigerator Pork, pastured rabbit, pastured eggs, pet food.
Rucker Farm - Flint Hill
540-657-3444
Products available include cow shares, goat shares.
Smithfield
Farm - Berryville
877-955-4389
sfarm@visuallink.com
Products available include pastured beef, pastured veal, pastured chicken, pastured pork, pastured goat and pastured
eggs.
Stoney Lonesome Farm
703-354-9145
yopablito@hotmail.com
Products available include CSA
Summerfield
Farm Products - Culpeper
800-898-3276
Products available include veal, lamb, venison, chicken, game birds and beef.
Touchstone
Farm - Amissville
540-937-6124
info@touchstonefarm.org
Products available include pastured lamb, wool and yarn.
Waterpenny
Farm - Sperryville
540-987-8567
waterpenny@verizon.net
Products available include CSA, meat deliveries from Polyface, and fresh produce available at local
markets.
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