Valentine’s Day Cupcakes

Mark your calendar – the 4th Annual Cupcake Wars will be held on Friday, February 14th from 11am – 1pm in both Liz Moore offices!

This year, we’re baking our best in honor of our good friend Ginny Phillips, who is kicking butt at battling lymphatic leukemia. We will be donating ALL of the proceeds to the Leukemia and Lymphoma Society on her behalf. 

Get creative and donate your prize winning treats, or stop by and pick up some baked goods for your sweet tooth.

Love where you live

Check out this great new video that showcases Williamsburg. Love where you live is a new series of videos for Liz Moore and Associates and features our agents expressing some of the reasons they love where they live.

Ryan Fleischmann- All-Time Saves Leader

So proud of my son – Ryan Fleischmann.  I am using my blog today to celebrate his achievements.

 

Fleischmann graduates Christopher Newport undisputed as the finest closer in program history, and arguably the best in league history. With 11 saves in 11 opportunities this year, the Williamsburg native broke the USA South Athletic Conference career record for saves, with 29, and also broke his own single-season and career records at CNU. He enjoyed the best year of his career, going 1-0 with 11 saves in 19 appearances, while boasting an ERA of 0.72. He allowed just nine base hits and two runs scored in 25 innings of work, while striking out 38.

 

See the entire article at http://cnusports.com/news/2013/5/20/BB_0520132603.aspx

Get the Right Represenation when Buying a Home, Chose a REALTOR

The Right Representation

Almost all real estate agents are paid 100% on commission.  Contrary to what the public realizes, your agent only receives a paycheck when the home you purchase successfully closes.  All of the hours invested in researching listings to meet your needs, helping you choose the right financing, showing you homes, negotiating offers and counter offers, managing the home inspection process, etc. is done in the hopes that the transaction will close.

That is why the best agents are unwilling to spend a great deal of time and energy with buyers who are unwilling to make a commitment to work together exclusively.  Most top agents work under a retainer agreement, which is basically your promise to be loyal in exchange for their promise to work diligently on your behalf.

Don’t be afraid of a retainer agreement; it’s the first step in the home purchase process.  Make sure that the agent clearly outlines their responsibilities during the term of the agreement, as well as what is expected of you.   If you don’t know the agent well, and are concerned about making a long term commitment, ask for assurance that the agreement can be terminated for specific causes, in case the agent doesn’t perform or there is a personality clash.

In this market, it is more important than ever that serious buyers have the representation they need.

The right negotiating strategy can literally mean the difference between winning the bid and losing the home, and experienced agents who have developed successful negotiating skills are worth their weight in gold.

Think about it…a home purchase is one of, if not the largest, financial transaction you’ll ever make.  Doesn’t it make sense to have the assistance of the best agent to guide you through this process?  Call me today, Denise Fleischmann, to make sure you are getting the best representation!

Denise Fleischmann, ABR, SFR, SRES, Associate Broker
(757) 846-0202
Denise@lizmoore.com

Should You Hire a Buyer’s Agent? As a Buyer do you want help?

As a prospective home buyer, you have the option of hiring a professional real estate agent to represent you, or go it alone.

Here are some important considerations before you decide:

Most of the time, a buyer agent is compensated by the Seller or the Seller’s agent, so somebody else is “treating” you to representation.

Only an agent who represents you can give you advice on true market value, and make recommendations on a negotiating strategy that could potentially save you thousands of dollars.

Some buyers are under the mistaken impression that by calling listing agents directly, they are apt to “save” some of the commission. On the contrary, an agent who works for the seller must protect the sellers’ interests above all, and is working against you from a negotiating standpoint.

Now more than ever, the dynamics of current market conditions are a key consideration in shopping for a home. Savvy agents can help you evaluate trends and interpret statistics such as absorption rates and market time to your advantage.  An agent will do the searching for you, using updated resources and their personal knowledge and experience will shorten and improve the process.  Remember knowledge (and experience) is power!

Those are just a few reasons that a good buyer agent is worth their weight in gold. You owe it to yourself to invest an hour in a complimentary buyer counseling session with an experienced Realtor so that you can make an informed decision.

Denise Fleischmann ABR, SFR, SRES Associate Broker

Seven Costly Mistakes Sellers Should Avoid

 Mistake 1: Putting the home on the market before it’s ready. Most of the time this happens because the seller gets impatient or is a procrastinator and has pushed himself up against a moving deadline without getting the pre-sale work done. So it comes on the market with the horrible worn carpet (that gets replaced during the marketing of the home); making repairs, or they are painting it while it goes on the market. Presentation is everything — so get the work done before marketing the property. You want to get the best pictures on the internet.  It is always better to get the repairs done, then pictures, and then get it listed.

Mistake 2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it’s an anomaly, instead of a nice addition to the community.  You always want to be the lowest priced house in the neighborhood for an easy resale later.

Mistake 3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the “asking” price, but they don’t control the “sales” price. The market does. It doesn’t matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.  A seller is only going to get the price that the market will bear.  It doesn’t matter to the buyer what the seller owes on it – only what the other homes in the neighborhood are selling for.

Mistake 4: Hiring an agent based on non-business factors. Make sure you’re hiring a professional with a proven track record. It might be nice to hand over your largest asset to your friend who just got her license — but save your friendship and make the sale – chose a professional with experience.

Mistake 5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it’s no longer a home, but a commodity. It needs to be prepared as a commodity, marketed as a commodity, and priced as a commodity. It doesn’t matter what you “want,” only what the market can bear on pricing. People are going to come in to kick the tires, so to speak, and you can’t get emotional about how they may or may not appreciate the nuances of your home.

Mistake 6: Trying to cover up problems, or not disclosing them. Virginia has a property disclosure/disclaimer form — use it wisely. Just because you disclaim doesn’t mean you cannot be sued later for the leaky basement, or dilapidated heating/air system that’s discovered 30 days after settlement.  It is always best to disclose – if you have to think about it – then it is probably important enough to disclose.

Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later — it will cost you more if you wait.  If homes are selling under their current assessed value, then be preapred to accept an offer that is lower than its assessed value.

If you are ready to sell your home, give me a call.  I can help save you time and money before you start to sell your home.  It is best to get advice first, and then make changes second.

Documents needed when applying for a Home Loan

Whether this is your first home purchase, or your 10th – getting the documentation together that the lender will require is usually the hardest part of the process.  Your Realtor will probalby require a pre-approval letter from your lender before they can make an offer on a home for you.  This is the beginning of the process.  Usuallly a short 15 minute phone call can accomplish the pre-approval.  It is the documentation that is required for the full loan applicantion that may take you some time to get together.  The list provided below should only serve as a guideline and can help you early in the process to be prepared.  The documentation that your particular lender will require will be determined by what kind of loan you are applying for such as whether it is a goverment loan or a conventional one.  Please feel free to print this out.

Document Checklist

Below are the items needed for your loan application.  Please include these items when you return your signed disclosures. If there are multiple people on the loan application we will need these items for each person.

Loan Application Tips

• Print all documents in their entirety and sign as indicated. Fill in highlighted areas with missing information.
• Carefully read through all pages of the Uniform Residential Loan Application.  Make any corrections so that we can correct them in the system.
• Complete the Appraisal Order form with payment and sign both places. If not paying with a credit card you may send a check made out to Fidelity Bank.
• Do not staple items together.
• Do not send originals.
• No front and back copies.

Items Needed

• Is the mortgage in a trust?_____ If so we will need a copy of the trust.
• Will you be using a POA for closing? _____
• Are you a US Citizen? ____ (if not we will need a copy of your green card)
• Copy of your driver’s license or a photo ID
• Most recent paystubs from your current employer covering most recent 30 days
• Proof of retirement/Social security income
• W-2’s for the most recent ____ year period
• Signed Federal Income tax returns (all schedules and all pages) for the most recent ____ year period
• Rental/Lease agreements for all rental properties you own
• Child Support/Alimony verification with supporting legal documentation, i.e. divorce decree and 6 months of bank statements showing proof of receipt
• Bank statements (all pages) covering the most recent ____ months- must be statements that include your name and account number
  • Please provide explanations for any large deposits other than payroll
  • Most recent brokerage, 401k, retirement and IRA statements, including terms of withdrawal if using for down payment
  • Insurance agent contact information who will be/is insuring your (new) home_________
  • Home owners insurance policy declaration page for all properties owned
  • Copy of flood policy if home is in a flood zone
  • Contact for verification of employment________________________________________
  • Evidence (printout) of earnest money deposit clearing your account when it does
  • Copy of most recent mortgage statement (for all properties owned)
  • HELOC Statement and a copy of HELOC note
  • Tax bills for all properties without mortgage or where taxes are not escrowed in mortgage payment
  • Letter explaining what you are doing with your current home
  • Letter for what you will be doing with the cash out from the refinance
  • Gift Letter- filled out and signed with matching dates to when the funds were deposited into your account.
  • Copy of DD214
  • Statement of Service
  • Copy of bankruptcy petition, discharge and a written letter of explanation
  • Copy of clear termite report within 90 days
  • Copy of military orders
  • Proof of Bonus income

You can return these documents to me via email, fax, or in the pre-paid fed ex envelope provided.  There may be other items needed after your loan is reviewed by underwriting.

Thanks go out to Nina and Courtney Efird of Fidelity Bank Mortgage for providing this list to me.  You can reach them at this link:

https://nefird-lionbank.mortgagewebcenter.com/Default.asp?bhcp=1

Ryan Fleischmann edges closer to USA South Conference Record for CNU Baseball

It was too cold to be playing baseball but that is what the Christopher Newport Baseball team did anyway.  CNU played a double header on Sunday against  Maryville College.  The eighth-ranked Christopher Newport baseball team got a pair of strong pitching performances to earn a three-game sweep over Maryville College, winning 4-2 in the first game of a doubleheader and 11-1 in the second. Rookie Brandon Taylor (1-0) picked up his first collegiate win after seven innings of shutout ball and junior Bryan Bierlein (2-0) struck out a career-high 11 in eight innings of work.  The Captains improved to 8-1 overall with a perfect 6-0 mark in league play.

Ryan Fleischmann, the Captains all-time leader in saves, picked up his third save of the season with two strikeouts. He is now just one shy of the USA South Conference record of 22 career saves.

For more details about the game check out www.CNUsports.com.

The Captains will be on the road for the next several games.

A cold, rainy, snowy day at Captain’s Field but a great win 15-2!

It was a  cold, rainy, snowy day at Captain’s Field  and there were very few in the bleachers but a great win 15-2!

Austin Chrisman had a great day pitching as he struct out 12 in 6 innings of pitching.  Christopher McDougal hit a mighty home run in the 5th inning.  As his Dad was on the phone from Florida – the timing couldn’t have been better.

According the www.CNUsports.com – Offensively, six different Captains had multi-hit performances, led by McDougal and Lowry with three-hit performances. The senior was 3-for-4 with the solo homer and three runs scored, while Lowry was 3-for-6 with two runs and two RBI. Rookie Jacob Houston finished with a team-high four runs driven in, going 2-for-5 at the plate. Preston Grissom scored four times and had four stolen bases in his first game out of the leadoff position, going 2-for-3 with three walks.

Tomorrow will be another day at the ballpark that starts at 11:00AM.  I hope the snow tonight doesn’t postpone it to Monday.

Go Captains!!!

 

Short Sales do affect Credit Scores

Short Sales do affect credit scores.  A short sale is when a mortgage holder seeks permission from the bank to sell the home for less than owed on the mortgage. Sometimes homeowners do this when they need to move and they owe more than the house is worth. Sometimes a short  sale is an alternative to foreclosure – a gesture by owners to show the bank they’re willing to work recoup the loss. Banks are often open to working with homeowners because they generally lose more money on a foreclosure than a short sale.

Read more:  http://www.foxbusiness.com/personal-finance/2012/10/17/how-to-revive-your-credit-score-after-short-sale/#ixzz2L7irn1Yt

Also check out this recent article that appeared in the Washington Post, written by Kenneth Harney, entitled “Short sellers may take a big hit on their credit scores, fairly or not.”  Use this link:   http://www.washingtonpost.com/realestate/short-sellers-may-take-a-big-hit-on-their-credit-scores-fairly-or-not/2012/09/06/b3e49cc0-f6ad-11e1-8398-0327ab83ab91_story.html

There are a lot of homes underwater and you may be one of them, if you need help navigating which way is best for you – contact me, I am always here to help.