Received this morning from a client who was anticipating Matching at the University of Virginia – Unfortunately I matched at my second choice not my first … definitely a bit disappointed but still excited to get the next part of my life started. THANK YOU for being such a wonderful resource for me these last few months – I have learned a lot… and I appreciate the time you spent with me.
Posts tagged Charlottesville
Dropping prices, new construction and the inherent risk in a changing market
What do you do?A few things come to mind that I am wondering whether builders will consider:1) Put a contingency in the offer that the offer is contingent on an appraisal two weeks prior to closing of at least the contract price.2) A contingency that should the developer drop the price on other homes between contract and closing, the purchaser’s contract price will be reduced the same amount.3) From the Washington Post story: “The buyer should ensure that the deposit is put into an interest-earning escrow account, perhaps with a settlement company, and is not being used by the developer as working capital, Antonoplos said…. That will make it easier to recoup the money if the project hits a snag.”4) Put down a smaller earnest money deposit.5) Make sure that you have done your due diligence and that you love your soon-to-be new home.One aspect of this new environment that I have been wrestling with is how to ensure the soundness of developers…. How does one effectively represent buyers in the face of an unknown – that unknown being the fiscal ability of the developer/builder?Calculated Risk covered this story as well as Phil’s excellent analysis of a related story (h/t: Dustin)From Inman (behind a subscriber wall) in response to a question of what to do should the price go down on other, competing homes between your contract and closing:One common thread that runs through real estate law is that real estate values are unpredictable and that no one can guarantee escalation of prices…. Similarly, if values go down, why should the developer be required to pay you any money?The builders’ and the buyers’ choices may be reduced to renegotiate or lose the deal – both sides lose if they don’t negotiate.
You’re buying your Monday mornings
Showing property this weekend, I put words to a change that I have recognizes as the market has shifted. My clients have the luxury of time to do more and better due diligence prior to buying a home…. Granted, it wasn’t the best day for it, as the rain was intermittent, but the point is we had the time to do so (and we’ll probably do it again today).I encouraged my clients to take the time on Monday morning to drive from Point A to Point B during rush hour …… If you’re going to do it five days a week for the next several years, shouldn’t you do it at least once before you buy?We are all adjusting to the changing market, and this is one of the benefits to the shift.
Who Pays the Earnest Money Deposit in Charlottesville Real Estate Transactions?
Great post at Rain City Guide by Ardell on earnest money The buyer usually writes a check for the Earnest Money deposit at the same time that they sign the offer and they hand it to their Buyer Agent. …If you know you really want the house when you make the offer, and you have no problems at all throughout the transaction, the Earnest Money just slides like butter from your hand and back into your hand. Whether it actually goes into your hand at the end or is paid against your costs varies from transaction to transaction. But it still simply comes back to you like a boomerang.The only time you should be worried about handing over an Earnest Money check, is if you are not sure you want the house at the time you make the offer.In our market, the check is made payable to the Buyer’s Agent’s company, where it is held in escrow until Closing.
Mold, bubble, energy prices and Zipcars!
What will CNBC and BusinessWeek cover if the market only shifts and doesn’t “burst”?Is the price of your house about to plummet? There’s no one foolproof indicator of a local housing bubble, so the best approach is to evaluate the situation from many angles. It’s important to gauge such factors as construction permit issuance, local incomes, job growth, and rental rates to determine if you’re living in a danger zone…. Caulk will help lower your energy bills.With heating prices expected to soar over the next few months, homeowners are starting to take a newfound interest in the unfashionable minutiae of caulking, insulation and tankless water heaters.Good resources here as well.
Airport Growth
The growth is evidenced by the master plan of the Charlottesville/Albemarle regional airport . … s next review in 10 years include construction of new hangars and expansion of current ones, a new snow/maintenance building and a multi-level parking deck for customers, among other enhancements.