Buying your home? · Homebuying 101 · the wonderful world of Real Estate

Part II-What questions are keeping you from buying real estate?


How your deed is titled and the type of ownership you designate can make a huge difference in your personal estate planning! Below are brief explanations of each type of ownership and what it means to you and your heirs. It’s best to consult the legality with a qualified attorney before making these decisions, but I hope this helps you to understand the differences.

Sole ownership – Property that is owned just in your name without any other owner or designated beneficiary. Upon your death, property would typically go through probate to get it out of your name and into the names of your legal heirs.

Joint tenancy with right of survivorship – Two or more owners hold an equal right to the property. In most states, jointly owned real estate cannot be sold or mortgaged without the consent of all of the owners. When one joint owner dies, ownership of the property automatically passes to the surviving joint tenants without the need for probate.

Tenancy by the entirety – This is a type of joint ownership with rights of survivorship that can only exist between two spouses. The property cannot be sold or mortgaged without the consent of both spouses. When one spouse dies, ownership of the property automatically passes to the surviving spouse without the need for probate.

Community property – This is a type of joint ownership that is recognized in some states and can only exist between two spouses. Specific state laws set each spouse’s ownership rights in community property. Community Property States are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin.

Tenancy in common – Another type of joint ownership in which each individual “tenant in common” owns a specific percentage of the property and can withdraw, mortgage, or sell his or her own separate piece of the property without permission from all owners. When a tenant in common dies, his or her share of the property passes to his or her own beneficiaries and not to the surviving tenants in common.

Living Trust – The revocable living trust is established by a written agreement appointing a trustee to manage and administer the property of the grantor. The trust is like a rulebook for how your assets are to be handled when you die.

Remember to always enlist the help of a licensed Realtor to represent you and your interest in any Real Estate transaction. As always, no obligation or cost to you for questions or consultations!






Buying your home? · Homebuying 101 · Selling you home? · the wonderful world of Real Estate · Uncategorized

What Questions are Stopping YOU from Buying or Selling?


It’s one of those key words that scare people in Real Estate transactions. What the heck is a contingency and what does it mean to you as a potential homebuyer?

Very simply, a contingency (or condition) is a provision in a real estate contract that specifies the contract can and will be voided or cease to exist upon the occurrence of or non-occurrence of a certain event. They are built in to the Purchase Agreement contract to protect the seller and the buyer. Here are some of the standard contingencies you’ll encounter in the process:

Mortgage Approval-The standard contract will state that the transaction will only be completed if the buyer’s mortgage loan is approved with substantially the same terms and numbers as in the contract

Appraisal-The contract will also be contingent upon an appraisal for at least the amount of the selling price

Closing Date-The completion of the transaction is contingent upon closing on or before a specified date.

Inspection-The satisfactory completion of a home inspection.

Satisfactory Walk-through-The closing will happen if the buyer is satisfied with a final walk-through of the property the day of or day before closing. All requested repairs have been completed.

Sale of Another Home-Sometimes the buyer is only going to be able to close if they get the funds from the sale of their current home, which is usually under contract. The new deal is contingent upon that deal closing.

Either the seller or the buyer can add many types of contingencies to the contract and contingencies are common and normal in real estate transactions, but remember to always enlist the help of a licensed Realtor to represent you and your interest in any Real Estate transaction.



Buying your home? · Homebuying 101 · Selling you home? · the wonderful world of Real Estate · Uncategorized

A Home Warranty can help seal the deal!

Most people fall into one of two categories when it comes to warranties, those who buy them and those who just don’t. Unfortunately, what typically distinguishes the two is the life experience of having a warranty, filing a claim, and actually getting that repair or replacement and never having suffered a loss and knowing the frustration of being SOL.

When  it comes to the biggest purchase of most of our lives, your home, being without that coverage when something goes wrong can be catastrophic.

As a Seller, offering a home warranty to you prospective buyer says you are confident that your home and its systems are in great working order, but should something go wrong…they are covered. In many cases the Home Warranty Company will offer free coverage while your home is listed with the commitment to provide your buyer with coverage!

As a Buyer this coverage on your new home, whether provided by the Seller or purchased by you, can take a great deal of the worry and stress out of your experience and allow you to focus on what matters..

Home Warranties   (click for more info)  pass it on…



trusted home warranty coverage




Homebuying 101 · the wonderful world of Real Estate

RENT. Your landlord thanks you for your $15,000.00 contribution!

According to, the average rent for a one-bedroom apartment in Virginia is $1,272. That’s $15,264 per year in rent. You might be surprised to know if you bought a home for $255,968, your monthly principle and interest payment would be approximately *$1,200!

There are many times in life when renting is the best option, no doubt. But once you find the area and neighborhood in which you can envision yourself settling in and putting down roots, you don’t have to let the fear of not having the money necessary for a downpayment keep you in that apartment another year!

Many households earn enough to make monthly mortgage payments (many times it’s less than rent) but keep themselves out of the home buying market due to the belief they can’t come up with the downpayment. What you may not know is there are hundreds of downpayment assistance programs around the country that go underused because people don’t know about them. There are many programs available to help mortgage-ready households and requirements might not be as limiting as you think.

In Virginia, downpayment assistance for first time homebuyers is administered by the Virginia Department of Housing and Community Development (VHDA). There are loads of programs through HUD to assist buyers and homeowners in buying and keeping their homes. Check out either above link for details and qualifications for downpayment help.

You could be on your way to building equity rather than building your landlord that new swimming pool                      pi5855XMT Remember, when you’re ready to start the search for your home, I’ll be ready to show them to you!

Special Agent 32

* Based on a 30-year fixed rate mortgage, at an annual interest rate at 3.85%