Virginia Beach Real Estate News For Buyers And Sellers

Question for real estate owners:   Would you Mr. and Mrs. Buyer purchase a home with asbestos that is “friable” or not properly wrapped on pipes?

I am not really sure that seller’s in Virginia Beach, Norfolk, Chesapeake, Suffolk, and other Hampton Roads communities understand the potential danger and “fear” that buyers may have when considering homes that have asbestos especially those where it has deteriorated and become potentially “airborne”.

“Friable Asbestos” can be defined as:  When asbestos is crushed it disperses a dusting of microscopic fibers in the air that can remain for very long periods of time. These fibers can be unknowingly inhaled and permanently lodged in lung and other body tissues, yet symptoms might not appear for 20 years or more. Inhaling the fibers has been linked to cancer and asbestosis, a chronic lung disease similar in symptoms to emphysema.   Unfortunately there is no known safe level of exposure, which is why asbestos remains a concern today.

Homeowners considering removing asbestos themselves may want to read the cautionary and directions provided by the EPA - most likely you will then be educated and hire a professional certified in this type of work.

As a new real estate homeowner or potential seller, it is not likely that you are acquainted with the inner materials of a home.

However, most Virginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads buyers seek an updated home inspection before closing on a new property.

It is important to reassure buyers that the home is safe and does not contain any potential health hazards. These inspections are critical to clearing hurdles down the road that may slow the sale of property.

One of the most common surprises new homeowners and sellers confront is asbestos in older structures. Read the rest of this entry »

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This an update to the previous article from 10 March 2009 about the Real Estate Home Owners Assistance Program available to service members and DOD civilians in the Virginia Beach and Hampton Roads area.

New HAP Real Estate Guidelines:

With the expansion, the Pentagon can now provide partial reimbursement for home-sale losses to other groups. Note that the highest priority is wounded warriors who relocate for medical treatment or medical retirement due to their disability and surviving spouse homeowners.

The priority order for the benefits are as follows:

– Wounded service members relocating for treatment or medical retirement, and for the surviving family members of those who have died while on deployment.

– Military and Defense Department civilian employees affected by BRAC without the need to prove whether the base closure or the general housing market decline caused the loss.

– Normal permanent change of station moves, but only on a retroactive basis that covers PCS moves between July 1, 2006, through Dec. 31, 2009.

Also:

For a member to qualify under the new rule, not only would the individual need to personally experience a 10% loss between the purchase price and sale price of their home, but the home must also be in a housing market area that has also suffered a 10% or greater decline.

All active and former members of the Army, Navy, Marine Corps, Air Force and Coast Guard, as well as DoD civilians who have sold a home since 2006 may visit the Homeowners Assistance Program Website to learn specific program criteria and eligibility.

The Government wants private real estate sales to take place versus acquiring them.

Set the allowable private sale reimbursment to 90% of Prior Fair Market Value for PCS move beneficiaries.

With only 555 Million appropriated the money may not last long.  What is not clear is whether service member closing costs/fees are included in this or are a separate reimbursement.  This item could impact home owners needing to sell under this program.

You can read more about the program here.

End of update

Help is on the way for Virginia Beach and Hampton Roads real esate home owners with the latest stimulus plan as reported by the Virginia Pilot online.

The stimulus provision is titled the Military Homeowners Assistance Program (HAP).

The stimulus signed into law by President Obama February 17th, will be extended to certain military homeowners who bought homes before July 1, 2006 and who sell the homes before Sept. 30, 2012.  Read eligibility here……… Read the rest of this entry »

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There is an art to staging your Virginia Beach Real Estate.  There is much real estate for sale in Virginia Beach and surrounding areas - make your home stand-out!

There are real estate professionals that you can hire to stage your house for you, but the same effect can be achieved by simply taking some time and thinking about the presentation of the home. Read the rest of this entry »

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Thinking about selling or buying real estate in Virginia Beach, Chesapeake, or Hampton Roads?  Take the quiz and check your real estate knowledge.

Check your know-how on various home ownership related matters. See how many questions you can answer correctly. (The answers are listed below.) Read the rest of this entry »

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Initiating a real estate home or condo purchase contract in Virginia Beach, Chesapeake, or Hampton Roads is only the first step towards a successful, stress free closing.

Having a REALTOR(R) who knows the market, knows the Virginia Beach and surrounding neighborhoods, and knows the little things to watch out for cannot be underestimated.

When is it a good time to buy or sell real estate?  When you have the advice and research done by a REALTOR(R).  The solds, the absorption rates, staging, improvements, repairs, lending information, bank owned and short sale properties, how market conditions affect your property - the most important property.

Knowing how to get things done should be hallmarks of the REALTOR(R)’s core values.

It can mean ten of thousands of dollars to the client.

Your Virginia Beach home or condo real estate purchase is one of the most important investments you will undertake and can be a puzzle to get through settlement.

Please see the items listed below and how your Virginia Beach REALTOR® can provide value to you during the real estate process and get you in your home stress-free.

Examples of how your REALTOR® provides value during the Virginia Beach and Hampton Roads home or condo purchase:

Why Use a REALTOR® Read the rest of this entry »

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