How You Can Prepare To Finance Your Home In Arlington

Develop a budget for your Home in Arlington.

Don't just dream of owning a home in Arlington, go ahead and own it! Start preparing your budget as early as now! You can start by using receipts to creat a budget that reflects your actual spending habits over the last several months. This ensures that you are able to factor in unexpected expenses along with more predictable costs such as utility bills and groceries. With this method, you’ll probably be able to spot some ways to save. Whether it’s cutting out on that morning trip to Starbucks or eating dinner at home more often, your dream of owning a home in Arlington will be a step closer to being a reality.

Reduce your debt.

For you to own a home in Arlington, you will have to reduce your debt. Generally, lenders will look for a debt load of no more than 36 percent of your income. This figure will include your mortgage, which typically ranges between 25 and 28 percent of your net household income. So, if you are going to get that mortgage for your Arlington home, you will need to get monthly payments on the rest of your installment debts, such as car loans, student loans, and revolving balances on credit cards — down to at least 8 to 10 percent of your net monthly income.

Increase your income.

This is the perfect time to ask for that raise! But, if that’s not an option, you may need to consider taking on a second job or maybe starting a side business that will get your income at a level high enough to qualify for your dream home in Arlington.

Start saving for a down payment on your home in Arlington.

Start putting away some designated amount of money every month without fail. Although you can still get a mortgage with 5 percent down or less, you will usually get a better rate if you put down a larger percentage of the total purchase of your home in Arlington. Aim at getting a 20 percent down payment.

Don't resign from your job yet!

Don't be too quick to write that resignation letter! While you are not required to work in the same place for ages in order to qualify for a home loan, having a job for less than two years may mean you will have to pay higher interest rates for your Arlington home.

Establish a good credit history.

In order to buy a home in Arlington, your credit history has to be in check. Make sure that your credit card payments are made before the due date. Do the same for all your other bills. Ensure that you pay off all balances as soon as possible.

Decide what kind of mortgage you can afford.

Generally, you will want to look for homes in Arlington that are valued between two and three times your gross income. With the help of a financing professional, you can determine the size of the loan you are qualified for. Find out the kind of mortgage (30-year or 15-year? Fixed or adjustable rate?) that will be best for you. Also, you will need to gather all the documentation a lender will need to pre-approve you for a loan. This includes W-2s, pay stub copies, account numbers, and copies of two to four months of bank or credit union statements. You may also need your property taxes, insurance, maintenance, utilities, and association fees.

Seek help for the down payment of your home in Arlington.

It doesn't have to be hard for you to get that down payment for your home in Arlington. You can check with your state and local government to find out if you qualify for the special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your first home in Arlington without paying a penalty for early withdrawal.

Properties in Arlington

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: 1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.Credit Cards photo credit: Andres Rueda photo credit: Andres Rueda 2. How much you owe. If youowe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits. 3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years. 4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly. 5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example. For more on evaluating and understanding your credit score, visit www.myfico.com.

Properties in Braddock District

Impeccable elegance awaits you! A stunning all-brick home nestled in the prestigious Farrcroft community 4-bedroom, 4.

10087 McCarty Crest Ct

5-bathroom. Upon entering, you'll be greeted by a soaring 2 story ceiling, Step inside and be captivated by a spacious family room with a wall of windows that overlooks the picturesque private backyard. Wistera hangs from the arbor in this peaceful backyard making home a place of relaxation and enjoyment of beauty. The family room seamlessly flows into an expansive elegant gourmet kitchen, creating a perfect space for both relaxation, entertaining, and culinary enthusiasts. A double-sided fireplace connects the family room to a private office, creating an inviting ambiance. The main level also boasts a versatile room, ideal for a second office, library, or piano room. The dining room calls for cozy dinner parties. The kitchen features a large island, double oven, new Quartz countertops, new backsplash, and work area complemented by recessed lighting. Additionally, a mudroom/laundry area provides convenient access to the garage. Upstairs, the primary bedroom exudes luxury with brand-new hardwood floors, a large bathroom featuring a frameless shower, and a private water closet. The secondary bedroom offers an en suite, while the third and fourth bedrooms share a Jack-and-Jill bathroom. Hardwood floors on most of the two levels. The expansive basement is partly finished, with a full bathroom, new LVP, and over 600 square feet of storage space, offering versatility and functionality. Roof 2022, 2-zoned HVAC, central vacuum & more. The Farrcroft community provides access to a swimming pool, tot lots, and walking trails, while the nearby Old Fairfax City offers charming coffee shops and restaurants, all within a very short distance. A shopping center, Trader Joe's, GMU, and commuter bus stops are also conveniently located minutes away. Easy access to major transportation routes, including 66 and 495. [Farrcroft - $1,250,000]

OPEN HOUSE, SATURDAY 1-4!! Begin the next chapter of your life in this story-book-perfect home! This home is truly turn-key with a beautifully renovated eat-in kitchen that includes stainless steel appliances, custom cabinets, and granite counters.

7716 Glenister Dr

On the main level, the living room opens to the dining room, and there is a wall of windows with a sliding door to the brand new rear deck! The entire main level has a vaulted ceiling, and high windows to for natural light and style. The main and upper levels have solid oak hardwood floors, and the entire house has been freshly painted. All windows have been replaced! The large primary bedroom has a an ensuite bath with extra storage shelves. The rec room has a wood burning fireplace and new carpet. The unfinished portion of the basement walks out to the back and side yards. With high ceilings and windows, this space could easily be converted to suit your needs: guest room, office, work out room, etc. Outside, the attached carport has space for two cars and has been outfitted with an electric car charger! The rear yard has been professionally landscaped, creating a level area for entertaining and playing, while preserving the low-maintenance beauty and privacy of the mature trees. [Westview Hills - $765,000]

4BR, 3FB, Colonial on a cul-de-sac in Burke Centre.

10807 Oak Wilds Ct

Open floorplan combo of Kitchen/DR/LR. Freshly painted interior. Walkout to Deck 12’ x 12’ via SGD from DR. Great for entertaining. 3 BR and 2 FB on main/upper level. Lower Level 1 BR, 1 Full Bath, all new LVP flooring. Laundry, Family or Game room area, another full Room that can be an office…Den…any use you want. Driveway just resealed. This home has all the convenience of extensive nearby amenities and commuting options, while residing in a cul-de-sac. Don't miss the opportunity to make this your New Home! Ideal location for the NOVA Area. (25 minutes to Dulles Airport, 20 miles to the Pentagon, 4.4 miles to Burke VRE, 9.6 miles to the Vienna Metro. Easy access to Fairfax County Parkway, Ox Road, 495 and I-66.) [Burke Centre - $724,000]

Welcome Home to 9102 Parliament Drive - the one you've been waiting for! Featuring 6 bedrooms, 3.

9102 Parliament Dr

5 bathrooms, 2 car garage + driveway parking, fully fenced backyard on almost a 1/4 acre lot with gate access on both sides, main level deck w/stairs, walk-out basement, laundry room/storage room, gas cooking, gas fireplace, formal dining & living, family room with built-ins, kitchen with breakfast nook, & primary suite with walk-in closet and so much more! 2024: Brand new HVAC with whole house humidifier, bathroom updates, new light fixtures, new disposal, all new light switches and electrical outlets throughout, refinished hardwoods on main and upper levels, fresh paint throughout including kitchen cabinets and deck, freshly painted exterior trim and mailbox, new storm door, new keyless entry, new garage keypads, new gas logs, and fresh landscaping. 2023: Washer & Dryer and Shutters. 2022: Hot water heater. 2018: Sliding glass doors. [Signal Hill - $965,000]

Better than new construction, this 7-year-young custom beauty has what many new construction homes do not: a level, lush acre of land with mature landscaping and thick, leafy green grass and a mostly finished basement with a bit of customizable area, perfect for an exercise room and/or a media room (currently part of the unfinished area houses a greenhouse!).

4629 Holly Ave

It appraised for $1,750,000 in 2022 and since then the numerous upgrades throughout the home simply add to its specialness. As a new house, it was built with top-notch design elements and materials, and in the past two years, more thoughtful work has been done. About $150,000 in upgrades which include designer lighting fixtures (the Murano glass chandelier over the kitchen table is stunning) and ceiling fans, refinished wood floors, a new paver front walk and repaved driveway, a top-of-the-line security system, the latest and greatest garage door openers, an EV charger and, last but not least, solar panels. Take the stunning custom craftsmanship of this beautiful home, add all of these recent upgrades from the past two years, and you have the perfect new home awaiting you. And unlike so much of the new construction in northern Virginia, this home has so much yard! You have a full front yard and an outfield of a backyard, a full acre of land and perfect outdoor spaces - an expansive front porch and a huge back deck - from which to enjoy the bucolic views. Inside the house, the outside streams in - sunny and bright throughout the day. The main floor is so welcoming, with spaces open and flowing, but with boundaries that create coziness. And the main floor Primary Suite and laundry room make this the perfect home in which to not do stairs if you don’t want to! But you won’t want to miss the three large ensuite bedrooms/bathrooms on the second floor (and the second laundry room), nor the Rec Room, wet bar with beverage fridge, entertainment zone, the fifth bedroom and fifth full bath that you will find in the basement. Full of design, details, finishes, upgrades, and room for life to unfold, this house is the perfect home. The perfect home in the perfect place in the acclaimed Woodson school pyramid. It is so close to everything, with easy access to major thoroughfares, shopping and dining, yet, when you are home, you will feel as though you live in a small rural community, where life moves slowly and you are rooted in your land. What’s not to love? There are recording devices at the house. [Glen Alden - $1,795,000]

Don’t let the tax record fool you, because this conveniently-located 4-level split house in the heart-and-soul of Burke Centre is more than meets the eye! Peacefully situated on an almost-flat 0.

10022 Wards Grove Cir

20-acre lot that backs to a lovely wooded area, the single-family home has roughly 2,123 square feet across 4 floors and includes 3 bedrooms, 2.5 bathrooms, a large basement den (9’1” x 12’3”), a huge walk-down deck (20’ x 12’), and an extra-long 2-car garage (19’8” x 23’3”). *************** Entering into the foyer, you are immediately invited in by the free-flowing floor plan that provides great versatility in use, maximizes space, and creates a welcoming atmosphere. The new shutters throughout the house (2023) and new roof (2023) are also an added bonus. The open kitchen features stainless-steel appliances and wood cabinets along with enough space for a small table or rolling island. The dining room can easily fit a 6-person table and opens up nicely to both the kitchen and the living room. *************** Past the sliding glass door, you can venture out onto your private walk-down deck, where you can enjoy serene days overlooking a flatter backyard that backs to a wooded area that is non-buildable and privately owned by the Burke Centre Conservancy. *************** Travel upstairs to 3 bedrooms and 2 full bathrooms, with a primary bedroom that overlooks the tranquil backyard and includes a recently-updated en-suite bathroom. Down a level you will find the family room that walks out to a lower deck (10’ x 11’), and that has a cozy wood-burning brick fireplace to enjoy during the cold winter months. On the same level you also have access to the oversized 2-car garage, a half bathroom, and a small laundry room. *************** If you thought you were done, you’re wrong! Down another 7 steps you’ll find even more space that has a ton of flexibility in utility thanks to the layout and size of the rooms. The recreation room (21’6” x 10’9”) is huge, and the large bonus room (9’1” x 12’3”), that has a smaller window which still allows for some natural sunlight to fill the room and a large closet, can be used as a den, large home office, or your own personal getaway space. Just so you have even more options, there is a nook big enough for an office space or a nice play area at the base of the stairs. The entire basement has new carpet. *************** If that wasn’t enough, it’s hard to beat the convenience that this lovely home grants you! Situated less than one mile from Burke Centre with miles of restaurants, grocery stores, and shopping, and nearby to many major roads, commuting and shopping are a breeze! The Burke VRE and the sweet Saturday morning Burke Farmer’s Market (2 miles), Walmart and Giant Food (< 1 mile), H-Mart at Burke Village Center (1.7 miles), Target (2.3 miles), Kings Park Shopping Center (3 miles), and GMU (4.3 miles) are all minutes away. *************** Burke Centre, an award-winning, well-thought-out community that spans 1,700 acres has SO much to offer with many trails, pools, tennis/pickleball courts, parks, and events to choose from! There are also 5 community centers that can be rented out to members only, and the yearly Burke Centre Festival is just down the street (0.6 miles). *************** The home also provides easy access to many major roads, such as Burke Centre Parkway (0.5 miles), Burke Lake Road (1.2 miles), Fairfax County Parkway (1.7 miles), Rt. 123 (2.7 miles), Braddock Road (3 miles), I-495 (4.8 miles), and Little River Turnpike (5.5 miles). The schools local to the home are Terra Centre Elementary School and Robinson Secondary School. *************** If there’s only one place for you to call home, this is the one! [Burke Centre - $750,000]

OPEN HOUSE Sat & Sun, April 20 & 21, 1-4pm*Incredible 4 BR/4 full bath/2 half bath property in an unmatched location on an acre of private, fenced land w/ NO HOA*Sitting on the covered, front porch gives you a secluded feeling but is within 1 mile of the Costco Plaza & Wegmans*You'll be sold on this property before even entering the front door w/ a flat acre that offers multiple stone patios, custom landscaping, & a heated pool*Covered front porch*Main level master suite, w/ huge walk-in closet w/ custom built-in shelving & walks out to its own private deck & the heated pool*gorgeous master bath with frameless glass shower, separate tub, heated towel rack & beautiful tiling*amazing kitchen/great room is the heartbeat of the property w/ cathedral ceiling, recessed lighting, 42" cherry cabinetry, dual sinks, dual wall ovens, breakfast bar island & space for huge kitchen/dining table, which walks out to unmatched back yard & pool*laundry/mud room off of kitchen w/ custom cabinetry & sink and complete w/ a full bath featuring a roll-in shower*heated floor in laundry/mud room & bathroom*insulated garage off of mudroom features its own mini-split hvac system, high ceiling, & custom built-in shelving, oversized garage doors, a workshop area, 3 entry doors from rear, side & front & pull down stairs to added storage space*HW flooring main & upper levels*Upper levels features 3 BRs, one w/ an en-suite full bath and 2nd full bath in the hall*3 hvac zones serve the house; upper level has its own zone in the attic and 2 other zones servicing main and lower levels are both gas 90% efficient systems fed by a propane tank*2 tankless gas water heaters*replaced, insulated, double-pane Jeld-Wen windows with clad exterior and wood interior*lower level with wonderful, stone fireplace, laminated wood flooring, theatre/movie room, den/office/exercise room, half bath, utility/storage rooms & walks up to the pool area*lot includes two sheds, built-in grilling station, & a very expensive paver driveway*replaced spetic system when house was expanded in 2006 - new tank, distribution box, field**Welcome Home!.

4806 Spruce Ave

Introducing a captivating gem nestled in the heart of Fairfax County.

4990 McFarland Dr

This immaculately remodeled 3-bedroom, 3.5-bathroom townhome is a testament to modern elegance and refined taste. Step inside and be greeted by an abundance of natural light that dances across the freshly renovated interiors, creating an inviting ambiance throughout. Every inch of this residence has been thoughtfully redesigned, boasting brand-new fixtures, fittings, and finishes that exude sophistication. The open-concept layout seamlessly blends functionality with style, offering ample space for both relaxation and entertainment. Prepare to be enamored by the gourmet kitchen. Whether you're hosting intimate gatherings or enjoying quiet family dinners, this culinary haven is sure to inspire your inner chef. Retreat to the luxurious primary suite, where tranquility awaits amidst a serene oasis of comfort. Two additional bedrooms offer versatility and comfort, each boasting its own unique charm and access to a pristine bathroom. Two Finished Family Rooms in Lower Level with full bath is Ideal for entertaining or relaxing, these family rooms offer additional living space for gatherings or quiet evenings in. The walk-out lower level feature brings the outdoors in, allowing easy access to a backyard or patio area and enhancing the connection between indoor and outdoor living spaces. Conveniently located near GMU, Shopping and public transportation, this townhome offers the perfect blend of urban convenience and suburban tranquility. Don't miss your chance to experience the epitome of modern living – schedule a showing today and prepare to be captivated by this sensational home. [Twinbrook - $550,000]

Great Annandale location of a 2-bedrom, 1 bath condo.

4345 Ivymount Ct #9

Living room and dining combo with hardwood flooring. Unit is on backside of the building providing a fantastic view of the rear wooded area from the balcony (or living room) that affords maximum privacy and a view of the hiking trail that leads to the pool. The main bedroom includes a walk-in closet and a large picture window providing of light. Bedroom 2 also has a large picture window providing maximum light. Two hall closets - one a linen closet and the 2nd a walk-in closet for plenty of extra storage. The best upgrade feature to this unit is recessed lighting in all rooms. The on-site laundry room is just outside the door of this unit and there is also an additional storage area for residents. Restaurants nearby and bus stops within walking distance. [Ivymount Court - $350,000]

Offers due by Wednesday, April 24.

5405 Inverchapel Rd

Seller has right to accept any offer prior. LAST MODEL REMAINING! SIGNIFICANT PRICE ADJUSTMENT! Welcome to this exquisite, one of a kind single family residence that redefines luxury living. With seven spacious bedrooms, seven meticulously designed bathrooms, and a host of modern amenities, this home is a haven of comfort, style, and convenience. This property showcases a sleek and contemporary architectural design that embraces clean lines and an open concept layout. The exterior is a symphony of modern elegance, while the interior is characterized by an abundance of natural light and a seamless flow of space.The heart of this home is the gourmet kitchen, a chef's dream. Equipped with top of the line appliances, custom cabinetry, and a spacious island, it is perfect for both family meals and entertaining guests. Every corner of this residence has been designed with the utmost attention to detail. From high-quality flooring to designer fixtures and finishes, the entire home exudes sophistication. The property boasts soaring, high ceilings that create an airy and large windows and glass doors bring the outdoors in and provide stunning views of the surrounding landscape. Located in a desirable neighborhood, this property offers easy access to shopping, dining, schools, and parks, making it ideal for families and those who appreciate modern amenities within a serene setting .This single family house is more than just a residence; it's a statement of modern luxury and sustainable living. Don't miss the opportunity to make this architectural masterpiece your new home. [Ravensworth - $1,399,995]

What to Know About Credit Scores

In preparation for buying a home, it's a good idea to understand credit scores. Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:
  • Your payment history. Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history.
  • How much you owe and where. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, spreading debt among several accounts can help you avoid approaching the maximum on any individual credit line.
  • The length of your credit history. In general, the longer an account has been open, the better.
  • How much new credit you have. New credit—whether in the form of installment plans or new credit cards—is considered more risky, even if you pay down the debt promptly.
  • The types of credit you use. Generally, it’s desirable to have more than one type of credit—such as installment loans, credit cards, and a mortgage.

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What every purchaser should know about title insurance

Here are some of the basics about title insurance: 1. Every mortgage lender requires title insurance. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You pay a one-time fee as part of your closing costs. If you are purchasing a home, you should also purchase an owner’s policy which provides coverage up to the purchase price of the home you are buying. In some states it is customary for the seller to purchase the owner’s policy on your behalf. 2. You have the right to choose your title insurance provider! You can shop around for a lower insurance premium rate on line at sites, or you can also ask your lender or real estate professional for help in getting quotes. 3. Check the companies out before you select one. Make sure the title insurance company you choose has a favorable Financial Stability Rating® with Demotech, Inc., the leading title insurance rating company. 4. It’s easy to save money on title insurance. Request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges which could make one quote seem more attractive than another. Ask about discounts. There are often discounts available if you are refinancing and sometimes even when you are purchasing if the current policy issued to the seller on the property isn’t too old. 5. Even new construction needs coverage. Even though the home is new, the land isn’t. There may be claims to the land or liens placed during the construction which could negatively impact your home. For more information or to set up an appointment call Julie at (703)765-0300.

What is a real estate agent?

Julie Nesbitt
Julie Nesbitt
One of the most complex and significant financial events in peoples' lives is the purchase or sale of real estate, be it a house, condo, townhouse or some other investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate. Nesbitt Realty brokers and sales agents have a thorough knowledge of the real estate market in Northern Virginia communities. Our brokers and agents know which neighborhoods will best fit our clients' needs and budgets. Nesbitt Realty real estate agents are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers. According to the Bureau of Labor Statistics:
  • Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients.
  • A license to practice real estate is required in every State and the District of Columbia.
  • Although gaining a job may be relatively easy, beginning workers face competition from well-established, more experienced agents and brokers.
  • Employment is sensitive to swings in the economy, especially interest rates; during periods of declining economic activity and rising interest rates, the volume of sales and the resulting demand for sales workers fall.
You don't need to know everything about buying and selling real estate if you hire a real estate professional who understand real estate. Paraphrasing Henry Ford, when you hire people who are smarter than you are, it proves you are smarter than they are. A real estate broker or agent acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy real estate. When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not. Realtor Logo If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property. For more information or to set up an appointment call Julie at (703)765-0300.

Owner Financing Can Expedite Sales

Owner financing can help sell a property in this challenging market. Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction. The rental amount must be determined by a property appraisal with the credit for the down payment clearly calculated as the difference between market rent and actual rent paid for 12 months. For instance, if market rent is $1,000 and rent paid is $1,200, $200 could be credited monthly toward the down payment. The rent/purchase agreement must be for a minimum of 12 months. The contract must clearly specify a rental amount as well as the portion to be credited toward the purchase. The buyer will need copies of canceled checks or money order receipts for 12 months, proving rental payments to persuade the bank to credit the funds toward the down payment. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

What do real estate agents do?

When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.

Duties to Sellers

Agents and brokers spend a significant amount of time looking for properties to sell. They obtain listings---agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission. The listing firm and its agents must
  • promote the sellers' best interests
  • be loyal to the seller
  • follow the sellers' lawful instructions
  • provide the seller with all material facts that could influence your decisions
  • use reasonable skill, care and diligence, and
  • account for all monies they handle for the seller.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you.

Duties to Buyers

If the real estate firm and its agents represent you, they must
  • promote the buyers' best interests
  • be loyal to the buyer
  • follow the buyers' lawful instructions
  • provide the buyer with all material facts that could influence your decisions
  • use reasonable skill, care and diligence, and
  • account for all monies handled for the buyer.
Before showing residential properties to potential buyers, agents meet with them to get an idea of the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract, which states that the agent will be the only one to show houses to the buyer. An agent or broker then generates lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties that interest them. Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, for example, they may emphasize the convenient floor plan, the area's low crime rate, and the proximity to schools and shopping. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their client's instructions carefully and may have to present counteroffers to get the best possible price. Once the buyer and seller have signed a contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. The agent must make sure that any legally mandated or agreed-upon inspections, such as termite and radon inspections, take place. In addition, if the seller agrees to any repairs, the broker or agent ensures they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. Loan officers, attorneys, or other people handle many details, but the agent must ensure that they are carried out. Most real estate brokers and sales agents sell residential property. A small number---usually employed in large or specialized firms---sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the region's transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the client's particular requirements. Brokers and agents do the same type of work, but brokers are licensed to manage their own real estate businesses. Agents must work with a broker. They usually provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent's sale of the property. Brokers, as independent businesspeople, often sell real estate owned by others; they also may rent or manage properties for a fee.

Would Lower Market Rates Pump Up Sales?

Will mortgage rates ever drop to 0 percent? Zero percent financing has long been a loss leader in the automotive industry, but Keith Gumbinger, vice president of HSH Associates, a provider of mortgage information, says that scenario is unlikely. You’d have to find an investor who would buy a security with a zero return – a hard sell even today. Jim Sahnger, mortgage associate Palm Beach Financial Network, concurs that the funding would be hard to find “unless there were significant fees on the front end to compensate for costs to originate, deliver, default, etc.” If 0 percent financing could be funded, Sahnger believes potential borrowers would be lined up, kicking up demand for houses. Gumbinger isn’t so sure because buying a home is a bet on the economy and that kind of confidence is hard to find, he says. “People are concerned that tomorrow is not going to be better than today.” Source: MarketWatch.com, Amy Hoak (09/27/2010)
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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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