Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,Charlottesville- VA

What agents are out there doing short sales?

Fri, 01 May 2009 18:25:00 GMT

How many agents out there are doing short sales? Please list Name, Firm, City, State, and how many you have completed.

26 replies

How do i adjust the sales price of a house?

Mon, 16 Nov 2009 21:23:00 GMT

3 replies

What is reason for differnece in public and edited home Info?

Tue, 13 Oct 2009 11:22:00 GMT

1 reply

Renting vs. Buying

Mon, 14 Sep 2009 16:01:00 GMT

With the current decline in housing prices, is it better to buy a home or rent an apartment until the job market is more stable?

7 replies

Foreclosure

Mon, 14 Sep 2009 16:08:00 GMT

What is the best way to recover from a foreclosure?

5 replies

Charlottesville and Albemarle School Ratings

Wed, 23 Sep 2009 20:04:00 GMT

Here are the ratings for all of the schools in the Charlottesville, VA and Albemarle County area.

Charlottesville School Ratings

0 replies

Charlottesville Crime Map

Wed, 23 Sep 2009 19:59:00 GMT

Here is the link for the crime map of Charlottesville, VA.

Charlottesville, VA Crime Reports, Crime News, and Crime Statistics

0 replies

Craigs List... Are you getting spam?

Fri, 06 Feb 2009 23:28:00 GMT

We have had a couple agents whose listing get "hyjacked" and re-put in as a rental in Craigslist....
any one else seeing this?

2 replies

New Condo Regulations starting in October:

Tue, 25 Aug 2009 15:55:00 GMT

New Condo Regulations starting in October:

Per Mortgagee Letter 2009-19, FHA is implementing numerous Condo
changes effective with case numbers on or after October 1st. The major changes include:
• No more ‘Spot' Approvals will be allowed
• FHA will be limiting themselves to 30% concentration in a project
• 50% owner occupancy requirement (previously 51%)
o Valid presales (for owner occupancy requirement) will require executed sales
agreement AND evidence that a lender is willing to make a loan
• FHA condo approvals will expire after two years
FHA is expected to issue follow up guidance in regards to their system (FHA Connection) and how it will adapt to the new Mortgagee Letter requirements, so we will keep you posted on any future developments.

2 replies

Charlottesville Real Estate Market January 2009

Tue, 15 Sep 2009 15:05:00 GMT

1 reply

Charlottesville Real Estate Market January-June 2009

Tue, 15 Sep 2009 14:28:00 GMT

Sold Properties from January 2009 to June 2009 in Charlottesville and Albemarle County

There were 652 sold properties from January to June in 2009. The total volume was $245,428,323 with the average list price of $376,424 and the average sold price of $357,811. The average days on market was 115. The median price was $268,620.

Currently there are 1,368 listings in Charlottesville and Albemarle County. In the next few posts, we will break all of this down on a monthly basis.

0 replies

Public Transportation

Mon, 14 Sep 2009 16:41:00 GMT

One of the cutbacks that I have tried to make lately is to spend less on my car/transportation. In college towns and urban areas, it seems like taking the bus is a popular choice. Is taking the bus really that cost efficient and convenient?

5 replies

Current market conditions

Mon, 14 Sep 2009 16:44:00 GMT

Do you see an increase in the housing market within the next few years?

5 replies

How to choose the best neighborhood?

Mon, 14 Sep 2009 16:21:00 GMT

What are some key factors to look at when determining a good neighborhood to live in without having any personal accounts or knowledge of the area?

3 replies

Going green in the housing market

Mon, 14 Sep 2009 16:35:00 GMT

With the current green movement, do you think there will be an increase in ecofriendly houses being constructed within the next 5-10 years?

4 replies

Where to buy a home?

Mon, 14 Sep 2009 16:17:00 GMT

Is it worth spending more money to buy a property in an urban area or is it more cost efficient to buy a house in a suburban or rural area for a lower price with added commuting costs?

2 replies

Refinancing

Mon, 14 Sep 2009 16:04:00 GMT

With the banks still in a state of disarray, is it even worth trying to refinance my mortgage?

1 reply

81% of America thinks their house will not lose value in the next 6 months!!!!!

Fri, 21 Aug 2009 07:54:00 GMT

Homeowners still don't get it. 81% of America thinks their house will not lose value in the next 6 months!!!!!

A new report from Zillow.com finds that 60 percent of homeowners surveyed believe their home lost value in the past twelve months. In reality, 83 percent of all homes lost value. Owners in the South were the most deluded and those in the West, understandably, were the least. And to make matters worse, 81 percent of all homeowners surveyed actually believe their home value will not fall over the next six months; this as foreclosure numbers rise and all of the action in the housing market continues on the lowest of the low end. I have not found one expert (and I know I will as soon as I write this) who claims that home prices have hit bottom. Sales, perhaps, but not prices.

http://www.cnbc.com/id/32461957

Rob Alley, Realtor at Keller Williams Charlottesville

141 replies

Mortgage Forgiveness Debt Relief Act of 2007

Tue, 25 Aug 2009 16:59:00 GMT

Mortgage Forgiveness Debt Relief Act of 2007

Prior to the passage of this law, for any debt that was forgiven in a short sale or foreclosure, the homeowner would receive a 1099 and would have to report this forgiveness or cancelled debt to the IRS as income.

The law was passed on December 20th 2007 which eliminates the phantom tax on debt cancellation in mortgage discharge from January 1st 2007 to January 1st 2011 as long as the debt was incurred on a principal residence. (So this doesn't apply to investors)

A couple key things to note about this. Debt for a second mortgage or HELOC (Home Equity Line of Credit) is not eligible. Debt for a second home or investment properties is not eligible. Up to $2,000,000 is eligible on the principal residence.

Rob Alley, Realtor at Keller Williams Charlottesville
Certified Short Sale Specialist in Virginia
Certified REO Property Specialist

11 replies

New Rule for Short Sale Listings in Charlottesville

Tue, 25 Aug 2009 16:54:00 GMT

The Charlottesville Area Association of Realtors (CAAR) has come out with a new rule for Short Sale Listings in the Central Virginia Area.

We are now required to disclose any short sales we are doing to both the other agents and the public. Here is a quote from the message sent to us:
"We have established a deadline date of August 14th to require this disclosure. Next week we will be making some changes to the MLS that allow agents to select "short sale" from a new menu of sale types. If you know that your seller is going to need third party approval on the deal, then you must select "short sale" from the menu. As stated above, you must have your seller's approval before you disclose this otherwise confidential information. Essentially, you will have two weeks – until August 14th - to get the seller's approval and make the change in the MLS.

VAR is currently developing forms to use for short sale transactions, but at this point we do not have recommended forms to use. This policy was approved by the CAAR Board in March, but we have delayed taking action while waiting for the forms. At this point, we can no longer delay the implementation of this policy because short sales are dramatically affecting the marketplace."

Of course, our Short Sale team here at Keller Williams already have disclosure documents that we have been using in our listing appointments, so we are slightly ahead of the game. Now that everyone is aware that short sales and REOs are really hitting Charlottesville like the rest of the nation, maybe we can start moving forward as a community to do the best we can to preserve value. Only time will tell now.

0 replies