Tuesday, April 29, 2014

Why Am I A Real Estate Agent?

I've never given this question much thought.  I had a friend that is a real estate agent over a decade ago suggest that it might be a fit for me.  I am naturally outgoing and I love people - two requisite qualities in real estate.  I was looking for a way to make some extra money on the side and it so happened that it worked out.  With my wonderful husband supporting me along the way, the rest, as they say, is history.

Someone recently asked, "Lynda, why are you a real estate agent?"  I struggled to find a good answer.

"I just am," I wanted to say.  I think I smattered something about loving people and providing a service.  Yes, that is true.  I do believe that I am helping people to find their homes - not just their house.  It is rewarding to get to be so involved in such a major part of people's lives.

Still, that doesn't seem quite a fulfilling answer to the question, does it?

So, I began the great internet hunt for words to better describe my life's passion.

What I found is a beautifully understated quote from Frank Lloyd Wright, a notable architect of the 20th century, that describes the interconnection of form and function, of house and home.
When we come to understand architecture as the essential nature of all harmonious structure we will see that it is the architecture of music that inspired Bach and Beethoven, the architecture of painting that is inspiring Picasso as it inspired Velasquez, that it is the architecture of life itself that is the inspiration of the great poets and philosophers.
— Frank Lloyd Wright
B. Harley Bradley House in Kanakee, IL - Designed by Frank Lloyd Wright
 Visit the Frank Lloyd Wright Foundation.


Wednesday, March 26, 2014

REALTOR®

Wednesday Word of the Week


Before I ventured into real estate over a decade ago, I would often hear people refer to their "realtor" or their "real estate agent" interchangeably.  It wasn't until I became a member of the National Association of REALTORS® that I discovered my faux pas.  I also realized quickly that the the registered symbol nearly always follows the word in advertising material, and it is almost always capitalized.

If you've never noticed that before, you will now!  That's how it works.

I suppose it's best to begin like this - REALTOR® is not actually a word.  Go ahead and type "realtor" into your favorite word processor.  It will underline it in red and tell you it's spelled wrong.  If you're like me, you'll yell at your computer and tell it how you're right, and it's wrong, and won't it just listen to you!  But, alas, this point goes to the computer.  REALTOR (either appearing with or without the registered symbol) is a trademark of the National Association of REALTORS®.




Although conversationally people may exchange REALTOR® for real estate agent, they are not the same thing.  Like a square is a rectangle but a rectangle isn't necessarily a square, a REALTOR® is probably a real estate agent, but a real estate agent is not necessarily a REALTOR®.  I became licensed as a real estate agent in the state of Virginia and afterwards I joined the National Association of REALTORS®.  That means that as a real estate agent in Chesterfield VA, I voluntarily choose to associate myself with a distinction that upholds a strict code of ethics.

Bill Petrey of AgentHarvest provides further clarification of the distinction of the trademark in his blog.
Mary Newill, Trademark Administrator for NAR explained it this way.  "While we hope to one day have everyone understand that when someone is identified as a REALTOR they are a member of the REALTOR Association, a real estate professional who is the most educated, honest and ethical real estate salesperson or broker around.  Someone who voluntarily has agreed to abide by a strict code of Ethics that protects the public, REALTORS and other real estate licensees and has agreed to arbitrate any complaints made by any of these groups, but unfortunately we know that this has not happened yet."
The fact of the matter is that most active real estate agents do maintain membership with the National Association of REALTORS®, which I'm sure is why there may be some confusion about the distinction.  But now that I understand the difference I am very careful to use the terms properly, especially in print.

For any other real estate agents out there that may be a little confused as to when and how to use the trademark, this is a great resource.

I am Lynda Heithaus.  I am a real estate agent in Chesterfield VA.  And I am a REALTOR®.


Wednesday, March 19, 2014

Escrow

Wednesday Word of the Week


Escrow is a word often heard in conjunction with real estate.  The term has so many different uses that it is a little mysterious.  In my work as a Realtor in Chesterfield Virginia, I rarely even use the term.  Folks from California or the northeast may use the term more often, but in reference to different aspects of real estate transactions.

To begin, let’s take a look at the origins of the term.  Escrow is a term derived from an old French word escroue, which meant scrap of paper or roll of parchment.  You might recognize similarities in the English word scroll, which has the same etymology as escrow.  Originally the term referred to the parchment that a deed or promissory note would have been printed on.

word etymology tree - origins of escrow


This site will give you an idea of how many uses the term escrow can have.

It is defined on this site as “something of value, such as a deed, stock, money, or written instrument, that is put into the custody of a third person by its owner, a grantor, an obligor, or a promisor, to be retained until the occurrence of a contingency or performance of a condition.”

Colloquially, escrow can refer to either an account, the account manager or agent, or the deed or thing of value in the account.  We will use escrow to refer to the account.

illustration of one application of an escrow account

Beyond this simplified explanation, escrow can have many other nuanced applications.  It is enough for most of us to know that “escrow” implies the existence of a third party that may hold funds, deeds, or other documents, released upon the meeting of certain conditions (e.g., a home inspection).



This Wednesday Word of the Week is brought to you by: Lynda Heithaus, serving as a Realtor in Chesterfield, VA, a Realtor in Powhatan, VA, and the surrounding areas for more than 10 years.

Lynda Heithaus - realtor in Chesterfield VA
Click here to find out more about what I can do for you!





Wednesday, March 12, 2014

The Short Sale

home for sale real estate agent in chesterfield va
Homes for Sale in Chesterfield, VA

Wednesday Word of the Week

(Okay, so really it's a term, but I couldn't pass up the alliteration!)

A common misconception is that the word "short" refers to a length of time.  I.E., a "short" sale should be quick.  In reality this means that the lender will accept a payment that is "short" of the full amount due on the home.

In short, the short sale is a last-ditch effort to avoid a foreclosure.  Hypothetical scenario: you have had trouble making your monthly mortgage payments, and you may have even received default notice.  You find out that you qualify for a short sale.  When the buyer purchases the home, the actually receive a discount on the home.  Basically, although the lender doesn't get the full value of the property, they get to simply cut their losses and move on.  They are in the business of lending, not selling.

The short story is that a short sale can actually be lengthy and very complicated.  There is more paperwork involved in a short sale than for a typical sale.  Still, if a buyer qualifies and the lender agrees, it can be viable option that benefits all parties involved when a seller faces some difficult decisions.

As a real estate agent in Chesterfield, Virginia I have experience helping clients with short sales and, as always, it's my number one goal to help the client navigate the sales transaction smoothly.

If you have found that you may be facing the possibility of foreclosure, you can reach out to your trusted Realtor® or real estate lawyer to explore further.  A short sale can affect the seller and may not be the best option.

Since the recent housing bust, short sales have become more common and can be a great way for the borrower and the lender to part ways amicably.

Final word?  Don't sell the the short sale short.  

(I promise, I'm not always so punny, but that was fun!)





Monday, March 3, 2014

10 Ways to Make Home Buyers Hate Your House

Are you selling a home? Avoid these Home Buyer Turnoffs 


10. Smells 

House odors are number one on the home selling “ew!” list. Top three offenders?
  • cigarette smoke 
  • pet odors 
  • mildew 
If you smoke indoors, your house probably smells like an ashtray. That’s not an attack on you or your character – it’s just a fact. If you have pets, the house might smell bad. Chances are that you don’t even notice the odor. Ask someone who doesn't live there to take a sniff, and don't get angry when they tell you the truth. Eliminate the odors so that you can present potential buyers with a clean, fresh atmosphere.

Tips to remove odor, from a former smoker:

  • The moment that you think you might like to get rid of that odor, stop smoking indoors 
  • Wash EVERYTHING – walls, furniture, fixtures like cabinets and sinks, walls, floors, clothing, shoes, etc.
  • OPEN the windows (if possible) or flip on exhaust fans in the kitchen and bathroom. Little trick – if you open a small window (say it’s just too hot or too cold to open all of them) and place a portable fan in the opening backwards, it will actually draw the air out of your arm and serve as an additional makeshift vent. 
  • You may want to consider replacing the carpets, flooring, wall paper and, depending on the severity of the odor, you may even want to replace dry wall. 
  • You can buy odor blocking paints and primers – no really! Just check out some of these products on the Home Depot website. 
  • The duct work in the house may need to be replaced as well, as tar can build up on the walls of ducts that carry the air that circulates in the home. 
  • Finally, don’t just use smell good sprays – the whole place will smell of freshly washed cigarettes

9. Pets

Your pets are part of your family, I know. But some people are frightened by animals, some have horrible allergies, and others are simply irritated. The latter is in conceivable to a pet lover, but it happens.

Vizzini from Princess Bride with two thumbs up, with text saying What you don't like my dog?  Inconceivable!


You say you plan to put them in a bedroom or garage and then ask people not to open the door to that area? Bad idea. Would you buy a house you can't inspect? Of course not. Remove pets during showings if possible. If you can't, contain them in crates for their own safety and to show respect for the feelings of potential buyers.

8. Dirt and Grime

Grimy bathrooms are an instant turnoff. Scrub them, paint them, buy a new shower curtain, rugs and towels--do what it takes to make them shine. If you're serious about selling the home, the extra work is a must. This goes for the kitchen, the dining room, pretty much the whole house.

7. Dimly Lit Rooms 


  • Dark homes are a turnoff to most home buyers, so try to brighten them up:
  • Replace dim light fixtures
  • Install additional light fixtures
  • Install (quality) sun tunnels or skylights
  • Remove heavy drapes to let the light stream through windows
  • Repaint some rooms with colors that reflect light
  • Trim tree limbs that shadow the house

Dirty and fogged windows are another buyer turnoff. Clean them inside and out to bring in more light. If possible, replace any double-pane windows with broken seals. You can find them by looking for a foggy residue that cannot be removed.

6. Busy Wallpaper 

You spent days picking our just the right wall paper that reflects the character of you and your family. It just hurts your heart to imagine taking it down! But, just like pets, other people are rarely going to love the wallpaper you’ve chosen. It's a personal decorative touch that they want to select themselves, if they even want wallpaper at all.

So take a hard look at your wallpaper and decide if it should be removed and replaced with paint. Don't paint over it, because it is a nightmare to fix.

5. Damp Basements 

Dampness or damp smells in the basement throw up a red flag to buyers that the foundation leaks! Most problems we see are not caused by faulty foundations. They occur because rainwater is being diverted towards the foundation instead of away from it. Possible culprits?

  • Clogged underground drains 
  • No rain gutters along roofline 
  •  Downspouts aimed the wrong way 

Go outside the next time it rains and determine where runoff water is going and get it fixed. You’ll also want to dry out the basement if it is damp. You can use dehumidifiers, and makeshift vents as mentioned in the “Smells” section.

bug with the no symbol over it4. Bugs and Other Pests 

 Roaches, spiders, mice, any living thing that shouldn't be in the house. Get rid of them.


3. Poor Curb Appeal 

You can’t judge a book by its cover, but we all do anyhow. You must grab a buyer's interest from the curb if you want to sell the home for top dollar. Home buyers often refuse to go into a house with an unkempt yard, sagging doors or peeling paint. You say you can't afford to paint? Okay, but get that yard in tip-top shape and grab a screwdriver to fix those doors.


2. Gutters with Plants Growing in Them 

I'm serious. Some people never clean their gutters, and it always makes buyers wonder what else hasn't been maintained. Remember the drainage issue in #5? Cleaning packed gutters might help.

1. YOU! 

Yes, you... leave the house during showings. Home buyers feel awkward about opening closet doors and lingering for a really good look at the house if the seller is home. If you're selling by owner, give them some space, don't hover.

Recap
Most of the Top 10 problems are home selling issues you can correct without spending a lot of money. Do it now, before you put the house on the market, because if your house develops a reputation among agents as the house that smells, the house with the huge barking dog or the house where the owner won't leave people alone, it will be too late. Your house will be last on their list to show potential buyers.

Thursday, February 20, 2014

Home Loan Pre-Approval

If you've ever seen an episode of Property Virgins on HGTV, you know that early in the show the agent asks the buyers, "How much can you afford?" 


pile of coins
Then, flashing across the television screen appears the buyers' down payment amount, plus the amount that they have been pre-approved for. 

The sum of these two numbers reflects the total buying power. 


There are several benefits to getting a pre-approval as early as possible in the home buying process: 

  •  It enables you and your agent to look only at homes that are truly in your price range 
  • You and your agent are aware of any conditions that may be associated with the loan 
  • When you are ready to make a bid on a house, your offer is stronger 
  • You get to avoid the possibility of finding out that you can't actually afford a house that you want 
pink welcome mat

Okay, so what exactly is pre-approval? 

 You will work with a loan officer that will ask you for documents to create a sanpshot of your financial health. A credit check will likely be run.  The pre-approval process will make sure that you meet certain criteria to qualify for a loan.  

The loan officer will then supply you with a pre-approval letter. This letter will go over the amount that you are pre-approved for and include any conditions of the loan.  

It's important to note that a pre-approval does not commit you or the lender to a final loan. 

You will want to make sure that you work with a trusted loan officer to ensure that you are getting the most accurate portrayal of your buying power. Your agent will have connections with lenders that have been vetted already. Use that resource. When I work with clients I can recommend trusted and experienced lenders. 

Once you identify potential lenders, let them know that you will be talking to multiple lenders in order to get the very best terms.  I recommend contacting a minimum of two lenders to find a product that best suits your needs.

The loan process is very detailed.  The very best advice that I can give is that you ask as many questions as necessary of both the lender and your real estate agent to make sure that you understand what is happening every step of the way.

You can find additional information about the pre-approval at REALTOR.com 


Need assistance to begin your search for homes in Powhatan, VA?  Feel free to call or text me at 804-350-2328!
Email: lyndasellsvirginia@gmail.com
Website: lyndasellsvirginia.com