March 17

Looking At Seller’s Disclosure In Virginia

images (85)Unlike other states, Virginia’s main disclosure statute requires sellers to disclose very little about their houses. Virginia law requires sellers to disclose the following information:

  • Whether the property is in an area where military air installation is located
  • If the house has a defective drywall
  • If the property has previously been used as a meth lab and hasn’t been cleaned according to the state guidelines
  • Whether the property has a septic system that needs to be repaired, but the owner has obtained a waiver from the Virginia board of health. The seller should let the buyer know whether the waiver will apply to the buyer
  • Sellers may choose to disclose whether the property is in a designated tourism activity zone.
  • In Virginia, newly constructed homes are usually exempted from statute disclosure rules.
  • In addition to the state disclosures, sellers must also meet the federal disclosure requirements. Sellers with houses constructed before 1978 are required with federal Title X disclosures. These are disclosures regarding lead-based paint and hazards.
  • As the seller you should give EPA-approved information pamphlet to buyers. These pamphlets should give information relating to lead in your home. It’s also required that you give buyers the option of conducting lead-based paint assessment.

A seller disclosure is of great importance to you as a buyer as it gives you more details about the home that you are looking to buy.

If you are looking to buy a house in Virginia, you need to do the donkey work by yourself. You should inspect the house or hire a professional to help you out. When doing your own inspection you need to focus on the following areas:

Grounds: inspect septic tank, drainage systems, driveway, sidewalk and fence.

Electrical system: it’s impossible to do this by yourself thus you have to hire a professional to do it for you. The professional should ensure that the electrical system is up to code and the system is working perfectly.

Structural elements: you should go through the house and ensure that the construction is well done and there is no evidence of bowing or sagging.

Exterior surfaces: ensure that there is correct clearance between siding material and ground.

Roof: you should inspect the condition of the shingles, chimney, vents and gutters. As rule of thumb ensure that everything is perfect.

Interior plumbing: hire a professional plumber to help you identify any damaged or leaking pipes. Ensure that the toilets, sinks, showers and bathtubs are fully functioning.

Prohibitions put in place

While the seller’s disclosure obligations are minimal, Virginia law has standards that the seller must follow. The law requires that the seller shouldn’t do or say anything that distracts the buyer from finding a problem. The seller also shouldn’t cover up a known defect.

 

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March 11

Should You Buy a Ready Possession Flat or Get a Home Constructed?

images (86)Living in your own flat or house provides you with the great feeling of security, independence and happiness. The ultimate dream of everyone is to own a place to live. When a person starts to earn, the first thing that comes into his mind is to own a house and starts to save a lot towards this purpose. When it comes to own a house, you have got two options, buy a ready possession flat for sale or buy your own land and build a house in it. Both these ideas have their own advantages and disadvantages. Let’s analyse some of them to decide between these two great options to own a living space for ourselves.

Building Your Own House

Every person has a dream to construct a house that suits to the needs and requirements of the family members. It gets fulfilled when you plan and construct a house for you. Here, your liking and preferences of interior decoration, a color of paint, types of tiles and marbles and a lot of other features of the house give preference. You can choose between costly and cheap materials of construction. You can supervise the laborers and technicians who work to construct your house. Meanwhile, you can save a lot of money. Again, you can construct your house part by part. It is not necessary for you to construct it at a stretch. You can complete the work as and when you have money. Hence, your house becomes a fulfillment of your wishes and dreams. At the same time, there are a lot of disadvantages too. Constructing a house by you takes away a lot of your time and energy. If your knowledge in the construction field is limited, you may make mistakes in choosing the right materials and laborers for the construction. These days labour is not easily available. In the case of a sudden financial crunch, your dream to construct your dream house may not get fulfilled.

Buy a Flat

When you buy ready possession flats for sale, you have a lot of advantages. The most appealing benefit of buying a flat is that you can move as soon as you complete the buying formalities. There are no worries and hurries of construction. You become the owner of a beautiful home overnight. Your confidence and self-esteem will shoot up and you will achieve the status of being the proud owner of a flat. When you choose a ready to possession flat for sale, you choose to live in a highly developed are in your society. The disadvantage of buying a flat is that you have to find a large amount of money to buy it. There are also options to meet these financial requirements. The quality of construction also may worry you a lot.

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March 2

How Buyer’s and Seller’s Markets Impact Homes for Sale

images (84)Nothing is as fickle as real estate. Housing prices may rise or fall for any number of reasons. Although they can make investing in your own property a bit of a risk, with a little bit of knowledge the informed shopper can easily make the best decision possible when looking at homes for sale.

Buyer’s Market

Simply put, a buyer’s market is a result of the economic principle of supply and demand. In this case, there are more properties in supply (i.e. for sale) than there is a demand for them, meaning that those looking to invest in real estate have a lot of options to choose from. Supply and demand fluctuate depending on how many new customers enter an area and how many homeowners in the region have decided to stay in their properties.

In these circumstances, there are plentiful homes for sale, which favors those interested in investing in residential property. The geographic region and price ranges are favorable and the cost to purchase is relatively low. If housing in an area tends to take more than six months to sell, then it is considered a buyer’s market. You can easily find how many days a property has been listed on various real estate sites.

Seller’s Market

In a seller’s market, it is harder to find homes for sale. The supply is low in comparison to the demand to purchase property. Prices are typically a little higher and houses don’t tend to stay listed for as long a period of time.

When this occurs, there are a limited number of options. Buyers will have less opportunity to negotiate-because sellers can entertain other offers-and as a result, will pay more than they would in a buyer’s market. Sellers can increase their prices and, as long as the homes appraise for the asking price, receive more than they otherwise could.

What Stimulates the Change

As with everything, housing properties will fluctuate between shortage and surplus. While there is no clear determination on how long the current stage will last, there are several factors that can impact the supply and demand of homes for sale in your area. Things like interest rates, consumer confidence, and economic conditions have a high impact. A growing regional economy coupled with low-interest rates and high confidence can lead more people to buy houses.

However, just because more people are buying doesn’t mean there are also more people selling. Supply tends to lag behind demand in real estate. While you may think that low rates and good economic growth would spur a buyer’s market, it is actually more favorable to sellers. That is because there are more parties competing for a limited number of houses.

When the economy slows down, or interest rates increase, demand diminishes. When that happens, homes for sale will stay listed for longer periods of time. With more real estate options available, qualified purchasers have better chances of finding good deals on housing in their areas. Buyers can often negotiate with the seller on a much lower price than what the seller had originally intended.

 

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