Candice Shelor
Q. What type of assistance is available for first-time homebuyers?
A. Lenders such as Virginia Credit Union have several options for first-time homebuyers, including 100 percent financing options and grants to qualified borrowers that can help with out-of-pocket costs like down payments and closing costs. Borrowers should look to their loan officer for guidance about the features of specific loans that may be helpful in these situations.”
—Candice Shelor, mortgage assistant sales manager at Virginia Credit Union
Q. What is the difference between a defect and a cosmetic item?
Mike Lafayette
A. There is often a confusion [between] defects [and] cosmetic items. Cosmetics can be characterized as carpeting that is faded, a garish paint color or an outdated kitchen that does not appeal to the buyer. A leaky roof, a cracked foundation, a safety issue with electrical wiring, or a broken window, those are defects [that need to be addressed]. If the items are working, but they are just objectionable to the buyer, then repairs are not required.
Q. Why is a survey needed?
A. In Virginia, it is crucial. There may be a line of trees that you may think may be a property line, but that may be wrong. If you don’t [have] a proper survey and a title insurance policy because you are trying to save money, you put yourself at risk if something comes up. It’s to protect you if there is any issue, so it’s not: “This is not what we were told by the seller.” You will be able to clearly see the boundary line. This often happens with a fence, where, because an owner put it in a long time ago, it could make the yard smaller. You do it to make sure there is no encroachment.
—Mike Lafayette, real estate attorney
Q. When it comes to curb appeal, what are the easiest things a home seller can do?
Montrell Brown (Photo by Chris Smith)
A. The biggest one is mulch. Mulch makes the home stand out so much more. From there, it’s keeping the grass cut, the shrubs trimmed, power washing the house and putting in a couple of plants for color that will bring out a house 100 percent.
Q. I have more weeds than grass in my yard. How long does it take to renovate a lawn?
A. It’s a process to get it into shape, and it’s best to start in September, getting it ready for some nice grass to come up by spring. We can aerate, seed and fertilize for you, but I ask you to do one thing: Please water it.
—Montrell Brown, Brown’s Lawn in Order
Q. What are must-dos before going to your first home showing?
Angie Nishnick
A. Prospective homebuyers should make a list of needs and wants and know the difference. Needs are deal breakers, like the needed number of bedrooms, baths and a garage. Wants are extras you would like to have but are not essential, such as an open floor plan, fenced-in yard or a shed. Understanding what you really need before starting the process will help eliminate homes that don’t meet your needs. Also make a list of three desirable areas you’d like to live in, and then rank them. This helps buyers expand their search options as they get closer to finding their perfect home.
Q. What should buyers do to best position themselves in a seller’s market?
A. Buyers can do a lot of their research online, but local markets dictate much of the buying process. Buyers sometimes overlook that supply and demand in a hot market will determine a property’s value. Right now in our market, inventory is very low. For first-time homebuyers, the market is extremely competitive, and [they] need to have [a] good team in place to give them the buying power they need to move quickly. They should obtain a loan approval and work with a Realtor to ensure they are ready to go when they find their dream home.
—Angie Nishnick, managing broker with Virginia CU Realty, an affiliate real estate company of Virginia Credit Union
George R. Parrish
Q. Why is title insurance crucial?
A. It protects a buyer from unforeseen problems, things you think that will hopefully never happen to you like a tax lien, judgment or unreleased encroachments. A title insurance policy was a lifesaver when [I] bought a condominium in Florida, and after the closing there was a $500,000 judgment against it as a result of a significant financial dispute between the divorcing sellers. In another situation, [my] schoolteacher clients were glad to have a title policy because it acted as a co-defendant in a lawsuit when a week after they moved in to their home, a neighbor would not remove landscaping that a survey showed was on the couple’s property. It protects you if you find the seller is not the person he is purported to be, or there is a judgement against them or a tax lien. The list goes on and on.
—George R. Parrish, real estate attorney
Tillman Simms
Q. Who should be present at home inspections?
A. I always like the client to be there — not just the Realtor, not a family member. It’s very important for the person who is buying the house to be there because he or she can ask questions, and understand what is going on. They can learn about the house in the process — where things are located.
Q. What do you say to folks who don’t want to pay for a home inspection?
A. If I find one bad component when I’m doing the inspection, that pays for the inspection. If I find a bad water heater, that’s $600. If I find a bad roof, that’s $6,000. You want to be knowledgeable. I’d advise anyone to get a house inspection. It’s worth the money. It’s really the biggest investment of a lifetime.
—Tillman Simms, home inspector
