Most foreclosures and short sales are sold “as is”.  Many homebuyers are confused as to what this means for them.  I am often asked whether this means that they won’t be allowed to have the home inspected.

You will be able to have a home inspection but it will be for informational purposes only.  This means that the seller will not perform any repairs if something shows up in the inspection.  However it is important for you to have the home inspected anyway so that you will know what problems you might have to deal with.   Also, I like to write into the offer that the contract will be contingent on a satisfactory home inspection.  That way if something is found that the buyers are not prepared to accept, they will have the opportunity to declare the contract null and void without penalty and their earnest money deposit will be returned.  Some banks have similar terms written into their addenda.

In addition the home inspector may find something that needs to be repaired that the lender such as FHA will not accept.  In this case the loan will not be approved unless the repair is performed by the seller before closing.  Sometimes the bank will agree to perform the repair, but other times they won’t and the contract will fall through.  Homes that will obviously need a lot of work are good candidates for FHA 203K loans, in which the cost of the repairs is rolled into the mortgage up to a specified amount. 

When you are considering the purchase of a distressed property, a home inspection is especially important.  Remember the owners of these properties have been struggling for sometime to be able to hang on to their homes.  It was all that they could do to make the mortgage payments, and their was no extra money for repairs.   Routine maintenance has been deferred.  Even the rare foreclosure that appears to be in move in condition may have unseen issues.

There are some great deals on short sales and foreclosures in our area, email me if you would like a list of distressed property listings in any of the central Virginia areas.

Buying A Charlottesville Foreclosure Multiple Offers

Buying A Foreclosure In Charlottesville – How Much Should I Offer

Buying A Charlottesville Foreclosure 

Copyright 2012 by Pam Dent, all rights reserved “Does “As Is” Mean I Can’t Have A Home Inspection?“

The Charlottesville Area Association of Realtors First Quarter Real Estate Market Report is hot off the presses. This report will give you a brief overview of what has been happening in Central Virginia real estate so far this year. As you will see it is a mixture of good and bad news. The good news is that there has been an increase in sales by 9.2% over the first quarter of 2011. The bad news is that the median sales price has fallen by 2.9% as compared with the same period last year. We have seen some highlights for the month of March with an increase in sales, median sales price and also an increase in homes that are under contract. I know that I have been experiencing an increase in business and have a positive feeling for the year overall.

According to the report, inventory is trending down into a 12 month supply. While any reduction in inventory is a good sign, it is necessary to remember that we are still strongly in a buyers market and it is crucial to price your home properly in order to get it sold. A 6 month supply is considered a balanced market and it will have to fall to under 6 months before we will be in a seller’s market.

CAAR First Quarter Market Report

If you have any questions about the local real estate market or what this means for the sale of your particular home, don’t hesitate to call me at 434 960-0161 or email me at pam@pamdent.com.

Buying a foreclosure can offer the opportunity to get a great deal.  These homes are usually listed at a discounted price.  Sometimes the listing may see several price reductions.  However there will come a time with many of these listings when the price will drop to a really good price and then we will see the offers come in.  All of a sudden there are multiple offers.  Many purchasers are not prepared to be in a multiple offer situation.  This video will explain what is meant by your “highest and best offer” and will talk about the process of making an offer on a Charlottesville foreclosure.

Please email me if you would like a list of Charlottesville foreclosures for sale, or bank owned properties in any of the Central Virginia counties.

Buying A Charlottesville Foreclosure – Part 1

Copyright 2012 by Pam Dent all rights reserved “Buying A Charlottesville Foreclosure – Multiple Offers“.

There is a wide range of Charlottesville horse farms for equestrian buyers to choose from.  Sorting through all of the Central Virginia farms that are currently on the market requires more than being able to evaluate the homes.  There are so many factors that go into the make up of the perfect equestrian estate.  What may be the ideal property for a pleasure rider may not meet the needs of a hunter/jumper professional.  It is helpful to have the guidance of a real estate agent who can combine the knowledge of real estate with the experience of the professional horseman.

First Published at Charlottesville Horse Farms.   Written by Pam Dent.

This Fluvanna County real estate market report will focus on the sale of single family detached homes.

January 2011 average list price $267,075.
January 2012 average list price $273,787.

January 2011 average sale price $261,191.
January 2012 average sale price $257,548.

January 2011 median sold price $210,000.
January 2012 median sold price $276,850.

January 2011 %sold/list 97.79%.
January 2012 %sold/list 94.06%.

January 2011, 12 Fluvanna County homes sold.
January 2012, 18 homes sold in Fluvanna County.

Over the past 12 months 262 homes sold on the Fluvanna County real estate market; however last year 276 Fluvanna homes sold, so sales have been down during the past year.  So far this year much of the greater Charlottesville market has seen an increase in activity, but I have not seen it to the same extent in the Fluvanna County market.  I am hopeful that future months will see an upward trend in Fluvanna County. 

Copyright 2012 by Pam Dent all rights reserved “Fluvanna County Real Estate Market Report – January 2012“.

This Albemarle County real estate market report examines the sales of single family detached homes.

January 2011 average list price $590,225.
January 2012 average list price $417,895. 

January 2011 average sale price $535,102.
January 2012 average sale price $398,103.

January 2011 median sold price $302,500.
January 2012 median sold price $319,900.

January 2011 %sold/list 90.66%.
January 2012 %sold/list 95.26%.

January 2011, 42 homes sold.
January 2012, 35 homes sold.

As we can see fewer homes had contracts that closed in January of 2011 than 2012. However going forward it is important to look at the big increase in the new pendings. This reflects the increased market activity that we have been experiencing in the Albemarle County real estate market.

The above figures are from the mls and while they are presumed to be correct they are not guaranteed.

Copyright 2012 by Pam Dent all rights reserved “Albemarle County Real Estate Market Report – January 2012“.

For the last few years we have had a lot of inventory and homes have been taking a long time to sell.  Buyers have had the mindset that homes stay on the market for a long time.  They are used to thinking that there is no need to make a decision, because that home is not going anywhere.  There has been the feeling that if they wait long enough the price will be reduced again or a better home at a better price may come on the market.  There has been no sense of urgency to buy.

Well, its time for a new way of thinking.  The “times they are a changing”.  Starting in January the Charlottesville real estate market has seen a major increase in activity.  We have seen a big increase both in people out looking at homes and in contracts being written.  The last five contracts that I have written have all either had multiple offers, or another offer that came in within hours of the first being accepted.  This is especially true for Albemarle County.  No longer can a purchaser drag their feet and expect that well priced home in good condition to stick around. 

Its a great time to look at Charlottesville homes for sale, there is still a lot of inventory to choose from, prices are down and interest rates are still low.  But more homes are selling and there is competition for the best ones.  When you find the one you like, it is important to move quickly or you may lose it.

Copyright 2011 by Pam Dent all rights reserved “Charlottesville Real Estate Update – Its Time To Change Our Perception“.

1939 Browns Gap Turnpike, Charlottesville VA home for sale.  $120,000.00

 1 bedroom, 1 bath, 1080 sq ft, living room, kitchen, greatroom, den, home office, screened porch.

This home on a landscaped lot is located in Albemarle County close to Crozet and Charlottesville.  At this affrodable price the darling bungalow is perfect for investors or first time homeowners.

Cpoyright all rights reserved by Pam Dent “1939 Browns Gap TPKE Charlottesville VA – Investor Opportunity“.

This post will examine the sales of Charlottesville farms over the past year. For the purpose of this report we will consider properties over 15 acres.

2010 average list price $1,887,107.
2011 average list price $1,439,348.

2010 average sale price $1,663,847.
2011 average sale price $1,286,576.

2010 median sold price $1,112,500.
2011 median sold price $750,000.

2010 average continuous days on market 361.
2011 average continuous days on market 243.

2010 %sold/list 88.16%.
2011 %sold/list 89.38%.

2010 months inventory 47.07.
2011 months inventory 32.52.

In 2010, 26 Charlottesville farms sold.
In 2011, 38 Charlottesville farms sold.

2011 Year End Sales and Inventory Charlottesville Farms

There is a lot to like in these numbers.  Obviously we still have way too many months inventory, but we are trending in the right direction.  One of the other figures to compare is the difference in the median sold price between the two days.  This could tell us that prices are down which we know is the case across the board in real estate, but it may be more of an indicator of the price range that is selling.  Purchasers are looking for value right now and buyers of Charlottesville farms are no exception.

Copyright 2011 by Pam Dent all rights reserved “Charlottesville Farms Real Estate Market Report – 2011“.

This Albemarle County real estate market report will focus on the sale of single family detached homes.  We will look at the November real estate activity and see how it compares with the activity over the past two years.

As we look at the total sales figures from this year so far compared with 2010 we will see that there is little difference. This years sales total is up very sllightly and prices are generally down. Month to month we have seen a volatile market that has gone up and down following the economic and political news. We still need to see a significant reduction in inventory so that we can reach a balanced market.

Copyright 2011 all rights reserved by Pam Dent “Albemarle County VA Real Estate Market Report – November 2011“.