Charlottesville Horse Farms and Country Homes

Mortgage shopping Guidelines

If you are a first time homebuyer, shopping for a mortgage can be an intimidating and overwhelming process.  It helps if you know in advance what to expect and what you will need to do.

• Obtain your credit report and take action to make any necessary repairs to your credit.
• Shop for a mortgage.  Don't just go to one lender.  Different lenders have different programs.  You need to find the program that best suits your particular financial needs.  Check with mortgage brokers, mortgage lenders, credit unions as well as banks.  Also check and see what mortgage or downpayment assistance programs exist in your locality and if you qualify for any of them.
• Find out the total costs involved in each loan: monthly payment, annual percentage rate (APR), the number and cost of points, broker, origination and underwriting fees, administrative costs, mortgage insurance, and commissions, escrow and closing costs.
• Check the terms for different kinds of loans; the amount of down payment, the term of the loan, and whether the loan is a fixed or an adjustable mortgage and what are the terms of each.
• Negotiate.  Ask the lender if they can offer better terms.
• Once you have decided on the loan you want, you may want to obtain a rate lock.
• Obtain a written loan comittment.

Read the article Beginner's Guide To Mortgage Shopping in Realty Times.

I would be happy to talk with you about any questions that you might have about the Charlottesville, Virginia real estate market.

Click here to search all homes for sale in Charlottesville, Virginia, Albemarle County and Central Virginia.

Foreclosures - Not Your Typical Real Estate Transaction - Part II

In the first part of this series, I talked about the preforeclosure process which ended with the issuing of a notice of default by the bank.  In this post the next step of offering the home at auction will be discussed.

After issuing the NOD (notice of default), the lender will offer the property for sale at auction.  The auction may take the form of a sheriff's sale or through a private party.  Usually the auction will start with a minimum bid which will cover the balance of the mortgage, interest and any costs associated with the foreclosure.  However, most foreclosure auctions don't even get one bid, because the amount owed on the home is usually greater than the market value of the property.  As a result the lender will end up the highest bidder thus becoming the owner of the property.

If you do decide to bid on a home at a foreclosure auction, there are some points to be aware of.  Often the homeowners are still occupying the home, and will be unwilling to let you in to see the interrior of the home.  This results in your bidding on a property that you have only seen from the exterrior.  In addition you will not be able to bring in any inspectors.  The home will be sold "as is" without any warranties.  It is crucial to do your homework and research the title before bidding on the home to determine if there are any back taxes or leins on the property.

You will need to obtain all of your financing in advance, because public auctions usually demand cash payment at the time of the sale.

If you do end up being the highest bidder and buying the home, you may be faced with evicting the homeowner.  Also be aware that the former owner may try to vandalize the home before leaving.

If the bank does end up as the owner of the home, it is now referred to as a real estate owned (REO) or bank owned property.  I will talk about the special aspects of buying bank owned properties in the next post in the series.

Click here to see all homes for sale including foreclosures in the Charlottesville, Virginia  real estate market.

Charlottesville, Virginia and the Albemarle County area is a beautiful place in which to live.  Now is the perfect time to buy a home is this area and there are some great deals in the local market right now.  We are also seeing more Charlottesville foreclosures as well.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
Charlottesville Real Estate Talk
Jump into Greener Pastures

Foreclosure - Not Your Typical Real Estate Transaction - Part 1

Due to this year's volatile mortgage market, we are seeing an increasing number of homes go into foreclosure.  As adjustable rate mortgages continue to reset to higher rates with increased mortgage payments, we will see more foreclosures coming onto the Charlottesville real estate market.  This can present a chance for the knowledgeable home buyer to purchase a home for a bargain price, but it is not without risk, and therefore it is necessary to understand the process.

Preforeclosure occurs when a homebuyer is in default on their mortgage.  After three or more mortgage payments have been missed,and the homeowner has failed to work out a solution with their lender, the lender will issue a default notice to the homeowner and will also publish the notice in the local newspaper.  The notice of default specifies a deadline for the homeowner to pay either the past-due amount or the balance of the loan.  If the property is not reclaimed by the deadline, a notice of sale will be published, formally moving the home into foreclosure.

During the preforclosure phase may be a good time to purchase the home.  This would be called a shortsale.  Although the price may not be as deeply discounted as it could be after foreclosure, there are benefits to buying at this time.  To begin with there may be fewer competing offers at this stage.  We are seeing multiple offers on foreclosed properties in the Charlottesville and Central Virginia area.  Also the purchaser is negotiating with the property owner instead of with the bank.  You are helping the homeowner avoid foreclosure and the ensueing black mark on their credit, so they may be inclined to cooperate.  The homeowner will present the contract to the bank.  Hopefully the bank will be negotiable and approve the sale rather than having to go through the expense of the foreclosure process.  We are seeing many banks that are extremely slow to respond to these short sale offers so any buyer should be prepared for long delays before an answer.

If the home is not sold at this stage and the homeowner has not been able to work out a loan payment plan with the lender, the next step in the foreclosure process will be a sheriff's sale or auction.  The next post in this series will discuss that stage.

If you are interested in discussing foreclosures in the Charlottesville, Virginia area real estate market, I would be happy to talk with you.
To search all Charlottesville area homes for sale including foreclosures and bank owned properties click here.

What is a "Green" Home

We Hear a lot about "green" homes these days.  With the rising gas and oil prices, and increased awareness of environmental issues, more home buyers are interested in finding a home that is more energy efficient, with a lower ecological impact.

The following is a list of some of the features that builders strive for in a green-built home:

• energy efficiency resulting in lower utility costs
• cleaner indoor air
• low maintenance and long lasting materials
   
• conservation of water and natural resources
• environmentally friendly construction
   
• sustainability
• higher resale value

There are several green-built homes on the market in the Charlottesville, Virginia area and I would be glad to show them to you. 

Search all of the homes and farms for sale in the Charlottesville area.

Shopping For Real Estate in Central Virginia - Lock in Your Interest Rate

If you are shopping for a mortgage in today's volatile mortgage market, it is a good idea to lock in the interest rate and loan costs.  In the first half of 2008 interest rates ranged from 5.48% in January to 6.45% recently.  The purpose of a rate lock is to protect a home buyer from rising interest rates by guaranteeing the interest rate that your mortgage will have.  Otherwise, by the time your purchase has closed if rates have risen, a buyer could end up with a mortgage payment that they could not afford.  since the lock is for a specific period of time, usually from 15 to 60 days, it is necessary to be sure that your home purchase can close within that time period.
For a more in depth article read Mortgage Rate Locks Become Crucial in Realty Times.

If you would like information on the Central Virginia real estate market, I would be glad to assist you.

Central Virginia Counties

There are several counties that make up the Central Virginia region: Albemarle, Fluvanna, Louisa, Greene, Orange, Nelson and Buckingham.

Albemarle County is located in the foot hills of the Blue Ridge Mountains.  The county has a rich historical legacy featuring Ash Lawn-Highland the home of James Monroe and Monticello the home of Thomas Jefferson among others.  There are many cultural and outdoor activities to choose from.

Charlottesville is an independent city surrounded by Albemarle County.  The University of Virginia, which was founded by Thomas Jefferson is located there and is the largest employer.  The city has been rated by many publications as one of the best places to live in the United States.  The heart of downtown is the pedestrian mall which is the site of specialty shops and many restaurants, art galleries and outdoor cafes.

Fluvanna County located to the east of Albemarle is an area that is seeing rapid growth while keeping a rural feel.  It includes the gated community of Lake Monticello which includes a large lake and golf course.  The main town is historic Palmyra.

Louisa County is a largely rural, agricultural area with only 10% of its land currently developed.  The Green Springs area sports scenic vistas of rolling hills in a historic preservation district.  The town of Louisa, located 35 miles from Charlottesville and Mineral are the county's two incorporated towns.

Greene County located to the north of Albemarle is still mostly agricultural, but has been seeing a lot of growth recently.  The towns of Ruckersville and Standardsville are included.

Orange County is an area of farms and rolling countryside.  Montpelier, the home of James Madison is a historic destination.  The towns of Gordonsville and Orange are located in the county.

Nelson County which is bordered by the Blue Ridge Mountains contains part of the George Washington Forest and parts of the Appalachian Trail and Blue Ridge Parkway.  The Wintergreen Resort, containg ski slopes and a golf course is located in the county and is a prime destination.

Buckingham County which is just across the James River from Albemarle is a rural area that is increasingly becoming known in the region by homebuyers looking for affordable property.  The incorporated town of Dillwyn is located in the county.

If you are looking for real estate in Central Virginia, you have a lot of areas to choose from.  There is sure to be a home in one that suits your lifestyle.

Albemarle County is Going Green

The government of Albemarle County is going green, and hopes to save money and reduce the county's carbon footprint at the same time.  Albemarle County is located in Central Virginia surrounding the town of Charlottesville.

All new county buildings to be constructed will meet stricter energy standards, beginning with the new Crozet Library.  In addition since 2003, the county has bought new hybrid vehicles. 

Albemarle County has set a goal of reducing internal energy use by 30% by 2012, and has pledged to reduce greenhouse gases by 80% by 2050.

Read more.

For information on life and real estate in Albemarle County and neighboring Charlottesville, Virginia contact:

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
434 960-0161
www.JumpintoGreenerPastures.com
www.CharlottesvilleRealEstateTalk.com

Is There A Recession In The Albemarle County Horse Industry?

For several months this spring the Virginia Horse Journal had an ongoing discussion about whether there is a recession in the Virginia Horse Industry.  One of the points that everyone agreed on was that the rising cost of gas was having an impact on horse ownership.  Due to an increase in transportation costs prices of feed and supplies are going up.  We will see an increase in the cost of hay this year in the Charlottesville, Virginia and Albemarle County area due to the higher price of fuel to run the tractors and hay making equipment.  Luckily so far this summer we have had ample rainfall; so we should be able to buy hay locally and not need to incur the added expense of shipping hay in from other states.

Many stables are seeing customers cutting back on extras.  They are taking fewer lessons and going to fewer horseshows.  The stable owners are forced to raise shipping fees which also results in a smaller number of  cllients who are able to afford showing.  Unfortunately it is a no win situation as stable owners will either need to raise board or cut back on services.  It looks like we will need to tighten our belts for a little while until the Virginia horse industry rides out the next few months before it can rebound as it always does.

In the meantime, if you are thinking of buying a farm, it may be the perfect opportunity to get the price of a lifetime.  Buying or selling, I would be happy to talk with you about the Central Virginia and Albemarle County real estate market.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
         434 960-0161       
www.JumpintoGreenerPastures.com
www.CharlottesvilleRealEstateTalk.com

407 Country Creek Way - New Fox Hollow Home

407 Country Creek Way, Palmyra, Virginia
4 bedrooms, 2.5 bath, 2,575 finished sq ft, built in 2007, $379,000

New home on a large 2.66 acre lot in Fluvanna County"s Fox Hollow community.  This new home with an open floor plan features the advantages of one floor living.  First floor master suite and an additional bedroom and full bath on the first floor.  The second floor has another bedroom, half bath, and finished bonus room.  The screened porch and large rear deck provide the perfect setting for outdoor entertaining.  Some of the home's special features include granite counters, stainless appliances and hardwood floors plus a two car garage.

For more information on this home or on other homes in Charlottesville and the Central Virginia area contact:
Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
www.JumpintoGreenerPastures.com
www.CharlottesvilleRealEstateTalk.com

Don't Miss This Glenmore Open House - Sunday July 20

Open House, Sunday July 20, 1:00-4:00pm
3194 Darby Road, Glenmore, Keswick, Virginia

Don't miss the opportunity to view this amazing home located in the Glenmore Community just east of Charlottesville, Virginia.  4 bedrooms, 4 full and 2 half baths, 5,000 square feet.  The breathtaking floor plan, innovative design and state of the art kitchen are not to be missed.

For more information on this home or others in Glenmore and the Charlottesville area call:
Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
www.JumpintoGreenerPastures.com
www.CharlottesvilleRealEstateTalk.com