Charlottesville Real Estate

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Transferring property interest to kids gets tricky
2007-09-20 20:31:00
Q: My mother-in law bought a home six years ago. The seller agreed to finance the home if she put down $1,000 on the property and paid $450 per month for 30 years. It works out to about an 8 percent interest rate.The seller holds the deed of trust. My mother-in-law wants to transfer her interest in the property to me and my wife. We would continue to make her payments to the seller.Here's our problem: The seller refuses to transfer the property to me and my wife. Can my mother-in-law transfer the property to us as a gift or just because she wants us to have it without the due on sale clause kicking into play? We don't plan to buy this home, but she would like to give it to us.A: What does your mother-in-law's deed of trust say about transferring control of the property or otherwise selling it to someone? Is she prohibited from doing that during the 30 years in which she is paying off her loan? If so, she was foolish to sign such a document without having some exceptions written i...
More About: Kids , Property , Interest , Tricky , Ricky

Google Verify
2007-09-19 16:51:00
Hello Everyone -I hope the information provided is informative. Please sign-in if you have any questions, or want to be alerted when new posts come up.
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Foreclosure Prevention Summit Coming September 25th
2007-09-19 16:35:00
The Virginia Association of Housing Counselors is holding a Foreclosure Prevention Summit on Tuesday, September 25th at the Charlottesville DoubleTree, 10 am to 4 pm. Anyone involved in housing in any way is encouraged to participate. Attendees will learn about community resources for borrowers facing foreclosure and will be able to explore concerns with mortgage servicers who are familiar with the issue, including foreclosure rescue scams. There will also be an open discussion of the status of default and foreclosure in Virginia and what can be done to combat the problem.If you are interested in attending the summit, please call Paula Sherman at 804-354-0641 by September 18th. Cost is $10 for VAHC members, $25 for non-members.http://www.robsellscharlottes ville.comhttp://www.forestlakesliving.com

The 9 Steps to Home Ownership
2007-09-13 16:57:00
Step - 1 Make the Decision to BuyIt seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.Step 2 - Seek Professional GuidanceI'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved fo...
More About: Home , Owners , Steps

Scoring your Credit - How's your FICO?
2007-09-13 16:51:00
In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:Credit History - How long have you had credit?Payment History - Do you pay your bills on time?Credit Card Balances - How much do you owe on how many accounts?Credit...

August Sales Slowest in 10 Years in Charlottesville
2007-09-12 22:17:00
August Sales Slowest in 10 Years This probably will not shock most of you, but sales in August took a significant dip. The 304 sales reported to the MLS in August were the fewest since 1998. Until August, the local market was soft, but doing well by historic measures. We had been tracking along with the 2004 numbers which were the third highest in local history. For the year, we are 620 sales behind last year (down 19.2%). As bad as that sounds, we are still on course to have the 4th highest sales year ever.The main concern in the market seems to be the negative press about the mortgage crisis. While our area is not part of the crisis, we are feeling the effects of this national problem. CAAR is working hard to help get the “it’s a great time to buy” message out in the media. Recent coverage on NBC 29 (Link) was pretty good, and we will be putting more stories in the CAAR Real Estate Weekly about the favorable buying conditions. Unfortunately, the Daily Progress picked up a wir...
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Renting apartment could lead to identity theft
2007-09-12 19:57:00
How can I ensure landlord safeguards my information?Thursday, September 06, 2007By Rob AlleyAvery GroupQ: I'm applying for an apartment, and the application asks for all sorts of personal information -- my Social Security number, bank account information and employment history. The landlord will also have my credit report. All of this information could easily be used to steal my identity. What recourse do I have to this risky situation? --Cindy A.A: Careful landlords everywhere ask for this information, and there's no law against it. From their point of view, they're taking a big risk in handing over a very valuable item (their property) to a stranger. They want to make sure that you're solvent, honest, and likely to get along with them and the neighbors.But your fear is well-grounded -- if your data gets into the wrong hands, you could have a problem. Though you can't insist that the landlord evaluate your application without your personal information, you may take some comfor...
More About: Identity Theft , Theft , Renting , Identity , Lead

Monday Night Football Party!!!!
2007-09-12 17:17:00
Monday Night Football Party !!!Monday Night Football Party Every Monday Night at Rivals Sports Bar and Grill on Rio Road. Kick-off is at 8:30 PM!! Click the Link for more Information!!
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The Short Sale - A Viable Alternative to Foreclosure
2007-09-12 16:53:00
The Short Sale A Viable Alter native to Foreclosure Economic experts have said that the real estate market is not a major factor in the Federal Reserve's true goal of keeping inflation in check – and its recent activity seems to bear this out. By strategically infusing billions of dollars into the banking system and unexpectedly cutting its discount window rate for 30 days, the Fed has clearly attempted to "bail out" the financial and credit markets. The real estate market, however, continues to suffer nearly double the number of foreclosures as it did this time a year ago – one in every 693 US households. In some states, the statistics are even worse, with foreclosures claiming one in every 199 households!Because of this, YOU Magazine will ignore the media hype surrounding the Fed's financial policies and focus our attention this month on an interesting process known as a short sale. As a realistic "last" alternative to foreclosure, and a great opportunity for potential homebuye...

Real Estate Happenings in Charlottesville VA
2007-05-24 20:51:00
2007 1st Quarter Market ReportA New Report for a New MarketThe real estate market is often compared to a roller coaster ride because it tends to go up and down repeatedly over time. While the Charlottesville area real estate market is subject to the normal ups and downs of a free market, our area does not offer the adrenalin rush most roller coaster fans enjoy. The Charlottesville area real estate market is like the old Scooby-Doo Kid’s Roller Coaster (now called Taxi Jam) at Kings Dominion – small “ups” and small “downs.” If you want to get a real thrill from your real estate investments, go to Northern Virginia where the swings in the market resemble a ride on the Rebel Yell Roller Coaster.The Charlottesville market can be described as “insulated” because our overall economy is more stable thanks to the presence of the University of Virginia. Since UVA is not generally subject to the economic swings associated with businesses, our local economy (and the housing mar...
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