Chesapeake, VA

The Homebuyer Tax Credit has extended and expanded for Chesapeake residents. It has been extended to include current homeowners. The following are features of the new bill:

•·Deadline for current credit is November 30, 2009.

•·Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.

•·Eligibility and amount of new credit:

•-$8,000 for first-time homebuyers (those who have not owned a home in the last three years).

•-Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a

principal residence for five consecutive years in the past eight.

•·Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

•·Homes valued at more than $800,000 are also ineligible.

The pool of eligible buyers will increase and the program will be in place through the first half of 2010. This is a very positive event for home buying and the Real Estate industry!

http://www.geneallen.com Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.

The Chesapeake Redevelopment and Housing Authority oversees the HOME Investors Partnership Program. This program assists qualified residents in the City of Chesapeake with the following:

• Down payment/closing cost assistance to qualified homebuyers for the purchase of affordable single family residences.

• Low interest/deferred loans, to qualified homeowners, for improvements to residential structures to correct violations of applicable housing codes and standards

• Low interest loans to qualified residential rental property owners for improvements to correct violations of applicable housing codes and standards

• Provide homeownership and credit counseling services to homeowners who participate in the Authority’s rehabilitation loan and homeownership programs

• Provided financial assistance to local Community Housing Development Organizations (CHDO’s) through a 15% set aside of the Authority’s annual HOME fund allocation

For more information on this program, contact the Community Development Loan/Fair Housing Officer at CRHA. 757-523-0401 or online: www.crhava.org.

There are an unknown number of homes built with Chinese Drywall in Virginia Beach and Chesapeake. Along with all the known problems comes a new one.

Insurers are dropping homeowners or not renewing them based on the fact that a home is built with Chinese Drywall. Homeowners are submitting claims to the insurance companies and they are saying that this is a "pre-existing" condition and they will not pay claims for the damage caused. Robert Hartwig, president of the Insurance Information Institute, agreed that homeowners policies were never meant to cover "faulty, inadequate or defective" workmanship, construction or materials.

Chinese Drywall has been found by state and federal agencies to emit "volatile sulfur compounds," and contain traces of strontium sulfide, which can produce a rotten-egg odor, along with organic compounds not found in American-made drywall. Homeowners complain the fumes are corroding copper pipes, destroying TVs and air conditioners, and blackening jewelry and silverware. Some believe the wallboard is also making them ill.

Homeowners are caught between the proverbial rock and hard place. If they tell the insurance company they have Chinese Drywall they have the risk of being dropped. If they don't tell the insurance company they have it, future claims may be denied. The government is working of some sort of relieft but nothing has come out yet.

Here are some questions waiting to be answered. Is Chinese Drywall something that needs to be disclosed to propspective buyers? Is this another good reason for buyer to be even more wary of buying from a FSBO? Is it another good reason to make sure you pick an active agent that is working for the buyer and is aware of the problems.

http://www.geneallen.com Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.

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Thank you to all my lVirginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads loyal real estate clients and their kind remarks below………. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Best Real Estate Agent! Not really, but I do care very much about every client and friend.....read on: When we became serious about buying a house in the Hampton Roads real estate area, I really wanted to work with a top notch real estate agent. This was our first home buying experience, and since so much of the process was new and strange to us we were very dependent on an agent that really knew the ropes. We had met with two other agents before finding Dennis, but neither were a good match for us. Our purchase was further complicated by the fact that we were two years into a five year Chapter 13 Bankruptcy plan. This meant that even though we had gotten pre-approval from the bank for a mortgage , it was meaningless until the bankruptcy court granted it's approval. In short, we had a contract but still needed the court's approval. So on top of all the usual difficulties faced in real estate purchases, we also needed an agent that could help us negotiate a good deal with a seller in spite of us being such a risky buyer. A Chesapeake real estate agent that was a super star wasn't enough, what we really needed was a super hero! With Dennis's help we found a beautiful house on a quiet country road in Chespeake, and the seller accepted our offer over an equal offer from another buyer even with the risk that the bankrupty court might deny our loan. We had several complications from the time the offer was accepted until the date of closing, but throughout the entire process Dennis was so easy to communicate with. He was great at keeping things brief and to the point, lots of times just texting my phone to keep me updated on progress. Now We've been living in our new home for two months, and totally love it! The neighborhood is exactly the kind of place we wanted to raise our family. Dennis certainly earned the title of super hero, and we cannot recommend him highly enough! Agent's note: My special thanks to Sharon Lumpkin of Century Realty and the seller for making these homeowner's dream come true.