Norfolk, VA

VA Realtors have a new tool they can use to check for FHA approved condo complexes.

VAREALTOR.com/condocheck enter zip code or city state and get your answers

In May 2011 every condo complex was de certified and forced to reapply for FHA condo certification status. We are finding most became re-certified but a few have not. What ever the reason according to the Virginia Association of Realtors, "the end result is that buyers who want a unit in the un-certified condos are ineligible for FHA financing-something many seller don't discover until late in the process when they learn that their pool of prospective buyers has shrunk considerably....and because the certification process can take months deals fall through. "

Buyers if you are planning to use FHA financing have your agent check the status of the complexes you want to view preferably before your first initial visit.

For a condo to meet FHA loan guidelines it must:

At least 50% of the units must be owner occupied

Have specific Insurance coverage

No more than 25% of the property's total floor area can be used for commercial purposes ( so mixed used developments will not usually qualify)

No more than 10% of units can be owned by more than 1 person or entity.

No more than 30% can be financed by FHA

No more than 15% of the total units can be delinquent on their dues more than 30 days past due.

At least 50% of unit in complex sold. (Can not have more than 50% vacancy)

Must maintain a budget with sufficient funds for maintainace of the common areas and required condo project.

If you are interested in buying a condo, condo complex or single family home zoned condo in Hampton Roads then contact me.

Qualities of a Short Sale Seller especially in Hampton Roads Areas

STOP MONKEY-ING AROUND AND GET THAT HOME SOLD ALREADY!!!

You Must be 110% Motivated!

Dedicated to the process!

Must be Cooperative and Compliant with banks demands!

Must be ready to sell and redy to move!

Willing to use Dee Dee Jones to list your home!

If your hanging on to your home by a limb.  Call me today and lets discuss a Short Sale!!

5 Reasons To Be Thankful Today!

1. Low interest rates Nationally

2. Great inventory in Hampton Roads Cities

In honor of Movember- Move in November!

I hope you all have a wonderful Thanksgiving!

Even with falling debt and fewer late payments the average credit score for Norfolk consumers by by one point. It went from 741 to 740. It may not sound like much but in Experians latest "State of Credit" Norfolk fell eight places. This report is put out yearly by Experian a major credit reporting company. Their credit score is called VantageScore and is similar to the more widely known FICO scoring system.

Your credit score is important because the higher it is the less banks will ask for additional documentation. In addition you can qualify for better terms with some credit extending places, especially when purchasing a new or used car or even a new home for your family.

Several ways to increase your score are to make sure you make all your payments on time, every time. Your utilization rate: your balance compared to your credit limit. There are many other factors as well but those are the ones that will affect the scores the most.

With these type credit scores a Norfolk resident should be able to purchase a home for themselves or possibly get into a investment opportunity. Call me for details.

Former Boxing Champ Muhammad Ali and his wife, Yolanda, are suing the couple who sold them their Louisville, Ky., mansion, according to multiple reports and Fox news.

Ali and his wife claim that the former homeowners, Patrick and Beverly Lancaster, lied to them about problems with the home. The problems were discovered after moving in.

The lawsuit states that the Alis were not informed of roof and chimney leaks, poor insulation, improper ventilation and mold.

Ali also says the Lancasters were well aware of these issues but still sold the home.

The Alis purchased the home in 2007

In Southern Virginia, Hampton Roads 7 cities from Virginia Beach to Williamsburg buyers are given a property disclosure disclaimer that states it is the buyer who needs to perform all prudent inspections and find out about the condition of the home, zoning, schools, and adjacent parcels before closing. However, it does not relieve a homeowner from disclosing all known relevant problems with the home. I do not like the form because it is not specific. I like the old form that asked specifically does your roof leak yes or no. Has your roof leaked yes or no. With the new form if someone is going to lie or omit info you will not know unless you figure it out later. In Hampton Roads, Of course certain property types are exempt from given any property disclosures at all such as bank foreclosures and new construction.

In Virginia Home Inspectors do not have to be licensed. Any Tom, Dick or Harry can grab a ladder and a clip board and do an inspection. I suggest to my buyers that they use a certified home inspector that are members of either the National Association of Home Inspectors Nahi.org or The American Society of Home Inspectors ASHI.org. These inspectors have to meet certain testing requierments and perform a required minimum of inspections to remain certified. So hopefully you will have a better chance at making sure items are not missed...........