Bethany Phillips, MBA, ABR, EcoBroker

With the changing lending criteria, banks and appraisers appear to be getting more strict about what 'passes' as acceptable condition of a home... That is, if my recent (current) experience is any indication. Are you a buyer, seller, Realtor, lender who is also experiencing the ramifications of tighter policies? Let us know what you are learning.

Here are some examples of what I am dealing with:

1. The appraiser indicates that windows need to be re-glazed where needed. Though this is done, we learn on re-inspection that not only is re-glazing required, but window sills and wood framing must also be scraped and painted. Lesson: In any home built prior to 1978, ensure that all wood windows are in good condition prior to listing the home or having the inspection. (lead based paint issue).

2. In older homes, interior walls must not have any peeling paint or chipping plaster. (again, lead based paint issue) so get these repaired prior to listing or at least prior to the appraisal.

3. Empty fuel tanks cannot be left on the property. Even if bone dry. They have to be removed.

4. Here is the best one -- lenders will required that flooring be in Average or better condition. Any appraisal that references FAIR condition of floors may be a red flag for the lender. The lender may require that the flooring be replaced prior to closing. This is essentially a cosmetic item is the one that is REALLY GETTING TO ME!!!! Come on already! The buyer is going to renovate the whole house anyway so to require this before closing is just creating an unnecessary hardship (at least in this particular case).

Well, there is more, but I would love to hear from others before I ramble on! Thanks!!!

Looking for a home or Real estate in Hampton Roads, Norfolk, Virginia Beach, Chesapeake? Search for homes on my website!

Looking for real estate in the Hampton Roads cities of Norfolk and Virginia Beach? Potential homebuyers take note! There is money available from the city if you quality. Per the article in the Virginian-Pilot this morning, fewer applicants means the cities are looking for buyers who qualify! You could be the next to take part and thus, get up to $20,000 in assistance!

For the full article click on this link.

The city of Norfolk's information is available HERE

For Virginia Beach, this is the link that includes contact information for someone in the city. Here is an example of the type of home that might be available for first time homebuyers... Why rent!!???

To search for a home, use my website or call me! I look forward to helping you purchase a home!

This ia little guy from Beagles to the Rescue. His name is Oscar and he is available for adoption. We are fostering him until he finds a forever home!

In case you didn't hear about it, the Prudential Decker Realty organization has merged with 2 other realty firms in the area. This became effective today, Monday January 19th 2009. I personally think it is a great opportunity to leverage resources of these firms along with the resources of the primary owner, Towne Bank!

Prudential Towne Realty will be managed by Barbara Wolcott (the current CEO of Prudential Decker Realty) along with others from the Prudential McCardle organization and the GSH company. The press release is available on the Towne Bank website or by clicking here.

From a selfish perspective, I am excited to have access to offices on the Peninsula. As a realtor who has worked throughout Hampton Roads including the peninsula, I will appreciate the convenience of the York County and Williamsburg offices. This gives me an alternative to conducting business in Starbucks or hotel lobbies!

So... Welcome Prudential Towne Realty!

The Virginian Pilothad an article today about the city of Virginia Beach and its likely purchase of a 10 mile tract of railroad paralleling I264. I am so excited! This is a great step (in my opinion) of bringing region rail service to the area. I would love to be able to hop on the TIDE and head from Norfolk to the Oceanfront or Pembroke and not have to drive -save gas and carbon emissions! Just avoiding the intersection of I264 and Independence is enough for me to shout - Yeah!

I am sure there will be more to this story so stay tuned. In the meantime, here is a link to the article

Beach to spend $10M for likely light-rail right of way

If you want to look for homes or real estate in Hampton Roads, please use my website! Or search by map!