For those of you who have better things to do than read gossip magazines, Ed McMahon was very close to being foreclosed on for defaulting on his $4.8M loan for his home in Beverly Hills, in Los Angeles.
Thanks to a private buyer, Ed no longer has to worry about that! The former "Tonight Show" and "Star Search" TV host has agreed to sell his home and wiggle his way out of foreclosure.
Perhaps during his time with American Family Publishing, he should have kept one of those big checks to pay off all of his debts!!
Another Hollywood Role Model!
It came as no surprise to me this morning at noon, when I found out my 2pm settlement was being postponed for AT LEAST a week, due to the carelessness of the foreclosure department of the bank (seller's side).
"Oh that property? Yeah, I never sent that paperwork to the bank to get signed"...when just yesterday someone else told us they'd be overnighting the package to my settlement attorney.
CLASSY! And Professional!
So now we wait until next Friday - at the EARLIEST! I don't blame my buyer at all for being furious! I was too! When everybody - the agent, the buyer, the lender, the underwriter, the settlement attorney - EVERYBODY has done their jobs to get this to the closing table - this is where the foreclosures are just making a mess and mockery of the system. They have too many properties, don't know how to do them properly, and frankly - don't care! Other properties have been delayed days, weeks, and even months while banks get their acts together to get the paperwork signed in order to pass ownership on to the buyers.
Just remember..be patient! What's the old saying? "You get what you pay for!" Just remember you're getting a good deal...and good things come to those who wait!!
.....I won't even go into waiting for a short-sale to happen.
A real estate assessment is Arlington County's appraisal of the value of each piece of real property located in Arlington.
Arlington County's website explains how they performed the 2008 Assessments; their description is below:
The 2008 assessment is an estimate of the fair market value as of January 1, 2008.
Residential assessments were based primarily on neighborhood sales occurring from July 1, 2006 through June 30, 2007, and further refined using sales occurring in the summer and fall of 2007. The real estate tax rate determines the amount of the tax which is levied on the property. A uniform tax rate for all real property is set by the Arlington County Board.
Tax rates in Arlington are expressed in dollars per one hundred dollars of assessed value. For example, in 2007 a tax rate of 81.8 cents per $100.00 would result in a real estate tax of $3,272 on a property assessed at $400,000.
| Tax Rate x Assessment = Tax | ||
| Tax Rate | X Assessment | = Tax |
| $0.818/100 | $400,000 | $3,272 |
| .00818 | $400,000 | $3,272 |
If you have any questions about appraisals, assessments, or anything else associated with buying, selling, or being a homeowner in general, please don't hesistate to call!
Laura Rubinchuk
Keller Williams Realty
703.283.6120
Bankrate.com just released it's annual 2008 Closing Cost Estimates by state. Topping the list for the 2nd year in a row was New York. Check out the estimates for the Top 10 Most Expensive below:
Bankrate.com says: "Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate's annual survey of closing costs. The fees in the survey don't include taxes, insurance or prepaid items such as prorated interest or homeowner association dues."
YAY For Virginia NOT making the list!!
Make sure you go over your Good Faith Estimate (GFE) from your lender very carefully - this will detail their INITIAL estimate of your closing costs. Then use this to compare to the HUD-1 given to you a day or 2 prior to your closing. It should detail every closing cost for the seller, and the buyer!
If you're looking for a great lender, I have a few that I can recommend. They'd be more than willing to go over these costs with you!
Oh, and Keller Williams doesn't charge an "Admin Fee" - ever!
Luxury living at its best: The Wooster and Mercer Lofts located at 1600 Clarendon Blvd in Arlington, VA features 87 condos, all loft styles, with exceptional quality. Concrete structure with brick facade, 10-ft ceilings in the "Open Flats" and 17-foot ceilings and floating stairs in the "Mezzanine Lofts," and 21-ft living spaces and private roof terraces in the penthouses. With limestone and Waterworks fixtures in the bathrooms, beautiful hardwood floors, and massive windows throughout - these units must be seen!
The building features an in-ground swimming pool, sunning terrace, concierge desk, fitness center, club room, underground parking, bike storage, and all just minutes from Washington, D.C., and both the Courthouse and Rosslyn metros, right in the heart of Arlington.
A sample of the units for sale:
2 bed, 2 bath, corner Penthouse:
$1,199,990
1 bedroom with den, 2 bathrooms:
$949,900
1 bedroom, 2 bathrooms:
$765,850
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Providing real estate expertise in Arlington County, Fairfax County, and Washington, D.C.
Laura is an upstate New York native, but now calls Arlington home. Prior to becoming a full-time Realtor, Laura served as an analyst and consultant in the finance realm of the Federal Government. Laura completed her undergraduate work at the University of Rochester and holds a dual degree in Economics and Statistics, as well as a Master's Degree in Applied Economics from Johns Hopkins University. Licensed in Virginia, Maryland, and Washington, D.C., Laura focuses her business on helping first-time home buyers and sellers navigate the real estate process. Professional Affiliations and Designations
Business Experience
Education
Licensed in Virginia, Washington, D.C., and Maryland
"As a first time home buyer the entire process was very daunting to us, however Laura made it very easy. She made us feel very comfortable from the start and never made us feel like any of our questions were "dumb questions". I would absolutely refer her to any of our friends and family in the area searching for a home." - Nick, Washington, D.C.
"When my business partner and I moved into the DC area looking to invest we sent out a list of criteria to several real estate agents hoping to find one that could help us accomplish our goals, thank goodness we found Laura. She worked quickly to compile a list of over 100 properties, most of which we visited in a short two day period. Without Laura's dedication and hard work I'm convinced that we wouldn't be anywhere near where we are now. We plan on continuing our professional relationship with her and look forward to working with her in the future. Thanks Laura!" -Stephen E., Alexandria
"We are happy to say that in less than six weeks, we were in our new home and it is all thanks to Laura's dedication to us. She really listened, her commitment to us was reflected in her professionalism, timely communication and service to us and that made all of the difference. She was very knowledgeable and there were no questions or concerns that she was unwilling or unable to address. She has so much energy and goes above and beyond what a Realtor should do. She restored our confidence in the home buying process and I have since recommended her to anyone interested in buying or selling a home." -Maxine and Mustafa, Washington, D.C
"We recently had a baby and needed to move to a bigger home. A friend recommended Laura, so we contacted her. We thought we wanted to rent for another year before buying, but we told Laura that if she was able to find us a "steal" we'd consider it. When she got back to us with a list of for sale and for rent properties, we were surprised how many homes were on the market close to our price range. In the end we decided to stick to our original plan and rent. Laura never put any pressure on us to decide one way or the other- she let us decide what was best for us- even when it would have been better for her had we chosen to buy. We were planning to move in September but Laura's work was so fast that she was able to help us get into a place in August which worked out even better for us. She showed us the properties on last minute notice and was overall very flexible, friendly and helpful. We would recommend her to anyone who asked!" -Jess & James, Falls Church
"Laura did an amazing job of finding me a condo that fit exactly what I was looking for. Her extensive knowledge of the area and the outside research she did for me made the process very fast and easy since we didn't waste time looking at properties that she knew I wouldn't be interested in. She was very low-pressure about making the sale by letting me move at my own pace.
As a first time buyer, I wasn't sure exactly how the process worked after finding a place to put an offer on, so Laura helped me every step of the way, from the initial offer through the mortgage approval and closing. I always felt very comfortable with how things were working, and anytime something came up she would contact me right away and we'd resolve the issue asap. I couldn't have asked for a better experience!" - Mark, Arlington
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