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Thomas Merical

Lending Information

Did you know that ALL banks take into consideration all un-reimbursements declared on income taxes?

This may adversely affect your clients ability to qualify for their home loan. This is for ALL borrowers, salary, hourly and self employed.

Example:

· A borrower who is Salaried and on their 2009 W2 made $64,000

· On his 2009 Tax returns he declared $45,000 in unreimbursed expenses (yes believe it or not we see this a lot)

· The guidelines state that the $45 will have to be deducted from his gross income of $64k worth of earnings, making the borrower’s income a total of $19,000 for 2009, and that the percentage of the write off will be deducted from their 2010 earnings!!!

· What this means, is that the borrower will not qualify with a 2010 salary of $64k but only $20k!!!

Make sure they are turning in their taxes when getting fully “pre-approved”. I have seen countless agents devastated, calling me at the last hour inquiring why their clients loan was declined by another bank after ratification of the contract. This goes back to the loan officer not reviewing all necessary documents before issuing the loan approval letter!!

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com

Thomas Merical (Keller Williams Fairfax Gateway): Real Estate Agent in Fairfax, VA

28 Ways to Stage Your Clients Home

28 Ways to Stage Your Clients Home

By Stephanie Andre

RISMEDIA, May 28, 2010—Homeowners looking to sell need to make sure their homes are as prepared as possible. Home staging is key toward that preparation.

Below are 28 key ways to stage a home:

1. Less is more - remove enough so that there is some empty space in closets, on shelves, and in cabinets.
2. Remove or hide all small kitchen appliances.
3. Remove all refrigerator art, family pictures, school schedules, magnets, calendars, etc.
4. Pack up all personal photos.
5. Remove personal necessity items from bathroom and enclosed showers… shampoo, toothpaste, hairbrushes, dirty towels, etc.
6. Remove and store seasonal clothes from closets.
7. Rent a storage space. Remove all visible storage boxes from closets and garage.
8. Remove unneeded furniture to make rooms look larger.
9. Remove dated or worn furnishings and accessories. Display only updated new looking items.
10. Remember the rule, “One will do”. When accessorizing surfaces, remember that for staging purposes one item is better than two or more. One vase or clock on a fireplace mantle shows off your home better that two or three items.
11. Use mirrors generously. A mirror at the end of a long hallway makes the home look larger and relieves any cramped feeling. A mirror opposite the bathroom vanity pushes walls back and makes small bathrooms larger.
12. Paint the interior of the house and the front door.
13. Repair, paint, or wash all exterior walls, doors, and trim.
14. Power-wash exterior concrete and other hardscape to unify surface color. It will make these areas look bigger.
15. Replace worn, stained carpeting and cracked floor tiles. Be sure that any remaining carpet, drapery or upholstery holds absolutely no odors.
16. Wash the windows, inside and out. Remove unnecessary screening.
17. Arrange a minimum number of towels in bathroom racks and put out fresh soap.
18. Inside, use fresh flowers in vases. Decorate outside with planters and potted plants.
19. Remove some furniture to open up the rooms. A good rule of thumb, consider eliminating half of all furniture and accessories.
20. Decorate the patio or deck with flowerpots and enough furniture to show that it is usable living space.
21. Furnish covered porches with small outdoor tables and chairs to turn them into obvious living spaces.
22. Landscape. Keep perspective in mind. From the house, looking out, plants and vertical elements should diminish in size as they retreat from the house. This elongates sightlines and visually moves property boundaries further from the house.
23. Air the home by opening windows and doors.
24. No drips! Repair all plumbing, faucets, running toilets.
25. Clean or repair/replace worn caulking around tubs, sinks, counter tops.
26. Deep-clean entire house, oven, fireplace, garage, etc.
27. Enhance fireplace firebox with candles or decorative logs.
28. Replace or supplement existing furniture and accessories with rentals From Brook Furniture Rental to achieve a desired appearance.

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com

Thomas Merical (Keller Williams Fairfax Gateway): Real Estate Agent in Fairfax, VA

Rainy Day Kid Tips

Rainy Day Kid Tips

This season brings with it its share of rainy days. And while you and other homeowners may not be able to work on your yards, clean out gutters, or install that new walkway, a stormy day can be a perfect time to settle in to enjoy family and the home you've put so much effort in to. Here are ten great stay-at-home activities for you to try with your crew.

1. Plan a Scavenger Hunt. Hide a prize, such as a movie to watch or a treat to eat, in the final location, and then leave a succession of clues and riddles around your home for the kids to investigate and follow.

2. Go Camping. If you have the space, consider setting up your camping tent in a large room, such as your family room. If you don't have a tent, use chairs and a large blanket to mock the structure. Make smores in the microwave and tells scary stories against the backdrop of rain and thunder.

3. Talent Show. Set up a "stage" in your family room, and then let everyone take their turn showcasing what they do best. This is a great confidence booster, and can provide even more entertainment years down the road if you take video proof! Your family is probably full of musicians, dancers, comedians, and artists, and now is their time to shine.

4. Arts and Crafts. Let your inner Picasso shine forth. From crayons, to paints, to Popsicle sticks, there is no limit to what projects you and your family can tackle.

5. Baking Cookies. There's a reason that home stagers light cookie scented candles during showings; nothing is homier than an oven full of baking cookies. Pull out your dusty Betty Crocker cookbook and make the delectables from scratch. This can be just as educational as it is fun.

6. Bocce Socks! Bocce ball is a classic Roman sport, but a rainy day calls for a new twist. Use rolled up socks as substitutes for the wooden balls.

7. Card games and board games. One great thing about board games is they are offered for a wide range of ages. From "Chutes and Ladders" to "Risk," there is a little something for everyone.

8. Reading aloud. Before the age of iPods, DVDs, and even Television, there was a family activity that brought a story alive. Reading aloud can be a great activity, and "research and practice show that .... reading aloud is the best way to prepare children for learning to read and to keep them reading as they learn and grow. " (Reading is Fundamental.org)

9. Puppet shows. Dig though your dresser drawers to find old socks that need new life. Assemble the glue gun, markers, scrap fabric, yarn, and construction paper and make hand puppets.

10. Movie-a-thon. It's a rainy day classic. Fix a tray of snacks, such as popcorn, "ants on a log" (that's celery, peanut butter, and raisins!), or some of those cookies you made in number five. Have everyone pick out their favorite movie, new or old, and then settle in for an afternoon of classic cinema.

Use some of these tips and have a great rainy day!

Published: April 23, 2010

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com

Thomas Merical (Keller Williams Fairfax Gateway): Real Estate Agent in Fairfax, VA

Browsing For Housing Requires On-line, Off-line Smarts

Browsing For Housing Requires On-line, Off-line Smarts

Nearly nine out of 10 home buyers can't be wrong -- browsing for housing online puts listings at their fingertips, speeds the home-buying process, and comes with an educational bonus.

"More informed buyers, improve the transaction process," says Douglas de Jager, co-founder of DotHomes.com one of the newer online listing services on the block.

The California Association of Realtors (CAR) reports that 84 percent of home buyers use the internet as a significant part of the home buying process, according to its 2009 Survey of California Homebuyers.

"There is so much more information made available to us online, when you go to the actual home, it's just a validation process for what you've seen online," de Jager adds.

But transforming digital digs into a real home of your dreams isn't just about bandwidth and educational content.

Using the Internet to buy a home comes with the same prerequisite necessary for any buyer -- get financing locked down first.

Certainly, the Internet can help with financing too. There are numerous mortgage comparison sites, virtually every lender is online and finance and credit information portals abound.

A home buyer with an approved mortgage -- obtained online or off -- has a negotiating edge and the financial boundaries necessary to help keep focused on a home that's truly affordable.

Only then is it time to surf for shelter.

DotHomes.com, a listing site with Google-like search features, offers these tips to help you get the most out of your online home shopping experience.

• Leverage the broker. Brokers and real estate agents are the housing market's matchmakers. They use local expertise to connect buyers and sellers. They've honed online tools to help you research, browse and focus your online search. The tools put you in touch with all the information and resources the listing agent or broker has to offer -- broker blogs, emailed updates tailored to your search, market reports tailored to your market, how-tos and other information.

• Search in real-time. Get property listings and other information electronically "fed" to you via RSS (really simple syndication) feeds, email alerts and Web updates. Electronic updates are an adjunct to your own time spent online. Alerts keep you abreast of the newest listings and reduce your need to manually check the Web again and again for updates. That's especially true when you are on the go, say driving from open house to open house. Blackberries, iPhones and other smart phones keep you connected to your search.

• Search "fresh." Avoid fringe listing sites that don't update frequently and are far removed from the original online broker's listing. If you don't, you'll miss out on listing changes and updates like new pricing information, new photos, open house dates and the like. Web sites that don't link to the original listing, lock you away from updates. Nothing is more frustrating than to find online what you consider your dream home only to soon discover that the listing was sold, removed from the market or otherwise changed beyond your requirements -- but not removed from an Internet server.

Refine your search. Don't get overwhelmed. With so many listings on the market, both traditional listings and distressed properties, quickly navigating them all is a chore. Use online tools and Web sites that allow you to refine your property search. If you are looking for a house on a particular street, search the street. If you need a pet friendly condo, ask. Whether you know exactly what you want or are just starting to figure it out, be specific with search terms like "new roof," "three-car garage," "established landscaping," "new kitchen appliances," etc. to find the property with the features you need.

Along with the well known national listing Web sites from trade groups, large private listing portals and real estate companies, the local multiple listing service's (MLS) public access portal are among the best places to search on line because they use standard formatting and strict guidelines about adding and removing listings in a timely manner.

• Screen home movies. A picture is worth a thousand words, but a video, a virtual open house, looks like a million bucks. Kodak moments can help you get a two-dimensional feel for a property, but virtual tours add a third dimension. Videos offer a much better sense of the proportions and the feel of a property. They can also play the starring role -- as a sort of 24-hour open house -- on a Web site or blog dedicated to the listing.

Here's another browsing for housing bonus: If you buy a home with its own Web site and virtual tour, you can ask the seller to gift the Web site or blog to you!

Published: March 18, 2010

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com

Thomas Merical (Keller Williams Fairfax Gateway): Real Estate Agent in Fairfax, VA

All About Home Inspections

All About Home Inspections

If you are in the market to buy a home, then it is time to understand the basics of home inspections.

According to the National Association of Realtors, 77 percent of home buyers had a home inspection prior to purchasing their home, and Realtors report that 84 percent of home buyers requested a home inspection as part of their contract.

When choosing a home inspector, you want to find a qualified and experienced professional. In this field, that means having client contacts or testimonials to back up their work, as well as the appropriate state license to operate as a home inspector. Not every state requires a license, and if not, you can ask whether of not they are a member of the American Society of Home Inspectors or the National Association of Home Inspectors. In your inspector interview, ask about cost, whether they offer a guarantee on their work, how long their inspection should take, and how you'll be receiving the report (written or otherwise).

Some inspectors charge a flat rate, but the cost can vary depending on the size of the job, the expertise level of the inspector, among many other factors. As a ballpark, an inspection can cost around $400.

You should expect a typical inspection to take several hours. Smaller homes take less time than larger or older homes. If you really want to be invested in this process, it is recommended that you are present for the inspection. Ask for things to be explained as you go – including how certain things work and where valves, switches, and such are.

Be sure to ask for a written report,and consider asking for price estimate for repairs. A repair estimate is a good negotiation tool when it comes to settling on a final sale price for a home.

It is important to note that a home inspection is not a gold stamp of approval that your new home will be in perfect working order. Things break and items will need repaired. Your home inspector is not liable for repairs or damages.

You can, however expect an inspection of hundreds of items, including: Structural elements, exterior evaluation, roof and attic, plumbing, systems and components, electrical, appliances, and the garage.

Published: April 5, 2010

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com

Thomas Merical (Keller Williams Fairfax Gateway): Real Estate Agent in Fairfax, VA