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Vicky Chrisner

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Challenging Your Tax Assessment Gets A Little Easier

06-18-11
Vicky Chrisner
Aha! An interesting little legal change going into effect July 1 (which will impact local real estate tax assessments beginning Jan 1 of next year): The burden of proof in Assessment Appeals will be lower.
After January 1st, localities will have specific burdens to provide you with evidence of their reason for reassessment of your VA properties. Further, if you appeal an assessment you no longer have to provide "clear and convincing" evidence (80%+ convincing) of a lower valuation... you only need to provide a "preponderance" of evidence (51% convincing).
If you've ever challenged your assessment you probably know it wasn't too terribly hard to get it changed. But, now it's going to be even easier.
Wow. I have to wonder how this will impact our overall county budgets. I guess we'll have to stay tuned. In the meantime, if you'd like to keep tabs on the market in your neighborhood, check out this great web site. You can order an automated monthly report showing you sales in YOUR neighborhood.
Interested in staying up on news like this that affects us all? Join my Facebook page:
Vicky Chrisner
Keller Williams Realty
703-669-3142
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New FHA Requirements?

06-15-11
Vicky Chrisner
I keep hearing mumbling within the real estate about these "new" requirements for FHA loans.  It may surprise you to know most of them aren't really new requirements at all; they're old.  It's just that now they are being enforced.
To understand what I am about to tell you, it's important that you recognize what an FHA loan is. On a basic level, it's a loan requiring very low down payments.  Since that makes it riskier for banks to do, the Federal Housing Administration insures the loan against default.  It works just like your homeowner or other type of insurance.  If the lending bank has a loss because of your default, they file a claim and according to the policy guidelines get reimbursed for all or part of the loss.
In the good old days, when the word foreclosure was rarely uttered, underwriters were waiving FHA requirements... allowing exceptions.  This happened often.  But, now that we're seeing short sales or foreclosures, both of which are a "default", on FHA loans, the banks are having to file claims so they can be reimbursed for losses on these loans.  It's happening enough that the FHA itself is suffering.
So the FHA, or others are their behalf, are conducting audits.  In the audits, they are scrutinizing the exceptions that underwriters have allowed, and they are not paying on many of the claims.  This results in banks telling underwriters they can not make exceptions on the requirements.... and so, old requirements are being enforced.
It's true what they say,  "There is nothing new under the sun." Time and time again I find this old adage holds true, especially in the real estate world. 
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If you find insights contained in this blog helpful, please consider joining the coordinating
If you would like personal advice regarding the purchase or sale of property in the Dulles area,
reach out to me directly:
Vicky Chrisner
703-669-3142
Please note that I can not provide insights regarding properties or real estate transactions outside of Virginia,
except to refer you to a professional in your area (which I am happy to do). 
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Buyer Beware (Part 2: Chinese Drywall)

06-14-11
Vicky Chrisner
Drywall made in China and put into homes here in America between 2003 and 2009 has caused serious issues. It erodes wiring, copper pipes and can make you sick. You'd want to know if you were buying a home that had chinese drywall wouldn't you? Of course you would.
There's a tiny bit of good news here. A newly passed law (Senate Bill 942) addresses this exact issue. It requires real estate agents involved in a transaction who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to the prospective buyer or tenant.
But, would a real estate agent know of the Chinese drywall if it was in the home? Quite honestly, we might not. The most likely way for us to know of it is for our sellers to tell us that it exists. But, we don't standardly ask this, and many owners may not even know of its existence. Even if they notice that wiring is corroding, they may not know why.
The burden of discovery remains heavily with the buyer. Check out this post (click here) to learn how to recognize Chinese drywall, and always, always have a professional home inspection. It's not standard, so specifically request that your inspector note if he found any issues that could be caused by Chinese drywall and if he recommends further examination.
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Buyer Beware... Part 1: Snake Infested Home

06-12-11
Vicky Chrisner
This poor, poor couple! They bought their "dream home" only to find out that under their home is a snake den with thousands of snakes. In fact, the home had been on TV even before they'd purchased... and no one told them. I found the story on a social networking site where the question was asked: "Did the seller have to disclose this to the buyers?"
So, do sellers have to disclose such things? The answer varies state to state. In Virginia, the answer may shock you. In short: NO. Here, it's "Caveat Emptor" or "Buyer Beware". You, as the purchaser are required to do your own due diligence and discover defects of the home on your own. In this case the home was bank owned, so it's very likely that the seller didn't know of the issue.
Real estate agents in Virginia have a heavier burden of disclosure than sellers. If any agent in the transaction has knowledge of a "material defect" about a property they are required to disclose it. A material defect is any thing that might impact a buyers decision about purchasing or what to pay for a property....for example thousands of snakes taking up residence under the home. I am pretty sure that qualifies.
Without relying on someone knowing of the issue and disclosing it, how would the buyers discover this on their own? I watched the video, and wondered how they didn't notice thousands of snakes sooner... unless perhaps it was colder weather and the snakes were in hibernation. Assuming that was the case, there were still opportunities:
  • The owners said the water smelled badly. Didn't they turn on the water in the home before they purchased?
  • Did they have a government loan to purchase? If so, many government appraisals require appraisers to inspect the crawl space - where it would have been (hopefully) noticed that there was an infestation.
  • Did they have a home inspection? A home inspector should have had many opportunities to flag issues - inspecting the crawl space, the smell of the water and likely several other issues.
  • Did they have a well and septic inspection? Water tests? These are standard in our area, and also provided opportunities for the buyers to learn of the issue.
And what about the real estate agent? In the video they said their agent had noticed the water smell and put bleach into the water system to try to get rid of the smell. That made me gasp!
Homes which have well water and sit vacant for extended periods of time do develop bacteria in the well and the water system... and often bleach is used to "shock" the system and kill the bacteria. Then the pipes all need to be thoroughly flushed (because drinking bleach can kill you). That's all normal, but this is NOT the job of a real estate agent. Ever.
I don't know if that agent was the listing agent or a buyers agent. Buyers agents have a higher duty to disclose things to the buyers, so it is an added layer of protection. That may or may not have helped in this case, but I like to think as an experienced buyers agent I would have seen "red flags" that those buyers just didn't see. If their buyers agent had noticed that smell and attempted to cure it without advising the buyers, that would be a major, major issue.
So what are the take away lessons here:
  • Buying a home is a MAJOR financial transaction and impacts more than just your finances. This is about your life!
  • In Virginia, remember "Buyer Beware!" There is very little that a seller is required to disclose, and his agent will only disclose things they have actual knowledge of and that they believe are material defects.
  • Hire good people to competently represent you and look out for your best interests. This means a hire buyer's agent, a good one, and follow their advice. Have the home, well and septic inspections and water tests which will be recommended by your agent, and use the professionals they recommend. Experienced agents have group of experts they've used before and who they know they can rely on to conduct these tests and others as needed. These things are not designed to complicate the home buying process or to make it more expensive. It's to help you.
  • Keep your eyes wide open during a transaction. Do not become overly emotionally involved in any purchase. It's better to walk away from a good deal than to be trapped in a bad deal.
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Real Estate Tax Exemptions for Disabled Vets - Northern Virginia

04-14-11
Vicky Chrisner

Real estate taxes in Fairfax and Loudoun are pretty high, but we get some great stuff in return - benefits I don't mind paying for. That's probably what our Vets here thought, too... until they became disabled. With less income, it becomes much more of a burden to pay for all of that infrastructure. And now they can get a pass!

Virginia voters authorized a new real estate tax exemption last November. The legislation provides for an exemption from county real estate taxes on the principal dwelling and up to three acres for veterans with a 100 percent service-connected, total and permanent disability. Persons desiring the exemption are required to file the necessary form and provide qualifying documentation. This exemption is also extended to the veteran's surviving spouse, so long as the death of the veteran occurred on or after January 1, 2011, the real property is maintained as the survivor's principal residence, and he or she does not remarry.

If your home is in Fairfax, go to this web site for more information and forms: http://www.fairfaxcounty.gov/dta/realestatetax_disabledveterans.htm

If your home is in Loudoun, you can apply by going to www.loudoun.gov/taxrelief-forms, by calling the Commissioner's Office at 703-737-8557, or in the Commissioner's offices in the County Government Center in Leesburg or the Loudoun Tech Center in Sterling.

I would just like to take this opportunity, from the bottom of my heart, to thank ALL our Vets for their many sacrifices... sacrifices I am not brave enough to make personally. What would I do without you? You are all HEROS to me. THANK YOU FOR YOUR SERVICE.

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