Vicky Chrisner

It happened, again.

This morning I got a message from a friend - our daughters go to school together. The message said "I need your help. My home was foreclosed on... and I have 5 days to find a new place to live..." Oh, how I wish I'd known.

It seems they were working through a loan modificiation company thinking all would be well... and, all the while, the home was being sold on the courthouse steps. WHY, WHY, didn't they call me? Maybe I could have done something? Maybe I could have given them a bit more control over the situation, at least. So, I will work with them and do what I can to help place them elsewhere, but honestly I probably could have done better for them. I would have liked to have tried.

Then, I think, "Why WOULD they call me?". Let's be honest, they may have considered it embarrassing. They didn't want to sell, so why would they call a REALTOR? Well, here's why. They know me. They can trust me. I have industry contacts. I could have given them resources. I could have at least saved them the money they paid to the loan modification company.

Please, please, friends... if you or someone you know is struggling with your house payments... PLEASE call me. At least give me a chance to try to help you. Here are some posts I've done on similar things.... I am doing what I can to get the word out, especially to you... I am here to help, please let me try....

http://therealestatewhisperer.blogspot.com/2009/04/need-help-with-your-mortgage-watch-your.html

http://therealestatewhisperer.blogspot.com/2009/07/short-sale-anything-but-short.html

Did you hear all the uproar about Obama wanting to give a “back to school” speech to the children of the US? There was even more uproar here in our county (Loudoun) about our superintendent’s decision not to feature this speech at our schools. Then later, there was controversy because the superintendent made a last minute reversal of this decision, sorta. He said it was up to the teachers – the teachers who already had their day planned.

Apparently, all this attention caused Obama to rethink his plan, too. I understand he re-wrote his speech after hearing the criticisms. I hope it was not just the criticisms from Loudoun County, but here in the county seat the roar was deafening and I couldn’t tell if anyone else was whining or if it was just us LoCo’s.

I have to be honest here… my family is fighting an attack of what might be H1N1, and so I haven’t been paying that much attention. Plus, I didn’t care really. If the kids watched it in school, or if they didn’t, I would discuss it with them at home. If they hadn’t seen it, and I liked it, I could show it to them at home. If they hadn’t seen it, and I DIDN'T like it, I could show it to them at home. Yes, that’s what I meant.

You see, I think my kids should make educated decisions and not be sent to the mushroom school (where they’d be kept in the dark and fed… ah, er, poop). Whether my kids are 3 or 22 (I have 4 kids and this is their actual age range), I want them exposed to different ideas. As a parent, I do not believe it is my job to protect my children from hearing, seeing or experiencing the world… but to ENCOURAGE it. And, to give them the defenses they need to survive no matter what the world throws at them.

The most valuable of those defenses is education and my values. Let them hear what others say. If I disagree with it, I will explain why. Young kids will adopt my sentiments, older ones will consider my point, the educated ones might challenge me. Perfect. Those are the kids I want – independent thinkers with educated decisions. People that can listen to the point of views of others, consider it, and then challenge it…. Respectfully, not fearfully.

I hear so many political comments based in fear and hate. Come on guys, this is America. We can do better than that. Let’s have educated discussions… and this starts with listening, EVEN to our President.

In any case, now that it’s all said and done, I ask you… did you hear the speech? Did you watch it? What did you think?

I thought Obama’s speech was a nice attempt. He lectured my kids, and put it on You Tube so that next time I think this stuff needs to be said, I can email that clip to my kids. They won’t hit play…but they weren’t going to listen to me anyway, and now I can save my breath. There was no political agenda in the speech, not that I heard. He wanted them to work hard. He tried to inspire. In my opinion, he fell short of inspiring… but again, it was a nice attempt. It takes a village to raise a child… and this time I felt like Obama was on my side.

On a larger scale, I think we should make this a tradition. Since schools all start back each year at different times, and the first day of school is very overwhelming for all, I really think that the speech could be better timed. But, once a year, I’d like for our President (no matter who it is) to go to a high school and give a speech (with no political agenda) intended to inspire our youth. Maybe during education week? Maybe at the end of the summer, just before school starts back for the year?

And maybe the speech should be watched with parents at home, and then re-aired in school. Instead of “what did you do for your summer vacation” the first paper could be “how I am the future of the country, of the world”, or “did the President’s speech inspire you?”; or "if you were President, what speech would you deliver to the kids of America?".

What do you think? Your comments are encouraged!

Back To School

Today is the first day of school here in Loudoun County. I logged onto Facebook this morning to share my bus stop photos, and to see those of my friends. I read comments from parents whose children are off at a boarding school or college, parents of kids yet to enter school... and of course, the sorrowful, hopeful, prpud parents posting and sharing their photos from bus stops all over Northern Virginia.

Sniff, sniff....

Once we've all gotten past the nostalgia of remembering our own school days, and particularly first day jitters, we'll need to get organized.

To help you get into the swing of things, below is the student calendar for students in Loudoun, and links to the calendars for Fairfax County and Prince William County, too.

In case you failed to send lunch money this morning, Loudoun (and several other jurisdictions), allow you to set up an account with Cafe Prepay and use a credit card to pay for lunches. I pay through Christmas break now - in case you are wondering, that's 69 school days here in Loudoun. For elementary school, that's $169.05 and you're paid through the year (there's also a $3 administrative fee).

Also, remember to sign up NOW for Schools Out alerts (http://www.schoolsout.com/). You can get emails and texts telling you of emergencies, weather related closings or other significant events at your child's school(s). Don't let your child be the ONE that doesn't get picked up!Last, but not least, get your pens and pencils ready for filling out those forms tonight.

We're already feeling a little loco, so we'll probably head to CiCi's Pizza, where kids eat free tonight. The kids love it, and it will be a nice way to celebrate the first day of school.

A word of caution - beginning in 6th grade, I stopped bringing home my emergency cards and such for my parents to fill out. That is so I could give the answers I wanted them to have. That way, I didn't risk them calling my parents when I got in trouble and I never worried that my handwriting on the "please let Vicky leave early today" notes would match up with that on the signature cards. So, just in case your kid is that smart, beware.... some thing's up.Every parent signs those cards on the first day of every school year - don't believe your kid if they say anything different.

(Gosh, thinking back, it's a good thing that there never was an emergency with me, huh? My parents would never have known.)
Aren't you glad I was not your child?
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LOUDOUN COUNTY SCHOOL CALENDAR - Bookmark this page for easy reference.

September 8 First Day of School for Students October 12 Holiday (Columbus Day) October 30 End of the Grading Period November 2-3 Student Holiday (Planning/Records/Conference Days) November 25-27 Holiday (Thanksgiving)
December 23-25/28-31 Winter Break (Classes Resume January 4)
January 1 Holiday (New Year's Day)
January 18 Holiday (Martin Luther King Jr. Day)
January 29 End of Grading Period
February 1 Moveable Student Holiday* (Planning/Records/Conference Day)
February 15 Holiday (Presidents' Day)
March 29-April 2 Holiday (Spring Break)
April 15 End of Grading Period
April 16 Student Holiday (Planning/Records/Conference Day)
May 31 Holiday (Memorial Day)
June 18 Last Day of School for Students/End of Grading Period

For Fairfax County Schedule, Click Here!
For Prince William County Schedule, Click Here!

*** For more information on the Northern Virginia area, visit my web site: VickyChrisner.com

The National Aquarium at the Baltimore Inner Harbor is about an hour from Loudoun County - an hour and half from Leesburg (where I live). It's a fabulous place for kids and adults alike and makes for a great day trip.

My kids (3 and 6) had never seen real sharks (although we all watched the Discovery Channel's shows on Shark Week, with great fascination).

So, on Monday we got in the car and went off for an Inner Harbor adventure. The kids were so amazed at the Inner Harbor - the art, the fountains, the navy ships, the high rises, the treats and goodies being sold everywhere - that it was hard to actually get them in the door to see the aqauriam. But, I eventually did.

They had a total blast looking at the fish and seeing the sharks. Thanks to the movie Nemo, they could (sort of) recognize a few of the fish, and they got very excited when we saw clown fish and stingrays. Seahorses and turtles were also quite popular.

The aquarium offers a "4 D" movie. I've been to many, and usually like them OK, but I have to admit that in this one, the special effects were a little overdone (my opinion). You found yourself focusing on the effects rather than the movie. I don't even know what the movie was about. Small children will be scared by these affects and certainly by the sudden gasps of the audience. If you're with school aged kids, you might want to go ahead and pay for the movie. It infuses a little blood pumping action in the middle of your tour, and perks them right up as they are getting a little run down touring the tanks.

The aquarium now has a really awesome "Jellies" exhibit. Jellie fish are beautiful, and let's face it, there's really no better place for them than in a tank where they can't sting me!

Without a doubt, however, the highlight of the day was the dolphin show! (I attempted to imbed the video here, but this somewhat new to me... so, if you'd like to see part of the dophin show, follow the link at the bottom of the page. Oh, and, please forgive the amateur videography, but enjoy the show!) Rachael, my 6 year old, now wants to be a dolphin trainer when she grows up.

In total, we spent about 4 to 5 hours inside the aquarium, and it was easy to do. Then, we grabbed a little dinner and headed home. I'll be planning another trip back to the Inner Harbor with them soon.

Perhaps we'll plan a day to go to the "Top of the World" to enjoy the view and to go out on a boat and explore the ship museums. Or, maybe we'll plan a sports day and go to an Orioles or Ravens game and the ESPN zone. Perhaps we'll just wander the water line and shop, stopping to watch the live entertainment on the street and grab a snack. There is much to do there, no matter what your tastes are. The Inner Harbor makes for a wonderful day trip with the family, with a date or even by yourself. But, bring your walking shoes and cash for parking - you'll need it.

For more information on the aquarium, visit http://www.aqua.org/.

Watch the video of part of the dolphin show here: http://www.youtube.com/watch?v=dkrFzerufiw

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Okay, so we've learned that I haven't mastered this video sharing thing. But, I am a real estate agent, a mom and many other things - and you can't be great at it all, can you? Well, I can't.

I am a VERY GOOD real estate agent. If you are thinking or buying or selling property in Northern Virginia, I hope you'll call me first. You can check out my real estate blog at www.TheRealEstateWhisperer.blogspot.com to learn about our local real estate market.

To search for homes for sale, or to order an automated snapshot of a particular neighborhood, please visit my main web site at www.VickyChrisner.com.

Continuing our posts on short sales, this post discusses the most common clauses in the contract, and the ideal contract for each party.

All real estate contracts have contingencies in them on both sides. A contingency is the "if" in these statements: I will sell you this house IF ______________. I will buy your house IF ________________.
Contingencies can be for anything you can dream up. However, most residential contract contingencies fall into a handful of categories.
Sellers Contingencies: To protect the seller, the primary contingencies revolve around money and the settlement date. The seller says "I will sell you the house IF you give me $X by____". If the buyers don't bring the money to closing, or don't show up, there's no deal, and there's no penalty for the sellers to walk away from the transaction (although there may be a penalty to the buyers).
In a short sale situation, sellers should also be adding to this list "Third Party Approval" - meaning they need to get approval from their lender(s) to be able to sell the property. If they can not get the approval, then they can terminate the contract and are not liable for anything since that will prevent them from selling the home in accordance with the contract.
Buyers Contigencies: To protect the buyer, contingencies almost always include: (a) financing (if they can't get a loan, they can't buy the house); (b) appraisal (if an appraiser doesn't certify that they are paying market value-or less-for the property, then they won't buy the property); (c) the dates, particularly the date of settlement; and finally (c) that the buyer needs to be getting the deed to the property, free and clear, with all rights and enjoyments of ownership (in Virginia, this is called a General Warranty Deed). In addition, we often see buyers ask for a contingency to do a home inspection and/or environmental testing on the property; and, if the property falls in an area that has a Property Owners Association, then Virginia provides the right to buyers to receive & review a package full of information about the restrictions and fees associated with that POA. In a short sale situation, we may also see language built into a contract that allows the buyers to terminate the contract because the "short sale approval" hasn't been received within a certain time frame.

To improve chances of a short sale, sellers want a contract that has no buyer contingencies.

To provide the maximum protection and lowest risks, buyers want maximum contingencies.

If I am representing a seller:

• 
  PRICE: I want a contract price that represents at least full market value; and in general, I want the highest price possible to entice the bank to approve it, and also because in some cases, buyers are being asked to pay the deficit between the mortgage payoff and the proceeds of the sale. The higher the proceeds of the sale, the less my client would be liable for.
• 
  FINANCING: I will attempt to obtain a cash contract, with no inspection or appraisal contingencies for the buyer. If that is not possible, I will want a full loan commitment, with the only contingencies being seller contingencies.
• 
  DEPOSIT: I want a high earnest money deposit, and I want it to be deposited into the escrow account as in a normal contract.
• 
  SHORT SALE APPROVAL: I want the longest possible timeframe to get the short sale approved.
• 
  PROPERTY OWNER DOCUMENTS: I want any POA documents delivered to the buyer early on, with an addendum that they will pay the cost to replace them if they terminate the contract and do not return them.

If I am representing a buyer:

• 
  PRICE: I want a contract price that reflects no more than the market value in "as is" property condition...preferrably with a financial benefit to my client because they are having to deal with the uncertainties and frustrations of a short sale. (Generally, if the bank orders a BPO/Appraisal of their own, and the contract price is within 10% of the fair market value, then they will accept it; of course, I hope my buyer will be paying at least 10% less than fair market value).
• 
  DEADLINES: I want a full home inspection and financing and appraisal contingencies, and I don't want my buyer paying any of those "hard costs" (out of pocket) until we've gotten the approval from the seller's lender (which is the thing that takes the longest in this process).
• 
  DEPOSIT: I want the "consideration" for the contract to be in the form of a Note Payable, rather than actual funds, until the seller's bank has approved the sale. This is because EVEN if my buyer defaults, their money is still in their own pocket - and the seller will have to sue them to get the deposit. Most sellers in this situation will not take court action to obtain cash from a buyer that didn't buy the house. However, if my buyer DOES NOT default, but has made a hard money deposit into an escrow account, and the buyer choses to exercise a right of walking away from the contract under one of the contingencies, then my buyer may have to fight the seller - perhaps even in court - to get their money back.
• 
  SHORT SALE APPROVAL: I want a short timeframe to get the short sale approved, in an effort to increase the speed of each action on the other side of the transaction.
• 
  OUT CLAUSE: I want an addendum that says my buyer can serve a UNILATERAL notice to the seller that he is terminating the contract FOR ANY REASON, up until the time that the short sale approval is received. This is so that my buyer can continue looking for other homes while he waits for the approval on this short sale. That way, if it is not approved, the buyer didn't miss out on anything (interest rates, pricing, market supply) while he waited. (Please note this is not part of any standard addendum in our region... and many agents will wrongfully tell you it is implied. Again, your agent matters. Read what you sign - regardless of what your agent says, the written agreement dictates the enforceable terms.)

In this post, I sound a bit like a 2 year old, I want what I want....and I do put up a good fight if it seems reasonable. However, in the game of real estate it is not about getting all of what you want, it is about getting enough of what you want and all of what you need; and about balancing the needs and wants of the primary parties. It takes a skilled agent, often two, to be able to balance the different sides, which have competing interests in most cases.

Balancing the two sides is where an experienced agent with good negotiation skills comes into play. But, sometimes you simply don't know how good your agent is until it is too late. So, in my next post, I will share examples of things I have seen, failures and successes. These examples will help you know how to balance your interests.

I invite you to read the earlier posts in this series. Start with this post: A Short Sale, Anything But Short. Then, stay tuned to The Real Estate Whisperer for important real estate news from the front lines...Get your news AS the market is changing!

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It probably goes without saying, but, if you are thinking of buying or selling in Northern Virginia, I hope you'll call ME first to see if I can assist you. Also, no matter where you are in the country, feel free to contact me. While I can not give real estate advise outside of Virginia, I can connect you with a proven professional in your area. I belong to many networks, including REO and short sale expert networks, and we have members throughout the country.

I can be reached at:

http://www.vickychrisner.com/

703-669-3142

VChrisner@KW.com