Why Rent when you can Purchase your home with no money down - find out about grant money available from the Government.

In this time where we hear how difficult it may be to buy a home, there is some good news that you may not be aware of. Through community grant assistance, you may be able to purchase a home with no money down and ask the seller to pay your closing costs. Owning your home can not only be a great investment, a sense of fulfilling accomplishment, and a wonderful way to take advantage of many tax write offs that are still allowed by the IRS. http://www.irs.gov/publications/p936/ar02.html Many lenders are now offering through federal grants, money that does not need to be repaid, $7,500 to first time home buyers or buyers that have not owned a home for at least three years. There are income stipulations and all normal verifications apply. http://www.villagebankmortgage.com If you would like more information on how you too can realize the satisfaction of owning a home rather than paying rent to your landlord, give us a call. http://realestate.yahoo.com/info/guides/buying-vs-renting

As Broker/Owners of Resource Realty in the Hanover County of Mechanicsville, Virginia, we truly welcome the opportunity to work with buyers that can take advantage of this little known government program. It is as rewarding for us as it is for the buyer who is able to turn the key into their home for the very first time. Finding out how the program works is really as easy as a simple phone call!

We look forward to working with you!

Compliments of: Kathy Holland, Broker/Owner

Resource Realty Services

Summer Time Home Maintenance Issues

Summer is finally here. That is good news for all of the kids who have worked so hard in Hanover, Henrico, Chesterfield, King William and surrounding local schools over the last nine months and a great break for all of us who like to have the daylight for as long as we can. Your home and yard however, can experience some high risk issues during this time. The rising cost of fuel is making it harder and harder to pay bills for the average family. The last thing you need is the expense of replacing a mechanical device in your home, or having to redo a yard that has taken time and money to get lush and green, or have structure damage due to wood destroying insects. Many of my clients have a service contract with local companies to help avoid some of these possible catastrophes. For example, most heating and air companies will do a yearly service contract which will state that they will come out twice yearly and inspect and service your unit. How many of us do not take time to change the filters? Most HVAC contractors will say that is the one thing that will extend the life of your unit and many homeowners do not take time to do this. This maintenance contract will also ensure that this is done. Obviously, you can get a unit fixed if it breaks – but having a service contract may prevent a problem before it becomes one. Also, in the hot days of the summer, you may have to wait two to three days to get your unit repaired. That will seem like weeks if the temperature is 100 degrees! You can also have a monthly yard maintenance contract for a minimal fee. This takes the guess work out of what to do when to keep your lawn vibrant. If you are a “do it yourself” kind of person, Scotts has a great program on their website or on the back of any seeding, fertilizing, or stabilizer bags. If you follow that and keep your yard watered you should have success! If you are spending time and money on your yard, you may want to consider a sprinkler system. It doesn’t seem to matter how much money or energy you put into your yard – if you do not have the ability to keep it wet, you will not enjoy success. You can also obtain a yearly maintenance contract from a local pest control company. In our hot and wet climate here in the Richmond, Hanover, Mechanicsville, Henrico, Glen Allen and King William, Virginia areas, termites and mold have become an ever increasing problem. A termite contract may help prevent structure damage from infestation over time that unfortunately the average home owner doesn’t find out about until damage has been done. This contract is minimal and inspections are done once yearly. The good news is that it comes with a warranty in the event that you do get termites during this contract – the company will cover the treating and damage costs associated with the infestation. If you are interested in obtaining information on how to contact any company about maintenance contracts, please give me a call.

Compliments of: Kathy Holland, Broker/Owner

Resource Realty Services

The importance of obtaining a home warranty – When & How to get one

Did you know that more than 50% of the purchase contracts that we write in the Richmond, Hanover, Henrico, Glen Allen, and King William, Virginia area now have a home warranty included? For homes that are more than ten years old that number goes to 75%. Warranty pricing ranges from $350-$450 which covers you for one year and coverage varies. Most home owners feel it is a small price to give some security particularly for the “big” ticket items such as heat pump units, air compressors, water heaters and many appliances. You can ask that a seller pay for the warranty at closing as part of their closing cost or you yourself as the buyer can purchase it. In most cases, the seller has the cost figured into their pricing structure when they determine what price to list the home for. If the home you are buying is more than ten years old, I would recommend that you ask the buyer to pay. If you do not that is $400 to the good they have pocketed and can deduct from what they thought would be part of their expenses at closing. In fact, the only time that I would not ask that a seller pay for a warranty is if you are competing with other potential buyers. In our previous market, this would have been the case – not so much anymore!! Did you know that you can purchase a home warranty at any time? It may cost a little more but even if you have been in your home for years, you can still buy this warranty. You can also renew your warranty after the initial one year has expired. Most warranty companies will send you a reminder with the new pricing structure when your year is almost up. It is VERY IMPORTANT that you know how to use your warranty if an when the time comes that you need it. YOU MUST place a call to the (800) number on your warranty certificate and go through the warranty company for service calls. If you call a contractor out on your own it will not be covered. They usually have a company call you within (48) hours to repair your item. Most of the work that I have heard about is good – with few exceptions. Be vigilant. If you continue to have the same problem – insist on getting a second opinion and lobby to have the item replaced and not just repaired. A home warranty is money well spent if you use it right!! Feel free to call me if you have any questions about a warranty you currently have in place or if you may be interested in finding out how to purchase a new home warranty. At Resource Realty, The Sister Team of Kathy Holland & Cindy Strobel pay for the home warranty of purchasers who purchase a home with them.

Compliments of: Kathy Holland, Broker/Owner

Resource Realty Services

Flipping Investment Property as easy as 1-2-3

Are you interested in seeing how you might fare in investment or fixing up distress property and flipping it for sale at a profit? Have you been contemplating getting into that business and just don’t know where to start? Are you a real estate professional that has helped other investors and wonder why you haven’t been doing the same thing yourself? If you are a real estate agent and have been in the business with some and not a lot of cash I can show you how to make the investment business work for you. In fact, you should look at your investment flip portfolio in the same way that you view prospecting or listing clients. You will learn that over time it will even become more important in your real estate success! You will see that it takes very little money and definitely no construction labor on your part to make this enterprise successful. You will immediately see how to use your investment properties to make investment money and make your real estate business grow. How do you do this? We use a four pronged approach. The good news is that currently there is an over abundance of properties to choose from in the Richmond, Henrico, Hanover, Chesterfield, Mechanicsville, and King William areas of Virginia. You can buy low and with little fix up sell higher and faster than your competitor because of the extra “touches” that you put into the property. Refer back to my investment blog and feel free to contact me and I will send you information on how to get started. My email address is Kathy.Holland@YourResourceRealty.com . I look forward to helping you enjoy the successes of investment flipping.

 

Compliments of: Kathy Holland, Broker/Owner

Resource Realty Services

Buyers, Now is the Time to Buy

If you are a first time home buyer or a purchaser that does not need to sell your home in order to “cash out” funds to make your next purchase. If you are a home owner that has extra funds and had thought about investing in a 2^nd home, a fixer upper or a River home now is the time for you to act. In case you have not heard, inventory in the Richmond, Henrico, Hanover, Glen Allen, King William, and Chesterfield Virginia areas are at an all time high. The Association of Realtors has reported that there is more inventory on the market than there has been in the last six years. Housing in this Central Virginia market for the first time in four years has not seen an appreciated increase but rather a decrease in market value. Sellers are having to make deals unheard of just a year ago. You as the buyer have the upper hand. Mortgage rates are consistently hovering in the 6% range and although the days of the no document or no money down loan are gone, if you have decent credit you can still buy a home. Why? because sellers are willing to pay your closing costs for you if you do not have the money! I encourage you to stop paying rent or if you have been waiting to see what the market is going to do and you do not have to sell act now before the market takes the gradual and inevitable turn it will take. Forecasters have already started to see an upswing in pended sales over the last two months. Get in now low and start accumulating equity and enjoying all of the benefits of home ownership so that if and when you are ready to move sometime in the future you too can realize the great appreciation profits that other home owners did three years ago. If there is anything constant in real estate it is change! Our industry is a cyclical market it always has been and always will be because so many factors influence our industry. You can view all listings in the Central Virginia Richmond and surrounding counties of Henrico, Hanover, Chesterfield, King William areas on my website at www.YourResourceRealty.com Don’t wait! Take advantage of this great opportunity to stop making the investor of your current residence rich and enjoy all of the benefits available to you from your own home ownership. I will gladly assist you in any way I can. If you are interested in talking with a loan officer to see what you may qualify for just send me an email with your contact information and I will forward that to a qualified Mortgage Loan Expert with knowledge of 200+ loan products. That email address is Kathy.Holland@YourResourceRealty.com . I look forward to hearing from you.

Compliments of: Kathy Holland, Broker/Owner Resource Realty Services

Is There a Reason to Change Real Estate Firms – It May Change Your Career

Do you sometimes feel like your real estate career is going nowhere? Do you feel like just a number at your current real estate firm? Do your brokers set quotas or unreachable expectations? Do you feel that you are continually fighting for listings/sales within the brokers and salespersons within your firm? Are your sales not where they have been in the past? Do you feel that your brokers do not share with you the tools that have made them successful? Are you losing out on potential sales because of the reputation of your firm? Being a Realtor can be and should be the most rewarding occupation that anyone could have. You are entrusted with the most valuable asset that most consumers will acquire during their lifetime. A properly trained and equipped Real Estate Professional will not only provide their client with the data to make an educated investment in real estate; but they typically make a true acquaintance for life. Successful agents find a way to have past clients work for them and build their client base. There is a distinct difference between a Real Estate Salesperson and a Real Estate Professional. Keeping your clients informed with what is happening with market conditions and trends should be part of your everyday agenda. To do this, you must have the tools in place to keep in touch with your clients. Don’t be the one that pads the statistics that state most people do not remember who their real estate agent was 3 months after the transaction. There are many tools available to turn you into the Real Estate Professional. With the number of agents in the Richmond, Virginia and the surrounding counties of Hanover, King William, Henrico, Chesterfield Powhatan Caroline and other surrounding localities of Richmond, Virginia, you must rise above the rest. Make sure to join a team that shares the same work ethic and values that you have. I will give you two tips and in addition, I look forward to hearing from you if I can go into further detail on how selecting the right firm can make the difference between having a successful and rewarding real estate career vs. a flailing, lackluster and unrewarding and short lived real estate adventure. Tip 1. Don’t allow yourself to get too high or too low during the real estate process. Stay on an even keel and you will do yourself and your client well.

2. Never feel that you have to hide from anyone in the grocery store. Remember, do one good thing for a client and that client will tell another person about you. Do one bad thing to a client, and that client will tell dozens of people to stay away from you! Do what you say you will do when you say you will do it! Don’t do things that will make you not want to face that client at a later time…

Compliments of: Kathy Holland, Broker/Owner Resource Realty Services

Real Estate Smarts – Sounds A lot Like Buying Stocks and Diversifying Finances

Investors! Now is the time to buy rehab, distress and fire sale property in the Richmond, Mechanicsville/Hanover and surrounding localities. For several reasons, not the least of which is the product of our current real estate market in Richmond, Virginia and the surrounding counties of Hanover, King William, Henrico, Chesterfield Powhatan Caroline and others, many sellers are getting anxious to move their property. In many instances, there exists a domino effect. If the seller can’t move their existing residence, then they won’t be able to purchase the property that they currently have under contract. You may not have to settle for property that needs quite a lot of work. For the same price per square foot that you are accustomed to paying for distress property, you may find that “desperate” seller ready to “move on”. Your portfolio should consist of some rehab and flip properties as well as some buy low and keep properties. In this way, you can flip properties to obtain much needed liquid cash while at the same time holding on to your investment. Some investors choose to refinance and cash out their holdings every three years. This too, gives you liquid cash while continuing to own the property. In doing this, the investor is counting on the appreciation rate to remain steady over the long haul. If you do purchase with the intent of rehabbing and flipping, spend your money wisely. Doing little things can pay big dividends! One little tip – spend money on polishing placing knobs on cabinets. Most of you savvy investors already know and for those of you just getting started you must buy when the market is down (like now) and you must diversify your holdings. (some that need minor cosmetic help, some properties that need major structural repair, and some that are just great buys that you can rent) For those of you reading this that are just starting to “dabble” in this arena – congratulations! After you have done a few, consider taking the next step and get your real estate license to take full advantage of all benefits available with investment property. Visit my blog to read about what you should be looking for in a real estate company. Thanks for reading this article. If I can help in any way, please do not hesitate to call me Kathy Holland at Resource Realty Services (804)559-5990.

Compliments of: Kathy Holland, Broker/Owner

Resource Realty Services