Once the appraiser has applied the three approaches to the appraisal of your Virginia Beach real estate, he/she must decide which of them is the most reliable and most closely follows the actions of the market. For residential properties, the Sales Comparison Analysis is typically the most reliable. For commercial or industrial properties, all three techniques (or portions of one or more) may be reliable. The appraiser reconciles the various aspects of each technique into what he or she believes produces a credible and supportable opinion of value. The result is the Final Value Estimate, which, depending on the needs of the client, may be expressed as a single number or a range of value.
What If It’s Low?
If the appraisal of your Virginia Beach real estate comes in low, that doesn’t necessarily mean that you can’t complete the transaction. Your options to rectify the situation included the following:
You can make up the difference in cash.
The seller can lower the price.
The seller can carry a second mortgage for the difference.
You can order a second appraisal
You can supply a list of comparable sales and ask for a review of the appraisal.
A vital step in the home buying process is a professional appraisal of the Virginia Beach real estate you wish to purchase. An appraisal is an objective analysis of the property’s market value and is required by lenders to make certain that the property is worth at least as much as the amount of the loan you are requesting. Your personal approval is accomplished early in the loan process, but final commitment usually hinges on a satisfactory appraisal, and the lender will study the completed report carefully before determining whether or not the piece of real estate qualifies to serve as security for your loan.
Appraisers are experienced and knowledgeable professionals whom are licensed by the state to estimate real estate values. They must follow rules set forth in the Uniform Standards of Professional Appraisal Practice (USPAP). Once the appraiser has determined the highest and best use of the Virginia Beach real estate, i.e. the most profitable utilization of the property, he/she will then go about estimating the home’s market value through the use of three basic approaches.
The Cost Approach
The Cost Approach: a set of procedures through which a value indication is derived by estimating the current cost to construct a reproduction of the existing structure, deducting the accrued depreciation and adding the estimated land value. The principle of substitution is the basis of the cost approach, in that no rational person will pay more for a property than the amount for which he can obtain, by purchase of a site and construction of a building, with undue delay, a property of equal desirability and utility. Appraisers typically make use of published cost figures when calculating the cost to construct a building. These sources of data are available online and in printed form. Land value is determined by a comparison of the subject site with other similar sites that have recently sold.
One of the most complex and significant events in people’s lives is the purchase or sale of their real estate–and most people turn to an agent to assist them in these transactions. Before you select a professional real estate agent, however, you should determine if he/she is qualified to handle your Virginia Beach real estate business, what he actually does, and how he is paid.
REQUIREMENTS: All real estate brokers and sales agents must be licensed by their state. Although the rules and regulations of individual states vary, most require educational courses, a written examination, and license renewal every 1 or 2 years. Usually between 30 and 90 hours of formal coursework are required in topics such as real estate principles, contracts, and ethics to ensure that the agent has a thorough knowledge of the fundamentals and legal aspects of the field. Many states also have a continuing education requirement. In addition, many agents are members of the National Association of Realtors, an organization designed to provide an exchange of ideas to improve the industry as needed in order to protect the consumer and provide quality service.
Match the pan size to the size of the element on your electric cook-top. Make sure the pan covers the burner without going more than an inch beyond it. If you use a burner that is larger than the pan, you are paying to heat not just the pan but the air over the uncovered part of the burner.
Clean those metal burner pans under the burners so they are bright and shiny. They’ll reflect the heat better back up to the pan. Cover your pots when you can. The water will boil faster. That’s physics.
Use the least amount of water you can get away with. It will take less time and energy to bring it to a boil. Use the lowest possible heat setting to keep the water boiling, steaming, simmering, or whatever your recipe calls for.
If you have an electric cook-top in your Virginia Beach home, turn the burner off right before you finish cooking. Make use of the heat the burner continues to give off as it cools down.
So you’ve finally found the piece of Virginia Beach real estate you’ve searched for months! What next? Before you sign a contract, make sure it contains a home inspection contingency, a clause stating that your offer is contingent dependent on the results of a home inspection.
A home inspection is of primary importance because it allows you to obtain an unbiased professional assessment of all the components of the property. It is a step necessary for you to decide if you will stay with your original offer, renegotiate based on documented issues and needed repairs, or back away from the purchase of that piece of Virginia Beach real estate altogether.
Selecting a qualified inspector is vital. Your realtor can provide you with the names of reputable firms, or you can go online to research services offered and credentials. Specific information you should know about the inspector and the inspection process included the following:
1. Credentials and background: Is he/she licensed in your state? Is he affiliated with any respected organizations such as the American Society of Home Inspectors? Membership in these groups requires that inspectors follow strict guidelines about ethics and continuing education. Be sure to inquire about experience and training. A construction-based background is a plus, as is attending a college with an emphasis on construction or attending a home inspection school.
There were 1,901 Virginia Beach foreclosure homes for sale with 409 new foreclosures in May 2010. The average selling price of a Virginia Beach home was $257,165 in May and the average foreclosure selling price was $231,877, a savings of $25,288 according to RealtyTrac.com.
Virginia Beach Foreclosure Activity and Home Price Index
Home price appreciation was 0.00% with 409 new foreclosures.
Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Every few years home buyers’ demand change. The 2010 design trends reflect thecurrent move toward family togetherness, casual living, and energy efficiency. Potential purchasers of Virginia Beach real estate are looking for smaller, cost-effective homes which provide both functional and flexible spaces to match their current lifestyle. First-time buyers cannot afford McMansions, empty nesters are looking to downsize, and families are into low maintenance, energy savings, and open spaces,
The age of formality and overindulgent features has gone by. Buyers of Virginia Beach real estate are giving up formal dining and living rooms and passing on libraries, parlors, and studies, opting instead for casual great rooms in which to entertain and enjoy family togetherness. Features currently in demand include the following:
STORAGE SPACE: A double car garage is a must since most homeowners use half of it for storage. Ditto for walk-in closets, a basement or attic, storage space under stairs, and pantries.
ROOMS: The kitchen (with an island), family room, and master bedroom remain the three most important rooms, and they will most likely increase in size. Living and dining rooms, however, will tend to disappear. Another growing trend is a first floor master bedroom suite, a feature especially desired by seniors.
Given the state of the economy and our ever-increasing fascination with nature and fresh air, more and more Virginia Beach home owners are discovering the advantages of transforming their backyards or patios into outdoor living spaces. Entertaining at home is much less expensive and more relaxing than going out, and outside “rooms” increase useable living space, provide sensory stimulation, provide stress-free enjoyment, and serve as a multifunctional oasis for family and friends.
Before undertaking such a project, you should first decide on a location and then make a master plan, one that can be implemented in steps. Select a space that can be easily viewed from your home’s interior so that it will feel like an extension of your house. Easy access to the space from the house is also preferable.
The size and scope of an outdoor living space can vary greatly, ranging from a screened in porch to a large area featuring a spa or pool. Whatever the size, however, you will want to consider function, features, furniture, and flora.
FUNCTION: Most outdoor rooms begin as an extension of your kitchen and include some type of grill, space for food preparation, and often a small refrigerator or modular cabinetry. Other defined areas may include a conversational grouping, a quiet secluded spot for reading or resting, or an area set aside for family activities such as badminton, croquet, or playing in the sandbox or on children’s equipment. Spas and pools generally define their own space.
HOME WARRANTY: Generally this warranty is good for one year and covers heating, cooling, and electrical systems and plumbing. Some also cover appliances.
INCENTIVE PROGRAM: Many builders use incentives, both large and small, to attract buyers. Examples include vacations or furnishing for your Virginia Beach home. Note: these incentives are often offered only if you use the builder’s lender.
CUSTOM DESIGN: If you become involved with the builder early in the building process, you may have a say in the home’s construction–from customized features to flooring to colors.
Whether your desire for a new look inside your Virginia Beach home is because of the arrival of summer or because you hope to hasten the sale of your house, you may be considering repainting in the near future.
Purchase all necessary supplies in advance. Include paint, brushes, rollers, and drop cloths on your list. Most pros advise using a canvas drop cloth because it absorbs drips and spills better than plastic, can be more easily contoured around corners, will lie flatter, and can be reused often. Consider buying a canvas runner (4’x15’) which can be more easily moved.
Set up a work station in the middle of the room. This is the place to keep your paint, brushes and rollers, spackle, hammers and screwdrivers, cleaning rags, plastic sheets and bags, painter’s tape, paint can opener, etc.Think of everything you might possibly need while painting and gather them together in this one place.
Take everything down from your walls. Remove furniture completely or, if that’s not possible, move it all to the center of the room and cover with a cloth.
Remove all hardware from the surfaces to be painted in your Virginia Beach home. This includes switch plates, outlet covers, doorknobs, and light fixtures. Place the pieces from each one in a separate small plastic bag and label each one
The Butler Team
RE/MAX Allegiance
505 S. Independence Blvd. #111
Virginia Beach, VA 23452
PH: 1-757-490-7300 ext 550
TOLL FREE: 1-866-222-0158 ext 550
Email: info@butlerteamhomes.com
into what he or she believes produces a credible and supportable opinion of value. The result is the Final Value Estimate, which, depending on the needs of the client, may be expressed as a single number or a range of value.
lender will study the completed report carefully before determining whether or not the piece of real estate qualifies to serve as security for your loan.
REQUIREMENTS: All real estate brokers and sales agents must be licensed by their state. Although the rules and regulations of individual states vary, most require educational courses, a written examination, and license renewal every 1 or 2 years. Usually between 30 and 90 hours of formal coursework are required in topics such as real estate principles, contracts, and ethics to ensure that the agent has a thorough knowledge of the fundamentals and legal aspects of the field. Many states also have a continuing education requirement. In addition, many agents are members of the 
uncovered part of the burner.
A 
The age of formality and overindulgent features has gone by. 
space, provide sensory stimulation, provide stress-free enjoyment, and serve as a multifunctional oasis for family and friends.
HOME WARRANTY: Generally this warranty is good for one year and covers heating, cooling, and electrical systems and plumbing. Some also cover appliances.
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