Helping Sellers, Buyers, & Landlords in VA, MD, DC 



Knowledge is Power

We Help U Buy: Pre-Foreclosure, Short-Sale, Trustee's-Sherrif's, Bank-Owned (REO), Auction, Estate, Court Ordered, HUD Homes, Foreclosure, New Construction, Tear Down Lots, Condo's, Co-ops, Regular Resale, Investment and Commercial PropertiesEB-5 Investors (gives a path to legally immigrating to United States).

Options for 1st Time Buyers: 620+ credit score, no money down, $500 closing cost; CHIP, VHDA, VHDA+, MIPAP, FHA, FHA+, conventional w/ 5% & built-in MI, 203K w/ renovations wrapped into the loan, getting a gift, using a 1 time exemption to withdraw from 401K penalty free, etc....

Government incentives:  Mortgage interest deductions from federal income tax; Local and state property tax deductions from federal income tax; Home equity loan interest deductions; Capital gains exemptions from the sale of a home; Large allowances before the estate tax; Down-payment assistance; Interest rate “subsidies” from Government Sponsored Enterprises (due to the perceived backing by the federal government); VA loans for veterans; FHA loans for moderate-income households; ability to pass property on death to heirs with step-up basis; when elderly a reduction of property taxes.

If you are an investor: depreciation; costs incurred for management; ongoing operations; maintenance; 1031 exchange deferring capital gains tax.

Likely reasons for existence: Multiple scholarly papers exist showing correlations b/w homeownership and: +educational attainment, +happiness, +health, +participation in civic & volunteering activities, +children of homeowners do better in school and have better social outcomes, home owners pay 80-90% of federal income taxes, +mental health, -crime, etc.

Why you want to do it: The median net worth of a renter was $4,800 compared with $171,700 for homeowners in 2001 and according to 2004 census average renter’s equity is $4K vs $185K for a homeowner (historically 31-46 times higher net worth). Furthermore, since 1975, practically all the gains in household income have gone to the top 20% of households. If the economy is doing good then who is benefiting? How can you hedge and protect your future? I can find you 3 homes with mortgage payment less than your rent!

We Help: Understand the process; point out unnoticed features or faults with a property; Find the right home; Negotiate the price; w/ terms of the Sale; Provide advice to help you make informed decisions; Safeguard confidential information that might weaken your bargaining position, act at all times in your best interest; help you evaluate pros and cons of specific properties; assist you in determining what a fair market value is likely to be; work with you to develop negotiating strategies specific to the particular property and sellers, advise you regarding the most favorable price and terms to offer, advocate your position throughout the process, make it fun and easy.

In a more complex language  :)

Asset Valuation Strategic Plannning Market Position Analysis Comparative Property Alternatives
Situation and Objective Analysis Optimization of Investment Returns Transaction Management  


Thanks for stopping by,
Elena & Kirill

Real Estate Guide

Lenders / Home Inspectors / Contractors

Additional Buyer Handouts

 

Top Reasons to get a Buyer's Agent

  • Gain invaluable details about the properties you're considering, Title Reports, Permit Info, Previously Sold Data, CMA's and detailed information about the Sellers that the Seller's Agent can't ethically provide.
  • An Exclusive Buyer's Agent can negotiate on your behalf. The Seller's agent cannot.
  • Discretion, confidentiality, loyalty, and obedience.
  • We can help you find Lender Foreclosures, Bank REOs, and other properties that may not be listed for sale on the market.
  • Our services can save you thousands of dollars.

Advice from the Experts

"Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process." — CNNMoney.com

"Many people don't realize that, unless specifically stated otherwise, brokers are legal representatives of sellers. A buyer's broker, representing only the buyer, may be able to secure a better price and better terms." — Good Housekeeping

"Always remember that a real estate broker does not work for you, but for the seller. If you want an agent on your side, contract with a buyer's agent." — Reader's Digest

"Buyer's Agents work only for consumers and can save them money - and they don't cost more to hire." — Los Angeles Times

"If you ever doubted the value of real estate agents who work solely for home buyers (as opposed to traditional agents who report to sellers), consider this: A recent study by U.S. Sprint found that 232 relocating Sprint employees who hired buyer's brokers paid an average of 91% of a home's list price. People who use traditional agents typically pay about 96%." — Money Magazine, "House Hunting? Save By Hiring Your Own Agent", By Carla A. Fried

FYI: 
Highlight of requirement of 54.1-2137 of the Code of Virginia amended on July 1, 2011: 
"Brokerage agreements shall be in writing."
"Agents are not allowed to show a property without a brokerage agreement."
"Giving any opinions or advice about a property’s condition or what repairs to make or ask for."


Kirill GorbounovCell: (571) 276-0986
Email Kirill

Elena GorbounovaCell: (703) 625-7888
Email Elena


REMAX vs competition in Northern Virginia DC MD


REMAX vs competitors in Northern Virginia DC MD



buyer agency northern virginia MD DC


Calculators


Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

 

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

 

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

What You Should Know About Agents Representing the Seller…
If you are the type of buyer who enjoys doing the legwork of the home finding process, you will most likely visit an open house, builder’s model home or Parade of Homes. Or, you may make phone calls to listing agents or builders’ representatives to see a particular property.
You should be aware that in order to have independent representation, you should avoid direct contact with builders’ representatives or listing agents. This includes registering at a new home neighborhood or attending an open house. In the case that you desire independent representation, you should choose an independent buyer’s agent as one of your first steps in your home search. You would then want to sign a buyer’s agency agreement and keep your real estate professional closely involved with all aspects of the home search. Failure to do this may result in your preferred real estate agent being unable to represent you in the transaction.
WHY? Procuring Cause – A confusing term meaning that whoever introduces a buyer to the property he or she elects to buy is entitled to compensation for the sale. For example, if you were to find the home you want to buy while attending an open house hosted by the listing agent, and you were not previously involved with or introduced to the listing by another agent, the listing agent of the home is entitled to both the listing and selling side of the sale, to be paid by the seller. You would only be able to have independent representation in this case if you chose to pay a buyer’s agent his or her fee for representing you.
How to Preserve Your Right to Independent Representation…
There are two things you must tell a listing agent or builder representative to retain your right to independent representation:
1. You already have an agent. Give his or her name and phone number to the seller’s or builder’s agent.
2. Your agent told you about the property. Have the date and method by which you were told about the property (i.e., by phone, in person, e-mail).

Personal Thoughts:


You can create a wedding registry for a home purchase ($$ for down payment).

Home contains you and makes you feel safe. Feeling secure in your home is a basic need. When you feel secure, you feel safe from possible harm or loss. You experience freedom from fear and anxiety.

Financial independence is true freedom … build wealth because the US system rewards you through tax benefits. Also, moving every year from one rental to another is expensive and stressful.

Buying a home is not just about finances, but about ideas, value systems, desires, identities, beliefs, attitudes and aspects of our personality. Preferences and feelings about home are rooted in childhood. Think about the life patterns because we are so deeply invested in them, no matter how destructive or uncomfortable they might be.

To some, homeownership is a status symbol—a public sign of achievement and success in the world – a fulfillment of the American Dream, a sign for all to see that we have “made it.”

Homes don’t plunge in price down a black hole and stay there like stocks or mismanaged mutual funds.

Home will take you “the way you are,” without dress-up or pretense.

When buying seperate Needs vs Wants i.e. parking vs 2 car garage; transportation vs 1 block from metro; storage vs fully finished basement; floor plan vs vaulted ceilings.

Click here to watch a video to understand inflation.
Click here for school boundaries.


Home Buying Process


Step 1: Hire a Great Realtor(R)

Considering the many forms, financing, inspections, marketing, pricing and negotiating involved, it makes sense to work with an experienced and professional team. 

Step 2: Get Loan Preapproval

Researching mortgages and lenders ahead of time will give you a clear idea of what you can afford so we can focus your search on homes that fit your budget.  A lot of buyers get stuck on the price of a home when it's actually more important to focus on what monthly payment you will be most comfortable with.  A loan officer will be able to help with this and walk you through the different types of financing options you may have. A preapproval letter will show sellers that you are serious and must accompany any offer we submit.

We work with some fantastic local loan officers and are happy to get you in touch with one of them.

Step 3: Target Your Search, Look at Properties and Choose a Home

In our initial meeting, we'll go through the features and benefits you want in a home, determine your priorities and consider your future needs.  Using your criteria, we will target your search based on location and affordability.  Together, we'll look at all the best homes until you find the right one.

Step 4: Offers, Counteroffers and Negotiation

There are a lot of considerations besides price in making and negotiating offers.  When you find the right home, we will aggressively negotiate all contract terms and conditions in your best interest.

Step 5: Home Inspections

Buying a home is a major investment and doing inspections will give you valuable professional assessments of the condition of the home your are purchasing.  We will schedule the home, termite and radon inspections, as needed, and negotiate the best possible terms on your behalf.

Ask us about our list of preferred home inspectors!

Step 6: Finalize Financing and Appraisal

Now that the home inspections are completed, it is time to finalize your financing.  Your loan officer can help you select the mortgage option that is best for you.

Lenders require appraisals to confirm that the value of the home meets or exceeds the sales price.  The lender will hire these independent agents.  The fees vary and are typically built into your closing costs.

Step 7: Title Search and Title Insurance

A title search will be done to confirm that title to the property is valid, marketable and insurable.  The title company will take care of this for you.  Title insurance is necessary because even thought the history of the property ownership has been checked in the title search, it is possible that the records contain errors or unrecorded claims.  The title company will explain your available choices in title insurance.

Step 8: Obtain Homeowner Insurance and Home Warranty

Homeowner insurance protects you in the event of a catastrophe and is a requirement of your lender.

A home warranty protects you from unexpected repairs that may result when covered appliances and systems break down within a year of closing.  Home warranty's are optional and are often included in offers and an item used in contract negotiations.

Step 9: Transfer Utilities and Final Walk Through

Prior to closing, you will want to contact the utility companies servicing your new home to get your accounts set up.  To avoid any disruptions, be sure to tell them that you are purchasing the home and that service should be transferred to you. 

Usually the day prior to closing, buyers have a final opportunity to walk through the property to ensure that the condition has not materially changed since the contract was signed.  We will schedule this for you and take you through a standard walk through checklist at the house.

Step 10: Signing the Deal - Settlement

The typical timeline from ratified contract to close is 30-45 days.  The actual closing or settlement will be an office meeting to sign the paperwork needed to complete the sales transaction.

You will need to bring: 1. a valid government issued photo id and 2. a certified or cashier's check payable to the title company for the balance of your down payment plus estimated closing costs.

What's left to do after closing?

Safeguard your settlement papers, move, change your address and most importantly... Enjoy your new home!