Sarahiously Speaking

Occasionally I will post something that strays from the topic of Fredericksburg or real estate.  This is one of those times.  I’ve been pondering this for about a week now; well longer than a week.  What is Respect?  Who deserves Respect?  Who do you Respect?  Why would you want someone to Respect you?  They all seem like pretty simple questions, but I think it gets muddled more times than not. 

Respect is defined as the condition of being esteemed or honored; esteem for or a sense of the worth or excellence of a person, a personal quality or ability, or something considered as a manifestation of a personal quality or ability; and to hold in esteem or honor. 

So, based off these definitions, who deserves Respect?  It seems that people who deserve Respect would be people that have an admirable disposition, or have an accomplishment that you consider outstanding, someone who possesses a skill that you wish you were better at or wish you possessed, or even someone that you look up to as a role model.  What is amazing to me is that at no time does the definition of Respect say that you have to automatically Respect someone because they are older than you.  And, this is probably a good thing.  I can think of plenty of people who are older than me that I have no respect for.  There are also plenty of people who are younger than me that I have a great deal of Respect for.  I don’t think Respect was ever meant to be pigeon-holed. 

Recently I was chastised for not showing an elder enough respect.  The reason offered to me to show this person more respect was that they are older than me.  They’ve been in their job longer than me.  Other people respect them.  But is this enough to earn Respect?  Am I being asked to Respect them or admire them in a position of authority?  I think there is a difference.  When someone asks for respect are they really asking  to be marveled at and shown some pomp and circumstance?  Would you rather earn Respect through your actions and deeds and reputation?  Or, do you want to be given insincere appreciation for the mere fact that you were born before someone else? 

None of this is to say that I do not Respect my elders; I most certainly do.  I have a great Respect for my grandparents, who lived during some amazing points in history, are self-made, and are the leaders of my family.  I have a great Respect for many people who happen to be older than me.  But, I do not Respect them for being older than me.  I Respect them because they are good people, they are teachers in their own right, and they make me a better person.  I also Respect many people who are younger than me.  I Respect them for their accomplishments, for not being held back by their fears and uncertainty, and for their willingness to share.  But to be honest, the older people and the younger people that I Respect have only one difference, their age.  So, this is a variable I throw out when determining who I Respect. 

I guess what this all boils down to is that I don’t hand out Respect like it’s candy.  If someone’s actions and deeds contradict the values that I hold as Respectable, then they don’t make the cut.  I’m not going to cheapen my value system so that someone else can have an ego boost.  And, at the end of the day, the person I have to Respect the most is myself.

The holidays are fast approaching and nothing helps bring in the holiday spirit like a new furry family member!  Let’s see who’s up for adoption this week.

Meet Elvis

He’s no hounddog, for sure!  He’s a beautiful creamy domestic short hair feline that is ready to be king of your household.  Elvis is about 4-5 years old and is looking for a permanent family.  He is good with adults and children.  He is up-to-date on his shots and is neutered.  He packs light, no blue suede shoes for this boy, and is ready to make your house the hippest place on the block! 

Meet Bull

Bull is a 5 month old labrador retriever/ sheppard mix who is a new resident at the SPCA.  He is shy and very sweet and his brother and 2 sisters are also at the shelter.  Bull will grow to be a big, strong dog and obedience classes would be a good investment.  Bull is good with adults and children.  He likes to run and loves being groomed.  If you have the time for a high energy pup, Bull is the dog for you!  He is up-to-date on his shots. 

Please contact the Fredericksburg SPCA at    (540) 898-1500  (540) 898-1500    (540) 898-1500  (540) 898-1500    to schedule an appointment to meet Elvis or Bull.  Don’t miss the opportunity to have either of these worthy featured pets as members of your family!

The Federal Housing Administration gave a break to investors in September by relaxing the 90-day flipping rule for a period of one year.  The previous rule stated that FHA would not insure a mortgage on a property if the previous sale of the property had occurred less than 91 days before the current sale.  In essence, if a property was purchased on May 1, a purchaser could not secure FHA financing for the same property until 91 days after this initial sale.  Since FHA financing is the largest form of financing in the Fredericksburg area real estate market today, this prevented many investor-owned properties from being sold.  There were a few exemptions to this rule, but most of the exceptions did not apply to out areas market condition. 

David Stevens, Assistant Secretary for Housing - Federal Housing Commissioner, sited several reasons for the temporary change in FHA policy.  

1.  By relaxing the 90-day rule, FHA hopes to minimize the effect of foreclosures and abandoned properties on the surrounding neighborhood.  The faster a home becomes occupied, the less likely the neighborhood will become stigmatized and experience excessive decreases in property values.  

2.  Relaxing the 90-day rule would also help fuel the efforts of the Neighborhood Stabilization Program enacted in the summer of 2008.  $3.92 billion was appropriated to local and state governments to begin rehabilitating foreclosed and abandoned properties.  These grant funds can be levied to sub-contractors and developers.  These properties are then to be sold to low to moderate income families as affordable housing.    The most popular financing option for low to moderate income families is FHA financing.  Relaxing the rule allows for third parties to take title to the properties in question, rehab the properties, and then sell them to buyers that meet the Neighborhood Stabilization Program criteria.

3.  By FHA authorizing this waiver of the 90-day rule, it allows FHA and HUD to more effectively implement other stabalization programs they are backing. 

  However, there are still requirements for qualifying for the waiver.  The property in question must have been previously foreclosed or abandoned.  A non-profit or for-profit entity must have acquired the property and is now reselling it.  Funding for rehab and renovations needs to come from the Neighborhood Stabilization Program and the entity must perform under agreements with state and local government agencies.  The key for investors to take advantage of this rule relaxation is to become a part of the Neighborhood Stabilization Program.  For more information click here. 

Purchasers of REO, real estate owned or bank owned, properties are still able to enjoy a relaxation in a similar FHA rule.  The purchaser of a foreclosed property can still qualify for an FHA mortgage even if the title has not seasoned under the new owner’s name for 90 days.  This is good news in a state like Virginia, where we have no right of redemption on foreclosures.  The Foreclosure banks can put the REO property on the market as soon as the foreclosure is recorded and the property qualifies for FHA financing.  However, this waiver is set to expire May 10, 2010.

Being a short sale listing agent is never boring.  It triggers migraines, anxiety, and hysterical laughter, but it is never boring.  I found myself discussing an unlawful re-key by a large bank this week with several of said bank’s employees. (A re-key happens to a property when the bank takes possession of a property through foreclosure.  The bank sends a contractor out to re-key the doors, thus preventing the defaulting seller from accessing the property.  The bank is also allows to re-key a property if the property is being used for illegal activity or the property has been abandoned.  None of the scenarios applied to my listing).

It must be said that when you call into almost any bank’s loss mitigation department you are guaranteed to be put on hold for at least 30 minutes and transferred to at least 3 different departments.  This bank is no exception.  I was not entertained by elevator music or bad 80′s love ballads while I was on hold.  Silence always leaves you questioning whether you are actually on hold or the line has been disconnected.  I guess TARP funds don’t cover hold music, only executive bonuses.  (Yes, that was a snarky comment).  Inevitably I got transferred to 4 departments each claiming a different reason for the unlawful re-key.  All of the reasons they give me do not apply in Virginia.  Finally, I am transferred to the Foreclosure Dept.  The End-All-Be-All of loss mitigation departments.   And this is when the phone call got interesting. 

Two minutes into re-explaining my re-keying problemto the foreclosure officer, he informed me that everything the bank’s employees informed me of in my previous conversations was false.  The only person I had talked to in the last 3 months that had any accurate information was him.  He explained this phenomenon by saying that some people in this world make good grades and some people make bad grades.  The amount of information these people are given and the amount of skill these people have depends on their grades.  Everyone else I had talked to had made bad grades.  He made good grades.  I should only go by his answers.  So… I can call into a bank and talk to someone who flunked bank training?  I could talk to someone who hasn’t been trained properly to handle the questions they have been hired to answer?  Banks hire D- students and rely on them to fix the real estate mess?  To continue the analogy, this bank rep saidthat some bank employees are good at subjects like English and other employees are good at subjects like medicine.  He was a “medicine” employee.  I countered by saying that I hadn’t called a writer and asked for him to perform open heart surgery on me.  I called a bank and expected the bank employees who answered the phones to be able to answer simple bank policy questions.  There was silence on the other end of the phone. 

What’s the moral of this tale?  Well, banks hire D- students.  The consumer has to rely on D- employees to get necessary and urgent information to the representatives that make the final decision regarding their short sale.  I might as well strap the short sale documents to my cat and give her a bus ticket and directions to the bank’s headquarters.  Consumers need to hire a REALTOR(R) who is well versed in short sales and the art of dealing with loss mitigation departments.  What have I learned from this phone call?  I will continue to make multiple phone calls to the short sale banks of the houses I have listed.  I will continue to document all of these phone calls and be sure to get the name of the person I have talked to.  I will also continue to verify all information I am given by a bank employee, just in case the bank hires nothing but D- students.

I remember my first day as a REALTOR(R); my broker pulled me aside and said, “Always remember, Listers last.”  What she meant was that as long as I had listings I would survive and be successful.  Being a rebel, I vowed to prove her wrong.  My first 2 years in this business I was exclusively a buyer’s agent.  One problem with being a buyer’s agent is that eventually your past buyer clients want to sell their homes and buy new ones.  So, inevitably, I started listing homes too.  (Enter tension migraines and many sleepless nights). 

As a listing agent it is my job to help a seller market their home and negotiate favorable terms.  Let’s face it, if all of the world’s REALTORS(R) fell off the face of the earth tomorrow, houses would still sell.  Houses sell themselves.  REALTORS(R) are consultants, advisers, and purveyors of information.  It is a REALTORS(R) job to stay on top of the market and apply information to a client’s specific circumstances.  But in the end, it is a team effort.  The Seller and the REALTOR(R) need to work together to obtain the goal.  No seller wants to spend months on end with their house on the market.  No REALTOR(R) accepts a listing with the hopes that it will never sell. 

So, what’s the grand secret to selling your home?  You could concentrate on print advertising and catchy headlines like, “For the Love of God, Buy This House”  but, taglines, headlines, and fluff statements don’t sell houses.  Or you could hire a REALTOR(R) who knows the local market, the regional market, and the national market and helps you navigate through this crazy process.    Being aware of market conditions, market projections and competitive pricing sells houses.  Did you miss the secret?  The secret is knowledge.  Knowledge of the market, knowledge of the process, and knowledge of the price that will effectively sell your house.  Or, you could continue to stand on your porch and scream at the top of your lungs, “For the Love of God, Buy This House!”  Option one seems a little more practical though.

Yay Furry Friday!  Let’s see who’s available for adoption this week!

Meet Tootsie!

Tootsie is a tortoiseshell domestic short-hair.  She was turned into the SPCA as a stray and is looking for her first permanent home.  She prefers a home with a comfortable couch where she can bask in a beam of sunlight.  Tootsie likes being groomed.  She is good with adults and kids 10 years old and older.  She is up-to-date with her shots and is spayed.  If you think you can offer Tootsie the stability and love that she so desperately needs, please contact the Fredericksburg SPCA and set an appointment to meet this pretty girl!

Meet Honey! 

Honey is a 3-4 year old pit bull terrier, but don’t let a breeds bad reputation dissuade you!  Honey is very good with adults and children.  She is a ball of energy and loves running around and exercising.  A new home with a big yard is ideal for her.  Honey also enjoys being groomed.  She is up-to-date on her shots and is spayed.  If you are looking for a new best friend to share your with, Honey may be the girl for you! 

Feel free to contact the Fredericksburg SPCA at (540) 898-1500 and schedule an appointment to meet Tootsie and Honey.  Don’t miss the opportunity to have either of these worthy featured pets as members of your family!

Fredericksburg City:

• 133 days on market – this is 40 days more than in September 2008
• Sellers received, on average, 84.67% of their list price when the home sold
• There is 8.89 months of inventory on the market
• 19 homes sold in September 2009 – this is 8 more than in September 2008
• The most popular price range was $250,000-$299,999.   
• The median sold price was $250,000, compared to $258,000 in September 2008
• Financing Terms:  Conventional – 13, FHA – 1, VA – 1, Assumption – 1, Cash – 3

Orange County

• 114 days on market – this is 60 days less than in September 2008
• Sellers received, on average, 88.92% of their list price when the home sold
• There is 13.09 months of inventory on the market
• 32 homes sold in September 2009 – this is 2 more than in September 2008
• The most popular price ranges were $140,000-$159,999
• The median sold price was $159,000, compared to $213,450 in September 2008 
• Financing Terms:  Conventional – 7, FHA – 10, VA – 4, Assumption – 2, Cash – 7, Other – 2

Spotsylvania County

• 83 days on market – this is 40 less than September 2008 
• Sellers received, on average, 93.24% of their list price when the home sold
• There is 6.42 months inventory on the market
• 140 homes sold in September 2009 – this is 21 less than in September 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $193,500, compared to $225,000 in September 2008 
• Financing Terms:  Conventional – 38, FHA – 45, VA – 20, Assumption – 10, Cash – 26, Other Financing – 1

Stafford County

• 57 days on market – this is 59 less than September 2008 
• Sellers received, on average, 95.22% of their list price when the home sold
• There is 5.50 months inventory on the market
• 145 homes sold in September 2009 - this is 4 less than in September 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $220,000, compared to $250,000 in September 2008 
• Financing Terms:  Conventional – 37, FHA – 49, VA – 43, Assumption – 2, Other – 1, Cash – 13

Prince William County

• 50 days on market – this is 59 less than September 2008 
• Sellers received, on average, 96.15% of their list price when the home sold
• There is 4.31 months inventory on the market
• 683 homes sold in September 2009 - this is 433 less than in September 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $205,000, compared to $189,900 in September 2008
• Financing Terms:  Conventional – 165, FHA – 260, VA – 106, Assumption – 24, Cash – 121, Other – 6, Seller Financing – 1

Statistics provided and calculated using data supplied by MRIS.

October is one of my favorite months of the year.  This may come as a surprise to some.  I am notorious for always being cold.  I live under a blanket 365 days a year and absolutely love Snuggies!  But, October brings out the best in the Fredericksburg area.  There are so many things to do!  Thus far this month we have had the Virginia State Fair and Capital Ale House Oktoberfest.  As if that wasn’t enough, there are two other annual events open this weekend. 

First, Halloween is just around the corner.  Are you ready to be scared… while helping raise money for a good cause?  The Fredericksburg Jaycees are holding their annual Haunted House.  The event runs every Friday and Saturday night October 9-October 31.  The Haunted House opens at 7pm and closes when everyone is scared to death!  This year the Haunted House is located at the old Bogey’s in Central Park.  The address is 1380 Central Park Blvd Suite 101 (beside the old Ice Park).   Admission is $8 for adults and $5 for children under 12.  Money raised by this event goes to help fund Camp Virginia Jaycees, a summer camp open to individuals with developmental and intellectual disabilities of children age 7 thru adults. 

Second, the Maize Maze is back and as fabulous as ever!  This year Belvedere Plantation’s Fall Festival is featuring the traditional Maize Maze, hayrides and bonfires, pig races, Ye Old Barnyard – a farm animal petting zoo, and the Pumpkin Mountain slide.  There are activities for kids of all ages; no one will be left out!  Don’t forget to stop by the plantation market for pies, jams and jellies, and candies.  And I hope you’ve been getting prepared for the All-You-Can-Carry Pumpkin Challenge for $26.99.  The Fall Festival is open weekends September 27 – October 31.    Hours of operation are:  Friday and Saturday evenings 5-10pm (Pumpkin Patch lighted for night picking!), Saturdays 10am-10pm, Sundays 10am-6pm, and Columbus Day (Monday) 10am-6pm.  Admission is  $15 a person with discount offered to Senior Citizens, police, fire, rescue, and the Armed Forces.  Coupons can be found at local merchants, the Free Lance Star, and by bringing a non-perishable item to be donated to the Fredericksburg Area Food Bank.  Please click here for more information.

Two important Spotsylvania County Supervisor seats are up for election November 3, 2009.  (There are actually 3 seats open, but only two seats have candidates with opposing views on this topic).  If you live in the Lee Hill District or the Battlefield District, you need to pay close attention.  In August, the Spotsylvania County Board of Supervisors voted to join the Virginia Railway Express, the VRE; the commuter train that allows Fredericksburg area residents an alternative to driving to work in DC every day.  This was a narrow victory, a 4-3 vote.  However, there is a caveat to this victory.  Most start dates for new projects is January 1 of the following year.  The VRE project start date was moved to February 15 by the current Board of Supervisors.  This allows the new Board, elected on Nov. 4, to overturn the VRE vote.  Yes, this is politics at its finest. 

Although there are many issues on the table for the candidates to discuss, it appears they are all talking about the VRE.  Spotsylvania residents have had the luxury of using the VRE by driving to the Fredericksburg City station or one of Stafford County stations.  This luxury has come at a cost to Fredericksburg City residents and Stafford County residents whose tax dollars go to pay for these stations.  Spotsylvania County has been asked to join the VRE system several times in the last 17 years, but until this last vote, the invitation has been declined.  A VRE station in Spotsylvania County will not only make it more convenient to commute to Washington, DC, it can also open Spotsylvania County to being a DC bedroom community.  Fredericksburg City and Stafford County have enjoyed increased home sale prices because of their proximity to a mass transit system.  I’ve personally had countless numbers of clients who refused to look at homes in Spostylvania because of their lack of a VRE station.  There is also talk of a high speed rail service that would go from Richmond to Washington, DC.  Spotsylvania would benefit from having a stop in their county to help attract visitors to their historic sites. 

Are there drawbacks from becoming a member of the VRE system?  Well, of course.  Somehow Spotsylvania will have to pay for this system.  New tracks will need to be laid.  (However, jobs could be created because of the work involved with getting the Spotsylvania station up and running).  How do you pay for the system?  Well, taxes.  It’s just the way government works.  Had Spotyslvania jumped on board with this project 5 years ago, the system could have benefited from the areas rapid growth.  Spotsylvania will need to start planning for smart growth along the VRE corridor.  No one wants to see Spotsylvania become overcrowded or have the County loose the small town feel it prides itself on.  Smart growth is key and a realistic strategic plan will go along way. 

Here’s how the candidates for the Spotsylvania County Board of Supervisors plan to vote if elected:

Lee Hill District:                 DJ McGuire – against VRE                  Gary Skinner – for VRE

Battlefield District:           Chris Yakabouski – against VRE        Benjamin Pitts – for VRE

To get more information about where to vote and who you will voting for click here. 

This is a very important election for Spotsylvania County.  The outcome of the vote will determine the future of mass transit in the area.  Spotsylvania County residents need to consider the ramifications of not becoming a part of the VRE system.

Capital Ale House Oktoberfest beer stein

Capital Ale House of Fredericksburg held their first Oktoberfest last Saturday, October 3, and it was a success!  Capacity crowds were reached by about 1pm causing a bit of a line to form outside the picket fence around the event.  As people left, new Oktoberfest attendees were allowed in.  The free beer steins were available until about 8pm.  (I’m actually surprised they lasted that long!)  Three types of German beer were served, Lager, Hefenweiser, and an Oktoberfest special brew.  The Lager was the most popular selection and the Lager kegs ran dry around 9pm.  Capital Ale House served their entire beer menu inside the restaurant during the event.  For $8 or $14 you could choose from a selection of German dishes.  The weather was great, the beer was great, the food was great, and the atmosphere was fantastic!  

The overall feeling of the crowd was that Oktoberfest was an event they would like to see get bigger and incorporate more downtown merchants.  From what I could see, far more people ventured into downtown Fredericksburg throughout the day and into the night than usual.  Many of the other local restaurants benefited from the overflow crowds of the event.  Basil’s, located a few doors down from Capital Ale House, remained busy the entire event.  My group ventured up to Castiglia’s for lunch, a few blocks south of Capital Ale House.  The majority of the lunch goers at Castiglia’s had their Capital Ale House beer steins with them.  Spirit’s Bar and Grill even filled the Oktoberfest beer steins for a reduced rate!