By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board
Golf has long been one of the favorite leisure activities of professional and retired individuals. In Williamsburg, Virginia and surrounding areas, the professional and retiree can play golf on many renowned golf courses. The devoted golf enthusiast may desire even more than this. For some golfers, the ultimate immersion in the sport means moving to a golf community. In and around Williamsburg, Virginia a concentration of great courses and elegant golf communities make it the perfect place for the golfer to live, work, or retire.
Check with individual communities, but most have additional amenities such as swimming pools, tennis courts, and restaurants. Home buyers at most golf communities may choose to live in Planned Unit Development homes with maintenance included for a monthly fee in addition to a homeowners association fee.
The Golf Club at Brickshire
In addition to being a Curtis Strange signature course, the Golf Club at Brickshire also offers the golfer opportunities to play emulation holes from August National, Saint Andrews, Pinehurst #2, and Riviera Country Club. Brickshire is a relatively new 18 hole course that is only three years old at the date of this writing and has been described as "player friendly" by avid golfers. Golf Digest recently gave the Brickshire course a 4 1/2 star rating.
Home buyers may choose from newly built and custom built attached and detached homes.
The Tradition Golf Club at Stonehouse
This stunning 18 hole golf course in New Kent County Virginia has been described as a challenging course that is larger than life. Featuring oversized greens and tremendous vistas, it is characterized by deep bunkers and long carries. In 2002, Stonehouse was awarded 4 1/2 stars by Golf Digest.
Kingsmill Resort and Spa
Kingsmill is the oldest gated golf community in Williamsburg and is home to three 18 hole golf courses, a marina and a conference center. The River course was once the site of the PGA Tour and is now the location of the LPGA tour's Michelob ULTRA open. In 2004 the original architect, Pete Dye, returned to oversee The River's renovation, which included resurfacing of greens and the addition of new fairway bunkering. Some golfers prefer the Plantation course, an Arnold Palmer design with generous fairway landing areas and water near eight holes. The Woods Course, designed by Tom Clark, has unique features such as a double green with a bunker in the middle shared by the par-3 twefth hole and par-4 fifteenth hole.
Kingsmill is one of the most prestigious communities in Williamsburg. All homes are custom built.
Ford's Colony
Ford's Colony, like Kingsmill, has three 18 hole courses. All were designed by Dan Maples. Choose from the Marsh Hawk Course, Blackheath Course, or the Blue Heron Course. Visit http://wwww.fordscolony.com to take a virtual tour of each course.
Home buyers interested in living at Ford's Colony will find lots available for home building sites, newly custom built homes, and resells of custom built homes.
Greensprings Plantation
At Greensprings Plantation, golfers come from near and far to play 18 holes on the Williamsburg National Golf Course designed by Jim Lipe of Jack Nicklaus Design Associates.
Lots are available for home building sites, newly custom built homes and resells of custom built homes.
Governor's Land
Governor's Land is known for its high dollar elaborate homes and quiet seclusion on the James River. Two Rivers golf course was designed by the three-time golf architect of the year Tom Fazio. Admission to this course is only granted to members of the Two Rivers Country Club. This 18 hole course runs along the James River, which provides a scenic backdrop for a game. The design takes advantage of the natural contours of the river, marshlands, ravines, and woodlands.
Residents of Governor's Land enjoy full use of a marina, and life in the most exclusive, high end community in Williamsburg.
Home buyers may purchase lots to build new homes, newly custom built homes, or resells of custom built homes.
For the golfing enthusiast, an opportunity to live so close to the game is paramount. In Williamsburg Virginia, the golf capital of the East Coast, golf communities abound. Call me at 757-288-4685 or e-mail at voncannonrealestate@cox.net. I am a REALTOR who is in the know about these communities. I'll be happy to help you locate the home that fits your needs and lands you as close to the game of golf as you dream of being. Visit VonCannonRealEstate.com to view listings for Golf Communities in Williamsburg, VA.
Showing posts with label real estate agent williamsburg. Show all posts
Showing posts with label real estate agent williamsburg. Show all posts
Monday, February 28, 2011
Wednesday, February 2, 2011
Banking Backlogs and Inconsistencies Plague the Mortgage System
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
As a REALTOR in Williamsburg, VA, I have seen many of inconsistencies with mortgage companies during a down market. Frankly, this frustrates buyers and sellers, me, my staff and colleagues.
I have mortgage company incompetencies, slowdowns and backlogs to share. I have collected some stories from other agents in my RE/Max Capital office in Williamsburg, too. These snafus in the mortgage approval system impact buyers and sellers in a negative way.
Short Sales Frustrations
It is common for a seller to short sale a property, and to have the lender(s) make the seller wait six months for approval - and then deny it! More often than not this crucial decision leaves the seller in financial ruins. The sale of the home is never closed, and the property now exists as bank 'inventory' and may not even hit the real estate market for a year or two. Wasting time on short sales leaves homebuyers and home sellers hung-up in financial limbo, and real estate agents without a closed deal. This cannot be good for the economy.
FHA Owned Properties: HomeSteps and HomePath
The FHA is a government agency, backed by tax dollars. If a buyer happens to put an offer on an FHA owned property, they have to use the recommended program. The federal government, in its infinite wisdom, has instituted the HomeSteps program through Freddie Mac and HomePath through Fannie Mae as public loan programs for the home buyer to help assist in the process of closing deals on FHA owned properties. Private lenders work through the program while adhering to government guidelines.
Though the HomePath and HomeStep Programs are enticing for what they offer, the process is slow and unwieldy. Some real estate agents have found the formula applied to each loan approval is not always the same. One agent in my office had a buyer turned down because HomePath indicated they did not have enough income. When the agent confronted the loan officer, she wanted to know why the 10-month income verification was not applied, instead of 12-month verification. She said her clients would qualify with a 10-month formula, and the loan officer agreed it was allowed. Her complaint is that formulas are not being applied consistently. Even those with good credit and stable work histories are finding it hard to close on HomePath loans.
HomePath Lending Program
Fannie Mae's HomePath program offers a traditional mortgage with 3% down, and no appraisal or premium mortgage insurance (PMI) is required. In addition, Fannie Mae offers another 3% down loan that includes home purchase and light to moderate renovations on primary or second homes or investment properties. A separate loan funds manufactured homes with the same 3% down payment.
HomeSteps Lending Program
The Freddie Mac Loan Program, HomeSteps, is stricter. The HomeSetps website recommends a 5% down payment with the possibility of qualifying for special programs offering down payment assistance. An appraisal is required on HomeSteps property purchases. Only certain homes will qualify for this program. A public review on the HomeSteps loan program is just as discouraging as HomePath. According to one buyer who complained publicly on CityData.com, the lender was Wells Fargo and the buyers made an initial offer on a Homesteps property, then made a lower offer once it was determined the house had 'illegal problems.' She inquires, "Is it normal to wait three weeks for a reply?"
Often buyers become frustrated with these slow moving property deals and move on. More often then not, the sale never closes.
Bank of America Backlog on Foreclosure Contract & Loan Approval
The Bank of America foreclosure department also drags its feet on closing real estate sales. I had a buyer ready to close on a Bank of America owned foreclosure and it took them two months to produce a contract. My buyer had an 800 credit score, but it took so long to approve his application, he became frustrated and pulled money out of another investment to pay cash for the property. I was lucky he had assets and was not totally reliant upon bank financing.
Bank of America Loan to Income Ratio Askew?
Another client I had was prepared to close on a property with Bank of America financing and he had a 780 credit score. The loan officer waited until one week before closing to inform him he did not qualify because his debt to income ratio was too high. When we considered lending alternatives, five other banks approved his loan, and even the USAA approved it. Why was Bank of America's loan to income ratio different than the rest?
The backlog in application requests, slow customer service, and inconsistencies with loan approvals are all reasons for concern about the mortgage lending industry today. Everyone involved in closing real estate deals becomes frustrated: real estate agents, buyers, sellers, lawyers and contractors. Even the federal government has become suspicious of Bank of America's (and other mortgage lenders) incomplete foreclosure paperwork and processes.
Though the federal government has been investigating some issues, lender inconsistencies and slow or no customer service are rampant in this real estate market. Buyers need to build extra time into their home sales process and agents need to exercise patience and attention to details for property deals to close.
For more information about purchasing bank owned properties, residential or commercial properties, or listing properties for sale, visit http://www.voncannonrealestate.com.
As a REALTOR in Williamsburg, VA, I have seen many of inconsistencies with mortgage companies during a down market. Frankly, this frustrates buyers and sellers, me, my staff and colleagues.
I have mortgage company incompetencies, slowdowns and backlogs to share. I have collected some stories from other agents in my RE/Max Capital office in Williamsburg, too. These snafus in the mortgage approval system impact buyers and sellers in a negative way.
Short Sales Frustrations
It is common for a seller to short sale a property, and to have the lender(s) make the seller wait six months for approval - and then deny it! More often than not this crucial decision leaves the seller in financial ruins. The sale of the home is never closed, and the property now exists as bank 'inventory' and may not even hit the real estate market for a year or two. Wasting time on short sales leaves homebuyers and home sellers hung-up in financial limbo, and real estate agents without a closed deal. This cannot be good for the economy.
FHA Owned Properties: HomeSteps and HomePath
The FHA is a government agency, backed by tax dollars. If a buyer happens to put an offer on an FHA owned property, they have to use the recommended program. The federal government, in its infinite wisdom, has instituted the HomeSteps program through Freddie Mac and HomePath through Fannie Mae as public loan programs for the home buyer to help assist in the process of closing deals on FHA owned properties. Private lenders work through the program while adhering to government guidelines.
Though the HomePath and HomeStep Programs are enticing for what they offer, the process is slow and unwieldy. Some real estate agents have found the formula applied to each loan approval is not always the same. One agent in my office had a buyer turned down because HomePath indicated they did not have enough income. When the agent confronted the loan officer, she wanted to know why the 10-month income verification was not applied, instead of 12-month verification. She said her clients would qualify with a 10-month formula, and the loan officer agreed it was allowed. Her complaint is that formulas are not being applied consistently. Even those with good credit and stable work histories are finding it hard to close on HomePath loans.
HomePath Lending Program
Fannie Mae's HomePath program offers a traditional mortgage with 3% down, and no appraisal or premium mortgage insurance (PMI) is required. In addition, Fannie Mae offers another 3% down loan that includes home purchase and light to moderate renovations on primary or second homes or investment properties. A separate loan funds manufactured homes with the same 3% down payment.
HomeSteps Lending Program
The Freddie Mac Loan Program, HomeSteps, is stricter. The HomeSetps website recommends a 5% down payment with the possibility of qualifying for special programs offering down payment assistance. An appraisal is required on HomeSteps property purchases. Only certain homes will qualify for this program. A public review on the HomeSteps loan program is just as discouraging as HomePath. According to one buyer who complained publicly on CityData.com, the lender was Wells Fargo and the buyers made an initial offer on a Homesteps property, then made a lower offer once it was determined the house had 'illegal problems.' She inquires, "Is it normal to wait three weeks for a reply?"
Often buyers become frustrated with these slow moving property deals and move on. More often then not, the sale never closes.
Bank of America Backlog on Foreclosure Contract & Loan Approval
The Bank of America foreclosure department also drags its feet on closing real estate sales. I had a buyer ready to close on a Bank of America owned foreclosure and it took them two months to produce a contract. My buyer had an 800 credit score, but it took so long to approve his application, he became frustrated and pulled money out of another investment to pay cash for the property. I was lucky he had assets and was not totally reliant upon bank financing.
Bank of America Loan to Income Ratio Askew?
Another client I had was prepared to close on a property with Bank of America financing and he had a 780 credit score. The loan officer waited until one week before closing to inform him he did not qualify because his debt to income ratio was too high. When we considered lending alternatives, five other banks approved his loan, and even the USAA approved it. Why was Bank of America's loan to income ratio different than the rest?
The backlog in application requests, slow customer service, and inconsistencies with loan approvals are all reasons for concern about the mortgage lending industry today. Everyone involved in closing real estate deals becomes frustrated: real estate agents, buyers, sellers, lawyers and contractors. Even the federal government has become suspicious of Bank of America's (and other mortgage lenders) incomplete foreclosure paperwork and processes.
Though the federal government has been investigating some issues, lender inconsistencies and slow or no customer service are rampant in this real estate market. Buyers need to build extra time into their home sales process and agents need to exercise patience and attention to details for property deals to close.
For more information about purchasing bank owned properties, residential or commercial properties, or listing properties for sale, visit http://www.voncannonrealestate.com.
Thursday, December 9, 2010
10 Tips on Investing in Distressed or Foreclosed Properties
1. Search on the world wide web for distressed or foreclosed properties as a starting point. Use a professional REALTOR to identify great foreclosure deals for you. You may be successful at searching the web on your own, but keep in mind some of the information is outdated, some may be incorrect, and some of the available properties are not even listed. A REALTOR subscribes to updated MLS listings and can offer you the most current information available.
2. If you search yourself for distressed properties and purchase from the selling agent, you are paying a commission to someone with a vested interest. Obtain objectivity in the sale by working with your own REALTOR. You won't pay any more. Technically, everyone works for the seller, since they pay the commission.
3. With distressed or foreclosed properties, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.
4. It takes 1-3 weeks to qualify a loan. If you are approved for a loan, make sure you are qualified by your lender as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, the REALTOR will then submit an offer. When the offer is accepted by both seller and buyer, the REALTOR will submit the ratified contract to the lender and closing agent. These steps will begin the process of a successful real estate transaction.
5. When purchasing a distressed property, always obtain 3-4 bids from different contractors to estimate costs of repairs, if you do not plan on doing the work yourself.
6. If you are going to sell the property after rehabilitating it, ask your REALTOR to research similar properties in the neighborhood to ascertain market price.
7. Keep copious records for tax deductions. Any expenses related to the purchase, repair, or maintenance of the property may qualify. Meticulous records are key to a profitable real estate venture.
8. The title you receive after purchasing a distressed or foreclosed property is a special warranty deed rather than a general warranty deed. Some buyers are alarmed by this, but there is no need to worry. The purchase of title insurance protects the buyer. Each lender purchases insurance to protect the loan as well. Titling insurance should be obtained by the property purchaser. It is always offered by the closing agent. Consider using an attorney instead of a titling company as your closing agent. An attorney is only $50-75 more than a titling company. A real estate attorney can remedy any situation that may arise. Therefore, they are more efficient representatives on time sensitive foreclosure properties.
9. Foreclosure properties require special addendums and special contracts by the individual bank and HUD office (where applicable).
10. Foreclosure properties are potentially the most profitable, but require the most attention to detail. A REALTOR experienced in foreclosure deals is highly desirable because the paperwork must be in order to submit a proper bid, and timeliness is critical.
Visit VonCAnnnonRealEstate.com for more information on foreclosures for sale in VA.
2. If you search yourself for distressed properties and purchase from the selling agent, you are paying a commission to someone with a vested interest. Obtain objectivity in the sale by working with your own REALTOR. You won't pay any more. Technically, everyone works for the seller, since they pay the commission.
3. With distressed or foreclosed properties, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.
4. It takes 1-3 weeks to qualify a loan. If you are approved for a loan, make sure you are qualified by your lender as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, the REALTOR will then submit an offer. When the offer is accepted by both seller and buyer, the REALTOR will submit the ratified contract to the lender and closing agent. These steps will begin the process of a successful real estate transaction.
5. When purchasing a distressed property, always obtain 3-4 bids from different contractors to estimate costs of repairs, if you do not plan on doing the work yourself.
6. If you are going to sell the property after rehabilitating it, ask your REALTOR to research similar properties in the neighborhood to ascertain market price.
7. Keep copious records for tax deductions. Any expenses related to the purchase, repair, or maintenance of the property may qualify. Meticulous records are key to a profitable real estate venture.
8. The title you receive after purchasing a distressed or foreclosed property is a special warranty deed rather than a general warranty deed. Some buyers are alarmed by this, but there is no need to worry. The purchase of title insurance protects the buyer. Each lender purchases insurance to protect the loan as well. Titling insurance should be obtained by the property purchaser. It is always offered by the closing agent. Consider using an attorney instead of a titling company as your closing agent. An attorney is only $50-75 more than a titling company. A real estate attorney can remedy any situation that may arise. Therefore, they are more efficient representatives on time sensitive foreclosure properties.
9. Foreclosure properties require special addendums and special contracts by the individual bank and HUD office (where applicable).
10. Foreclosure properties are potentially the most profitable, but require the most attention to detail. A REALTOR experienced in foreclosure deals is highly desirable because the paperwork must be in order to submit a proper bid, and timeliness is critical.
Visit VonCAnnnonRealEstate.com for more information on foreclosures for sale in VA.
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