Farms in Madison County Virginia

This was my grandfather's dairy farm where my father was born
This was taken from Lillard's Ford Rd in Madison

All of us often turn to professionals when we need critical services performed or important guidance offered. You may need to choose a real estate appraiser when selling or purchasing property.

Your lender uses an appraisal report to confirm a property's value before approving financing. In that case, the lender usually chooses the appraiser. Sometimes, either the buyer or the seller will order an appraisal in order to secure an independent opinion of said value. If you hire an appraiser, be sure he or she is licensed and certified.

Once you've ordered an appraisal, there are ways to check its accuracy. If your appraisal figure is much lower or higher than the price of similar homes recently sold in your area, you may have reason to seek a second opinion.
Your appraiser will provide a detailed report of the information that went into the appraisal.

A Realtor can provide you with a Competitive Market Analysis (CMA). This market analysis is not as precise or detailed as an actual appraisal, but can add extra support for the pricing. Call me for more information on the tools that can be used to determine a property’s value .

MadisonVaRealEstate.com

Banks that own foreclosed properties are anxious to get them off their hands. After all, their business is lending, not property management. Banks work almost exclusively with real estate professionals to list and market the property for them.

If you are considering purchasing an “REO,” or Real Estate Owned property, your real estate agent can do some research for you and offer advice. They can perform a search of bank owned properties and do a price comparison with other properties on the market. Banks don’t usually have the properties priced much lower than they are willing to accept, but a property that has been on the market for 90 days or longer may be more open to a price negotiation.

There are also potential hidden costs associated with foreclosed properties.
Owners who vacate a foreclosed home may have left plenty behind in need of repair. Be sure to perform a thorough inspection - with electrical and gas systems operating - and ask your real estate representative to factor repair costs into your offer.

Call me for more information on REO properties in this area.

Like today's stock market provides excellent opportunities for investors in it "for the long haul," today's real estate climate appeals to buyers with long-term expectations. The more buyers take advantage of current conditions, the more prices will eventually begin rising again.

Areas where buyers are entering the fray again are well poised for recovery, and it's possible that the prices are finally bottoming out. The recently enacted housing stimulus bill is helping too, as over two million first-time buyers are predicted to take advantage of the new tax credit.

In 2009, those markets with affordable housing combined with healthy local economies will continue to see growth. We won’t know when the market has hit bottom until we look back as prices are rising. The signs of recovery will include a reduced number of houses for sale, a shorter number of days that a property is on the market before going under contract, and a reduction in the difference between the list price and the actual sales price.

Call me for more information on our local market statistics.