DROdio "Q&A Blog"
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About discount points & origination fees
Discount points and origination fees can often be confusing to buyers. Here's how they work.
The first thing you should know is that we consider discount points to be "good" points that benefit the buyer, while origination fees are "bad" points that benefit the lender. The difference is that discount points will get you [...] -
Investors United School of Real Estate
Investors United is a great real estate school for investors. It's located in Baltimore, MD. Here are a few of their instructional videos, to give you a flavor of what they're all about. If you're interested in registering for their investor's school, call them at 410.426.6000. They have a free introductory [...]
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Where can I find school boundary maps?
Here are Fairfax County's school boundary maps and a reverse look-up by address for school boundaries in Fairfax.
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I heard there’s more development coming to Potomac Yard in Alexandria. Is that true?
Yes here are details on what's coming:
Potomac Yard Illustration
Potomac Yard Site PlanPotomac Yard Staff Report
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How we kept a buyer from making a BIG mistake
On our quest to show you that buyer agents really do make a big difference in your home buying process (even for new construction properties, when you may think you don't you need any representation), we have a perfect example to share with you.
We had a buyer who was very (very) interested in putting an [...] -
What’s the difference between a condo & a co-op?
If you check a listing carefully, you might notice that it is one of three property types:
Fee Simple
Condo
Co-opFee Simple means you get a completely undivided interest in the real estate property, such as a home or a town home.Condo means you own a small piece of a bigger structure - the typical thing you think [...]
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What is the HUD-1? And how do I read it?
The HUD-1 is the document used at settlement to account for all the monies in a transaction. It's a federally mandated form, and it also happens to be a very hard document to read, so we're going to help you learn to read it.
The HUD-1 is usually a two-page form (often front & back). [...] -
Should I get a termite inspection if my lender is not requiring one?
Yes you probably should. They only cost about $30 to $50. The inspector will check the grounds of the property near the house, and may do some limited checking inside the house as well. He is looking for any signs of termites, like tunnels, etc.Most properties in VA don't have termite issues, although there can [...]
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What is a home warranty? How does it work?
Home warranties offered by 3rd party providers cover certain items in the home for a period of 1 year after the date of sale.Typical items covered include appliances & HVAC systems. You can also get extended coverage for items like pools & spas and other parts of the house.A policy typically costs around $400 and [...]
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YouTube Video: How to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it)
Learn how to leverage a loan type we really like called the "30 year fixed with 10 years interest only" to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it) .
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Does the condo insurance cover the interior of your condo?
A client asked us:
Does the condo insurance cover the interior of your condo? -- this one I will probably be able to figure out from the condo docs, but if you knew off the top of your head that would be great.
Our reply:
The master insurance, which is part of the condo fee, is similar to [...] -
What does “DOMM” and “DOMP” mean on the MLS listing?
In a listing, you may sometimes see the acronyms "DOMM" and "DOMP".� Here's what they mean:DOMM means "Days on Market, Multiple-List" and it's the number of days on the market for that current listing.DOMP means "Days on Market, Property" and it refers to the entire time the property has been active.So, for example, let's [...]
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Do you have any school district maps?
Yes we sure do:Here is the Arlington County elementary school locations & boundaries map
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What constitutes a “bedroom”?
Most Realtors think that a bedroom must have three things to be officially called a bedroom:
A door
A window
A closetBecause that's what's taught to us from the day we get our licenses. That is not always the case, however. For example, in Fairfax County, a room is constituted of any space that:
Has "emergency egress"
Has a smoke [...] -
Do some buyer’s agents get compensated in ways I don’t know about?
Yes, absolutely.Here is an example of a listing that states that the buyer's agent (NOT the buyer himself) will get a $5,000 bonus if they bring a "full price offer" (click images to enlarge):(Note - the image above references the "selling agent" which can be very confusing because you probably think that means the "seller's [...]
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Our “Pick 2″ rule: What is most important to you as a home buyer?
We have a "pick 2" rule that, just like the laws of physics, we've found to be true in all cases when you buy a home. Here's how it works: When you buy a house, you have to choose between three aspects of buying the house:
The price
The location
The conditionAnd you can only pick two of [...]
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What are the zip codes for the City of Falls Church?
The City of Falls Church website lists its zip codes as follows:
The primary Falls Church city zip code is 22046, with a few properties in 22042 and 22043. 22040 is used for post office boxes. Some other tips--most residential addresses are three digits; addresses indicated on Route 7, Leesburg Pike, Arlington Boulevard, Route 50, Lee [...] -
Do I need to get a radon test?
We sometimes get questions about doing radon tests.Like any kind of contingency, it's possible to have a radon contingency in the contract.Few home buyers do this, although in the 1980's, Radon was a hot topic and frequently tested for.The type of structure can have an effect on the amount of Radon in the house. For [...]
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I keep hearing that I’ll pay less taxes if I own vs. rent. Is this real? How does it work?
This is an important FAQ! Most first-time home buyers don't understand how powerful the tax deductions can be from owning vs. renting. We'll try to clarify that here.
The very first thing you should do is read this article that explains the differences between buying & renting.
Now that you have the basics, here's the important thing [...] -
Should I pay principal and interest, or just interest?
We have many, many clients who are thoroughly confused by all the different loan options out there.
This FAQ is our attempt to help you figure out what's important to you. Once you figure that out, picking the right loan will be easy.
The first question you should ask yourself is this: "What is my appetite for [...] -
Construction tip: Tearing down all but one wall
Here's a construction & permitting tip if you're planning on tearing down a home and building a new one in its place: In many jurisdictions, if you keep one wall, the project is considered a "renovation" instead of an entirely new construction, and therefore falls under different permitting guidelines - often much simpler & easier [...]
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Will I lower my credit score by shopping around for a loan?
This is a common question from buyers, and we wish we had a simple "yes" or "no", but we don't and neither does anyone else, because the credit bureaus don't reveal the exact methods they use to determine credit scores.
We do, however, have answer that is almost as good as a confirmed "yes" or "no", [...] -
Can I send you lists of homes I’d like to see?
Absolutely, we love it when clients do this. The best way to get us a list is to give us the MLS numbers in comma delimited format, like this:
AX1736234, AX1487203, FX1736523, FX1739283, LO1783904
If you don't know the MLS numbers, feel free to send us the addresses and we'll look the MLS numbers up.
We have several [...] -
What is it like to start working with you?
Wondering what your interaction will be with us once you retain our services? Below is an email one of our agents sent a new client; the email is pretty typical of our approach, which is to enable you with access to as much information as you want before we meet with you.
Jane, John,
I'll see you [...] -
What does the mortgage being “paid in arrears” mean?
Mortgage payments are made in arrears. Here's what that means:
Let's say that Jane Doe buys a house and she settles on June 15th. Her first mortgage payment won't be until August 1st. Here's why:
Jane will be making a mortgage payment on August 1st to cover the time she was in the house from July 1st [...] -
Why should I drive by properties on my own before you show them to me?
We really, really encourage our buyer clients to drive by the properties they want to see on their own before we show them. While it may seem counter-intuitive at first, we've found it's absolutely the best way to buy a home. Here's why:
We've found that 75% of the time, you can exclude or include a [...]
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All about VA, DC & MD Homebuyer Credits & Grants
Here is a good summary comparing & contrasting some of the home buying assistance programs in MD, DC and VA.
Virginia Programs
Virginia has a statewide program from the "Virginia Housing Development Authority". You can read about some of the VHDA loan types here. You may also be interested in the HOMEownership Down Payment Assistance Program
Here are [...] -
What happens if something breaks after I buy the house?
A client asked us:
I have a couple of questions, there are some little things about the house and we would like to know what we can do... The refrigerator smells really really bad. What can we do about this?
Our reply:
Since the property has already been sold, the sellers are not responsible for any repairs, but [...] -
What if the sellers want to do some of the home inspection work themselves?
When we do a home & walkthrough inspection, 99% of the time, the buyer & sellers agree to have a professional fix the agreed-upon items. But once in a while, a seller will want to fix items on his own. While we don't recommend this, below is language we put into one agreement when the [...]
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What is the ‘final walkthrough’ inspection?
A client wrote:
is it ok with moving on the same day? I think you mentioned a final "walkthrough" inspection. Do we check the house before or after the closing?
Our response:
Settlement is at 1pm. We'll need to schedule a final walkthrough before settlement - how does 12pm noon sound? It should only take 30 mins.
Yes you [...] -
7 questions all home buyers should ask a Realtor
Below is a GREAT email we got from a prospective buyer considering using us as her Realtor. Below is her email with our responses - every buyer should be asking these questions!
1- Are you a full-time professional Realtor? How long have you been in the business?
RE #1. I am a full-time Broker (a Broker is [...] -
Should I just buy raw land and build myself?
Buying raw land is something that only a very dedicated buyer should attempt. Here's why:
1) Zoning: You have to find out if the property is zoned for the type of structure you want to put on the land. If it isn't, the process can be difficult to get the land re-zoned
2) Contractors: You'll have to [...] -
Alexandria city zoning map
Here is a zoning map of Alexandria city we recently came across: DROdio - Alexandria City Zoning Map
And also a picture here:Share This
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How hard is it to do a DC condo conversion myself?
Here is an email from a client asking about doing a condo conversion:
Hi,
Per our conversation and your e-mail, yes we are interested in doing a condo conversion with 1234 Main Street for 3-4 units. Due to the fact that the process may be lengthy we will probably currently, look to purchase a distressed property, fix [...] -
A sample letter from a condo conversion company
Here's a sample letter from a condo conversion company; this buyer was purchasing a low-income property in Washington, DC. You can also learn more about low income credits in DC.
---------- Forwarded message ----------
From: John Doe
Date: Jul 24, 2007 11:35 AM
Subject: Update 07/27/07
To: Jane Doe
Greetings Jane!
Here is the latest news regarding the purchase of your new [...] -
YouTube Video: How to use our Cash Flow Analysis tool
DROdio.com/investor is a site that helps investors evaluate rental properties, and on that site is a cash flow analysis tool. You can visit www.DROdio.com/investor to use the tool.
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YouTube Video: How to use BirdsEyeSearch.com
BirdsEyeSearch.com is a site that helps home buyers find homes by combining Google Maps with the MLS. After you watch the video, you can visit BirdsEyeSearch.com to use the site.
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YouTube Video: How to use TheBestHomeSearchEver.com
TheBestHomeSearchEver.com is a site that helps home buyers find homes. After you watch the video, you can visit TheBestHomeSearchEver.com to use the site.
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YouTube Video: How to make a successful lowball offer
Want to talk to us about your lowball offer strategy? Let's meet for coffee to chat, or feel free to contact us at right and we'll respond quickly.
Making a lowball offer often has a negative connotation, but the reality is that many sellers are happy to look at any and all offers in today's [...]
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YouTube Video: How Realtor Commissions are *Really* Paid
Go "Behind the Curtain" and learn how Realtor Commissions are paid, what that means for you, and what you can do to leverage the knowledge.
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YouTube Video: Buy a House like a REALTOR would
Learn the tricks to buying a home like a professional Realtor would.
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YouTube Video: How to Buy Auction & Foreclosure Homes
What are real estate auctions like? What's the difference between courthouse auctions & REO auctions? What is a good foreclosure buying strategy? We have answers! The first thing you should do is visit our blog describing process. Then, watch the videos below, on courthouse auctions & REO auctions:
You need [...]
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What does “searching the listing notes” mean? Why would I want to do that?
One of the most powerful features of www.TheBestHomeSearchEver.com is its ability to search the listing notes. Here's what that means, and why you'd want to use it.
Did you know? You can search the MLS for just foreclosure properties by checking the "Search only Foreclosure" checkbox on www.TheBestHomeSearchEver.com when you're searching for homes.
First, a [...] -
What is the “Buyer Representation” form? How does it work? Do I have to sign it?
Here are our buyer representation forms. They make us your Realtor, which allows us to represent your interests. You might not even be sure why you need a Realtor. Hopefully reading through all these FAQs will show you the types of pitfalls that can confront you in the home buying process.
Here's a little known fact: [...] -
Why is your company policy not to do “Dual Agency”? What is it anyway?
Virginia, DC & MD state laws surprisingly let Realtors act as "dual agents" when disclosed to all parties (also known as "dual representation").
We feel that dual agency isn't a good idea. In fact, we'd go so far as to say that it's a disservice to our clients, so we don't do it. [...] -
Can I have two kitchens in my home in Fairfax County? Is it a zoning violation?
A buyer of ours asked:
Can I have two kitchens in my home in Fairfax County? Is it a zoning violation?
The short answer: maybe.
The long answer: You can have two kitchens as long as there is only one burner in the home. Burners can be defined as stoves or cook tops. So if you have an [...] -
I’m an investor. Can you help me?
Absolutely. We are investors too, and we believe in the integrity & strength of the D.C. Metro real estate environment. We'll be happy to help you through this process.
Here are a few tools, tips & tricks we think you'll like:Watch our video tutorials on:
How to buy foreclosure homes (and we also have an FAQ on [...]
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How does your Electronic Signature process work?
We love using technology to make the buying process easier on you.
One of the ways we do this is by enabling you to have us stamp your signatures on contracts.
The Electronic Signature Authorization Form allows us to stamp your signatures on contracts, and then send them to you to approve via email. It saves you [...] -
How can I get the MLS numbers to put in a spreadsheet?
If you'd like to be able to manipulate our data yourself, we don't mind. In fact, in the spirit of empowering you with data, we make it easy for you to get the MLS numbers of properties you're interested in. Here's how:
1) Do a search on www.TheBestHomeSearchEver.com
2) When you get a list of results, hit [...] -
How can I find out how much a property is worth?
There are several ways to find out how much a property is worth.
The "in-depth" way to do it is to do an analisys of comparable sales. We have a special, proprietary spreadsheet model that allows us to evaluate the last 100+ sales in an area based on the price per square foot (PSF), tax [...] -
How can I find a condo close to the Metro?
A client of ours wrote:
"Do you think I could get a condo on the orange line for under $300k? Areas: Roslyn, Courthouse, Clarendon, Va Sq, Ballston. Looking for a 1BR. Must be less than 10 or so years old. Mid or high rise. Decent community & amenities. Doesn't need to be brand spanking [...] -
Searching DC is tough - how do I search by neighborhood?
Searching properties in Washington, D.C. can be hard because there aren't "cities" like in regular states, but instead there are "neighborhoods" (like DuPont or Capitol Hill, etc.). Since the Realtor MLS system isn't set up to search by "neighborhood", we've compiled a list of zip codes that correspond to certain neighborhoods.
One thing you [...] -
Your rights as a buyer: Our “Buyer’s Bill of Rights” (Why don’t all Realtors have this?!)
Interviewing Realtors? Ask other Realtors if they can sign this Bill of Rights
(Our guess is that they won't be able to)
Dear Buyer,
We believe the following should be obvious client rights. Unfortunately, most real estate firms won't be able to commit to these simple items:No ABA's (Affiliated Business Arrangements): Your Realtor should have your [...]
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How does the home inspection work?
The home inspection process can be very confusing, and rightly so. There are many components to it, so here's our overview to help you know what to expect.
The first & main thing to remember about a home inspection is that it's known as a "contingency", meaning you have to get it done within [...] -
What happens at Closing / Settlement?
Closing (also referred to as "settlement") is a mysterious thing for most buyers & sellers, especially if they've never been through the process before. Here's a little primer:
The settlement company is an independent 3rd party that coordinates everything for settlement. They are the "quarterback" in the process. They do many things behind the scenes, including [...] -
When is the best time of the month to close?
The answer to that is a little more involved than on might think. The short answer is close towards the end of the month but not during the very last couple of days and avoid Monday and Friday settlements. The long answer is as follows:
As you might already know, mortgage is paid in arrears, meaning [...] -
Can I buy a foreclosure / short-sale / REO home?
The foreclosure market is starting to heat up in a big way, and more foreclosures are on the way. Being a smart foreclosure shopper, or at least including foreclosures in your search, is a smart move, but you must approach these homes carefully. Here's a brief primer on the topic. You may also want to [...]
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Buying A Home
All About Home Financing & Loans (51 Q&A blogs)
Wondering how the lending process works? Wondering if you should pay any 'points'? Jump in for the answers.
All the questions you were afraid to ask (108 Q&A blogs)
If you're a first-time home buyer, indulge yourself with answers to all the questions you were afraid to ask!
Client Testimonials (18 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to buy a home!
Contract Questions (21 Q&A blogs)
Contracts can be scary things! But after you read through this section, you should be much more comfortable with the process, and we're always just a phone call away!
Learn About the Area (31 Q&A blogs)
Curious to know about certain areas? Find your answers here. This is especially useful if you are buying from out of town.
Negotiation Techniques (13 Q&A blogs)
One of the things that makes DROdio agents so special is our strong emphasis on negotiation. Many Realtors (especially the "weekend warriors") aren't too good at negotiating you a stellar deal. We'll reveal some of our secrets here. If you're a Realtor from competing company and you're reading this section, you should be ashamed of yourself! Then again, maybe you really need the help, so read on...
REO Foreclosure Listing Q&A (4 Q&A blogs)
Our firm sells REO foreclosure properties from multiple banks. This section is dedicated to common questions & answers from both buyers and REALTORS representing buyers in these transactions.
Tax Questions (14 Q&A blogs)
Aaaaahhhhh, taxes. Our favorite. Here are tips & tricks to minimize your tax burden. Note: we are not CPA's, so these are just general observations from our experience. But *please* speak to your CPA to discuss your specific tax situation.
The Buying Process (66 Q&A blogs)
How exactly does the buying process work? What should you expect? Whether you're a first time home buyer or you've done it several times, you'll find plenty of gems of information squirreled away in this section.
Selling A Home
All the questions you were afraid to ask (23 Q&A blogs)
If this is the first time you've considered selling your home, you probably have lots of questions that you're afraid to ask. Fear not, your answers are here!
Client Testimonials (1 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to sell a home!
Contract Questions (3 Q&A blogs)
This time we'll address contract questions from the seller's point of view. What makes a contract strong vs. weak? How do contingencies work, and which ones are dangerous? These questions and many more are answered in here, so come take a look!
The Selling Process (18 Q&A blogs)
When should you list your home? How do you price it right? How do you get maximum exposure? Find answers to life's questions here... well, at least when it comes to selling your home!
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