Big thanks to Tim Kelsey in Charlottesville for dropping some title insurance knowledge and advice. I tell my clients that title insurance may seem to be worthless, but … if you end up having a claim against your property, the cost of title insurance will be far outweighed by the cost of hiring an attorney.
Who Pays the Buyer Broker Fee?
This is a far-reaching and informative conversation/debate at Rain City Guide, which is worth the thirty minute read if you’re interested in this sort of thing . (And you should be interested if you’re in or will be in the market to buy or sell a house in Charlottesville or if you’re a Realtor … times continue to change as people continue to question and challenge the archaic way by which the real estate world operates) And here is the crux of the issue: If a broker just opens the door for a buyer, has that broker become the “procuring cause,†thus entitling that broker to the (commission)? … As the real estate industry matures in the modern, internet-based world, hopefully it will move towards a more rational way of compensating buyer’s brokers, one that compensates them for services peformed and value added, not just for “procuring†a buyer. I’ve said time and again – my business, and hopefully the better parts of the real estate industry, will continue to shift towards representation of clients’ and their interests and away from selling. (come back on 9 September to read a very relevant story about buyer broker fees)
Three Common Questions Homebuyers Ask About Homeowner’s Insurance – Part Three
Many homebuyers make the mistake of thinking that however much they are purchasing a home for, that’s how much insurance they should carry. … If someone buys a home for $250,000 and the replacement cost is $200,000, the insurance company is not going write a check for an extra $50,000 just because it was insured for $250,000. … The appraisal can be used as a source for the replacement cost as many times it separates the rebuilding cost from the value of the land and so forth. … Either way, it’s important to talk with your agent to make sure you understand what the replacement cost is based on and why it’s different from the purchase price.
Friday Chart – Housing Bubble versus Higher Education Bubble
Where are the College Bubble Blogs? Why is the same amount of vitriol not conveyed upon higher education institutions? The Higher Education Bubble: It’s About to Burst
…Found via TaxProf Blog , via Instapundit .
When Buying a Home, Manage your Credit Wisely
But … apparently lenders wont’ have to run a second full credit check before closing on a mortgage : Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing. In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says that applicants will need to come clean about any debts they have incurred since they submitted their mortgage application — or debts they never disclosed on the application. But a formal pre-closing credit report will not be mandatory to confirm creditworthiness. The chances of everyone in the lending pipeline (underwriters) actually getting this memo: slim to none.
Funding and Intent Are Two Different Things
Two clichés come to mind: – where there’s a will, there’s a way – perfection is the enemy of progress People move to the Charlottesville-Albemarle region because we don’t have Northern Virginia traffic and congestion; it’s one of the reasons Charlottesville is one of the 10 most livable college towns . … The transportation section of Albemarle County’s Places29 Master Plan has been slimmed down to include only projects that have a reasonable chance of being constructed within its first five years. … I don’t know whether I’ve ever seen the business community campaigning against growth while the Piedmont Environmental Council and Southern Environmental Law Center are campaigning for growth : Carter Myers, a former member of the Commonwealth Transportation Board who owns several car dealerships on U.S. 29, said grade-separated interchanges would threaten Albemarle County’s bottom line. … But Jeff Werner of the Piedmont Environmental Council said the interchanges would provide a way for motorists to cross U.S. 29 without stopping, a necessary step in alleviating traffic congestion.
YAT – Yet Another Study in Albemarle
From today’s C-Ville : When the Albemarle County Planning Commission unanimously approved the 54-acre rezoning of UVA’s Fontaine Research Park in July, it did so without specifically including the most scrutinized piece of park property: a plot of land reserved for the Sunset/Fontaine Connector.
…“We’re looking forward to the Board of Supervisors meeting on September 8 as a final step,†says Fred Missel, UVA Foundation’s Director of Design and Development, of the park’s rezoning. But while the UVA Foundation is committed to building the connector, a route between Fontaine and Sunset avenues—first recommended in 2004 in a study produced by the city, county and UVA—is yet to be finalized. Now, a new study by the Thomas Jefferson Planning District Commission will examine the UVA Foundation’s preferred path, along Stribling Avenue, as well as other routes that might lower costs to the county.