Tag Archives: informational

End of Summer Home Maintenance Checklist

Ahhh summertime. Cookouts, nature hikes, pool games, outdoor markets, parades, concerts, and home maintenance. If you’ve been filling up your schedule with summertime fun, don’t sweat, there’s still time to make sure your house stays in tip-top shape. Use this simple checklist to round out your summer to-do list and ensure your home is running smoothly year-round.

Appliances

– Service the washer and dryer. Check supply hoses, clean the appliances, remove lint from the dryer and the dryer vents.

– Check water softener. Refill salt if necessary and check for leaks.

– Flush the water heater and ensure it’s in good condition.

– Schedule your furnace tune-up and inspection, and change HVAC air filters.

– Clean the kitchen exhaust fan and filter.

– Clean refrigerator and freezer coils, empty and clean drip trays, and ensure they are in good working order.

– Clean the oven and any other appliances.

Outside

– Look for cracks and openings around the house, foundation, windows, and doors. Seal up any openings with outdoor caulk.

– Check that gutters are in good repair and clean out if necessary.

– Clean outdoor lights and replace any burned-out bulbs.

– Scrub decks or patios, repair and reseal if needed.

– Inspect fences and gates, make any necessary repairs.

Inside

– Inspect all doors, locks, and hinges. Oil hinges, service locks, check weather stripping and threshold plates.

– Inspect windows and screens. Make sure everything is working properly, mend holes in screens, and wash the windows inside and out.

– Check the plumbing. Look around sinks, dishwasher, washing machine, shower, and toilets for signs of water leaks. Look in and around cabinets too. Replace washers in faucets and showerheads if they drip or leak.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “What is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.

Sources: bhg.com, realtor.com, & safewise.com

What to Know Before Buying a Home in an HOA

Most condominiums and townhomes—as well as many detached homes—are located in communities governed by homeowners associations (HOAs). Often managed by a board and/or an independent property management company, HOAs collect fees from residents to provide maintenance and other services for the community. If you are thinking about purchasing a home in an HOA, here are a few important things to know about:

  • The HOA’s monthly fees—and what they cover. On average, HOA fees can range from $150-850 per month and cover a variety of services. For instance, most HOAs handle maintenance and landscaping of common areas, but others may include the upkeep needed for a pool, fitness center, sports courts, or walking trails, in addition to services like security or a concierge. Some HOA fees also cover month-to-month costs such as cable or trash and sewage removal. However, since these fees may constitute a significant portion of your monthly budget, it’s important to understand how much they are and what they cover before making an offer on your new home.
  • The financial health of the HOA. Despite collecting fees, some HOAs may still be underfunded. To get a better idea of the HOA’s financial health, request a copy of the financial records made available to homeowners, and pay particular attention to how often dues are typically increased.
  • The Covenants, Conditions and Restrictions (CC&Rs). Most HOAs impose rules on homeowners, commonly referred to as the CC&Rs. These can touch upon various aspects of living in your home, from the types of pets you can own to the colors you can paint your house to how many vehicles can be parked in your driveway. Researching how restrictive a community’s CC&Rs are before signing on the dotted line can help ensure that you will be happy and comfortable in your new home.

Learn about Hidden Costs of Buying and Owning a Home here.

SOURCE: rismedia.com and nar.realtor

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Easy Spring Cleaning Checklist

The days are getting longer, the weather’s getting warmer, and the flowers are starting to bloom—spring is almost here, which means that it’s time to make your home feel as fresh as the air outside. Whether your living space is in need of a deep cleaning or a more surface-level tidy, spring cleaning is a time-honored ritual that will help get your home into its healthiest and most beautiful condition. However, the process can feel overwhelming, and it can be difficult to know which rooms to tackle first.

Here’s a quick checklist to help guide your spring cleaning this year:

  • Clear away the clutter. The more clutter you have, the more difficult and time-consuming it will be to give your home a thorough cleaning. Therefore, before you break out the cleaning supplies, start by getting rid of papers, possessions, and other items that you no longer want or need.
  • Clean areas that may have been neglected over the winter first. While you’ve probably tidied the inside of your home more recently, outdoor spaces—such as your yard, patio, or the outsides of windows—may be in more urgent need of cleaning.
  • Dust and clean surfaces—starting from the top. Dusting all the surfaces in your home can be a big project, but it’s essential for ensuring healthier, more breathable air inside. Start from the top so you’ll be able to dust, sweep, or vacuum any debris that falls down; use a broom to clear cobwebs from the corners of your ceiling, dust the blades of ceiling fans using a retractable feather duster tool, wash mirrors and windows, and wipe down shelves and other surfaces.
  • Sweep and vacuum. As soon as you’re done dusting, you’ll want to clean up the fallen debris before it starts getting tracked from room to room.
  • Clean appliances. When it comes to spring cleaning, the appliances you use on a day-to-day basis—such as your coffee maker, stove, oven, and washing machine—may get overlooked. Now is the perfect time to give them a thorough cleaning, following manufacturer instructions.

SOURCE: thespruce.com

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.

To see available Lake of the Woods properties, please visit our site.

The Unexpected Costs of Owning a Home

For most people, buying a home is one of the biggest investments they’ll ever make. If you’re planning to purchase a home, your budget likely includes the down payment and monthly mortgage payments—yet many buyers, particularly first-time homeowners, find their budgets stretched by unexpected costs. In fact, according to a survey by ConsumerAffairs, 44% of recent home buyers said they had already spent more than they’d planned, with the average over-budget amount exceeding $10,000.

While record-breaking home prices over the past several months have contributed to this trend, new homeowners often find themselves surprised by unexpected costs, such as the following:

  • Property taxes. Currently, the average property tax rate across the U.S. is 1.1% of a home’s assessed value, but this amount can vary greatly based on location and average home prices.
  • Closing costs. The upfront costs of buying a home include more than just the down payment—at closing, you can expect to pay costs ranging from 2-5% of the home’s value. These may include title insurance, mortgage origination fees, surveys, and more depending on your market and lender.
  • Utilities. For many people moving from an apartment or rented house to a home of their own, the cost of all the utilities they need can be surprising. From the basics like water and electricity to items that you may or may not need depending on your preferences and where you live (such as cable, sewer, and trash collection), utility bills can add hundreds of dollars a month to your home ownership costs.
  • Insurance. In order to take out a mortgage, you’ll need to provide your lender with proof of homeowners insurance, which will cover certain damage to your home and the items within it. This necessary coverage will cost anywhere from several hundred to several thousand dollars per year.

Source: nar.realtor

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Recipe: Chickpea Curry

Ingredients

1 medium serrano pepper, cut into thirds
4 large cloves garlic
1 2-inch piece fresh ginger, peeled and coarsely chopped
1 medium yellow onion, chopped (1-inch)
6 tablespoons canola oil or grapeseed oil
2 teaspoons ground coriander
2 teaspoons ground cumin
½ teaspoon ground turmeric
2 ¼ cups no-salt-added canned diced tomatoes with their juice
¾ teaspoon kosher salt
2 15-ounce cans chickpeas, rinsed
2 teaspoons garam masala
Fresh cilantro for garnish

Directions

Step 1: Pulse serrano, garlic and ginger in a food processor until minced. Scrape down the sides and pulse again. Add onion; pulse until finely chopped, but not watery.
Step 2: Heat oil in a large saucepan over medium-high heat. Add the onion mixture and cook, stirring occasionally, until softened, 3 to 5 minutes. Add coriander, cumin and turmeric and cook, stirring, for 2 minutes.

Step 3: Pulse tomatoes in the food processor until finely chopped. Add to the pan along with salt. Reduce heat to maintain a simmer and cook, stirring occasionally, for 4 minutes. Add chickpeas and garam masala, reduce heat to a gentle simmer, cover and cook, stirring occasionally, for 5 minutes more. Serve topped with cilantro, if desired.

Source: eatingwell.com

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Top 5 Interior Design Trends Expected in 2023

Each new year ushers in a variety of new trends, from fashion to technology to interior design. Whether you’re looking for ways to spruce up your current home before selling it or you’re starting to plan the style of a new home, the upcoming trends forecasted by designers can provide some inspiration.

Here are 5 of the top interior design trends you can expect to be seeing in 2023:

  • Calming colors. When it comes to paint colors, wallpaper, and décor, homeowners are increasingly preferring warm, neutral hues that evoke a sense of calm and coziness. Colors commonly found in nature—such as muted browns and greens—are always a safe choice, but shades that are deeper yet still earthy (like mustard yellows, the popular accent color Ultramarine blue, or Pantone’s color of the year for 2023, Viva Magenta) are finding their place as well.
  • Statement rugs. To complement a more neutral color palette, designers are seeing homeowners opt for statement rugs that are both functional and decorative. With bold colors and patterns, these rugs can essentially serve as “floor art.”
  • Gold accents. Reflecting the theme of warm over cool tones, gold and brassy fixtures—including lighting, faucets, and cabinet or drawer pulls—will continue to be popular, while brushed nickel has fallen out of favor.
  • High-gloss wood finishes. From floors to cabinets, matte wood finishes are being swapped out for high gloss, which brings a polished, eye-catching look to any room.
  • Biophilic design. While this trend is not exactly new, designers expect to continue seeing homeowners seek ways to bring elements of the natural world into their homes.

This often manifests in the use of natural, organic materials, such as bamboo, cork, and wood, as well as decorative objects with freeform shapes. Incorporating these items can add warmth and texture to any interior design.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Sources: goodhousekeeping.com and housebeautiful.com

Growing Your Passive Income Stream with Rental Properties 

A cat laying on a couch

Description automatically generated with low confidence

Here is a question I want you to ponder.

What is the shortest and most reliable route that you or anyone can use to change their financial destiny and arrive at a place of financial freedom? Depending on whom you ask, you will get answers like work hard and smart, have a great business idea, invent something, or save and invest.

While all these are valid answers, they may not always bring you to a life that is free of financial worries. Each method’s ability to reach the desired goal depends on how well it meets that one requirement which is the most important factor when trying to achieve a life of financial freedom.

What is the critical factor that serves as the basic foundation for wealth-building?

You can separate how much money you earn from how much effort you invest in the thing that makes you that money. When your income-earning ability is no longer limited to your physical labor, you free yourself from the constraints of your limited time and energy.

If you are committed to your goal of building wealth, the most important thing you can do for yourself is to become adept at identifying, managing, and maximizing opportunities that make it possible to consistently earn a lot of money without necessarily having to do a lot of work.

This kind of income is known as passive income.

person using MacBook Pro

Non-passive income sources depend on your physical presence and direct effort to make money. They stop yielding income as soon as you stop contributing your physical presence or energy. Their income-earning ability is limited to how many man-hours you invest.

But how many hours do you think you would need to work to be able to earn up to one million dollars in a single year? The answer to that question will tell you why non-passive income sources are not the recommended path for pursuing wealth.

How can you get started with earning passive income?

Passive income through rental properties

Although there are several different ways to earn passive income, Keyrenter Hampton Roads advises the best one is putting your money into income-generating real estate, and rental properties. Why is owning rental properties a better source of passive income than investing in stock or bonds?

  • Steady and substantial income
black Android smartphone on red flip case

Both real estate and stocks can serve as sources of passive income. But rental properties are better because the income is more predictable than stocks. As a landlord, you often know how much rental income to expect and when to expect it.

  • A hedge against inflation

Unlike stocks, income from a rental property keeps pace with the rate of inflation. This is because as inflation forces the prices of goods and services upward, so the rental rate for your property is also pushed higher.

  • Tax advantages

Real estate offers tax incentives that are not available when investing in other asset classes. These tax deductions can be made from the everyday expenses of operating the property. They offer a way for landlords to increase their profits.

Strategies for earning passive income from rental properties

To make money from real estate, you must understand the following things about rental properties:

  • Types of rental properties

There are two kinds of rental properties – commercial and residential – and within these two broad categories, there are several sub-categories. Before you buy any property, make sure you understand the different types of rental properties.

  • Location

The most important factor in the performance of a property is its location. The neighborhood where a rental is located is a bigger factor than the physical qualities of the property. Learn how to evaluate the viability of different locations before you invest.

  • Leverage
A picture containing person, indoor

Description automatically generated

Your ability to get approved for a loan and negotiate the best terms is critical to your success. The cost of capital is a huge factor in how much passive income you earn from your property. If you don’t know much about this, hire a mortgage broker.

  • Know your numbers

Before you buy a property, find out the potential income from the property (based on the rental rate) and your projected operational costs. Take the time to look at numbers like the vacancy rate for the property or similar properties in the area.

  • Hire a property manager

Finally, you should know that real estate is not entirely a passive investment like stocks. Managing a rental property requires a lot of time and expertise. But there is a simple way to get around this problem and make the asset passive; you can hire a property manager.

Hiring a property manager to oversee your rental property is what transforms it from a non-passive form of investment into a source of passive income. A property manager takes on the responsibility of making the rental property work in exchange for a share of the profits.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

How to Keep Your Yard Looking Its Best This Summer

As the season of backyard barbecues and lounging by the pool, it’s important to keep your yard in prime condition during the summer. At the same time, you’ll probably want to spend less time maintaining your yard and more time actually enjoying it.

To help you achieve that balance, here are some quick and easy tips for keeping your yard looking its best this summer:

  • Gather the necessary supplies, including those needed for your comfort. One of the most dreaded aspects of doing yard work during the summer is contending with the heat and insects. Therefore, before you get started, gather all the supplies you think you’ll need, including bug spray, sunscreen, durable gloves, and large trash bags. Additionally, remember to stay hydrated, and take frequent breaks to head indoors or take a dip in the pool in order to avoid becoming overheated.
  • Set a schedule for lawn care. Even with its constant demands, maintaining a healthy lawn is far easier than having to start from scratch if your lawn dies. To ease the burden of lawn maintenance, it may help to create (and stick to) a schedule for when you’re going to mow, water, and apply fertilizers and weed control products. As an alternative, you might consider getting rid of all or some of your lawn and replacing it with something that requires less maintenance. The options are endless, ranging from artificial turf to patio space to gardens that may include herbs, fruits and vegetables, or succulents.
  • Stay ahead of pest control. Once you’ve achieved the perfectly manicured lawn or garden, the last thing you’d want is for moles, groundhogs, and other pests to destroy it. Preventative measures will depend on the specific critters that pose a threat to your yard, but may include applying repellants or installing fencing around certain plants. And don’t forget to take steps to ward off insects that could be a risk for humans, such as ticks or mosquitoes (which may carry West Nile virus). For mosquitoes, be sure to remove any sources of standing water; for ticks, consider planting deer-resistant plants, which will help keep away deer and the dangerous ticks they sometimes carry.
  • Prioritize pruning and weeding. In most areas, the warm temperatures and rains of the summer months can cause yards to quickly become overgrown. While regular pruning and weeding may seem like a hassle, it will help plants stay healthy and keep your yard looking beautiful. Another important task, particularly during the summer, is to trim dead tree limbs, as they could pose a threat to your home during storms and strong winds.

source: www.thespruce.com

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

8 Curb Appeal IDeas to Add Value to your home

8 Curb Appeal Ideas to Add Value to Your Home

Even though it’s a cliché, first impressions matter a lot in real estate. Yes, some purchasers may require a few days to mull it over. But, for the most part, buyers are smitten with a house the minute they pull up to its driveway and see it for themselves. Appraisers will also value your home mostly by the first look. So, you’ll definitely want the landscape to look great. Also, according to statistics, now could be the best time to sell – and you’d want to do it for top dollar. So, here are some curb appeal ideas to add value to your home.

1# Make it sophisticated

When it comes to house sales, properties with elaborate landscaping—such as curving bed lines and huge island plants—tend to get a higher price tag, according to real estate stats. The landscapes with huge deciduous, evergreen and annual color plants sold better than those without these types of plant materials. Planting beds, according to experts at orangemover.com, are an affordable and low-lift option to add aesthetic interest, texture, and color. You may use them to make your lawn seem fuller even when the grass is well cut and trimmed.

2# Make it green

You can’t go wrong if you have trees in your yard. In addition to providing shade and removing carbon dioxide from the atmosphere, trees will add value to your exterior. Trees also have a way of making a house seem more like home. They provide a feeling of continuity between a home and its surroundings as well as a connection between the people who live there and their surroundings. The best way to choose a tree is to think about the function it will serve. Deciduous trees are a good pick if you want additional shade in the summertime. When the trees lose their leaves in the winter, they allow some light into your yard. In addition, they may possibly save you money on your utility bills!

A big tree in a yard is one of the best curb appeal ideas to add value to your home.
A big tree will provide not only you shade but also privacy on hot summer days

3# Rock your exterior design with some rocks

Adding a low-maintenance focal point to your yard is easy with a beautiful rock bed. Tossing random rocks, on the other hand, is a bad idea. If you want a traditional “rock” aesthetic but don’t want to shell out hundreds of dollars for a 400-square-foot area, consider using decomposed granite or trap rock. Also, avoid using limestone since it decomposes fast and turns into debris. If you decide on bigger individual stones, seek smooth and spherical ones. These will endure longer and generate less unpleasant, gritty rock-garden waste that weeds enjoy.

4# Fiberglass doors are one of the best curb appeal ideas to add value to your home

When it comes time to put your house on the market, a fiberglass front door might help you recuperate some of your investment. There are also other advantages. They’re more energy-efficient than traditional wooden front doors, just like steel ones. In contrast, steel doors are prone to rust and corrosion over time and will not look good, no matter how good your home staging is. With fiberglass, you won’t have to worry about unattractive dents and corrosion.

5# Decking made of composite material is a big yes

Wooden decks are beautiful, but maintaining their waterproof qualities demands a lot of time and effort. Composite decking, on the other hand, has a long warranty. It requires no sealing, staining, replacement of rotting boards, or danger of termites, extending the life of the deck and saving you thousands of dollars over the course of its existence. Composite decking comes in three varieties:

  • Polyethylene-based
  • Polypropylene ones
  • Polyvinyl chloride (PVC)

6# Make sure your landscape reflects the design of your house

How can you get the most out of your landscaping dollars? It’s about making sure your landscaping truly compliments your home’s design. Craftsman-style homes should be given basic and traditional landscaping, such as a bed of vividly colored flowers or well-structured shrubs. If you want your house to be called a breathtaking home in the market, modern additions like koi ponds and lavish fountains that appear as if they belong in Caesar’s Palace should be avoided at all costs.

A white-bricked house.
Sometimes, just a bed of vividly colored flowers makes all the magic.

7# Make your front yard look simple yet trendy

We’ve already mentioned the importance of greenery in the presentation. But, we picked up a few more sneaky tricks from professional movers. It is important to keep up with trends in order to boost your home value, and the trend right now dictates that ‘less is more. What does that actually mean in terms of front yard remodeling? It is important to add some greenery to your presentation, but it’s also important to pick only a few different kinds that will look good together. The other key to success is to pick wisely and choose the kinds of plants that don’t need too much maintenance. That way, you’ll save money and make trendy and harmonious curb appeal.

8# Light it up—but functionally

As a reward for your efforts, ensure you can always see the results of your hard work. Landscape lighting will draw attention to your home’s architectural elements and most eye-catching vegetation. In addition, the project is very cost-effective and easy to implement. Also, who doesn’t like a good and functional light show in their yard? Smart lighting will surely add to your home’s value. If you really want to go all-in, you can make adjustable lighting that will be able to tone it down and allow a buyer to enjoy star gazing under Virginia’s sky.

Light bulbs and plants.
If you put some creativity in, you can make an exceptional exterior design with simple light bulbs.

Bottom line

So, there you have it—a ticket to a better home sale. If you apply at least two of these curb appeal ideas to add value to your home, you’ll be on a great path to a good deal. Even if some of these are inapplicable to your situation, be smart and adjust. The most important thing is to think like a buyer. When you see all the flaws clearly, you can focus on fixing them. Just then, there will be a great reward in money return.

Photos used:

https://unsplash.com/photos/178j8tJrNlc

https://unsplash.com/photos/ITzfgP77DTg

https://unsplash.com/photos/-dcznEJPmsk

https://unsplash.com/photos/UmFfm2XjLgY

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

What to Know About the Escrow Process

If you’ve ever bought or sold a home, you’ve probably heard the term “escrow”—but have you ever wondered what it means and what exactly the escrow process entails? Here are a few common questions to help shed light on this important step in the home sales process:

– What is escrow? Escrow is a legal term indicating that a deed, property, deposit, or fund is temporarily in the custody of a neutral third party, such as an escrow company, title company, or law firm. These third parties hold money and the property until all conditions from the purchase and sale agreement have been satisfied and the deal closes.

– What is an escrow account? There are two types of escrow accounts that serve different purposes: one is used during the home buying process to protect a buyer’s earnest money deposit until all conditions of the sale have been met, and the other holds a homeowner’s money for expenses such as property taxes and insurance throughout the life of a mortgage loan. This second type of escrow account can make it more convenient to manage your tax and insurance payments, since your lender will estimate the total annual expenses, add a prorated portion to your monthly mortgage payment, and handle paying the bills when they are due—thereby eliminating the need for you to make large lump-sum payments once or twice a year.

– How long does the escrow process last? Escrow begins when the seller accepts an offer and the buyer provides an earnest money deposit. Typically, the process lasts about 30-60 days until the closing occurs, although the timeframe may vary depending on factors such as issues that arise during inspections or delays with the mortgage lender. At closing, the escrow agent will transfer the deed to the buyer and the earnest money to the seller.

Source: redfin.com

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata