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DROdio "Q&A Blog"

• Level of disclosure required when listing a property with mold remediation

  We asked to Blake, VAR's associate counsel, a question about mold remediation work we had done for a bank-owned listing of ours:
  We are listing a bank foreclosure property on which mold remediation work was completed.  We have disclosed our knowledge of mold and the remediation steps which were taken to all agents who inquired about [...]

  Written by DROdio on August 12th, 2008.

• How to Market Your Home to the New Generation of Home Buyers: The Millennials

  Yesterday morning, I came across an article on the online version of the USA Today. It wasn’t in the real estate section or investment section. It wasn’t even an article. It was an advice column in the small business section. It answered a concern about how to market to younger generations and what works best [...]

  Written by Robert.Krueger@ULI.org on July 6th, 2008.

• Did you know? You can indeed break listing or buyer representation agreements before expiration

  Many (many) Realtors and their clients think that once a listing agreement (for sellers) or exclusive buyer representation agreement (for buyers) is signed, they are bound to the agreement until it expires. This is, in fact, not true. If you tell this to many Realtors, they won't believe you, but here's why [...]

  Written by DROdio on July 4th, 2008.

• Selling in a Down Market: First Tip, People Don’t Want a Fixer-Upper

  If you are planning on putting your house on the market, leaving your house “as is” without steeply discounting the price will likely result in very few bites from prospective buyers (after all, there are so many properties on the market, why buy one that's not in good shape?) . At the same time, grand [...]

  Written by Robert.Krueger@ULI.org on June 2nd, 2008.

• Is it really cost effective to remodel my home in order to sell it?

  The cost effectiveness of home remodeling in order to sell a home is a topic that can strike fear into the hearts of even the most hearty home owner! Home Sellers know that buyers expect certain key elements in the home that they are looking to purchase and Sellers know that, in general, the cost [...]

  Written by rockinrealestatewriter@gmail.com on May 26th, 2008.

• A few things to consider before selling your home short

  So you’ve read about short sales, and you’re pretty sure it’s the best way to avoid foreclosure on your home. Still, before you decide to go forward with a short sale, here are a few things to keep in mind:

  You’re not necessarily eligible. Even if you’ve discovered that you now owe more on your mortgage [...]

  Written by ach53@georgetown.edu on May 26th, 2008.

• Want to Save Money and Sell Without a Broker? Probably Not as Sweet as You Think

  This past Thursday, I received a news alert article in my email inbox from my U.S. News & World Report. It spoke of how the National Association of Realtors and ForSaleByOwner.com, an internet based company that markets the houses of independent sellers, differed with each other’s data on the percentage of independent sellers for [...]

  Written by Robert.Krueger@ULI.org on May 25th, 2008.

• 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). [...]

  Written by DROdio on August 27th, 2007.

• 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 [...]

  Written by DROdio on August 20th, 2007.

• What is the “MLS”? (And, how to search like a pro!)

  The "MLS" stands for "Multiple Listing Service". It's the big database that all real estate agents use to list homes. Only agents have full access to the MLS, but we've created three websites which pull the MLS data and show it to you in creative ways:

   
  For easy, map-based searching:
  www.BirdsEyeSearch.com This site integrates the MLS data [...]

  Written by DROdio on August 9th, 2007.

• Are most listing agents *really* that bad?

  After seeing some absolutely abysmal listings (no photos, etc) we decided to do an in-depth analysis of how good/bad listing agents are when selling homes.
  After all, they're supposed to be representing their client's best interests, right? And a listing agent stands to make $21,000 to $42,000 on a $700k house (surprised? visit our page on [...]

  Written by DROdio on August 9th, 2007.

• Can some listing agents really be *that bad*????

  The answer is YES!
  For example, here's an email exchange between us and a listing agent asking for feedback on a property she was listing. But she only put ONE picture up! It only costs $12 to put 20 photos up, and photos sell houses. Why would she only put ONE photo up on her listing? [...]

  Written by DROdio on August 7th, 2007.

• How we sell your home online and traditionally

  When we list your home for sale, we'll do "Just Listed" postcards, put your home on the MLS & Realtor.com with 20 photos, and hold open houses, just like a traditional Realtor would. But there's an additional component to our marketing - the online piece - which is just as (or even more) powerful.

  If the [...]

  Written by DROdio on August 6th, 2007.

• Sara’s Story

  What Sara Needed:
  Sara was getting married, so she enlisted DROdio Real Estate, Inc. to sell her condo.
  I'm thrilled with the outcome of my condo sale! Your advice on how to determine the asking price, how to prepare my condo for the open house, and how to assess the contracts that were sent in by potential [...]

  Written by DROdio on August 4th, 2007.

• 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 [...]

  Written by DROdio on July 30th, 2007.

• 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

  Written by DROdio on July 27th, 2007.

• Do I take possession of the property on the day of closing?

  A client wrote:
  Just checking that we can actually take possession of the house on the date of closing. We're planning to "move in" that afternoon. Any restrictions in DC on that?
  Yes, absolutely! Once you sign the settlement papers, the property is yours. You get the keys at the settlement table. You can also learn more [...]

  Written by DROdio on July 26th, 2007.

• 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. [...]

  Written by DROdio on July 25th, 2007.

• 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 [...]

  Written by DROdio on July 25th, 2007.

• 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 [...]

  Written by DROdio on July 25th, 2007.

• Do you really loan out a free GPS machine?

  Yes, absolutely.
  Here are the really easy steps to getting our GPS loaner:

  Talk to your DROdio agent and have them check the schedule to see if the unit is available on the days you want it (we loan the unit out for 3 days at a time). If you don't yet have a [...]

  Written by DROdio on July 25th, 2007.

• What happens in a listing presentation?

  A listing presentation is an opportunity for us to better understand your home and your goals in selling, and for you to get to know us and our expertise, and how we can help you.
  As a firm, we are very selective in which homes we list. There are many properties on the market that will [...]

  Written by DROdio on July 25th, 2007.

• Our special CMA (comparative market analysis) for sellers

  Many real estate firms may tell you they can do a CMA (Comparative Market Analysis) of your home. They just go to the MLS and print out some listings that have sold in your area. There is even a "CMA" button in the MLS system which makes the task very easy... and, we believe, incomplete.
  We've [...]

  Written by DROdio on July 24th, 2007.

• I’m not sure I need a Realtor. What would you say to that?

  Not sure you need a Realtor? Read this...
  Dear Buyer, If you're wondering exactly how a Realtor can help you find a home, you'll probably enjoy this whitepaper from our owner, Daniel R. Odio:

  I was wondering the exact same thing when I bought a home (before I was a Realtor) from Pulte. What I found was [...]

  Written by DROdio on July 24th, 2007.

• Do you have any video tutorials?

  Yes, here are our video tutorials:

  Making a lowball offer on a home: Learn our successful strategy that requires you to modify your behavior as much as it requires us to negotiate the deal!
  How to buy a bigger house but pay the same monthly mortgage: The difference between a 30 year fixed rate loan, and a [...]

  Written by DROdio on July 18th, 2007.

• What’s the difference between walkthrough items and home inspection items?

  Regarding Walkthrough vs. Home inspection:
  Walkthrough items are items that MUST be addressed by the seller, as per paragraph 7 of the ratified sales contract. Anything plumbing, electrical or appliance related falls into this category. The seller does not have a choice - those items have to be working at the date of settlement.
  Home inspection items [...]

  Written by DROdio on July 18th, 2007.

• DC Tenant Rights - an introduction

  Tenant rights in DC is a very complex topic & beyond the scope of this FAQ. However, we'll delve into it at a high level to give you an idea of what you need to be aware of.
  If you're buying or selling a property in Washington, DC that has a tenant, you need to know [...]

  Written by DROdio on July 17th, 2007.

• 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 [...]

  Written by DROdio on July 17th, 2007.

• 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 [...]

  Written by DROdio on July 16th, 2007.

• 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 [...]

  Written by DROdio on July 14th, 2007.

• Why do you suggest not closing on a Friday or a Monday?

  We suggest you do not close on a Friday because, if for some reason something delays closing for a day, you'll actually be delayed over the weekend until Monday.
  And we don't suggest you close on Monday because you'll need to get a certified check from a bank, and we'll have to do a walkthrough inspection, [...]

  Written by DROdio on July 13th, 2007.

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Buying A Home

• All About Home Financing & Loans (48 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 (105 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 (12 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!