Will's Blog

This group's goal is to have fun and make friends through gaming get-togethers, social activities and local excursions.

We like games because they are great way to make friends and have fun. We play a wide variety of games including social games, RPG's, strategy games, euro-games, card games or anything else our members enjoy.

Mah Jongg Madness
Tuesday, March 3, 2009 at 6:30PM

Mah Jongg (or "Maajh", as it is usually called) is a fascinating rummy-like game played with tiles rather than cards. The game originated in China, dating back to the time of Confucius. It was originally played solely by the ruling classes; the Mandarins refused to permit other inhabitants of the country to enjoy the pleasure of this aristocratic pastime. The introduction of Ma Cheuck, the game of the Sparrows, to all classes was met with instant popularity. To this day, Mah Jongg remains the most popular game in the Orient. Interestingly, the rules in North China differ from those in South China.
There are several versions of Maajh, but each fall under two broad categories: American Mah Jongg and Chinese Mah Jongg. American Maajh differs from International Maajh in several ways:

It uses a card of Standard Hands, against which all games are played; these cards are changed annually.
It uses more tiles, notably the Joker.
The game is started with "Charleston", or the passing of 3 unwanted tiles from one player to another.
It uses Jokers to complete...

See the full event details, including location, at http://www.meetup.com/Alexandrians/calendar/9820681/.

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The listing agreement is an agreement or "contract" between a property owner and a licensed real estate professional. The listing agreement authorizes an agent to act on the behalf of the property owner for the purpose of selling the subject property. In other words, the listing agreement describes the powers and limits of your real estate agent when your sell your home. Listing agreements can be negotiated to include any number of terms specific to your relationship and property, but all valid listing agreements will always include the following elements:

Writing

In the Commonwealth of Virginia verbal real estate contracts are valid but not enforceable. What does that mean? Well in short-hand it means that all real estate contracts must be in writing.

Employment

The listing agreement is actually an employment contract for personal services offered by the broker to a property seller. This contract describes the terms and conditions of employing the broker. Often the broker will assign an agent to a specific property, but the listing contract is not between the agent and the seller. The listing agreement is an agreement with the broker employing the agent and the property owner. The listing agreement grants the broker and his agent the power to represent you in marketing and selling your home.

Compensation

For any contract to be valid, there has to be compensation.  A listing agreement is no different. The listing agreement specifies the amount paid to the broker and establishes the timing of the payment to the broker. Most listing agreements charge a percentage of the sales price and this amount is paid at closing when the home sells.

In addition, the listing agreement will also describe instances where the seller might have to pay the broker even though the property has not sold. A rare example of this can happen when a broker finds a qualified buyer who is ready and willing to pay the asking price with the terms the seller wants, but the seller refuses to go through with the sale.

Title

The listing agreement requires the seller to make representations with regard to who owns title to the property. Obviously, only the owner of a property can sell a property, but the portion of the agreement also ensures against the possibility that there are additional owners of the property. All owners of the property must agree to the listing agreement.

Term

The seller authorizes the broker to act on his behalf for only for a specified period of time, or "term". The term is often 180 days and is only rarely less than 60 days. A listing agreement is a legally binding contract, so the property owner should never agree to a listing that doesn't specify a termination date.  In the event that the listing terminates before the property sells, it is a simple matter to sign a new listing agreement with a new termination date.

Fine Print

There are of course other components to the listing agreement. Most of these are time-tested boiler-plate phrasings that are designed to reduce or eliminate the chance for confusion and prevent litigation.  But the listing agreement is a legal document, so property sellers should read and understand the terms before signing. Your agent or broker can help explain the agreement to you, but if you require legal counsel consult an attorney. Lawyers, not real estate professionals, provide legal assistance.

For some businesses, simply doing what is legal may be good enough; but I have bound myself to a higher standard because my vocation is central to the interests of the nation and its citizens. The practice of real estate helps provide housing, places of commerce, industries and farms while preserving a healthful environment. For this reason, the practice of real estate imposes a grave social responsibility and a patriotic duty upon myself and others who practice real estate agency and brokerage. With them, I share a common responsibility.

As your realtor I have dedicated myself to the high ideals of a code of ethics which compels my best adherence to competency, fairness, and high integrity. No inducement of profit and no instruction from clients ever can justify departure from that dedication. The National Association of REALTORS has described that code of ethics at Realtor.org.

Documents therein and elsewhere specify duties and best practices of real estate brokerage and agency. These rules describe the requirements of disclosure of agency, financial arrangements, following the law of the land, marketing practices, negotiation methods, how clients are charged for services, how offers are presented, confidentiality, and more.

You could read that entire document, but the spirit of those ideals can be summed up fairly easily.

• The Golden Rule: "Whatsoever ye would that others should do to you, do ye even so to them."
• Primum non nocere --- A Latin phrase meaning "first do no harm".
• Strive for excellence --- By meeting on-going educational requirements, I continually hone my competency.

We all know this is a tough market, but the fact is: homes sell every day. Every day homes go under contract. I continue to sell condos, townhouses and houses as people move to and from Northern Virginia.

A home seller who has a property on the market for several months and hasn’t seen much activity or any offers, has to wonder why isn't my property selling?

The price

On average prices in the Northern Virginia area have 10% to 20% from the high-water-mark. In some neighborhoods prices have been hammered with 50% to 30% reductions in price. The truth is most of the worst-hit neighborhoods are worth MORE than what they are selling for.

But the fact is price and value are not the same thing. Value is what a product is worth. Price is what someone will pay for the product. A few years ago, prices were greater than value. That is to say: things were selling for more than what they were worth. Now, the price is lower than the value---which is why it's a good time to buy. Condos, houses and townhouses are selling for less than what they are worth.

No matter what value a property may have, if the price is too high, the property will not sell.

There are too many other good options available to buyers. In the unlikely event that a seller can actually get an offer at a higher asking price, there remains the chance that the sale might never happen. This is because if the appraiser can't support with the price with comparable data, then the lender won't make the loan and the sale won't close.

Your property, your home is competing against similar properties: what buyers are paying for similar properties will largely determine the final sales price.

All of the other potential problems with selling the house can be overcome by adjusting the price.

• Bad location? No problem. Lower the price.
  
• Blown-out condition with burst pipes? No problem. Lower the price. 
• No windows? No problem. Lower the price.
  
• High price? Problem. No one will buy it.
  

If the price is low enough someone will buy it. On the other hand, if you have your back against the wall and can't lower the price there are a few other things to consider.

The condition

Not only is your condo, house or townhouse competing against similar homes for sale, your property is competing against brand new houses or condos. Builders are lean mean and hungry right now. Buyers will measure the appeal of your condo or house against the amenities and condition other homes.

Those who are actually selling homes must focus a critical eye on the subject property. Buyers love homes in move-in condition. If nothing else make sure that your walls and floors are in best condition. New paint and carpets can make the biggest impact for the least amount of money. Kitchens are expensive but in many cases the kitchen sells the home.

Marketing

Condo 1 uses an aggressive marketing strategy to sell our listings. We ensure that our properties (houses, townhouses and condos) are easy to find on the Internet. Most sales these days begin on the net and there are few companies that have as big an Internet footprint as we do. We actually create a property specific web page for your property. We actively actively touting our listings to other agents in the area. Of course, the MLS is the single best marketing tool at our disposal.

Access

This is a very inexpensive way to impact your sale which is completely in yoru control as a seller.

It's incredibly simple to provide access to the property. Still, some sellers don't fully understand the buyer's mindset. A lockbox is a device which holds a key to the home, that only local real estate agents can access. Notes in the MLS tell agents which home have a lockbox, no appointment needed and which homes are shown by appointment only.

Buyers don't like hassles and if access to your house is a hassle (i.e. by appointment only), they probably won't be back to see the property on your terms. This is because a buyer can choose from 10 more on the list that are available on lockbox right now.

Your agent

It sounds almost silly, but if people don't like your agent, they are less inclined to buy your home. If the selling agent is a jerk, or arrogant or has a reputation of being difficult to work with, agents may be less inclined to show your property to their clients. Personality matters.

The bad news ...

In most places in Northern Virginia we have a buyers' market. In a slow market like this with declining home values you might be in a position where you've done everything (except lower the price) and the property still won't sell. If you can't lower the price because of mortgage obligations, then you're only left with a handful of choices:

1. Short sale --- I can help you negotiate with the lender to sell for less than what you owe. This isn't easy and will only work when you can prove that your income cannot support the payment you are paying.
2. Rent the property --- If you need to move, but cannot take the hit to your credit, then your best bet will probably be to rent your home. The risks and work of being a landlord can be mitigated by your property manager.
3. Take it off the market --- If yours is a move of convenience rather than a move of necessity, and you can't find a way to make the numbers work, then you're helping yourself, your market and your agent by postponing your dream.

I recently had a client ask me what "EMD" was. EMD is an acronym for Earnest Money Deposit. Earnest money is money paid by the buyer to a neutral fund to show that the buyer is serious. This money is paid at the time that an offer is made to purchase a property. The buyer pays this money into an "escrow account" to indicate that this the offer is serious and real.

The earnest money is deposited into an escrow account. An escrow account is a neutral bank account. Depending on the terms negotiated the earnest money can be held by the buyer's agent, the seller's agent or a neutral third party. No matter who holds the money there are strict laws governing the handling and disbursement of earnest money. The escrow agent (the entity that holds the escrow money) cannot commingle (or mix) these funds with operating funds or personal funds. The escrow agent can only release those funds as specified by the contract or as agreed by both parties to the contract. At closing, the earnest money is released and applied to the purchase price.

In the event the offer isn't accepted, the earnest money is released to the purchaser. In the event the offer is accepted but the sale doesn't close, then the sales agreement generally spells out the conditions under which the buyer would forfeit the earnest money. In most cases, if the seller meets all the terms of the contract, the seller will keep the earnest money. If the seller does not meet the terms of the contract, then the buyer, may receive a total or partial refund of the earnest money. If the sale cannot close due to a contingency such as financing or appraisal, the money is generally released to the buyer.

The amount of earnest money deposit varies based on the type of property being purchased and local market conditions. When you make an offer on a property, I can assist you to determine the appropriate amount to pay as an earnest money deposit.

A tip to remember

The Midtowns of Alexandria is a high-rise condominium community just outside Old Town Alexandria. The Midtowns is located on Huntington Avenue directly across the street from the lower entrance to the Huntington Metro. This proximity to the metro means that you can access many of Northern Virginia and DC's best attractions without moving your vehicle. These condos are one metro stop from the AMC Hoffman at Eisenhower Metro and two stops from King St. at Old Town. In Old Town the King Street Trolley (free) can drop you off anywhere between the Metro and the Potomac.

The Midtowns is a beautiful building with excellent vistas. It's on the Metro and close to I-495 (the Beltway). There are bargains to be found here, but you have to know where to look. Although the Midtowns still has an on-site staff for sales of new condos, the on-site staff will not show you any pre-owned condos at the Midtowns. If you're thinking of buying a brand new condo you might find this article by the Boston Condo Guy helpful. The short story is that having you're own representation doesn't cost you anything, so you would do well to contact Will Nesbitt of Condo 1 of Alexandria to tour the property at any time.

The hallmarks of a Midtown condo are expansive windows, many with pleasant city, river and sunset views. The kitchen features Italian cabinetry, granite countertops, stainless steel appliances and gas cooking. Berber carpeting is standard as are the stylish and modern light fixtures. The bathroom has equally stylish fixtures with generous oversize tubs. Many units have built-in computer nooks.

The common areas are very sleek and stylish with broad hallways and tiled floors. The club room has an amazing city view and is well-proportioned with stylish furnishings. There is a rooftop deck (half-way up the building) with recreational amenities such as propane grills, pool and shaded picnic tables. The focus of the rooftop deck is an expansive swimming pool with sundeck, Jacuzzi and beautiful landscaping. On the same level the fitness room is ready with tread mills, work out machines and more, all beside a wall of windows.

The lobby has a view of the Huntington Metro entrance and features a bright new cyber cafe with high-speed Internet access. The front desk is attended and access to the building and the garage is controlled. The garage has a structured parking scheme with reserved spaces and there is guest parking outside.

There are several condo communities in this neighborhood, the most obvious being the Huntington Club, the Hunting Creek Club and Montebello. All three developments are much older and somewhat cheaper. If you're seeking a bargain you probably will prefer the Huntington Club. Montebello offers a gated community and famed amenities. Hunting Creek Club offers views that equal or exceed the Midtowns in a structure that lacks the appeal and newness of the Midtowns.

• Self-search condos in this zip code or call Will Nesbitt with Condo 1 at 703 765 0300.
  

This applies to condo agents as well as any other real estate agent.

Condominium Mortgage is available for buyers in Virginia. Here are some tips

A few thoughts on short sales and bank foreclosure sales