Fredericksburg's Real Estate Voice

Thanksgiving in the Country

As I type this, my family is gearing up for a trip to rural Ohio later this week to spend Thanksgiving with my family.  My son is absolutely beside himself waiting to see his Pop Pop and Grandma.  He has been re-living the magical memories he has made there.

Memories that include things like:

• catching fish in the farm pond behind Pop Pop's house
• Grandma sitting in the floor and playing with him with endless patience
• playing video games with Uncle Curt
• riding on the John Deere with Pop Pop
• playing softball in the backyard
• walking around in Pop Pop's workshop
• playing with cousin Ryan
• hearing Andy Griffith on the TV (it's a long story)
• tons of food and kid oriented drinks in the fridge
• the ice storm that knocked power out for days, but we were together as a family

It made me stop and reflect, that I grew up in one of the greatest places on earth.  A small rural town, with a rich history (boyhood home of Ulysses S. Grant, nearby Underground Railroad and more,) but an even richer connection to family values and appreciation for the smaller things in life.

When I think back, I don't necessarily ponder what we did have or didn't have.  I remember snowy football games, night fishing with my Dad, my Grandmother who would have fought the devil and bit his head off to protect her family, my Grandpa's smile and laughter, a sister who has one of the kindest personalities I have ever known (even when she tries to act tough), gentlemen farmers, a mother who worked harder than any other woman I have known, and the sound of crickets on the summer night air.

It began to put in perspective, this week of Thanksgiving.  I could easily talk for hours about all the things that are wrong in life, the struggles we all have and so forth.  But, my son's simple excitementproper order and look forward to enjoying those simple pleasures in life.

And, if my son's Grandma is reading this, I think he is looking forward to the best potato salad on earth.  Well, OK, that was me not him :)

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com for visiting that magical house that is Pop Pop and Grandma's has helped me put things in the

Women's Basketball - Great Local Talent

In the last several years I have become pretty passionate about women's basketball.  That is because my little girl, who isn't so little anymore and has embraced the sport of basketball.  I stay involved with my daughter by being an assistant coach for her middle school basketball team and helping her develop her game.

Over the last couple of years my daughter has attended many basketball camps... some local from her school, a good program called "Factory" and this past year two camps at the University of Mary Washington.  The Mary Washington camps were exceptionally good.

It became apparent to me last year, that Division III school Mary Washington had a stellar coach in Deena Applebury.  In fact, last year, my daughter's coach and I both agreed that Coach Applebury is likely to be recruited to a Division I school soon.  That is why I wanted my daughter at her camps, while she was still here.

Apparently, we were not the only people to recognize Deena Applebury's talent.  For the 2006/2007 season, Coach Applebury was voted:

• Russell Athletic WBCA National Coach of the Year
• Russell Athletic WBCA Region Coach of the Year
• D3Hoops.com Region Coach of the Year
• Richmond Times-Dispatch State Coach of the Year and
• CAC Coach of the Year

UMW is currently ranked # 1 in their division and are quite worthy of local support.  If you like women's basketball, take the opportunity to go watch the Lady Eagles.

Coach Applebury's coaching talent ON the floor is admirable, but it is the off the floor part that really impressed me.  While my daughter attended the UMW camps, I saw a fantastic attitude on the part of all the UMW players helping with the camp.  Now, it doesn't surprise me that you run into a great person as a college athlete.  But when you see consistency in that type of attitude, that can only come down from the top and is truly the mark of a great coach.

We have a great college sports program right here in our own backyard.  Go on out and support the UMW Lady Eagles and the great job Coach Applebury is doing.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Low Amount of Foreclosures in Virginia - Are you kidding me?

I had a conversation with another member of my real estate team this week regarding foreclosures.  She had just read a report on MSNBC.  That report indicated that when it comes to foreclosures, Virginia is not severely affected.  Her quote to me was, "Are you kidding me?"

Quite frankly, if you tell any real estate agent in Fredericksburg that we have a low amount of foreclosures, I think you would get the same response.  This morning I was searching listings for a buyer I am working with and approximately 40% of the listings I reviewed were either short sales or REOs. 

Regardless of the criteria I use to search for a buyer, it almost a foregone conclusion that there will be foreclosure properties within that criteria... whether you are looking at $150,000 homes or $800,000 homes.  Foreclosures are all over our market.

So, I did a little media research myself this morning.  Here is what I found posted from Mike Barris of the Wall Street Journal Online and posted on RealEstateJournal.com.  "Two thirds of the 25 cities with the highest foreclosure rates are in California, Ohio and Florida."  "With pockets of the country -- most notably the Carolinas, Virginia and Texas -- that have thus far dodged the foreclosure bullet." 

The keyword in the above paragraph is "cities."  I have to presume that is referring to metro areas, which does not generally include the Fredericksburg area.  I would also conclude that the "pockets" in Virginia would likely be areas like southern and southwestern Virginia.  I am quite sure, that we in the Fredericksburg market HAVE NOT dodged "the foreclosure bullet!"

Media "spin" has done more to harm real estate in the last 3 years than anything else.  And, frankly, that spin is often misguided at best.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

The Legend Lives On

It is interesting to meet people and learn about where they are from and how they grew up.  The stories I hear from the deep south, differ from those of New England, the southwest and the west coast.  My stories are firmly rooted in the heart of the country... the midwest.

Amid that rural midwest upbringing, I come from a baseball loving family.  One thing all of my family has in common is a love for the game of baseball, and a love for the Cincinnati Reds.  My brothers, sister and I cut our teeth on baseball and the Reds.

If I close my eyes now and think back, I can see a radio sitting on the back porch of my grandparent's house.  That radio is encased in some kind of brown leatherish material and it always seemed to be tuned to WLW, the broadcast home of the Cincinnati Reds.  My grandpa would sit there beside that radio, bent forward and intensely listening to the Reds game.  Oh, how Grandpa loved the Reds... most days.

I have talked to many midwesterners and it seems to be a common theme... the love of baseball.  The team varies, the Cincinnati Reds, the Chicago Cubs, the St. Louis Cardinals, etc.  But we grew up in fields, woods and rural towns listening to baseball on the radio.

Today is a little melancholy for Reds fans, young and old.  The long time, legendary voice of the Cincinnati Reds, Joe Nuxhall is gone.  He passed away last night.  See this post for some pictures and additional info on Joe Nuxhall. 

But a thought just occurred to me.  Wouldn't it be cool, if right now, my Grandpa and Joe Nuxhall were sitting in heaven together.  The conversation might start like this, "Remember, that time in 1975, when...."

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Buying a Home in Lake Caroline - Do NOT Use a V.A. Loan!

Some lessons are harder to learn than others.  This one has been an excruciating lesson.  But the core of the lesson I can pass on to others and save them SUBSTANTIAL heartache and headache.

If you are buying or selling a home in Lake Caroline in Caroline County, Virginia, do NOT... I repeat, DO NOT use or accept a V.A. loan.  The details are many, and I am not sure I should reduce them to writing at this time, but trust me on this point! 

If you need more information about this issue, give me a call and I will share my lessons from the school of hard knocks.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Success Story - Buying a Foreclosure Home

My last post referenced an example of the Pitfalls of Buying a Foreclosure Property.  After waiting for days for a response, we gave notice that we were walking away from the deal if we did not get a response to our offer within 24 hours.

For the record, you don't normally have the power to push a bank into action.  I am not sure we did in this case, or if the timing just coincided with our "ultimatum."  Anyway, yesterday at 4:00pm, 4 hours after the ultimatum, we learned that our offer was accepted by the bank.

The process is FAR from over and many pitfalls lie ahead, but for right now, chalk one up for the common man.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Perfect Example of Pitfalls of Buying a Foreclosure

This weekend, representing a buyer we submitted an offer on a foreclosure property.  This property is an REO (see the previous post, Foreclosure Terms for a definition of an REO.)

At the time we submitted the offer, we learned that there was an existing offer and were told a decision would be made by the bank that day... Saturday.  Didn't happen.  Monday rolled around and the bank came back to both parties and asked for each of us to give our "highest and best" offer.  Of course they were trying to get us to competitively raise our offers.

Buyer # 1 walked away, leaving my client as the only and best offer on the table.   But wait.... another agent said he was bringing an offer.  But, says the bank, a decision will be made today... Monday.

Tuesday rolls around, no offer has been submitted by buyer # 3 on Monday, but they do write an offer on Tuesday.  Bank again comes back and says, "highest and best" offer and a decision will be made today. 

This is Tuesday evening, with no decision by the bank, and my buyers ready to buy a home and close it by the end of the month.   Now, at this point, it has become clear the bank is not willing to be anything close to decisive, even though my clients have the best offer on the table.

Come tomorrow, Wednesday, the bank may just watch their highest and best offer walk away from the table.  After all, there is another home, in the same community, for a relatively similar price... just waiting for a buyer.

This is a VERY typical scenario when buying foreclosure properties.  Until the banks realize they have to handle their sales, at least remotely like a typical real estate transaction, they will continue to lose in the real estate game.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Marine Corps Historic Half Marathon

The half marathon is by far my favorite racing distance.  Marathons are particularly grueling and require a LOT of training.  (The last one I trained for back in 2001, I blew my knee out after my last long training run of 22 miles.)  Shorter distances like the 5k and even the 10k are grueling in a different way.  Usually because instead of endurance, you are pushing for speed.  Speed hurts too.

The half marathon though is cool.  It is still a definite endurance challenge, but manageable.  Manageable in terms of training and racing distance.  That is why I am happy to see that the Marine Corps is introducing a new half marathon to the racing repertoire.  AND... the Marine Corps Historic Half Marathon will be held in Fredericskburg.

So, lace up the running shoes and I will see you on May 18th at the inaugural Marine Corps Historic Half Marathon.  BTW... if you want to talk to me during the race, you will need to be toward the back of the pack :)

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Happy Birthday United States Marine Corps

Yesterday was November 10th.  For many people in America, November 10th means nothing.  For "The Few, The Proud," it has significant meaning. 

You see, in a place called Tun Tavern in Philadelphia, on November 10th, the concept now known as the United States Marine Corp was born.  America has never been the same, breeding war time heroes like Chesty Puller.  In the Korean War (just one of Chesty Puller's combat assignments) Chesty Puller is quoted as saying, "We've been looking for the enemy for some time now. We've finally found him. We're surrounded. That simplifies things."

Even for those of us who never saw combat, the Marine Corps makes a lifelong impression.  I know of many lives that have been changed by the Marine Corps.  My life was personally changed by the Marine Corps, long before I ever stepped off "the bus" at Parris Island.

My father is a former Marine and I wouldn't realize it until later years, but much of how he handled raising me was a direct result of the discipline instilled in him by the Marine Corps. 

I want to extend a happy birthday to my Dad... he actually has back to back birthdays.  He was born on November 9th and of course he was a Marine, so November 10th is his birthday as well.  Happy Birthday Dad.  And, Happy Birthday Leathernecks... wherever your duty for America has you at this moment.

Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com

Fredericksburg Homes For Sale - Buyer Beware of Short Sales

In previous posts titled Foreclosure Terms and Buying a Bank Owned Property, we began talking a little more about foreclosure issues.  Today, I want to delve a bit more into the specific area of purchasing a short sale property. 

As a recap, the term short sale refers to a situation in which a lender will accept a payoff of an existing mortgage on a home that is less than what is owed.  This is primarily done because the current market value of the property being sold is less than what is owed.

So, why are we talking about this issue?  Because if you are looking for a homes for sale in Fredericksburg, you will certainly encounter "short sales."  There are lots of them in the Fredericksburg real estate market.  Therefore, it is important that you, as a buyer having some understanding of short sales, but.... it is critical that your real estate agent have solid understanding of the issues.

That last statement is so important, I am going to repeat it...  it is critical that your real estate agent have solid understanding of the issues.  Why?  Because not only do they need to understand short sale issues from a buyer standpoint, they need to understand them from the selling standpoint as well.  This is because many agents listing short sales have no idea what they are doing when it comes to working with short sales.

OK, the first issue to understand that when you are purchasing a short sale property, generally you lose a lot of options that you would have with a typical listing...