Culpeper Real Estate Blog--EXIT Cornerstone Realty

We are moving to a new website!

EXIT CORNERSTONE REALTY — Sat, 11 Feb 2012 12:02:00 GMT

Over the next week we will be moving our website to www.ExitCulpeper.com. This new web site (which is now active) will be an upgrade to our service to you and we hope you will join us! We will continue to blog at our new site and think you will find it a better place to stay abreast of local news & events, as well as a great site for all your real estate needs and those of your friends and family.

Please feel free to recommend our new site, www.ExitCulpeper.com to anyone you know!

If you have our current site, www.CulpeperVaHomes.com bookmarked, you will still be able to use this URL as it will be directed to our new home.

Thanks,

Mike

Great Price on 864 AMBLESIDE DR in Redwood Lakes

EXIT CORNERSTONE REALTY — Mon, 06 Feb 2012 06:35:00 GMT

Redwood Lakes, Culpeper - Announcing a price reduction on 864 AMBLESIDE DR, a 2,678 sq. ft., 2 bath, 4 bdrm colonial. Now MLS® $249,898 USD - Awesome price!.

Property information

Real Estate Schoool Coming In January 2012 to Culpeper Area!

EXIT CORNERSTONE REALTY — Fri, 16 Dec 2011 14:25:00 GMT

Culpeper, VA (Grassroots Newswire) 12/6/11 -- EXIT CORNERSTONE REALTY is proud to announce the Opening of a Moseley Real Estate School at its Brandy Road office starting on January 10th, 2012. The 3-week Principles of Real Estate course will be taught 2 nights & 1 Saturday during each week from Jan 10 - 28, 2012, and at other dates throughout the year.

“We are very excited to bring this popular real estate course to Culpeper and the surrounding area. Moseley has been successfully training students since 1972, and it’s the course I used to get my license,” said Ellen Butters, Owner of Exit Cornerstone. “The great thing about this course is that now our local residents don’t have to drive to Warrenton, Northern Virginia, or Fredericksburg for night school…it will be right here at our office two nights & one Saturday out of the week, and will only take three weeks. And learning real estate from a practicing broker who knows the area is an excellent way to train. We think our students will learn more about the business than one’s who take it on-line or by book.”

“As an added bonus and ‘thank you’ to our war veterans, any service member who completes the course and is hired by Exit Cornerstone will have their tuition fully reimbursed,” added Mike Butters, a retired Marine & combat veteran. “Ellen & I both understand the struggles a veteran may have in finding a decent job, and we want to reach out and help them any way we can. It’s the least we can do for those who risk so much for the rest of us.”

For more information about Exit Cornerstone Realty, please call 540-825-9898. Exit Cornerstone Realty is located at 15367 Brandy Rd Ste A. Culpeper, VA. 22701 at the intersection of Brandy and Bradford Roads diagonally located from Martin’s Food Shopping Center

Great Commercial Real Estate investment property

EXIT CORNERSTONE REALTY — Tue, 27 Sep 2011 14:57:00 GMT

Commercial real estate is a great way to hedge the volatity of the economy. This 7,000 square foot on one acre in Brandy Station is easily accessed from busy Route 29. This building is perfect for auto repair, manufacturing, or retail sales. It have THREE PHASE power, showroom, office space and tons of floor space and storage.

Commercial Real Estate

19372 Brandy Rd

Price Reduced on 2289 WALNUT BRANCH DR in High Point

EXIT CORNERSTONE REALTY — Sat, 27 Aug 2011 15:50:00 GMT

High Point, Culpeper - Announcing a price reduction on 2289 WALNUT BRANCH DR, a 3,124 sq. ft., 2 bath, 4 bdrm single story. Now MLS® $235,000 USD - .

Property information

Price Reduced on 17159 STONELEIGH PL in South Wales

EXIT CORNERSTONE REALTY — Sat, 27 Aug 2011 15:15:00 GMT

South Wales, Jeffersonton - Announcing a price reduction on 17159 STONELEIGH PL, a 3,632 sq. ft., 3 bath, 4 bdrm single story. Now AT $319,000!.

Property information

Price Reduced on 17159 STONELEIGH PL in South Wales

EXIT CORNERSTONE REALTY — Thu, 11 Aug 2011 20:11:00 GMT

South Wales, Jeffersonton - Announcing a price reduction on 17159 STONELEIGH PL, a 3,632 sq. ft., 3 bath, 4 bdrm single story. Now MLS® $339,000 USD - Reduced!.

Property information

Price Reduced on 17159 STONELEIGH PL in South Wales

EXIT CORNERSTONE REALTY — Mon, 01 Aug 2011 14:39:00 GMT

South Wales, Jeffersonton - Announcing a price reduction on 17159 STONELEIGH PL, a 3,632 sq. ft., 3 bath, 4 bdrm single story. Now MLS® $349,000 USD - Reduced!.

Property information

Home sellers...get a step up on the competition and get a C.L.U.E.!

EXIT CORNERSTONE REALTY — Sat, 16 Apr 2011 11:49:00 GMT

As a seller in today's BUYERS MARKET, you need to stand out from the competition when selling your home...price, curb appeal, marketing, incentives are all great ways to get a leg up on other property owners. One of the most overlooked aspects of marketing we see is the paucity of information about the property itself, to include well logs, septic reports, surveys, etc. When we list a property for sale, we always try to obtain and publish as much information for potential buyers as possible, to include overhead views, surveys, additional photographs, scenic views, etc.

One report that should always be included in the list of required documents is the CLUE Report. CLUE stands for Comprehensive Loss Underwriting Exchange and your CLUE report details your seven year claims history with your insurance company. It's like a Credit Report on your propety. This report covers personal property loss history and inquiry history and will give you (and your buyer) information on whether there have been any claims made on the property over the last seven years. The right to a free CLUE report every 12 months became effective December 1, 2004, as a result of amendments to the Fair Credit Reporting Act, known as the FACT Act. Even if you have received a free report because of an adverse action, discussed above, you still have the right to receive a free report under the FACT Act. As a consumer, as especially as a home seller, you should review this to ensure nothing adverse is reported. As a buyer, your agent should make the contract contigent on the seller furnishing this report.

Reviewing your CLUE reports is important because you want to make sure that there aren’t unknown inquiries or incorrect and inaccurate claims published on your report. Your insurance premiums are based in part on what is in your CLUE report, so it’s important to keep that as accurate as possible. When it comes to your CLUE report, you have the same rights as you have for your credit report. You have the right to access your report and to dispute inaccurate or incomplete information. You are also entitled to notice about an adverse decision based on information in the report.

To access your FREE CLUE Report, click here.

We welcome comments to this report, and if you have any questions about buying or selling property, call the real estate experts at Exit Cornerstone Realty at 540-825-9898.

New lots available starting at $79,900 on SPRING HOLLOW RD in Rixeyville!

EXIT CORNERSTONE REALTY — Thu, 07 Apr 2011 12:38:00 GMT

CULPEPER COUNTY: SPRING HOLLOW, Rixeyville - Announcing new to market land listings on 1 SPRING HOLLOW RD. There are 5 lots available, ranging in size from 5 to 11 acres, and starting at $79,900! They all have 4 bedroom perks approved, and are ready to build on. No HOA and minimal restrictions. Click the link to learn more: Property information

Another Successful Short Sale goes to closing!

EXIT CORNERSTONE REALTY — Fri, 25 Mar 2011 20:14:00 GMT

Leon, Madison County-- The Butters Team is proud to announce that we've helped another distressed property owner with the sale of their home in Madison County. This delightful brick ranch required approval from Bank of America and the investor, and after weeks of negotiation by our experienced Short Sale Agent, the deal went through and closed on March 25th.

We specialize in helping homeowners facing mortgage problems and don't know what to do or how to handle their bank. If you know anyone facing mortgage problems, please have them call us for a FREE consultation...the only thing they'll lose are their sleepless nights!

Exit Realty's Residual Formula brings agents a second income stream!

EXIT CORNERSTONE REALTY — Fri, 04 Mar 2011 10:08:00 GMT

Sometimes when we are explaining the Exit Model to other realtors, apprentices, or the general public, it invariably comes up..."oh, that's a pyramid scheme, isn't it?"

Well...no. It is a proven, legally-tested, and successful Single-level residual program that compensates an agent from the work of only the people that agent sponsor into our company. Unlike a "profit sharing" model, you get paid when a deal closes, not if/when the local brokerage makes a profit.

A pyramid scheme from Wikepedia:

"A successful pyramid scheme combines a fake yet seemingly credible business with a simple-to-understand yet sophisticated-sounding money-making formula which is used for profit. The essential idea is that a "con artist" Mr. X, makes only one payment. To start earning, Mr. X has to recruit others like him who will also make one payment each. Mr. X gets paid out of receipts from those new recruits. They then go on to recruit others. As each new recruit makes a payment, Mr. X gets a cut. He is thus promised exponential benefits as the "business" expands.
Such "businesses" seldom involve sales of real products or services to which a monetary value might be easily attached. However, sometimes the "payment" itself may be a non-cash valuable. To enhance credibility, most such scams are well equipped with fake referrals, testimonials, and information. The flaw is that there is no end benefit. The money simply travels up the chain. Only the originator (sometimes called the "pharaoh") and a very few at the top levels of the pyramid make significant amounts of money. The amounts dwindle steeply down the pyramid slopes. Individuals at the bottom of the pyramid (those who subscribed to the plan, but were not able to recruit any followers themselves) end up with a deficit."

Once you become an Exit Associate, you don't have to sponsor if you don't want to, but why wouldn't you ? Wouldn't you want to bring quality people in the same office? Wouldn't you like to have some control over who joins? Wouldn't you want to benefit in some way from the hard work of others? Wouldn't you want to have some guarantee of income during the ups and downs of the market? If you answer "yes" to these, consider why would anyone be happy paying "desk fees" or strting at 50/50 commission, with no possibility of extra income?

The Exit Formula has resulted in over $200,000,000 in residuals being paid out since our company's inception, and it continues to grow. Our Virginia region (only 5 years young) just paid over $5,000,000 in residuals to Virginia Exit Associates...our Culpeper Office is growing and we are looking for self-starting people who want to change their lives!

The Exit Formula is simply based off the tried and true (and legal!) SINGLE LEVEL residual system that the recording and insurance industries have been using for years. Simply put:

Exit Associate "A" sponsors Realtor "B" into our office, Associate "A" will be paid by head office the equivalent of 10% of Realtor "B's" gross commissions...for as long at now-Associate "B" remains with Exit. If Associate "B" sponsors Realtor "C", only "B" will receive a sponsoring bonus. Associate "A" will only enjoy the bonus benefit from his recruiting efforts. This Single Level residual program now gives Realtors a SECOND INCOME STREAM on top of their work as real estate professionals. The benefits are clear: Associate B has a vested interest in Associate C's well being and production (which B can actually track), and the "wall" of competition is removed and now replaced by a "bridge" of cooperation! The associates benefit, and the office benefits. The great thing about sponsoring is that there are no limits to how many you can sponsor, although there is a $10,000 yearly limit per sponsoree. This is because once an associate reaches $100,000 in gross commissions, the move from a 70/30 split to a 90/10 split and the 10% goes to the brokerage.

There are many stories about how the residual program has changed Exit Associates' lives, but here is a short story that highlights why, in an industry that pays you for your last transaction, a steady income stream can be so important:

March 02, 2011

Residual Effect: Robin Tyson says "A residual check for almost $5,000 was staring me in the face!"

I love my recruits, I love my Broker and I love EXIT Realty!

In a blog post on February 9th EXIT Realty's U.S. President Tami Bonnell said:

At EXIT Realty, the residual effect is in everything we do. It's in the wonderful stories that will be shared in this blog over the next 5 weeks, it's witnessed throughout EXIT offices across the continent, and it's experienced through every training, convention, and mentoring opportunity available.

Following is one of these stories:

A couple of years ago, shortly after recruiting 10 or so agents, I became very ill with pneumonia and was pretty much bed ridden for several weeks. Naturally, I was very concerned about how to pay for the medical bills because as a REALTOR^® I'm an independent contractor, which usually means, if you don't work, you don't get paid. One morning, I got a call informing me that I had a residual check in my mailbox. I drove to the office for the first time since becoming sick and almost had a heart attack on top of the pneumonia! A residual check for almost $5,000 was staring me in the face! Since then, I've had several months with residuals of that amount or more! I love my recruits, I love my Broker and I love EXIT Realty!

Robin Tyson, Agent - EXIT Real Estate Gallery, Orange Park, FL

To learn more about the Exit Formula, click here: http://www.exitrealty.com/formulasummary.aspx

To speak to us about becoming an Exit Associate, or how to join our Apprenticeship Program, email us ExitCornerstone@mris.com or call us at (540) 825-9898

BIG Price Reduced on 7317 Holman Drive

EXIT CORNERSTONE REALTY — Tue, 01 Mar 2011 21:00:00 GMT

Minor Subdivision, Orange - Announcing a price reduction on 7317 Holman Drive, a 4,725 sq. ft., 3 bath, 4 bdrm colonial "3 Finished Levels" on 20 acres! Now MLS® $399,900!!

Property information

Are we there yet--should buyers act now?

EXIT CORNERSTONE REALTY — Sat, 26 Feb 2011 11:41:00 GMT

Are we there yet?? Those with kids know what we're talking about...but in real estate, seller and buyers want to know the answer too, but for different reasons! While researching today's topic, we came across these interesting charts from Trulia.com. It shows us what we've already known...that we are back in the area of 2003 pricing, and seem to be holding over the past 18 months. But it is not all bad news...

As consumers (especially sellers), we want to know just where we are in the market so we can do the right thing....buy low, sell high! But unfortunately, none of us can predict future events, and despite all the science in the world, the trough (or bottom) of a market is often unknown until you've crawled out of it. Indeed, with world events the way they are, and with the effect of world events (Middle East turmoil) on fuel prices (and thus everything from building supplies to milk), coupled with the already sagging economy, buyers may be holding back on purchasing until things settle down. But as you will read, it is not as dire as some may think, and buyers who "hold back" may be letting an opportunity go by.

As a buyer, this is a great time! Historically low interest rates (they could trend lower...see here) coupled with low home prices really make this a prime time to buy. If you're "gaming" the market to buy at the lowest possible price, don't try it--trying to save a few dollars on a mortgage payment may cost you in the long run, and as stated before, we don't know we're at the bottom of a market until we're out of it! Check out this Wall Street Journal article on . An interesting tip pulled from the article:

The best-case scenario might be that rates rise in 2011, but very slowly. That "should encourage people to act soon, before rates get any higher," says Guy D. Cecala, CEO and publisher of Inside Mortgage Finance Publications Inc., a Bethesda, Md.-based provider of residential mortgage data.

For a detailed analyis of our area, you can check this: Culpeper Market Report to see what the trends are.

As always, keep checking our blog for up to date news and opinion on the market. We welcome your opinion and if you have any questions, please call us at (540) 825-9898. Visit us on the web: www.ExitCornerstoneRealty.com

22701, Culpeper Recently Sold Homes

It's Official! Working with a Real Estate Professional is More Important Than Ever in Today’s Real Estate Market

EXIT CORNERSTONE REALTY — Sat, 19 Feb 2011 14:42:00 GMT

If you have ever bought or sold real estate, you understand that there can be many complexities in a transaction, especially today, when consumers can be confronted with short-sales, foreclosed properties, rent-to-own, auctions, HUD homes, etc. The days of relatively simple purchases are gone and this article confirms the need for a professional realtor to assist home owners and buyers with their transaction!

As a seller, you fall into two categories: regular sale (in which you have enough equity in the home to cover your normal transaction expenses) or a short-sale (where a seller owes more to the lender than what the market will bear). Most homeowners who get foreclosed upon NEVER thought to contact a realtor for help, which is unfortunate...just like a preventable disease that could have been "caught" early, a foreclosure doesn't necessarily need to happen--once a homeowner knows they are in financial difficulty and may have mortgage problem is the time to call a realtor who is trained in this field. But not all realtors are trained (nor do some want to learn!) in helping the public with their distressed situation, so it is extremely important to interview the person who you are entrusting with your biggest asset to make sure they know what they are doing. Our office has trained Certified Distressed Property Experts who do have experience in marketing, negotiating, and selling distressed properties.

On the buyer side, it is equally important that you hire an agent who is versed and knows the complexities of the type of transaction you may encounter. Most homes on the market are short sales or bank-owned and each can have it's own characteristic. This is one of the reasons why we love our profession...no two transactions are the same and each day brings a different challenge! Again, be sure to hire the right brokerage to help you with your purchase! Don't be afraid to interview the person(s) who with what may be the biggest purchase of your life!

That said, be sure to keep up with our blog and we welcome comments or questions. If you're facing mortgage difficulties (or know someone who may) please call or email us (or contact us through our website www.ExitCornerstoneRealty.com ) and we'll answer any questions--no charge!

Working with a Real Estate Professional is More Important Than Ever in Today’s Real Estate Market
RISMEDIA, February 17, 2011—In a landmark study examining the home buying and selling preferences of consumers in the Mid-Atlantic region, 95% reported that working with a real estate professional is just as important, if not more important, than it was just a few years ago. The survey results were released in a new research paper entitled Keepin’ it Real, by MRIS, the area’s Multiple Listing Service (MLS) and a leading developer of real estate information technology.
According to the report, which can be found on www.MRIS.com, today’s consumers recognize this is not the time to complete a real estate transaction on their own, and are placing a stronger emphasis on the agent’s professional skills. As such, trustworthiness was ranked as the most critical factor in choosing an agent, followed by experience, willingness to look out for a client’s interest, expertise in negotiating contracts, responsiveness, familiarity with contracts and knowledge of the local community. These requirements are evidence that consumers are seeking more than simple guidance, they are looking for an expert they can trust to execute a step-by-step process throughout the entire transaction.
“In today’s housing market especially, this is no time to go it alone,” noted John L. Heithaus, Chief Marketing Officer of MRIS. “With 95% of all buyers and sellers reporting that working with a professional real estate agent or broker is important, it is evident that consumers understand how vital they are to the process. A real estate professional has the industry knowledge, networking ability and expert guidance on home buying and selling to deliver top notch customer service and advice, and provide a successful experience for consumers.”
Additionally, the Keepin’ it Real report reveals that 68% of buyers and sellers rated their agent with a six or seven, on a 7-point satisfaction scale. This high level of consumer confidence reinforces the credibility of the real estate professionals in the Mid-Atlantic area. Nearly half of the consumers surveyed, or 48%, found their agent by way of referral. Moreover, 80% of consumers stated that they would recommend their agent to a friend or family member, especially those that purchased or sold a home in the past twelve months.
Whereas in years past, the agent was the first step in the home buying or selling process, today, Internet-savvy consumers can gather information and educate themselves, long before contacting an agent. The Internet empowers consumers to search for homes and neighborhood information, compare pricing and explore financing options on their own. Yet, despite all of the tools and resources available, when it comes time to actually buy or sell a home, there is nothing more valuable than the industry knowledge, expertise and guidance a real estate professional brings to the table.
The Keepin’ it Real research paper is confirmation that today, more than ever, a real estate professional is an invaluable resource in the home buying and selling process.

And now for something completely different...HE Detergents and your washer's health!

EXIT CORNERSTONE REALTY — Thu, 17 Feb 2011 12:36:00 GMT

Never thought I'd write a blog post about laundry, but here it goes...

A few weeks ago, our High Efficiency Kenmore washer began sounding like it had a couple of bowling balls rolling around inside. Upon investigation we found shreds of plastic material from the liner being scraped off by the inner steel drum. As every good American does when confronted with a crisis, I immediately consulted Google and found that we were in a long line of consumers plagued with this phenomena...but what gives?

Apparently, the bearing that holds the drum and a spins it has a seal that keeps water out of it, and if you use anything but HE detergent, it could break down and allow water to enter the bearing. As we all remember from Chemistry 101, water and oil (or grease in this case) don't mix and the subsequent corrosion caused the bearing to break down...thus the "banging" noise, which was the drum spinning off center, eating everything in site (including the plastic outer shell).

After calling Sears, they sent out a very nice technician who told us that only HE detergent could be used. Well, not to be outdone, I whipped out my large HE detergent and proudly showed him the bottle, accompanied with the smug "I read my directions and were ready for this counseling session" look on my face. He polititely (and probably the thousandth time to a customer) pointed out that "our" bottle wasn't truly HE, but an imposter! Apparently, the "HE" symbol wasn't the right one and only the HE symbol with a little tiny red dot are for use in these washers! Our generic "HE" laundry soap was the culprit and unless you are in the laundry soap industry or a lobbyist for the (you guessed it) Cleaning Institute (are you kidding me...a laundry lobbyist!???) you'd never know!

If you would like to see more about HE detergent and the CORRECT symbol, click here

By the way, Sears did honor the warranty for a flat $129, they will repair the washer.

Home ownership is still the CORNERSTONE of the American Dream!

EXIT CORNERSTONE REALTY — Mon, 14 Feb 2011 18:58:00 GMT

We at Exit Cornerstone Realty are firmly convinced that “Home ownership is the Cornerstone of the American Dream”. This is our company motto and we truly believe it. As full time professionals, we understand that owning a home is not only the dream of every American, it is a Right guaranteed by our founding documents. The “pursuit of happiness” has its roots in property ownership and this was not lost on our framers. Our country was founded on this principle and our history is replete with stories of Americans in pursuit of land and owning their own.
The concept of ownership is alive and well to this day and most Americans view owning a home as very important and a personal goal. Although the last few years have negatively affected home values for home purchased in the 2004-2007 years, we view this year as a great time to buy. With interest rates and home prices so low, it’s a good time for first time homebuyers and renters to make the move. And there are loan products out there for you!
Take a look at this article; we welcome your comments!
_____________________________________

70 Percent of Americans View Homeownership as Part of Personal American Dream, According to Trulia

Print Article

RISMEDIA, February 12, 2011—Trulia.com, a top site for home buyers, sellers and renters, released the results of its biannual American Th

Key findings of the survey include:

- American Dream Still Lives: Although foreclosures and underwater homes continue to plague the current housing market, 70% of Americans still view homeownership as being part of their American Dream. In fact, more than three out of four homeowners (78%) say their homes are the best investment they ever made. Conversely, only 20% feel trapped in their “underwater” homes while 14% said they would walk away from their homes in a heartbeat if they could.

- Millennials Driving Economic Recovery: Although many of today’s young adults came of age during the housing crash, more than one in four (26%) say their views on owning a home have become more positive over the past six months. With 88% of 18-34 year old renters aspiring to be homeowners, this new generation of buyers will likely play a crucial role in stabilizing today’s uncertain real estate market.

- Stronger Long-term Recovery in Southern and Western Regions: Despite today’s low mortgage rates and high affordability, most would-be homeowners are in no rush to buy. By comparison, a brighter beacon of hope shines in the South and West where the outlook for long-term recovery is much stronger. Undeterred by ongoing reports of foreclosures and underwater homes, 79% and 70% of renters in these respective regions say they plan to purchase a home.

“Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare. In fact, we’re seeing a national resurgence of buyer and seller activity on Trulia.com,” said Pete Flint, CEO of Trulia. “In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors—which is more than 70% year-over-year growth. We’ve seen leads to agents increase 60% year-over-year and are now experiencing 100,000 property views per minute.”

“During the housing bubble, the American Dream of homeownership was beyond reach for many young adults. Stuck with student loans and entry-level jobs, many had resigned themselves to being lifelong renters. But the tide is changing—Millennials are now today’s most serious home buyers,” said Tara-Nicholle Nelson, Consumer Educator for Trulia. “Unjaded and largely untouched by the effects of the housing crash, this new generation of buyers will no doubt lead America from its current housing slump towards true recovery.”

“Although the American Dream of homeownership remains surprisingly strong, it will not be an immediate reality for most people,” said Nelson. “Uncertainty has caused most would-be buyers across the nation to play a waiting game with the market, leading them to put their home purchases on hold for at least two years. However, new data shows that most renters in the South and West have long-term plans to buy, which is great news for America’s hardest-hit regions.”

For more information, visit www.trulia.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Have you heard about RISMedia’s Real Estate Information Network® (RREIN)? RREIN is an elite network of leading real estate companies dedicated to providing consumers and their agents with leading real estate information, and committed to the belief that Information Share Equals Market Share. Having only launched this past June 2010, the RREIN network is already comprised of 40 leading brokerages, which make up 575 offices, 30,000 agents, 167,000 closings and represents over $41 billion in transactions. How can RREIN help your recruiting efforts and differentiate your company today? For more information, email rrein@rismedia.com.

Tax considerations for homeowners!

EXIT CORNERSTONE REALTY — Fri, 11 Feb 2011 12:00:00 GMT

Now that tax time is upon us, it's important that homeowners understand their tax benefits through home ownership. We've always known that owning a home is superior in many aspects over renting, and the tax code allows certain deductions for homeowners. We bring this informative article to you courtesy Fox Business News and hope you find it helpful.

As always, please consult your tax professional for guidance and help.

Questions for Homeowners at Tax Time

By Gina Pogol

Published February 08, 2011

Albert Einstein once said, "The hardest thing in the world to understand is the income tax." If you buy, sell, finance or own real estate, it gets even worse. Before you belly up to the nearest bar or start pulling your hair out, check out this list of FAQs for tax-paying, home-owning citizens.

Yep, property and taxes go together like blood and leeches. Yet there is no reason to pay more than the minimum. Here are some commonly asked questions about taxes and homeownership. Knowing the answers will help keep your tax bill as low as possible.

1. How much of my mortgage payment is tax deductible?
On a Schedule A, you can deduct the following:
* Interest on debt used to buy, build or improve your primary or second home (called acquisition debt), as long as mortgages totaled $1 million or less ($500,000 if single or married filing separately).
* Mortgage insurance (or funding fees for government loans) for loans taken after 2006 as long as your adjusted gross income does not exceed $109,000 for a married couple (half that for singles and those married filing separately).
* Property taxes on first and second homes. Starting in 2010, however, you must itemize your deductions to get this tax break.

2. I sold my home this year. Will I owe capital gains tax?
As long as the property was your principal residence for at least two of the last five years, you can exclude $250,000 of your profit ($500,000 for married couples) from your taxable income. If you profited less than the $250,000/$500,000 threshold, no extra form is required. You can do this as often as every two years.

For those with profits that cannot be excluded, you'll report your gain on a Schedule D, Capital Gains and Losses. There are special rules for vacation homes. You may be able to exclude some or all of your gain.

3. I lost money on the sale of my home. Do I get to deduct the loss?
Loss on the sale of a personal residence is treated like a loss on the sale of any personal property. It is not deductible. Losses on investment properties are deductible.

4. I bought or refinanced a home this year. Are my closing costs tax deductible?
You can claim a deduction for real estate taxes you paid as part of your mortgage closing costs. The same goes for prepaid interest. It will be included on the 1098 form your lender sends you. What about points? The IRS has a flowchart that you can use to see when points are and are not deductible. In general, you must have paid points to build, buy or improve your primary residence in order to deduct the entire amount in the year they were paid. Otherwise they may still be deducted but on a prorated basis.

5. What happens with points on a refinance?
This deduction is often overlooked, and it could be worth a lot. When you pay points on a refinance, they have to be prorated. For example, if you pay $3,000 in points on a 30-year mortgage, you can deduct $100 a year for 30 years. But if you refinanced again this year and have prorated points that have not yet been deducted--for example, you are 10 years into a 30-year loan and have only deducted $1,000 of $3,000 in points paid--you can deduct the remaining $2,000 in the year you refinance.

6. Does a mortgage modification affect my taxes?
If you modify your mortgage, one consequence might be that you pay so much less interest that you will save more by choosing the standard deduction rather than itemizing. Don't just assume that itemizing is always best because you did it in the past.

7. Does a mortgage foreclosure affect my taxes?
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows you to exclude income from the discharge of debt on your primary residence. However, this law does not cover investment properties and vacation homes, nor does it apply to forgiven home equity loans. You could end up paying income tax on this canceled debt. In addition, states' rules for the treatment of forgiven mortgage debt vary, so check with a tax professional.

8. Can I deduct prepayment penalties?
Prepayment penalties paid on a mortgage are tax deductible in the year that they are paid.

9. What expenses am I NOT allowed to deduct from my income?
Unless your property is a rental or investment, you don't get tax breaks for the following:
* Hazard insurance;
* Homeowners association dues;
* Principal payments on the mortgage;
* General closing costs like appraisal fees or title insurance;
* Local assessments to improve your neighborhood.

10. Does the health care tax have an effect on gains from property sales?
This tax, which is 3.8%, is one of the most misunderstood additions to the tax code. Reasons not to worry:
* It doesn't apply until 2013;
* Your annual income must exceed $200,000 ($250,000 for married couples filing jointly);
* The tax is only applied to gains over $250,000 on a primary residence (or $500,000 if married).
Knowing what tax deductions are available to you can help minimize the tax man's bite come filing April 15. After all, the law says you have to pay taxes--but there's no reason to leave Uncle Sam a tip.
About the author:
Gina Pogol has been writing about mortgage and finance since 1994. In addition to a decade in mortgage lending, she has worked as a business credit systems consultant for Experian and as an accountant for Deloitte. She graduated with High Distinction from the University of Nevada with a BS in Financial Management.

Single Story For Sale in Sperryville Pike

EXIT CORNERSTONE REALTY — Fri, 04 Feb 2011 23:32:00 GMT

Immaculate--hardwoods, wrap porch!

• 2,118 sq. ft., 3 bath, 3 bdrm single story - MLS® $149,900 USD - Reduced!

Culpeper - REDUCED!! Fabulous pre-WWII home with upgrades galore! Immaculate and move-in ready. 3 bedrooms and 3 full baths on full basement. Hardiplank siding, hardwood floors, updated kitchen and baths! Modern updates with charm of yesteryear...claw tub, wrap composite porch and deck with iron rails. Kitchen with gas cooktop looks into spacious great room that has French doors leading out to lg deck. Huge level yard & det garage. Upstairs has two bedrooms and huge partially finished space for more room. Basement has upscale full bathroom and walks out to large level back yard. Detached garage can be workshop as well. Plenty of space inside and out...priced to sell, and quick closing too!

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Price Reduced on 13090 DEWBERRY RD in Woodhaven

EXIT CORNERSTONE REALTY — Sun, 30 Jan 2011 12:59:00 GMT

Woodhaven, Orange - Announcing a price reduction on 13090 DEWBERRY RD, a 1,152 sq. ft., 2 bath, 3 bdrm manufactured home "Singlewide". Now MLS® $99,900 USD - Reduced!.

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Price Reduced on 13090 DEWBERRY RD in Woodhaven

EXIT CORNERSTONE REALTY — Sun, 30 Jan 2011 12:51:00 GMT

Woodhaven, Orange - Announcing a price reduction on 13090 DEWBERRY RD, a 1,152 sq. ft., 2 bath, 3 bdrm manufactured home "Singlewide". Now MLS® $99,900 USD - Reduced!.

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Home prices...RISING??

EXIT CORNERSTONE REALTY — Fri, 28 Jan 2011 19:51:00 GMT

This is from MSNBC.

Although the media tends to oversimplify and genralize things, real estate is a LOCAL phenomena. Our area is influenced by the DC market and when we see rising prices there, buyer tend to get squeezed out to our neck of the woods. Keep an eye on things!

10 Cities Where Home Prices Will Rise in 2011
While home prices are expected to continue to fall in most metro areas, Clear Capital’s Home Data Index report says a few cities are already on the rebound and showing some gains in home values.

“There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn’t valid anymore,” Alex Villacorta, senior statistician at Clear Capital, told MSNBC. “Overall we’re seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery.”

Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.

The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:

1. Washington, D.C.: 6.5 percent price increase
2. Houston: 3.6 percent price increase
3. Honolulu: 3.4 percent price increase
4. Memphis, Tenn.: 3.2 percent price increase
5. Columbus, Ohio: 2.1 percent price increase
6. Dallas: 1.4 percent price increase
7. New York: 1.3 percent price increase
8. Birmingham, Ala.: 0.9 percent price increase
9. Pittsburgh: 0.8 percent price increase
10. New Orleans: 0.5 percent price increase

Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and “Breadbasket metros” like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.

Source: “Where Home Prices Will Rise, Fall the Most in 2011,” MSNBC (Jan. 26, 2011)

Price Reduced on 16057 LINGANORE LN in Mountin Run Lake area

EXIT CORNERSTONE REALTY — Mon, 24 Jan 2011 14:18:00 GMT

Mountin Run Lake area, Culpeper - Announcing a NEW LISTING on 16057 LINGANORE LN, a 3,010 sq. ft., 3 bath, 5 bdrm single story. Now MLS® $295,000 USD - New to Market!.

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Foreclosure Freeze/Thaw

EXIT CORNERSTONE REALTY — Wed, 20 Oct 2010 12:57:00 GMT

As we near the change of season and get ready for Autumn, we know that winter is close behind. Major banks have jumped into the spirit of the season and "frozen" foreclosures. The reason for "freezing" is to verify that the process was performed properly. There were reports in judicial foreclosure states, that robotic signatures were generated on thousands of these files rendering the process flawed leaving the mortgagor an avenue to return to the property to claim true title. The banks most likely had valid reason to foreclose, but certain steps in the process may/may not have been followed incorrectly. Reacting to the freeze, title companies decided to hold the issuance of policies on certain REO's held by the banks who's process may have been "flawed". The title companies must determine the amount of risk they are willing to take and in this atmosphere with these unprecedented large numbers of foreclosures, who can blame then for not wanting to issue policies.

One begins to see that the domino effect we will see in our own communities is that we are going to be dealing with distressed properties for a very long time. If there might have been a glimmer of light at the end of the tunnel, it was snuffed out with the news of the freezes. On main street, in the short term, this might be a good thing for regular resales and motivate banks to accept/approve short sales more readily as title would be passed from owner to owner without the bank ever taking title. The foreclosed inventory would essentially be "temporarily" off the market which would amount to less homes for buyers to choose and help to balance the market. However, the foreclosed inventory won't just go away, it will have to be dealt with sooner or later thereby keeping us in this mess for a longer period of time.

Yesterday some of the banks lifted the "freezes" in some states and predicted that they will be able to right any wrong and inspect all these files by the end of the year so we will be back on track to get through this inventory. I expect title companies will put policies and procedures in place to ascertain their amount of risk on each REO they will insure as well. And slowly but surely, we will get through--just as we do everytime life throws us a curve ball(or snow ball in this case).

It is important to have experts and professionals to turn to during these complicated times. In the end, if you find yourself in the market today by choice because of the great interest rates and prices or forced into the market by economic conidtions, remember real estate is always local. It is local agents, lenders, & title companies who can best serve you in this ever-changing market. There's a nice breeze outside today and leaves are beginning to turn!

Price Reduced on 537 E Laurel Dr in Laurel Mountain

EXIT CORNERSTONE REALTY — Wed, 06 Oct 2010 11:42:00 GMT

Laurel Mountain, Madison County - Announcing a price reduction on 537 E Laurel Dr, a 1,512 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $249,900 USD - BIG REDUCTION!.

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