Here's another episode of our Real Estate Alphabet Soup, where we learn more about real estate one letter at a time. Our letter for today covers one of the important components of buying and owning a home. This term is not only used in real estate, but in other items as well that you probably are purchasing on a daily basis. Without further ado, here's letter W!W for WarrantyA home warranty is a service contract that covers the maintenance costs of any household appliances or system for a limited time. This is not to be confused with insurance, which covers various topics. Check my video about insurance here. If you are purchasing a new construction, your home builder will convey a certain warranty for a certain period of time. For resale home, however, there are 3rd party warranty comp... 11/01/2021

Happy Monday, everyone! It is time for another Real Estate Alphabet Soup episode today. Are there terms and contingencies that you're not comfortable in working with when it comes to buying or even selling a home? Then today's episode is for you.V for Voiding the ContractIf in an event you have a contingency and you are not satisfied with it, say, home inspection, you can give a notice. This is where voiding the contract comes into play.The seller can also give you a notice if you're contingent on financing and you have passed the timeline. So it is a one party communication. On top of that, in an event that there is a voiding, you will get your earnest money deposit if both parties agree to the term of notice and the voiding of the contract. For these special scenarios, it is recommend... 11/01/2021

Hey there! Here's another steaming hot episode of the Real Estate Alphabet Soup Series, where we learn more about Real Estate one letter at a time. Wondering how loans get approved? Today we'll learm more about it with our next letter in the series.U for UnderwritingSo you decided to buy a home, either by upgrading or downsizing, or possibly making an income out of it. And you decided to get a loan for the property so that you can get your dream home. Lenders will now check if you are worthy for the loan amount you're targeting, and this process is called underwriting.After the pre-approval process by your lender, an underwriter will then ensure that you are qualified for the mortgage and would usually include a lot of paperwork. Make sure to be ready for those documents for a smooth tr... 10/26/2021

'Tis the season, indeed! Halloween is just around the corner, and it's all in the tradition of getting your costumes and baskets for the Trick-or-Treat this coming weekend, probably watch a horror movie or two at night later on while drinking your favorite Pumpkin Spice Latte. While all in all a yearly tradition, how can someone also forget one of the main attractions of the Halloween period -- Haunted Houses! So today we'll talk about the top 5 Haunted Houses around the DMV area (in no particular order) for all the scary spooky experience you'll surely enjoy.1. ShocktoberListed as one of the most terrifying haunted houses in the country, this house of horror in Leesburg, VA does give a lot of spooky vibes! Every scare counts here in this haunted house too, as they support a number of n... 10/26/2021

Happy Friday! The weekend is waving, and so here's another episode for our Real Estate Alphabet Soup series. We're now at letter T, and we will be discussing how you can protect yourself as a home buyer. T for Title InsuranceThink about title insurance as your life insurance; in the event that there are any issues or defects with the title or lien that comes up during the ownership or even after you sell the home, insurance will cover for those issues. There are two portions to title insurance -- the lender portion, which is mandatory as a home buyer, and the owner's portion which is optional. If you are a home buyer, especially for the first timers, it is important to speak with your title company as to how the title insurance works. Want to learn more about home ownership and know abo... 10/22/2021

What's happening in the housing market this week in the DMV Area? What's that thing with iBuyer that people are talking about recently? Should you buy/sell your home in the upcoming holiday season? We'll answer all of these questions in this week's real estate market report!Zillow's iBuyer Program Halted -- What's in it for us?On Monday Oct 18th, 2021 Zillow announced that they will be pausing the iBuyer Program due to backlogs, labor, and supply shortage. They said that the program will be suspended until the end of the year to deal with all the backlogs. As a result of this suspension, the stocks for Zillow went down by 5% over the past 5 days. www.RituDesai.com(Image by Mediamodifier from Pixabay)To give a quick idea, the iBuyer program is supposed to help sellers to sell their prope... 10/20/2021

Hey there! Here we are back at it again with another episode of the Real Estate Alphabet Soup, where we learn more about the real estaste world one letter at a time. Today's topic involves one of the strategies in looking for potential buyers and maybe sellers as well in the future. Without further ado, here's the next letter in this Alphabet Soup:O for Open HouseAn open house is a scheduled time when the house will be open for public viewing by potential buyers. It is an opportunity for a prospect -- even if you are under a buyer broker agreement with another realtor, you are welcome to preview the home between the time that the open house is hosted. In addition, the person representing the open house (usually the realtor) is also looking out for the interest of the sellers. So if you ... 10/15/2021

Wondering how we market your home to potential buyers? Here's for today's episode of the Real Estate Alphabet Soup Series! We are currently at letter M this time, and today we will know one of the most important platforms that realtors use for property listings and market updates.M for Multiple Listing Services (MLS)A multiple listing service, or MLS, is a platform where realtors list the homes for sale, which will then be visible to various websites that potential buyers and buyer agents browse to see the ideal home for them. This is one of the main marketing tools of a realtor, which keeps the industry alive.In the DMV area, realtors are currently using the Bright MLS system. Every association will have its own MLS system where they can list the properties they have for sale and where... 10/12/2021

Another one! Welcome to another episode of Real Estate Alphabet Soup where we understand more about real estate one letter at a time. For this entry, we're now at letter K.K for Kick-Out ClauseKick-out clauses are like clauses where one party can give a notice either to remove the contingency in place or to avoid the contract. In my experience, the common one in the DMV area we see is the home of choice or home of sale contingency where the buyer won't purchase a home until they sell their home, or the other way around -- where the seller will not sell you the home until they find another home of their choice.These situations might need the attention of a professional in the real estate business. In case you encounter any of these situations, make sure to keep in touch with your realtor... 10/11/2021

Here we are with another hot steaming knowledge with another episode of Real Estate Alphabet Soup! This time, we're talking about one of the loan types in the market with our next letter, J.J for Jumbo LoansAs the word says, jumbo loans are pretty massive in comparison to the other types of loans. This is also called the non-conforming loan. The loan limits are set by the Federal Housing Financing Agency. The DMV Area, or our DC metro area are in a high cost housing market, so our loan limits are a lot higher than maybe other parts of the country. Just to give an idea, we are at about $822,000. Talk about a jumbo loan. Literally.  For borrowers that are interested in purchasing more expensive properties, jumbo loans might be more viable than the conventional loans out there. However, li... 10/11/2021

Happy Monday, everyone! We just got off the weekend. Speaking of, weekends are known for house hunting and even inspection day! And that is why today, we'll be talking about the next letter in our alphabet soup: II for InspectionA home inspection is an examination of the property's current conditions to see if it passes certain safety standards. This is usually done by a professional home inspector that looks for any needed repairs, malfunctions, or other home issues that needs your attention.This is a very important thing when it comes to buying a home. I mean, you're making one of the largest purchases in your lifetime, and saying that this is a huge decision is an understatement. So, non-contingent or contingent -- it doesn't really matter, irrespective of the market, please do hire ... 10/11/2021

Here we are with yet another entry for our Real Estate Alphabet Soup, where I give you more knowledge and terms you need to know about real estate. Let's wrap up this week with our 8th letter, H! H for Hazard Insurance PolicyAs a home owner, you do want to secure your interest, God forbid, in the event that something happens, pretty much like car insurance. The Hazard Insurance Policy will cover you in the event of any natural disaster causing damage to your home. For the most part,. this only cover structural damage, however, and not the personal items inside your property. If you are financing your loan, your lender will require the policy to be in place before your big day of closing date. There are different deductibles (just like a car insurance) so speak with a specialist who can ... 10/08/2021

Happy Friday! Real Estate Alphabet Soup is back with another load of steaming knowledge for all home buyers and sellers. We're now at letter G, and we now talk about the incentives provided by the government.G for Government Backed Incentives for First Time Home BuyersDo you know that there are actually a lot of options for our first time home buyers? It doesn't matter where you are located in the DMV area, as there are grounds, buy down interest rates, and down payment assistance for our first time home buyers.There are, of course, some requirements and qualifications for it and a number of limitations as well. But overall, if you are a first time home buyer, don't panic too much about the fees -- the government has its own system in place to assist you. It is important to talk to your... 10/08/2021

Happy Thursday! It's another day to continue our Real Estate Alphabet Soup. For our 6th letter, we now discuss the letter F! Not only that this term appears in real estate, but also in other fields as well. F for FinancingAs a home buyer, there are a lot of financing or loan programs out there, such as USDA, FHA, conventions, non-conventions, jumbo, 2.5%, 5%, 10%, 15% 20%, BMI, No BMI -- there are just so many options to choose from. It is important to know what type of loan that works for you in case that you won't go for cash in one payment. In order to identify what the right financing is for you, you'll need to talk to a lender so that they can help you understand your financing and which product is the best for you. Want to find the best financing that works for you, and meet up wi... 10/07/2021

Another one for today! Here's yet another entry for our Real Estate Alphabet Soup, and we're at the fifth letter, E!E for Earnest Money DepositAs a home buyer, the Earnest Money Deposit (EMD) is the amount of money that you're willing to put in good faith to show to the seller that you are serious in buying the home. This is also an integral part of the buyer's offer to the seller in purchasing a home. As a home seller, the EMD is important in the event that the buyer defaults on your home. There isn't a real standard with the EMD, and could be in any amount. This is not to be confused with downpayment, though. The key difference is that the downpayment is something you pay for that's required by the lender, while the EMD is part of the buyer's offer that will be held by the seller. Nee... 10/06/2021

Happy Wednesday! And this is yet another entry for our Real Estate Alphabet Soup. Today's word is being used not only in real estate but also in other things as well. Without further ado, here's letter D!D for DownpaymentA downpayment is an initial payment from the buyer that is paid to the seller, which is a part of the whole amount of the property that both the buyer and seller agreed upon.The source of your downpayment will be very important for the lender. They would usually like to know if it's a gift money, grant money, or coming from a different source like an international transfer.For the home seller, the downpayment becomes an important driving decision at some time when they encounter multiple offers. Basically, the larger the downpayment is, the more a seller is to pick the ... 10/06/2021

Two letters in the same day? I'll take it! Here's another letter for our Real Estate Alphabet Soup this Tuesday, and we are now in the letter C! C for Cash FlowI mean, no one hates hearing the word ka-ching, especially if it's something that's going in their pockets! As an investor, if you are thinking about purchasing a home, this is a must-know. Cash flow is basically the difference between a property's income and expenses (including debts). One of the ways of possibly increasing your cash flow is to have your property rented (if you haven't done it yet) but make sure to check your other options first.Do keep in mind that when computing the cash flow, you can still take advantage of the taxes, interest deductions, and the depreciation on the property to know your next move. It is best... 10/05/2021

Happy Tuesday! Today we continue with the Real Estate Alphabet Soup, where we will be discussing terms all about real estate, from A to Z. Today's letter is B!B for Backup OfferIf you're a home buyer, sometimes, the tides might not be in your favor. Say that you really love to take this home for yourself, and your offer isn't winning -- like, perhaps, the second best offer out there. Like in most situations, things are much better when you plan ahead -- this is when backup offers come into play.Basically, what you can do is to ratify the offer to your first backup in case that the original offer isn't as good as you've expected and in the event that the home seller opted for a different offer. This is basically an agreement with the seller which puts you into a position where if the fir... 10/05/2021

Happy Monday! Welcome to the new segment we have tor this blog -- Alphabet Soup! So in a day, I'll be posting a terminology from the real estate industry, from A to Z. Then we'll be discussing that word to give more insights as to what it's all about.Since this will be the first time we're doing this, we start with A.:A for AppraisalAppraisal means the independent value of your home. As a buyer, your lender of choice or the bank will send an independent person to evaluate and ensure that you are not overpaying for the home of your choice. As a home seller, you can also have an independent appraisal, but the bank doesn't have to honor it. For a smoother transaction, it'll always be better to talk to an expert realtor to see the value of your home and to know more about how to sell your h... 10/04/2021

Being in the real estate business means getting down to all of the information the clients need to see -- from the details in the contract, to the homes for sale, and of course, how the home looks like when presenting it to potential buyers. And what better way of showing things around to clients of what the home looks like than pictures. Today, I'm with the man behind those wonderful photos with our listings, Tyson, and he is also here to provide us with tips on how to make your home look more presentable.Less is MoreIf you're selling a home, it is important that potential buyers are able to imagine what it's like for them to see the home for themselves. However, seeing some unnecessary items around the house might not make it appealing to the buyers, let alone for the photographers to... 09/17/2021