Reducing the price of your Bedford VA Home for sale

Logo of the National Association of Realtors.Deciding when to drop the listing price of your Bedford Home for sale is difficult because it depends on the many factors  and not just the Bedford market.  There’s no one formula that will work across the board.  However, there are guidelines that we use for most homes in Bedford.  Here are a few standards.

When the feedback says “It’s too high!”

If the Bedford agents and buyers are coming back with pricing suggestions or verbal offers, and those are in line with the comps your priced above, then you’re priced to high.  That’s the point you should drop the price.  Don’t wait for “the perfect buyer” to come along – it’ll never happen.  You’ll increase the chances of a sale by dropping it immediately.

When you haven’t had a showing in 30 days

With the exception of open houses, which don’t count, if you haven’t had a call to either preview with an agent or show a client. The National Association of Realtors says 10 days without a showing means to lower the price. Bedford is a little slower than the rest of the market.  But 30 days without a showing means something needs to change. Regardless of the price range, if you’re not getting at least one showing a month, the price is too high.  If it’s priced right, you should be getting a lot more showings.  How much to drop depends on the property but drop it enough to get showings.

When a similar property sells for less

If a property in the same market that is a good comp sells for less than your asking price, drop the list price to capture buyers who were looking at that other property. If you want a little negotiating room, fine, but come to within 2% of the other listing price as soon as that home goes to “pending sale” status.

When the last price drop was 90 or more days ago

If the last price reduction was 90 or more days ago and you don’t have a serious buyer on the hook, drop the price.  Even if a buyer is considering the property, drop the price.  Dropping the price will engage more buyers and existing potential buyers will be motivated to write an offer before someone else does.  I’ve seen sellers sit on properties for months while potential buyers make up their mind.  The result:  wasted time and opportunities.

Lets face it, the longer a  takes a home to sell the less money the owners will get. Meanwhile they have to maintain the house, make payments, do upkeep, keep it in show able condition. Further eating away equity. Price it right to begin with and the home will sell!

The Realty Group Becomes Keller Williams

The Realty Group in Lynchburg is now Keller Williams Lynchburg!Keller Williams Logo

Teresa Polinek made the announcement during a sales meeting. Realty Group agents have been waiting for some time to hear the great news! We have so pleased to become KW and to use their systems in the Lynchburg area. Keller Williams provides unsurpassed technology and training for each agent. Last year, Keller Williams team up with Market Leader to develop eEdge as a website, CRM , and back office tool. Making transactions seamless for Lynchburg home buyers and sellers.

The Realty Group has been serving Lynchburg, Forest, and Bedford County home owners for many years. Teresa Polinek and Tina Friar have been two of the top performing Realtors in Lynchburg for the last 10 years. They started out with just the two of them and now have over 40 agents plus support staff.

The Witt Fogleman Team has been awarded a Mega Agent Office status by Keller Williams Realty International. As part of the mega agent office, Witt Fogleman team will become part of the Keller Williams Lynchburg office.

The Witt Fogleman Team are some of Bedford top producing agents. The help people wanting to sell homes in Bedford, Lynchburg, and Roanoke VA and also help people wanting to purchase a home in Bedford, or purchase a home in Lynchburg and in Roanoke.

Keller Williams Realty International helps agents have careers. Their goal to for each agent is to have a life by design. Keller Williams also understands buyers and sellers work with agents not a franchise. Therefore they allow each agent to brand themselves.

Each Keller Williams franchise is independently owned and operated. Keller Williams Lynchburg is all locally owned.

Buyer Agency In Bedford / Lynchburg/ Roanoke VA

 

Buyer agency is probably the most misunderstood aspect of buying Real Estate in Bedford / Lynchburg/ Roanoke.

How much will it cost me to hire a Bedford Buyers agent?

Do I even need a Bedford / Lynchburg / Roanoke buyer’s agent?

Will I save money if I just call the listing agent?

Can a Bedford buyer’s agent help me with new construction homes?  What about Foreclosures? HUD homes? For Sale By Owners homes?

  • How much will it cost me to have a buyer’s agent in the Bedford / Lynchburg/ Roanoke area? Zip. Zero. Zilch. Nada. NOTHING! In fact, having buyer representation in all of Virginia does not cost you anything. Buyers agents are paid by the seller! When you enter into a contract with a Bedford buyers agent, they work in your best interest. They represent you! And can save you money!

 

  • Do I even need a buyer’s agent? Only if you want to save money and have someone who does this every day to help you along the way! Licensed Real Estate agents in Bedford have access to a lot more information that the general public does. When making a purchase of this magnitude, it only makes sense to have someone who sells Bedford Real Estate every day working for you. Not to mention, that should you make a mistake when purchasing a home, the monetary effects of that mistake can add up to a hefty sum… quickly. A good agent will insure that doesn’t happen to you.

 

  • Will I save money if I just call the listing agent? NO! In fact, studies have show calling the listing agent cost more money. The sellers have signed a contract to pay a commission to a Bedford / Lynchburg/ Roanoke listing agent, the listing agent agrees to split this amount with the Bedford buyers agents. If the listing agents brings the buyer, they keep the whole all of the commission. When you sign a Bedford Buyers agreement, our agents represents you, we can make suggestions such as price, requesting repairs, and negotiation tactics.

 

  • Can a buyer’s agent help me with new construction homes? Foreclosures? HUD homes? For Sale By Owners homes? YES! Our Bedford / Lynchburg / Roanoke real estate agents can help you with all of these type of homes. Remember, the on-site agent at a new construction Bedford community represents the builder, NOT you. Again the sellers pay the fees for a buyers agent.

 

  • What if the Bedford / Lynchburg/ Roanoke property I like is listed by Witt-Fogleman? From time to time the Witt-Fogleman Team will represent both the Bedford / Lynchburg/ Roanoke buyer and the Bedford/ Lynchburg/ Roanoke seller. We will designate one of our highly trained Bedford Real estate professionals as your representation!The Witt Fogleman Real Estate Team rules of ethics state we will not disclose anything you tell us on confidence.

 

This is just a high level overview of Buyer Agency here in the Bedford / Lynchburg/ Roanoke area. Call us The Witt Fogleman Team to learn more about buyer home sin Bedford/ Lynchburg/ Roanoke. We are here help and are happy to answer you questions!

Buyer Broker agreements are a new Virginia Law

Photo of the Virginia State Capitol before ren...

Effective June 1, a new Virginia state law requires a buyer broker agreement or a notice of non-client representation!

When discussed, council for the Virginia Association of Realtor stated, there has been way too many issues recently. We all know the last couple of years the market has been tough. People who are unhappy with their situation have been trying to take it our on their REALTOR via a legal process. Therefore, it is the opinion by those in power to make it a requirement to have buyers sign a brokerage relationship in order for any agent to perform any activity.

If a potential buyer wants to see a house, they will have to sign a brokerage agreement or a non client agreement. If a potential buyer refuses to sign an agreement or a non-client representation agreement, and an agent shows them a house, that agent would be in violation of Virginia State law!

Basically what this means is either you are or are not being represented by a Bedford agent who is showing you a home. If you are being represented, then the Bedford agent works for YOU! The agent can recommend price, negotiate on your behalf, they look out for your best interest. Whatever you tell them stays private. If you do not sign a Bedford buyer broker agreement, then the agent showing you the homes works for the seller , they can not recommend anything but full price, they can disclose anything to the sellers.

So, who do you want to represent you in Bedford? A Bedford Buyers agent or the guy working for the selller?


Home Inspections in Bedford

Recently we had Tim Gardner from Inspecx, Inc. do an inspection for one of our listings. Here is a portion of his report and we thought it would be a great way for people to understand inspections.

 

What You Can Expect From This Inspection Report
This inspection report is a reasonable effort to disclose the condition of this property as it existed on the day of
inspection, and is conducted in accordance with the National Association of Certified Home Inspectors (NACHI)
Standards of Practice and Code of Ethics. An inspection report cannot reveal information on concealed items or
items the inspector was unable to access and inspect. Reliance on this report, in whole or in part, for any reason
whatsoever, constitutes acceptance of the terms of the addended inspection agreement.
The following pages are a compilation of the inspector’s findings. Each category contains a brief description of
the type of system or structure, what is included in the inspection of that category and if there were any major or
minor conditions to note. For example, the Exterior category contains items such as: windows, doors and trim.
Check each description prior to reviewing the findings.
When items are rated the categories are as follows:
• A No Visible Defects rating should give satisfactory service within the limits of its age.
• A Monitor rating is generally cosmetic and repair is optional.
• Attention/Maintenance Recommended is considered normal upkeep.
• A Marginal rating is considered less than satisfactory and may soon need repair.
• A Recommended Upgrade will result in improved service or greater safety.
• A Defective-Relevant rating is a major concern generally considered to be significant and / or poses a
safety hazard; and may have relevance to the contingent conditions of the real estate contract. This
condition requires immediate attention. A licensed contractor should be consulted to evaluate the system
and the inspector’s findings; and to provide an estimate for necessary repairs.
The inspector may make recommendations to upgrade specific items or systems. (For Example: Upgrade
bathroom or kitchen receptacles to ground fault interrupter receptacles.) These recommendations are often
intended to improve a system or item with newer products and technologies.
All of the inspector’s findings are approximations and not a definitive answer. It is impossible to predict exactly
how long a system will last. Any estimate of cost to repair is an approximation for budgetary purposes only.
The two most common concerns expressed by buyers in the aftermath of a home inspection are: “Which items
are the sellers required to repair?” and “What if the sellers won’t address these problems?”
The first point every home buyer must understand is that a home inspection report IS NOT a repair list for
the sellers.
The only exception to this rule applies to new construction homes, where the builder or contractor must provide a
finished product free of defects. With used homes, inspection reports provide information for the home buyers,
rather than directives for sellers. This does not mean that buyers cannot submit repair requests to sellers, but such
requests are negotiable; not legally binding upon the sellers. Repair requests can and perhaps, should be made, but
with the understanding that most sellers have rights of refusal.
With this ground rule in place, buyers should divide the inspection findings into three distinct categories:
1. Legally mandated repairs: Some conditions require repairs in accordance with state laws or local
ordinances. Common in many areas are requirements to upgrade smoke detector placement, or to comply
with various building and safety standards. Such items are non-negotiable and must be addressed by the
sellers.
2. Contractually mandated repairs: Some conditions are specified for repair in the real estate purchase
contract. Common are stipulations that:
• All building components are in safe working condition.

• Plumbing leaks are repaired.
• Structural problems are corrected.
• The roof be made free of leaks.
Contractual agreements of this kind are binding upon sellers. However, the seller’s obligation may be
limited to a dollar figure, above which, the seller has the right to refuse to make the repairs. If the Seller
refuses to make repairs the buyer thinks are necessary, the buyer must then decide whether to accept the
dollar figure limit in the contract and accept the property in its present condition, or terminate the contract
and receive a refund of the earnest money (offer deposit). The Roanoke Valley Association of Realtors
Purchase Agreement, Paragraph 14 and Paragraphs F, G, H & I of the Standard Provisions section,
address these conditions and requirements. Remember, all property defects are negotiable; buyers should
carefully evaluate these according to importance. Vital repairs are generally regarded as reasonable repair
requests. Examples of these repairs include a defective furnace or heat pump, a substandard chimney, and
faulty electrical wiring. Although sellers are not obligated for such corrective work, most reasonable
sellers will agree to address conditions of this kind, either by making repairs or by adjusting the sales
price of the property. Even though sellers are not required to make these repairs, buyers should feel
comfortable requesting that such corrections be completed.
3. Conditions of minor concern: Finally, there are common property defects which should be regarded for
disclosure purposes only and which buyers should accept as conditions to be repaired after the sale.
Examples are numerous and include rotted fence posts, peeling paint, rubbing doors, cracked pavement,
worn carpet, unextended downspouts, etc. These “deferred maintenance” items are usually visible and a
diligent buyer would have noticed them before going to the contract stage, and made an offer accordingly.
The key here is Don’t Nit-Pick. You need to know about these items, but you, the buyer, are
responsible for correcting them.
These three standards should be applied, when reviewing this inspection report, as a means of separating repairs
to be requested from conditions to be accepted. Most sellers are honest and are often surprised to learn of defects
uncovered during an inspection. No home is perfect. Keep things in perspective. Don’t ruin your deal over things
that don’t matter. It is inappropriate to demand that a seller address deferred maintenance, conditions already
listed on the seller’s disclosure, or insignificant items.
At this point, you and your agent should formulate a letter of request and submit it to the sellers. A wise approach
for structuring this letter is to state that some defects will be accepted in “as is” condition. Listing the items to be
accepted is a good strategy for negotiation. Itemizing the accepted defects demonstrates a willingness to be
reasonable, rather than demanding. The letter should then list the items for which repairs are requested, beginning
with conditions required by law or by contract, and concluding with the items that are subject to the sellers’
approval.
Thank you for selecting Inspecx Home Inspection Services. We have made every effort to make this report as
comprehensive as possible. If you do not understand any part of this report, please do not hesitate to call our
office at 540-297-7733

Wonderful affordable Bedford VA home for sale

Looking for the perfect serene Bedford Home for sale, then look no further. This Bedford County home is perfect! 1862 square feet with 3 bedrooms and 2 bath rooms, situated near the end of a cul-de-sac. This home is close to the City of Bedford but is in a quite area. The neighborhood is clean and well kept homes.

Nice covered front porch, deck off kitchen and lower patio with huge fire pit, koi pond and garden area. Lawn is very well maintained, mature trees, privacy cypress and wooded back lot offer for lots of outdoor area to play with. Trails in woods lead to creek with bridge. Shaded, mulched area for playground and pens for animals. Lot near end of cul-de-sac for your quiet enjoyment! Interior has great room/open floor plan and three spacious bedrooms and oversized bath. Lower level has nicely finished family room that walks out to patio, full bath and nice workspace. Woodstove heats entire house. HP heat and air. Vinyl insulated windows. Automatic attic fan. Low avg electric bills – $120-150/avg. Directv in place; Verizon DSL and cable available. Home warranty offered. Great neighborhood. Road is easily cleared in weather. Don’t let this one pass by!

3.41 acres of lanf included with this home. Much of it landscaped. Rooms are painted for their children but will be painted a neutral color upon request of buyer.

 

 

 

Free Buyers Agency class

Buyer agency flyer for classThinking about buying a home in Bedford?

Come to this free buyers agency class in Bedford VA. Learn what a Bedford buyers agent is, why they are important to you and how much its costs to hire one (here is a hint-they are free).

Did you know when a home seller lists their Bedford VA  property they agree to pay a buyers agent to represent you? Wendy Witt, Amy Carter and Scott Fogleman will share great information of what a buyers agent does.

Need a mortgage? What does a mortgage broker do in Bedford VA? What are the steps to getting a great mortgage at the best rate?Lisa McKenny and Sandy Wood from Blue Ridge Mortgage can explain the whole mortgage process to you.

 

How much insurance do you need? How much is too much? What are the pitfalls of homeownership and how do you protect yourself. Eddie Sitzler will share a great wealth of information with you.

 

 

The place to be in Bedford VA

603 Westview Bedford VA 24523

On Bedford’s favorite street, this home is classic, a stately beauty, built to last & completely updated. Brand new kitchen with ceramic tile floor, stainless steel appliances, new countertops, fresh paint, new sink & disposal, cherry built-in shelving & paneling through breakfast area & cozy TV nook. Pantry and tons of cabinets. Two new bathrooms – full bath on m/l & full bath up. New paint throughout inside & entire exterior. Original windows painstakingly repainted & restored to full functionality. Electric has been updated, new GCFI in baths. New light fixtures throughout. Added closets in upstairs hallway for plenty of storage. Downstairs is a wonderful den/game/hobby room w/ a wet bar & newly reupholstered bench seats that convey. Outside, a new stamped concrete walkway & front stoop & new rear deck for exterior living. Pair all of this with the charm of original doors & hardware, hardwood floor, arched doorways, wood burning fireplace, front door with sidelights.

 

This exceptional home will not last long! Come see it while it lasts.

Want to know more about Bedford visit Discover Bedford

 

Elementary Schools in Bedford , VA

4 Elementary Schools found in the area.

School Type Grade Level Enrollment Students per Teacher
Bedford Elementary School
Phone: (540) 586-0275
806 Burks Hill Rd, Bedford, VA 24523
Public 3-6 409 16
Bedford Primary Elementary School
Phone: (540) 586-8339
807 College St, Bedford, VA 24523
Public PK-2 361 15
Body Camp Elementary School
Phone: (540) 297-7391
3420 Body Camp Rd, Bedford, VA 24523
Public PK-5 169 19
Precept Schools Of Virginia
Phone: (540) 587-5423
1987 Big Island Hwy, Bedford, VA 24523
Private 2-6 11 5

High Schools in Bedford , VA

2 High Schools found in the area.

School Type Grade Level Enrollment Students per Teacher
Liberty High School
Phone: (540) 586-2541
100 Liberty Minutemen Dr, Bedford, VA 24523
Public 9-12 940 18
Science and Technology Center
Phone: (540) 586-3933
600 Edmund St, Bedford, VA 24523
Voc/Tech 9-12 0 0

Middle Schools in Bedford , VA

2 Middle Schools found in the area.

School Type Grade Level Enrollment Students per Teacher
Bedford Middle School
Phone: (540) 586-7735
503 Longwood Ave, Bedford, VA 24523
Public 7-8 475 16
Precept Schools Of Virginia
Phone: (540) 587-5423
1987 Big Island Hwy, Bedford, VA 24523
Private 2-6 11 5

Why do you need a buyer’s agent?

Witt Fogleman, Wendy Witt and Scott FoglemanDid you know based upon the laws of Virginia, without a buyer’s agent agreement REALTORS represent the seller? That’s right, the agent who listed a home represents the seller!

So how do you get proper representation? Hire a buyer’s agent!

But, don’t I have to call the person whose name is on the sign to see a particular home?

NO, agents in Bedford, Lynchburg and Roanoke all belong to an association and any agent can show any home. So wouldn’t it be easier to work with one person than calling each agent?

How much does it cost to hire a buyer’s agent in Bedford VA?

It costs the buyers NOTHING!!! They actually will SAVE YOU MONEY! Wait, why would an agent in Bedford work  for free? When a home in Bedford VA, Lynchburg, VA, Roanoke or almost everywhere is listed for sale, the seller agrees to pay the listing agent a commission when the homes sells. The listing agent splits this commission with the selling agent according to the rules of the Realtors Associations of Lynchburg and Roanoke. So a buyer’s agent in Lynchburg or Bedford VA is paid by the seller to represent the buyer!

Downtown skyline of Lynchburg, Virginia, USA

Image via Wikipedia

What else does a buyer’s agent do?

A Bedford buyer’s agent saves you time! A Bedford buyer’s agent will assess your needs and wants. Then research all homes matching your criteria and work with you to see them. They are your resource for the local real estate market bringing information to you! Therefore you don’t have to drive all over town looking at homes that do not fit your needs.

A Bedford buyer’s agent will help you select the home you want to purchase and write the offer for you. This is where a buyer agent really starts to work. Negotiation of a Bedford home sale price or contract details are something many people are uncomfortable doing. A good buyer’s agent will help you through this process; they will help you to keep your mind on the big picture of what you really want.

The Witt-Fogleman sales team works very hard for Bedford buyers. We have developed a proven method for getting buyers the best home on the market for the best price. The fully understand the buying process and will assist you every step along the way.

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