Greetings Virginia Real Estate Team Client Appreciation Movie Night

Each summer, the Greetings Virginia real estate sales team with Keller Williams Realty team hosts a client appreciation party to acknowledge our past clients, friends, family, and referral partners. Our real estate sales business is largely referral based from our happy past clients that refer us to their friends, families, and co-workers are in the market to Buy a Home, Sell a Home, or Invest in Real Estate.

When you buy a home or sell property with Greetings Virginia, you become a part of our GV Insider’s Club where we become your advocates for life. In addition to inviting you to great events like our annual Movie Night, we will be available to refer any resource to you that you may need in the future. Our extensive connections include close, well vetted relationships with almost any resource that you may ever need. Need a handyman or plumber or a chiropractor or massage therapist? Just pick up the phone and call us and we will introduce you. This is just another way that we provide World-class Solutions to our clients and past clients.

Members of our GV Insider’s Club enjoy invitations to free events such as Movie Night as well as our Christmas Tree Exchange and Toy Donation. In addition, we also support unwanted, abandoned, abused, or stray pets to be rescued and placed into loving homes by helping Homeward Trails Animal Rescue.


Check out a few photos from our last Greetings Virginia client appreciation Movie Night:


Some brought their kids and had loads of fun!

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Your Home Sold in 72 Days Guaranteed

Guaranteed Home Sold in 72 Days – Greetings Virginia Real Estate Sales Network

Your Home Sold Guaranteed

GUARANTEED Home Sold in Virginia

While every agent will promise to sell your home, the reality of the real estate market today is that, this simply doesn’t always happen. Needless to say, this is highly frustrating to a home seller like you. Well, we set ourselves apart from most agents by being accountable to you. In other words, we don’t just promise to sell your home, we Guarantee it. Our Sell Your Home in 72 Days campaign is as simple as this:

We guarantee to sell your home in Virginia within 72 days or we will buy it.
As you can see, we put our money where our mouth is. Instead of making you empty promises, we give you a written guarantee of performance and if we don’t live up to this agreement, you pay us absolutely nothing at all. We’re taking all the risk so you don’t have to, and this gives our many clients much greater peace of mind in the home selling process.

Want to know more? Just fill out this short inquiry and we will contact you soon.

Your Home Sold GUARANTEED!

Your Home Sold GUARANTEED!



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Wells Fargo to close more than 400 branches

After a rough week where the company fell short of its earnings expectations, Wells Fargo followed with news that it will close over 400 branches across the nation.

The bank continues to clean up from its massive fake accounts scandal announced back in September 2016.

Wells Fargo posted a loss of $746 million in revenue for the fourth quarter of 2016. In fact, in a release of the earnings call transcript, provided by Seeking Alpha, the Chief Financial Officer of Wells Fargo, Tim Sloan, reports that very same scandal is dragging down its mortgage referral business.

Now, the bank will look to save $2 billion in costs by the end of 2018, according to an article in CNN Money. Ryan Smith for Mortgage Professional America.

From the article:

Wells Fargo said the new branch closures haven’t been fueled by the bank’s fake account scandal.

However, Wall Street analysts do see a link. Not only does Wells Fargo face rising legal and compliance costs to clean up the mess, but its branches aren’t likely to be the profit engines they once were.

But these aren’t even the first closings the bank has seen, the article points out. Wells Fargo closed 84 branches in 2016, mostly in the second half.

Photo Credit: Jose Antonio Perez /

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[Charts] A look at FHA mortgage insurance premiums through the decades

Up until this year, the Federal Housing Administration has not reduced annual mortgage insurance premiums since January 2015. But before that, there was long history in how the MIP has seesawed up and down. 

The 2015 reduction came in a series of increases and reductions that have taken effect since 2010. And before the increase in 2010, there was a long standstill in mortgage insurance premiums, which the Mortgage Bankers Association puts into context in its latest chart of the week.  

The MBA calculations use data in the Actuarial Review of the FHA Mutual Mortgage Insurance Fund Forward Loans for fiscal year 2014. The MBA calculated the total mortgage insurance premium using a 5:1 ratio to convert the up-front premium and add it to the annual premium.

Click to enlarge

Jan chart of the week

(Source: MBA)

On Jan. 9, the FHA announced that it is cutting its annual mortgage insurance premiums for the second time in two years, sneaking the cut in right before President Obama exits office.

According to the FHA, it will cut the annual mortgage insurance premiums most borrowers will pay by one-quarter of a percentage point, or 25 basis points.

The FHA said that it projects that its new premium rates will save new FHA-insured homeowners an average of $500 in 2017 alone.

According to the FHA, the cut applies to new mortgages with a closing or disbursement date on or after Jan. 27, 2017.

In 2015, the MMI Fund reached its Congressionally mandated threshold of 2% ahead of schedule, a feat that surprised many observers considering that it came after the Obama administration announced a 50 basis point cut in annual mortgage insurance premium prices in January 2015.

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These housing experts will answer all of your Trump questions

We expect 2017 to be a year of massive transition, with President-elect Donald Trump’s inauguration only days away.

And as the guard changes in Washington, so does the housing and mortgage finance industries we rely on for making a living.

As you can imagine, the editorial department at HousingWire is answering many questions on what the Trump mortgage nation will look like.

So much so, in fact, we figured our dear readers likely need to ask the very same questions:

What’s next for mortgage rates? They’re rising, but how high?

FHA reduced premiums, again. What’s the outlook on PMI vs. FHA?

Will Trump really repeal Dodd-Frank? What will that mean for the CFPB?

What is the future of the mortgage-interest deduction?

On Jan. 26 we plan to answer all of these questions and more for FREE to HousingWire readers.

Join HousingWire as we host a free extended Q&A session, with three housing experts who live and breathe this kind of thing each and every day. Sign up and send us your questions, we’ll try to get them all answered.

Need to learn about interest rates? Brent Nyitray, director of capital markets with iServe Residential Lending, will be there.

FHA just lowered premiums, how does that impact you? Sal Miosi, senior vice president business strategy and operations at primate mortgage insurer, MGIC, has your back.

Will Trump fire CFPB Director Richard Cordray and take apart Dodd-Frank, can he DO THAT? Noted author and industry firebrand Christopher Whalen will give us a preview.

Hurry up, though, as space is limited.

See you there.

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Top 10 cities with homes most threatened by heavy winds

In some cities, the threat of rising interest rates, higher home prices or even lack of housing inventory aren’t the only threats to potential homebuyers.

In addition to battling these economic factors, some homeowners must also fight against natural disasters that can not only destroy homes, but also increase homeowner insurance costs and decrease the home’s value.

In its latest report, CoreLogic rated the top cities at risk of hazardous wind conditions in its Windy City Index. The ranking among the nation’s largest 279 metros incorporates both the number of wind events, measured at the city center plus a 10-mile radius, as well as the total force caused by any severe wind gusts of 60 mph or more.

“Wind can cause significant damage whether associated with an actual hurricane or not,” CoreLogic Product Manager Curtis McDonald said. “Wind speeds of 92 mph, even without a hurricane – as seen in Tallahassee – can be a significant threat to life and property.”

“Hurricane Matthew’s high winds will result in insurance claims related specifically to wind events, and with insurance industry estimates putting wind damage at 25% of all insurance claims each year, that percentage will likely be higher in 2016 due to Matthew,” McDonald said.

Here are the top 10 cities with the highest Wind City ranking:

10. Charleston, South Carolina

Number of wind events: 12

Max wind speed: 86 mph

South Carolina

9. Clarksville, Tennessee

Number of wind events: 15

Max wind speed: 70 mph

8. Winston-Salem, North Carolina

Number of wind events: 13

Max wind speed: 73 mph

7. Little Rock, Arkansas

Number of wind events: 14

Max wind speed: 70 mph


6. Louisville, Kentucky

Number of wind events: 13

Max wind speed: 68 mph

5. Columbia, South Carolina

Number of wind events: 18

Max wind speed: 67 mph


4. Cincinnati, Ohio

Number of wind events: 16

Max wind speed: 79 mph


3. Jackson, Mississippi

Number of wind events: 21

Max wind speed: 71 mph

2. Reno, Nevada

Number of wind events: 14

Max wind speed: 90 mph

Lt. Jim Dangle

1. Nashville, Tennessee

Number of wind events: 21

Max wind speed: 72 mph


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Escalation clauses can make the difference when bidding wars arise

Even though much of the District is in what we would consider a fairly normal market, with moderate price increases and a climate that favors neither buyers nor sellers, there are some pockets that remain hot sellers’ markets. Whether it’s the most sought-after neighborhood or a hard-to-find price point, the end result is often the same — a bidding war breaks out.

While bidding wars are thrilling for sellers, they can be extremely frustrating and even heartbreaking for buyers. Some buyers bid on multiple properties without ever winning and eventually give up. That doesn’t have to happen, though. Here in Washington, there is a form that can be added to a purchase contract to help ensure the buyer has the winning bid. It’s called an escalation clause.

An escalation clause is just that — a clause that escalates the offer price, as needed, to win the deal. For example: A buyer is interested in a property and their agent reaches out to the seller’s agent to let them know an offer is coming. The seller’s agent indicates that they have interest from several buyers, and this will most likely be a multiple-offer situation. The buyer’s agent would then recommend to the clients that their offer include an escalation clause.

Of course, escalation clauses aren’t right for every buyer. If a buyer is struggling to come up with a down payment or having a tough time securing a mortgage, staying within a set budget is essential. And no buyer should ever offer or pay more for a home than they’re comfortable with.

But if you have the extra cash and really want the house, here’s how it works: The buyer would submit an offer for a certain price, but the escalation clause increases the offer price by pre-set increments up to a predetermined maximum in order to beat out any competing bids.

So, say the offer on the property is $500,000. The escalation clause might allow for the price to go up in increments of $5,000 up to a maximum of $550,000 to beat any other offers. That means that if another offer comes in at $515,000, the offer with the escalation clause will automatically go to $520,000 in order to beat it.

For the buyer’s protection, the seller must provide a copy of the competing offer (with personal information redacted) as proof of the offer being escalated against.

It’s important that the escalation amount is meaningful to the seller. It’s not “The Price is Right” — you’re not going to win a home by outbidding other offers by $1. Sellers look at terms as much as price, and if a competing offer is cleaner — all cash, no contingencies, preferred closing date, etc. — the seller will choose it over a slightly higher dollar offer.

Another potential negative is that escalation clauses can be frustrating for a seller when the other offers received aren’t high enough to activate the escalation. But even though the seller might look at the escalation clause’s maximum and think they’re losing out on that money, the reality is that escalation clause is ensuring they’re receiving — and the buyers are paying — true fair market value for their home.

Any home buyer, seller or agent operating in a competitive market environment should take a moment to learn about escalation clauses. The form and the process are very straightforward, and they can transform a stressful, frustrating situation into a win-win for all involved.

Dean Cottrill is president of the Coldwell Banker Residential Brokerage Mid-Atlantic region.

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