Do I have to sign an agreement with a buyer’s agent before touring homes?

Yes. Since August 17, 2024, agents who use the MLS must have a written buyer agreement with you before showing any home, including virtual tours.

• The agreement must spell out exactly how your agent is paid, and that pay is negotiable. It is not set by law.
• Virginia law also requires a written brokerage agreement before an agent represents you as a buyer (Va. Code § 54.1-2138).
• Agreements can be short-term, limited to one property, or exclusive. Ask for the version that fits where you are in your search.

How we help: We walk you through the agreement line by line before the first showing, so there are no surprises about pay or commitment.

Who pays the buyer’s agent now, the buyer or the seller?

It’s negotiable: sellers can still pay some or all of your agent’s fee, but your written agreement sets what your agent is owed, and you cover any gap.

• Offers of buyer-agent pay can no longer be posted in the MLS. Your agent asks for it in your offer or negotiates it directly with the seller.
• Many Hampton Roads sellers still agree to pay the buyer’s agent because it widens their buyer pool.
• VA-loan buyers have extra rules. See the Military & VA section below.

How much are closing costs for a buyer in Virginia?

Plan on roughly 2% to 5% of the loan amount on top of your down payment.

• Closing costs include lender fees, appraisal, title insurance, the settlement fee, prepaid taxes and insurance, and Virginia’s recordation tax, which buyers customarily pay.
• Recordation tax is the state rate of $0.25 per $100 of price, plus a local tax of up to about one-third of that.
• Sellers can contribute toward your closing costs. FHA, VA and conventional loans each cap how much.

How we help: We request a written Loan Estimate from your lender early so your cash-to-close number is real, not a guess.

What’s the difference between pre-qualified and pre-approved?

Pre-approval is the one that counts: the lender has actually verified your income, assets and credit, and Hampton Roads sellers expect to see it with your offer.

• Pre-qualification is only an estimate based on what you tell the lender.
• Well-priced homes here often go under contract in under three weeks, so start shopping with your letter already in hand.
• Get pre-approved before you start touring so you know your real price range.

Do I need a lawyer to close on a house in Virginia?

No. Virginia doesn’t require an attorney at closing; a licensed settlement agent (an attorney or a title/settlement company) handles it.

• By law, the buyer chooses the settlement agent, and a seller can’t require a particular one (Va. Code § 55.1-1006).
• Either side may still hire its own attorney for advice.
• Virginia allows remote online notarization, which helps out-of-town and military buyers close from anywhere.

Does the seller have to tell me about problems with the house in Virginia?

Mostly no. Virginia is a “buyer beware” state, so your inspections and your own research are your main protection.

• Under the Residential Property Disclosure Act, sellers give a form that says they make no representations about the home’s condition. That form also tells you to check items like flood zones, military noise zones and more.
• Sellers can’t actively hide known defects. Certain items must be disclosed, such as repeated flood-insurance claims and pending code violations.
• Your inspection contingency is your most important protection.
• Virginia’s disclosure form was updated July 1, 2026 to add a notice about nearness to military installations, and a notice about rollback taxes on land-use property is added January 1, 2027.

How we help: Chris’s construction and home-building background means she spots structural and workmanship red flags on the first walk-through, before you spend money on inspections.

Should I get a home inspection, and can I back out because of it?

Always inspect, and you can only back out penalty-free if your contract includes a home inspection contingency and you act before its deadline.

• Common add-ons in Hampton Roads: a termite (wood-destroying insect) report, radon, septic or well, and a crawlspace moisture check. Crawlspace moisture is a big issue in our coastal climate.
• After the inspection you can ask for repairs, a credit, a lower price, or you can cancel. What you can do depends on the contract.
• Missing an inspection deadline usually means you lose the right to cancel for inspection reasons.

What is earnest money, and can I lose it?

Earnest money is a good-faith deposit held in escrow that goes toward your costs at closing, and you can lose it if you back out outside your contingencies or deadlines.

• In Virginia, a disputed deposit can’t be released on the broker’s say-so. It takes written agreement of both sides, a court order, the contract’s clear terms, or a 15-day notice process (Va. Code § 54.1-2108.2).
• A stronger deposit can make your offer stand out in a multiple-offer situation.

How do I know if a house is in a flood zone, and will I need flood insurance?

Check the FEMA flood map by address before you make an offer; if the home is in a high-risk zone (A or V) and you have a federally backed mortgage, flood insurance is required.

• Many Virginia Beach, Norfolk and Chesapeake homes are in or near flood zones, and some homes outside the mapped zones still flood.
• Federal (NFIP) flood policies usually have a 30-day waiting period and can often be transferred from the seller.
• Get a flood insurance quote during your inspection period, not after.

Related: Flood Zones in Hampton Roads: What Buyers and Sellers Need to Know

If the home is in an HOA or condo, can I cancel after I read the documents?

Yes. In Virginia, unless the contract sets a different period, you have 3 days after receiving the association’s resale certificate to cancel without penalty.

• If the certificate is never delivered, you can cancel any time before settlement (Va. Code § 55.1-2312).
• Read the budget, reserves, rules and any planned special assessments before your cancellation window closes.

What happens if the home appraises for less than my offer?

Your lender lends on the appraised value, not the price, so you can renegotiate, pay the difference in cash, challenge the appraisal, or cancel if your contract has an appraisal contingency.

• Many buyers add an appraisal-gap clause that caps how much over the appraised value they’ll cover, such as up to $10,000.
• Gaps are most common after bidding wars. In August 2026, about 38% of Virginia Beach homes sold above list price (Redfin).
• Keep enough cash in reserve to cover a gap before you offer over list.

How we help: We send the appraiser recent comparable sales up front to support the contract price.

What is a rate lock, and how long should I lock my rate?

A rate lock guarantees your interest rate for a set period, usually 30, 45 or 60 days, as long as you close on time and your application doesn’t change.

• Changes to your loan type, down payment, credit score, income or the appraisal can change a locked rate.
• Ask what an extension costs before you lock. Extension fees aren’t shown on the Loan Estimate.
• If rates fall after you lock, you only benefit if your lender offers a float-down option.

What’s the difference between the Loan Estimate and the Closing Disclosure?

The Loan Estimate is the standard 3-page quote your lender must give you within 3 business days of applying, and the Closing Disclosure is the final version you must receive at least 3 business days before closing.

• Every lender uses the same Loan Estimate form, so you can compare lenders line by line.
• Use the 3-day window to compare the Closing Disclosure against your Loan Estimate and ask about any change.

Do I need owner’s title insurance?

It’s optional but strongly recommended, because it protects your equity from problems that started before you bought, such as unpaid liens, forged signatures or recording errors.

• Your lender requires a separate lender’s policy that protects only the loan.
• Buying both policies from the same company at closing usually costs less.
• In Virginia, you choose the settlement and title company, and the contract must tell you so in bold type (Va. Code § 55.1-1007).

Why are some homes for sale not on Zillow or Realtor.com?

Since 2025, national REALTOR rules let sellers delay public online marketing or keep a listing private within one brokerage, so some homes are for sale before they show up on public websites.

• A delayed-marketing listing is still in the MLS, so your agent can see and show it early.
• Office-exclusive listings aren’t in the MLS at all and are found mostly through agent networks.
• Working with a well-connected local agent is the best way to see these homes.

How we help: With 27 years in Hampton Roads and a 90% referral business, Chris hears about many homes before they hit the public sites.

What is a hurricane deductible, and how much could I owe after a storm?

Many Virginia homeowners policies have a separate hurricane or named-storm deductible set as a percentage of your home’s insured value, commonly 1% to 5% or more, instead of a flat dollar amount.

• On a home insured for $400,000, a 2% deductible means you pay the first $8,000 of storm damage.
• Standard homeowners policies don’t cover flooding. Flood insurance is a separate policy.
• Get an insurance quote with the deductible spelled out during your inspection period.

How do I find out if past work on the house was permitted?

Search the city’s online permit records by address and compare them with additions, decks, HVAC and electrical work you see in the home.

• Virginia Beach permits are searchable through the city’s online permit portal (Accela Citizen Access).
• Virginia sellers must disclose known pending code or zoning violations, but old unpermitted work with no open case may never be disclosed.
• Unpermitted work can create insurance, safety and resale problems.

How we help: Chris’s construction and home-building background helps her spot work that doesn’t look like it was done to code.

How much do I really need for a down payment?

Often 0% to 3.5%: conventional loans start at 3% down, FHA at 3.5%, and VA and USDA loans can be 0% down.

• 20% down isn’t required. It only avoids private mortgage insurance on a conventional loan.
• USDA loans can’t be used inside Virginia Beach city limits but are available in parts of the surrounding area.
• Plan for closing costs and a cash cushion, not just the down payment.

Are there first-time home buyer grants in Virginia?

Yes. Virginia Housing offers a Down Payment Assistance Grant of up to 2.5% of the price with an FHA loan (2% with conventional) that never has to be repaid.

• It must be paired with a Virginia Housing FHA or conventional loan, and you must meet income and sales-price limits.
• You contribute at least 1%, which can be a gift.
• Virginia Housing also offers a Closing Cost Assistance Grant for VA and USDA loans and a Plus Second Mortgage option. Income limits change, so confirm current figures with a Virginia Housing-approved lender.

Who counts as a first-time home buyer?

Usually anyone who hasn’t owned a primary home in the past 3 years, even if they owned one before that.

• Some Virginia Housing programs also allow repeat buyers who purchase in designated areas.
• Each program has its own definition, so check with your lender.

What credit score do I need to buy a house?

About 580 for an FHA loan with 3.5% down and generally 620 or higher for conventional and most Virginia Housing loans, though each lender sets its own minimum.

• A higher score lowers your rate and your mortgage insurance cost.
• A lender can often show you quick ways to raise your score before you apply.
• Since November 2025, Fannie Mae’s automated underwriting no longer has a hard 620 minimum, and Fannie Mae and Freddie Mac now accept VantageScore 4.0. Many lenders still set their own minimums.

How much house can I afford?

Start with the monthly payment you’re comfortable with, including taxes, insurance and HOA dues, then let a lender’s pre-approval set the ceiling.

• The costs first-time buyers most often underestimate in Hampton Roads are homeowners and flood insurance, HOA dues, and Virginia’s yearly personal property (car) tax.
• Being approved for an amount doesn’t mean you should spend all of it.

Should I buy now or wait for interest rates to drop?

Buy when your finances and timeline are ready, not when you think rates have bottomed. If rates fall later you can refinance, but you can’t go back and buy at an earlier price.

• Inventory in Hampton Roads remains tight, so competition tends to pick up when rates drop.
• Compare your total monthly payment with your current rent, not just the interest rate.

What is PMI, and how do I get rid of it?

PMI is private mortgage insurance, required on conventional loans with less than 20% down, and you can ask to remove it at 80% loan-to-value; it ends automatically at 78%.

• FHA mortgage insurance usually lasts for the life of the loan unless you put 10% or more down.
• VA loans have no monthly mortgage insurance.
• Starting with 2026 tax returns, mortgage insurance premiums are deductible again for homeowners who itemize.

Can my family gift me the down payment?

Yes. FHA, conventional and Virginia Housing loans all allow documented gifts from family.

• Expect a signed gift letter and a paper trail showing where the money came from.
• Don’t move cash around right before applying without asking your lender first.

Can I use my IRA for a down payment without the 10% penalty?

Yes. You can withdraw up to $10,000 (a lifetime limit) from an IRA without the 10% early-withdrawal penalty to buy a first home, as long as you use it within 120 days.

• “First-time” here means no ownership of a main home in the past 2 years.
• Regular income tax may still apply to traditional IRA money.
• The exception doesn’t apply to 401(k) plans. Confirm with a CPA before withdrawing.

Can I buy a fixer-upper with an FHA loan?

Yes. The FHA 203(k) loan rolls the purchase price and the repair costs into one mortgage.

• The Limited 203(k) covers up to $75,000 of non-structural repairs.
• The Standard 203(k) allows structural work and requires a HUD consultant.
• Get contractor bids early. Lenders need them to size the loan.

How we help: Chris’s construction background helps you judge whether a fixer-upper’s repair list is realistic.

What tax breaks do I get as a new homeowner in 2026?

If you itemize, you can deduct mortgage interest on up to $750,000 of mortgage debt, state and local taxes up to $40,400, qualifying points, and, starting in 2026, mortgage insurance premiums.

• The 2026 standard deduction is $16,100 for single filers and $32,200 for married couples filing jointly, so many first-time buyers won’t itemize.
• The state and local tax cap shrinks for incomes above $505,000.
• This is general information. Confirm your situation with a CPA.

How do my student loans affect how much I can borrow?

Lenders count your student loan payment in your debt-to-income ratio, and some loan types count a set percentage of the balance even if your payment is $0.

• FHA counts 0.5% of the balance per month when your payment shows as $0.
• Conventional loans generally accept a documented $0 income-driven payment.
• Defaulted federal student loans must be resolved before FHA approval.

Where can I take a free homebuyer class or talk to a housing counselor?

Virginia Housing offers a free homebuyer class online or in person, and HUD-approved housing counselors across Hampton Roads provide free or low-cost one-on-one help.

• Many Virginia Housing loans and grants require the class.
• Find a local HUD-approved counselor through HUD’s or the CFPB’s online counselor search.

Are there home discounts for teachers, police officers, firefighters or EMTs?

Yes. HUD’s Good Neighbor Next Door program sells certain HUD-owned homes in revitalization areas at 50% off list price to eligible teachers, law enforcement officers, firefighters and EMTs.

• You must live in the home for 36 months.
• Homes are listed for 7 days on HUDHomeStore.gov, and availability in Hampton Roads is limited.

Can I buy my next home before I sell my current one?

Yes. The most common ways are a home-sale contingency, a bridge loan, a HELOC on your current home, qualifying for both payments, or selling with a rent-back.

• The right choice depends on your equity, your debt-to-income ratio and how competitive the market is.
• Mapping out the order before you list prevents a two-moves-in-a-month scramble.

How we help: We plan your sale and purchase as one coordinated move so the closing dates line up.

Will a seller accept an offer that depends on me selling my house?

Sometimes, but a home-sale contingency weakens your offer in a tight market like Hampton Roads.

• Make it stronger by listing or going under contract on your home first, putting down more earnest money, or offering a “kick-out” clause that lets the seller keep accepting backup offers.
• Contingent offers are toughest in the fastest-moving parts of Virginia Beach and Chesapeake.

What is a bridge loan, and is it worth it?

A bridge loan is a short-term loan (usually 6 to 12 months) against your current home’s equity that lets you buy before you sell. It’s worth it when certainty matters more than cost.

• Rates and fees run higher than a regular mortgage.
• Some lenders require your current home to be listed or under contract first.

Can I use a HELOC on my current home for the down payment?

Yes, but set it up before you list. Lenders generally won’t open a HELOC on a home that’s for sale.

• The HELOC payment counts against your debt-to-income ratio when you qualify for the new loan.
• HELOC rates are usually variable.

Do I have to qualify for two mortgages at once?

Usually yes, unless your current home is sold or under contract, because lenders count both payments in your debt-to-income ratio.

• A signed lease on your current home may let rental income offset that payment. Lender rules vary.
• Talk to your lender about this before you start house hunting.

Should I give up my low mortgage rate to move up?

Compare the total monthly cost and what each option does to your equity, not just the two interest rates.

• Many longtime Hampton Roads owners have enough equity to put down much more on the next home, which shrinks the new loan.
• If your family has outgrown your home, a lower rate doesn’t fix that.

Can I stay in my old house for a while after it sells?

Yes. A rent-back (post-settlement occupancy agreement), usually 30 to 60 days, is common and is negotiated in the sale contract.

• Put the daily rent, deposit and condition requirements in writing.
• The buyer’s loan usually requires them to move in within 60 days, which limits how long you can stay.

How big can my loan be before it’s a jumbo loan?

In Hampton Roads, a one-unit mortgage over $832,750 is a jumbo loan in 2026.

• Jumbo loans usually require a larger down payment, a higher credit score and more cash reserves.
• The limit is set each year by the FHFA.

Is mortgage interest on a bigger loan still deductible?

Yes, but only the interest on the first $750,000 of mortgage debt, a limit the 2025 federal tax law made permanent.

• Loans taken out before December 16, 2017 may keep the older $1 million limit.
• Talk to a CPA about how this applies to you.

How much will my property taxes go up in a more expensive home?

Multiply the city’s assessed value by the tax rate: in Virginia Beach that’s $0.97 per $100 for fiscal year 2027, or about $4,850 a year on a $500,000 assessment.

• Some Virginia Beach special service districts charge more, from $0.98 to $1.55 per $100.
• Assessments reset every year, so budget from the city’s current assessment, not the seller’s old bill.

Should I sell first or buy first when downsizing?

Most downsizers sell first or at the same time and use the proceeds for a large down payment or a cash purchase.

• A rent-back on the home you’re selling gives you time to move without paying for two homes.
• If you have strong equity, a bridge loan or HELOC lets you buy first and move once.

Related: You’ve Spent Decades Building Equity. Let’s Make Sure You Keep It.

Should I pay cash or take a mortgage on my smaller home?

Cash wins on speed and competing with other offers, while a mortgage keeps more of your savings available. Many downsizers choose based on what their financial advisor recommends for retirement income.

• Some lenders offer “delayed financing,” which lets you buy with cash and take money back out soon after.
• Talk to your CPA or financial advisor before tying up a large share of your savings in the home.

Condo, townhome or single-level house: which is best for downsizing?

It depends on how much maintenance you want to hand off: condos and townhomes trade lower upkeep for HOA dues and rules, while a single-level detached home offers privacy and no shared walls.

• Attached homes in parts of Hampton Roads sit on the market longer, which can mean more room to negotiate.
• Virginia gives you a 3-day right to cancel after receiving the HOA or condo resale certificate.

What should I look for in a home I plan to stay in long-term?

Look for a first-floor primary bedroom, a no-step or low-step entry, low exterior maintenance, and a sensible flood and insurance profile.

• Check how far the home is from doctors, family and the places you go every week.
• Doorways, bathrooms and lighting are easier to adapt now than later.

How we help: Chris’s construction background helps you judge what’s easy to modify and what isn’t.

How do HOA or condo fees affect what I can afford?

Lenders count HOA and condo dues in your debt-to-income ratio, and they’re a permanent part of your monthly cost.

• Review the association’s budget and reserve study, and ask about planned special assessments before your cancellation window closes.
• Low dues can mean underfunded reserves and a special assessment down the road.

Can I buy my next home with a reverse mortgage instead of paying all cash?

Yes, if you’re 62 or older. A HECM for Purchase lets you make a large one-time down payment and have no required monthly mortgage payment.

• You still pay property taxes, insurance, HOA dues and upkeep.
• See the Senior & 55+ section for how it works.

Who takes care of the stormwater pond in a neighborhood?

Usually the HOA, and Virginia sellers must disclose privately owned stormwater facilities and their maintenance requirements.

• Those maintenance costs are part of your HOA dues, so check the association’s budget and reserves.
• Required under Va. Code § 55.1-708.1.

How can I leave my home to my children without probate?

Virginia allows a transfer-on-death deed, which passes your home to the people you name at your death without probate while you keep full ownership during your life.

• The deed must be recorded before death to be valid.
• Talk to an estate attorney about how it fits with your will and any trust.

What is a “repetitive loss” flood property, and will the seller tell me?

It’s a home with two or more flood-insurance claims over $1,000 paid within any 10-year period, and Virginia sellers must disclose it if they know.

• Also ask for the seller’s flood insurance history and an elevation certificate.
• Required under Va. Code § 55.1-708.2.

Related: Flood Zones in Hampton Roads: What Buyers and Sellers Need to Know

Are there 55+ communities in Hampton Roads?

Yes. Virginia Beach, Chesapeake and Suffolk all have age-restricted communities, including resale-only neighborhoods and new-construction options.

• Examples include The Villages at West Neck (Virginia Beach), Eagle Pointe at Cahoon Plantation and The Retreat at Western Branch (Chesapeake), and Landings at Bennett’s Creek (Suffolk).
• Amenities, HOA dues and rules vary widely, so compare them side by side.

How we help: Chris specializes in guiding 55+ homeowners through downsizing and can tour communities with you.

What does “55+” mean legally, and can younger family members live with me?

Under federal law, a 55+ community must have at least 80% of occupied homes with at least one resident age 55 or older. Each community’s own rules decide who else can live there.

• Some communities limit how long guests under a certain age can stay.
• Read the covenants before you commit.

Can I buy a home with a reverse mortgage (HECM for Purchase)?

Yes. If you’re 62 or older, a HECM for Purchase lets you buy with a large down payment and no required monthly mortgage payments while you live in the home.

• You must move in within 60 days, complete HUD-approved counseling and keep paying property taxes, insurance and upkeep.
• The 2026 HUD lending limit is $1,249,125.

How much do I need to put down with a HECM for Purchase?

Roughly 50% to 65% of the price, depending on your age and current interest rates. The older you are, the less you need to put down.

• The down payment must come from savings, the sale of your current home or a gift. It can’t be borrowed.
• Eligible homes include single-family homes, HUD-approved condos and 2–4 unit homes you live in.

Should I pay cash or finance in retirement?

Paying cash avoids interest and helps you win offers, while financing keeps your investments working and your money available.

• Lenders can qualify you on retirement income and assets, not just a paycheck.
• Coordinate the decision with your financial advisor.

Are there property tax breaks for seniors in Hampton Roads?

Yes. Virginia Beach, Chesapeake and Norfolk each offer real estate tax relief for qualifying owners age 65+ or permanently disabled, based on income and net worth limits.

• Virginia Beach accepts applications once a year, typically February 1 through June 30. Check your city’s current limits and deadlines.
• Relief applies to your primary residence.

How do I protect myself from wire fraud at closing?

Always confirm wiring instructions by calling your settlement agent at a phone number you already know, and never act on emailed changes to wiring instructions.

• Scammers target buyers with large down payments, and older buyers are frequent targets.
• A legitimate settlement company will never object to you calling to verify.

Can I get a mortgage in retirement without a paycheck?

Yes. Lenders can turn eligible retirement savings into qualifying monthly income, an approach often called asset depletion.

• Fannie Mae divides eligible assets by the loan term to calculate income after subtracting your down payment, closing costs and reserves.
• Pensions, Social Security and required IRA distributions also count.

Are there new tax breaks for seniors in 2026?

Yes. Taxpayers 65 and older can take an extra $6,000 deduction from 2025 through 2028, reduced at higher incomes, on top of the standard deduction.

• If you pay cash for your home, this deduction may matter more than mortgage interest.
• Confirm with your CPA.

How much home can a reverse mortgage purchase cover in 2026?

HUD’s 2026 lending limit for reverse mortgages (HECMs) is $1,249,125, and the amount you can actually borrow depends on your age and current interest rates.

• The older the youngest borrower, the larger the loan.
• A HUD-approved counselor session is required before you apply.

Should I buy or rent when I PCS to Hampton Roads?

Buying usually makes sense if you’ll be here about 3 years or more, or if you’d keep the home as a rental after you leave. On shorter or uncertain tours, renting avoids the cost of selling quickly.

• Compare the full monthly payment (with taxes, insurance and HOA dues) against your BAH and local rents.
• Military rental demand here is steady, which helps if you plan to rent the home out later.

How we help: Chris has guided military families through PCS moves in and out of Hampton Roads for 27 years.

Related: Selling or Buying During a PCS Move to Hampton Roads

What BAH area covers Virginia Beach, Norfolk and Chesapeake?

The Norfolk/Portsmouth Military Housing Area (VA298) covers Virginia Beach, Norfolk, Chesapeake, Portsmouth and Suffolk.

• BAH depends on your pay grade and dependency status and resets every January.
• Use the official DoD BAH calculator for your exact rate.

How does a VA loan work?

With full entitlement, a VA loan lets you buy with no down payment, no monthly mortgage insurance and no VA loan limit, as long as you qualify and the appraisal supports the price.

• You pay a one-time funding fee, which can be rolled into the loan. It’s 2.15% for first use with less than 5% down, and lower if you put more down.
• Veterans receiving VA disability compensation, Purple Heart recipients and eligible surviving spouses are exempt from the funding fee.

Can I use my VA loan again if I still own my first VA home?

Often yes. If you have remaining entitlement, you can buy again, though you may need a down payment depending on price.

• In Hampton Roads, remaining entitlement is based on the 2026 county loan limit of $832,750.
• A VA-approved lender can calculate your exact remaining entitlement.

How long do I have to live in the home before renting it out?

You must move in within 60 days and intend to live there, and lenders typically expect about 12 months. PCS orders are an accepted reason to leave sooner.

• A spouse living in the home satisfies the requirement while you’re deployed.
• You can keep the VA loan and rent the home out after you move.

Can a VA buyer pay their own agent?

Yes. Under rules VA issued in 2024, veterans may pay a reasonable buyer’s agent fee, though it can’t be financed into the loan, and sellers can still pay it.

• VA’s rules on seller concessions and agent fees have been updated more than once. Confirm current guidance with your VA lender.
• About 4 in 10 Virginia Beach buyers with a mortgage use VA financing, so local sellers are used to VA offers.

Is a termite inspection required for a VA loan in Virginia?

Yes. VA requires a termite (wood-destroying insect) report in Virginia.

• Since 2022 the veteran is allowed to pay for it. It typically costs about $100 to $200 and is often negotiated onto the seller.

Can I buy a house before I arrive for my PCS?

Yes. With a signed buyer agreement, live video tours, an independent inspection and remote or mail-away closing, many military families buy before they arrive.

• Virginia allows remote online notarization, and a power of attorney can work for a deployed spouse if the lender approves it.
• Line up your lender’s pre-approval before you start looking from afar.

Related: Selling or Buying During a PCS Move to Hampton Roads

Can I assume someone else’s VA loan and keep their low rate?

Yes, if the loan servicer approves your credit. Veterans and non-veterans can both assume a VA loan.

• You pay a 0.5% funding fee and cover the gap between the price and the loan balance in cash or with a second loan.
• The seller’s entitlement stays tied to the loan unless the buyer is a veteran who substitutes their own.

What about jet noise near NAS Oceana?

Virginia Beach has official noise zones and accident potential zones around NAS Oceana and Fentress, and you should check the city’s map for any address before you make an offer.

• Noise zones are part of Virginia’s required disclosure notices.
• Homes in louder zones can be harder to resell, so factor that into the price.
• Since July 1, 2026, Virginia’s disclosure form also tells buyers to check how close a home is to military installations themselves.

Do disabled veterans get property tax breaks in Virginia?

Yes. Veterans rated 100% permanently and totally disabled from service, and qualifying surviving spouses, are exempt from real estate tax on their primary home.

• Apply through your city’s assessor or commissioner of the revenue (Va. Code § 58.1-3219.5).

What happens if my VA appraisal comes in low?

The VA “Tidewater” process lets your agent send the appraiser more comparable sales before the value is final, and the lender can file a Reconsideration of Value if it’s still low.

• The Tidewater window is typically about 2 business days.
• If the value stays low, you can renegotiate or pay the difference, and the VA escape clause protects your earnest money.

How we help: We have supporting comparable sales ready before the appraiser arrives.

Am I exempt from the VA funding fee, and can I get a refund later?

You’re exempt if you receive VA disability compensation, received a Purple Heart, or are an eligible surviving spouse, and if a disability rating later comes back effective before your closing date, you can request a refund.

• The 2026 first-use fee is 2.15% with less than 5% down, 1.5% with 5% down and 1.25% with 10% down.
• The fee can be financed into the loan.

Do I pay Virginia car tax if I’m stationed here?

Not if your legal residence is in another state: active-duty members, and spouses with the same out-of-state residence, are exempt from personal property tax once they file proof.

• Virginia Beach asks for a current Leave and Earnings Statement, and spouses file a military spouse attestation.
• Leased vehicles have limits. Check with your city’s Commissioner of the Revenue.

Does the SCRA 6% interest cap apply to the mortgage I get now?

No. The Servicemembers Civil Relief Act’s 6% cap applies only to loans taken out before you entered active duty.

• If rates drop later, a VA streamline refinance (IRRRL) can lower your rate with a 0.5% funding fee.

Can I refinance my VA loan after I PCS and rent the house out?

Yes. A VA streamline refinance (IRRRL) only requires that you certify you live in or previously lived in the home.

• The funding fee is 0.5% and can be rolled into the loan.

What repairs will a VA appraiser require?

The home must meet VA Minimum Property Requirements, meaning it’s safe, structurally sound and sanitary, and required repairs must be finished before closing.

• Common items: peeling paint on pre-1978 homes, a roof near the end of its life, missing handrails, broken heat and active termite damage.
• The seller usually pays for required repairs, but it’s negotiable.

How we help: Chris’s construction background helps catch likely VA repair items before you write the offer.

Can I buy a home in Hampton Roads sight unseen?

Yes. Many relocating buyers purchase using live video tours, a thorough independent inspection and a remote closing.

• Ask for video of the street, the neighbors and the commute route, not just the inside of the house.
• Check the flood zone and get an insurance quote before you commit.

Virginia Beach, Chesapeake or Norfolk: where should I live?

It depends on your commute, budget and lifestyle. Virginia Beach offers beach and suburban living, Chesapeake more space and newer neighborhoods, and Norfolk urban neighborhoods at generally lower prices.

• Suffolk and Portsmouth often offer more house for the money.
• Test-drive the commute at rush hour, since bridges and tunnels shape daily life here.

How we help: Chris is a lifelong Virginia Beach resident and knows neighborhoods street by street, from Great Neck and the North End to Bayside and Great Bridge.

How do bridges, tunnels and traffic affect where I should buy?

A lot. The Hampton Roads Bridge-Tunnel, the Downtown and Midtown tunnels, and toll crossings can turn a short distance into a long commute, so pick your home based on your daily route.

• The HRBT expansion is expected to wrap up in 2027.
• Drive your commute at rush hour before you make an offer.

Should I rent first before buying?

Renting first makes sense if you don’t know the area yet. The trade-offs are moving twice and possibly paying more if prices keep climbing.

• A short-term lease plus a clear list of what you want lets you buy with confidence within a few months.

What’s different about buying a home in Virginia?

Virginia is “buyer beware,” the buyer chooses the settlement agent, no attorney is required, and buyers customarily pay the recordation tax.

• Most Virginia localities charge a yearly personal property tax on vehicles.
• Your inspections and your own research do the job seller disclosures do in other states.

When is the best time to buy in Hampton Roads?

Spring and summer bring the most listings and the most competition because of the military moving season, while fall and winter bring fewer homes but more room to negotiate.

• Great homes sell year-round here, so being pre-approved matters more than the calendar.

Will my relocation package cover closing costs?

Many do. Share your relocation policy with your agent and lender early, because some policies require specific vendors or timelines.

• Keep every receipt. Some moving costs may be reimbursable or tax-relevant.

How soon do I need a Virginia driver’s license and plates?

You have 60 days after moving to Virginia to get a Virginia driver’s license and 30 days to title and register your vehicle.

• Virginia requires a yearly safety inspection. Hampton Roads doesn’t require emissions testing.
• Also register your vehicle with your city’s Commissioner of the Revenue.

What is Virginia’s car tax, and how much is it?

Virginia cities tax vehicles every year: Virginia Beach charges $4.00 per $100 of assessed value, and state relief reduces the tax on the first $20,000 of a personal vehicle’s value.

• Each city sets its own rate and due dates.
• Active-duty military with out-of-state residency are usually exempt.

How do I find out which schools a house is zoned for?

Enter the address in the school division’s online school locator, because school zones follow boundaries, not ZIP codes.

• Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth each have their own tools.
• Listing websites are sometimes wrong, and boundaries can change, so confirm before you make an offer.

What monthly city bills come with a house besides the mortgage?

Expect water, sewer, trash and a stormwater fee, which in Virginia Beach arrive together on one city services bill.

• Chesapeake’s stormwater fee is $11.35 a month.
• Homes on a well or septic system won’t have city water or sewer charges but need their own maintenance.

Can I buy flood insurance right before closing?

Yes. The usual 30-day waiting period for a federal (NFIP) flood policy is waived when you buy the policy as part of a mortgage closing.

• Many flood claims come from outside high-risk zones, so consider coverage even if it isn’t required.

Related: Flood Zones in Hampton Roads: What Buyers and Sellers Need to Know

Is Virginia Beach doing anything about neighborhood flooding?

Yes. Voters approved a $567.5 million flood-protection bond in 2021, and the city’s projects can be looked up near any address.

• Search the city’s flood-protection program page for projects near the home you’re considering.

Do I need my own agent to buy new construction?

Yes. The builder’s sales rep works for the builder, and bringing your own agent costs you little or nothing when the builder pays the buyer’s agent.

• Important: never visit a new construction site or model home on your own the first time. Builders may refuse to pay your agent’s commission if you register without your agent, which can leave you paying that fee yourself.
• Get the builder’s buyer-agent compensation confirmed in writing.

How we help: Chris’s construction and home-building background is a real advantage here, from reading the contract to walking the framing.

Do I need a home inspection on a brand-new home?

Yes. Get a pre-drywall inspection, a final inspection before closing, and an 11-month inspection before your first-year warranty ends.

• City code inspections check minimum standards only. They aren’t a quality review.
• Problems are far cheaper to fix before the drywall goes up.

What warranty protects a new home in Virginia?

Virginia law gives new-home buyers an implied warranty of 1 year on defects and 5 years on the foundation, unless the builder waives it with conspicuous language in the contract.

• You must give the builder written notice of a defect (Va. Code § 55.1-357).
• Most builders add their own 1-2-10 year warranty. Read what it covers and what it excludes.

Do I have to use the builder’s preferred lender?

No. You’re never required to, but builders often tie incentives like rate buydowns or closing-cost credits to their own lender.

• Compare the builder’s offer against a Loan Estimate from an outside lender, looking at the total cost, not just the incentive.

Can I negotiate with a builder?

Yes, but mostly on upgrades, closing costs, rate buydowns and lot premiums rather than the base price.

• Completed homes that haven’t sold usually have the most room to negotiate.

How long does it take to build a new home?

Typically about 6 to 12 months from contract to closing, depending on the builder and the season.

• Read the contract’s delay clause and the terms of any rate lock. Long rate locks can cost extra.

Are there extra fees in new communities?

Often yes. Expect HOA dues and sometimes special assessments from a Community Development Authority, which is part of Virginia’s required disclosure notices.

• Ask for the HOA budget and the full fee schedule before you sign.

Do energy-efficiency tax credits still apply to a new home in 2026?

Mostly no: homeowner credits for solar, heat pumps and efficiency upgrades ended December 31, 2025, and the builder’s new-home credit ended for homes bought after June 30, 2026.

• Some builder incentives relied on those credits and may be smaller now.
• Confirm any tax claims with your CPA.

What if my new home appraises below the builder’s price?

Many builder contracts require you to cover any shortfall, so read the appraisal and financing terms before signing and negotiate a price cut or credit if the value comes in low.

• Important: never visit a new construction site or model home on your own the first time. Builders may refuse to pay your agent’s commission if you register without your agent.
• Keep extra cash in reserve for a possible gap.

How we help: We review the builder’s contract with you before you sign.

Can I use a VA loan on a new build?

Yes. The VA removed its builder ID requirement in March 2025, which makes more builders eligible.

• Important: never visit a new construction site or model home on your own the first time. Builders may refuse to pay your agent’s commission if you register without your agent.
• Get a pre-drywall inspection and a final inspection, just as with any new build.

Can I run an Airbnb in Virginia Beach?

Only in certain areas. Rentals under 30 days are allowed mainly in Sandbridge and the Oceanfront resort area with the required city permits, or at properties grandfathered in before July 1, 2018.

• Permit requirements include an annual zoning permit, liability insurance, parking and safety inspections.
• Norfolk and Chesapeake have their own short-term rental rules. Verify before you buy.

How much do I need to put down on a rental property?

Typically 15% to 25% for a conventional investment-property loan, but you can buy a 2–4 unit home with as little as 0–5% down if you live in one of the units.

• DSCR loans qualify you on the property’s rent instead of your personal income.
• Budget for vacancy, repairs, property management and flood insurance.

Which Hampton Roads areas cash-flow best?

Lower price points in Norfolk, Portsmouth and parts of Chesapeake, combined with steady military rental demand, generally produce stronger rent-to-price ratios than beachfront Virginia Beach.

• Check flood insurance costs and each city’s rental rules before you run the numbers.

What landlord laws apply in Virginia?

The Virginia Residential Landlord and Tenant Act sets the rules on security deposits, notices, repairs and evictions.

• 2026 changes include a longer cure period for unpaid rent and new rules for military tenants ending a lease on orders.
• Many out-of-area owners use a local property manager.

Do I pay tax when I sell a rental property?

Yes. You’ll owe capital gains tax plus depreciation recapture, unless you defer it through a 1031 exchange into another investment property.

• Talk to a CPA before you buy so you set up the property the right way from day one.

Can I buy a duplex or fourplex with a small down payment if I live in one unit?

Yes. FHA allows 3.5% down, conventional loans allow 5% down, and VA loans allow 0% down on 2–4 unit homes where you live in one unit.

• 2026 conforming limits: $1,066,250 for 2 units, $1,288,800 for 3 units and $1,601,750 for 4 units.
• FHA 3–4 unit purchases must pass a self-sufficiency test.

What is the FHA self-sufficiency test?

On an FHA 3–4 unit purchase, about 75% of the property’s total market rent must cover the full monthly payment, including taxes, insurance and mortgage insurance.

• You also need 3 months of payment reserves.
• Conventional loans don’t use this test.

Do Hampton Roads cities require rental inspections?

Some do: Virginia Beach and Portsmouth inspect rentals inside designated rental inspection districts.

• In Virginia Beach, a unit that passes is exempt for 4 years.
• State law limits these inspections (Va. Code § 36-105.1:1). Check the property’s address with the city.

Can I run a short-term rental in Norfolk?

Yes, with a Norfolk short-term rental permit, and some homes also need a conditional use permit.

• Rules include on-site parking, a limit of 2 guests per bedroom and a fire inspection.
• Check the city’s short-term rental page before you buy.

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How much commission do home sellers pay now?

No law sets real estate commissions, and every part of the fee is negotiable, including whether and how much you offer the buyer’s agent.

• Since August 2024, offers to pay the buyer’s agent can’t appear in the MLS. They’re shared directly or handled as a concession in the offer.
• Buyers now sign an agreement that sets their agent’s pay, so offering nothing can shrink your buyer pool or lead to lower net offers.
• Nationally, buyer-agent fees have averaged about 2.4% since the settlement.

How we help: We show you side-by-side net sheets for different compensation strategies, so you see what each one actually puts in your pocket.

Do I still have to pay the buyer’s agent?

No, you’re not required to, but most sellers still offer something because it attracts more buyers and keeps you competitive with other listings.

• You can offer a set amount, a percentage, or a credit toward the buyer’s closing costs.
• Your listing agreement should state your plan in writing.

What are closing costs for a seller in Virginia?

Plan on roughly 6% to 9% of the sale price, including commissions, plus your mortgage payoff.

• Virginia-specific costs include the state grantor tax of $1 per $1,000, which the seller pays, and in Hampton Roads a regional grantor tax. Confirm the current rate with your settlement agent.
• Other costs include settlement and deed-preparation fees, prorated property taxes and HOA dues, the HOA or condo resale certificate, and any concessions or repairs you agree to.

How much will I walk away with when I sell?

Your net proceeds are the sale price minus your mortgage payoff, commissions, taxes and fees, and any concessions or repairs. Ask your agent for a written net sheet before you set a price.

• A net sheet at two or three price points makes pricing decisions much clearer.

Related: Get your home’s current value

How do I figure out my home’s value and the right list price?

Price from recent nearby sales of similar homes (a comparative market analysis), adjusted for condition and current competition, not from online estimates or what you paid.

• Online estimates can’t see your renovations, your lot, or the house down the street that sold as-is.
• Pricing right on day one drives the most showings. Overpricing is the #1 reason listings go stale.

How we help: Chris has closed 632 transactions and more than $217M in Hampton Roads sales since 1999, so pricing is based on real local results.

How fast do homes sell in Virginia Beach?

Well-priced, well-prepared homes in Virginia Beach typically go under contract in a few weeks, and some in a matter of days, followed by about 30 to 45 days to close with a financed buyer.

• Homes listed with Chris Faircloth go under contract in as little as 5 days.
• Speed comes from pricing, preparation and marketing, all three.
• In August 2026, the Virginia Beach median was 25 days on market, with about 38% of homes selling above list price (Redfin).

When is the best time to sell a house in Hampton Roads?

Late winter through spring typically brings the highest prices, and Hampton Roads also gets a steady flow of military buyers during the spring and summer moving season.

• Nationally, March through May has historically brought the biggest price premiums.
• The best time for you also depends on your next move, your taxes and your family’s schedule.

What do I have to disclose when selling a house in Virginia?

Virginia is a “buyer beware” state: you give the buyer a disclosure form stating you make no representations about the home’s condition, but certain items must still be disclosed and you can never hide a known defect.

• Items you must disclose include pending building-code or zoning violations, recorded lawsuit notices against the property, properties used to make meth that weren’t cleaned up, stormwater facilities, repeated flood-insurance claims, and military air-installation zones.
• Homes built before 1978 also need the federal lead-based paint disclosure.
• If the form is delivered late, the buyer may have a right to cancel.
• The state disclosure form was updated July 1, 2026 (military installation notice), and a rollback-tax notice is added January 1, 2027.

Do I have to disclose that my house flooded?

If you know of two or more flood-insurance claims on the home within 10 years, yes. Virginia requires you to disclose it.

• Beyond that rule, being upfront about water history protects you and keeps deals from falling apart after the inspection.

Related: Flood Zones in Hampton Roads: What Buyers and Sellers Need to Know

Should I make repairs or updates before listing?

Fix safety, function and obvious inspection red flags and do inexpensive cosmetic work like paint, landscaping and deep cleaning, but skip major remodels, which rarely pay for themselves.

• A pre-listing inspection helps you avoid surprise renegotiations after the buyer’s inspection.
• Older roofs and HVAC systems draw the most buyer objections.

How we help: Chris’s construction background means she can tell you which fixes actually pay off and which to skip.

I’m in an HOA or condo. What paperwork do I need?

You must order the association’s resale certificate and deliver it to the buyer. In Virginia this can’t be waived.

• The association has 14 days to provide it, so order it as soon as you’re under contract, or before you list.
• The buyer can cancel within 3 days of receiving it.

Will I owe capital gains tax on the sale of my home?

Probably not if it was your main home for 2 of the last 5 years: you can exclude up to $250,000 of gain ($500,000 if married filing jointly).

• Gain above the exclusion is taxed federally, and Virginia taxes it as regular income at up to 5.75%.
• Improvements you’ve made add to your cost basis, so keep your receipts.
• This is general information, not tax advice. Talk to a CPA.

What is a delayed-marketing or office-exclusive listing, and should I use one?

Since 2025, national REALTOR rules let you keep your home within one brokerage or delay public online advertising, but you give up some exposure and must sign a disclosure saying you understand that.

• Once a home is marketed publicly, it must be entered in the MLS within 1 business day.
• Less exposure can mean fewer buyers and a lower price.
• It can make sense for privacy, a short prep window or a quiet test of price.

How we help: We walk through the trade-offs with you and put your choice in writing.

What does a Virginia listing agreement have to include?

Virginia requires a written listing agreement with a definite end date, the fee and when it’s paid, and a description of the services; if no end date is stated, it ends 90 days after it starts.

• Required under Va. Code § 54.1-2137.
• Read the cancellation and protection-period clauses before you sign.

What are dual agency and designated agency, and do I have to agree?

One agent or brokerage can represent both you and the buyer only with your written consent after written disclosure, and you can say no.

• In dual agency, the agent can’t share either side’s confidential information.
• In designated agency, the broker assigns separate agents in the same firm to each side.

How do multiple offers and escalation clauses work?

Your agent must present every written offer promptly, and you can accept, counter, reject, or ask all buyers for their highest and best.

• Virginia requires agents to present offers even when the home is already under contract (Va. Code § 54.1-2131).
• An escalation clause can push the price up but may create an appraisal gap.

How we help: We compare offers side by side on net proceeds, terms and certainty, not just price.

How much can I give the buyer in seller concessions?

The buyer’s loan sets the limit: conventional loans allow 3% to 9% depending on the down payment, FHA 6% and VA 4%.

• Investment-property conventional loans cap concessions at 2%.
• A seller-paid buyer’s agent fee doesn’t count toward Fannie Mae and Freddie Mac concession limits.

Should I get a pre-listing inspection?

Often yes, especially for older homes, because it prevents surprises during negotiations, though anything it finds becomes something you know as the seller.

• Virginia is “buyer beware,” but hiding a known defect can still be fraud.
• It lets you choose which items to fix, credit or price in.

How we help: Chris’s construction background helps you decide which findings matter to buyers and which don’t.

Should I offer the buyer a home warranty?

It’s optional but inexpensive, usually a few hundred dollars for a year, and it can ease buyer concerns about older systems.

• It counts as a seller concession for loan limits.
• Some plans also cover the seller while the home is listed.

What stays with the house and what can I take?

Anything attached to the home (fixtures) stays unless the contract says otherwise.

• Hardwired light fixtures, built-in appliances, blinds and mounted shelving usually convey.
• List anything you plan to take in the listing and the contract.

How are property taxes handled at closing, and what about my final water bill?

Property taxes are split by the day at settlement, and you close or transfer your city utility account yourself.

• Virginia Beach real estate taxes are due December 5 and June 5; the FY2027 rate is $0.97 per $100.
• Virginia Beach’s city services bill covers water, sewer, trash and stormwater.

Do I have to disclose a death, crime or suicide in the house?

No. Virginia law doesn’t require sellers or agents to disclose a homicide, felony, suicide or any other event that didn’t physically affect the property.

• Va. Code § 55.1-713.
• Never answer a direct question falsely.

Do I have to disclose that my home is in an Oceana or Fentress noise zone?

Yes. Virginia requires sellers to disclose whether the home is in a military air-installation noise zone or accident potential zone.

• Va. Code § 55.1-704.
• Since July 1, 2026, the disclosure form also addresses nearness to military installations.

My house was built before 1978. What lead paint rules apply?

Federal law requires you to give the buyer the EPA lead pamphlet, disclose anything you know about lead paint, share any reports and offer a 10-day inspection window.

• Buyers can waive the inspection window.
• Keep the signed disclosure for 3 years.

Can I choose a buyer based on who they are or their personal letter?

No. Once an agent is involved, Virginia fair housing law bars choosing a buyer based on race, color, religion, national origin, sex, age (55+), familial status, sexual orientation, gender identity, military status, disability or source of funds.

• That’s why many agents advise sellers not to read buyer “love letters.”

I got a Form 1099-S. Do I have to report the sale?

Yes. If you receive a Form 1099-S, report the sale on your tax return even if all your gain is excluded.

• No 1099-S is needed if the price is $250,000 or less ($500,000 married) and you sign the principal-residence certification.
• Improvements like a new roof, HVAC or additions raise your cost basis. Confirm with a CPA.

What are the steps to sell a house?

Choose an agent and price, prepare and photograph the home, list and show it, negotiate offers, get through the buyer’s inspection and appraisal, then close with a settlement agent.

• In Virginia, closings are handled by a settlement agent or attorney, not an escrow company.
• From listing to closing, most financed sales take about 45 to 75 days.

How do I choose a listing agent?

Compare each agent’s recent local sales, marketing plan, pricing logic and how they communicate, then read the listing agreement’s term, fees and cancellation terms before you sign.

• Ask each agent how they plan to handle buyer-agent compensation and how they’ll market online.
• Referrals from people who’ve sold recently are one of the best signals.

How we help: 90% of Chris’s clients come through referrals.

Should I sell For Sale By Owner (FSBO) to save on commission?

You can, but FSBO homes typically sell for less, you often still pay the buyer’s agent, and you take on the pricing, contract and disclosure work yourself.

• Virginia’s disclosure and HOA resale-certificate rules apply to FSBO sales too.
• Compare your likely net, not just the commission you’d save.

Do I need to leave the house for showings?

Yes, whenever you can. Buyers look longer and talk more openly when the owner isn’t there, which leads to more offers.

• Use scheduled showing windows and a lockbox, and take pets with you if possible.

Do I have to fix everything the buyer’s inspector finds?

No. The buyer asks, and you negotiate: you can agree to repair, give a credit, lower the price, or say no.

• Credits are often simpler than repairs because they avoid a re-inspection.
• Your contract’s deadlines control how long each side has to respond.

What happens if the appraisal comes in low?

You can renegotiate the price, the buyer can cover the gap in cash, you can meet in the middle, or the buyer may cancel if they have an appraisal contingency.

• Strong comparable sales provided to the appraiser up front help prevent a low appraisal.

Can I sell my house if I still owe money on it?

Yes. Your mortgage is paid off from the sale proceeds at closing.

• If you owe more than the home will net, see the Short Sales section.

What do I need to bring to closing?

A government-issued photo ID, your mortgage account information, and all keys, garage remotes and warranty paperwork for the buyer.

• New Virginia rules in 2026 require settlement agents to verify the seller’s identity as a deed-fraud safeguard, so expect an ID check.

I bought with Virginia Housing help. Do I owe anything when I sell?

The Down Payment Assistance Grant never has to be repaid, a Plus Second Mortgage is paid off from your proceeds, and some bond-financed loans may owe a federal recapture tax if you sell within 9 years.

• Recapture applies only if you had a gain and your income rose above set limits.
• It’s capped at the lesser of 6.25% of the loan or 50% of the gain.

I’ve owned my home less than 2 years. Will I owe capital gains tax?

Possibly, but a job move of 50 or more miles, a health reason or certain unforeseen events can qualify you for a partial exclusion.

• Unforeseen events include divorce, death, job loss and multiple births.
• Confirm with a CPA.

Can my HOA hold up my sale?

Not for long: Virginia associations must deliver the resale certificate within 14 days of a written request, and state law caps what they can charge.

• Current caps include $176.64 for an electronic certificate and $70.66 for a rush.
• Order it as soon as you list.

Should I sell first or buy first?

Selling first gives you certainty and a stronger offer as a buyer, while buying first avoids a double move but risks carrying two mortgages. Your equity and debt-to-income ratio usually decide it.

• A rent-back after your sale is a common middle path.
• Talk to your lender about both scenarios before you list.

How we help: We plan both transactions together so your closing dates line up.

Can I make an offer contingent on selling my current home?

Yes, but in a competitive market like Hampton Roads sellers are less likely to accept it unless your home is already under contract or priced to sell fast.

• Many Virginia contracts pair a home-sale contingency with a kick-out clause that lets the seller keep taking backup offers.

What is a rent-back, and can I stay after closing?

A rent-back (post-settlement occupancy) is a written agreement that lets you stay in the home after closing, usually a few days up to about 60 days.

• The buyer’s loan typically requires them to move in within 60 days.
• Put the daily rent, deposit and condition requirements in writing.

Can I use my home equity for my next down payment?

Yes, through your net proceeds at closing, a bridge loan, a HELOC opened before you list, or a buy-before-you-sell program.

• Each option has different costs and timing risks. Compare them with your lender.

Will I pay taxes when I move up to a more expensive home?

Usually not, if you meet the 2-out-of-5-year rule and your gain is under $250,000 ($500,000 married filing jointly). Buying a pricier home doesn’t defer tax the way it did before 1997.

• Confirm your situation with a CPA.

Can both closings happen on the same day?

Yes. Settlement agents handle back-to-back closings regularly, but build in some buffer or a short rent-back in case one side is delayed.

• Movers, utilities and insurance all need to line up with both dates.

Can a buyer take over my low-rate mortgage?

Only if your loan is assumable (FHA, VA and USDA loans usually are; most conventional loans aren’t), and the buyer must qualify and pay you for your equity.

• An assumable low-rate loan can be a strong selling point.
• Ask your lender for a release of liability.

Will I owe the 3.8% net investment income tax on my home sale?

Only on gain above the $250,000/$500,000 exclusion, and only if your income is over $200,000 single or $250,000 married filing jointly.

• Confirm with a CPA.

How much tax will I owe selling a house I’ve owned for decades?

Often none, because the $250,000/$500,000 home-sale exclusion covers most gains, but long-time owners with large appreciation can exceed it.

• Your cost basis is the purchase price plus capital improvements, so dig up old receipts for additions, roofs and remodels.
• Gain above the exclusion is taxed federally and by Virginia at up to 5.75%. Talk to a CPA.

Related: You’ve Spent Decades Building Equity. Let’s Make Sure You Keep It.

My spouse passed away. Can I still get the $500,000 exclusion?

Yes, if you sell within 2 years of your spouse’s death, haven’t remarried, and the ownership and use tests were met.

• You may also get a partial step-up in basis on your spouse’s share. Ask your CPA.

Where do I start with decades of belongings?

Decide what fits in your next home first, then work room by room: keepsakes to family, then an estate-sale company, then donations and haul-away.

• Start 2 to 3 months before listing if you can.
• Once the clutter is gone, staging makes a big difference in photos.

How we help: We connect you with trusted stagers, estate-sale companies and movers so it doesn’t all fall on you.

Should I sell first or buy my smaller home first?

Downsizers often have enough equity to buy first without a sale contingency, or even pay cash, then sell with a rent-back if they need more time to move.

• The right order depends on your finances and how much disruption you want to handle.

Should I sell as-is or fix things up?

Compare the cost, time and energy of repairs against the price difference. A listing on the open market almost always nets more than a single cash offer, even as-is.

• Focus on low-cost, high-impact fixes: paint, lighting, landscaping and any safety issues.

Will selling affect my Social Security or Medicare?

Excluded gain doesn’t count as income, but a taxable gain can raise your Medicare premiums (IRMAA) two years later.

• Run the numbers with a CPA before you pick a closing date, especially near year-end.

Should I rent my old house instead of selling?

It can work, but after 3 years of renting it out you lose the home-sale tax exclusion, and depreciation is taxed when you sell.

• Compare after-tax rental income with what you’d earn by selling and investing the proceeds.

Who helps 55+ homeowners downsize in Virginia Beach?

Chris Faircloth specializes in guiding 55+ homeowners through downsizing, from pricing and preparing the family home to finding the right next home.

• She coordinates stagers, estate-sale companies and movers so your move follows one plan.

Do I keep my senior real estate tax relief if I sell and move?

Relief on the home you sell is prorated, and you must apply again for your new home.

• Virginia Beach accepts applications February 1 through June 30.
• Income and net worth limits apply. Check your city’s current figures.

I moved to assisted living. Can I still get the full home-sale exclusion?

Yes, if you lived in the home at least 1 of the last 5 years before becoming unable to care for yourself, because time in a licensed care facility counts toward the 2-year rule.

• Confirm with a CPA.

Can I sell my house to my kids below market value?

Yes, but the discount is treated as a gift, which may require a gift tax return and can trigger Medicaid’s 5-year look-back.

• The 2026 annual gift exclusion is $19,000 per person.
• Talk to an elder-law attorney first.

Should I give my house to my children now instead of leaving it to them?

Usually not for tax reasons, because inherited homes get a stepped-up basis while gifted homes keep your original cost basis.

• An estate or elder-law attorney can compare your options.

Who has the authority to sell a parent’s house after they die in Virginia?

In Virginia, the house passes to the heirs or beneficiaries at death. An executor can sign alone only if the will grants a power of sale; otherwise all heirs or beneficiaries must sign.

• Spouses of heirs may also need to sign.
• Your settlement agent will confirm exactly who must sign before closing.

Do we have to go through probate to sell the house?

Usually some court step is needed so the title can be insured: with a will, the will is probated and the executor qualifies; without one, a List of Heirs is filed and recorded.

• Virginia charges a probate tax of $0.10 per $100 on estates over $15,000, and some localities add to it.
• An estate attorney can tell you the fastest path.

How soon after someone dies can we sell their house?

You can list once authority and title are clear, often within weeks of qualifying, but sales within one year of death may need extra steps because Virginia real estate stays subject to the deceased’s debts during that time.

• Title companies may ask for proof that debts are paid, an indemnity, or a court-approved sale.
• Start the paperwork early so it doesn’t hold up closing.

Do we need to fill out the Virginia seller disclosure form?

Heirs selling in their own names generally still use the form, while certain court-ordered and fiduciary sales are exempt.

• Heirs usually know little about the home’s condition, so the standard “no representations” form fits naturally.

What do we do with everything left in the house?

Family keepsakes first, then an estate-sale company, then donations and junk removal, and photograph everything before anything leaves.

• Photos protect the executor if beneficiaries have questions later.

How we help: We coordinate cleanout, repairs and listing, which matters a lot for families who live out of town.

Who pays the mortgage, taxes and insurance until the house sells?

The estate or the heirs. Keep payments current and tell the insurance company the home is vacant, because standard policies can exclude vacant homes.

• Keep the utilities on for showings, inspections and the appraisal.

Is there an inheritance or estate tax in Virginia?

No. Virginia has no inheritance or estate tax. Only the probate tax and federal estate rules, which affect very few estates, apply.

• Heirs may owe capital gains tax only on growth after the date of death. See Inherited Properties.
• The federal estate tax exemption is $15 million per person in 2026.

Why does the title company want the executor to sign, or want us to wait?

Under Virginia law, a sale by heirs within one year of death isn’t protected against the estate’s creditors unless an exception applies, so title companies often require the executor or a court process.

• Va. Code § 64.2-534 and § 64.2-535.
• Start this paperwork early.

The house passed by a transfer-on-death deed. Can we sell right away?

Generally yes: there’s no waiting period, but the house still carries any mortgages, liens and claims against it.

• Va. Code § 64.2-632.

Can we use a small-estate affidavit to sell the house?

Generally no. Virginia’s small-estate process covers personal property, not real estate.

• Talk to an estate attorney about the right path.

Do I pay capital gains tax when I sell an inherited house?

Only on the gain above the home’s stepped-up basis, which is usually its fair market value on the date of death, so selling soon after inheriting often means little or no tax.

• Get a date-of-death appraisal to document the stepped-up basis.
• Inherited property is automatically treated as long-term for tax purposes. Confirm with a CPA.

My siblings and I inherited a house. What if we can’t agree?

Every co-owner has to sign for a voluntary sale. If you can’t agree, the options are a buyout based on an appraisal or a partition lawsuit, in which a Virginia court can order the home sold.

• A neutral market analysis often settles disagreements about value before they turn into lawsuits.

How we help: We provide a clear, documented market valuation that every sibling can see.

Can one sibling live in the inherited house?

Yes, as a co-owner, but put the arrangement in writing (rent, expenses and a timeline) to avoid disputes.

• Unwritten arrangements are a common path to partition lawsuits.

Should we sell the inherited house as-is or fix it up?

Compare repair costs and time against the price difference. Many estates sell as-is on the open market and still attract strong offers.

• Homes built before 1978 still need the federal lead-paint disclosure.

Can I move into an inherited house and use the home-sale exclusion later?

Yes, after you’ve owned and lived in it for 2 years, and your starting basis is still the stepped-up value.

• Talk to a CPA about how this fits your plans.

What if the inherited house still has a mortgage?

Federal law generally stops a lender from calling the loan due just because the home passed to a relative, so keep making payments while you decide.

• Contact the servicer early, and send proof of death and your authority in writing.

Does an inherited house always go through probate?

No. Homes held jointly with survivorship rights, placed in a trust, or passed by a transfer-on-death deed avoid probate; otherwise a court step is usually needed.

• The deed tells you which situation applies.

I owned the house jointly with my late spouse. Do I get a full step-up in basis?

No. In Virginia, which isn’t a community-property state, only your late spouse’s half is stepped up to its date-of-death value.

• Confirm with a CPA.

Do we need a date-of-death appraisal?

It’s strongly recommended because it sets your cost basis for capital gains.

• If a federal estate tax return was filed, use the value reported to you.

How we help: We can connect you with a local appraiser and provide a market analysis.

Can I deduct a loss if the inherited house sells for less than it was worth at death?

Often yes, if no heir used it personally, because the IRS generally treats it as investment property.

• A loss on a personal residence isn’t deductible.
• Confirm with a CPA.

What is a short sale and how does it work?

A short sale is selling your home for less than you owe, with your lender’s written approval. You submit a hardship package and a buyer’s contract, and the lender approves, counters or denies.

• Expect about 60 to 120 days or more after an offer comes in, and longer with a second mortgage.
• The lender typically orders its own valuation of the home.

How we help: Chris holds the CDPE (Certified Distressed Property Expert) designation.

Will I owe the difference after a short sale in Virginia?

Possibly. Virginia allows lenders to pursue the remaining balance (a deficiency), so get written approval stating the sale fully satisfies the debt.

• Have a real estate attorney review the approval letter before you sign.

Is a short sale better than foreclosure for my credit?

Generally yes, and it clearly shortens the wait before you can get a new mortgage.

• Fannie Mae’s waiting period is typically 4 years after a short sale versus 7 years after a foreclosure, and it can be shorter with documented extenuating circumstances.
• FHA and VA waiting periods differ and are often shorter.

Will I owe taxes on the forgiven debt?

Possibly. The federal tax break for forgiven mortgage debt on a primary home expired for debt forgiven after December 31, 2025, unless the arrangement was in writing before 2026.

• The insolvency exception may still apply, and Congress could extend the break.
• Talk to a CPA.

Do I have to be behind on payments to do a short sale?

Not always. Lenders require a documented hardship, and some approve short sales for borrowers who are still current.

• Common hardships include job loss, divorce, medical costs, death in the family and military relocation.

Who pays the commission in a short sale?

The lender approves the commission and closing costs out of the sale proceeds, so the seller usually brings nothing to closing.

Can a short sale stop a foreclosure in Virginia?

It can, but Virginia foreclosures move fast, so contact your lender and ask to postpone the sale date while your short sale is under review.

• Start as early as possible. Once a sale date is set, time is short.

How long does a short sale take, and what does the lender need?

Expect several months: lenders typically want a hardship letter, income and bank documents and a signed contract, then order their own valuation.

• Every lienholder, including a second mortgage or HELOC, must approve.

How we help: Chris holds the CDPE (Certified Distressed Property Expert) designation.

How soon can I buy again after a short sale?

Typically 4 years for a conventional loan, with shorter waits possible for FHA, VA or documented extenuating circumstances.

• Talk to a lender about your specific timeline.

A parent with a reverse mortgage passed away. How long do we have to sell?

Heirs have 30 days to respond after the servicer’s due-and-payable notice and typically up to 6 months to sell, with up to two 90-day extensions if HUD approves, for about 12 months total.

• Keep in touch with the servicer in writing and share proof of listing and offers.
• Interest keeps accruing, so a prompt sale protects any equity.

What if the house is worth less than the reverse mortgage balance?

With a HUD reverse mortgage (HECM), heirs can sell for as little as 95% of the current appraised value, and FHA insurance covers the shortfall.

• HECMs are non-recourse: heirs never owe more than the home is worth.
• The 95% rule applies only to HUD HECMs, not private or jumbo reverse mortgages.

Do heirs inherit reverse mortgage debt?

No. Heirs aren’t personally liable. The debt is repaid from the home, and any equity left after the payoff belongs to the heirs.

Can my surviving parent stay if they weren’t on the reverse mortgage?

An eligible non-borrowing spouse can usually stay if they were married to the borrower at closing and the home remains their primary residence.

• For loans made after August 4, 2014, the spouse generally had to be named at closing. Check with the servicer.

Can someone with a reverse mortgage sell their home while living?

Yes, at any time. The balance is paid off from the sale proceeds with no prepayment penalty, and the rest is yours.

What if we just want to walk away?

Heirs can sign a deed-in-lieu of foreclosure and hand the home back to the lender, with no personal liability, but you give up any equity.

• Get a market valuation first, because there’s often equity worth selling for.

Related: Get your home’s current value

Can we, the heirs, buy the house ourselves?

Yes. Under HUD rules, heirs can pay off a HECM reverse mortgage for the lesser of the loan balance or 95% of the appraised value.

• You can use a new mortgage or cash.

If we give the house back, can we get cash for keys?

Possibly. HUD allows up to $3,000 cash for keys on a deed-in-lieu if the deed is transferred within 6 months of the due-and-payable date.

• Get a market valuation first. There may be equity worth selling for.

Related: Get your home’s current value

Who pays taxes, insurance and upkeep while the house is for sale?

The estate does, and unpaid taxes or insurance can put the loan in default.

• Tell the insurer the home is vacant. Many policies limit coverage after about 60 days.

How do I avoid capital gains tax when selling a rental? Can I do a 1031 exchange?

Yes. A 1031 exchange defers the tax if you reinvest in like-kind investment real estate: identify the replacement within 45 days and close within 180 days.

• A qualified intermediary must hold the sale proceeds. You can’t touch the money.
• Line up the intermediary before you close on the sale.

What is depreciation recapture?

It’s tax on the depreciation you took (or could have taken) on a rental, charged at up to 25% federally when you sell, plus Virginia income tax.

• The 3.8% net investment income tax may also apply. Talk to a CPA.

Can I sell my rental with tenants living in it in Virginia?

Yes. The sale doesn’t end the lease; the buyer becomes the new landlord, and security deposits (with any required interest) transfer to them.

• Tenants must get reasonable notice before showings.
• Investor buyers often prefer a property with a tenant already in place.

Can I end the lease early so I can sell vacant?

Only if the lease allows it or the tenant agrees, and paying the tenant to move out early (“cash for keys”) is common.

• Month-to-month tenants must get proper written notice under Virginia law.

Should I sell my rental vacant or occupied?

Vacant homes usually show better and appeal to owner-occupants who pay more, while occupied homes keep rent coming and appeal to investors.

• Compare the rent you’d give up with the price difference you’d likely gain.

Can I move into my rental to use the $250,000/$500,000 exclusion?

Partly. Gain from rental years after 2008 isn’t fully excluded, and depreciation you’ve taken is always taxable.

• Work through the math with a CPA before you move in.

Is a “we buy houses” wholesaler offer legitimate?

Sometimes, but many wholesalers plan to assign your contract to another buyer for a fee, so read the contract for assignment language and compare it with a market listing.

• Ask for proof of funds and a meaningful earnest money deposit.

Can I sell with seller financing and spread out the tax?

Yes, through an installment sale reported on IRS Form 6252, though depreciation recapture is taxed in the year of sale.

• Charge at least the IRS minimum interest rate.
• Confirm with a CPA.

I’m a foreign seller. What is FIRPTA withholding?

The buyer generally must withhold 15% of the sale price for the IRS.

• It’s 0% if the price is $300,000 or less and the buyer will live there, and 10% up to $1 million.
• Form 8288-B can request a reduced amount.

I live out of state. What does Virginia require when I sell?

Virginia doesn’t withhold tax from individual sellers at closing, but non-resident owners file a registration or exemption form and report the gain on a Virginia nonresident return (Form 763).

• Your settlement agent handles the closing paperwork.

My rental is owned by an LLC. What’s needed to sell?

The title company will usually want the operating agreement, a resolution authorizing the sale and signer, and a certificate of good standing from the Virginia State Corporation Commission.

An investor wants to buy my house “subject to” my mortgage. Is that safe?

It’s risky: the loan stays in your name, the lender can call it due, and a missed payment hurts your credit.

• Talk to a real estate attorney before signing.

I got PCS orders. Should I sell my house or rent it out?

Rent it out if the rent covers your payment plus property management, vacancies and repairs and you might come back; sell if the numbers are tight or you want your equity and VA entitlement back.

• After 3 years away you can lose the home-sale tax exclusion, unless the military extension applies.
• Military rental demand in Hampton Roads is steady.

Related: Selling or Buying During a PCS Move to Hampton Roads

Do military members get extra time on the capital gains exclusion?

Yes. On qualified extended duty you can suspend the 5-year test for up to 10 years, so you need to have lived in the home for 2 of the last 15 years.

• Depreciation from rental years is still taxable. Confirm with a tax professional.

Can I sell my house after I’ve already PCS’d?

Yes. With a local agent, a power of attorney if needed, and a remote or mail-away closing, you can sell from anywhere.

• Confirm early how your settlement agent will verify your identity under Virginia’s 2026 rules.

How we help: Chris manages transactions for military families who have already relocated, from preparation through closing.

Can a buyer assume my VA loan?

Yes, including a non-veteran buyer, but unless the buyer is a veteran who substitutes their entitlement, yours stays tied to the loan until it’s paid off.

• Get a release of liability from the lender.
• An assumable low-rate VA loan can be a strong selling point.

Can my military tenant break their lease if they get orders?

Yes. Under the Servicemembers Civil Relief Act, service members with PCS orders or a deployment of 90 days or more can end a residential lease.

• A 2026 Virginia law change removed the advance-notice requirement for military tenants ending a lease on orders, so military landlords should plan for shorter notice.

What if I’m underwater and have to PCS?

Your options are renting the home out, a short sale, or bringing cash to closing. A short sale can affect your finances and potentially your security clearance.

• Talk to your installation legal and financial counselors early.

How do I get my VA loan entitlement back after I sell?

Selling and paying off the VA loan restores your full entitlement.

• There’s also a one-time restoration if you pay off the loan but keep the home.
• Your lender can request restoration from the VA.

I have the 100% disabled veteran tax exemption. What happens when I sell and buy?

The exemption starts on the purchase date of your new Virginia home.

• A surviving spouse who hasn’t remarried keeps the exemption even after moving.
• Va. Code § 58.1-3219.5.

Can I sell my house as-is in Virginia?

Yes. “As-is” means you won’t make repairs, but the buyer can still inspect and may renegotiate or walk away, and required disclosures still apply.

• Listing as-is on the open market lets investors and owner-occupants compete for your home.

Are cash offers from “we buy houses” companies fair?

They’re usually well below market value, often around 70% of the after-repair value minus repair costs. You trade price for speed and certainty.

• Compare any cash offer with an agent’s net sheet before you sign.

Related: Get your home’s current value

Is selling to Opendoor or another iBuyer worth it?

It can be for convenience, but service fees plus repair deductions often add up to as much as or more than traditional selling costs.

• Get the iBuyer offer and a market analysis side by side.

How fast can a cash sale close?

Often in 7 to 14 days, limited mainly by title work and mortgage payoff paperwork.

• Estate and inherited sales still need authority and probate steps first.

How do I know a cash buyer is real?

Ask for proof of funds and a meaningful earnest money deposit, and check the contract for assignment language.

• Your agent can vet the buyer before you sign.

If I sell as-is or for cash, do I still have to give disclosures?

Yes. The Virginia disclosure statement, lead-paint rules and HOA resale certificates still apply.

Will a cash buyer still inspect or appraise?

Usually they inspect during a due-diligence period, and an appraisal is only needed if the buyer wants one.

Why didn’t my house sell?

Almost always it’s price, condition and presentation, or marketing exposure, in that order.

• If a well-marketed home gets no offers after 30 to 45 days in Hampton Roads, it’s usually priced above what its condition supports.
• Low showings point to price or exposure. Showings without offers point to price versus condition.

How we help: Chris’s “List Smart. Sell Fast.” relaunch strategy is built for expired listings.

My listing expired. What should I do now?

Re-evaluate the price against current sales, fix what the showing feedback pointed to, refresh the photos and marketing, and relist with a clear plan.

• Check whether your buyer-agent compensation is competitive.
• Ask any new agent for a written plan that’s different from the last one.

Will relisting reset my days on market?

Not usually. MLS rules often carry the days on market over when a home is relisted within a set period, and buyers’ agents can see the history anyway.

• A real change in price, condition or presentation matters more than resetting the clock.

Why am I getting so many calls from agents after my listing expired?

Expired listings show up in the MLS, so agents reach out. It’s a chance to interview someone with a different approach.

• Ask each one specifically what they’d do differently, and why.

Should I lower the price or offer concessions?

If showings are low, fix the price or exposure. If showings are steady but there are no offers, a price adjustment or a buyer concession like a rate buydown often works better than several small price cuts.

• Concessions such as closing-cost help can still be advertised in the MLS.

Can I cancel my listing agreement early?

It depends on your agreement’s terms. Many brokerages will release you, sometimes with conditions or a fee.

• Read the cancellation and protection-period clauses before you relist.

How fast can a relaunched listing sell?

With the right price, preparation and marketing, a relaunched listing can sell as fast as a new one. Chris’s listings go under contract in as little as 5 days.

• Chris’s listings average more than 5,600 views in the first 24 hours.

What is the protection period in my old listing agreement?

It’s a clause that may require you to pay your old agent a commission if you sell within a set time to a buyer who saw the home during the listing.

• Read it before you sign with a new agent.

Can I use my old listing photos when I relist?

Usually not without permission, because the photographer or the old brokerage typically owns them.

• Fresh photos also help a relaunched listing look new.

Should I relaunch as “coming soon”?

You can, under the 2025 rules, but weigh the exposure you give up against the buzz you build.

• Once the home is marketed publicly, it must go into the MLS within 1 business day.

How we help: Chris’s “List Smart. Sell Fast.” relaunch strategy is built for expired listings.