Cathy B Realtor

Fannie and Freddie's Home Valuation Code of Conduct on the way out?

Cathy Baumbusch (RE/MAX Allegiance) — Mon, 02 Nov 2009 12:13:07 -0600

Saturday's Washington Post published an interesting article about Fannie and Freddie's Home Valuation Code of Conduct.

Apparently the House Financial Services committee approved an amendment on October 22 that would eliminate the code with the creation of a new Consumer Financial Protection Agency.

The code, as it exists today, was a compromise between NY Attorney General Andrew Cuomo and Fannie and Freddie and their regulatory agency the Federal Housing Finance Agency. Cuomo was investigaing the two pseudo-governmental agencies appraisal practices. Lenders putting pressure on appraisers to quote the right numbers and inflating home values to make deals happen was being reported as the norm. Fannie and Freddie agreed to adopt the code if Cuomo backed off.

The code however, while creating appraiser independence, created a whole set of other problems. First, it created "clearing houses" or "appraisal management companies" who paid the appraisers much less for the same work while pocketing the difference. The appraisers who work for these companies often accept work far from their area of expertise. Personal experience: I once had an appraiser who drove from her home in Pennsylvania to do an appraisal on a home on one of my listings in Springfield, VA. She used inappropriate comps and as a result, the value came in lower than the agreed upon price, and we had to go back to the bank to renegotiate the price. As a result, the bank removed all of the closing costs it was going to give to the buyer originally. It could have killed the deal. Luckily it did not.

The code also has caused buyers to pay for the appraisal up front, and sometimes pay for multiple appraisals, if the first one is simply too low

The new bill that creates the Consumer Financial Protection Agency has an uncertain future, especially in the Senate, where big banks and mortgage companies are lobbying against it. There is an independent bill, however, cosponsered by 118 congressmen that will slap an 18-month moratorium on the current code.

Lets hope for the sake of consumers and agents that reason prevails.

Cathy B, Realtor

RE/MAX Allegiance Convention

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 29 Oct 2009 20:45:21 -0500

One of the great things about being a REALTOR is the continuing education. Today we had our annual convention. There were great courses on SEO, social networking, business planning, and marketing.

The firm also raised over $16,000 for the Children's Miracle Network.

I'm looking forward to working on my business plan for 2010 and a great year in real estate next year.

Cathy B, Realtor

So, You're Thinking About Buying A Model Home?

Cathy Baumbusch (RE/MAX Allegiance) — Wed, 07 Oct 2009 09:44:03 -0500

So, you've looked around at a few new developments and you really want to buy, but you've fallen in love with the model. What, with all the decorator touches, the furniture, and all the upgrades, how can you lose?

Well, here are some possible pitfalls to consider when buying the builder's model:

From a Lending standpoint oftentimes it is hard to get the value if the price includes the furniture and/or built-ins etc.
The builders warranties may not convey to a future buyer.
They are sometimes built a little faster than the rest, and perhaps a bit more carelessly than others. For example, the non-models have a chance for pre-drywall inspections etc. But because the builder is hurrying to open a model to help sell the rest, they might skip this step. The lots are often not the best so be sure they are comfortable with that. Negotiate hard on the price, Model homes may be considerably harder to resell because of all the "decorator" touches and upgrades. If there are too many, you may end up paying too much for them, affecting your future bottom line.
Prior to settlement, the house should look like essentially a new home, just like all the other houses delivered by the builder. If the carpet is worn, it should be replaced, paint fixed, etc. Of course, if the buyer makes a killing on this purchase, the terms could be different than if they bought a newly built home, such as lender incentives, etc. At a minimum, you need to know about the warranties on appliances, etc. and at least get seller to pay for home warranty.
If you buy the home before the development is finished and the builder "rents it back" to you, the builder will pay you rent equal to the PITI. But the IRS may consider the rent as income and you may have to pay taxes on it. If you are buying the model after the builder is through with it, then this would not be an issue.
If you buy the model and the builder rents back to you, some of the "normal" time-sensitive new home construction warranties may not apply because of the age of the house. Lets say you bought a model home that's 2 years old at settlement and the builder rents it back for a year, therefore, its 2 years old at the time of settlement and 3 years old when you move in. Lets say 6 months after you move in, some large windows lose thieir seal. They may have been improperly installed, but the builder will not honor the normal procedure of replacing it because of the age of the house. So, between the as-is clause typically employed in a model home purchase and the time limits on new home construction warranties, you may end up paying for some repairs on your own.
But all in all, you may get a great purchase and really enjoy all the bonuses and upgrades that came with the house because it was the model.

Many thanks to Stephanie Reimann, Dan Stone, Claybrooke Dean, Zinta Rodgers-Rickert, Gayle Yates, Wendy Cervantes, Patsy Humphrey for contributing to this article.

Cathy B, Realtor

Wow!

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 24 Sep 2009 22:40:16 -0500

Wow! Its been really crazy out here lately!

I've been running around all over the place- seems like I'm filling the gas tank every other day these days.

I've been getting tons of BPO orders- both residential and commercial. And lots of them in DC.

My newest short sale listing went under contract in 3 days and now all I have to do is finalize my seller's hardship letter and make sure the bank has received the packet. Then its just a waiting game.

In the meantime, I've got to finish these BPOs.

I'm looking forward to Happy Hour tomorrow!

Cathy B, Realtor

3BR/2.5BA Townhome For Sale

Cathy Baumbusch (RE/MAX Allegiance) — Sat, 19 Sep 2009 12:17:01 -0500

3-4BR/2.5 BA TOWNHOME - THE GLEN - WOODBRIDGE

Location: The Glen

THIS IS A MUST SEE! Gorgeous Townhome, HUGE Eat-in Kitchen, French Doors open up to gorgeous deck, Separate Dining Room with electric Fireplace for romantic dinners. Fully finished basement with built in nook for media. Gas Fireplace in basement for cozy nights in front of the TV. French doors lead to spacious back yard. Extra room and newly remodeled bath on lower level makes for great private space for guests. Freshly painted inside and out. Walk to Safeway, shopping. This is a Commuter's dream. SHORT SALE. One bank. Experienced CDPE agent. Call Cathy for a showing Today 703-969-1691!

Information

Contact Information

Cathy Baumbusch

703-969-1691

Contact Reply Form

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Pricing

Price: $240,000

Flexibility: Negotiable

Additional Pricing Information: Short Sale. One bank. Experienced CDPE Agent handling sale. Experience the Difference.

Property Location

12798 Bombay Way
Woodbridge, VA 22192
View Map

Features

Bedrooms: 4

Bathrooms: 2.5

Parking Spaces: 2

Year Built: 1998

Subdivision: The Glen

Lot Size: .05

Garage Size: 0

School District: Osbourne Park HS

Square Footage: 1696

Agent Name: CATHY BAUMBUSCH

Broker: RE/MAX ALLEGIANCE

MLS #: PW7163546

Attributes

Appliances

Full Refrigerator

Washer/Dryer

Sink Disposal

Microwave

Interior Amenities

Fireplace

Security System

Kitchen Island

Basement

Exterior Amenities

Fenced Yard

Grass Lawn

Tool Shed

Photo Gallery

View as Slideshow View Photo Gallery (8 Photos)

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2829044

Cathy B, Realtor

Pictures from Extreme Makeover

Cathy Baumbusch (RE/MAX Allegiance) — Sat, 05 Sep 2009 14:16:34 -0500

Getting Ready. Brian Block, Nancy Alert, Linda Tyres, Cathy Baumbusch. 3AM 8/28/09

Nancy and Linda chuck some debris

Cathy and Brian haul some trash

Icky dirty trash! (I'm wearing a SKORT!)

Nancy and Brian serving breakfast to the laborers

Ryan Sanford, Nancy Alert, Cathy Baumbusch, Brian Block 9AM 8/28/09

Shift Change. Front, Cathy, Nancy, Linda and Brian. Day shift is behind. Includes Charlie Bengal, Robin Burdette and others.

Before

During

After

Thanks to Linda Tyres and Brian Block for most of these photos!

Cathy B, Realtor

The Longest Sale

Cathy Baumbusch (RE/MAX Allegiance) — Fri, 04 Sep 2009 12:25:33 -0500

Yesterday I read a post from my friend and colleague Brian Block that talked about the highest priced sales in Fairfax County.

This lead me to thinking about properties that have been on the market for an extended period of time. In today's market, some agents un-list and re-list properties over and over so that it doesn't like like its been a long time on the market. BUT, some agents don't use this practice, which I think is a good thing.

So, for your viewing pleasure, I'd like to highlight properties that have long DOM (days on market) figures.

For some, its a function of price range. Those properties are only for, shall we say, the most discriminating buyer. For others, its a mystery.

Here is a list of properties in our area that have been on the market for over 1095 days- that's 3 years for us "division challenged".

And if you're in the market, some of these properties might be worth a second look, and I'm sure the listing agents would love to receive an offer.

3410 NEVIUS ST, FALLS CHURCH, VA 22041
ML#: FX6092636	LP: $459,000
Status: ACTIVE	DOMM/DOMP: 1171/1171

This property in Falls Church needs lots of TLC- REALTOR-speak for alot of work. However, it does have an in-ground pool and a nice screened in porch. The entire estate is situated on well over half and acre. The location is hard to beat- Lake Barcroft is one of the most prestigious neighborhoods around. It has 3 bedrooms, 3 full bathrooms and half bath. Its in need of renovation but could easily become a million $ property with the right fixes.

6934 27TH RD N, ARLINGTON, VA 22213
ML#: AR7146415	LP: $565,000
Status: ACTIVE	DOMM/DOMP: 7/1877

This modest home is occupied by a month-to-month tenant. It is close to East Falls Church metro, shops and other conveniences. There are 4 Bedrooms, and 3 full baths.

6802 THOMPSON CREST CT, MCLEAN, VA 22101
ML#: FX7032214	LP: $799,900
Status: ACTIVE	DOMM/DOMP: 142/1232

This lovely garage townhome has a McLean address. It sports 5 levels and all are serviced by an interior elevator. Other features include: huge storage basement, family room with patio, main level living room,dining room and expansive kitchen, two levels of bedroom/study space; Hardwood floors throughout.

1300 CRYSTAL DR #409S, ARLINGTON, VA 22202
ML#: AR6754082	LP: $890,000
Status: ACTIVE	DOMM/DOMP: 482/1133

This is a beautiful 2300sf living space on the 4th floor of Crystal Gateway condo. Its in the heart of Crystal City, adjacent to the metro. There's alot of action here and the apartment is HUGE. Its orginal price for this 3BR/2.5ba unit was $1.2M. There's marble, granite, and even a study. The master bath rivals a luxury hotel's.

11801 RIVER DR, LORTON, VA 22079
ML#: FX7112582	LP: $1,199,000
Status: ACTIVE	DOMM/DOMP: 49/1417

This waterfront home offers a country-club atmosphere. It is adjacent to two parks and water-based activities are the catch of the day. There's a private dock, spectacular views of widewater Potomac, and deep-water boating ability. 4 Bedrooms, 4.5 baths, and over 5000 square feet to spread out.

8521 GEORGETOWN PIKE, MCLEAN, VA 22102
ML#: FX6510833	LP: $1,825,000
Status: ACTIVE	DOMM/DOMP: 747/1293

This beauty sits on 2.2 acres of peaceful woodland. Sun-filled rooms warmed by random-width pine floors, exquisitely detailed millwork, built-in custom cabinetry, 5 masonry fpls, 4 spacious bdrms, den/guest room, walk-out rec room w/cozy wood-burning stove, gardener's greenhouse, multi-level deck views wooded paradise. Perks 5BR, which means it can be expanded.

9600 FERRY HARBOUR CT, ALEXANDRIA, VA 22309
ML#: FX6951409	LP: $6,415,000
Status: ACTIVE	DOMM/DOMP: 242/1297

This one-of-a-kind private estate mansion is on the banks of the Potomac in Fairfax County. This is the lap of luxury- 5 bedrooms, 4.5 bathrooms. SEVEN garages, attached, detached, and yes, even one underground. Enjoy walking the grounds- just a mile from the orginal Mount Vernon estate- George Washington's home. Fine living on 5 acres here.

Cathy B, Realtor

Extreme Realty

Cathy Baumbusch (RE/MAX Allegiance) — Mon, 24 Aug 2009 10:12:51 -0500

I'm happy to report that I won the lottery! No, I didn't come into any money- but it many ways, this is just as good.

Earlier this month, our company announced that we were asked to participate in an Extreme Makeover Home Edition project in our area. There would be a residence in MD and a community center in DC. I attended a pre-project rally on Aug 13 and was fired up and ready to get started on it. I even got a top, top secret line on the address of one of the projects and drove by to check it out. The organization that the building belongs to is a WONDERFUL group of people that do so much for children in the District. They truly are doing great things. We couldn't wait to get started.

Then, there was the announcement that the the community and sponsor response was SO GREAT that unfortunately, the company would have to choose their volunteers by lottery. Naturally, we were biting our manicured fingernails in anticipation. Then we learned we did get selected to participate. We got our time slot- which is 3AM-9:30AM Thursday morning, 8/28. This is the day before the "big reveal".

We don't know which site we will be at and we don't know what we will be doing. We are just grateful and excited to be helping a deserving family and a deserving community. There is nothing better than to give with your own hands and your own sweat.

I am very much looking forward to Thursday morning!

Cathy B, Realtor

$8000 First time homebuyer's credit CAN be used towards closing costs!!

Cathy Baumbusch (RE/MAX Allegiance) — Wed, 24 Jun 2009 17:02:31 -0500

Hello blogosphere!

I previously reported (in haste I admit) that the $8000 credit could be used as downpayment- however, that went out the window almost as soon as it was announced.

It has been officially announced, however, and this time it stuck, that the credit can be used towards closing costs.

How does it work? Well, its basically a short-term loan with the tax credit used as collateral.

Its brilliant!

A buyer has to buy a property between Jan 1, 20098 and Dec 1, 2009.

That's right, DECEMBER 1ST, not 31st!!

The credit is 10% of the purchase price of the home, up to $80,000. So, for most buyers in our area, they would qualify for the max credit, since most properties are well above $80,000.

The credit applies to first-time homebuyers only - those who have not owned a home in three years or more. Also, both parties in a marriage must meet this test.

Individuals with an adjusted gross income of $75,000 or less OR couples with a joint AGI of $150,000 or less qualify for the full credit. The credit is phased out as income increases. An Individual AGI of $95,000 or more or $170,000 for couples puts you out of the running for the credit.

The tax credit does not have to be repaid, so long as the buyer stays in the property a minimum of three years.

Different government agencies, non-profits and FHA-approved mortgagees can provide these bridge loans secured by the anticipated tax credit.

So, if you've been putting it off- now is the time!

Cathy B, Realtor

$8000 First time homebuyer's credit can now be used as downpayment!!

Cathy Baumbusch (RE/MAX Allegiance) — Tue, 12 May 2009 23:59:51 -0500

Hi everyone! I bring GOOD NEWS! Ok, its not "the" good news, but it's pretty great!

The HUD Secretary today annouced that the $8000.00 first time homebuyers tax credit will now be "monetized" which means that the credit is now available for FTHBs to use as a DOWNPAYMENT! Isn't that wonderful?

Here is the link to the full story: http://www.realtor.org/press_room/news_releases/2009/05/re_summit

There really is NO BETTER TIME to be a First-time Homebuyer!

Cathy B, Realtor

Introducing the Short Sale Task Force

Cathy Baumbusch (RE/MAX Allegiance) — Mon, 11 May 2009 15:02:55 -0500

RE/MAX Allegiance
Short Sale Task Force

Worried You Could be Facing Foreclosure?
We May Have a Solution For You

TOP 5 REASONS TO AVOID FORECLOSURE

1. Military and government security clearances could be at risk with foreclosure.

2. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

3. Credit scores can be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.

4. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.

5. A foreclosure is the one credit report item that is almost impossible to "repair."

If you are facing a potential foreclosure, contact the Short Sales Task Force today! Our agents have the training and experience needed to successfully negotiate 9 out of 10 short sales.

WHO QUALIFIES FOR A SHORT SALE?

It is estimated that most American families can only maintain their current living expenses for 60 days or less when income is interrupted for any reason.

You may be qualified to sell your home as a Short Sale if you meet one or more of the following situations:

1. Payment Increase or Mortgage Adjustment -- this is the single largest reason for distress in today's market. If you bought your home with an interest-only or adjustable rate mortgage and your payments have increase (or will soon increase).

2. Loss of Job -- when a homeowner loses employment, the loss of income is most often immediate and can quickly cause financial distress.

3. Business Failure -- as above, if your business is suffering, the loss of income may allow you to qualify for a Short Sale.

4. Damage to Property -- often insurance companies will not cover the full amount of damage to a property and homeowners are unable to make the needed repairs.

5. Death of a Spouse or Family Member -- if you have lost a spouse or family member and, as a result, suffer a loss of income, you may qualify for a Short Sale.

6. Severe Illness -- may result in a loss of income or large medical bills.

7. Inheritance -- if you have inherited a home and cannot keep up with the payments or maintenance, you may be able to sell the home as a Short Sale.

8. Divorce -- divorce or separation almost always results in financial hardship.

9. Relocation -- if your job requires you to move out of the area or out of state. Does not necessarily apply if you find a new job out of state.

10. Military Service -- servicemembers who have had their periods of active duty extended are suffering a tremendous amount of financial pressure and may qualify for a Short Sale.

If you meet one or more of the above scenarios, call the Short Sales Task Force today!

PHONE: 703-969-1691

EMAIL: info@shortsaletaskforce.com

Martha Acebedo

ABR,CRS,GRI,CDPE

Cell: 703-863-1613

Martha.Acebedo@rmxtalk.com

Se Habla Espanol!

Bruce Ryan
CDPE
703-843-1420
BruceHRyan@verizon.net

Cathy Baumbusch

ABR,CAS,CDPE

703-969-1691

Cathy@shortsaletaskforce.com

Martina Burns

CRS, GRI, RRS, CDPE

703-650-8533

Martina.Burns@cox.net

Cathy B, Realtor

Fairfax County Parkway Completion Fully Funded!

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 23 Apr 2009 16:12:40 -0500

The Commonwealth Transportation Board voted on April 15, 2009 to fully fund Phases 3 and 4 of the completion of the Fairfax County Parkway.

The State of Virginia had set aside funds to complete Phase I & II. Phases III and IV have been made possible by the 15% of Federal Stimulus Package funds received by the state for transportation.

A bi-partisan group of representatives in Springfield, VA fought for these funds to stay in Northern Virginia. Delegate Dave Albo, Delegate Vivian Watts and Senator George Barker actively campaigned the the Governor, the Secretary of Transportation and the CTB to fully fund the Fairfax County Parkway.

This is welcome news for the people of Springfield, and specifically those living near and around the Engineering Proving Ground of Fort Belvoir, which is located just south of the intersection of Routes 7100 and 7900 and Rolling Road. The building that will house 9,000 top secret jobs can already been seen being built on the compound. It is expected that thousands more government contracting jobs will also come to the area as a result of the government job increase.

Here is a link to the full stimulus funding report from the April 15th meeting. The key page is page 9

And here a link to the construction site explaining the full Fairfax County Pkwy. project.

Thanks to Delegate Dave Albo for providing this timely information!

Cathy B, Realtor

Buyer's Market? More like Bank's Market!

Cathy Baumbusch (RE/MAX Allegiance) — Fri, 17 Apr 2009 14:50:05 -0500

For the past 3-4 weeks, I've been driving my buyer clients around, searching for homes in the $300,000 price range and below.

Time after time, what I am encountering is this: "multiple contracts" or "multiple offers", "highest and best", "no more showings". And most of these properties with these remarks are showing as "Active" listings.

For example, a simple search (3PM Eastern) for Detached homes in Springfield, VA priced $260,000 and below yields 11 properties. Six of them are short sales. The rest are bank owned. Two of the short sale listings indicated there were contracts either being reviewed or that they were only accepting back-up offers. One of the bank-owned property's remarks indicated final signatures on their contract was forthcoming.

Of the listing agents that I was able to reach, all indicated that they in fact had already received at least one offer on their property. I suspect that the rest will indicate the same. So effectively, there are no fully available properties in this price range in Springfield. The only difference between this market and that of 2001-2003 is the status of the owner.

This is no longer a Buyer's Market. Its a Seller's Market, or more accurately, its the Bank's Market!

The keys to success are this:

Be diligent in your search for a home. Get a Buyer's Agreement so that your agent can search FSBO homes for you also.
Be prepared to act quickly. This means have your pre-approval from the bank already completed.As soon as a property comes on the market, go see it. And be prepared to write a contract on the spot.
Have the necessary cash for your downpayment. Or if you're doing 100% financing such as with VA, be sure you have enough cash to close.
Have patience. You may have to write several contracts before you finally get the house you want.
Be prepared to compromise. Bank addendums can be a deal killer if you don't go with what is contained in them. Banks want to relieve themselves of all liability. Be prepared for a one-sided deal. Banks in a short sale are giving some concessions, but be prepared for none.
Choose a REALTOR that has experience in this market and knows how to write winning contracts.

Cathy B, Realtor

Cathy Baumbusch Earns Prestigious Designation to Help Homeowners in Danger of Foreclosure

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 02 Apr 2009 13:11:56 -0500

FOR RELEASE: IMMEDIATE For more information, please contact:

DATE: April 2, 2009 Cathy Baumbusch, 703-969-1691

CATHY BAUMBUSCH EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Cathy Baumbusch, of RE/MAX Allegiance, has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In Virginia, the foreclosure rate has steadily increased. As of Sept. 30, a record 21,000 homes in the state were in foreclosure, about 11,000 involving subprime loans¹. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said Baumbusch. "It is so rewarding to be able to help sellers save their homes from foreclosure."

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Cathy Baumbusch with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

"Our goal is to educate as many people as possible so we can help as many homeowners as possible," Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.

Cathy B, Realtor

Making Work Pay Credit

Cathy Baumbusch (RE/MAX Allegiance) — Mon, 23 Mar 2009 10:23:03 -0500

The Making Work Pay tax credit, part of the American Recovery and Reinvestment Act of 2009, will give a 6.2% earned income credit max $800 for a married couple filing jointly and $400 for singles and other taxpayers. If married couples filing jointly have a combined Adjusted Gross Income (AGI) of $150-190K or above, the credit is phased out, as it is for other taxpayers earning modified AGI between $75,000 and $95,000.

New withholding tables have been released by the IRS and for those in the Military, they will be implemented by April 1, 2009. The credit will be spread out over the year. Military members can expect to see a change in federal withholdings. Military members do not need to fill out a new W-4 to receive this tax credit.

If you have more than one job (such as a Reservist with a regular full-time job), you may want to review your W-4 forms to ensure enough withholding is held to cover the tax for the combined income.

The IRS also released new tables for computing the advance payment of earned income credit. These tables change the percentage formula to increase payments for some married military members. The new percentage formula was implemented in March 2009.

For more information see

http://www.irs.gov/newsroom/article/0,,id=204521,00.html

Cathy B, Realtor

Rates hit an amazing low this weekend! An even BETTER time to buy!

Cathy Baumbusch (RE/MAX Allegiance) — Fri, 20 Mar 2009 17:39:42 -0500

Today's news reported that the Fed will further stimulate the economy by purchasing $750 billion in additional mortgage-related securities and an additional $300 billion in Long-Term Treasury Bonds.

The market has responded with astoundingly low interest rates this weekend.

Some 30-year fixed rate examples include:

Conforming: of 4.25% with 1-point, 4.5% with 0-points

Conforming Jumbo(up to $625,500): 4.375% with 1-point, 4.875 with 0-points

Non-conforming Traditional Jumbo: 5.5% with 1-point, 5.75% with 0-points

FHA (under $362,790): 4.5% with 1-point, 4.75% with 0-points

FHA ($362,791-729,750): 4.5% with 1-point, 4.875% with 0-points

Cathy B, Realtor

Fannie Mae launches Loan Lookup Tool for Loan Modification or Refinancing Options, Making Home Affordable

Cathy Baumbusch (RE/MAX Allegiance) — Fri, 20 Mar 2009 09:57:32 -0500

There is a new tool that will allow homeowners to find out whether or not they are eligible to participate in the "Making Home Affordable" programs for loan modification and refinancing.

This program is part of the $75 Billion "lifeline" that President Obama has pledged to struggling homewoners.

Homeowners can either qualify for refinancing or loan modification.

Refinancing is for those who are current on their mortgages, but who are struggling to make their monthly payments.

Loan modification is for those who are falling behind on their payments either because of loss of income or a higher interest rate.

www.MakingHomeAffordable.gov will provide the necessary information to determine whether you qualify.

These programs are only available to those loans that are owned by Fannie Mae and Freddie Mac.

Natrually, the question becomes- how do you know who owns your loan?

Well, you could call your servicer and they will tell you, or to find out if Fannie Mae owns your loan, you can go to http://loanlookup.fanniemae.com/loanlookup/, and enter your address. You must confirm you are the owner of the property or have their consent.

Cathy B, Realtor

Help! One too many Outside Blogs-How do I delete one?

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 19 Mar 2009 23:23:16 -0500

HELP! I went to upgrade my blog to the $19.95/mo. outside blog, but now I have two blogs, one with all my content in it and the link still says (Upgrade) and another blog that has no content in it. How do I get rid of the one I just created and upgrade the original?? Help!

Cathy B, Realtor

Defense Department's Homeowners Assistance Program

Cathy Baumbusch (RE/MAX Allegiance) — Tue, 17 Mar 2009 08:58:39 -0500

Today's military members are faced with particularly troubling crises when it comes time to make a move. With orders in hand, military members have had little choice but to sell at a loss. Report dates are written in stone for the most part, and the service member can't delay reporting to achieve a home sale.

Many families rent their previous home at a loss, or the military member reports to the next duty station as a "geographical bachelor", leaving their family behind.Short sales and foreclosures are not an option either. Officers and most enlisted military members must hold a security clearance. Keeping that clearance requires periodic credit checks and if a foreclosure appears, the member runs the risk of losing their clearance and possibly their career. So, much more is at stake for the military members and their families.

Fortunately, the latest stimulus package included language to assist these families. The provisions are imed at helping service members who sell their home at a loss, faced foreclosure or were forced to move as a result of BRAC or a reassignment . Wounded veterans who need to relocate to be near a health facility and surviving spouses of those killed in combat will also be helped by the measures.

The $555 million program expands the Defense Department's Homeowners Assistance Program, which helps military and federal personnel whose homes have lost value because of a base closure. What is covered:

95 percent of a loss if a service member is forced to sell. or
The government pays off the balance of a service member's mortgage (and acquires title)or
The government pays the owner up to 90 percent of the home's previous value. No dollar ceiling has been set.
Applies to primary residence purchase PRIOR TO July 1, 2006

The Army Corps of Engineer's website is: http://hap.usace.army.mil/. There you can find information on who qualifies, application procedures, etc.

For more information, or if you need to sell your home in DC or VA, contact Cathy Baumbusch, 703-969-1691, or visit www.GoArmyRealEstate.com.

Cathy B, Realtor

Joint Base Myer-Henderson Hall formed, BRAC recommendation

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 05 Mar 2009 21:39:52 -0600

On October 1, 2009, Col. Laura J. Richardson will become the first commander of Joint Base Myer - Henderson Hall (JBM-HH), Va. The Fort Myer Military Community and Henderson Hall began the initial operational capability as of Jan. 31 of this year. The base will have a new deputy, a Marine Corps lieutenant colonel, as early as this March.

The transition to the joint base is a result of the 2005 Base Realignment and Closure Commission recommendations put into law.

Customers of the two bases will barely notice the change. The gate separating them was removed almost four years ago, and the base began issuing joint vehicle registration decals in 2006.

JBM-HH will continue to be the home of the Armys 3rd U.S. Infantry Regiment (The Old Guard), Headquarters Battalion and Headquarters Marine Corps, and will continue the functions of administrative and quality of life services to thousands of military personnel and their families across the National Capital Region.

Realignment of these bases will result in cost savings as installation management functions are consolidated. The transition period between now and September will provide the timeframe for complete transition and consolidation of services. JBM-HH is just one of 12 joint bases that are being formed by merging 26 co-located or close-proximity bases.

Source: Stand-To News

Cathy B, Realtor

With Buyer Agency, Military Members get an IRONCLADDtm Guarantee

Cathy Baumbusch (RE/MAX Allegiance) — Wed, 04 Mar 2009 21:04:56 -0600

What is Buyer Agency?

Virginia's agency statute defines agency as "any relationship in which a real estate licensee acts for or represents a person by such person's express authority (in writing) in a real estate transaction. This definition has been recently revised to include representation of a client as a standard agent or limited service agent (fee for service). Subagency is the default agency relationship if the Buyer does not give the Buyer Broker express authority to act on their behalf."

In a nutshell, Buyer Agency exists when a Buyer gives a Broker express written authority to act on their behalf. Without this authority, the agent is automatically a "subagent" of the Seller.

In the past, all real estate agents worked on the Seller's behalf no matter what. The Listing Agent represented the Seller, and any cooperating agents bringing Buyers to the property acted as subagents of the Seller, and in the Seller's interest-- there was no representation for buyers.

Today, as in the past, Listing Agents continue to obtain Sellers' express written authority to act on their behalf through Listing Agreements.

So, it makes sense that Buyer's Agents should obtain Buyers' express written authority to act on their behalf through Buyer Agreements.

It is important to me that my clients receive full representation. My agency relationship with you will be established in writing. For my part, it requires that I give you Information, Reasonable Care, Obedience, Negotiation, Confidentiality, Loyalty, Accounting (of all funds), Disclosure, and Diligence. That's why I call it my IRONCLADD^TM Guarantee.

I only ask for Loyalty of the Buyer in return.

The Buyer Agreement describes the agency relationship, fees, and compensation. A copy of the Buyer/Broker Agreement can be viewed here.

Cathy B, Realtor

PRESS RELEASE - Cathy Baumbusch launches www.GoArmyRealEstate.com

Cathy Baumbusch (RE/MAX Allegiance) — Wed, 18 Feb 2009 13:32:56 -0600

Washington, DC, United States, 2/18/2009 - Cathy Baumbusch, a real estate agent based in Washington DC launched a new website, featuring state-of-the-art technology and enhanced search features.

Ms. Baumbusch announced today that she has launched the newest version of her website, www.GoArmyRealEstate.com to cater to the military customer. The home page shows a a series of Army stock images and is featured with navigation drop down pages. With state-of-the-art technology Ms. Baumbusch hopes to exceed customer demands by allowing registered users even more transparent data from MLS listings and expanded options to view properties online.

The new site not only allows users to search the MLS, in accordance with new rules and regulations, but also aims to enhance the experience of potential buyers through expanded, user-friendly search capabilities. The website has been updated with a "Search Wizard" function offering a unique "step-by-step" method of running a property search. Another feature soon to be implemented is an interactive map search. These new features will make the search and compare process even more time and cost effective for both Ms. Baumbusch and users of the website.

The new website is designed to be simple, stylish and easy to navigate. "As a service provider to military clients around the world, we are always looking for ways to enhance our website. The need to stay on top and provide the most thorough set of data in an easy-to-use interface and do it with speed is our #1 goal," noted Ms. Baumbusch, owner of GoArmyRealEstate.com. "Soldiers want to see everything, they want to be able get information quickly. Our updated site will allow them to do just that, as well as showcase the GoArmyRealEstate brand."

For the last 18 months, Ms. Baumbusch has been trying and testing different web providers to find the best product to interact with military buyers of real estate. Registered site users are able to browse the entire MLS for Washington DC area properties. Here they will find every MLS listing, including new and existing properties, foreclosure listings, FSBO (for sale by owner) properties and even upcoming auctions.

GoArmyRealEstate.com aims to open its market around the country later this year, in an effort to expand its reach.

About GoArmyRealEstate.com

Cathy Baumbusch is a licensed Realtor® based in Washington, D.C. Currently operating in Northern Virginia and the District of Columbia, Cathy Baumbusch offers both full-service and fee-for-service business models.

For more information, please contact Cathy Baumbusch at (703) 969-1691.

-Ends-

Cathy B, Realtor

Obama Signs Stimulus Bill Today

Cathy Baumbusch (RE/MAX Allegiance) — Tue, 17 Feb 2009 20:01:21 -0600

"Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission."

American Recovery and Reinvestment Act of 2009

H.R. 1, the "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
View how the U.S. House of Representatives voted>
View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR's housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next "big" initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The bill includes the following provisions:

Homebuyer Tax Credit Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)
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FHA, Freddie Mac, and Fannie Mae loan limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Estimated 2009 FHA, Fannie Mae and Freddie Mac Loan Limits> (PDF: 1.3M)
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Neighborhood Stabilization - Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities' neighborhood stabilization programs.
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Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.
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Rural Housing Service - The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program's eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
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Low Income Tax Credits - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
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Tax Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
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Energy Efficient Housing Bonds - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation's electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
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Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.
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Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to "network neutrality" requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.

The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.

These provisions are important victories for REALTORS because increased broadband access promotes economic growth and expands opportunities for home sales. A 2006 Commerce Department report determined that property values are 6% higher in communities where broadband is available.
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"Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission."

Cathy B, Realtor

Santa Sighting!

Cathy Baumbusch (RE/MAX Allegiance) — Tue, 09 Dec 2008 09:40:50 -0600

Hello Boys and Girls!

I have just spotted Santa! He has taken time out of his unbelievably packed schedule to visit with the kids at Rolling Valley Elementary School today. He was seen riding a police motorcycle and was escorted by 15(!) motorcycle police, a squad car, a police bus as well as a car from the County Sheriff.

Now that's what I call protection! I hope you got to see him. If not, maybe he'll come to your school. If you don't get to visit with him, be assured, if you're good, Santa will visit on Christmas Eve and bring you lots of toys and goodies!

Take care,

Cathy B.

Cathy B, Realtor

Information on Fullerton Road Development in Springfield/Lorton area

Cathy Baumbusch (RE/MAX Allegiance) — Thu, 04 Dec 2008 08:42:38 -0600

I have just learned that the new development going on near Fullerton Road and Backlick between Backlick and Alban Roads is a private development. There will be a hotel (no word on the name) and office buildings meant to house contractors in support of Fort Belvoir/EPG.

More news to follow as I learn more.

Cathy B, Realtor