Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)'s Blog

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Low Ball Offers - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 02 Aug 2011 08:47:39 -0700

It's currently a buyer's market which means buyer's have the upper hand in negotiations STOP right there. Please get that thought out of your head. Real Estate is and has always been based on location, location, location. What applies in one state, city, zip code, or subdivision does not necessary apply to ALL. It is as much local as the mail person. Investor's no matter what market it is are always making low ball offers. It's what they do so of course they are gonna insult the home owner or play on distressed home owners because again that's what they do. With the availability of viewing houses and information on the internet many people think in their mind they are expects on negotiations. Then encounter the frustrations of making offers only to get them rejected or countered and then they wonder WHY? Let me explain the why, unless you have done your homework on the local market you could be in for a headache. For example in the Washington, DC area, the local real estate market varies. Washington DC which has been the hottest market since December 2010 is the total opposite for Prince George's County in Maryland which is right across the bridge. If you do not at list offer the list price in DC you will just be killing trees because most listed properties that are priced right and some that aren't even are having multiple offers on the 1st day. In PG County in Maryland is totally another story. Low Ball Offers are the normal for investors or wanna be investors who don't have a clue. Sometimes I think with some of them someone told them in a class insult the owner and if they are desperate they will accept your offer. Professional investors are totally different but these wanna bees are also killing trees and wasting time. It's a good reason many are not successful. So again before making any offer, especially a low ball offer. Study the local market, consult an experienced realtor, or continue to play lottery like everyone else, yeah someone eventually hits but what are the odds.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Derogatory Marks on your credit HURTS YOU - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 27 Jul 2011 09:11:36 -0700

When I get a phone call from a potential buyer who wants to buy a house and I ask what is your credit situation for some odd reason sometimes some of them say they don't know, WARNING SIGN. When I hear that to me it usually signals not good (just from my experience). Usually people who have good credit stay on top of theirs very frequently like monthly or quarterly but not the I haven't pulled mines in years routine. Usually with this comes collections or derogatory marks such as charged off accounts, repossessions, sometimes foreclosures, or even child support. A recent person asked me can they get approved for a home loan if they have "child support" on their account. I know the answer to this is NO because anyone who knows my situation knows I have custody of my daughter Bianca and have since 2002. What many do not know is prior to custody I didn't even know my daughter existed and was unknowingly taken for child support which appeared on my credit while trying to get a home loan, talk about shocked. The lender said "Lenders feel that is being irresponsible even on a situation like mines". Lenders don't care what the situation is in their eyes they view it as someone not paying that obligation owed to their child so what makes them think they are going to pay a home loan obligation. Always consult a professional and experienced lender. Many know what to do, for some reason many just don't do it. Taking responsibility is the only sure way to know what's going on, on your credit report. Any items that are older than 7-10 years old from the date the creditors first reported it must come off your credit report. That is one way of challenging some issues. The others would be to pay for whatever it is one owes or make payment arrangements with the people owed. Not knowing can mean the good, the bad, or the ugly on your report which in other words can mean approved, denied, or derogatory.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

First Step in Purchasing A Home - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 26 Jul 2011 07:49:43 -0700

In today's Real Estate market houses for sale are around every corner and on every block it seems. Buyer's being properly financed doesn't always seem to be. Many buyer's have not been updated as to the process of purchasing a home in today's market. I find many are using historic buying methods, that don't apply to today's forever changing housing market. It's unfortunate that some buyers are not aware of the steps that NEED to take place in order to have a very successful and smooth transaction. Going to view a house first and then being concerned about financing is actually backwards. The very first step is having the proper financing before you even go view a property, that is if a buyer is serious. There are the lookers and that's all they do is look but when it gets to the point of wanting to view the property itself it's a no go with Realtor's without this very crucial step. Let's face it without financing nothing else matters in the transaction. Once you have financing in place everything else takes a backseat. Many internet users look at homes and want to see the inside of some properties. No problem as long as they have proof of funds to show. If not they stand a very slim chance of seeing that property. As agents we do not have the time to show everyone who wants to see the inside of a house. So there are certain steps we must take to make sure we are dealing with a ready, willing, and able buyer. As an agent I've had people call me on some of my listings who said they've had financing but when asked to provide they've replied "All this just to see the inside of the house", YES. Agents do not have time to get in their car, waste their gas, and time based on what someone says without providing proof. Agent do actually work. Proper financing is the first to many steps to purchasing a home. Proper financing can mean proof of funds if they are paying in cash or a current pre-approval letter usually within the last 30 days. Once provided it's an open door to the house and home ownership that awaits the potential buyer. WELCOME HOME!

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Importance of a Home Inspection - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 20 Jul 2011 08:35:58 -0700

Sometimes people try to cut corners when buying a house. One of the short cuts they try to take is avoiding getting a home inspection in the sense of trying to save money so they can do things when they move in. One of the biggest mistakes anyone can make is avoiding getting a home inspection. Whether the house is new, used, or being built. Home Inspections reveal so many unseen hidden facts that only a home inspector can and will find before it's too late. One key factor that home inspectors do is they check the electrical wiring to ensure that the house is properly grounded. This alone is very critical because if not checked a buyer could move in a house, plug everything up only for everything to get a shortage and burn out. Then they will hire an electrician which right there alone is more than most home inspections cost. Other valuable reasons for getting a home inspections are checking the foundation of the property, along with the roof, & in many cases checking for termites. There are things that the naked eye cannot see and only a home inspector will know. You spend hundreds of dollars for the inspection but you save thousands over time. Also you can't put a price on piece of mind. Just knowing what's going on with your investment. Giving your home a check up like you would do your body is extremely important. If you don't take care of your body your body won't last, same for your home. When people take short cuts they usually end up paying more later it's just a common law of life which applies especially to purchasing a home and taking the necessary steps to ensure you are not wasting money. ALWAYS GET A HOME INSPECTION WHEN PURCHASING A NEW, USED, OR TO BE BUILT HOME!

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Property Taxes Decrease in Maryland - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 19 Jul 2011 09:28:34 -0700

For years mainly since we entered into the 21st Century property taxes in the state of Maryland has gone up. In many areas drastically. Taxes had been going up for over a decade but had gone mainly unnoticed when the housing market prices skyrocketed between 2001-2005. As housing prices went up during that season of an unusual market so did the property taxes. Once the housing market prices came to a halt then dipped is when many home owners really took notice. Many wondered what could they do to lower such high taxes. In many cases property taxes would cause mortgage payments to be anywhere from $100 or more higher than what would be on the good faith estimate which would be the difference whether a person could buy a home or afford the one they were in. Contesting the county and state taxes is what was required in order for a home owner to attempt to get their taxes lower. In many cases a home owner would have to put in writing that their home was worth less than what was assessed on the Tax Assessment. Along with show proof from the most recent home sales. Usually a CMA from a realtor would help. Because of the numerous complaints on top of the decrease in prices of housing, along with legislation, it was much pressure on the Tax Assessment Office to do something. The way they Assessed the taxes was never based on market value but solely on what they thought the house was worth (even though they claimed to send an appraisal out to assess the property). Not sure where those appraisers were from but during the housing boom a slue of appraisers were fired for inflating the prices. Effective July 1 2011 taxes have dropped in half in some cases thus imitating the housing market in correcting itself from what were unusual prices.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

How Home Ownership Builds Credit & Wealth - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Mon, 18 Jul 2011 07:20:27 -0700

Many people who buy homes these days are swarmed with solicitation from credit cards, local car dealers, and home lenders for the purpose of obtaining an home equity loan, the moment they purchase their new home. It's because the creditors know something many new home owners are unaware of and that is the new home owners stock has just risen and their name has been put on a list because of this. A good example is when filling out applications, applying for any type of credit where the other party is lending money one of the key contributing factors besides just credit that they use to determine whether they will lend or not is are you a home owner. That is the reason you see on many applications do a person rent or own. If you rent everything is based solely on credit and income. But if you own that's a key factor that they use to determine whether they will lend because they feel they can always put a lien on your property and recuperate their money if one defaults. This factor is used but is not considered once a home owner has obtained bankruptcy, repossession, or has a foreclosures which are derogatory marks on your credit report. But if this isn't the case then look for solicitation from nearly every credit card, car dealership in the area, & even home equity loans. You are now an official target. Which can be a good thing if used correctly. Your credit score now has the opportunity to shoot up and the home owner can build wealth from having an increased credit score. Having an high credit score while being an home owner gives one the opportunity to start to invest in other properties that creates wealth by either flipping the properties or having them as a rental property. Or something as taking out an home equity loan to start a small business or invest in another venture. It all depends but the doors open up once you become an home owner. Just another example how home ownership builds credit and wealth.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Property Tax Sales - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 05 Jul 2011 11:03:57 -0700

Many homeowners who fall behind on paying their mortgage payments are not always current paying their property taxes. Once this happens just like regular taxes the county places a lien on the property then eventually auctions the property for a tax sale. Many people have asked me the question if I pay the taxes do I own that property. That's a good question & depending on each states the answer varies. I mean how great is that if you pay $20,000 in taxes and own a $500,000 house right too good to be true correct that's because most mortgage companies will foreclose on that property and pay the taxes before they just let their investment be sold for pennies. When the property is up for tax sale you're paying for the 1st right of that property, the tax sale is just the lien that's been placed on the property, if it has an mortgage, the taxes do not override the mortgage owed, if it's a foreclosure the bank still is owed. Paying a few 1,000s does not give you immediate rights to the house. This sale is held by the County, generally once each year. What is purchased by the winning bidder is not the deed to a property. The purchaser's money pays the delinquent taxes to the County on behalf of the delinquent property owner. In exchange, the purchaser is given first lien position on title, ahead of mortgages (sometimes), deeds of trust, and judgments, subordinate only to State tax liens. Again depending on which state and county you are in will depend on the guidelines and results. Always consult with a local tax attorney and with the local court where the property tax sales take place.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Distressed Properties - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 31 May 2011 07:44:32 -0700

REO, Foreclosures, & Short Sales are dominating the housing market across the Washington, DC Area along with across the country. Finding a diamond in the rough can be difficult but it is possible and doable. Many investors, along with first time home buyers are out diligently searching daily and nightly for that ONE property that meets their needs. Distressed Properties are properties that are usually below the current market value and have been run down, abandoned, or not been taken care of for whatever reason.

Like it has always been noted it really is about LOCATION, LOCATION, LOCATION. Being as though I cover a Tri-State area Washington, DC, Virginia, & Maryland going into one area will be totally different as far as if the majority of the houses are REO, Foreclosures, Short Sales, or Regular Sales. Many always ask about foreclosed properties & they are here.

Washington, DC which in the past months has been the strongest housing market in the entire country has more regular sales than anything else. There are very few short sales or foreclosures compared to the rest of the surrounding areas which gives it a stronger market in terms of value. Thus making for less distressed properties in this area.

Maryland depending on which county you venture into. Many counties have more foreclosures and short sales in the counties closer to Washington, DC while some of the counties outside of the counties closer to DC have an equal amount of Regular Sales and Short Sales. But again these statistics change daily. You'll find more distressed properties in these areas compared with Washington, DC.

Virginia depending if it's Northern Virginia or a little more down in Fairfax County will give you an ideal of just how the distressed properties dominate certain areas in some areas there are very few if any regular sales. Again there are plenty of properties for the pickings. Especially in today's current buyer's market.

If you're looking for a distressed property or have one that needs to be SOLD immediately do not hesitate to call me 240-694-6460.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Buying Season - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Mon, 16 May 2011 08:37:58 -0700

With housing prices at an all time low and spring in the air this equals buying season. From investors to first time home buyers, everyone is looking for a deal or a steal especially with little to no repairs needed. Buying season usually runs from April to September. People move during this period for various reasons, some strategize on the kids leaving school or moving before the next school year. While others look for more space or to downsize. Some just season a bargain & realize they can get more house for less.

With buying season comes the competitiveness of buyers and investors. Along with multiple offers before a seller can sign off on one offer in order to change the status in the MLS. I had a client ask me how come many agents do not change the status when they have offers on a property. I explained they could change it to contingency (reviewing documents) but some agents either aren't aware, don't care, or are waiting for the seller to sign off on a contract before doing so. Also it's the reason I called before we even went out to view the properties or we would of been wasting time.

With buying season comes the longer days to view more properties & to see more in the houses with those that don't have electricity, the nosy neighbors who watch everything then come and talk to you because they want to see the inside of the house or tell you how the neighborhood is and how long they've been living there, the kids playing in the neighborhoods, again the multiple offers of the the better lower priced houses, the listing agents not returning calls, the houses needing much repairs because of foreclosure, the banks taking a while on some short sales. Yes it's buying season again, buyers beware if you snooze you lose especially at the current prices.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

How Long Short Sale Takes You're Buyer - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 04 May 2011 08:38:48 -0700

Welcome to the world of Real Estate 2011. You see a property you like, you want to write an offer on it and you find out it's a short sale. But you really want to purchase that property, question is how long is this process going to be when you're on the buyers side. Where you have no control of the transaction like you would have on a traditional sale when it's a buyers market.

Key factors to know how long this short sale process could possibly take when you're on the buyers side.

1) Which bank is it you are dealing with. This is crucial because each bank vary on how they process their short sale. In the past banks were taking 6 months to 1 year to process now it's more like 3-6 months. Some of the smaller banks tend to be quicker but the bank actually tells you, which leads to number 2.

2) Is the Listing Agent an experience agent in dealing with short sale, I've learned that having a designation means nothing because some agents have NO clue to the process. Is the Listing Agent diligently working on the file and supplying the banks everything they are asking for in a timely manner and is constantly updating the buyer's agent to the steps in the process. If the Listing Agents ask the banks actually will tell them how long it will takes. Number 3 is a KEY point of where the process is.

3) Has the BPO been completed yet. Depending on this answer will hold true to where the short sale is. If the BPO has not been completed most likely it is in the beginning stages of the short sale. If the BPO has been completed it is nearing the ending of the process. The BPO gives the banks investors an evaluation of whether the current offer is justified by the market value of homes in that area and this is where they accept, counter, or reject.

It doesn't take a rocket scientist to know how long it's going to take, it just take good communication, and an agent who knows what they are doing. Again Welcome to the world of Real Estate 2011.

Click here for video

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Short Sale vs. Deed in Lieu Foreclosure - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 20 Apr 2011 04:25:23 -0700

Short Sale or Deed of Lieu Foreclosure is the question. Seems many homeowners who are upside down and want to get out without foreclosing are asking themselves this question. Short Sales which are extremely popular and in many cases time consuming due to the 3rd party (the homeowners lender). These days the process is much quicker and not as bad as they were a few years ago. Deed of Lieu Foreclosure has been thrown into the picture mainly an option given to homeowners by their lender. Now it has many homeowners contemplating on which would be best for them.

Short Sales as previously explained is when the property is being sold for less than what is than owed on the property and the lender has to approve the final sale. With the final approval letter the terms are usually written in there. At one point the lenders were trying to get the sellers to sign a promissory note or bring cash to the table, that has changed over the years. In many cases the difference from the short sale is now being considered satisfied or paid as agreed. This will still have an impact on credit. The 1st year afterward homeowners do have to pay taxes on the difference. So keep the copy of the Hud-1 from the sell of the house.

Deed of Lieu Foreclosure is when the homeowner hands the deed to the lender voluntary, the lender cancels foreclosure proceedings already underway and does not proceed with foreclosure. The lender may or may not come after the seller for the difference once the property is eventually sold. In many cases they do.

Seeking the advise of a Real Estate attorney will be the best advise, if that’s not an option always get everything in writing from the lender whatever their final decision is. For example with short sales the banks always send the final approval letter with the terms written out and sellers have the write to not go through with the short sale if they don’t agree to any of the terms and the same with Deed in Lieu Foreclosure. But in many cases what options do you have but to try to negotiate whatever terms that are not agreeable.

Click here for video

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

How Long Does It Take To Complete A 203K? - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 13 Apr 2011 07:35:08 -0700

How long does it take to complete a 203K? This can be a simple question with complex answers. Depending on which 203K is used it can vary. It can also vary by the size of the property and what's actually being done to that property. Again a streamline 203K loan are repairs that are under $35,000 and a full blown are over $35000. With that said the typical time frame involved in a streamline is 30 days or less and with a full blown it's usually 30-60 days. Now there are contributing factors such as, what are the repairs that are actually being done. What contractors are being used, and how soon the project can been funded appropriately. Also whether the contractors work swiftly.

I've actually done a full blown 203K in 30 days. It was orchestrated well from the beginning and the contractors were diligently working to perfection. On the other hand I had a client who wanted to use his friend to do a full blown 203K project. Let's say the property was bought at $154,900 the 203K loan was funded over $100,000 per the FHA Inspector's recommendations and besides the frame work, electrical work, & plumbing, that's where that project stopped at. That was in December of 2008 and now I have it back on the market to be sold as a short sale; http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1972413XQTUM&p=DE-137113063-354 Look at the pictures on the inside, now if it's not correctly done this could be the results. Most results are not like this but the process could be longer than the normal time involved.

203K loans are very popular these days and if done by experienced individuals such as the lender, the 203K Consultant/FHA Inspector, Licensed & Boned Contractors, and with a Knowledgeable, Top, Experienced, and Professional Real Estate Agent (hint, hint, lol) to explain the entire process to you, you should have a smooth transaction.

Click here for video

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Repair Cost in Using A 203K Loan - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Wed, 06 Apr 2011 14:39:05 -0700

Foreclosure, short sale, foreclosure, short sale does it seem like every other house is either a foreclosure or short sale that require some kind of repair or repairs. Well the 203K loan is available to help in many cases. Which 203K loan applies, the streamline or the full blown. The streamline again is that which requires up to $35,000 in repairs, while the full blown is anything over $35,000. The lender usually assist in this factor after the FHA inspectors conducts their inspection of the property and with choosing licensed and boned contractors.

Many ask how is the 203K cost effective and what are the cost associated with it. The interest rate is usually higher than the traditional FHA loan. Here's how it is factored into the loan. For example you buy a house worth $300,000 and the repair cost total $30,000, your loan is based on $330,000 even though you bought the house for $300,000, so this means your appraisal is based on the house itself before the repairs.

203K loans are very convenient for 1st time buyers who do not have the resource to pay the out of pocket costs that's associated with fixing up a house. Unfortunately many homeowners who houses went into foreclosure felt like they've invested money and don't want the next homeowner to receive their investment. So many purposely damage the house. This is why many foreclosures are so damaged.

Short Sales properties are not as often damaged like foreclosures are. Due to the fact that the homeowner either still live in it or just want to get rid of the property. The cost associated with many short sales is that of wear and tear over time. Or factored to many homeowners due to affordability and are unable to keep up with the maintenance but Short Sales are usually still in far better condition than foreclosures.

203K loans are very good resources for fixer uppers or just any home in today's Real Estate market. One key factor is once the appraisal is done the appraisal has to approve the property for a 203K loan. Just because someone wants to replace the stove & refrigerator is not justification for doing so. Always consult with a lender especially one who has experience with 203K loans so you have a rewarding experience.

Click here for video

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Closing Cost - Your Washington, DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Fri, 05 Nov 2010 02:51:36 -0700

For those who really don't know what closing cost are and how they are calculated let me help you; closing cost. Let's go back a few years ago. When an offer was made it would usually have a request of 6% closing assistance from the seller. With foreclosures and short sales holding most of the inventory in the Washington, DC area. Today in 2010 approaching 2011 the most that is given is 3%, 4% in some cases with foreclosed and short sale properties. You can ask for 6% but you're only wasting time. Click for more here.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

It's What YOU know & How it SHOWS - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 02 Nov 2010 08:58:40 -0700

I showed a property yesterday for a buyer who really had her hopes high on a property based on recent conversation with the listing agent and on the price. We even waited for nearly an hour because the wrong key was in the lockbox and she really wanted to see this property. When we opened the door we thought we had stepped foot in a Halloween Party. The only problem is Halloween had just passed but this placed had the residue of bad curb appeal and to put it blunt it showed badly. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

How Interest Rates Applies - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Fri, 29 Oct 2010 11:34:15 -0700

Very often people ask me "what is the interest" and my response to them is "depends on you". Usually there response is I heard it was at the lowest in 30 years and I smile. First let's define what the interest is and how it applies to every homeowner or potential homeowner. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Earnest Deposits - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 26 Oct 2010 00:14:44 -0700

There have been many questions, concerns, and issues pertaining to what is an earnest deposit, when is it applied, and who holds the deposit. These answers vary but there is one thing for sure. The earnest deposit shows good faith from the buyer. When an offer is made a copy of the earnest deposit is submitted with the offer. I always recommend buyers to put down a minimum of 1% of the purchase price which shows a strong offer on most houses. There is no legal set requirement in Washington, DC, Maryland, or Virginia. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Always Interview 3 Realtors Before Listing - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Fri, 22 Oct 2010 08:49:58 -0700

In August 2010 I sold a townhouse that showed extremely well in 3 months for $201,777 for top dollar while the foreclosures and short sale priced lower continued to sit on the market. I recently found out another agent listed a house that showed equally as well in that same subdivision for $95,000. THAT bothered me! Even though the house next to it sold for $100,000 (which was a short sale) it was not equal in value as the property priced at $95,000. Did the agent do their due diligence and provide the fiduciary duty that ALL Realtors are to uphold and to provide to each client? That's very questionable especially when I saw it was under contract with that same agent. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Minimum Credit Score Increases Effective 11/15/2010 - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 19 Oct 2010 10:10:37 -0700

I saw this coming years ago and lenders have talked about it earlier this year. The restructuring of Home Loans continues. The minimum credit score requirement increases to 640 effective November 15th 2010 with the loan locked in, not just getting a desktop underwritten approval. That means if you are not locked into a loan by then with the minimum 620 you will need to have a minimum of 640 in order to qualify to get a loan after November 15th 2010. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Foreclosures Galore - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Fri, 15 Oct 2010 08:25:32 -0700

Unfortunately short sales and foreclosures are the majority of houses on the market today. Many people have a misconception about foreclosures. Some think you can purchase a foreclosed home for nearly nothing and in few cases that's true but very few. Depending on if it's a shell, which area it's in, and if the other property value in the area are extremely low. Click here for more.

Damon J. Brockenberry (Damon The Agent)

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

Which Home Loans are Available Today - Your Washington DC Area Realtor

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA) (Re/Max Allegiance) — Tue, 12 Oct 2010 09:54:02 -0700

From 2001-2005, Interest Only, Adjustable Rate, & No Document Loans were the most popular loans used. Unfortunately those loans were used strategically to get buyers into homes they really couldn't afford thus came the crashing of prices and the increase of foreclosures on homes once those loans grace period was over and their monthly payment sky rocked. Now that the market has corrected itself FHA (3.5% of purchase price down payment), VA (Veterans Administrative - For Military & Family), & Conventional (Which requires 10-20% down) are the most popular ones used. Click here for more.

Damon J. Brockenberry (Damon The Agent)