So when is the economy going to recover? According to the Washington Post, it looks like it may already be happening here in Charles County! In an article written this weekend in the Washington Post (Economic Rebound Seen for Charles County), Signs are good that the evidence of an improving economy is being seen already in our neck of the woods!
According to the article, the U.S.
unemployment rate is 9.8 percent; Maryland's is 7.2 percent; and Charles's
is 5.9 percent!!! In addition to this news, rising homes sales, and a continuing influx of new jobs, Charles County is becoming a much more popular place to be! Also, if you're thinking of buying or selling a home in the area, I know a FANTASTIC Realtor, LOL!!! ;-)
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
Are Realtors obligated to disclose mold problems in a foreclosure? The short answer is yes, but unfortunately things aren't always done as they "should" be.
Why Should It Be Disclosed?
A mold problem in a home falls into the category of "Material Defect". In the state of Maryland, any Material Defects that are known by the seller or listing agent must be disclosed, regardless of the Annotated Code of Maryland, Real Property Article, Section 10-702. The catch is that the seller must have knowledge of the defect.
Banks Don't Disclose
Banks typically avoid making any sort of disclosure, and rather sign a disclaimer stating they have know knowledge of the property and it's potential defects. Since the bank has probably never actually visited the property, how can they know there is a mold issue?
Banks Should Disclose
It stands to reason, however, that someone involved in selling the property (such as the Realtor who lists the property) has seen and is aware of a possible mold problem. If there is a latent defect such as this, and it is known, then it is the responsibility of the listing agent and the owner (The Bank) to disclose such problems. What should happen, and what does happen, however, can be two entirely different things.
Are they Trying to Hide It?
With the massive mold growths I've seen in so many foreclosures, it's impossible to hide the fact in many cases. the concern that I, as a Realtor, have is that there is a potential health risk involved in showing these properties. It's a weekly occurence now: I go out, show a dozen or so moldy foreclosures, and go home with a splitting headache and nausea. At it's core, this is a health risk, for both me and my clients.
The concern many banks have is that mold stigmatizes a property (DUH!) and reduces it's value. Their risk of exposure to a lawsuit is minimal (You gotta prove they knew the home had mold), and so the less they say, the better, at least in their mind. In the mean time, myself and my clients get to deal with the headaches, nausea, dizziness, and shortness of breath that goes along with heavy mold exposure. Lucky Us.
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
In addition to the prison term, she's ordered to pay more than $16 million in restitution (good luck recovering that, she spent it on her mega bucks wedding!), and the judge described her as a "vulture".
Her accomplice, Jennifer McCall also had a hearing later in the day where she fired all of her lawyers, and when the prosecution recommended keeping her jailed pending sentencing, a relative of hers jumped into the well of the courtroom and punched the prosecutor in the face! Quite the well mannered group I'd say!
It's a relief to see these people going to jail, but it's a cold comfort for the people that believed their lies and lost their homes. The scam is the perfect example of the greed that the housing bubble created. I hope this serves as a warning to anyone else out there thinking about doing something like this, and more importantly, I hope this brings to the forefront the risk involved when someone makes you an offer that sounds too good to be true.
The old phrase, "Real Estate is Local", has been worn out by countless Realtors, desperate to paint as bright a picture as possible in a bleak real estate market. It's more than just a worn out catch phrase, though, and without paying attention to what's happening in the region you're looking to buy or sell in, you can find yourself extremely frustrated.
I've written 5 contracts for buyers looking in Fort Washington, MD over the last 3 weeks. All of them have been on foreclosed properties. In 4 out of the 5 contracts, we have found ourselves competing with other buyers in a multiple-bid situation. The first question that comes to buyers mind when they hear this is usually something along the lines of: "Is the real estate market really that good?"
Here's a quick breakdown on what's really happening in the Fort Washington, MD real estate market:
From the current MRIS statistics, the majority of homes for sale in Fort Washington are non-foreclosures. In fact, as of today there are only 42 homes in the 20744 zip code that are listed as bank owned (REO). 272 properties listed for sale in Fort Washington are NOT foreclosures.
Seeing considerably fewer foreclosures listed than traditional resales is an excellent thing. The bad news is that 41% of all homes that are currently under contract (98 homes out of 234 listed) are bank owned.
The fact of the matter is that people are gravitating towards buying foreclosed properties in the area. the fact that there are more REO's under contract than there are available is very telling. typically the ratio of homes under contract vs. homes available is 1:4. right now that ratio is closer to 2:1 in the area. As far as foreclosures are concerned, Fort Washington would be considered a sellers market. (It's incredible how quickly things can change!)
The other thing to look at is total sales volume. In Fort Washington, property sales volumes have been picking up as well. Although it's nowhere near the sort of monthly volume we had seen during the boom years, total sales volume has grown considerably in the last few years. This is due largely due to the incentives in PG county to buy a foreclosure (Not only the $8,000 tax credit, but also the Down Payment incentive program)
What about Prices?
The other significant factor to look at is homes sales prices. The current average sales price is $251,141. A look at the average sales price over the last year shows that sales prices have fallen only marginally over the last year. In January the average sales price was $267,883, which represents a depreciation of only 6.3%. The national average is 13.4%, but heavy job growth in the government sector has helped stabilize prices in the D.C. Metro area.
It's obvious that foreclosures are driving the Market in Fort Washington for the time being. The good news is that the market is showing signs of what is hopefully stabilization. long term consideration of future regional job growth should help to shore up the market even more. It is entirely possible that we may see home sales slow again once the tax credit and foreclosure incentive programs expire, but only time will tell how large of an impact these programs will actually have on the real estate market.
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
Someone recently sent me a photo of a FSBO (For Sale By Owner) sign that I had to share. I understand that you can't always choose your neighbors, but when it comes to selling your home because you hate your neighbors, there is good news! Fortunately, bad neighbors are not what you would call a "material defect" in your home (Regardless of how defective you think they may be). If you hate your neighbors, odds are that other people may hate them as well. My advice would be to keep the commentary about the obnoxious neighbors to yourself, and let the next owner find out in their own sweet time. Enjoy the photo!~Jonathan Benya- Realtor
Looking for a Gorgeous, move-in ready home in Waldorf that isn't a foreclosure dog or an impossible-to-close short sale? This is it!
This Beautiful home with loads of upgrades is located right in Waldorf! Large kitchen, and gorgeous family room! Move in ready! The Open floor plan makes this home feel large and inviting. Beautiful private deck with Large fenced back yard. and playset for the kids! Don't miss your chance to see this fantastic property!
This labor day weekend has us working overtime, so for all of you enjoying the holiday weekend, I thought it would be fun to post this clip of a rather obnoxious real estate agent. I got a laugh out of it, and I hope you do too! Now if only we got shows like this here in the United States, I'd be a happy guy!
Check out or newest hot listing! This home is located in Waldorf, MD and has more than 2,000 square feet with 4 bedrooms and 2.5 baths! The back yard is completely fenced in, and practically everything is new! New kitchen, new baths, new doors, new siding, new flooring, and the list goes on! There's also a 1 year warranty included with the home! Check out this video to get a better look!
The price is only $285,000, and there's no HOA to worry about! Don't miss out on your chance to see this great home!
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
As you may have heard, HUD's Neighborhood Stabilization Program (NSP), has been implemented in Prince George's County, Maryland, and the incentives for buying a foreclosure in PG County are STAGGERING!
The goal of the program is to reduce the number of vacant homes in neighborhoods troubled by foreclosures. Through a government funded program (Thanks to the large economic stimulus package), PG County has been allocated $10,883,234 for a program called the "Down Payment Closing Cost Assistance Program" (DPCCA).
If you're looking to buy a foreclosure in PG County, you may qualify! For a detailed list of qualification requirements, please click here: Down Payment Assistance for First Time Home Buyers in PG County. This is going to allow you to purchase your first home with between $1,000-2,000 down, and no closing costs or additional down payment required! That means some people are actually going to be getting their first home for almost nothing down, AND they can qualify for the $8,000 first time home buyer credit as well!
Keep in mind that this program is not designed to get people loans with serious credit issues. Your credit and debt-to-income (DTI) ratio's need to allow you to qualify for a traditional mortgage. This program has been designed for people with good credit, but limited savings.
Will You Need to Pay Back the DPCCA?
You may be required to pay back some or all of the DPCCA Money you receive, depending on how long you live in the home. The money is treated like an interest free loan, that does not need to be paid back until you sell your home. Here's the rundown on how much you may owe at settlement: If you live in the home for: % of amount due is: 0-3 years 100%
3-6 years 50%
6-9 years 30%
10+ years 0%
The longer you live in the house, the more money you save! When you figure that this program can save you anywhere between $6,000-$20,000, it makes one heck of an argument for buying a foreclosed home! Have Questions, or Want to Know More?
Please feel free to give me a call on my direct line at (301)-653-8116 and I'll be more than happy to assist you with taking advantage of this great program!
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
If you're looking to purchase a foreclosure in PG County and you're a first time home buyer, there's good news afoot! HUD has approved a new program to provide down payment assistance for low income families in PG county ONLY!
The Neighborhood Stabilization Program (NSP) and the Down Payment Closing Cost Assistance Program (DPCCA) have released their guidelines and trained a select group of lenders to be able to provide this program to potential homeowners!
How Does It Work?
Step 1: Find out if you qualify! Here's the eligibility requirements:
Must be 18 years or older
Must be a first time home buyer, or must not have owned anywhere for the last 3 years
Home being purchased MUST be primary residence
Annual household income must not exceed program limits (less than $86,600 for 1 person, or $99,000 for two people, if you have children, the limit increases. An income calculator for determining eligibility can be found at https://webapps1.hud.gov/hfc/calculator/)
Must qualify for a loan from a participating lender (There are currently 37 approved lenders, give me a call for a complete list)
Must contribute a minimum amount of cash towards purchase (Between $1,000-$2,000)
Must have ratified contract of sale on a vacant foreclosed property (Need help finding that home? That's where a spiffy Realtor like myself comes into play!)
Buyer must also attend an 8 hour minimum housing counseling class provided by HUD and receive a certificate of completion. (Class is free, and there's already a waiting list, so hop to it!)
What Does DPCCA Do?
DPCCA will provide up to $20,000 in closing cost assistance on an interest free loan, with an interest rate of 0%, that is payable only when you go to move! The longer you live in the property, the less you are required to repay! For example, if you live in the home for 3 years, you're required to repay 100%. If you live in the house for 4-6 years, the balance due is 50%. For 6-9 years, the balance is 30%, and if you live in the home 10+ years, you're not required to repay the DPCCA at all!
Essentially, this program is designed to allow low-income families to purchase foreclosed properties with minimal downpayment. The will help reduce the foreclosure blight that has troubled PG County, and reduce the number of vacant homes sitting in the area. This program can be used in combination with the $8,000 first time homebuyer tax credit, which means that it's possible to buy a vacant foreclosure for as little as $1,000 down, all closing paid, with 3.5% downpayment paid by DPCCA, AND $8,000 in tax credit provided by the federal government! The incentives to buy a foreclosure in PG County just keep growing!
~Jonathan Benya- Realtor Century 21 New Millennium 9405-A Chesapeake St La Plata, MD 20646 301-609-9000 - office 301-653-8116 - cell
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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