Holiday Shopping Can Cost You When Buying A Home - 01/14/08 06:12 AM
How could holiday shopping cost you when you're in the market for a new home?
Running up your credit card balances can cause your credit scores to drop dramatically. Maxing out a credit card is even worse and could cause your credit score to dip below 680. If your score does, your … (0 comments)
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Fannie Mae & Freddie Mac's Risk Based Pricing - 01/14/08 06:01 AM
I wrote earlier about "Fannie Mae implementing risk based pricing for all transactions" (see http://activerain.com/blogsview/307005/Fannie-Mae-implementing-risk), but what does that mean to a buyer in today's market? Here are some examples of the fees from Bankrate.com.
Fannie Mae is implementing an "adverse market delivery charge" and Freddie Mac is calling their fee … (0 comments)
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DC Home Prices Hold Steady - 01/14/08 05:29 AM
The Washington Business Journal reported on Thursday, January 10, 2008 that housing prices stabilized in parts of the DC metropolitan area in December 2007.
"Prices actually rose slightly in the District, and inner suburbs such as Montgomery County and parts of Northern Virginia saw only modest declines in sales prices. Outlying regions … (0 comments)
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Southwest DC Revitalization: Arena Stage Stages Construction - 01/14/08 05:20 AM
In October 2007, Arena Stage announced that they would commence construction on the new Arena Stage at the Mead Center for American Theater beginning in January 2008. The construction fence has been around Arena Stage in Southwest DC as it prepares for groundbreaking.An e-mail from Arena Stage gave some more details … (0 comments)
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Southwest DC Revitalization: Work is Underway at Marina View Towers - 01/14/08 05:12 AM
Exterior work is now underway at Marina View Towers (1000 & 1100 6th Street SW) in Southwest DC. Originally designed by I.M. Pei, the towers will be renovated and two new buildings are planned for the site where the existing parking lots are now. According to the website for Esocoff & … (1 comments)
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Veteran Administration Loans and Co-operatives - 01/08/08 08:38 PM
Veteran Administration Cooperative Loans
From what we've been told:
While the law did change to allow the Veterans Administration to ensure cooperative loans, the Government National Mortgage Association (Ginnie Mae) will not issue pass through certificates for cooperative loans even if insured by the Veterans Administration. Therefore, the lender is unable … (0 comments)
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DC Properties For Sale by Email - 01/08/08 07:55 PM
Today’s real estate market changes every day, as new properties become available, and others are sold. A lot of our clients benefit from our "Homes by Email" system that keeps them informed of new properties as soon as they arrive on the market. That way, they feel a sense of comfort … (0 comments)
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Understanding Co-operatives: Selling and Buying - 01/08/08 07:48 PM
So what’s the difference… Like houses and condos, most co-op apartments and townhouses are listed for sale by licensed real estate agents and posted on the area’s Multiple Listing Service while some may be offered for sale directly by the owner. The regional Board of Realtors has available for its Realtor … (1 comments)
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Understanding Co-operatives: Board Application for Resident Ownership - 01/08/08 07:46 PM
Before settlement can take place on the sale and purchase of co-op unit, the purchaser must be approved for membership and occupancy by the Board of Directors to assess the applicant’s ability to handle the monthly carrying costs associated with ownership. Each co-op has its own requirements for the sale and … (0 comments)
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Understanding Co-operatives: Tax Advantages - 01/08/08 07:44 PM
Co-operative ownership provides the same tax benefits as all other forms of home ownership. The tax deductions available to the co-operative corporation, as result of the payment of real estate taxes and interest on the corporation’s mortgage, are passed through to the individual unit owners in proportion to their ownership interests … (0 comments)
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Understanding Co-operatives: Co-op Advantages - 01/08/08 07:43 PM
As a form of multi-family ownership, co-ops offer several distinct advantages. A few of the more significant advantages are highlighted. First of all, title to the land is in the name of the housing corporation. This is significant because the corporation has a mortgageable asset. For example, if there were a … (1 comments)
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Understanding Co-operatives: The Corporation Factor - 01/08/08 07:40 PM
As a legal entity, corporations are well known and easily formed. Housing Co-operatives’ sole purpose is to provide homes to its stockholders/members. In the case of a housing co-operative, the corporation has title to the property in which the individual units are a part. Each stockholder or member has the right … (0 comments)
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Purchasing New Construction Is More Challenging in 2008 - 01/08/08 03:53 PM
Fannie Mae has tightened its guidelines for lending to purchasers of new construction.
According to our favorite loan officer, Fannie Mae now requires 90% of the units must be conveyed to purchasers and control of project must have been turned over to the unit owners before a mortgage can be issued meeting … (0 comments)
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2007 DC Housing Statistics: Sales of Condos & Coops are Up. Prices of Houses are Up. - 01/07/08 06:16 PM
The Greater Capital Association of REALTORS has just released the housing statistics ending in December 2007.*
In the District of Columbia, the average price of a single family home in 2007 was $687,459 up from $529,000, The total number of houses sold was 3,439 down from 3,946 in 2006 (down 12.8%).
Meanwhile … (0 comments)
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Parts of Washington, DC may be declared in a Flood Zone - 01/07/08 06:03 PM
The Federal Emergency Management Agency has proposed new flood zone maps that could result in mandatory flood insurance and stricter building codes for parts of downtown Washington according to to an article in today's Washington Post. The Post reports that the maps show a proposed flood zone several blocks wide and … (0 comments)
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DC Domestic Partners May File Joint Tax Returns for 2007 - 01/06/08 12:21 PM
Beginning this year, registered Domestic Partners may file joint tax returns in the District of Columbia. Bill 16-958, the Domestic Partnerships Joint Filing Act of 2006, became law on Wednesday, March 14, 2007. Couples registered as domestic partners in D.C., who must still file as single on federal forms, may file … (2 comments)
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Domestic Partnership Equalty Amendment Act of 2006 - Many of the rights of spouses - 01/06/08 12:13 PM
With the adoption of the Domestic Partnership Equality Amendment Act of 2006, registered domestic partners in the District of Columbia gained many of the same rights as a spouse (see list below).
Pertaining to real estate, the rights gained for those who register are the same rights as spouses including: mortgages, inheritance, … (4 comments)
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Domestic Partnerships Protected under Fair Housing in DC - 01/06/08 12:06 PM
It is illegal to discriminate in the District of Columbia on the basis of marital status. Domestic Partnership Protection Amendment Act of 2004, D.C. Law 15-309, effective April 8, 2005, which amends the definition in the Human Rights Act of 1997 for the term "marital status" to include domestic partners. For … (0 comments)
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Domestic Partnerships Exempted from Recordation and Transfer Tax - 01/06/08 12:02 PM
If registered Domestic Partners transfer a property between themselves, that transfer is not subject to DC's transfer and recordation taxes. Deed Recordation Tax and Related Amendments Amendment Act of 2004, D.C. Law 15-176, effective September 8, 2004, which treats domestic partners the same as spouses for the purpose of paying the … (0 comments)
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Domestic Partnerships and mortgages and deeds of trust - 01/06/08 11:59 AM
Domestic partners in the District of Columbia must sign on mortgages and deeds of trust even if they are not listed on the loan. The Domestic Partnership Equality Amendment Act of 2006: DC Code Section 15-502, states that “A mortgage, deed of trust, assignment for the benefit of creditors, or bill … (0 comments)
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New Construction at Marina View Towers in Southwest DC - 01/06/08 11:46 AM
Exterior work is now underway at Marina View Towers (1000 & 1100 6th Street SW). Designed by I.M. Pei, the towers will be renovated and two new buildings are planned for the site where the existing parking lots are now.According to the website for Esocoff & Associates, the M Street building … (0 comments)
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Sales in Southwest Waterfront - December 2007 - 01/06/08 09:47 AM
Here are the sales from the MLS for Southwest Waterfront (ZIP Code 20024) in December 2007: 700 7TH ST SW #713, WASHINGTON, DC 20024Studio at Town Towers CondoClose Price: $189,000 Close Date: 21-Dec-2007 DOMM/DOMP: 20/20350 G ST SW #N-423, WASHINGTON, DC 20024Studio at Potomac Place CondoClose Price: $235,000 Close Date: 31-Dec-2007 DOMM/DOMP: 52/521250 4TH ST SW #W505, WASHINGTON, … (0 comments)
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Differences Between Condominium and Cooperative Ownership in DC - 01/06/08 09:28 AM
Many of our clients are not aware of the differences between a condominium and a cooperative.
The first condominiums in the District of Columbia were Tiber Island Condominium built in 1966. The Horizontal Property Act was passed allowing Tiber Island's outer townhouses to be marketed as condominiums. At that time, the public … (0 comments)
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$5,000 DC First Time Homebuyer Tax Credit - 01/06/08 09:10 AM
The $5,000 DC First Time Homebuyer Tax Credit provides a federal tax credit of up to $5,000 for individuals who purchased in the District of Columbia by 12/31/2007.
Eligibility for the credit is phased out for single filers making $70,000 to $90,000 (adjusted gross income) and joint filers making $110,000 to … (1 comments)
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Save Money on Title Insurance with a Re-issue Rate - 01/06/08 08:43 AM
When purchasing a single family home or condominium, it may be possible to receive a Reissue Rate on the Title Insurance Policy if the previous owner has owned the property for less than 10 years.
Where applicable, the reissue rate is 60% of the published rates in force for original insurance. Reissue … (1 comments)
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Maryland Homeowners - 01/06/08 08:36 AM
Effective October 1, 2007, a new law enacted by the 2007 session of the Maryland General Assembly requires all homeowners to make a one-time application in order to be eligible to receive or continue receiving the Homestead Tax Credit. The Homestead Tax Credit law limits each year the amount of assessment … (1 comments)
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Two Bank-Owned Condos in Southwest DC - 01/06/08 08:09 AM
There are currently two bank-owned properties in the MLS in Southwest DC.Both of them are one-bedroom condominiums at Riverside Condo which is located next to Fort McNair on 4th Street. Riverside Condo is located directly on the Washington Channel.Both apartments are in the same tier and hence have the same floorplan. … (0 comments)
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