real estate: Short Sales Declining - 05/22/14 12:28 AM
Short Sales Declining
 
National Mortgage News reports that “Mortgage servicers and troubled homeowners may be losing faith that Congress will pass legislation saving borrowers from paying a tax penalty when they do a short sale.”
Home sellers that are considering a short sale need to obtain professional advice on the possible tax consequences of a short sale. Congress has failed to extend the Mortgage Forgiveness Debt Relief Act. Listing agents need to be alert to advise prospective short sale sellers to contact their tax advisors.
Short Sales Fall Out of Favor as Tax Penalty Looms
Senate Republicans are filibustering a … (15 comments)

real estate: No Big Deal Challenge from Debbie Reynolds - 12/16/13 07:38 AM
No Big Deal Challenge from Debbie Reynolds
 
When my friend Debbie Reynolds announced a December challenge for ActiveRain bloggers, my first reaction was that the last thing I want is another of the seemingly endless monthly challenges.  However, Debbie is one of my favorite bloggers and holds the status as a very special friend. Debbie is always available to respond to our needs so I will respond to her challenge with this blog.
When I was a young broker in my first real estate office, I had a successful small transaction that I will always remember. My father was one … (20 comments)

real estate: Housing Market, Frederick County, MD, September Summary - 10/15/13 11:09 PM
Housing Market, Frederick County, MD, September Summary
 
There are 1,005 active listings of homes for sale in Frederick County, Maryland. 41 (4.08%) of the available properties are lender owned foreclosures.  94 (9.35%) of the active listings are short sale pre-foreclosures. Short sale transactions require the approval of the secured mortgage lenders since the proceeds of a sale will not fully satisfy the outstanding mortgage debt.
During September, 2013, the total sold dollar volume of residential properties in Frederick County, MD was $73,461,518, up 39.9% from the same month last year. There were 226 closed sales, up 18.32%, at a median … (6 comments)

real estate: Is your real estate broker refusing to accept contracts on your home? - 06/10/13 09:42 PM
Is your real estate broker refusing to accept contracts on your home?
 
Home sellers need to be very careful when selecting a listing agent to market their home. It has always been good advice to use an experienced agent that really knows the local market.  That agent also needs to know how to successfully handle multiple contract situations.
Now, there is another reason to avoid some listing agents. Montgomery County, Maryland real estate professional Johnice Comer posted this on Facebook this morning:
“To the Weichert agent that called me on Sunday to tell me about her new listing that would … (22 comments)

real estate: Should I invest in condos? - 03/31/13 09:03 PM
Should I invest in condos?
Many of our investor clients have been successful with their investments in individual condominiums.  Condos are easier to manage than single family homes or townhouses and are much easier to prepare for rental use.   
We have found that the most popular units to purchase for rentals are two bedroom, two bath condos.  The standard work that is usually done is paint, carpet, new vinyl in the kitchen and appliance replacements when needed.   After the investor purchaser has done the work in one unit,  he or she will know better how to handle the next purchase … (13 comments)

real estate: Montgomery County, MD Real Estate Market Statistics, January, 2013 - 02/27/13 07:57 AM
Montgomery County, MD Real Estate Market Statistics, January, 2013
 
There are 1,464 active listings of homes for sale in Montgomery County, Maryland.  137 (9.36%) of the available homes are short sale pre-foreclosures.  42 (2.8%) of the active listings are lender owned foreclosures.  
During January, 2013, the total sold dollar volume of residential properties in Montgomery County, Maryland was $235,323,579, up 6.76% from the previous year.  There were 521 closed sales,down 1.7% at a median sold price of $365,500, up 12.46%.  The average sold price was $451,677, up 8.61% with an average of 69 days on the market, down 20.69%.  The average … (20 comments)

real estate: Continued Tightening in DC Metro Inventory - 08/10/12 03:40 AM
Continued Tightening in DC Metro Inventory
"The shrinking inventory of homes for sale continues to play a major role in the Washington DC Metro Area housing market, though median price and sales growth has slowed.  The total inventory of active listings is the lowest of any month since August 2005.  The limited quantity of homes for sale is causing the median days-on-market to decrease (currently at 23 days, lowest July-level since 2005), and the sale-to-list price ratio to rise (currently at 96.3 percent, highest July-level since 2006). Sales and median price growth have slowed from the spring; however both are higher … (6 comments)

real estate: Real estate experts say mess could be solved if government would stop helping - 07/24/12 03:29 AM
Real estate experts say mess could be solved if government would stop helping
 
Guest Blog by Harvey S. Jacobs, Published: in The Washington Post  
Last month, in the blistering heat of Denver, participants ranging from economists to green architects addressed some of the most pressing real estate issues at the National Association of Real Estate Editors annual conference. After hearing from more than two dozen speakers over three days, I took away three points: 
Despite a strengthening market, the real estate mess that we are experiencing will last for another two to three years. The solution to this seemingly intractable … (20 comments)

real estate: Mobile devices that are important in my real estate business - 06/27/12 07:40 PM
Mobile devices that are important in my real estate business
 
Real estate professionals are much more productive when they take advantage of the mobile devices and tools that are currently available.  Some agents are as comfortable working from their automobile as in their office.
 
For several years, all of my real estate business has been referral oriented.  This means that other agents are involved in all of the listing and sales efforts.  My productivity counts heavily on the productivity of others.
 
Our office, RE/MAX Realty Group, in Gaithersburg, Maryland has been paperless for some time.  That has forced … (15 comments)

real estate: Tax Exclusions For Home Sales - 01/30/12 03:05 AM
Tax Exclusions For Home Sales
The weekend Housing Counsel column, by Benny L. Kass, in The Washington Post provides some good tax information for home owners.
“Selling your home (including condo or co-op) in today’s market is not easy, but when you are successful, you may be pleasantly surprised by the favorable tax laws.
In general, if you are married and meet two legal tests, you can exclude up to $500,000 of the profit you have made. If you are not married or file a separate tax return, the exclusion is reduced to $250,000.”
A lesson on real estate deductions
… (26 comments)

real estate: Montgomery County, Maryland Homes For Sale 10/20/11 - 10/20/11 03:13 AM
Montgomery County, Maryland Homes For Sale 10/20/11
There are 3,386 active listings of homes for sale in Montgomery County, Maryland.  88 (3%) of the active listings are lender owned foreclosures (REO).  585 (17%) of the homes for sale are short sale pre-foreclosures.
80% of the homes for sale are regular listings by their owners.  When home buyers and home sellers look at the real estate market they should understand which category applies to the properties they are considering. 
The normal listings of homes for sale by their owners tend to be in the best condition.  Many of the lender owned … (6 comments)

real estate: Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11 - 08/23/11 04:51 AM
Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11 
There are 1,273 active listings of homes for sale in Frederick County, MD.  43 (3%) of the properties are lender owned foreclosures and 262 (21%) are short sale pre-foreclosures.   Mortgage interest rates are very low and there is a good selection of properties at very attractive prices. Those that plan to buy a home within the next couple of years might find that this summer is be best time for the purchase.   Special Notice:  If you plan a 2011 purchase in Frederick County, please allow us to set … (3 comments)

real estate: Washington County, MD Foreclosures & Short Sales Update - 07/21/11 04:09 AM
Washington County, MD Foreclosures & Short Sales Update
There are 908 homes for sale in Washington County, MD.  52 (6%) of the active listings are lender owned foreclosures and 121 (13%) are short sale pre-foreclosure offerings.   Lender Owned Homes:      Click the following URL to see the listings:http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-145148062-366   Short Sale Pre-foreclosures:      Click the following URL to see the listings:http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-145148079-320   Washington County, Maryland Real Estate Market Statistics:  During June, 2011, there were 134 closed sales and the average sold price was $152,279, down 13.04% from last year, with an average of 136 days on the market. … (0 comments)

real estate: Montgomery County, Maryland Foreclosures & Short Sales Update - 07/12/11 04:49 AM
Montgomery County, Maryland Foreclosures & Short Sales Update
124 (4%) of the 3,531 homes for sale in Montgomery County, MD are REO properties while 557 (16%) are short sale pre-foreclosures.
The residential real estate market is very active in Montgomery County, MD.  Home buyers are anxious to take advantage of the attractive prices and the very low mortgage interest rates.  Home buyers are facing multiple contract competition on some of the well price homes in preferred locations.  Real estate investors are competing with first time home buyers as they build their rental portfolios while lender owned foreclosures are available at attractive … (4 comments)

real estate: Frederick County, MD Foreclosures & Short Sales Update - 06/21/11 04:26 AM
Frederick County, MD Foreclosures & Short Sales Update  
There are 1,269 active listings of homes for sale in Frederick County, MD.  47 (4%) of the properties are lender owned foreclosures and 231 (18%) are short sale pre-foreclosures.  
Home buyers and home sellers need to be aware of the categories of properties they are considering.  The dynamics of lender owned foreclosures and short sale offerings are somewhat different from normal transactions that do not require lender approval.  
Lender Owned Homes:    
Click the following URL to see the listings:http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-142879503-703  
The mortgage investors that are selling lender owned … (4 comments)

real estate: Montgomery County, MD Foreclosure Auctions By Cohn, Goldberg, Deutsch & Kentland Flower Photographs - 06/20/11 05:58 AM
Montgomery County, MD Foreclosure Auctions By Cohn, Goldberg, Deutsch
Maryland foreclosure auctions are conducted at the county court house when the secured mortgage lenders instruct the trustees under the deeds of trust to conduct trustee sales due to the defaults by mortgage borrowers. Interested buyers should be watching the advertisements for trustee sales. The list below has been posted by Cohn, Goldberg, Deutsch.
Buyers should carefully read the newspaper advertisements that appear for three weeks before the sale date. Always check for cancellations before attending trustee sales. Seek professional advice if you do not have full knowledge of the risks. Since these … (6 comments)

real estate: Montgomery County, Maryland Weekly Real Estate Report & Kentlands Flower Photographs - 06/20/11 02:27 AM
Montgomery County, Maryland Weekly Real Estate Report:  Foreclosures & Short Sales Update
127 (4%) of the 3,621 homes for sale in Montgomery County are REO properties while 584 (16%) are short sale pre-foreclosures.
Home buyers and real estate investors are finding that this month is a time of great opportunity for real estate purchasers.  The home prices are very attractive and the mortgage interest rates are still very low.  
The Housing Opportunities Commission of Montgomery County (HOC) has reduced the mortgage interest rate to 4.25% with zero points for a 30 year fixed rate FHA loan.  HOC also offers a … (9 comments)

real estate: Tuesday Flowers & Washington County, MD Real Estate Statistics - 06/13/11 11:07 PM
Tuesday Flowers & Washington County, MD Real Estate Statistics
Washington County, Maryland, Real Estate Market Statistics:  There were 101 closed home sales during May, down 29.37% from the same month last year.  The median sold price was $143,000, down 15.88% from last year.  The average sold price was $154,823, down 18.34% from last year.  The average time on the market was 151 days and the average sold price was 80.75% of the average original list price.
"Last week, national average rates for fixed-rate conforming mortgages dropped for the eighth week in a row, to their lowest levels since November. Freddie Mac's … (10 comments)

real estate: Prince George's County, MD Foreclosure Auctions, Trustee Sales, Homes For Sale, Harvey West Auctioneers - 06/09/11 07:55 AM
Prince George's County, MD Foreclosure Auctions, Trustee Sales, Homes For Sale, Harvey West Auctioneers
Harvey West Auctions, Auctioneers conducts trustee sales at the county court house entrance.
Trustee sales auctions are open to the public and all qualified bidders. These sales are foreclosures by the secured mortgage lenders. Buyers should carefully read the newspaper advertisements that appear for three weeks before the sale date. The required deposits must be in the form of cash or certified funds. Most of the bidders use cashier's checks that are payable to themselves and endorse the checks when they are successful. Always check for cancellations … (0 comments)

real estate: Wednesday flowers and comments on investor financing - 05/31/11 11:08 PM
Wednesday flowers and comments on investor financing
Many of us love to work with our real estate investor clients. They create many transactions and we represent them to purchase properties and then handle the sales after they are fixed up.  Some of our best clients have been slowed down by their mortgage lenders since many lenders limit the number of outstanding mortgages to four including the mortgage on the residence.
Some investors have been limited to cash transactions since they are no longer able to obtain mortgage financing. One of our favorite lenders recently notified us that they will now allow … (18 comments)

 


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