home buyers: How will the real estate market shift affect buyer agents in Maryland? - 03/26/13 06:35 AM
How will the real estate market shift affect buyer agents in Maryland?
 
The residential real estate market in Montgomery County, Maryland has really changed in recent months.  Home buyers and their buyer agents will definitely need to be well prepared for the market shift in order to generate successful transactions.
A big change is the size of the inventory.  There is a shortage of active listings on the market.  This means that the selection may be very limited in some price ranges and in popular communities.  A smaller selection may lead to a longer search period which may not … (31 comments)

home buyers: Homes For Sale In Prince George's County, MD - Lender Owned Foreclosures (REO) - 04/26/10 04:06 AM
Homes For Sale In Prince George's County, MD -  Lender Owned Foreclosures (REO)    
***New link below for home buyer grants now available.***  
The real estate market in Prince George's County, Maryland is flooded with a high volume of homes for sale in trustee auctions. The secured mortgage lenders are purchasing most of the properties that are sold at the trustee sale auctions at the court house. Many view the trustee sales as a preview of the listings of lender owned homes for sale at a future date. The active listings of homes for sale in Prince George's County … (2 comments)

home buyers: Qualifyable Income, What is it? - 04/21/10 11:52 PM
 Qualifyable Income, What is it?
Good tips for prospective home buyers. Thanks to Jay for this post on ActivRain.
This seems like a very easy question, and maybe it actually is. it seems to me though, as a loan officer, that this has changed over the most recent years, but may actually be more clearly defined than in the past.
Why, because of the expanded use of the 4506-t.
The 4506-t is a document that underwriters request from the IRS which outlines, or is a transcript, of your tax returns. It does not contain all of the information on your … (8 comments)

home buyers: Seniors are buying homes with reverse mortgages - 04/20/10 11:52 PM
 Seniors are buying homes with reverse mortgages
Thanks to Mary Andes for this post on ActiveRain.
 One day I decided to research what the largest growing market was going to be in the next 20 years. I came across a few articles and facts that astounded me. Here are a few:
According to the U.S. Census Bureau, “the number of Marylanders 65 or older is expected to double by 2030 to about 1.2 million, or nearly one of every 5 residents.” “Maryland is likely to become more crowded and a whole lot grayer over the next 25 years – a trend … (10 comments)

home buyers: What's Under The Sink? - 04/14/10 11:59 PM
 What's Under The Sink?
Good advice from a home inspector. Thanks to Michael Thornton for this post on ActiveRain.
Inspection Photo of the Day...     The dreaded S-trap lurking under the sink or basin will certainly show up in an inspection report, provided that the inspector is on the ball. While certainly not a deal killer, these serpentine slip-joints, slithering under your sink can raise a real stink.      Under the right conditions, these can siphon dry allowing sewer gases to enter the property. While I typically see these in rehabbed properties, such as the property I inspected in the Nashville real … (1 comments)

home buyers: It's difficult to read when you're in the attic - 03/15/10 10:33 AM
 
It seems many people, including me, don't like lights hanging out of the ceiling.
That's where recessed lighting comes in.
Makes the ceiling look cleaner, and you can install many more lights throughout any specific room.
When I find recessed lights, especially in older homes, the back end of these lights — the can, or the part that sticks up in the attic — quite often looks like this:

 
Many recessed light fixtures require clearance around the can to allow heat to dissipate. I always caution my Clients that if they notice flickering or brownouts at any recessed light fixture, … (1 comments)

home buyers: Cost Increase Alert For Buyers Using FHA Financing - 03/10/10 02:22 AM
Cost Increase Alert For Buyers Using FHA Financing
Increase in Upfront Premiums for FHA Mortgage Insurance
Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions. This increase will be $2,000 on a $400,000 loan amount.
MORTGAGEE LETTER 2010-02
http://fhasecure.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf
Prospective home owners that plan to use FHA financing will have the current lower rate of 1.75% for mortgage insurance if they act before the April 5 change.
Home buyers should … (0 comments)

home buyers: Overbidding On a HUD Home In Maryland - 03/08/10 04:56 AM
Overbidding On a HUD Home In Maryland
Home buyers and their buyer agents need to understand the guidelines when bidding on HUD Homes in Maryland. Many buyers use FHA financing since that is usually the best option when purchasing a HUD home as a new primary residence. The market is competitive and many of the homes will sell for more than the asking price.
When a FHA buyer bids over the as-is value listing on the website, the buyer must pay the difference between the as-is appraisal value and their bid in cash at settlement.
The buyers must use the existing … (0 comments)

home buyers: Every Little Place Should Be Insulated Space - 03/07/10 10:09 PM
 Home Insulation
Thanks to Jay Markanich for sharing this information.
Insulation, to be effective, has to cover every square inch of exterior-to-interior space.
Heat seeks cold.  And insulation traps air.  If insulation is not trapping air in a space where heat can move toward cold, it will do just that.
On pre-drywall inspections, which are best done AFTER the insulation has been installed, I always look at how the carefully the insulation has been applied.  Behind the bath tubs, does it extend all the way to the floor?  Under fireplaces and bay windows, does it completely fill the cavity and does … (4 comments)

home buyers: Reverse Mortgage For Primary Home Purchase - 02/25/10 02:25 AM
Reverse Mortgage For Primary Home Purchase
Some senior home owners (age 62+) and most of their real estate agents know that Reverse Mortgages can be used to fund retirement expenses of any kind without the obligation of monthly payments that would be required with normal mortgage loans. The typical transaction is refinancing the current primary residence.
The new twist is to use a Reverse Mortgage to purchase another residence. Many mortgage lenders are now offering this option that will assist many seniors in their retirement years or times of reduced income. The new purchase must be for a primary residence. The … (1 comments)

home buyers: IRS Clarifies What's Needed to Claim Tax Credit - 02/23/10 06:53 AM
 Thanks to Don Wixom for posting this information on ActiveRain
IRS Clarifies What's Needed to Claim Tax Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.
While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties' signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn't common.
The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it … (1 comments)

home buyers: Basic Decks 101 - 02/19/10 11:45 PM
 Basic Decks 101
Even if you undertook the task of building your own deck, you understand the large investment (both monetary and in time) that went into the project. Decks add beauty and value to a home, and are often the family's favorite place on lovely afternoons. In order to protect that investment, deck waterproofing is nearly as important as making sure your basement is dry and safe from water damage.
 
After the completion of your deck, either you or the contracted builder should seal the wood with a water-resistant coating. Water-resistant sealants are painted on the wood, covering the … (0 comments)

home buyers: Year End Real Estate Trend Indicator - Montgomery County, Maryland - 02/18/10 04:51 AM
Year End Real Estate Trend Indicator - Montgomery County, Maryland  
When you read about housing data in the national news, the information is frequently somewhat different from the statistics in Montgomery County. A close look at this report will provide a comparison of the 2009 housing statistics with the previous year.  The total sold dollar volume was down 4.98% from 2008. The average sold price of $434,440 was down 13.79% and the median sold price of $340,000 was down 13.92%. The total number of units sold was actually up 21.78%. The average days on the market was 91 from 103 … (0 comments)

home buyers: Flood and fire, but at least I have clean, dry clothes - Part 3: Other laundry problems - 02/17/10 09:54 PM
 Flood and fire, but at least I have clean, dry clothes - Part 3: Other laundry problems
Thanks to Russel for sharing these tips.
This is part three of my three-part series about our washers and dryers, and the laundry area.
Part one Part two    
Noisy water supply pipes
If you notice a banging noise when using the washer (or at any other place where there are water shutoff valves, like sinks), the likely cause is a condition called "water hammer." Water hammer occurs when water shuts off almost instantaneously, causing water at full flow to try to come to an … (1 comments)

home buyers: Dryer Vent Safety - 02/17/10 09:49 PM
 Dryer Vent Safety
M1502.6 Duct length. The maximum length of a clothes dryer exhaust duct shall not exceed 25 feet (7,620 mm) from the dryer location to the wall or roof termination. The maximum length of the duct shall be reduced 2.5 feet (762 mm) for each 45-degree (0.8 rad) bend, and 5 feet (1,524 mm) for each 90-degree (1.6 rad) bend. The maximum length of the exhaust duct does not include the transition duct. This means that vents should also be as straight as possible and cannot be longer than 25 feet. Any 90-degree turns in the vent reduce this … (0 comments)

home buyers: Gaithersburg MD Homes For Sale - 02/16/10 02:03 AM
Gaithersburg MD Homes For Sale 
Please share this information with your friends that wish to purchase or sell a home in the area.
Do you qualify for a tax credit?  The Home Buyer Tax Credit now includes current home owners as well as first time buyers. The deadline for contracts is 4/30/10. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
Homes for Sale, Pre-foreclosures, REO:   The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.
The first … (0 comments)

home buyers: Those Who Wait Will Pay Thousands More This Spring - 02/13/10 09:21 AM
Those Who Wait Will Pay Thousands More This Spring 
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important … (3 comments)

home buyers: HUD Homes For Sale in Montgomery County - 02/11/10 10:31 PM
HUD Homes For Sale in Montgomery County
The following are the currently available HUD homes. These are FHA foreclosures. These two properties are available to investors as well as owner occupant purchasers.
Use this link to see the inventory of HUD homes in Maryland:
http://hud1.towerauction.net/e18/gen_list/county_pages/MD.htm
Please contact us with your questions or showing requests. All buyers that plan to use mortgage financing will need to be pre-approved. You need to have a lender letter in hand when you submit an offer on a foreclosure. Ask us for a referral to a loan officer if you do not have … (0 comments)

home buyers: Washington County MD Real Estate Trend Indicator - 02/10/10 03:04 AM
Washington County MD Real Estate Trend Indicator  
Please let us know if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. Prospective home sellers should consider the tax credit expiration date April 30 when listing their home for sale. It might pay to list earlier than the usual Spring market.  
Save on FHA financing. For case numbers assigned beginning April 5, 2010, the front end mortgage insurance premium will increase from 1.75% to 2.25% … (0 comments)

home buyers: Prince George's County MD Real Estate Trend Indicator - 02/10/10 02:48 AM
Prince George's County MD Real Estate Trend Indicator  
Please let us know if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. Prospective home sellers should consider the tax credit expiration date April 30 when listing their home for sale. It might pay to list earlier than the usual Spring market.  
Save on FHA financing. For case numbers assigned beginning April 5, 2010, the front end mortgage insurance premium will increase from 1.75% to … (0 comments)

 


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