Agent 3000

Don't Forget About DC's $5,000 First Time Buyer Tax Credit!!

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 18 May 2010 09:34:50 -0700

Were you late to the party and now you're so sad that the federal first time homebuyer tax credit passed you by? Don't dispair! Come on down to DC! We still have a $5,000 first time buyer tax credit. Are you buying a primary residence? Is this the first house you've owned in the District in the past year? If you answered "YES!" to both of these questions, then you likely qualify. Unlike the federal first time homebuyer credit, this one is non-refundable. That means if you don't use it all, you don't get the remainder back in the form of a refund. However, you can carry the excess forward to a future tax year. The credit phases out at $90,000 in modified adjusted gross income for individuals, and $130,000 for married couples filing a joint return. Why make the long commute from the suburbs every day AND miss out on five grand? Bring it on down to DC today. Give me a call and let's talk!

Be Careful With Online Advertising

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 11 May 2010 07:19:38 -0700

You really want to sell your home. Like yesterday. How are you shopping for EVERYTHING now days? On the interwebs, of course. Seriously, HOW does Amazon know what I want to buy before I even know I need it?! But be careful when signing the listing agreement with your agent. In the listing agreement (for DC, on page 3) there is a category called "Marketing/Virtual Office Websites," and you're all like, "Huh? Yeah, I want it online. Duh." Oh, but read closer (cue scary music): Question 2 asks if you authorize your listing address to be displayed online. For most, this is not a problem. However, for many people in this area, depending on what type of job you have (CIA, FBI, DOD, DOJ, etc.), you may need to be careful about selecting that option. More importantly, question 3 says you authorize the display of an "automated estimate" of value to be displayed. Understand, when we as agents put a listing into the MLS, sites such as Zillow, Trulia, etc., pick it up, often through no prompting by the listing agent. Do you really want some mindless auto machine without decision-making capabilities assigning a value to your home based on the piece of crap tear-down that sold next door a year ago? Your home has class! Your home has stainless steel! Your home has parking! Your home has paint from Crate and Barrell! No. You don't want Zillow's autotron telling everyone and their grandma what your house is worth. Especially when the good people at Zillow don't even BOTHER to come over and see your castle. Check "no." Lastly, question four asks if you authorize the display of unedited comments or reviews of the property on MLS participants' websites. This means that agents can blog about your listing (fine), and others can post comments to that blog. So, OK, you had a FEW too many last Halloween and decided to TP the house of that lady down the street with the dog that barks all night. Well, she's been lying in wait and biding her time to avenge her trees, and now she finds your house on a blog and comments that it's haunted and there were 12 murders there last year and YOU might be the culprit (dude, it was a Halloween party, and that was my weird Uncle Bob, not a ghost, he's just really old). Anyway, be careful about allowing the general public to comment on your house any and every where they feel the urge. Bottom line, you want your house to have as much exposure as possible, but make sure it's accurate, safe, and in good taste.

New HAFA Program Explained

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 20 Apr 2010 05:48:30 -0700

So, I sat through a three hour "short sale seminar" taught by Bank of America yesterday, wherein I had hoped to get detailed information on the new Home Affordable Foreclosure Alternatives (HAFA) program - which was implemented April 5th - and the ever-changing short sale process. The presenter however, just kept reiterating in so many words how BOA sucks less now than they used to because they are using a new organizational program for short sales called Equator, meanwhile saying he wasn't going to get into details. SO, I decided to research the details myself so I could bring them to you. First, using HAFA means the current homeowner does not get to stay in their home. This is different from HAMP, wherein your lender does a payment modification for 3-6 months in order to keep a family in their home during a financial hardship. This is for people who are not able to make a modified payment and who qualify under HAMP to help them avoid foreclosure. Essentially, it speeds up the short sale process tremendously. The bank approves the short sale BEFORE the home goes on the market (for a minimum of 120 days), and even tells the borrower how much it will accept in net proceeds. This eliminates the long 90+ day waiting period on the part of the buyer and seller when a contract is ratified and sent to the bank to see if it will even be accepted. So, the short sale terms are pre-approved BEFORE the home goes on the market. If a borrower makes an effort to sell the property and is not able to, they can return the property to the bank for a deed in lieu of foreclosure. They basically turn over their keys and have 30 days to vacate. In either situation, the bank must fully release the borrower from any financial obligation connected with their first trust mortgage. It also provides $3,000 in moving assistance to borrowers, as well as incentives to investors for negotiating arrangements with second trusts and other lienholders so the property can be sold. The bank may not require the borrower to make any cash contribution or sign a promissory note in connection with the short sale or DIL under HAFA. In order to qualify for HAMP, and therefore HAFA, you must meet the following requirements: Home must be your primary residence Balance owed on first mortgage must be less than $729,750 You have suffered a hardship that makes it difficult to pay your mortgage (i.e. loss of job, increase in mortgage payment, reduction of income, etc.) You must have taken out your current mortgage prior to January 1, 2009 Payment on your first mortgage (PITI) must be more than 31% of your current gross income 11.3 million people in this area have negative equity in their homes, and another 2.3 million have less than 5%. It's easy to see how this could happen even to someone who used conventional financing with a 20% downpayment 5 years ago. Declining values have added to this problem - not just sub-prime lending. If you need help, talk to your lender, a HUD counselor, or a realtor today.

So, you found the house of your dreams... now what?

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 13 Apr 2010 14:11:47 -0700

Sometimes it seems like getting straightforward answers about how this whole process works is harder than sneaking into a White House party, and believe me, that is HARD! For most people at least! Once you make the decision to place an offer on a home, first you need to figure out what a reasonable offer price is. Your agent should pull sales data for the comparable sales that have taken place, typically over the past 90 days. 90 days is usually how far back an appraiser will look. They should pull information on homes that are the same size, in the same area, same amenities, etc. Using the sales price of similar units that have sold, you should come up with a price you are comfortable with and begin there. You will also need to determine how much earnest money you are going to put down. Essentially, this is the sellers' incentive for entering into a contract with you and taking their home off the market while you attempt to purchase it, and it is their insurance policy against the buyer defaulting on the contract. This is usually a minimum of 1% of the intended sales price. The larger your earnest money deposit, the more seriously your offer will be considered, because you have more on the line to lose. This money goes into an escrow account and is held there until closing. It is taken off the total amount of cash you need to bring to closing. When you submit your offer, you will submit a copy of this check, along with the prequalification letter you should already have from your bank, to the sellers. You will likely have negotiations back and forth, and when all parties agree to all terms, sign off, and return the fully signed document to both the buyer and seller, the contract is considered ratified at this point. Generally, your agent will build a few contingency periods into the contract to protect you. The first and most common is a home inspection contingency. A standard time frame for this is 7 to 10 days after ratification, which means you have that amount of time to have an inspector come in and tell you if anything is wrong with your potential new home. As a buyer, you should focus on the big stuff - let the little stuff go - but if there is something serious like leaks, cracks, foundation problems, non-working items, you go back to the seller during this period and negotiate repairs or credits. If an agreement cannot be reached, as long as you are within your contingency time frame, you may void the contract without being in default and obtain your earnest money deposit back. The second most common contingency is an appraisal contingency. Typically these are around 14 days long, which means the bank has 14 days from the date of contract ratification to send an appraiser out to the property to make sure that the agreed-upon sales price reflects current market value. If the appraisal comes back lower than the sales price, typically the seller must adjust the sales price or the buyer has the option to void the contract. Occasionally, a buyer will make up the difference between the sales price and the appraised value by bringing additional cash to settlement. The third most common contingency is the financing contingency and unless you are purchasing the property with all cash, your contract should contain this clause. It is usually around 21 days, and says that from the time the contract is ratified through the contingency you will get all required information to you lender and make a final loan application with them. It is your responsibility during this time to make sure your loan officer gets your W-2s, bank statements, and any other information they need to finalize your loan. They will then issue you a final loan commitment. If this does not happen within the contingency period and it is because you, the buyer, dropped the ball, you could be considered in default. However, if during this time frame your loan is denied after reasonable efforts, you are covered. In DC, if you are purchasing a condo or property in a home owners' association, you have 3 days from the day you receive the condo documents or HOA docs to review them. If there is anything within them that is a red flag for you, you have the option to void the contract at this point as well - as long as you are within that three day period. There are several other contingencies that are slightly less common: radon inspection, lead-based paint, sale of buyer's home, to name a few. If you have further questions on these, please don't hesitate to contact me. Once you have cleared all of the above, settlement can generally take place in 30 days from the date of contract ratification. You will have closing costs through your lender and title company to cover the title search, loan origination fees, transfer and recordation tax, etc. These generally amount to around 3% of the sales price, and you should be prepared with cash to cover them. In certain situations, you can negotiate with the seller to give you a credit to offset some or all of this expense as well - depending on the market in which you are purchasing. The settlement company will provide you with a HUD-1 settlement statement a few days before settlement which will let you know how much cash you need to bring with you to settlement in the form of a cashiers check or wire transfer. Your lender will wire the financed portion to the settlement company as well. This is a very quick, in-a-nutshell explanation. For more details, I would be happy to answer any questions you may have.

Fear of Commitment: Buyer Agency

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 06 Apr 2010 04:32:52 -0700

I encounter many buyers on a regular basis who have a fear of commitment worse than any ex-boyfriend I ever had. This phobia is understandable after experiencing the "service" some real estate agents provide (i.e.: never returning phone calls, never being available, lack of knowledge and training, lack of focus on the "service" aspect, general lack of desire to work hard). What the general public may NOT understand is that 99% of real estate agents essentially operate their own individual businesses under the LOOSE guidance of a broker (company) whose broker's license their salesperson's license hangs with. Just like there are bad dry cleaners that break all your shirt buttons, bad grocery stores with rotten produce (I'm looking at you, Dean & Deluca), bad mechanics who misdiagnose your car and charge you an ungodly amount to fix it, even bad doctors, dentists (thinking of one in particular), and lawyers (are there any good lawyers? lol), there are bad real estate agents. I get it. And you, as a buyer, do NOT want to get stuck being forced to work with one of these yahoos for 180 days. So, your train of thought is: avoid commitment at all costs. However, this is not in your best interest, as all agents represent and have a fiduciary duty to the sellers of any houses they show you UNLESS YOU HAVE A SIGNED BUYER AGENCY AGREEMENT WITH THAT AGENT. This means that, without a Buyer Agency Agreement, no agent has any responsibility to you whatsoever. No duty to protect you as a consumer or your best interests. No obligation to keep the things you tell them confidential. No need to advise you on making the decisions which would be most beneficial to you. You have no protection in the murky waters of the home buying process. Conundrum! What to do? Ask around and find friends, family, and acquaintences who have had a good experience with their agent and interview a couple to find one that you can work well with. They may want you to commit to a long Buyer Agency Agreement, and maybe you don't quite feel comfortable with that yet, since you're just getting to know each other. It's kinda like asking someone to move in on the first date. Maybe it's a little much at first, but still, you do like the person. Try to understand: the agent is trying to protect themselves. What you may NOT know is that agents get screwed ALL THE TIME. Many buyers are crafty or devious and want to play the field, like so many players you've dated. Buyers don't want to commit to working with us, but want our full commitment to them. We show them houses, answer questions, act as a liaison in their financing approval, drive them all over, spend our own gas money, help them write contracts, multpile phone conversations, research comparables, neighborhoods, etc., etc. This is our business and our livlihood, and most of us love what we do. However, we only ever get paid at all when a deal goes to settlement, and often, after doing months of work, we find our buyer decided last minute to work with another agent. Or our buyer changes their mind and makes different plans. Or our buyer wants us to give them money out of our own compensation, out of our own pockets. So, we quite often never get paid for our work and time. As a result, we try to protect ourselves with Buyer Agency Agreements. What does a Buyer Agency Agreement really say? It says that BOTH parties have resposibilities - not just the agent. The buyer's responsibilities are: To work exclusively with the broker during the term of the agreement. To furnish financial and personal information to the broker to reasonably establish their ability to purchase a property (sorry, we don't get paid for being tour guides - you actually have to be qualified to purchase a home to get in our car and take advantage of our expertise, gas and time). To call us first when you see a for sale sign or a property you're interested in, rather than contacting the listing agent or seller, and WE will provide you information and make arrangements to show you the home. To not visit new home builders' models or sales offices or go to open houses without first discussing with us so we can make arrangements with the other agents (otherwise, they may technically be entitled to our commission). To pay us for our time and service (usually a percentage of sales price, sometimes a flat rate). Most of the time this fee is covered by the seller, however if you decide you want to puchase a property that is For Sale By Owner and they are not using a listing agent, then the compensation for your agent's time is paid by you. PLEASE NOTE: IF YOU SIGN A BUYER AGENCY AGREEMENT WITH MULTIPLE AGENTS, NOT ONLY IS THIS A VIOLATION OF THE AGENCY AGREEMENT, BUT YOU MAY BE ON THE HOOK TO PAY A COMMISSION TO ALL OF THEM - NOT JUST THE AGENT WHO EVENTUALLY SOLD YOU THE HOUSE. So, while the seller may pay for the compensation of the agent who helps you buy that particular house, you have agreed to pay any agent you enter a buyer agency agreement with (if you purchase while that agreement is active), and so may be obligated to pay them all. This is a legal agreement which can be upheld in a court of law. Pretty serious stuff. So, you want representation, and your agent wants to CYA, but you don't want to commit to working with someone you don't know that well for 6 months, right? How about a happy medium? Sign a buyer agency agreement for 2 weeks or 30 days, so that you have an opportunity to work with the agent a few times and make sure you actually want to use them for the purchase of your home. If, after 2 weeks or so, you decide this is not the agent for you, move on: no harm, no foul. If you decide your agent kicks booty (the majority of us do!), then sign a new, longer agreement. This way, your agent is confident they will get paid for any work they do for you, and you are confident that if they suck, you aren't tied to them for the better part of the next year.

FREE Home Buyer Seminar 3/31 7:30 PM at Chevy Chase Library

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Sun, 28 Mar 2010 09:45:43 -0700

DescriptionThis seminar benefits both the knowledgeable home buyer, as well as those just starting out in their search for more information. Topics to be covered include an in-depth, step-by-step description of the home buying process, current market conditions, financing, and information on how to take advantage of the home buyer tax credit expiring April 30th, 2010.Addie Gil of Prosperity Mortgage will also be on hand to answer all of your specific questions on financing, current rates, and qualifying for a mortgage.Don't miss out on this amazing learning opportunity! Please forward this invitation to all of your family and friends that may be thinking about buying a home in the foreseeable future!In order to attend this seminar, you MUST RSVP to: ShariWalker@KW.com in order to ensure copies of materials and a seat.Features

Start Date and Time:	Wed, Mar 31, 2010 07:30 PM - 08:30 PM EDT
End Date:	Wed Mar 31, 2010

Location5625 Connecticut Avenue NW Washington DC 20015

vFlyer Id: 3207993

Why I LOVE Keller Williams McLean!

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Sun, 28 Mar 2010 09:32:41 -0700

The Sun Gazette has realized what I have known since I set foot in the McLean office of Keller Williams: there's just something about us! This office was started less than two years ago and has now grown to 100 agents thanks to the tremendous support of our office leaders and the great atmosphere of helpfulness, honesty, hard work, and support they have created. I have never seen such an enthusiastic bunch of agents and all are at the top of their game and willing to share anything and everything they know to help a fellow agent. We have the best training program I have ever seen and are on the cutting edge of technology, which is a huge benefit to our clients. And our business model is unlike any other brokerage firm today. Check out this great article! Then come join us! http://www.sungazette.net/articles/2010/03/23/fairfax/real_estate/bareal32c.txt

New Lead Paint Requirements for Contractors Renovating Homes Built Prior to 1978

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 23 Mar 2010 06:49:44 -0700

Effective April 22nd, 2010, all renovations performed by contractors on homes or buildings built before 1978 must be performed under the new guidelines set forth by the EPA. These guidelines include requiring the firm and the renovator to be certified in lead-safe work practices by the EPA under the Lead-Based Paint Renovation, Repair, and Painting Program. This program applies to residential houses, apartments, and child-occupied facilities such as schools and day care centers built before 1978. All contractors are required to distribute a lead pamphlet before starting any renovation work. In general, any activity which disturbs paint in an area greater than 6 square feet indoors or 20 square feet on the exterior of a building is subject to this program, including remodeling, repairs/maintenance, electrical work, plumbing, painting, carpentry, and window replacement. Exceptions to this are housing built after 1978, housing for the elderly or disabled, studio apartments/dormitories, or housing declared lead-free by a certified inspector. As part of this program, contractors must test for lead-based paint using an EPA acceptable test kit, post informational signs noting the extent of the renovations, contain work areas to prevent the spread of lead paint dust and debris, prohibit certain work practices such as open-flame burning and the use of power tools without HEPA exhaust control, and perform a thorough clean up followed by a verification procedure to minimize lead paint exposure. How will this potentially affect you? When you hire a contractor to perform a renovation on your home, they will be required to test for lead based paint if it was built before 1978. If lead paint is discovered, you could be required to disclose this fact to any potential buyers when you go to sell (depending on which state you live in - in DC and Maryland, you WOULD be required to disclose this fact).

Buildings for Pet Lovers in Georgetown Area

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 22 Mar 2010 06:24:29 -0700

If you're like me, your pets are regular four legged members of your family. It's important when you are looking for your next home to remember that not all buildings in the area are pet-friendly, and that should be a question you ask before placing an offer on your new condo. It is also a factor to consider for re-sale value, as having pet restrictions limits the number of people that can purchase your condo when you are ready to move on. In that vein, here are the pet policies of some area buildings: CATS ONLY BUILDINGS 3900 Tunlaw Road NW 4000 Tunlaw Road NW Dumbarton Court (1657 31st Street NW) Gateway (2500 Q Street NW) SIZE RESTRICTED BUILDINGS 2610 Tunlaw Road NW 3825 Davis Place NW 4545 Macarthur Blvd. NW Bryn Mawr (4555 Macarthur Blvd. NW) The Colonnade (280 New Mexico Avenue NW) Flour Mill (1015 33rd Street NW) < 25 pounds Observatory Building (2111 Wisconsin Avenue NW) The Sheffield (2320 Wisconsin Avenue NW) <40 pounds PET FRIENDLY BUILDINGS 2325 42nd Street NW 2501 Wisconsin Avenue NW 3014 Dent Place NW 3925 Davis Place NW 4481 Macarthur Blvd. NW 4840 Macarthur Blvd. NW 22 West (1177 22nd Street NW) The Archbold (2725 39th Street NW) James Place (1077 33rd Street NW) Sheridan Garage (2516 Q Street NW) Washington Harbor (3030 K Street NW) Winchester Fulton (3901 Tunlaw Road NW) Don't forget to ask your agent to check into the pet policies of each building you view!

February 2010 Sales Stats for 20007 Zip Code

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 16 Mar 2010 01:35:30 -0700

1 BEDROOMS
Address	List Price	Sales Price	Subsidy	DOM
1077 30th St NW #201	$499,000	$480,000	0	123
4609 Macarthur Blvd NW, A	$249,900	$249,900	0	5
AVERAGES:	$374,450	$364,950	0	64


2 BEDROOMS
Address	List Price	Sales Price	Subsidy	DOM
2516 Q St NW #E102	$699,000	$690,000	0	309
2516 Q St NW #Q202	$999,000	$1,000,000	0	277
3422 Prospect St NW	$739,000	$710,000	0	118
3901 Tunlaw Rd NW #604	$385,000	$355,000	0	81
1346 27th St NW	$928,000	$900,000	1000	11
2400 41st St NW #413	$347,900	$332,500	0	12
2531 Q St NW #107	$489,000	$486,000	0	9
AVERAGES:	$655,271	$639,071	143	117


3 BEDROOMS
Address	List Price	Sales Price	Subsidy	DOM
3011 P St NW	$2,250,000	$2,200,000	3056	226
3023 Dumbarton St NW	$1,695,000	$1,645,000	0	54
4033 Mansion Dr NW	$1,349,000	$1,285,000	1500	93
1646 Foxhall Rd NW	$735,000	$743,000	20000	119
1530 29th St NW	$1,595,000	$1,555,000	0	16
2203 Observatory Pl NW	$695,000	$700,000	0	9
AVERAGES:	$1,386,500	$1,354,667	4093	86


4 BEDROOMS
Address	List Price	Sales Price	Subsidy	DOM
3333 Reservoir Rd NW	$1,750,000	$1,495,000	25000	166
4449 Greenwich Pkwy NW	$779,000	$750,000	0	9
AVERAGES:	$1,264,500	$1,122,500	12500	88

FEATURED LISTING ACROSS FROM NATIONAL CATHEDRAL

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 15 Mar 2010 05:30:59 -0700

Shari Walker | Keller Williams | 202-731-1594

3110 Wisconsin Avenue NW, #401, Washington, DC

Sunny, updated 1 bedroom across from the National Cathedral

1BR/1BA Condo

offered at $315,000

Year Built	1934
Sq Footage	585
Bedrooms	1
Bathrooms	1 full, 0 partial
Floors	1
Parking	None
Lot Size	Unspecified
HOA/Maint	$476 per month

DESCRIPTION

Light-filled 1 BR across from Nat'l Cathedral offers a fully updated kitchen w/ open floor plan to the living room, which boasts a crackling fireplace & balcony with newly installed sliding doors. This unit has it all, including in-unit W/D, double walk-in closets, & add'l storage for your convenience! Spacious BR also accesses balcony. Enjoy sweeping views of DC & Cathedral from the building's roof deck. Don't miss this!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Hardwood floor	- Family room
- Dishwasher	- Refrigerator	- Stove/Oven
- Washer	- Dryer	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Elevator

ADDITIONAL PHOTOS

Photo 5	Photo 1
Photo 2	Photo 6
Photo 4	Photo 3

Contact info:

Shari Walker

Keller Williams

202-731-1594

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 16, 2010, 10:52am PST

New FHA Condo Building Approval Process

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 15 Mar 2010 04:56:57 -0700

Previously, if a condo building had not already been pre-approved by FHA, the FHA buyer would have to go through a "spot approval" process, wherein the particular unit the buyer wished to purchase would be cleared for FHA financing. Recently, FHA did away with the spot approval process, causing many buyers (and even agents) to think that if a building is not already pre-approved with FHA, then a buyer cannot use FHA financing to purchase within it. That is incorrect, however, and the new process may even be MORE beneficial to FHA buyers. Here are the new guidelines:There are two ways to approve a condominium for FHA financing that is not already approved on the FHA web site HRAP - go through HUD for condo approval -- this can take 4 to 6 weeks. DELRAP - go through a direct endorsement lender who has authority to approve the condo. For example: Wells Fargo's project approval team can approve a project in 7-9 business days (some lenders may take over 30 days to approve a condo). COSTThe cost to get an existing condo approved is $300The cost of getting a new condominium approved is $1,000, which the developer normally will cover APPROVED LIST Once a condo is approved, it is posted to HUD's web page and added to the Approved List. Once a condo is added to the approved list, any lender can use the approval. PROCESS Scenario 1 - The condo is already approved - go to the FHA condo approval web site (https://entp.hud.gov/idapp/html/condlook.cfm) to see if the condo is already on the approved list. If it is, only ONE additional item is needed -- the FHA condo checklist (attached). As you'll see, this checklist is only seven questions and is used to make sure that the condominium remains sound and still conforms to FHA's approval criteria. If a building is on the approved list, but the checklist reveals an item that no longer conforms to FHA's guidelines, the condo will not be eligible for FHA financing. Example: A condo is on the approved list, but the FHA checklist reveals a 60% investor ratio This form should be completed as soon as you get a condo listing and as soon as you write an offer on a condo (and before the appraisal is ordered). Since the checklist is only seven questions, the Management Company should be able to answer them rather quickly. Scenario 2 - The condo is NOT Approved - if after checking the FHA condo approval website you learn that the project is not approved, the loan officer will need to start the approval process. The necessary documentation varies depending on the "Property Classification", or whether the condo is existing, new construction, or conversion. The loan officer will work with the management company/developer to get the required documentation for the full FHA approval. This information includes the condo questionnaire, HOA budget, recorded declarations, condo/plat map, flood certification, insurance, etc. OVERVIEW I know this is a lot of information, so here is a quick rundown of the important points always check the FHA Approval website as soon as you get a condo listing or get a condo buyer the appraisal should not be ordered until the condo has been approved AND the FHA checklist has been received if the condo is not on the approved list, the lender will need to approve the project, which will take extra time even if the condo is on the list, the FHA checklist is still required to ensure that it's still within FHA's guidelines

Less Than Two Months Left to Take Advantage of the Home Buyer Tax Credit

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 15 Mar 2010 04:07:15 -0700

It looks like this really is the end for the great tax credit that has been allowing first time home buyers - and now repeat buyers - to get a huge financial incentive for purchasing. First time home buyers will receive an $8,000 dollar-for-dollar fully refundable tax credit (this means, if your tax liability is already covered or less than this amount, you will receive the difference in the form of a tax refund check). A first time home buyer is a buyer who has not owned a principal residence during the three year period prior to the purchase. Buyers who currently own homes but wish to purchase a new principle residence will receive $6,500. You must have a contract on your new property in place by April 30, 2010, and you must settle by June 30, 2010. The income limits are $125,000 for individual buyers, and $225,000 for couples, which is a huge increase from 2009's first time buyer credit. Don't miss out on the opportunity to receive this free money from the government for purchasing a home!

Bank-Owned Properties & The FHA Buyer

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 14 Sep 2009 03:09:14 -0700

Most of my first-time home buyers are using FHA financing, taking advantage of the 3.5% down payment and attempting to close in time to receive the $8,000 federal first time home buyer tax credit (which is available until 11/30). They have heard it is a buyer's market and a great time to buy. While it is definitely a great time to buy, we are beginning to see situations we haven't seen since the housing boom. Many of the homes I am showing to them in their price range are bank owned homes, due to the prevalence of foreclosures in the suburbs (I am finding this mostly in Reston/Fairfax/Alexandria). I am finding that the listing agents of these properties are intentionally drastically under-pricing these homes in order to create interest. Within 2 days of being on the market, these homes are receiving as many as 35 bids (the highest number I have encountered thus-far). Though my buyers are offering list price - and oftentimes far above list price - they are not being considered by the banks because they are using FHA financing. The banks are taking lower offer prices over risker financing. So, even though an investor may offer $15,000 less than my clients, if he can pay cash, he is winning the bid. If you are looking to buy a home, keep in mind that while it is a great time to buy, you should be prepared to compete for the choice houses and the best-priced houses. In competing, remember that cash is always king, followed by conventional financing with a significant down payment. FHA is tricker because the buyers are being approved with a lower measurement of risk and the homes they are purchasing must meet higher standards. FHA also has an open-ended appraisal contingency that extends the entire period from contract to closing. This leaves the seller vulnerable to the contract falling apart with little recourse to them. The stronger your financial position, the stronger your offer.

Texas Contractor Builds Affordable Homes Out of Trash

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 14 Sep 2009 02:41:25 -0700

Dan Phillips of Huntsville, Texas, began his construction company in 1997 with a plan to provide low income citizens with affordable housing. Like many, he found the solution of mobile homes as affordable housing an unattractive backdrop to any town. Realizing that landfills are full of unused building materials and scraps, he came up with a new plan: building afforable homes out of trash. He has created beautiful, rustic tree houses that any homeowner could be proud of with cork floors made out of salvaged wine corks, wood-burning stoves recycled from old ships, roofs made of leftover picture frames, and counters made of slices of orange wood. These homes are creative works of art which are low in cost and friendly to the environment. This is the ultimate in green living! Mr. Phillips requires all recipients of his homes to assist him with the construction. They learn all about the inner workings of their new homes and have a sense of pride and ownership upon their completion. But what I want to know is: when is he coming to DC to build me a trash house?! Check out the original New York Times article and slideshow here: http://www.nytimes.com/2009/09/03/garden/03recycle.html

Sales Statistics For Foxhall & Glover Park - May 2009

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 16 Jun 2009 07:57:55 -0700

MAY 2009 SALES

3925 Davis Place NW, #B-6 Studio/60 DOM CLOSE PRICE: $207,000	$207,000
2655 41st Street NW, #B-3 1 BR/1 BA/43 DOM CLOSE PRICE: $208,000	$214,900
4100 W Street NW, #410 1 BR/1 BA/103 DOM CLOSE PRICE: $226,500	$229,500
4100 W Street NW, #415 1 BR/1 BA/67 DOM CLOSE PRICE: $239,500	$239,500
2400 41st Street NW, #515 1 BR/1 BA/317 DOM CLOSE PRICE: $260,000	$284,500
2725 39th Street NW, #409 1 BR/1 BA/4 DOM CLOSE PRICE: $289,900	$289,900
2325 42nd Street NW, #409 2 BR/1 BA/133 DOM CLOSE PRICE: $335,000	$360,000
4009 Davis Place NW, #201 2 BR/2 BA/34 DOM CLOSE PRICE: $470,000	$489,000
1613 44th Street NW 3 BR/2 BA/8 DOM CLOSE PRICE: $595,000	$595,000
4440 Reservoir Road NW 3 BR/2 BA/30 DOM CLOSE PRICE: $600,000	$615,000
4416 Volta Place NW 3 BR/1 FB/1 HB/13 DOM CLOSE PRICE: $668,000	$689,000
1705 Surrey Lane NW 4 BR/2 BA/141 DOM CLOSE PRICE: $692,000	$705,000
2312 39th Street NW 4 BR/3 BA/3 DOM CLOSE PRICE: $779,000	$779,000
4465 Greenwich Parkway NW 4 BR/2 BA/12 DOM CLOSE PRICE: $790,000	$799,000
3538 W Place NW 4 BR/2 BA/9 DOM CLOSE PRICE: $789,000	$799,990

Proposed Bill Would Raise Tax Credit to $15,000

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 16 Jun 2009 07:35:17 -0700

A bill was introduced to the Senate on June 10th by Georgian Republican Johnny Isakson and co-sponsored by Senate Banking Committe Chairman and Democrat Chris Dodd which would raise the current federal first time homebuyer tax credit from $8,000 to $15,000. It would also eliminate many of the current restrictions. It would eliminate the income caps of $75,000 for single purchasers and $150,000 for couples, would apply to ALL purchasers (even if they had owned a home within the past 3 years), and would extend the purchase deadline from December 1 of 2009 to a year from the date the bill passes into law. Additionally, it would allow purchasers to split the credit between two tax years if so desired. It would also extend to multi-family residences, provided they are the primary residence of the borrower. This additional credit would not be retroactive to purchases made before the bill becomes law. This bill has received bi-partisan support from lawmakers, as well as The National Association of Realtors and The Business Roundtable. This is great news for potential buyers who are not QUITE ready to purchase yet - perhaps you are saving up your down payment, cleaning up your credit, or trying to increase your income - but are hoping that the great incentives don't pass you by in the meantime.

Washington is Thriving!

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 23 Feb 2009 01:20:23 -0800

This is a great article illustrating the projected economic growth expected in the Washington DC Metro area over the next few years thanks to the federal government when other major cites are seeing a decline: http://news.yahoo.com/s/bw/20090220/bs_bw/feb2009db20090219655989

U.S. mortgage rates drop toward record low

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 23 Feb 2009 00:52:01 -0800

NEW YORK (Reuters) - Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted the appeal of fixed-rate investments, Freddie Mac said on Thursday. The average fixed 30-year mortgage rate declined to 5.04 percent in the week ending Thursday, from 5.16 percent in the previous period, Freddie Mac said in a statement. That was close to the 4.96 percent reached in mid-January, which was the lowest rate since Freddie Mac began its survey in 1971. Yields on benchmark 10-year U.S. Treasury notes, which influence rates lenders offer to consumers, dropped as low as 2.65 percent this week from 2.99 percent in early February after bearish economic reports. Forecasts from the Federal Reserve for slower growth added to the negative tone, Frank Nothaft, Freddie Mac's chief economist, said in the statement. "Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," Nothaft said. Applications for U.S. home mortgages soared last week, nearing the levels last seen as rates dropped in early January, the Mortgage Bankers Association said on Wednesday. The 30-year rate as measured by the MBA fell to 4.99 percent in the week ending February 13. Mortgage rates averaged the lowest in the northeastern U.S., at 4.92 percent, according to Freddie Mac's survey. Rates averaged the highest in the southwest, at 5.14 percent, it said. All rates in the survey are based on up-front payments of about 0.7 percentage point of loan principal to the lenders

100% Financing Available for Veterans

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Tue, 06 Jan 2009 00:54:16 -0800

Our mortgage parnter, Prosperity Mortgage, is now offering 100% financing for veteran's up to $625,500!!!! For sales prices over $625,500 the downpayment is 25% of the amount over $625,500. Provide us with a certificate of eligibility from the Department of Veterans Affairs for this fantastic loan program! Call me today for all of the details.

Rates Drop to 5.47%

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 15 Dec 2008 00:57:48 -0800

Mortgage rates hit 4 1/2 year low. Freddie says 30-year mortgage rates dropped to 5.47% this week, continuing to fall since the Nov. 25 Fed decision to buy $500B in mortgage-backed securities.

New FREE Service Available - Voice Pad

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 15 Dec 2008 00:33:43 -0800

I wanted to let you know that I am rolling out a brand new, innovative service for my friends, family, and clients called Voice Pad. It is a FREE service available to you anytime - 24 hours a day, 7 days a week, and it allows you to instantly obtain information on any property on the market. It works like this: should you be out driving around and see a home - ANY HOME - for sale and want to know more about it, Voice Pad allows you to call ONE number, enter the address, and immediately access the property's sales price, bedrooms, bathrooms, square footage, features, estimated mortgage payments, etc. This service is available to you as part of my Client Appreciation Program, whether you are in the market to purchase a home now, or you are just curious about a new listing in your own neighborhood. If you are driving past a condo building and want to know whether there are any units for sale in the building and the price (many buildings do not allow the posting of FOR SALE signs), you can call this service, enter the street address, and find out what is available in that building immediately. If you want further information, you can be connected to me by pressing one key. Voice Pad also follows up by sending you an email with information on any listing that you call on, so that you have a written record of the properties that caught your eye. If you would be interested in having perpetual access to this service, please send me an email at shari.walker@longandfoster.com with your cellular phone number(s) and your email address. I will register you and send you the phone number you would call. You can keep this number stored in your cell or in your car, and call it whenever you are curious about a property listed with any brokerage in the DC metro area (including MD and VA). I hope this is a useful benefit to you, and I look forward to adding you to it! Have a wonderful day! Warm Regards, Shari Walker

Real Estate Potentially Set to Rally

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 01 Dec 2008 03:40:25 -0800

The Nov. 25 announcement of a Federal Reserve commitment to purchase $600 billion of mortgage-related debt from Fannie Mae, Freddie Mac and the Federal Home Loan Banks put immediate downward pressure on U.S. mortgage rates. Bankrate Inc. reports that average interest on 30-year fixed loans dropped to about 5.5 percent on the news, falling from 6.38 percent at the start of the day. According to Bankrate's Holden Lewis, the slide represented the biggest one-day decline in at least seven years. The lower borrowing costs will especially benefit homeowners who still have enough equity to refinance, said Quicken Loans chief economist Bob Walters, who noted that, "I've been trading mortgages for 20 years and you don't see many days when one thing moves rates like this. You'll see a pickup in demand for housing."

Georgetown Statistics

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 24 Nov 2008 04:25:52 -0800

Here are some stats for Georgetown. You will notice that we currently have more active listings than any other broker. Also, that in the past 6 months, we and Washington Fine Properties have each been on the Buyer's side of 16 of the settled sales. Active Listings - Fee Simple and Condo/Coop: Total 137 LNG - 33 WFP - 25 ( 6 are in one project, so adding all 6 makes the total 30) CBRB - 20 (10 are in one project, so adding all 10 makes the total 29) TTRS - 18 Past 6 months Fee Simple Sold (Settled) in Georgetown: Selling Broker Listing Broker LNG 16 12 WFP 16 26 CBRB 6 8 TTRS 7 4 Going under contract in Georgetown since June: Jun 9 Jul 16 Aug 10 Sep 9 Oct 8 Nov (to date) 4 In all of DC, coming under Contract: Fee Simple 08 Fee Simple 07 Condo/Coop 08 Condo/Coop 07 Nov 5-12 60 66 40 60 Nov 13-19 69 68 56 73

DC Waives Taxes on Inauguration Rentals

Shari Walker, Licensed in DC, MD, & VA (Keller Williams) — Mon, 24 Nov 2008 04:22:52 -0800

D.C. Government Relaxes Some Tax Laws for Inauguration Rentals The D.C. Office of Tax and Revenue will suspend its sales tax on property rentals to transients for residents who want to rent their apartments or homes to out-of-towners for the inauguration. The city usually assesses a 14.5 percent tax when a person rents property for fewer than 90 days, but the tax office said the fee will not apply to one-time rentals for the inaugural.