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Damon The Agent

Your Washington DC Area Realtor

By Damon The Agent | Agent in Washington, DC
  • Do I Qualify for Any 1st Time Home Buyers Program Despite.... - Your Washington DC Area Realtor

    Posted Under: General Area in District of Columbia, Home Buying in District of Columbia, Property Q&A in District of Columbia  |  February 14, 2014 9:36 AM  |  123 views  |  No comments

    1st Time Home Buyers Program, depending on your location, the programs can vary. All are not the same and many vary depending on location, income, number of occupants to the home, and resource supply.  In this case one person asked; "Do I Qualify for Any 1st Time Home Buyers Program Already Owning A Home Given to Him that's paid off and NEVER having a mortgage on it?".

    In a situation such as this there are 2 factors to consider.  One was a home loan EVER involved and if so WHEN, AND HOW long ago IF there were one.  But being as though NO home loan was involved and the title is the only issue the answer would be YES.  1st Time Home Buyers Programs are ONLY involved in loan transactions and once a home is paid off after 3 years of owning the home, any homeowner qualifies again in Washington DC, Maryland, and Virginia for a 1st Time Home Buying Program.

    Now I will always advise for anyone to check with a local lender because like I mentioned before 1st Time Home Buyers Programs vary depending on LOCATION, income, number of occupants to the home, and resource supply.  So with that being said each state may have their own set of rules.

    If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.




    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

     

  • Why Are Property Taxes Higher in some areas compared to others - Your Washington DC Area Realtor

    Posted Under: General Area in District of Columbia, Home Selling in District of Columbia, Property Q&A in District of Columbia  |  February 10, 2014 9:27 AM  |  139 views  |  No comments

    Currently it is tax season and with that people are waiting on their 1099's and W-2's so they can file their taxes and with speaking of taxes property taxes are always a topic of concern when filing taxes.  Taxes always seem to be going up and never coming down.  In the world of Real Estate taxes are always a major concern to many home owners.

    Some homeowners in the Washington DC Area who find out that their property taxes are higher than their neighbors wonders why are  their taxes higher.  But hey isn't it fair to say that everyone thinks that their house is better than their neighbors well so does the local county and states office who issues those taxes.  You can't have the best home on the block and pay the same as the houses around you. OK enough of me kidding around.

    The value of homes as well as taxes are always based on location, location, location.  Many people will find that their house was not bought for the same price as a house around the corner or even their neighbors for instance.  Taxes vary on many things such as SOLD price, square footage, year of house built, and location in the area of the property.  Any other tax concerns about a property  should be brought up with the local Tax Assessment Office or local state government.  They can go into further details on how they formulated the taxes on a homeowners property.

    If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.




    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

  • Earnest Deposit does it go towards down payment or closing cost? - Your Washington DC Area Realtor

    Many years ago people just had to say they wanted to buy a house and that potential buyers word was taken as trust, over the years many Realtors and sellers (who took their house off the market) learned that words were just that, words without any solid commitment on such a huge investment.  Over the years putting an earnest deposit down with a contract to ensure how serious that buyer was has become the normal thing.  Now with that comes many things such as how much to put and also where does that money actually go towards in the transaction.

    The earnest deposit is just that, it's the deposit made in the transaction.  It can be any amount but the standard is 1% of the purchase price, it's to show that a potential buyer is serious about purchasing that house.  Of course the higher the amount of the earnest the deposit the more serious the buyer is compared to other offers if any others are submitted on the same property it's a determining factor for many sellers if the offers are similar to look at.  That earnest deposit is applied towards the down payment of the transaction when using an FHA or Conventional Loan.  With a VA Loan (military affiliate) No down payment is required.

    If the earnest deposit for example covers the down payment and there is money left over the remaining is applied to any other charges the buyer has which is closing cost.  And if for example the buyer has submitted such a huge earnest deposit that covers both the down payment and closing costs then they would get any remaining money back to them at settlement from the title/escrow company in the form of a check.  In most cases the earnest deposit covers the down payment unless the potential buyer puts over (depending on which loan FHA 3.5% or Conventional 10-20%) the minimum required amount for the down payment.

    If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.


    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com



  • What's Included in the Closing Cost - Your Washington DC Area Realtor

    Posted Under: General Area in District of Columbia, Home Buying in District of Columbia, Property Q&A in District of Columbia  |  January 22, 2014 7:21 AM  |  142 views  |  No comments

    Buying a home comes with many expenses such as down payment, closing costs, home inspection, appraisal and etc.  A client asked me what's included in the closing costs.  Some think that all of the things I've just mentioned are included when in fact they are all separate from the closing costs.

    The closing costs expenses are generally the lender's fee (if a home loan is being used).  When it's a strictly cash deal then there is no lender fees.  And it's also the title/escrow company or attorney fees.  Whomever is transferring the title from the seller to the new buyers name.

    The lender's fee are a breakdown of charges which are in the good faith estimate lenders provide once a buyer has been approved for a loan.  They charge for providing the home loan which range from the property taxes to the lender's insurance on the loan to more.  The Hud-1 also includes these charges along with the Title/Escrow company fees which makes up the other portion of the closing cost.

    The title/Escrow fees are a range from the company's fee for removing any and all liens (if any) against a property to title insurance to the settlement fees and more.  The Hud-1 has a breakdown of all charges for both the buyer and seller.  Again the closing cost is both the lender and title/escrow company's fees combined that includes the taxes and insurance on a property.

    If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.





    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

     

  • When Home Value Decreases Why Doesn't The Taxes - Your Washington DC Area Realtor

    Posted Under: General Area in District of Columbia, Home Selling in District of Columbia, In My Neighborhood in District of Columbia  |  January 21, 2014 8:13 AM  |  147 views  |  No comments

    In Washington, DC housing prices steadily continue to increase but across the DC/MD line over in Prince George's County prices are the opposite.  And with the decreasing of value in many homes the taxes are doing the opposite.  They were on an yearly incline once going up while house value in homes were steadily going down.

    The reasoning for the taxes not decreasing is local state and counties are always trying to justify raising taxes.  In Princes George's County when the yearly tax bill comes, there is also a tax assessment which is (in this current housing market) NEVER the true value of the home but yet it is the guidelines the county uses to raise taxes.  Now when ask the county how did they come up with their assessment they say they send an actual appraisal out to each property.  The question with that is prior to 2007 appraisals didn't have to go in each property to get the value.  Needless to say all of the appraisers were fired due to inaccuracy.  Now adays they all must go inside to get the true value.  So if an actual appraisal is done how come no appraisers are going inside the properties IF an appraisal is actually done on each property.

    Homeowners must challenge their high bills or the county will keep doing what they do.  If they send bills to a cul-de-sac of 8 homes and only 2 complain to them while the other 6 pay and then only complain to their family member the county has still gotten paid despite the decrease value in home values.

    If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you. 

    http://youtu.be/OTKt1bSCqSE

    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

  • What is a Listing Agreement - Your Washington DC Area Realtor

    Somethings are sometimes self explanatory you would think but in the world of Real Estate, clarity is needed for everything.  When houses are up for sale there are a few things handled before a for sale sign goes in the yard.  One is between the Real Estate Brokerage and the owners of the house.  They come to an agreement of terms which is in writing in a Listing Agreement.

    A Listing Agreement is just that, the agreement of the listing the Real Estate Brokerage is taking on.  It includes price, terms of agreement, length of agreement, and anything else that is needed to be added BEFORE a house is place on the market.  Both owners and Real Estate Brokerage have a copy of this agreement also before it's placed on the market.  These terms can be altered or terminated at anytime.  Of course just like with any early termination of a contract a fee is sometimes required for compensation because there are work that has been done after the Listing Agreement.

    After the Listing Agreement is signed by all parties (owners & Real Agent Representative) and before it's even placed on the MLS system.  Such things such as taking pictures, placing appropriate signs, adding a lockbox, and setting up showing arrangements are some of the major things that happens before the house is active on the MLS for others to see.

    If you or someone you know is looking to sell or buy in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO).

    Click HERE for Video

    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

  • What's An Earnest Deposit? - Your Washington DC Area Realtor

    Posted Under: General Area in District of Columbia, Home Buying in District of Columbia, Property Q&A in District of Columbia  |  October 28, 2013 8:48 AM  |  166 views  |  No comments

    This is a question some buyers are pondering on when they do not fully understand how today's Real Estate market is.  The Earnest Deposit is very crucial when making an offer on a property.  So What's An Earnest Deposit?

    An Earnest Deposit is when the potential buyer makes a deposit submitted with their offer showing good faith on their behalf.  Now what does that mean.  It means a serious buyer will through the earnest deposit let the sellers know how interested in the property and serious they are.  It also assures the seller that IF the buyer walks away and the property comes off the market that the seller can request the earnest deposit because due to the inactivity of putting the property under contract another potential buyer could of purchased the property.  YEARS ago in some places earnest deposits were not used and therefore the seller paid the price if the buyer disappeared.  Without an earnest deposit the potential buyer doesn't really have any liability to commit and can make hundreds of offers on other properties.

    The Earnest Deposit also is credited toward the down payment and/or closing cost so either way the buyer will be putting money down towards the purchase of their property.  The standard amount for putting an earnest deposit would be 1% of the purchase price but the higher the earnest deposit the more likely that buyer is committed.  Some sellers when they are posed with multiple offers that are similar in price offer will look at who has the highest earnest deposit to determine who they will select.  Be mindful that the earnest deposit is also made out to either the Real Estate Brokerage of either Realtors/Brokers involved or the settlement company.  They are the ones who hold the money in escrow.

    If you or someone you know is looking to sell or buy in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO).

    Click HERE for video

    Damon J. Brockenberry (Damon The Agent)

    Your Washington DC Area Realtor

    Servicing Washington, DC, Maryland, & Virginia

    cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

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