Michael Taft

Not an option at all, so far, on foreclosures. Leasing and renting to own are the same. Typically a rent is negotiated with a portion put away in Escrow to start or add to a a down payment and a purchase price is also agreed and locked in. As Amy mentioned good if you are comtited to the property and are going to be in it for a LONG time, or don't have the downpayment yet. Where the gamble comes, on either side, is the agreed upon purchase price and whether or not the market goes up or down drastically enough to have an effect. Also keep in mind that you DO NOT get any tax breaks for renting to own, while home ownership puts you in a whole different tax situation. - Mon Nov 10 2008, 09:49

Dual Agency has been discussed and again I would concur that it is NOT usually in the best interest to the Buyer to have this arangement. It is extremely hard to be an advocate for "you" the buyer and also get the best selling price for the home owner, not to say it can't be done.

In D.C. we have one agency that has " Private Exclusives". This is not exactly "kosher" but it is excepted in the industry. In that regard I would think that maybe using an agent from the same office might benefit you the buyer, but that is really the exception to the rule.

Kimberly, it seems like you have a lot of questions and are doing a good job of getting answers, doing your "home"work and giving this purchase a lot of consideration. Normally I just answer questions here and let people contact me should they desire, however if you and your husband would like to have a question and answer session with me I'd be happy to meet you guys, no comitments and it is free to talk. My email is mtaft@cbmove.com - Mon Nov 10 2008, 09:39

I have a little different perspective for you as I used to live at Vaughan Place and know these units quite well. While n one knows what the market will be this Spring, we as realtors all know that it is the best time to Sell and this type of property is hot right now in D.C. I am optimistic that you should be able to sell your place for close to your purchase price (+ or - a few $$$). Especially with parking.

If you rent you will never cover your mortgage and HOA. In addition the rent becomes income and is therefore TAXED. When you factor in appreciation on both the place and your furniture, I feel this becomes a bad idea, unless you would consider keeping the place long term and making it an investment property, but that is a whole other conversation. - Mon Nov 10 2008, 09:24

Again, I am a little late to the party, but as a first time buyer and I assume a first time D.C. buyer, there are a lot of new and old incentive programs that you and your husband qualify for. These take some time and there for I would say that as soon as you have you finances in order you should consult an agent. One who has experience with first time buyers and knows all the breaks that are out there for you, not just the "best price" on the market. - Mon Nov 10 2008, 09:10

Not much else I can say that my fellow agents haven't already said. I encourage you to have a Buyers Agent. It is funny how people are looking for deals these days and the BEST deal of all is an agent working on your behalf at NO cost to you. Just make sure you and your agent are on the same page and that he/she is an advocate for you.

I would tell anyone that buying a home is one of the biggest events in one's life and to make it as stress free as possible, you need someone you can trust, like, is available and knows the markets. - Tue Nov 4 2008, 11:50