An agent can make sure you get the best value for your home. I have sold homes in that area and work with a great crew of contractors. Feel free to give me a ring if you have any questions. It would be my pleasure to give you a hand.
Chuck, that's a great question. Having a brand new school should have a positive impact on values in the near term.
Is the house you're considering adjacent to the park? Being a direct neighbor of the school could be an issue.... more
Don't base your offer on assessed value or list price. Have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value and this is what you should base your offer on. Assessed value is not current market value.
If you are receiving an FHA loan you will need to provide evidence to the lender that you do have the minimum required 3.5% of the purchase price in order to close on your loan. If you cannot demonstrate this through your bank statements or through gift of funds from a family member the underwriters of your loan will red-flag your file.... more
If you wrote an offer on a short sale, the seller would have accepted the offer subject to the bank's approval. You can request that the listing agent provide something in writing stating that the bank did not accept your offer. Most short sale negotiations are conducted through the Internet, telephone and via fax. Sometimes there is a way to provide documentation, other times there will not be documentation if the bank straight out rejected the offer. At minimum, the listing agent could write a letter and have the seller sign it stating that the bank rejected your offer. Was your offer at market price or below market price?
As a Realtor, I can stay up nights wondering if a contract is going to fall apart because a buyer's mortgage company 'changes its mind' and decides it doesn't want to fund a loan. The reality, however, is that once approved, loans are definitely being made. The big difference that I've seen is that the approval, underwriting and appraisal processes are much more stringent. Once you get through these hoops, however, loans are being made. If you have great credit and cash for a downpayment, then lots of companies will loan you money for a home purchase.
Good luck.... more
All lenders can do this. You get a higher rate in exhchange for funds to be used to closing costs. The devil is in the details though so they need to clearly say what is considered a closing cost and what's not. Hope this was helpful.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
First, forget the assessment. Assessments don't matter.
You're right that it's not easy coming up with good comps. I found the house you're considering and looked at comps within about a 1.1 mile radius--out to Viers Mill Road and down to the Beltway. And there were a few on larger lots. The difficulty is that many of the other recent sales are somewhat more modern ramblers or substantially newer colonials.
I'm not licensed in Maryland and while I know Kensington, I'm no expert there. But what I saw on MRIS tended to be in line with what those three Kensington Realtors told you.
In addition something that's only a 3-minute walk to a commuter line raises its value substantially. Properties within, say, a quarter mile of the VRE (in Virginia, where I can speak with some confidence) are worth distinctly more than the same properties a mile or two farther away. And that's the same with being close to Metro. Or a quick drive to get on the Beltway.
The extra land counts for something, but not a huge amount. For example, a house on 0.75 acres of land wouldn't be worth 50% more than a house on 0.50 acres of land. And even if you were to consider the assessment (which you shouldn't), in your case the land and the improvements (the house) are valued about equally.
If you don't have a Realtor representing you (I'm not sure about the standing of those 3 you spoke to), you should.
But, as I said: assessments don't matter. Location does matter. Amount of land matters somewhat, though really more to you (because of your dogs) than to someone who'd be just as happy on a third of an acre.
Recognize, too, that if you're having a challenge coming up with a "fair" price, the seller and his agent probably went through a similar exercise. So it's possible their number isn't as "solid" as if they were selling a cookie-cutter home in a large community. That means there may be more negotiating room for you.
So select a Realtor, if you haven't already, and have him/her do the best he/she can on comps. Then go from there.
Hope that helps.... more
Every lender is different, but most of the time you can change the loan from one to another, however the underwriting process has to start all over,since the guidelines are different.
Whether the same appraisal can be used is solely up to your lender. Before they used to let us switch the appraisal, now with the new (dumb) rules, they might made you re-do the appraisal.
Either way you need to talk to your mortgage broker about this.
Faith Home Loans
It should only connect to the home for 6 months, after that you can move on with a different appraisal report. This is assuming work has been done to the property or there is another reason that old value is incorrect or outdated.... more
This would likely be a concern for a buyer. However, Kensington is a great area with very good buyer demand. If your home is priced right for the current market, you should do just fine. I doubt that buyers would discount your home's value significantly.
Hope that helps. You can see basic stats for Kensington inventory at this link:
Good luck.... more
FHA loans can take 30 days and even over 60 days to complete. Ever lender is different. If you do not feel confident that your lender can get this done for you, you can switch lenders at any time. Im not quite sure what you mean by your appraisal hasnt logged yet?
Good luck with your loan!
Bridgeview Bank Mortgage
There's a Wheaton Metro stop in Silver Spring. Here's the link: http://www.wmata.com/rail/station_detail.cfm?station_id=33
There are also a lot of buses serving Wheaton and connecting at the Metro station. Here's the link: http://www.wmata.com/rail/station_bus_maps/PDFs/Wheaton.pdf
Hope that helps.... more
Purchasing a bank owned home has numerous pitfalls. You can submit your offer. The bank will often accept your offer, but ask you to sign their addendum. *** Read this carefully, as the banks addendum often negates many of the terms and conditions of the offer you submitted. The addendum limits their liability and you may be responsible for unpaid taxes or other liens.
Many addenda state that you agree to pay for half the legal fees, should the bank decide to litigate. There is no cap as to what these legal fees may be.
Investors often purchase foreclosed homes, because they are accustomed to the potential pitfalls and weigh the risks.... more
So do I (look at them as a plus). Not only are fears about radon levels put to rest, but they often improve the general air quality/ventilation in basements people spend time in. (And as many families turn basements into rec rooms or play space, very often those people are kids.)... more
A builder that's well managed with material and skilled labor can build a home very quickly, so I wouldn't be specifically concerned about quick construction. Still, with any purchase - new or resale - have it inspected by an experienced home inspector. Don't assume that because it's "new" it doesn't have flaws.
Another plus with new construction can be that the builder may have a warranty in place that covers leaks, foundation issues, etc.
Good luck - get a great deal!... more