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20016 : Real Estate Advice

  • All21
  • Local Info1
  • Home Buying4
  • Home Selling4
  • Market Conditions0

Activity 13
Wed Aug 17, 2016
Mariamkhandwala asked:
Mark Chandran
5282 Loughboro Rd, NW,
Washington DC, 20016
I am from Canada and can't visit the place in person before signing lease. I'm afraid of online rental scams.
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Wed Apr 13, 2016
Hhekmat asked:
I have properties in DC that are erroneously listed as foreclosures. I have checked with the DC government and they confirmed that neither property is on foreclosure. How do I correct the…
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Mon May 4, 2015
Anntelma64 asked:
canno cannot be verified" Is there a help desk or real person that I can talk to to resolve this problem.
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Tue Apr 14, 2015
Anna M Brocco answered:
If you are a for sale by owner the post is not allowed; if and when you do list with a broker, ask your agent to post the listing, or consider any flat fee realty company that feeds into the site.... ... more
1 vote 1 answer Share Flag
Fri Jun 13, 2014
Connie Carter answered:
The median sales price for homes in ZIP code 20016 in Washington from Mar 14 to Jun 14 was $620,000 based on 63 sales. Compared to the same period one year ago, the median sales price decreased 8.8%, or $60,000, and the number of sales decreased 18.2%. Average price per square foot for homes in 20016 was $485, an increase of 3.4% compared to the same period last year. There are currently 128 resale and new homes in ZIP code 20016 on Trulia, including 16 open houses, as well as 1 home in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 20016 was $1,438,688 for the week ending Jun 04, which represents an increase of 5%, or $68,562, compared to the prior week. Popular ZIP codes in Washington include 20009 and 20007, with average listing prices of $651,947 and $1,807,657. ... more
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Tue Jun 19, 2012
James Ryan answered:
Wells is swamped with refinances, as I understand it, underwriting is backed up over 60 days. American Bank is also swamped, but our underwriting times are 4 business days, conditions 48 hours. I would be happy to help you get your refi done in a timely fashion.

Best wishes, Jim, American Bank, 703 615 4675
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Mon Apr 9, 2012
Michael "Mike" Brown answered:
Hello Mmurten,

Co-operative (aka "Co-op") ownership has long and well-established history - well over a hundred years - in the North Eastern/Mid-Atlantic areas, including Washington DC.

In general, most co-op fees do include the stockholder's individual share of property taxes (called a "pass-through") for using the designated unit which are normally tax-deductible. An upside benefit is that a coop is "exempt," since the deal is considered a "stock" transfer, from The District of Columbia's transfer and recording taxes, which ranges from 1.1% to 1.45% of the sales price in a "real estate" transaction.

A potential downside to cooperative ownership is that each cooperative board has specific lender "recognition or designated" agreements in place when the buyer requires a loan in the transaction. In some cases, this MAY mean larger down payments at slightly higher rates which can only go through, for example 1, 2 or 3, "recognized or designated" lenders.

While the other cooperative descriptions given by my peers are very good, additional information which may be helpful can be found at http://edmundjflynn.com.

Flynn, an old and highly-respected law and title firm, created most of the DC cooperatives when they were originally formed and still, handles almost all the closing transactions for all co-operative sellers and buyers, today.

Good luck and let me know if I can help.
Welcome to DC!
... more
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Wed Feb 29, 2012
brent mendelson answered:
I don't have 80 /10/10 programs but as you can see they are available from other loan officers. You should look at those programs and also as Nick suggested conventional programs under one loan at 90% might be the way to go. It's worth a look. Hope this helps and please let us know if you have any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
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Mon Sep 13, 2010
Zaza Pasori answered:
I would email Trulia immediately at customerservice@trulia.com, you will be given a ticket number right the way.
They are very slow and unresponsive but you should try to follow up with your ticket number, be persistent and have them make the corrections.


Zaza Pasori | PenFed Realty
2722 Connecticut Ave NW # 72 Washington, DC 20008
T. 202-412-5221 F. 703-716-0017
www.penfedrealty.com

Equal Housing Opportunity
... more
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Sun Sep 12, 2010
Terry Carter answered:
Joyce,

What's the MRIS ID or address? I'd like to compare it to Trulia and other sites to see where the error may stem from.
0 votes 1 answer Share Flag
Thu Feb 11, 2010
Harold Sharpe answered:
HI Silvana,
Actually the final walk through in most areas of the country are NOT a condition of the sale.
You might want to review your contract with a real estate attorney and ask the question. In my opinion, and I can not say for sure, I do not believe this is the case.
I can see arguments going both ways, however It is my opinion that it is an informal check up on the house.
Seller is to allow access. The seller did not make it snow. Just the same if the streets were flooded, I don't believe the seller has to clear the streets. Have to make access or allow access may be the key words to recognize here.

Just one opinion I am sure there will be more.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

http://www.socalhomesrealestate.com
... more
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Mon Nov 10, 2008
Michael Taft answered:
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.
... more
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Tue Aug 12, 2008
Richard Helbig answered:
Dear Hyder. There is no reason you cannot use $/sf to make comparisons between houses. This must be done carefully, however, since SF records are often not accurate, and must be done between 'similar' house types, (be sure to compare apples to apples only!). A picture then emerges to tell you if particular houses that interest you are in the right "ball park". For these reasons a $/SF number cannot be given to an entire zip code, but is definitely used when professionals are helping you make an offer on a specific property.

Having said that, within zip code area 20016 there are quite 'consistent' neighborhoods, with similarly sized and aged houses, (Kent/Palisades, Spring Valley, Cleveland Park, AU), so doing this is a good jumping-off point in valuing a properties, adding or subtracting for special features as you go along. This is easiest when considering condos or coop apartments, (for the obvious reasons) and I believe the DC average $/SF for a condo is still about $500. Houses throughout the District range between $350/sf to about $1,000/sf, (for VERY special places, anything above or below such numbers gives reason for thought.

Hope this helps! And since I live, work and specialize in the 20016 areaa, if you'd like more detailed information, please don't hesitate calling: 301-801-2970 or visiting me at: www.cbmove.com. Cheers~!
... more
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