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Home Buying in 20816 : Real Estate Advice

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  • Home Buying4
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Activity 4
Wed Sep 20, 2017
Kathy Burgreen answered:
Don't do it. You will regret it. I'm a former realtor and currently VP of my HOA so I speak with experience. You have several issues / challenges:

Property taxes - if you convert your home to 2 bedrooms, you need to verify with your county tax assessor if there will be an increase in taxes. You will need to get a permit and the county will know about it.

Realtors and buyers - each bedroom needs to fit a bed, clothes bureau, nightstand, desk? and floor space to walk around. Will both bedrooms have enough space for this? I don't think so. You need to understand that buyers want "normal" size bedrooms - where they are not squeezed between furniture to get to where they need to. If buyers feel squeezed between furniture, they will reject your condo. By the way, buyers have more furniture than you think, so if your intention is to minimize the furniture - think again. Buyers will envision your bedroom with THEIR furniture in it AND their furniture needs to fit INSIDE the bedrooms.

Appraisals - you need to contact a few appraisers and ask them how they would evaluate your condo if you convert it. At least you will know before you start.

HOA approval - sorry but you cannot do any construction projects without HOA approval. The HOA is VERY concerned with damage to hallways, elevators, debris, whether contractors are licensed and insured, etc. Briefly, if the HOA discovers any damage to the condo complex, they will penalize you.
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Mon Jul 26, 2010
Daniel Johnson answered:
Still active at 400k, it has been reduced quite a bit but still says the current price is approved by the bank. Take a look at the link below...

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2140170XMJAB&p=DE-118300250-17

Also feel free to view my blog on short sale purchases. Hope you search goes well! Contact me anytime for further assistance.

Daniel Johnson
Realtor licensed in MD & DC, SFR
Long & Foster Realtors
202.363.9700
Daniel@LnF.com
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Wed Jul 7, 2010
Daniel Johnson answered:
Martha,

I'd be more than happy to do this for you if you aren't working with someone already. If you are working with an agent they are capable of narrowing their search criteria to fit that request.
When searching for someone to help you I'd recommend you pick an agent who is knowledgeable in these types of transactions (doing so can save you a lot of time and will put you in a better position to get your home). I am SFR certified (a short sale & foreclosure resource), feel free to check out my blog specifically for short sale buyers like yourself.
Let me know if I can be of further assistance! I am familiar with the CC area (working off of the Chevy Chase Circle in DC)

Happy hunting!
Dan
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Wed Sep 3, 2008
Dana Scanlon answered:
Dear Ann, Buyers who did not put their properties on the market in the spring and early summer most probably paused for August (they are not called the dog days of August for nothing...). We are seeing plenty of activity now, and new homes coming on the market each day. But also a house that's been on the market for a few months and hasn't sold might just be in need of a little updating, and if the sellers are really motivated to move, this is how good bargains can be had. If you haven't already interviewed for a good buyer agent to guide you in this respect, doing so now would be a good choice to help you hone in on the properties that really meet your requirements and desires. But don't expect to find much by way of "steals" and "bargain basement" prices in the part of town you are looking in. That being said, you should expect to negotiate on price and closing costs assistance and win! ... more
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