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Home Buying in Burtonsville : Real Estate Advice

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  • Local Info5
  • Home Buying5
  • Home Selling0
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Activity 14
Wed Jul 27, 2016
Sandrabondon asked:
I still don't have a place to live and I've paid thousand in moving and storage the condo the agent rented me is her and her daughter not comparable to what I used to live in, nothing works…
0 votes 0 Answers Share Flag
Wed Aug 14, 2013
Pat McComas answered:
Hi, Tkwon. The best thing is to start working with a realtor to find a home that meets your needs. My office is located in Burtonsville by Routes 29 & 198 so I am very familiar with the area. If I can be of assistance, please give me a call at 301-928-8170. Pat McComas, Long & Foster Real Estate, Inc. ... more
0 votes 4 answers Share Flag
Fri Oct 26, 2012
Tatyana Baytler answered:
1. First: Get “Pre-Approval” letter by reputable lender or mortgage broker.
2. Second: Write up the list of housing desires /wishes (house futures, location and etc.)
3. Third: Get the knowledge of the state of the market and get understanding why it is an excellent time to buy. Search for your home and see them.
4. Fourth: Once you have identified the best property to buy and ready to enter into the bid/ contract process, ask agent to see comparable recent sold homes and provide to you Comparable Market Analysis (CMA) and /or order appraisal. Make an offer for your new home – sign all offer documents an agent provided to you. Write a check for your escrow account (deposit is hold in Trust account until you are ready to settlement and it will be used toward your settlement charges)
5. Fifth: Once contract is fully ratified / executed (signed by sellers and buyers), contact the lender and get a commitment letter from the lender not later then 10 business days from contract acceptance. Lenders are required to provide borrowers with a Good Faith Estimate (GFE) of closing costs and Truth in Lending Disclosure within 72 hours of application.
6. Sixth: Contact the lender to make sure providing all required documents to render a final loan approval. Ascertain that an appraisal has been ordered and the date scheduled.
7. Seventh: Hire licensed home inspector. Get the inspection report. If necessary, re-negotiate contract and provide updated version to the lender.
8. Eighth: Communicate with the lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.
9. Ninth: When you have received the formal loan commitment, coordinate directly with lender to make certain any and all underwriting conditions have or will be satisfied.
10. Tenth: When the lender’s commitment letter is received, in coordination with the agent, order title work and schedule the settlement date and time acceptable to all parties.
11. Eleventh: Find insurance company for your new home. Insurance policy’s effective date must coincide with the settlement date.
12. Twelfth: Ask the agent to order Home Warranty for your new home.
... more
0 votes 5 answers Share Flag
Sat Aug 20, 2011
Juan Bassett answered:
Hi Randy, Your lease is an agreement between you and the landlord. Without commenting further I would suggest you pose this type question to an attorney. Enjoy your day.
0 votes 4 answers Share Flag
Sat Oct 3, 2009
Cher Varnum-Glenn answered:
I believe the interstate is going through there. If whatever development you're talking about was illegal it wouldn't be going on. There is a thing called eminent domain and any gov't. can condemn any property and use it for public works. Best wishes! ... more
0 votes 1 answer Share Flag
Wed May 20, 2009
voices member answered:
Hi Cindy,

This is a tough question to answer quickly, but I will give you an idea. Each short sale is very different. And no, there is no guarantee the bank will approve the offer. It depends on their bottom line. The bank is only concerned with getting back as close to the owed amount as possible. There are risks associated with short sales to consider. For example, even if the bank approves the short sale, there is often a second lienholder involved who has to also agree to accept less than they are due and in most cases, that means they have to agree to accept nothing. I can give you more detailed info if you would like to send me an email at LDevnew@cbmove.com

Lisa Devnew
Coldwell Banker
LDevnew@cbmove.com
410-615-0990
... more
0 votes 2 answers Share Flag
Sat Dec 13, 2008
Jeff Escher answered:
4206 Falconwood is under contract. Closing date is December 19. There is only one other single family house for sale in Saddle Creek. It is listed at $449,900.
0 votes 1 answer Share Flag
Tue Oct 7, 2008
Bruce Lemieux answered:
Hi Randy - it depends on the property. It's easy to look a reduction relative to the list price, but the list price may not be the best indicator of a home's value. If similar townhomes to your $290,000 townhome have recently sold for $250,000, then it's already $40K too high. If similar homes are selling for $330,000, then $290,000 could be a fantastic deal.

You need to get the home's current value based on recent sales of comparable homes (similar sq footage, condition, age, amenities, etc). Every couple of weeks or so I'll see a property come on the market 10 to 20% less than recent comparables. These homes go under contract in a couple of days, and can sell a little more than asking price. So know the values in the neighborhoods that you are interested in. Don't be afraid to negotiate much lower than asking price; but by the same token, don't hesitate to pay asking price for an awesome deal that meets your needs.

Good luck.
... more
0 votes 7 answers Share Flag
Mon Sep 29, 2008
Bill Eckler answered:
Randy,

Sounds like something is going on......

As previously mentioned, have your agent email and leave a telephone message to the effect that the repairs are an issue. Also make the listing agent aware of your "walk through" time prior to closing. Of course you will check on the repairs at this time.

It may be helpful to have a figure in mind that the needed repairs would cost. What sometimes happens is the seller will allow you a credit for the repair costs at closing. We are not saying this WILL happen but it is something to be aware of.

The important thing at this point is that the seller knows you expect the repairs to be done prior to closing as per your agreement.

Good luck
The "Eckelr Team"
... more
0 votes 6 answers Share Flag
Tue Sep 9, 2008
Kary Krismer answered:
This site has various rates posted every Friday, and there has been more on it this week due to the changes resulting from the F&F takeover.

http://www.raincityguide.com/
0 votes 3 answers Share Flag
Fri Sep 5, 2008
Larry Story answered:
Randy,
In that case then no problem. Always glad to help.
0 votes 15 answers Share Flag
Tue Aug 12, 2008
Lewis Poretz - MARYLAND 203K Renovation Loans answered:
Tina - USDA is still a source for 100% financing and has NO monthly mortgage insurance. Why it is not available in Harford county I do not get. Do you know why that is?
0 votes 4 answers Share Flag
Sun Aug 3, 2008
Pat answered:
Randy,
Don't just think of going at a 10% discount just because the seller says so in his asking price. He might have already inflated the asking price by an irrational amount. One way of doing your due diligence would be to find out what price the house sold last in a pre-2001 period. Selling prices in the 2001-05 are meaningless for obvious reasons. Traditionally, houses have appreciated YOY at a tick above inflation. So, assuming inflation = 4%, your estimated appreciation rate may be 4.5%. Let's assume this particular house had sold for 150,000 in 2000. The way to find out its present fair market value would be:
150,000 * (1.045)^8 [ since 2008 - 2000 = 8]
= 213, 315.
That is the price that you should start with. If you're feeling rather generous and want to factor the seller's cost for upkeep plus any maintenance, you may add another 10-15,000 to the amount, but not more than that.
... more
0 votes 7 answers Share Flag
Sun Aug 3, 2008
Rick Reed answered:
3 BR above grade is always better. Buy a 3 BR, it is a much better investment.
1 vote 4 answers Share Flag
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