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Home Buying in Hyattsville : Real Estate Advice

  • All73
  • Local Info14
  • Home Buying21
  • Home Selling1
  • Market Conditions5

Activity 17
Tue Sep 13, 2016
Sally Grenier answered:
Talk to your REALTOR. If you cannot purchase the property due to title issues (and therefore loan approval issues), then you should be able to terminate and get your earnest money back. But no one here is involved in your transaction or has read your contract. That's why you need to talk to your agent asap! Good luck! ... more
0 votes 1 answer Share Flag
Sun Jun 1, 2014
Lanre Folayan answered:
Hello Alexandria22303.

Like I just sold EhmDee, I really don't know why EYA developments are selling for much higher than the Pulte Arts District townhomes. It can be a number of things such as the price,incentives,terms and conditions,floor plan,fixtures in the house,space etc.

Hope that was helpful. Take care. http://www.freelistofhomesforsale.com/results?city=Hyattsville,%20MD&cid=%2715419%27&idx=85288&ptype=1&property_type_name=House_and_Condos&price=200000-300000
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0 votes 5 answers Share Flag
Sun Jan 5, 2014
Calvin Holt answered:
www.marylandhouses4sale.com is a good website to follow the ongoing housing stats for Hyattsville.
0 votes 3 answers Share Flag
Sun Jan 5, 2014
Calvin Holt answered:
another good website is www.marylandhouses4sale.com
0 votes 2 answers Share Flag
Wed Dec 5, 2012
Natalie Dean answered:
Hi Tawanda:
There are currently about 8 active properties on the market and ONLY ONE short sale. These being condos that is remarkable. They are newer and the community seems well kept. For more information go to http://bit.ly/YOL60x. The link will show you all of the condos that are currently for sale in the neighborhood and the price points.

To see market trends go to http://www.washingtondcluxuryhomes.net/mimarket/zip/20782/. This will give you an actual picture of what the market has done over the course of the last few months to see if this is the best purchase for you. For a more in-depth look and the ability to make strong market comparisons, contact me and I will be happy to assist.

All the Best!
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0 votes 2 answers Share Flag
Mon Sep 3, 2012
realtortheresa answered:
Our job is to facilitate the transaction. Not make any decisions for our clients. I wouldn't even think of putting myself in that kind of position by screening anything. Sounds like a liability and disaster waiting to happen, to me.
-T
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0 votes 3 answers Share Flag
Sun Sep 2, 2012
Don Tepper answered:
Lease-option the property, with a provision that the option doesn't have to be exercised until the delinquency rate declines.

Or use a land trust. The owner moves the property into the trust. The buyer is added as a co-beneficiary. The trust documents specify that the property will be brought out of the trust at a future point. (In this case, it would condition bringing it out of the trust on a decline in the delinquency rate to an acceptable specified percentage.) In this case, the buyer may receive the tax benefits of ownership.

Hope that helps.
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1 vote 4 answers Share Flag
Sat Mar 17, 2012
Greg Myers answered:
You might investigate the CDA (Community Developement Act) programs. Chevy Chase bank in the D.C. Metro area was the largest participant in the CDA programs but since Chevy Chase Bank was aquired by Capital One bank by the FDIC they have exited the mortgage market.


For CDA Programs try 1st Mariner Bank...Paul McCauseland....301-948-5255.

I am curious about the condo repairs that are needed, it is cosmetic or structual repairs.
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0 votes 2 answers Share Flag
Thu Feb 3, 2011
Akil Walker answered:
Homebuyer Mike,

By now I am hoping you were able to have successful transaction for the property you were interested in. I would suggest you and your agent take a look at the comps in the neighborhood. The banks like your normal seller want to net as much money as possible for the sale of their property. So if the property is something that you and daughter really want I would suggest you make your best offer possible that you feel comfortable with.

Best of luck
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0 votes 8 answers Share Flag
Tue Mar 9, 2010
Alqamar Malik answered:
Sullivan the timeline on an estate sale will depend on how far along in the process the courts are on that particular home. Most savvy agents would have gotten all the legalities out of the way BEFORE placing an estate home on the market for sale.

Please consult an estate attorney for further advice and counsel...

As far as representation goes for yourself, you certainly have the choice to use the sellers agent to represent you, but as Mansur put it so eloquently, just remember that the sellers agents best interest will be to his/her client! Feel free to contact me directly for more info, thanks.
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Fri Feb 26, 2010
David Zuckerman answered:
Depends on several factors:

What is the time frame for when you are tryign to purchase a home. Are you trying to buy a home and be under contract by the end of April in order to take advantage of the $8k tax credit. If yes start the pre-approval process right away. Who knows you may be suprised by the lack of damage to the credit scores that the collection has caused

If you already have a 620 credit score you can qualify for a loan rightaway using FHA. All your lender needs to do at that point is to request the removal from the actual credit report agregator. Note this doesn't impact scores but allows you to obtain the preapproval letter

If your score is less than 620 and only have one or two collection accounts ask the lender to "rapid rescore" the account which will involve the credit bureau rescoring your credit report within 3 days. However the cost of thsi process is around $30 per bureau per account so don't expect the LO rescoring too many accounts without already having a contract on a home..
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0 votes 3 answers Share Flag
Sun Feb 7, 2010
Alex Martinez answered:
2 Reasons why;

1. You are paying for both City and County Tax.
2. Both Jurisdictions are considering older, Comps for their assessments.

Sebastian
0 votes 1 answer Share Flag
Sun Jul 19, 2009
Cher Varnum-Glenn answered:
Hello LH, you need to definetely sit down with a Realtor and crunch the numbers for your current property in Capitol Heights to see what makes sense. If you can sell without losing any money after paying all selling expenses then you should sell the house first. Otherwise, it may be better to rent it out, just make sure your rent is reasonable enough to get a rental client and still pay the mortgage and expenses. (You may end up taking a loss, but talk to a CPA too.) Then you can worry about something near the college. Silver Spring (very commutable) has a lot of properties for sale which you might be able to rent. Look for homes that have been on the market for a long time, those sellers might be willing to rent to buy. However, be careful you are not getting into a property going into foreclosure. You could end up being without anywhere to live in the end. You will need a good contract to protect your interest as well as the seller's. Good luck! If you need more info, please contact me. Many thanks, Cher ... more
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Mon Mar 31, 2008
Hi answered:
wait
don't consider buying now
washington, northern virginia
prices still declining
more to go

anyways

good luck
0 votes 4 answers Share Flag
Sat Mar 29, 2008
Bill Wootan's Team One answered:
Maryland has a very high water table, and I was like you, when I moved here from 25 years in Atlanta, and being born & raised in Indiana, was suprized that I could not find a rambler with a full basement, or the ones I did find were smelly and full of mildew! My wife, after living here for over 40 years told me there are two kinds of basments in Md, those that leak and the ones that are gonna leak - I know there is new technology that puts French drains all around the perimeter, draining the same into a pit that a sump pump gets rid of - that works great till the sump pump goes out or the electricity goes off which only happens during big storms - so after looking for over 3 years for my perfect home, I settled for a rambler without a basement, and only a 2 car garage (I wanted a minimum of 3). Have a qualified home inspector go over the home carefully (not a friend or family member) and spot all the potential shortfalls, and get them addressed before you own the house - and good luck, I have sold some real estate in Hyattsville so I am somewhat familiar with the area!

Bill Wootan - Leader of Team One @ C21 H T Brown Real Estate, Inc.
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1 vote 1 answer Share Flag
Mon Mar 17, 2008
Dora Siverio-Macholl answered:
All the answers provided are good! I strongly agree with with the agent that mentioned that, BUYER is the one who really set the tone in this market. And you are obviously a well informed BUYER.

Your plan is good, just ask your agent to present the offer, and to provide all the documentation and rational you all took into consideration to determine this price.

After 6 months in the market, and if the seller really want to sell this property, they will be open to entertain your offer. Be ready for a counter offer in this case... Remember the inventory out there is big, you can keep looking if this offer doesn't work out.

Best of luck to you and your husband! and remember to enjoy this important moment.

Life is Beautiful!
Dora
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0 votes 6 answers Share Flag
Fri Mar 7, 2008
Marvin EMarv Corea answered:
Regardless of where you are looking to buy a rental, you need to be sure you are ready to invest in rental property. You have to ask yourself whether you want to be a landlord which is a much different business than just being an investor. If you don't want to be a landlord, then you must hire a property management and make sure your property has positive cashflow after all expenses. Otherwise, you don't have an investment, you have a liability. And you shouldn't bet on appreciation.

If you are sure you are ready (and ideally with a mentor) you can check active listings and consult with someone that has MLS access for rented properties in the area to determine values. You can also general information here:
http://www.huduser.org/datasets/fmr.html
... more
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