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Logan Circle/ Shaw : Real Estate Advice

  • All15
  • Local Info3
  • Home Buying7
  • Home Selling1
  • Market Conditions2

Activity 12
Wayne Johnson, Real Estate Pro in WA,
Tue Jun 11, 2013
Wayne Johnson answered:
Hi Trudy,

This condo at The Monterey was just listed last week. That is a great block right in a prime Logan Circle neighborhood. I would welcome the opportunity to show it to you or answer any questions you may have if you email me or give me a call.

Wayne
waynej@kw.com
202-494-0714
... more
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Trevor Curran, Real Estate Pro in Great Neck, NY
Sat Apr 21, 2012
Trevor Curran answered:
Good morning Loach311,

If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to finance up to 100% of the purchase price of the home. That means no down payment.
http://www.trulia.com/blog/tcurranmortgage/2011/10/va_mortga…

For other HomeBuyers, Non-Veterans, the program for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%.

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. Your Lender would have to obtain approval from a Private Mortgage Insurance (PMI) company to complete the loan approval.

The best way to have these questions answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs.

I hope that helps!
Trevor Curran NMLS #40140
... more
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Miekeba Jones, Real Estate Pro in Silver Spring, MD
Fri Apr 20, 2012
Miekeba Jones answered:
Miekeba Jones, Real Estate Pro in Silver Spring, MD
Fri Apr 20, 2012
Miekeba Jones answered:
Hi Househunt, do you need help finding a home? Im in the Logan Circle/Shaw area everyday. I saw a house just like that on the 13th ST NW being renovated. It was joined by an upper level like walkway. ... more
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Melissa, Home Buyer in Philadelphia, PA
Fri Mar 23, 2012
Melissa answered:
I have lived on Massachusetts btwn 13/14 for three years. I have always felt safe (and I have two small children). There are still prostitutes on L street, but there doesn't seem to be any additional crime associated with that activity. The Whole Foods on P street is great (but expensive). Overall, we love the neighborhood. ... more
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brent mendel…, Real Estate Pro in Bethesda, MD
Sun Jan 22, 2012
brent mendelson answered:
You won't get PMI with 5% jumbo money. Jumbo is any loan over 417k. At least I have never seen it. You only have to go down 3k in loan amount. Anyway on FHA it's pretty straightforward. 1% upfront that is usually financed in. Your monthly MI is 1.10% if you put 5% down. I have heard rumors this will change at some point this year.

Conventional is different and depends on several factors. Credit, type of home and DTI just to name a few.
You should have a loan officer compare FHA to conventional. There are also many different ways to pay for the MI. Monthly or a buyout are a few of the options. Again a good loan officer should be able to walk you thru the options, explain them to you and show you the best way to do it for you. Not what's easier for the loan officer. Hope this helps and please let me know if you need more information.
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
... more
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Robert Pratt, Real Estate Pro in Chicago, IL
Tue Apr 27, 2010
Robert Pratt answered:
There is a lot more for you to consider in this process than mark up. In fact, if you mark it up too much the bank will ignore your offer (unless you are paying cash). Just read an awesome article on Multi-Offer Strategy for Short Sales and Foreclosure properties. It covered a lot of bases and was written with a lot of tips and things that most buyers (and i'm sure a lot of agents) didn't know.

http://www.thechicago77.com/2010/04/short-sale-and-foreclosure-multi-offer-strategy/

It's a quick reed and it is highly recommended that you educate yourself about the strategy of a multi-offer situation; especially with short sales. There is a lot to know and because of the learning curve with a lot of agents you can't always depend on your agent to know the ins and outs of this form of sale/purchase.

Best of luck!
Dreamtown.com
... more
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Jesse @ Home…,  in District of Columbia...
Mon Dec 28, 2009
Jesse @ Hometryst.com answered:
I think it may in the future as DC continues to allow development without 1 unit to 1 space ratios. Many of the communities in the area allow 4 units to 1 space and many (like the Grant which doesnt have any). I always recommend that my clients purchase parking. As a worst case scenario it can easily be rented out for the same price that you paid for it so its a wash. If you dont buy with parking in 5-10 years parking will be even more scarce. ... more
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Richard Helb…,  in Bethesda, MD
Tue Jan 13, 2009
Richard Helbig answered:
Dear Joan,

The average appreciation was 13.4%

By putting Logan and Shaw "together" you're averaging-out quite a large variation among the 130 or so 2BR's that sold between the years, (from $150,000 all the way to $1.3mm). So, want me to dig deeper, give a call: 301-801-2970. Hope this is a start. Cheers,

--RICHARD--
... more
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Ralph Lee,  in 20011
Fri Aug 22, 2008
Ralph Lee answered:
I registered this beauty a few days ago and I did not see it profiled - 212 P Street, Nw
multi-family
0 votes 2 answers Share Flag
Carolyn Wirth,  in 20007
Tue Apr 15, 2008
Carolyn Wirth answered:
I agree on the parking... 30K is actually pretty cheap in that area and it's not likely to depreciate. You would also probably be able to rent it out if you moved from the unit and the parking is deeded separately. That is why you want to be sure it is separately deeded.

As for the price, I would ask your agent to run the comps. You should look at recent sales in the building and figure out a price per square foot. That should help you in making your offer. If you don't have a buyer's agent, I highly recommend it. You want to be sure your interests are represented and it's traditionally the seller who pays the commission. You have nothing to lose and everything to gain by using an agent.
... more
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