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Home Buying in Ocean City : Real Estate Advice

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  • Local Info0
  • Home Buying30
  • Home Selling7
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Activity 29
Wed Feb 8, 2017
Michael Nolen answered:
Hi Wayne,

The best way to accomplish this is to start getting listing notifications that are tailored and continually modified as your interest change. You should work with a Ocean City, MD Realtor® to help you.

You should also start touring properties. Visit open houses, ask questions to your agent, and visually see your future home. It's helpful to have someone you can rely on to answer your questions.

Your best action is to start getting connect with experienced local resources. I'd love the opportunity to guide you to own a beach place.

Great post!

Michael Nolen, Realtor®
Condominium Realty, LTD
(410) 390-2032
(410) 524-6400
... more
0 votes 4 answers Share Flag
Sat Feb 6, 2016
Kathywiley77 answered:
Fri May 22, 2015
Cindy Purcell answered:
Please call our rental department at 443-664-2549, ask for Marcy or Pam. They will be happy to assist you.
0 votes 2 answers Share Flag
Mon Sep 29, 2014
Gene Neal answered:
It depends on your debt to income ratio. I have successfully used rental income but there is certain criteria that needs to be addressed. Feel free to contact me through my profile for a no cost, no obligation rate and fee estimate. If the numbers work, great. If not, at least you know exactly where you stand. Or you can reach out to me at eneal@athccorp.com ... more
0 votes 2 answers Share Flag
Fri Jan 24, 2014
pamuu answered:
If you are still looking I have an awesome 2br 2bath oceanfront condo that has a 30% share available in Fenwick Island. You can contact me at pamuu@comcast.net.
0 votes 7 answers Share Flag
Fri Jan 17, 2014
Linda Moran answered:
Hi Walsh. Will Esham is a trusted real estate attorney who I would recommend you contact.
0 votes 6 answers Share Flag
Sat Oct 5, 2013
Jessica Hood & Laura Roskelly answered:
Oh boy, that should have been addressed with the Seller and his agent BEFORE he accepted the offer. If the Seller is unable to bring the cash to settlement and the mortgage can't be satisfied, the property cannot be sold.

The Seller has made a commitment to sell you this property. I would suggest that you work through your agent to propose alternatives such as the seller getting a non-secured loan or a loan from a family member to resolve this.

If you are not off by that much, you may even want to offer to meet them half way if you are able.

Always know that you can consult an attorney for detailed contract advice.

Laura Roskelly, Realtor® & Accredited Staging Professional
The Roskelly Team
RE/MAX Leading Edge
Hall of Fame member
410-721-6694 ~ Office
443-926-0090 ~ Fax
410-507-2495 ~ Mobile

Visit us on-line at:
www.FortMeadeHomes.com

Find us on Facebook:
www.facebook.com/theroskellyteamrealtors
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0 votes 5 answers Share Flag
Thu Aug 29, 2013
Mechelle Nichols answered:
Hi Sallyduke,

What you will find in the price range of 70K to 80K? Efficiency condo's under 400 sq. ft. with 0 bed & 1 bath from $69,900 to $89,900 with a pool. All conveniently located close to beach and boardwalk. While pricing for 2 story townhome with 2 bedrooms & 1.5 bath will begin at $158,000. Are you looking for more information on comparative market values? ... more
1 vote 5 answers Share Flag
Mon Jul 8, 2013
Dave Leiderman answered:
Hi KC.

Who did you use as your lender? Ocean City is a town driven by condos. All of our local lenders know how to get loans closed. I don't have as much faith with lenders from out of the area. I know several excellent lenders in this market as I live and work in OC.

Aside from dealing with someone locally, it really is like finding a needle in a haystack; I don't have any Sellers who are interested in doing owner financing. Most just want to move on. That said, if you send me your criteria I can search for potential properties that might offer to hold the note for 5 years. I can be reached at 443-235-3828 or dleiderman@cbmove.com.

Best,

Dave
... more
0 votes 3 answers Share Flag
Fri Mar 22, 2013
Michelle Blundell answered:
There are fantastic investment opportunites here in Ocean City, and you are on the right track seeking an oceanfront property, as they are in the most demand by weekly renters. You have many options when choosing a resort investment property. Some owners choose to block out certain weeks of the year for their own use, other feel that the income produced from the summer season is profitable enough that they reserve the off-season just for themselves. Ocean City has events that draw tourist throughout the year, so if you are guided to the properties that suit your personal and financial goals, I feel you would be pleased with your decision to invest here. I would welcome you to email me directly(see below) and I'll send you an overview of the options to consider when choosing a property, as well as the services I can provide to assist you in making a wise and informed choice. Thank you for your interest in Ocean City and I look forward to hearing from you!

-Michelle Blundell, Realtor
Long and Foster Real Estate, Inc.
ocmichelleb@longandfoster.com
cell:443-513-1313
... more
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Fri Mar 22, 2013
Ann Taylor answered:
I have a second home in Ocean City and it made it through just fine, never even lost power. Can't say that about my primary home!
0 votes 4 answers Share Flag
Mon Oct 22, 2012
Sharon Daugherty answered:
Charles - Just listed a beautiful unit at the Meridian - Ocean front - with over $60K in upgrades and high end furniture. Please email me at sydinc@msn.com and I will send you the listing with photo's. As well, I have three other oceanfront listings at the South Beach Boardwalk, Oceans Mist and L'Image. These are newer buildings and are all 3 bdrm 3 bath with very nice fit and finish.

I agree with the agents who have already responded in regards with pricing.
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0 votes 7 answers Share Flag
Sun Feb 26, 2012
Terry Looney answered:
Hi,
I just answered your question based on a single family home deveopment in West Ocean City, MD. It then occured to me that you may be asking about the condominuim development Whispering Woods. The housing development pays HOA fees which refers to Homeonwer Association Dues. Whispering Woods Condominium has condominium dues, which typically include the master flood policy, master hazard insurance for the buildings, the water (in about 99% of cases) exterior maintenance, management company in some cases and a few other things on a case by case basis. If that is what you were referring to then the condo fee works out to $195 a month. The water is included in the condo fees. However, there is a sewer sanitation charge that is paid quaterly. There is one listed now at $155,000 which doesn't list that fee,; the sanitation charge is based on how many fixtures are in your unit that empty into the sewer. I would be just guessing without first calling the city to find out , which I would be happy to do, and get back to you. Let me know if this is what you were asking about, or did I get it right the first time.
Thanks,
Terry Looney
410-726-7689
terry@terrylooney.com
... more
0 votes 4 answers Share Flag
Sat Jul 23, 2011
Dave Leiderman answered:
Unfortunately time elapsed on the market doesn't always have the impact that you'd hope for. Its usually a clear sign that the Seller(s) are unrealistic to the value of the property and even after almost 2 years their opinion of value may not have changed much. There is no going rate per se, certainly not in the form of square footage. The best way to propose an offer is to try to find similar value from recent sales. Pardon the plug, but working with an experienced Realtor will ensure that whatever offer you make will be an educated one. Feel free to contact me with any questions, dleiderman@cbmove,com. ... more
0 votes 1 answer Share Flag
Mon Apr 11, 2011
. answered:
Hi Joan,

If you are planning on generating rental income, the indoor pool may have a higher desirability for a tenant. On rainy days, and in off season times, the pool can still be used.

There are many factors to consider in comparing properties/buildings. Both are newer masonry buildings (masonry is preferred for insurance purposes), as well as street location.. ie - Adagio is located right as you come across the Route 90 bridge. Mayfair Beach is considered North Ocean City closer to Delaware line. Properties in North Ocean City have sometimes garnered a higher price.

If I can help, please let me know.

My best from the beach.
... more
1 vote 1 answer Share Flag
Mon Apr 11, 2011
Myrna Wright answered:
The Mayfair Beach is located in North Ocean City; has larger units than the Adagio that is more centrally located. The Mayfair Beach was built in 2005 while the Adagio was built in 2002. Both have luxury units to offer for sale in mixed price ranges. Both have a water view, but not an oceanfront view except one unit at the Adagio that is for sale at this time is oceanfront. ... more
0 votes 1 answer Share Flag
Sat Mar 19, 2011
Vickie Rohrer answered:
CURRENT FORECLOSURES / REO PROPERTIES IN OCEAN CITY MARYLAND. http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=20110319211114583835000000&s=11 ... more
0 votes 2 answers Share Flag
Tue Feb 8, 2011
Gary Carr answered:
If you look at a multi-unit property, also consider leveraging your risk by keeping some of the units for seasonal (summer/monthly/weekly) rentals and others for a full year lease term. There are plenty of locals that are looking for rentals and new leases during the "off" season too. You may collect less rent per month during the summer time, but it will be less aggravating than having an empty unit.

Also, follow the advice below. When buying an investment or commercial property - be insistent on reviewing the financials of the current owner.
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Wed Jul 7, 2010
Kman asked:
Wed Jul 7, 2010
Terry Looney answered:
I don't know of a list of experts. There are Realtors who have had experience with short sales either while representing the buyer or representing the seller by having the short sale listed. There are agents also that have taken a course to better understand the short sale process. I would call one of the Realtors you have been looking at and simply ask them their experience level with short sales. There are some basic things that pertain to all short sales but I have found that each is unique. One reason for that is the lender involved. I would suggest in addition to asking their experience with short sales, you ask their experience overall in the area you are looking. Don't be afraid to interview for a good agent. I would be happy to answer your questions if you called me.
Good Luck,
Terry Looney, CRS, GRI, WHC
... more
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