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Stevensville : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 12
Tue Nov 29, 2016
Kyle Walker asked:
114 Cockey Lane Stevensville, MD 21666 posted on Zillow
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Tue May 5, 2015
joshtrio asked:
Mon Mar 3, 2014
Petra Quinn answered:
Depending on your price range there may also be some 1 bedroom apartments in some of our water privileged communities. We have also newly added apartment complexes in the area, and a recently build 55+ apartment complex as well. Are you still looking? Feel free to contact me - Otherwise I agree with the previous answers, "The Update" often has local room-mate ads etc. ... more
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Fri Jan 10, 2014
If you are buying to build, I have a spectacular construction loan program that requires a very small down payment... In fact, if you own the land already, the equity can even be used as the down payment!

I defer to the realtors answers on the square footage issue. Doesn't seem conducive to generating interest in the property though!


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549
Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
... more
0 votes 8 answers Share Flag
Tue Nov 20, 2012
Rental income is calculated using Schedule E from the tax returns for at least 1 year (or 2 years if it's been owned for 2 years), or if it's been acquired after the most recent year's tax returns have been filed, then the lease agreement is used. Then you reduce it by the expenses on the property, the result is either a positive (added as income) or negative amount (added as a liability). So if your calculations are correct, you would get $60/mo income from rental property #1 & $650/mo income from rental property #2... and no liability from either of those properties, leaving only the $620/mo car loan & $250/mo student loan to be included in the debt ratio (as it appears you would be purchasing the new home after or at the same time as you are selling your current primary residence). If you purchase a new home for $260k ($260k minus $80k down payment = $180k mortgage), then from the numbers you provided, I figure your debt ratio should be less than 30%.

Was the credit union you spoke to still considering your mortgage on your primary residence in the debt ratio? Even if they were, you still look like you could qualify for a $260k sales price.

Obviously I'd have to look at the actual numbers to give you pinpoint accurate advice, but from the info you laid out my take on your situation is it should be possible to qualify for what you are looking for.

Shane Milne | Lending in all 50 states | NMLS #81195
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Wed Nov 14, 2012
Jim Bent answered:
Agree with most of the comments below. your best opportunity to answer your question would be to have a conversation with builder B suggesting your deal. Completed homes in new homes developments generally move well if priced well for the local market for those buyers looking for a finished product. Along with other comments below - I would be happy to schedule a time to meet, preveiw your home and provide my opinion of value and market time. We are headed into a slower marketing period of the year but homes are currently moving fairly well ... more
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Thu Mar 1, 2012
Mike Piasecki III answered:
First off, remember that although the community sales manager may be very friendly....THEY WORK FOR THE BUILDER, not you! That said should be enough. Get a good FULL TIME real estate professional to represent YOU in the contract and negotiations. The paperwork will still be done on the builder's paperwork, and the salesman will still be doing the selections with you etc. but the agent will be there to make sure YOU
are treated fairly.
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Fri Mar 4, 2011
James Anders Blackwell answered:
I've worked with Relocation sellers for over 8 years now. In my experience, you have to offer them something that makes it worth their while to deal with you, as opposed to taking their buy-out. Remember, when they take their buy-out, they generally do not have to worry about repairing any items that come up on a home inspection, which they may have to worry about if they sell to you.

Another strategy you may consider is to work closely with the listing agent to submit an offer the day the buy-out takes place. The transferee's employer does not want to own the house, so they have a vested interest to make a quick deal with you.

Hope that helps!
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Wed Feb 16, 2011
Robert Knapp answered:
You need to be aware of what is known as your debt to nome ratio. This is one of the tools lenders use when qualifying home buyers. To measure this ratio is to compare all housing debts, which includes your mortgage expense, home insurance, taxes and any other housing-related expenses. Once you have the total housing expense calculated, divide it by the amount of your gross monthly income.
My suggestion is you talk to a lender, Prosperity Mortgage 410-263-2688 tell them Robert Knapp from the Long & Foster Office in Stevensville suggested you.
Indications have shown that buyers are starting to make a move. Sales have increased so it might be a good time to revaluate the selling of your homes.
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Tue Jun 15, 2010
Scott Saunders answered:
One more thought....if you financial advisor suggests an alternate investment and you wish to continue to purchase rental properties, consider looking into a "self directed IRA" which, if you save enough cash to make the maximum contribution each year can be directed to purchase your piece of investment real estate once you have sufficient monies to do so. Look at to learn more about self directed IRAs.

Good Luck!
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Tue Jan 26, 2010
CubbieFan answered:
Thank you very much for great answers! I did some research on my own as well, and looks like first thing mother-in-law needs to do is to determine if the loan is assumable.
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Wed Oct 7, 2009
CubbieFan answered:
Thanks everyone! Well, My parents have found home, and will move in November.
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