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Home Buying in Kensington : Real Estate Advice

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  • Home Buying5
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Activity 19
Thu Feb 14, 2013
Your Solar Realtor asked:
Sat Dec 28, 2013
Rob Ertman answered:
None that I am aware of. Finding 0 down programs seems to be a program of the past.
0 votes 4 answers Share Flag
Tue Feb 11, 2014
answered:
All lenders can do this. You get a higher rate in exhchange for funds to be used to closing costs. The devil is in the details though so they need to clearly say what is considered a closing cost and what's not. Hope this was helpful.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 2 answers Share Flag
Sat Dec 28, 2013
Shanna Rogers answered:
Hi Chuckt,

Don't base your offer on assessed value or list price. Have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value and this is what you should base your offer on. Assessed value is not current market value.

Shanna Rogers
SR Realty
www.RealtyBySR.com
... more
0 votes 10 answers Share Flag
Fri Feb 22, 2013
Piero Marinucci answered:
Chuck, that's a great question. Having a brand new school should have a positive impact on values in the near term.

Is the house you're considering adjacent to the park? Being a direct neighbor of the school could be an issue. ... more
0 votes 6 answers Share Flag
Sat Dec 28, 2013
Tracey Simms answered:
If the home is listed with a Realtor, either you or your agent must contact that Realtor to present your offer to the owner.
0 votes 10 answers Share Flag
Sat Dec 28, 2013
Matthew T. Smoot (Asso. Broker) answered:
If you are receiving an FHA loan you will need to provide evidence to the lender that you do have the minimum required 3.5% of the purchase price in order to close on your loan. If you cannot demonstrate this through your bank statements or through gift of funds from a family member the underwriters of your loan will red-flag your file. ... more
0 votes 21 answers Share Flag
Fri Feb 22, 2013
Victoria Crown answered:
If you wrote an offer on a short sale, the seller would have accepted the offer subject to the bank's approval. You can request that the listing agent provide something in writing stating that the bank did not accept your offer. Most short sale negotiations are conducted through the Internet, telephone and via fax. Sometimes there is a way to provide documentation, other times there will not be documentation if the bank straight out rejected the offer. At minimum, the listing agent could write a letter and have the seller sign it stating that the bank rejected your offer. Was your offer at market price or below market price?

Victoria Crown
Broker Associate
www.SanDiegoCrowns.com
... more
0 votes 4 answers Share Flag
Sat Dec 28, 2013
Don Tepper answered:
First, forget the assessment. Assessments don't matter.

You're right that it's not easy coming up with good comps. I found the house you're considering and looked at comps within about a 1.1 mile radius--out to Viers Mill Road and down to the Beltway. And there were a few on larger lots. The difficulty is that many of the other recent sales are somewhat more modern ramblers or substantially newer colonials.

I'm not licensed in Maryland and while I know Kensington, I'm no expert there. But what I saw on MRIS tended to be in line with what those three Kensington Realtors told you.

In addition something that's only a 3-minute walk to a commuter line raises its value substantially. Properties within, say, a quarter mile of the VRE (in Virginia, where I can speak with some confidence) are worth distinctly more than the same properties a mile or two farther away. And that's the same with being close to Metro. Or a quick drive to get on the Beltway.

The extra land counts for something, but not a huge amount. For example, a house on 0.75 acres of land wouldn't be worth 50% more than a house on 0.50 acres of land. And even if you were to consider the assessment (which you shouldn't), in your case the land and the improvements (the house) are valued about equally.

If you don't have a Realtor representing you (I'm not sure about the standing of those 3 you spoke to), you should.

But, as I said: assessments don't matter. Location does matter. Amount of land matters somewhat, though really more to you (because of your dogs) than to someone who'd be just as happy on a third of an acre.

Recognize, too, that if you're having a challenge coming up with a "fair" price, the seller and his agent probably went through a similar exercise. So it's possible their number isn't as "solid" as if they were selling a cookie-cutter home in a large community. That means there may be more negotiating room for you.

So select a Realtor, if you haven't already, and have him/her do the best he/she can on comps. Then go from there.

Hope that helps.
... more
0 votes 6 answers Share Flag
Sat Dec 28, 2013
Carolyn Thompson answered:
Purchasing a bank owned home has numerous pitfalls. You can submit your offer. The bank will often accept your offer, but ask you to sign their addendum. *** Read this carefully, as the banks addendum often negates many of the terms and conditions of the offer you submitted. The addendum limits their liability and you may be responsible for unpaid taxes or other liens.

Many addenda state that you agree to pay for half the legal fees, should the bank decide to litigate. There is no cap as to what these legal fees may be.

Investors often purchase foreclosed homes, because they are accustomed to the potential pitfalls and weigh the risks.
... more
0 votes 7 answers Share Flag
Sun Oct 26, 2008
James Wheeler answered:
Financing-wise, you should be okay, assuming you're planning on a conforming or government loan. (What's the purchase price?) As I wrote earlier, there are extra considerations in underwriting for new construction properties, but they're manageable. ... more
0 votes 2 answers Share Flag
Fri Feb 22, 2013
Bruce Lemieux answered:
Sandy,

As a Realtor, I can stay up nights wondering if a contract is going to fall apart because a buyer's mortgage company 'changes its mind' and decides it doesn't want to fund a loan. The reality, however, is that once approved, loans are definitely being made. The big difference that I've seen is that the approval, underwriting and appraisal processes are much more stringent. Once you get through these hoops, however, loans are being made. If you have great credit and cash for a downpayment, then lots of companies will loan you money for a home purchase.

Good luck.
... more
0 votes 9 answers Share Flag
Sat Dec 28, 2013
Bruce Lemieux answered:
Hi Sandy,

A builder that's well managed with material and skilled labor can build a home very quickly, so I wouldn't be specifically concerned about quick construction. Still, with any purchase - new or resale - have it inspected by an experienced home inspector. Don't assume that because it's "new" it doesn't have flaws.

Another plus with new construction can be that the builder may have a warranty in place that covers leaks, foundation issues, etc.

Good luck - get a great deal!
... more
0 votes 10 answers Share Flag
Fri Aug 22, 2008
Maria Morton answered:
You can ask for anything you want. All the other party can do is accept or reject.
0 votes 6 answers Share Flag
Wed Feb 12, 2014
Catarina Bannier answered:
So do I (look at them as a plus). Not only are fears about radon levels put to rest, but they often improve the general air quality/ventilation in basements people spend time in. (And as many families turn basements into rec rooms or play space, very often those people are kids.) ... more
0 votes 9 answers Share Flag
Fri Aug 22, 2008
K Shaffer answered:
For more information - there are 3 beds on the main floor with a very small full bath. There are a nice family room and two bedrooms in the basement, along with a very nice master bath. We were hoping to use the downstairs bedrooms and master bath for a few years, slowly update the upstairs bathroom and then move upstairs once we have our next child. ... more
0 votes 10 answers Share Flag
Sat Dec 28, 2013
Maria Morton answered:
You should really be asking your buyer's agent to show you homes meeting your criteria. S/he will be able to show you all of the available homes in your price range with the appropriate number of bedrooms and bathrooms in the neighborhoods you are interested in living. S/he can tell you the pros & cons of each home. S/he can help you narrow down your choices from the office then take you out to see the top 5 or 6 in person. After seeing the available properties, you can discuss which ones will best meet your needs and look at the recently sold homes nearby to determine a reasonable price to offer. S/he will also help you decide which terms you may be able to ask for. Mold remediation can run from the thousands to the tens of thousands of dollars. Your realtor will most likely be able to help you locate one or more homes in the area that need less work than the one you seem to be considering. Unless of course you WANT a money pit. ... more
0 votes 6 answers Share Flag
Sat Dec 28, 2013
Alan May answered:
If the property is fairly priced, your agent should be able to back that statement up with more than just words. He should give you a market analysis, with very recent comparable sales... very recent. Have your agent show you convincing evidence of the homes true value, and then base your response on that. ... more
0 votes 16 answers Share Flag
Thu Jan 24, 2008
Gary J. Rudden answered:
Rob:

My company sold one rehab project that was completed in 2007 on Crestwood (10129 Crestwood Road). What were the address's of the rehab's you are asking about, and I will do my best to find out who did the rehabs.

Sincerely,

Gary J. Rudden, Broker/Owner
Congressional Residential Realty
... more
0 votes 3 answers Share Flag
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