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Ocean Pines : Real Estate Advice

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  • Local Info3
  • Home Buying11
  • Home Selling0
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Activity 5
Thu May 24, 2012
Imad Elali answered:
Hi Lynda,

Ocean Pines is about a 9 mile/15 minute drive from Ocean City.

I hope this helps.

Imad Elali,
410-250-1919
Imad@BeachRealEstateSales.com
0 votes 1 answer Share Flag
Tue Feb 7, 2012
Don Tepper answered:
No.

It doesn't work that way.

The new mortgage would only cover a percentage of the appraised value of the new property.

What you're talking about, perhaps, is called a blanket mortgage--a mortgage that covers two or more properties.

However, I'm not sure you'd see any savings from your plan. Your way, you'd have one huge mortgage on the new property and a paid-off second property. In the conventional way, you'd have two mortgages adding up to the same amount.

Recognize that you may not have to put 20% down on the new home. With FHA, for instance, you'd only have to put 3.5% down. And there probably are programs that would allow you to put, say, 10% or 15% down. That, in turn would reduce your required downpayment, while giving you more money to pay off the mortgage on your current home.

Check with a Realtor or lender for more information (and possibly other strategies to help you accomplish your goal).

Hope that helps.
... more
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Tue May 10, 2011
Bill Eckler answered:
Processing fees are considered by many as a"junk fee" and are not charged be all companies. Consider shopping around and/or negotiating this expense out of your transaction. Some consider this an amount that is in addition to the normal fee for professional services and excessive. ... more
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Wed Aug 3, 2011
Dave Leiderman answered:
In this market your best bet is to sell one of those properties first. I just went through a very similar scenario where clients of mine had to sell their home and a family member';s. It took about 4 years but we finally settled on a place a couple weeks ago. The problem is, Sellers don't want to take a contract contingent upon selling a property, especially if its not local to our area. Unfortunately, your best plan of action is to sell one or both of those homes aggressively then look to buy something. There's a lot of inventory to select from so its not as though you won't have options when the time comes. Take care of business in PA first. You'll be in a much better position to buy once everything's sold there. Best of luck. Hope this helps. ... more
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Wed Nov 30, 2011
Sharon Curtiss answered:
Hi Tim and Mary: I am a REALTOR in Ocean Pines, and there are over 140 3 bedroom, 2 bath homes currently on the market.. Of course these are not all original owner homes. The prices start in the low $200's and go up from there. If you can give me your price range, I would be happy to perform a specific search and then can look into the tax records to see if there are any original owners homes. Visit my website at www.sharoncurtiss.com and click on the link for "Delmarva Properties Online" listings to search using you own criteria. Feel free to give me a call and we can set up a time to meet. ... more
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