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Rockville : Real Estate Advice

  • All172
  • Local Info14
  • Home Buying49
  • Home Selling3
  • Market Conditions12

Activity 112
Sun Feb 24, 2013
Anne Coscia & Lora Graetzer answered:
Hello! You are welcome to check us out at the wbesite listed below. We are a direct endorsed FHA Lender and thoroughly enjoy working iwth 1st time buyers and more! We're working this weekend if you'd like to contact either of us.

Have a great Memorial Day weekend!
Anne & Lora
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0 votes 5 answers Share Flag
Tue Mar 4, 2014
Christine Sherrod answered:
Hi Tom,

I grew up in Rockville Estates and have lived in the area for 50+ years. You can go onto crime.com or better yet, go to http://www.montgomerycountymd.gov and go under police department to research some areas. You can also go under the schools tab, type in a property address under school locator, and get some great information there as well.

Just let me know if you need my help with your home search!

:-)
Christine
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Sun Aug 23, 2009
psouza answered:
Hi Dp - I am not clear on whether you are interested in this area as an investment opportunity or whether you plan on owner occupancy based upon your questions. However, there are many charming single-family homes in the Brookhaven subdivision ranging from the low-200's to high 300's. Most of these homes are 3-4 bedrooms with 2+ baths.

Relative to area development, I would suggest you check out the Maryland-National Capital Park and Planning Commission for planned development. The NCCPP-C websitse is: http://www.pgplanning.org/Planning_Home.htm

If you are interested in the investor/owner ratio of properties, you can determine this information through the public tax records with a little research.

However, the best way to determine whether you like the area is to view the homes. If I may be of assistance, please call me.
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0 votes 1 answer Share Flag
Thu Aug 20, 2009
Bruce Lemieux answered:
Amanda, When you make a purchase offer to a bank, they typically sell 'as-is', so you can write in an inspection contingency that allows you to void the contract if you don't like what you see, but often they won't make repairs. Estimate for these types of costs when making an offer.

In Montgomery County, a buyer's primary closing expenses come from transfer and recordation taxes, title insurance and loan costs. Title insurance and loan costs have nothing to do with the seller, however, keep an eye out for statements from the bank like "buyer to pay all transfer taxes". This runs about 2.2% of the sales price and is normally split between buyer and seller. If the bank want you to pickup everything, then this is an extra 1.1% that you need to incorporate in your offer.

The bank has to deliver a clear title, so they are responsible for back taxes, back HOA, etc.

Lastly, some banks are on the ball and can close deals quickly. Others aren't. The Washington Post just had an article about how many banks are taking months to close a deal.

Hope that helps -- good luck.
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0 votes 4 answers Share Flag
Mon Jan 10, 2011
Bruce Lemieux answered:
Hi S, This isn't a question a real estate agent can answer, so see an accountant.

With that disclaimer, since this is rolled into your mortgage, you didn't actually pay this fee at settlement, did you? It would have shown up as a line item on your HUD1, but then the amount on this line was added to your loan amount. Correct?

If this is the case, then your monthly interest paid and reported on your mortgage will include the incremental amount of financing for your PMI.

Again - I'm not an accountant! Good luck with your taxes. I hold a free community shred event the weekend after tax day. Drop by if you've got personal docs to shred - http://mocorealestate.com/community-shred-event/
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0 votes 3 answers Share Flag
Tue Mar 14, 2017
Gary May answered:
S.

Congratulations on taking the steps in becoming a home buyer. With the 8,000 tax credit what a great incentive to become a new home owner. With the FHA mortgage, you can finance up to 96.5% and you are required to contribute 3.5% for the down payment. A combo loan is something typically used with a 80% conventional first mortgage and a combo loan of up to 90%, 85% in most cases. If you are planning to use FHA then a combo loan would not be the best loan to help you achieve home ownership! I hope this helps. Check out my website for more information about the home buying process! ... more
0 votes 4 answers Share Flag
Thu Feb 18, 2010
Bruce Lemieux answered:
Hi Sanu,

As a buyer, you can negotiate credits to pickup closing costs from the seller. This is true of any buyer -- first time or otherwise. Your chosen mortgage will determine *how much* this credit can be as a percentage of the sales price. Bottom line -- there are several common mortgage programs that are available allowing the seller to pickup closing costs.

I would be happy to refer a local mortgage broker who can walk through options that best meet your needs -- just let me know by contacting me from my website below.

Good luck.
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0 votes 2 answers Share Flag
Sun Dec 25, 2016
James Downing answered:
There are many agents who specialize in working with buyers - just as there are those which specialize in working with listings, or high-end properties, etc.

Look for an agent who knows the area, has experience with first time buyers and whom you feel comfortable with. I would interview at least three agents before deciding.

Some agents have designations like (ABR) which is an Accredited Buyers Representative. These agents have extra training and experience in representing Buyers.

If you do decide to interview agents; I would like to be one of those you choose to interview.

Best of luck
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0 votes 7 answers Share Flag
Fri Feb 13, 2009
Dallas Texas answered:
Have a realtor pull history of like properties back up to the park. Usually homes back up to park are exception to rule where a family can walk out back door enjoy that entire area. HOWEVER it depends on what park is used for safety issues and concerns.

GREAT QUESTION
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0 votes 3 answers Share Flag
Tue Jan 20, 2009
Marty S answered:
The Non Jumbo limit is 417k.

Montgomery County is a high Cost area, so the FHA jumbo limit goes to 625k.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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0 votes 8 answers Share Flag
Sun Dec 25, 2016
Jonathan S Tucker answered:
Sue,

I am Jon Tucker with RE/MAX 100. Yes you can buy a home without 20%. FHA loans at 95% are still available. I have several good lenders I can refer you to who give good rates and fees to get our referrals. I would love to work with you to find a great home. Give me a call or email. TuckerRealty@comcast.net, 443.538.4316, www.JonTuckerHomes.com. I have several great automated search tools to find a great home at a great price. ... more
0 votes 8 answers Share Flag
Sun Mar 29, 2009
real estate md va dc answered:
No need to wait, you're in the middle of the drop.. If we could time the bottom of the market, we'd all be rich. I think you are fine to buy now. Just look at what they were asking for your home a year ago, and you should feel pretty good about the deal you're getting now. ... more
0 votes 9 answers Share Flag
Thu Nov 20, 2008
Derek Joyner answered:
It would be a door that if they let open than everyone would want to go thru that door. So they set it as a case by case basis. I think this is the best way to handle it. You leave that door to where you can shut it at anytime and you are not breaking any laws. Can you imagine what the banks would have to start charging for fees if they had a program to where you could check to see if you could short sale your house? Could you imagine what it would do to the sales prices of the market? You would not want this as an agent. It would drop the value of the homes in the neighborhoods you work in. Wouldnt you want to sell a $200,000 house instead of a $170,000 house? The purpose of the process is ment to be hard. It is like the military. If you sign up for the military. They take you to boot camp. If at any time you decide to quit, all that is to it is getting your papers signed and your out. But there is a system to go thru. And this system takes longer to do than it does to just tough it out and go thru boot camp. You would actually get out faster if you went thru the camp than if you decided to quit. Why do you think they did that? It is on purpose to make you just tough it out and do it. Plus you cant sale something that is not yours. The loan is the owners. They would have no right to negotiate how much they would really end up paying back. ... more
0 votes 7 answers Share Flag
Thu Oct 23, 2008
Amanda Lopez answered:
I'm not sure if it is a law but I have seen banks that won't pay commission to an agent purchasing a house that is bank owned.
0 votes 4 answers Share Flag
Mon Mar 20, 2017
real estate md va dc answered:
I live and work in Rockville. It's a great place to move to, but yes, the cost of living is very high.

Rockville Town homes currently for sale:
0 votes 7 answers Share Flag
Fri Mar 24, 2017
Jeff and Ginny Mitchell answered:
Coldwell Banker Mortgage is writing and closing FHA loans. You may contact any Coldwell Banker Real Estate office for a direct line to the mortgage representative in your area. If it is easier, you could also contact our regional mortgage agent in Florida Lisa Santoiemma Cell: (561) 234-6757 Email: Lisa.Santoiemma@mortgagefamily.com Good luck to you. ... more
0 votes 14 answers Share Flag
Wed Apr 27, 2016
Tammy Petrillo answered:
I believe there are too many factors driving the cost per square foot of homes in Montgomery county. Age of the home, exact location, comparables are a few that come to mind. Are you concerned about over-paying and if so, I would suggest you review the recent sales in the area. In some areas, a townhome would fetch a higher price than a single family if the townhome is newer than the single family home. ... more
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Mon Mar 6, 2017
Jan Brito answered:
Go to http://crimereports.com/. You can enter an address and get a map with the type of crime, date and time, and distance from the address. You can also enter just a zip code and get the same info. ... more
0 votes 4 answers Share Flag
Mon May 8, 2017
Bruce Lemieux answered:
Hi "S",

Right now, an FHA loan that requires a minimum of 3% down may be your best bet for a loan in the $500s. Most other loans will require 15 to 20% down. Speak to any reputable local loan officer and have them run the numbers for you so you know exactly what you can qualify for.

Good luck.
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0 votes 7 answers Share Flag
Tue Oct 11, 2016
Allison Ralph answered:
Do you care where they are or do you want somebody in your area?
0 votes 10 answers Share Flag
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