MD, VA Foreclosures, First Time Buyers Grants, CDA Loans MD, Rehab Loans MD & VA

FIRE YOUR AGENT if THEY DON'T KNOW WHAT THEY'RE DOING!

YES!  THIS IS A RANT!!! 

I RECEIVE MANY TELEPHONE CALLS FROM BUYERS WHO ARE ALREADY WORKING WITH AN AGENT.  WHY ARE THEY CALLING ME??  Because they, the buyers, are frustrated.  They have been looking for a home to buy for weeks or months.  Their experiences are generally reflective of buyers who, with a little help with Down Payment or Closing Cost Assistance through GRANT or COUNTY/STATE programs, would be home owners. 

Fact is, THEIR AGENT ISN'T GETTING THE JOB DONE FOR THEIR BUYER/CLIENTS. 

SO MANY BUYERS WHO ARE "PRE-APPROVED" WITH LENDERS WHO ARE LIMITED IN THEIR LOAN PRODUCTS.

Sometimes, I lose patience and simply tell the buyer/callers to "tell your agent to "GET OFF THEIR BUTT AND FIND YOU SOME MONEY".

Mr. Buyer,  Please, if you have an agent, TALK TO YOUR AGENT.

Mr. Buyer,  Please, if you need closing help, TALK TO YOUR AGENT.  I can't help you.

Mr. Buyer,  Please, TALK TO YOUR AGENT and tell them to investigate First Time Home Buyer programs for you. 

Mr. Buyer,  Please TALK TO YOUR AGENT about why you lost 4 contract offers.

Mr. Buyer,  Please, TALK TO YOUR AGENT about why the bank didn't approve your Short Sale offer.

Mr. Buyer,  Please, READ YOUR CONTRACT WITH YOUR BUYER'S AGENT.  I can't tell you how to "get out of it".

Mr. Buyer,  Please, since you are working with an agent, CALL YOUR AGENT to show you that property for sale. 

Mr. Buyer,  Please, if your agent won't show you new construction, you need another agent. 

Mr. Buyer,  Please, if the lender your agent sent you to can't offer you grant money, you may want to work with another lender, TALK TO YOUR AGENT.

Mr. Buyer,  Please, if your agent says that there is no First Time Home Buyer help in your area, your agent needs to do their homework.  TALK TO YOUR AGENT.

Mr. Buyer,  Please, if your agent doesn't know about the grant program, tell them to GET OFF THEIR BUTT AND FIND YOU SOME MONEY!

Mr. Buyer,  Please, if your agent says VA loans are no good, you need another agent.

Mr. Buyer,  Please, if your lender says that FHA loans are no good, perhaps you need another lender.

Mr. Buyer,  Please, if your Short Sale offer had a 30 day DROP DEAD clause for bank approval, it was doomed before ever sent.

Mr. Buyer,  Please, if your lender doesn't offer the grant money, you need another lender.

Mr.  Buyer.  That Time Share is real estate.  It disqualifies you for this First Time Home Buyer program. 

Mr. Buyer.  Don't send your agent to call me about grant money.  Tell them to GET OFF THEIR BUTT AND DO THEIR JOB FOR YOU!

Mr. Buyer.  If your agent doesn't sell FSBOs, perhaps you need another agent.

Mr. Buyer,  If your agent doesn't sell Short Sale listings, perhaps you need another agent. 

Mr. Buyer,  If your agent doesn't sell foreclosures, perhaps you need another agent.

MR. BUYER.  AS LONG AS YOU ARE WORKING WITH ANOTHER AGENT, I CAN'T GIVE YOU ANY ADVICE ABOUT HOMES FOR SALE, MORTGAGES, GRANTS, DOWN PAYMENT ASSISTANCE OR ANYTHING ELSE!

Courtesy, Lenn Harley, Broker, Homefinders.com

THINKING OF BUYING A SHORT SALE or FORECLOSURE??  DON'T OVERLOOK THE HOME INSPECTION! 

WARNING TO HOME BUYERS CONSIDERING SHORT SALES OR FORECLOSURES (BANK OWNED PROPERTIES).  The information below is general in nature and does not apply to Short Sales or Bank Owned (foreclosed) properties.  Short Sales and Foreclosures are generally sold "AS IS".  Buyers may have a home inspection pursuant to a home inspection contingency to the Contract of Sale.  However, the home inspection will be for your information only and no repairs will be made by the seller or bank. 

HOME INSPECTIONS PROTECT HOME BUYERS

Homefinders.com believes that the single most important step a home buyer can take as a part of the home purchase process is the home inspection. No one can guarantee the condition of a resale home. Therefore, the home buyer should understand that

1. You, a home buyer, cannot rely on the seller for information about the condition of the home they are offering for sale.

2. Buyers can protect themselves with a home inspection.

3. Some states go farther than others in providing protections for home buyers with required seller Property Condition Disclosure, while other states follow the "caveat emptor" rule which requires that the "buyer beware".

PROTECT YOURSELF WITH A HOME INSPECTION

We, as your agent, will do our very best, based on our experience with hundreds of home sold, to make you aware of potential problems with appliances; heating/cooling, interiors, exteriors and things we can see. However, a trained home inspector will not only test the mechanicals and appliances in a house, they will also inspect the structure, materials and condition of the components of a property. Cosmetics are not a part of a home inspection.

A good home inspector will examine the house from top to bottom. Most inspections in Maryland and Virginia will evaluate the physical condition: structure, construction, and mechanical systems. They will identify items that need to be repaired or replaced. They will also give you an estimate of useful life of the roof, appliances, mechanicals and any other equipment included with the home purchase.

You have negotiated all price, terms and conditions of the home purchase and now you want the home inspected. Good. Let's walk through a home inspection. At this point, a successful home inspection should be a contingency, meaning that, if the home inspection reveals serious defects, the home buyer can void the contract and be refunded their earnest money deposit. If the buyer decides to negotiate with the seller for repairs or compensation for defects, that stage requires that the buyer and seller negotiate repairs or agree to void the contract. So, the home inspection is a very important aspect of buying a home. A home warranty is not a substitute for a home inspection. Most home warranty policies do not protect for pre-existing conditions.

WALK THROUGH A TYPICAL HOME INSPECTION

STRUCTURE
The home inspector will look for structural integrity, They will evaluate the quality of construction and materials used.

EXTERIOR
A thorough inspection of the roof should reveal any past or present leaks. The exterior finishing will be inspected for cracked bricks, loose siding, improper grading and anything else suitable for your purchase.

INTERIOR
The interior will be observed for signs of movement. A good home inspector will look for signs of unusual cracking, separating, shifting in the house.

MECHANICALS
The heating and air conditioning will be tested, temperature permitting, and since this is an expensive appliance, the inspector may recommend servicing of the unit if it appears that the present owners have neglected this important duty.

APPLIANCES
All kitchen appliances will be run through their cycle to make sure that they function properly. The refrigerator will be tested for temperature and seals. The range, microwave, disposer will all be run to make sure they know what to do.

PLUMBING
All bathrooms, kitchen, laundry, exterior plumbing will be tested and inspected. This task has become very important since builders have been downgrading building materials for several years to compensate for escalating land costs.

ELECTRICAL
All visible wiring, panel boxes, fixtures, switches, outlets will be tested for operating condition and safety. Often we find home owner repairs will be the most hazardous. If the homeowner did not obtain a permit and have work inspected, it may be defective and dangerous. A good home inspector spends a lot of time looking at electrical components of a house.

WHAT HAPPENS AFTER THE HOME INSPECTION??
If the home inspector finds serious problems such as structural defects, you will have to make a decision as to whether or not to go through with the purchase. If the home inspection shows defects that are repairable or replaceable, your agent will write an addendum requesting the repairs to be made by the seller prior to settlement. The seller may agree, refuse or negotiate a cash settlement to compensate you for the defects found. 

SHORT SALES AND FORECLOSURES ARE SOLD "AS IS". 

You and your agent will decide on the best way to handle any defects found. The important thing is that you are an EMPOWERED HOME BUYER when you know the good AND the not so good about a home.

Your Buyer's Agent may recommend local home inspectors or you can find home inspectors trained and certified by the American Society of Home Inspectors, ASHI.com.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

CASH HOME BUYERS BEWARE!  DO YOUR HOME WORK AND PROTECT YOUR INVESTMENT!

A telephone call from a lovely gentleman a few minutes ago serves as a reminder that, just because you're paying cash for a real estate purchase doesn't mean that you should neglect DUE DILIGENCE.

The gentleman has recently received a NOTICE from the County of Prince William in northern Virginia about a roof"that was installed by the previous owner over a patio in the back yard of the town home.  He was been noticed that the "roof" over the patio may have been installed with the benefit of a building permit and he should contact them and provide the county permit office with a plat of the property.

This is a town home property which means, to me, that there is a Home Owners Association.

The gentleman cannot locate the agent who represented him in the purchase but a few questions revealed:

1.  He did not have a survey made of the property prior to closing on the CASH PURCHASE.

2.  He did not read the HOA documents prior to closing on the property.

3.  He did not receive a plat of the property prior to closing (probably included in the HOA docs along with requirements for additions).

I FOUND YOU ON GOOGLE.  I receive calls of this nature regularly because when folks search Google for anything real estate related in my market area, they may run into one of my web sites or blogs.  Don't you love it???  I do.  I don't know what keyword phrase he used in Google but my web site was returned in the SERP.

My advice to the gentleman was to

• Review his HOA docs rules regarding modification, additions, etc.
• Contact the HOA and request a plat to present to the county. 
• I directed him to a web site where he can pull a the public records for his property.

I couldn't resist lecturing him about not performing due diligence before buying a piece of real estate.  Who knows, next time he's ready to buy, he just might remember who gave him some guidance in his moment of need.  He was very grateful and for some reason, I suspect that I will hear from him in the future.  Or, he will recommend me to another consumer of real estate services. 

WHAT COULD HAPPEN?  Several things come to mind including but not limited to:

• The county can inspect and issue a building permit for the structure.
• The county can inspect and order the structure removed (torn down), which in itself may require a permit. 

NOTE TO CONSUMERS:  Work with an experienced real estate buyers agent who will help guide you to the matters to investigate BEFORE you buy. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

HOME BUYERS ALERT! - - WHAT ARE YOU WAITING FOR??  - - THERE ARE ONLY 30 DAYS LEFT TO QUALIFY FOR THE $8,000 TAX CREDIT!

WHY DO THEY WAIT??  I believe that I've figured that out.

LanreFolayan wrote:  ANTICIPATE ALOT ACTIVITY AS APRIL APPROACHES

He's right, of course, but I have come to the conclusion that simply announcing the deadline isn't enough.

Question:  Does the serious home buyers understand that the deadline to qualify for the $8,000 tax credit is April 30, 2010?? 

Answer:  Yes!  They know about the deadline. 

The consumer and everyone else sees that announcement- - 

• Over the Internet. 
• They see it all up and down roads near new home communities. 
• They read about it in the newspaper. 
• They hear about it on the radio.  
• They see it on TV.

WHAT THE CONSUMER, ESPECIALLY FIRST TIME HOME BUYERS DON'T KNOW IS. . . . . .drum roll please!

THEY DON'T UNDERSTAND HOW LONG IT TAKES TO:

• Find an agent to help them.
• Find a home to buy.
• Find the right loan officer to get the lender's letter.
• Negotiate a fully accepted (ratified) Contract of Sale.

OF COURSE, THEN THE FUN BEGINS BECAUSE . . . . . another drum roll please!

They must get their loan approved and close on their purchase by June 30, 2010.

That will be another post.. . . . .  Violins please. 

CONSUMERS KNOW THE DEADLINE, BUT DON'T KNOW WHAT IT TAKES TO MEET IT!

Honey, do you think we can qualify for the First Time Home Buyer Credit??

I hope so Dear.  Agent Bob said this home was ready to go, but I'd like to see several more.  We want to make sure we see everything before we make up our mind.

Here's Agent Bob now to show this house.  Do you have the other ones that we picked out???

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

IT'S NOT JUST A HOME INSPECTION!

It's an inspection of the home your plan to buy.

This post describes the complexity of home inspections, often given short shrift by agents.  Nothing involved in real estate is simple and the home inspection is no different. 

While a home inspection is not a contingency on new homes as it usually is on resales, it is a good "back-stop" for the builder and county inspectors. 

Jay has gone beyond the mechanics of inspecting a home and examined the "theory" of recognizing a good home inspector.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

SAFETY FIRST is paramount in home construction.  I was shocked this a.m. when viewing a post by Steven Smith, a valuable ActiveRain member from the home inspection community.  Steven's articles are always interesting and helped by photos of defects.  Steven's post this morning showed a photo of a serious defect in a deck.  It's not known if the deck was installed on this "luxury home" when the home was built or if it was installed after the owner took title.  No matter, it presented a serious safety matter. 

IT'S NOT A "MISTAKE".  A "mistake" is dialing a wrong telephone number, making a wrong turn onto an unmarked road or finding at noon that you have on one black and one navy sock.  Brushing construction failures off as "mistakes" is simply a way of avoiding accountability for poor workmanship. 

SLOPPY CONSTRUCTION IS NOT A MISTAKE!  The defect shown in Steven's post doesn't reflect a mistake.  The photo reveals a serious safety matter.  It shows poor craftsmanship and a serious failure of quality control on the part of the builder or contractor. 

The photo of the construction defect in Steven's post got my attention because of the safety ramifications involved when a deck fails and they do.  Decks that are installed incorrectly are dangerous.  This is why a building permit is required for installation.  I know that Home Depot and others sell deck "kits" that are "easy" to install.  However, the instructions for these deck kits advise the purchaser to obtain a proper building permit. 

Who failed???  Quite a number of folks; the installer(s), the person supervising the installer{s}, the county inspectors (this is a code inspection matter where I live), and finally the home owner.  Steven's post also raised questions.  Was a building permit obtained?  Was the finished deck inspected.  Decks should be inspected at several stages; when the permit is obtained by the municipal permit office, when the footer is installed, when the deck is completed.  These are surely the minimum inspections required for deck safety.  In the case of the deck that Steven inspected and documented a serious safety defect, was that deck inspected upon "completion".  Doubtful. 

If a home owner is not competent to inspect the workmanship of a deck they paid to have installed on their property, they should hire a home inspector to inspect the installation when the deck is built.  Of course, if a building permit is obtained for the deck installation, the municipal code inspector will inspect the deck and that provides an important a layer of safety. 

I LOVE FOLKS WHO BUILD THINGS.  Carpenters, builders, drywall installers, plasterers, flooring installers, furniture makers, roofers, concrete contractors, brick masons, stone masons, and yes, deck builders.  Don't forget the electricians, plumbers, heating and air conditioning installers, maintenance service technicians, well diggers, septic installers and more.  I love them all.  When a craftsman comes to my home to install, build, inspect, repair or maintain a component, I am in awe of their skill and knowledge and I'm generally impressed by the process and the finished product or service. 

GET THE PERMIT.  Then when the deck is completed, have it inspected while there is still time to enforce the warranty if any.  If no warranty, the deck builder shouldn't have been hired.  If the deck was built by the home builder, the builder, in most states, had permits and a warranty on the deck. 

THE HOME INSPECTOR IS THE FINAL WORD ON CONSTRUCTION EFFICACY AND SAFETY.  Over the years, I've sold homes where the home inspection revealed and documented serious safety defects in installation and maintenance of decks.  This is particularly troublesome when it is a deck built many feet above grade with numerous steps (or not).   Of course, a person human doesn't have to fall too many feet to sustain serious injury. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.  Serving home buyers in Maryland and Northern Virginia. 

MARYLAND AND NORTHERN VIRGINIA HOMES FOR SALE ARE PRICED RIGHT AND PLENTIFUL.  However, home buyers must follow some rules to make sure that your loan application will be approved and you'll be able to close on your real estate purchase in Northern Virginia. 

MARYLAND AND VIRGINIA HOME BUYERS are very fortunate to have a wide selection of mortgage lenders in our area.  Homefinders.com works with every knowledgeable, experienced and accessible loan officers.   Unlike many areas across the country, Homefinders.com is always able to refer our buyers to experienced loan officers that with mortgage companies that offer the type of loan that you wish to use. 

TYPES OF HOME LOANS AVAILABLE IN MARYLAND AND NORTHERN VIRGINIA. Homefinders.com home buyers have successfully purchased homes with a variety of loan types, Conventional, FHA, VA, USDA, FHA-203(k).  From time to time, there are down payment assistant programs or grants available for qualifying home buyers.  Homefinders.com researches these programs and makes sure that our home buyers use resources for which they are qualified by income and other criteria. 

DON'T RISK A LOAN DENIAL.  Home buyers must do your part to ensure that your mortgage loan will be approved and you'll close your home purchase with a minimum of delay.  We advise our buyers about cerain actions that could cause a loan denial. 

HINTS TO HELP WITH YOUR MORTGAGE LOAN APPROVAL
Through telephone calls and e-mail we receive many questions from home buyers about searching for a home, financing a home purchase, Maryland or Virginia demographics and a thousand other questions. Below are a few questions we recently received.  They just might help you get to the settlement table.

SHOPPING FOR A NEW CAR AFTER MAKING LOAN APPLICATION
GIFT MONEY FROM PARENTS.  CAN I USE IT?
CHANGING JOBS PRIOR TO BUYING A HOME AFTER MAKING LOAN APPLICATION

SHOPPING FOR A NEW CAR

Q. Is it O.K. to buy a new car before I buy a home??
A. If you have made loan application to buy a home, you should delay any major purchases until after settlement.  Your initial loan pre-qualification and subsequent loan approval is based on a review of your credit report at the time of loan application.  If your credit report changes during the loan approval process, you may no longer meet the lender's criteria for qualification. 

Q. How would the lender know?
A. The mere act of SHOPPING for a new car will likely be recorded on your credit report. New car dealers (used dealers also) routinely ask for a driver's license to permit a test drive. With the driver's license, they often, without your permission, pull a quick credit report. This will be recorded on your credit report as an INQUIRY and may cause your mortgage loan to be denied. At the very least, you'll have to write a letter of explanation.

Q. Why does the mortgage lender care if I'm shopping for a new car?
A. Most home buyers are buying a home within certain loan limits based on their income and a percentage of that income as debt. If the mortgage lender believes that you might also be buying a new car, you may no longer qualify with the additional debt. Best to wait until after settlement to buy the new car.

GIFT MONEY FROM PARENTS

Q. My parents are going to give me $10,000 to help with my down payment. Should I deposit that money in my bank account?
A. It depends on when they plan to make the gift. If your parents gift you the money several months prior to making your home purchase, you will want to let the gift money "age" for at least 4 months prior to making loan application.

Depending on the amount of your down payment and the type of mortgage loan you plan to use, your lender may require that you have a percentage, usually 5% of the purchase price for a conventional mortgage, of your own money. While the $10,000 will surely be welcomed, you must show that you have the required down payment without including gift money. So, if a gift is made, it should be in your bank account for several months. When you make a mortgage loan application, your lender will require 2-3 months prior bank statements. The money must be included in your bank balance statement for the oldest month.

Q. I need the gift money from my parents for my down payment. Why does the lender care where my money came from?
A. Lenders are under a great deal of scrutiny by the government to "source" large deposits of money. Any large deposits will have to be documents carefully to show a good paper trail of money movements.

Q.  I need the gift money for my down payment.  What should I do?

A.  Be open with your loan officer that part or all of your down payment is coming from a family gift.  FHA permits gifts from family for down payments.  This may be a good choice of loan type for your needs.

CHANGING JOBS PRIOR TO BUYING A HOME

Q. I have been offered a job with a good pay increase. Can I take it even though we have already made loan application?
A. As long as you still qualify for your mortgage loan, which with a pay increase, you would, it is usually not a problem when a borrower changes jobs, as long as the job is in the same field.  However, you must make your loan officer aware of your plans.  You will probably need to be "on the job" and receive a pay check prior to closing on your home purchase. 

Q. I have a new job and my employer wants me to start two weeks after my home is due to settle. Can I still go through with the purchase?
A. Probably. However, your mortgage lender may require that you provide them with a pay stub showing that you have started your new job prior to settlement. This may cause a delay in settlement, but only until you receive your first pay check. This is often the case with relocating home buyers.

FOLLOW YOUR LOAN OFFICER or BUYER'S AGENT ADVICE when making loan application and you will probably avoid serious mistakes that would cause you delay or loan denial. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

TERMITE INSPECTIONS.  HOME BUYERS SHOULD ALWAYS INSIST ON HAVING A TERMITE INSPECTION.

TERMITE INSPECTIONS ARE REQUIRED FOR GOVERNMENT GUARANTEED OR INSURED LOANS.  When you apply for mortgage financing, many lenders will require a recent termite inspection and certification as a condition for home loan approval. The inspection must usually be done within 30 days of settlement.  Many conventional loans do not require a termite inspection.  Many agents will require a termite inspection to protect our home buyers.  Most government loans, Veterans Administration Home Loans and FHA loans require a termite inspection. Your agent will usually schedule and attend the termite inspection and make sure that their buyer or seller clients are protected. 

CHECK WITH YOUR AGENT FOR THE PROCEDURE IN YOUR STATE.  States differ in the custom of ordering termite inspection.  In most cases, the buyer's agent or listing agent will make the arrangements for the termite inspection company to get access to the property and deliver the Certificate to the lender, the seller or to the agent who ordered the inspection.

A TERMITE INSPECTION IS THE BEST BUY IN TOWN.  Termite inspectors typically charge $50-60 depending on home size.  Inspectors inspect for active and past infestations and prior damage left by previous infestations. In many states, the buyer pays for the inspection and the sellers pay for treatment/repairs.  If the buyer is using a VA loan, the fee for the termite inspection will be charged to the seller.  Also, FHA financing does not always require an inspection.  However, if the appraiser makes it a condition of the appraisal, it will have to be performed. 

Since the customs covering termite inspections differ in many states, ask your agent or refer to your Contract of Sale for the procedure in your area.  If there is an active colony of any wood destroying insect, the contract generally will require that the seller have the infestation treated prior to settlement and any damage resulting from the infestation repaired. In many states, there is a limit of 1-2% of the purchase price to cover treatment and repairs. Rarely does treatment and repairs cost more than 2% of the contract price. The termite clause in the Maryland Residential Contract of Sale is negotiable. What isn't negotiable is that many lenders require a Certificate.

TERMITE INSPECTIONS TAKE ONLY MINUTES.  The termite Certificate is usually good for 30 days, so most agents will order the termite inspection approximately one-two weeks before scheduled settlement. If settlement is delayed beyond 30 days of the Certificate, it will have to be updated.  The inspection will take only 10-15 minutes.  Homes with crawl spaces may take longer, but due to the moisture available, this is a critical area for inspection.

MEET THE BOROSCOPE.  Termite inspections are visual and include the interior and exterior of the residential building and generally do not include fencing or out-buildings.  However, if a fence is attached to the house or within inches of the property, many appraisers will require that the fence be included in the inspection.  Many termite inspectors use a Borescope which enables them to inspect behind the walls in areas not accessible for a visual inspection.  Other high tech equipment uses heat sensors to detect insects behind the walls and baseboards. 

PRIOR DAMAGE.  If the termite inspector finds evidence of prior infestation that has been treated but damage has not been repaired, the Contract of Sale in many areas will require that damage be repaired by the seller prior to settlement. Home owners can avoid termite damage repair only so long.

TERMITES ARE VIGOROUS AND HARDY CREATURES.  Termites date from the Early Cretaceous about 130,000,000 years ago.  Humans are believed to have evolved only about 5,000,000 to 7,000,000 ago. 

Many states are home to some vigorous and hardy termite colonies. They thrive on a moist climate, wood frame homes and mulch that most home owners use in flower beds.  Wood frame flower boxes close to a home are particularly attractive to termites. 

PROTECT YOUR PROPERTY.  Home owners should have a termite inspection performed by a licensed company every year. Once you have had a colony eradicated, you never know when they'll be back. Better be safe than sorry. $50 is not much to pay for peace of mind.

Be wary of home sellers who claim that the house is "protected with a termite company warranty".  Quite often home owners neglect regular inspection because they have a "warranty".  The warranty will usually provide for treatment under the warranty if, during the warranty period, an infestation is discovered.  However, the inspection is critical.

"DIDN'T THOSE TERMITES READ MY WARRANTY"?

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988,  

WHAT IS THE "MLW" FOR WATER FRONT PROPERTIES?  This is one thing you need to know if you are interested in buying a water front home in Cecil County, Maryland.  Boaters are familiar with the "Mean Low Water" information about properties on the Chesapeake Bay or the Rivers and inlets. 

Water front home buyers are a savvy group.  They pay a premium for water front real estate but the property must offer the features they want.  Some questions we get might include:

• Name of  the water body, meaning river, creek, inlet, cove, interior bay, marshes, on which the lot fronts.
• Water frontage in feet.
• Mean Low Water depth at low tide.  This measures represents the condition over a period of 19 years.
• Mean High Water and Mean Spring High Water representing high tides over a period of 19 years.
• Ordinary high water line and ordinary low water line is the present day measurement. 
• Average water depths around the property.
• Distance to the navigation channel, where applicable.
• Disclosure of any wetland (marshes, swamps, tidal flats, 100-year flood plains, etc.)
• Water and sewer availability. 
• Docks, Piers and Bulkheads constructed on the property.

Real estate agents who specialize in water front properties will provide this information for prospective home buyers.  We understand the importance of these matters for boating enthusiasts and water front home purchasers who have specific goals for the use and enjoyment of the property they wish to buy. 

Follow this series about waterfront properties in Cecil County and contact us if you wish to tour homes for sale with water front exposure in Cecil County, Maryland. 

A future chapter will discuss the fabulous fishing in Maryland.

                                            MAP OF CECIL COUNTY, MARYALND

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.

REAL ESTATE SECRETS THE AGENT MAY NOT TELL YOU (Originally published September 6, 2007.  The market has changed dramatically and so have some of the tips below.)

WHAT A REAL ESTATE PROFESSIONAL MAY NOT TELL YOU CAN BE
DANGEROUS TO YOUR HOME BUYING HEALTH.

Sound serious??  We hope so. The important thing is for us to get your attention before you hit the road with a real estate agent that may not be working in your best interest. Consider the following:

Secret: Dark roofs often do not last as long as light colored roofs. Further, light roofs reduce air conditioning costs by reflecting sunlight.  Your home inspector will estimate the remaining expected life of the roof as a part of the home inspection. 

Secret:  Attics were meant for ventilation.  If you store belongings in the attic of a home, you may reduce the life of the roof.  Ventilation prevents moisture and mold growth in attics. 

Secret:  If you put flooring over the insulation in your attic floor, you may reduce the insulation properties of the material.  Insulation works best when loose and deep.

Secret: Interest on your mortgage loan and real estate taxes are deducted from your gross income before computing your income tax. Wow.

Secret:  Your home inspector cannot order repairs.  Unless agreed in writing, the seller can agree, refuse or negotiate repairs. 

Secret: The agent's whose name is on the FOR SALEsign in the yard has promised the seller that he/she will get the best price for the seller.  The only information required of a seller's representative would be "material defects".  General condition of a property should be obtained the a home inspection with a contingency to void the contract if the house has serious maintenance, structural problems.

Secret: You can avoid Private Mortgage Insurance with down payments of less than 80% by using the 80/20 loan or 80/15/5 loan.  Many loan instruments popular in the past that helped home buyers avoid Private Mortgage Insurance are no longer available.  FHA and VA financing has gained in popularity with higher loan limits. 

Secret:  Radon inspections are inexpensive and Radon remediation averages about $1,500 or less.

Zone 1 = High

Fix your home if your radon level is 4 picoCuries per liter (pCi/L) or higher. Radon levels less than 4 pCi/L still pose a risk, and in many cases may be reduced.

Secret: Earnest money deposits may be forfeited if a buyer falsely represents his/her financial ability to obtain financing.  Buyers who do not cooperate with the financing paragraphs and cause the seller to keep the home off market have caused the seller serious damages and may not get their earnest mondy deposit refunded.

Secret: Real estate agents who work for companies that own lenders, title companies, termite companies, etc. often receive benefits for referrals to those affiliates. 

Secret:  Termite Warranties do not protect your home from termite damage.  Termites cannot read. 

Secret: The advertisement for homes for sale in the newspaper, home magazines are placed there by the agent that works for the seller.

Secret: Sellers cannot hide material defects by not providing a Property Condition Disclosure Statement. A material defect is a condition that would or may affect the value of the real estate or present a safety hazard.

Secret: Oral statements are not binding. 

Secret: There is no cooling off period or rescission period unless it is written into the contract. Once the contract is signed and accepted by both parties, it is a legally binding document.

Secret: Personal property does not convey with the real estate. Washer/dryer, etc.must be written in the contract to convey.

Secret: In most states, agents must disclose in writing which party, if any, they represent.

Secret:  When sellers with dog and cat pets move out, they often leave a growing infestation of fleas behind.

Secret: In most states, real estate conveys "as is", meaning - What you see is what you get. However, at the final pre-settlement walk through, appliances, heating/cooling electrical and plumbing must operate as the manufacturer intended.  The "as is" condition may be conditioned on an acceptable home inspection.

Secret: If the furnace filter is very dirty, that is a good indication of poor maintenance.

Secret: Carpet replacement does not always eliminate pet odor.  Carpet "allowances" may not always be permitted with certain types of financing.  Serious home inspections should be made of homes for sale with pets in residence. 

Secret: Home owner additions may not have been code/safety inspected by the county. Who inspected the homeowner installed electrical wiring behind that finished basement wall.  Subsequent owners may have to remove additions, upgrades, etc. if code violations are discovered.  Or, the county may perform "after the fact" code inspections.

Secret: Foreclosures do not always (or even often) sell for less than market. They often sell for more than similar homes in the area.  Foreclosures are usually priced based on an appraisal or comparable sales in the area and then "discounted" for condition. 

Watch out for pet odors when selecting a home to buy.

Secret: Most new home contracts do not have financing contingencies for buyers.

Secret: Conventional loans with less than a 20% down payment usually will require that buyers pay for Private Mortgage Insurance; FHA loans are insured by HUD; VA loans (or a percentage of the loan) are guaranteed by the Veterans Administration.

Secret: Only a buyer's agent can help you negotiate the best possible price, terms and conditions for a home you want to buy. Seller's agent (listing agent) is obligated to obtain the best price, terms and conditions for the seller.

Secret: Homes constructed prior to 1978 may contain lead based paint. You can have a home inspected for lead based paint before or after settlement.  Sellers do not have to agree to mitigate lead based paint.

Secret: Termites gain access to many homes through mulch used in landscaping beds.

Secret: Most co-workers fib about their commute time.

Secret: Offers to purchase real estate that are not in writing may not be enforceable. 

Secret:  Offers to negotiate the price of a home listed for sale have a much higher likelihood of being accepted than an oral offer. 

Secret:  Short Sale contracts between a buyer and a seller/owner are contingent on acceptance by a "third party" which is the owner/seller's lender.  A buyer may cancel a short sale contract up until the time a seller's lender has approved the contract and the buyer's deposit money should not be deposited until the owner/seller's lender has removed the "third party" contingency. 

Secret:  Foreclosures sold by banks favor investment buyers using with cash or with high down payments, no home inspections and/or quick settlement times.

Courtesy:  Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

Copyright 2007 Lenn Harley

I KNEW THE PRICES WERE GOOD, BUT . . . . .

I always want to know what the homes in a particular area were selling for in an earlier time and since this community was opened and the first homes closed in mid 2006.  So, I was able to compare SOLD prices from 2006 with today in 2008-2009.

The homes in this community are offered in 2,722 square feet models to 3,324 square feet models, plus a full unfinished basement.  At this time because there are only 4 lots remaining, the brick front, gourmet kitchen with Granite counter tops and Stainless Steel appliances are free. 

The community center is finished and ready for weekend enjoyment.

This is the best buy in Loudoun County new homes today.  Perhaps in the entire Northern Virginia area.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail Lenn.

ASHBURN VIRGINIA IS A BOOMING COMMUNITY IN LOUDOUN COUNTY.  New homes are selling.  New home prices are determined by:

• Lot Size
• Home Size
• Amenities
• Proximity to Tysons Business Centers and Washington D.C. 
• Proximity to Dulles Internation Airport.

Today, while previewing for a relocating home buyer, I visited a luxury home site that was offering homes in the LUXURY HOMES in prices that are the best value I have seen in the market for Luxury Home in Loudoun County. 

• Model #1 - 3,433 Square Feet - Base Price, $669,990.
• Model #2 - 3,525 Square Feet - Base Price, $679,990.
• Model #3 - 4,100 Square Feet - Base Price, $685,990.
• Model #4 - 4,243 Square Feet - Base Price, $699,990.
• Model #5 - 5,400 Square Feet - Base Price, $869,000.
• Homefinders.com new home buyers qualify for our New Home REBATE.

EXAMPLES OF HOMES IN THIS LUXURY HOME ENCLAVE IN ASHBURN - HOMES ON 1 ACRE LOTS.

I was amazed at the value.  These new homes are minutes from the Ashburn Technology Park.  I have sold two of these models from the same builder and the prices were higher in communities in Round Hill and Purcellville, 20- 40 minutes farther west.  There has never been a better time to buy new construction.

These homes in Ashburn include so many luxury features, there is little to add to the price unless the buyer wants to upgrade.  Standard features include but are not limited to:

• 2 Car Side Load Garage.
• Brick Front.
• Gas Fireplace in Family Room.
• Corian Countertops - Homefinders buyers receive a Granite upgrade, no charge.
• Owner's Suite Luxury Garden Bath w/Soaking Tub and Separate Shower.
• 2 Zone Heat/Cool.
• Much, much more.

You can tell a lot about a home from the Kitchen.  The images above are from Model #5.

This builder decided two years ago to go to very vigorous price reductions to keep building.  This means that they are offering superior luxury homes in popular communities at prices that will give value to our home buyers for years to come. 

Ashburn has too many amenities to list.  We'll save that for another post about recreational facilities, shoping convenience and transportation alternatives.  The photo to the right is a sample of what you'll find in Ashburn for the little ones. 

Ashburn is home to almost 25,000 deeded properties, including condominium homes, town homes and detached single family homes. 

Each community in Ashburn offers recreational facilities to neighborhood home owners with swimming pools, tennis courts, ball fields for organized sports for all ages.

Shopping is located in each community.

COMMUTING is easy from Ashburn to various employment centers.  The distance from these home sites to employment centers is approximately:

Driving commute from these home sites to locations below are approximately:

• Herndon -  9 miles - 18 minutes
• Vienna - 20 miles - 30 minutes
• McLean - 22 miles - 32 minutes
• Tysons Corner - 20 miles - 28 minutes
• Rosslyn - 30 miles - 40 minutes
• 18th & K Sts. N.W. Wash., D.C. - 33 miles - 48 minutes
• Dulles International Airport - 5 miles - 8 minutes
• Leesburg - 8 miles - 13 minutes

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

PURCELLVILLE VA NEW HOME, BEAUTIFUL WOODED LOT IN WRIGHT FARM.

THE BUILDER ISN'T WAITING FOR A CONTRACT.  THEY DECIDED TO BUILT IT. 

THEN, they reduced the price from $713,990 to just. . . . .

$699,900

$10,000 Builder Closing Help for Buyer.

$7,000 Homefinders.com Buyer's REBATE.

CONTACT ME FOR MORE INFORMATION:  LENN HARLEY, BROKER, HOMEFINDERS.COM, 800-711-7988.

This spectacular home is loaded with special features, including:

GRANITE COUNTERTOPS IN GOURMET KITCHEN * 3,535 FINISHED SQUARE FEET ON LEVEL 1 & 2. 

3 CAR SIDE LOAD GARAGE * 3 FULL BATHS ON BEDROOM LEVEL * POWDER ROOM ON MAIN LEVEL

3 ACRE WOODED LOT ON QUIET ROAD * GAS HEAT * FIREPLACE IN FAMILY ROOM * BRICK FRONT

THE RIDGLEY MODEL NEW HOME in WRIGHT FARM IN PURCELLVILLE VIRGINIA.

FINANCING OPPORTUNITY UNDER FHA:  Low down payment with FHA Financing - 3.5% Down Payment.

Contact Lenn for more information and a tour of this lot and to register for the buyers rebate.

Home can be completed in approximately 3 months. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

Wright Farm is located just north of the Town of Purcellvlle at Route 7 on Piggott Bottom Road.

                     BEAUTIFUL EXISTING HOMES IN THE WRIGHT FARM COMMUNITY.

LOUDOUN COUNTY NEW HOME BUILDERS KNOW THAT THEY MUST COMPETE WITH THE LOW PRICES FOR SHORT SALES AND FORECLOSED PROPERTIES IN LOUDOUN COUNTY. 

HOME BUYERS DON'T HAVE TO SETTLE FOR SHORT SALE OR BANK OWNED PROPERTIES.  Short Sales and foreclosures in Northern Virginia offer good prices.  However, short sale listings, while priced well offer no assurance that the seller can transfer title.  Home buyers who need a home don't always have the time to wait for short sales to close.  Foreclosures are rarely in top condition and while there are often good buys on the market for bank owned listings, buyers who are not interested in "as is" sales for homes that need repair may not find a home to suit in foreclosed homes.  Short Sales and Bank Owned homes for sale offer do not come with warranties.

NEW HOMES OFFER HOMES in HAMILTON THAT ARE READY FOR IMMEDIATE OCCUPANCY AND IN TOP CONDITION WITH FULL WARRANTIES on the structure, appliances, heating, cooling, roof, and the property will be in TOP condition.  Yes, you can have a home inspection on a new home. 

BUILDERS ARE COMPETING THROUGH PRICE, CONDITION AND WARRANTY.  Successful Loudoun County builders have discounted home prices and continued to build homes to sell.  Home builders know that Loudoun County is a dynamic location for job opportunities in the high tech fields.  Proximity to Dulles Airport, the Dulles Greenway, MARC Train and highly ranked public schools make Loudoun County one of the most popular areas in the Washington, D.C., Maryland and Northern Virginia for new homes. 

WE TOURED NEW HOMES  IN HAMILTON THAT ARE READY FOR IMMEDIATE OCCUPANCY.  Today we visited one of our favorite new home communities in Hamilton today looking for special opportunities for our home buyers.  Below are three special homes offered at spectacular prices.  These homes are complete with luxury features and are ready for immediate occupancy.  Hamilton is just 4 miles west of Leesburg Virginia and 3 miles from the Dulles Greenway and 10 minutes from MARC Train.   

Click the "Discounted Price" below to see photos and descriptions of homes.

         HOME IN HAMILTON VIRGINIA - THIS BUILDER OFFERS SUPERIOR QUALITY CONSTRUCTION

Ask about the Homefinders.com New Homes REBATE. 

Map and Facts about Hamilton Virginia.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

"Let's go to the mall.  I need a new casserole dish."

"Let's go look at some new cars.  The new models are coming out."

"Let's go visit the boat marina.  I've got my eye on a new Bass Boat."

"Let's go to the grocery store.  We are almost out of apples and cereal."

"Let's go look at some homes today.  I've got some Open House listings."

Hey, what's the difference?  Shopping for pots and pans, apples, shopping for a boat, shopping for a home??? 

Shopping is shopping, isn't it?? 

Why do we need an agent to shop for a home?  We have photos of the inside and outside.  We have a map showing the location.  We can compare the neighborhoods and schools.  We can see the prices for other homes in the are that have sold.  Maybe we'll save some money.  A Buyers Agent will cost a lot of money, won't it?

Shopping is shopping, isn't it?  Mom and Dad bought their home.  We can get some advice from them.

Owners sell their homes without an agent all the time, don't they?  We should be able to buy a home without an agent.  Maybe we'll save some money. 

How hard can it be to buy a home?  If we find a home we like, we can just let the listing agent do the paperwork.  After all, they have to be fair, don't they.  I'm sure they'll let us know if the price is good.  We'll look carefully when we see a house and if something is wrong, I'm sure we'll notice.  How hard can it be??

Shopping is shopping, isn't it? 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

About Buyer's Agency

How a Buyers Agent Helps

Things Home Buyers May Need To Know

REAL ESTATE IN LOUDOUN COUNTY where HOMESin Lovettsville, Aldie, Purcellville, Hamilton, Waterford, Round Hill, some areas of Leesburg and all of Western Loudoun County offer the best value, price and variety of properties with acreage for home buyers than at any time in the past 5-6 years. 

Prices are low and many sellers are selling at prices not seen since 2003.  Compared to other counties in Northern Virginia, Loudoun County real estate has a minimum number of foreclosures, bank owned or short sale listings compared to other areas in the MD/VA real estate market.

                         TYPICAL HOME IN LOUDOUN COUNTY IN THE $500,000 PRICE RANGE.

Click price for more information and photos of homes and some interiors. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail. 

MARYLAND IS A POPULAR LOCATION FOR RELOCATING HOME BUYERS.   

A few of the amenities that home buyers like are shopping convenience in all counties, shopping centers and community grocery stores for every preference. 

Transportation alternatives that include MARC Train, METRO, super highways, cross county roads, easy transportation to Baltimore City, Washington, D.C. Annapolis and employment centers throughout the area. 

Light Rail for Commuters
Compare Commuting Routes
About MARC Train
About METRO

Maryland Waterwaysare popular and plentiful.  Located along the Chesapeake Bay with several river tributories, water sports, boating, fishing and water oriented homes are very much in demand.   

MARYLAND FIRST QUARTER SALES RESULTS. Many homes that sold in Maryland during January, February and March of 2009 were foreclosure, bank owned properties. Investors have taken advantage of the low prices and made many investment buys. Home owners are finding prices increasing again after 3 years of price declines.

Anne Arundel County MD - 815 properties sold for an average price of $390,000. .
Baltimore County MD - 1049 properties sold for an average price of $280,000.
Baltimore City MD - 925 properties sold for an average price of $159,000.
Calvert County MD - 155 properties sold for an average price of $329,900.
Carroll County, MD - 185 properties sold for an average price of $297,000.
Charles County MD - 210 properties sold for an average price of $286,000.
Frederick County MD - 405 properties sold for an average price of $275,000.
Harford County MD - 363 properties sold for an average price of $270,000.
Howard County MD - 437 properties sold for an average price of $393,000.
Montgomery County MD - 1540 properties sold for an average price of $439,900.
Prince George's County MD - 1045 properties sold for an average price of 252,000

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

IS IT TIME TO BUY A HOME?  YOU BET IT IS!

PRICES ARE INCREASING FOR REAL ESTATE BUYERS IN NORTHERN VIRGINIA. 

AVERAGE SOLD PRICES IN NORTHERN VIRGINIA HAVE INCREASED BY AN AVERAGE 3.8%. 

 INTEREST RATES ARE THE LOWEST IN MEMORY.  Low interest rates will save you money over the years.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

Information about homes and real estate for sale in Northern Virginia.  Visit our home buyers sites below and you will be able to tour all ACTIVE listing of homes for sale.  No Registration Needed.

About Arlington City and County Real Estate

About Fairfax County Real Estate

About Loudoun County Real Estate

About Prince William County Real Estate

 About Stafford County Real Estate

PRINCE WILLIAM COUNTY, VIRGINIA REAL ESTATE IS HOT! 

FORECLOSURES / REO HOMES FOR SALE ARE HOT - HOT!

Sometimes it takes a lot of patience on the part of a good Prince William County Buyer's Agent to help their home buying client understand the real estate market when

THE BEST HOME ON THE BLOCK WILL ALWAYS SELL.  Homes in Woodbridge, Gainesville, Manassas, and all communities in Prince William County real estate are selling fast.  A review of the DOM (days on the market) for listings sold in Prince William County show that average DOM is far below what it was just a few months ago.  What does this mean for home buyer?  It means that the competition for homes listed for sale that are in the preferred locations and in the popular price ranges will sell.  Further, if a buyer sees a home that meets their needs in their price range and location of choice, if they are not prepared to make an offer, don't be surprised if the home sells before you can make the decision to buy. 

FOUR OFFERS AND NO CONTRACT.   One of our Prince William County buyers has been outbid on four homes in the past 2 weeks.  The offers have been at the list price, 3% above the list price, 7% above the list price and the last offer this week (outbit) ws 10% avove list price. 

What caused the turn-around in market activity?

• IT'S SPRING.
• THERE IS A LOT OF PENT UP BUYER DEMAND.
• MILITARY PERSONNEL IS RELOCATING TO PRINCE WILLIAM COUNTY.
• PRICES ARE THE LOWEST IN 5-6 YEARS.
• INTEREST RATES ARE THE LOWEST IN 25 YEARS.
• VA LOANS ARE ACCEPTED BY SELLERS AND HAVE REGAINED THEIR POPULARITY.
• THERE ARE SOME WONDERFUL HOMES ON THE MARKET.
• $8,000 INCOME TAX CREDIT - FIRST TIME BUYERS FOR HOMES PURCHASED BY NOV. 30, 2009.
• $10,000 GRANT FOR QUALIFYING FIRST TIME HOME BUYERS. 
• IT'S SPRING.

FINDING A GOOD HOME OFTEN TAKES PERSEVERANCE.  We're still looking and our buyers are determined to find a good home ss quickly as possible.  Our agent is prepared with forms, comperable sales reports, inspection dates, etc. with every tour.  We mean to help this buyer find their home. 

LISTEN TO YOUR BUYER'S AGENT.  Our buyers have finally learned to ignore the list price for the best homes listed for sale in Prince William County.  A home listed for $150,000 have sold for $220,000.  Another listed for $149,000 sold for $210,000.  The list price doesn't mean anything because the banks are pricing them low to encourage bidding.  Let your agent educate you about market value and make your offer based on recent sale, not the list price. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.

WATERFORD REAL ESTATE and HOMES FOR SALE - LISTINGS AVAILABLE APRIL 2009, READY FOR A NEW OWNER.  REAL ESTATE IN LOUDOUN COUNTY IS HOT AND HOMES ARE SELLING.

HOMES FOR SALE IN HISTORIC WATERFORD, LOUDOUN COUNTY VIRGINIA.  THE COMMUNITY BELOW IS WATERFORD RIDGE IN HISTORIC WATERFORD, VIRGINIA

WATERFORD, VIRGINIA HOMES AND REAL ESTATE FOR SALE.  The home to the right is one of the beauties for sale in Waterford.  New construction ready for you.

                        HOMES IN HISTORIC WATERFORD

Recent listings of homes for sale in WATERFORD all on 3 acre lots or more.  

Click ListPrice to see photo and features of homes for sale in Waterford.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.