Ellicott City Realtor Catonsville Realtor

Featured Listing Friday - Custom Home Nestled in the Deep Forest - Private 10 Acre Lot Backing to Rocky Gorge Reservoir

Absolutely Beautiful Ten Acre Setting, yet conveniently located, this home offers many recent Upgrades include Gourmet Kitchen, Large Year Round Solarium, First Floor Master Bedroom Suite, Inlaid Hardwood Floors, Slate Foyer. Two Floor to Ceiling Fireplaces, High Cathedral and Vaulted Ceilings throughout. A Rare Opportunity!
Showings By Appointment Only

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Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Q:  How do I go about purchasing a home at auction?

A:  The first word that you need to think about if you are going to buy a property at auction is preparation.  For instance, if you're going to a foreclosure auction in the great State of Maryland, they happen at the courthouse steps, not at the property.  So you don't get a chance to go in the property to see it before you buy it.  In fact, you probably run the risk of great bodily harm or death if you go to the home.  If you go to someone's home to view it or ask questions, they're probably not going to be happy that you're trying to profit from their misfortune.

That being the case, in a foreclosure auction, there's plenty of due diligence to be done.  Here are just a few that I would do:

• What's sold in the area recently, and how it compares in age, square footage and condition
• You can find out how many mortgages the Seller has, because it may not be worth your while if they owe more than the value of the property.  In these cases, the bank usually takes them back.
• You want to find out if the taxes have been paid

This is a short list of a much longer list that I'll be blogging about over the next several weeks.  If purchasing a foreclosure property at auction is of interest to you, be sure to subscribe to this blog to follow the Thursday Q & A conversation.

And if you're an experienced investor, what diligence do you perform before an auction? 

Life After the Tax Credit.The Homebuyer Tax Credit expired on April 30, and there was a lot of speculation as to what was going to happen to the market once it went away.  Here in my local market, I've noticed a few changes:

• Many sellers are dropping their prices this week, in the range of 2 to 5 percent.

• This past weekend, showing activity dropped significantly.  This had me a little worried until...

• Showing activity this week and for the weekend coming up has picked up again.

This leads me to believe that serious buyers are still out there, and were not fazed by the tax credit's expiration.

Buyers - how has the expiration affected you?  Have you stopped looking, are you waiting to see if home prices drop, or are you continuing your home search?

Agents - what have you noticed in your markets this week?

Q:  I've purchase a home once already, and I did pretty well in the deal.  What's so different about buying an investment property?

A:  I've said them all before, but I will say them here again.  The differences seem simple:

• You do not fall in love with an Investment Property
• You do not fix up an Investment Property the way you would fix up your own home.
• An Investment Property is all about the numbers.  Unlike your home, whose primary function is to be your residence, an Investment Property's sole function is to make you money.  There is no other purpose.

It seems simple.  You would be surprised once you get caught up in the emotion how quickly you might forget these things.

If you're ready to purchase an investment property, give me a call.  I'll help bring you back to reality and determine if your excitement is based on the numbers, or on the emotion.

What do you do when a house comes on the market and it is perfect for your Buyers?  Not only is it perfect for your Buyers, it is also significantly underpriced.  Of course, you write a full price offer and have a home inspection.

What do you do when that home inspector comes up with a significant repair?  To give you an idea, on a $490,000 sale price, the inspector found $25,000 in repairs.  The Buyers do not have $25,000 to put into the home.

What do you do when the owner that you negotiated the sale price with is no longer the owner of the house?  A relocation company now owns the home, and working with relocation companies is like working with a bank on a foreclosure - there's no give.

I have my own strategy for working this out - what's yours?

We Love Local - Service Directory of Local Businesses for Howard County, Carroll County and Batimore County.

Maryland Home Painter:  Catonsville Paint Works

At a Glance:
Owner:  Steve Combs
In business since:  2003
Phone:  443-463-4472
Email:  info@catonsvillepaintworks.com
On the Web:  www.catonsvillepaintworks.com

With more than 15 years of experience as a Maryland Home Painter, Steve Combs started Catonsville Paint Works in 2003 and has seen his business grow and thrive through word of mouth referrals.  Steve is not only a top expert in his field, he gives great care and attention to the finished product.

Having used Steve's services, I am happy to include Catonsville Paint Works in my service directory.

Featured Listing Friday - Private, Patio Level Condominium in the Resdences at Lake Elkhorn.  A condominium community that backs to Lake Elkhorn and offers privacy, fishing, wildlife, a community pool, and convenient shopping. In a serene wooded setting, this former model home features beautiful landscaping that only awaits your personal touch.

• 2 Bedrooms
• 2 Bathrooms
• New Appliances and Countertops
• New Heating and Air Conditioner and Hot
• Water Heater
• Fireplace
• Built in Shelves and Finely Crafted Woodwork
• Hardwood Floors
• Ceramic Tile
• Soaking Tub in Master Bath
• Patio Level
• Custom Light Fixtures
• Large Rear Patio
• Bonus Storage Room
• Village of Owen Brown
• Talbott Springs Elementary School
• Cradlerock Middle School
• Oakland Mills High School

For more information, please feel free to visit the website or contact me.

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Top Seller Tuesdays - Spend a Little, Get a Lot!  A series of weekly tips for preparing your Maryland Home for sale that are simple, quick and designed to bring you top value.

• Improve safety by ensuring that windows and doors can't slam shut; fixing loose handrails on porches, decks, and stairways; and removing dangerous tools, sharp objects and hazardous materials from the garage.

If you'd like more information about preparing your home for sale, feel free to contact me.

Pristine Home, Completely Updated with Lots of Charm
$275,000

Move in today - you don't need to do a thing!

• 3 Bedrooms (Possible 4th Bedroom)
• 2 Full Bathrooms
• Kitchen and Full Bath are New and Fully Updated
• Hardwoods, Fresh Paint throughout
• Lower Level is Newly Finished with Family Room, Office/Bedroom and Full Bathroom
• Fenced Rear Yard
• Large Multi Level Deck is great for entertaining
• Quaint front porch with ceiling fans

For more information, click here.