Ellicott City Realtor Catonsville Realtor

You may have heard of FHA loans or FHA Mortgages - but do you know what it's about?  An FHA Loan is a loan that is guaranteed by the Federal Government.  It allows a buyer to put down as little as 3.5% on a property, which is very helpful in our market where home prices can be high.  FHA Loans are very common in our area, especially since the zero-down lending market has disappeared, and since the Government raised the limit to as high as $625,000 in some areas.

Other benefits of FHA loans are that they offer relaxed credit score guidelines, lower PMI (Private Mortgage Insurance) than Conventional Loans, and non-occupant co-borrowers.  Further, the Seller can contribute a substantial amount toward closing, as much as 6% of the Selling Price.

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Carroll County Sep 09

Just Listed - Single Family Home in Quiet Neighborhood
$255,000
Well maintained home with updates throughout!

 

 

 

 

 

 

 

 

 

 

 

 

 

• 3 Bedrooms
  
• 2 Bathrooms
  
• Renovated Kitchen with Corian Counters, Ceramic Floor, Maple Cabinets
  
• Freshly Painted Interior
  
• Large Master Suite with Walk in Closet, Sitting Area, Skylights
  
• Hardwood Floors on First Level with Chair Rail in Dining Room
  
• Recently Painted Exterior and Other Exterior Updates
  
• Nice Deck for Outdoor Entertaining!

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You may have heard lately on the national news that the Real Estate Market is flat.  Or you may have heard that the Real Estate Market is down, or not doing well.  But since Real Estate is sold on the local level, what's happening in other areas just doesn't apply here.

I've been working with a family the past few weeks - they are looking to purchase a single family home with an in-law suite.  They want what the area has to offer - good schools, good location, and a nice community.

We have place bids on three different homes in the past two weeks.  On the first two homes, my buyers were outbid, by other buyers willing to pay over the list price.  Currently, we are in a competing bid situation on a third property.  My buyers love the house and are willing to pay over the list price in order to get this home.

Needless to say, in this part of Maryland, in this price range (approximately $350 - $400,000), homes are moving.

The homes below represent a very small sampling of what's happening in our local market:  these homes are all located in either Howard, Carroll, Baltimore or Frederick County, have all sold in the past six months, and were all on the market for less than 30 days:

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Baltimore County Real Estate Market Update, September 2009

Very Large Home on a Quiet Street in a Neighborhood Popular for Gracious Family Life
$565,000

 

 

 

 

 

 

 

 

 

 

 

 

 

• 4 Bedrooms
  
• 2 ½ Bathrooms
  
• Stunning Living Room with Fireplace
  
• Sunroom and Patio
  
• Big Well-Landscaped Yard
  
• Hardwood throughout First Level
  
• Huge Basement and Rec Room

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Recently I got an email from a friend that told the sad story of a couple whose home had burned down.  The fire investigator, according to the email, was able to determine that the fire had been caused by a Glade plug in air freshener.

 

Since October is National Fire Prevention Month, I thought this would be good information to share with you.  My first step, though, was to check to make sure that the story was true.  There is a great website for that, www.snopes.com.

 

As I suspected, according to snopes, plug in air fresheners pose no greater fire hazard than any other household electrical appliance.  Although some fires may be attributed to the plug ins, they are far more likely to be caused by faulty wiring, than by the unit.

 

There are two take-aways from this:  first, don't believe everything you get in your inbox.  I think we all know this is true for the outrageous claims we sometimes receive.  It's always good to check even the ones that sound like they could be true.

 

The second take-away is that any appliance in your home can be cause for fire, whether through the wiring in your home, or through the defective appliance.  The best thing to do is to simply be prepared:

 

• Test your smoke detectors and change the batteries.
• Have an exit plan for your home, and an emergency preparedness kit.  Plan and practice your escape routes.
• Inspect your chimney regularly.
• Inspect and clean dryer filters and exhaust frequently.

 

For more fire safety information, visit www.nfpa.org.

 

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Howard County Real Estate Market Update, September 2009

Vacation Living Year Round in this Impeccably Maintained Condo
$430,000

Take a break and enjoy the easy life in this amenity rich community.

Buy this condo and discover that your gorgeous new home features a renovated kitchen with stainless steel appliances, breakfast bar and wine cooler, as well as a separate dining room – perfect for entertaining.

Enjoy a glass of wine by the fireplace, and panoramic sunset views in your living room with an inviting wood burning fireplace and floor to ceiling windows.

A getaway right in your own home, your Master Suite is complete with its own walk in closet. Ease of living continues with a separate laundry room and elevator right to your front door.

Your private gated community is complete with a pool, tennis courts, walking path, clubhouse and marina. Night life is pleasant and laid back, with restaurants and bars within walking distance. The good life is here – waiting for you.

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Lately I have been helping a family purchase a home.  Their current home is already sold, and we found the perfect house for them - it's in a great neighborhood that they want to be in, and it has a large in law suite.  Just before we wrote our offer, the Listing Agent told me the home could go into foreclosure.  When I asked what that meant, she said the Sellers were just a payment behind.

After receiving our offer, the Listing Agent called me to tell me that the Sellers couldn't come up with a counter offer, because they didn't know how much they owed, and they needed a little more time.  I asked the Listing Agent if she didn't have all of the necessary information, why list the home in the first place?  She replied that when she listed the home, it still had plenty of equity.  The home had been on the market for 66 days.  Now, she wasn't sure that the Sellers could afford to take less than the asking price (which was $40,000 to $50,000 over market).

Because my clients loved this home, we decided to wait one week for a response.  In that time, the Listing Agent was supposed to find out how much the Sellers owed in order to come up with a counter offer.  However, the Listing Agent called back to say that the Sellers owe more than the asking price and that their attorney has advised them against a short sale.  If the Sellers are behind on their payments, and they owe more than their home is worth, they are looking at two options:  short sale, and foreclosure.

When I last spoke with the Listing Agent, I asked her when had she been at the home?  She said that she had just been there a couple of weeks ago.  It was interesting to find out that she was unaware that the Sellers were not living in the home, and that it had apparently been vacant for some time.

Our MLS service requires that an agent disclose in the listing if a home is in foreclosure, pre-foreclosure, or is a short sale.  Clearly, the Sellers may have been less than honest with the Listing Agent, but a competent and experienced agent would likely have picked up on the other clues that the Seller was not being truthful.

This situation has me wondering a few things:  Why would an attorney advise a client to go into foreclosure instead of working out a short sale?  How is it possible that there was "plenty of equity" at the time of listing and now the Sellers owe more than the asking price?  Were the Sellers lying to the Listing Agent?  And if they were, how did the agent not see the writing on the wall?