Friday, January 19, 2018

The possibility of First-Time Home Buyers receiving up to $5500 in assistance by using a certain loan product


Check out out the loan program  if you or someone you know who is a potential First-Time Home Buyer is interested in the possibility of receiving up to $5500 assistance with this loan product.

*The program works for first time home buyers in MD, DC, VA, NC, SC, Al,, and GA, so the program may work for your family, friends and colleagues who live in several areas!*

This piece is courtesy of one of my colleagues in the lending industry.  Contact him for more information and to see if the loan product is for you.

in VA, MD, DC, NC, SC, AL, FL, and GA

Cell:  (301)943-4370
Email:  adambashein@gmail.com
www.basheinhomes.info

And, if you,  family members, friends and/or colleagues are starting to think about buying a home, contact me for a free and confidential, no hassle home buying consultation.  Even if they aren't thinking about buying yet but are curious about the market, have them contact me at (301)943-4370 or adambashein@gmail.com to set up an appointment.  I am always appreciate and have time for your referrals.

Life is good!
Adam
adambashein@gmail.com
www.basheinhomes.info
Cell/Direct:  (301)943-4370
Office:  (301)921-4500 -ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed





Wednesday, January 17, 2018

The magic price range in the December 2017 Housing Report for Single Family Homes in Montgomery County, MD, is $300k-$499,999

According to GCAAR's December 2017 monthly sales report for single family homes in Montgomery County, MD., more homes were listed for sale, went under contract and settled in the $300k-$499,999 price range than in any other price range.  There area lot of buyers in this price range.  

That being said, during December a good number of homes in other price ranges:  $200k-$299,999; $500k-$899,999.  

New listings, contracts and settlements in December were down significantly from December 2016.

With inventory down, the market continues to be solid.  Looking at the 'Average & Median Price' chart above, we see that prices went up significantly from 2016 to 2017, as the average sales price for 2017 was $594,820 while the median sales price was $480k.  "median price" adjusts and accounts for homes that sold significantly above or below most of the homes in the area.

Every market is different.




Call:  (301)943-4370
Email:  adambashein@gmail.com
www.basheinhomes.info

If family members, friends and/or colleague are thinking about buying and or selling in the Montgomery County, MD. area, please share this information with them and tell them that when we meet, I will do a custom market analysis of the area(s) they are looking to buy and/or sell in.  Some markets within Montgomery County, MD. are stronger or weaker than others.  Even if they aren't thinking about moving but have a real estate question or comment, I'd be happy to contact them or they can reach out to me if that is more comfortable by calling/texting/whatsapping me:  (301)943-4370 or emailing me:  adambashein@gmail.com.  I always appreciate and have time for your referrals.

Life is good!

Adam
adambashein@gmail.com
www.basheinhomes.info
Direct/Cell:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed





Monday, January 15, 2018

Some consequences and implications of waiving an appraisal contingency on your offer to purchase a home.


In a hot market and/or in situations where home sellers have multiple offers on a home that are very similar in terms, to make offers more attractive to sellers, either they ask or buyers offer to shorten if not outright eliminate some contingencies that are often in sales contracts.  In several recent multiple bid situations, the sellers via their realtors countered my buyers' offers, proposing among other things that my buyers remove the appraisal contingency.  I explained to them what the implications of waiving the appraisal contingency is and thought it would be beneficial to share this with you.

As part of the loan process on either a new purchase or a refinance, the appraisal report is a professional appraiser's opinion on the value of a home, which is forwarded to the lender, who bases the loan on the appraised value of the home.  The lender is looking to see if the appraised value is equal to or above the sales price.  When the appraisal comes in at a lower value than the sales price of a home, the lender adjusts the loan amount to match the appraised value.  

When a sales contract has an appraisal contingency and the appraisal comes in lower than the price in the sales contract, the buyer has the right to try and negotiate with the seller to see if the seller will lower the sales price to the appraised value or to an otherwise agreed upon sales price.   

When a home seller asks the home buyer to not have an appraisal contingency, it means that independent of what the home appraises at, the sales price will stay the same.  If the appraisal comes in at less than the agreed upon sales price, then the buyer must come up with extra cash at settlement to bridge the gap between the appraised value and sales price.  Without an appraisal contingency, a low appraisal cannot be negotiated.  A buyer with a low down payment and/or not extra financial resources may want and/or need the appraisal to come in at the sales price.  

On the other hand , a home buyer may offer such a large down payment that he or she may not need the home to appraise, as the loan is not for the full sales price.  So he or she may not care what the home appraises for and is confident that the appraisal will come in high enough to cover their loan amount.  That being said, some buyers feel better with an appraisal contingency, that they aren't paying above a professional appraiser's opinion on the value of the home.

When refinancing a home one owns, a home owner needs his/her current home to appraise at or above the price the owner purchased the home for.

Financially speaking a lender may approve a buyer for a loan that is at or higher than the sales price of a home, but when the appraised value comes in at lower than the sales price, the loan will be based on the appraised value, independent of the buyer's financial ability.



Call:  (301)943-4370
Email:  adambashein@gmail.com
www.basheinhomes.info


There are 3 situations where I might tell a buyer to perhaps consider waive the appraisal contingency:

1.  If the buyer is purchasing the home with cash.

2.  If the buyer intends to get a loan on the house, but has the financial ability to complete the purchase with cash and do a post settlement loan/refinance.

3.  If the buyer loves and need the home and/or its location, is planning on living in the home for such a long time that today's appraised value has little impact on the purchase, as the buyer has enough financial resources to complete the purchase just in case the appraisal comes in at a lower value than the contract price. 

Whenever a family member, friend or colleague tells you that he or she is thinking of moving, wants to talk about the real estate market or has a real estate question, please tell them that I would love to hear from them.  Either I can initiate the contact with them or they call/text/whatsapp me: (301)943-4370 or email me:  adambashein@gmail.com  - whatever is most comfortable for them..  I always have time for and appreciate your referrals, and am with my clients every step of the home buying/selling process.

Life is good!

Adam
adambashein@gmail.com
www.basheinhomes.info
Direct/Cell:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed



Friday, January 12, 2018

If you can afford to rent you can probably afford to own and we should meet


Great piece put together by one of my colleagues.




If  a family member, friend or colleague who is renting, he or she needs to get approved for a loan and meet with me to learn about the home buying process, what is brewing in the housing market and that there are probably homes for sale in their price range.  If they just want to keep on renting, then they are simply paying another person's mortgage.


Call:  (301)943-4370
Email:  adambashein@gmail.com
www.basheinhomes.info

Even if you know people who aren't in the market to move for a while but they are curious about the real estate market and/or have a real estate question, I would be delighted to meet and speak with them.  I always have time for and appreciate your referrals.

Life is good!
Adam
adambashein@gmail.com
www,basheinhomes.info
Cell/Direct:  (301)943-4370
Office:  (301)921-4500-ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed






During 2017 a number of Olney home buyers got great values between $300k and $400k! That could be you during 2018!

 



According to MLS, during 2017, 73 people purchased homes in Olney between $300k and $400k!

And, as a reminder another recent post of mine, according to MLS , during 2017, another 62 people bought homes in Olney for $300k or less!

Olney is a beautiful, serene area, with homes that have both a flair and good value  In addition, the Inter County Connector(ICC)/ made Olney even more accessible parts of the area, whether for business or pleasure.




Call:  (301)943-4370

Any time you hear of a family member, friend or colleague who is curious about the Olney community, the real estate market and the home buying/selling process,  whether he or she is thinking of buying or selling now or if it isn't going to be for a while, I always have time and appreciate your referrals.  If they want me to initiate the connection, I would be delighted to and if they would feel more comfortable initiating the contact, I would be equally delighted.  They can call/text/WhatsApp me:  (301)943-4370 or email:  adambashein@gmail.com.  Your family, friends and colleagues will thank you for connecting us.

Any time you or someone you know wants to see what is brewing in the housing market, whether it is in Olney or any other area in MD and DC, I invite you to visit www.myolneyhome.com.

Life is good!

Adam
Cell/Direct:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed


 
 
























































Tuesday, January 9, 2018

Look at the great value some lucky Olney, MD home buyers got during 2017. That could be you during 2018!

Call:  (301)943-4370
Email:  aambashein@gmail.com
www.myolneyhome.com

Great home buying opportunities in Olney, MD.  
Let's talk about the market!



Interest rates are great and still at an all time low.

Whenever you hear of someone thinking of buying or selling, please have them contact me and I will take great care of them:  (301)943-4370 or adambashein@gmail.com.    Even if they aren't looking to move in the immediate future but have a real estate question, I would love to hear from them and always have time for your referrals.

Life is good!
Adam  
adambashein@gmail.com
www.myolneyhome.com
Cell/Direct:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed




Wednesday, December 13, 2017

Some of my recent transactions in Maryland and Washington, DC! Thank you!




I wanted to take a moment and thank everyone who has had the confidence to buy and/or sell their home with me and referred me to friends who were looking to move.  You are the foundation for my success, I am licensed in MD & DC  and I thank you from the bottom of my heart.


Call:  (301)943-4370
Email:  adambashein@gmail.com
www,basheinhomes.info

It's too late, I secured the home sale/purchase for my client :-).



Any time a friend, family member, colleague or even you are considering moving, please contact me for a free and confidential, no hassle consultation to discuss your situation, the market and if buying/selling is the right move for them.  If you hear someone say that they have a real estate question, are curious about the market but not ready to buy or sell, I would still love to meet them for coffee and answer any questions they have.  Remember, I always have time for and appreciate your referrals.  Call/Text/Whatsapp:  (301)943-4370 or email:  adambashein@gmail.com

Life is good!

Adam
adambashein@gmail.com
www.basheinhomes.info
Cell/Direct:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed