We are getting ready to "Fall Back" to Standard Time!

Remember to change your clocks before going to bed on Saturday night, November 4 as Standard Time begins November 5th.

Call:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes,info

Remember not only to change the clock(s) in your home and on appliances, but your watch(es) and the clock in your car(s).  Also change the batteries in your smoke detectors.

Is the time right for you or someone else you know to relocate  The first move should be contacting me for a free, no hassle consultation. Call:  (301)943-4370 or Email:  adambashein@gmail.com.  Even if it isn't time to move but you have real estate questions, let me know.  I love to hear from you and I always 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

Washington, DC was the 7th most popular destination of people who relocated in 2016

Call:  (301)943-4370

Email:  adambashein@gmail.com

www,basheinhomes.info

In 2016 Washington, DC was the 7th most popular location of people who relocated.  

Will the trend continue in 2017?  It is a great time to sell if you own a home in Washington, DC and if you know anyone who is looking to relocate to the nation's capital, remember them to refer them to me. I am licensed in MD & DC.

If you or someone you know is interested in a real estate market analysis in the area they live in or are looking to move to in Washington, DC or Maryland, please contact me to set up a time to meet. I am always grateful for 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

RE/MAX Realty Group

Licensed in MD & DC

information deemed to be accurate but not guaranteed

Similarities between renting your home to a friend/local person and a foreigner

I had an interesting conversation with Jody Beal, the Property Manager of Weichert Realtors in Washington, DC to discuss evaluating an out of town rental prospect for one of my listings.

One of the challenges with a potential renter who is moving to the area from out of the country is that if you run a credit check on them, they may have no credit history in the United States. So another step in evaluating whether a rental prospect is a good fit for your home financially is through verifying income. This could be challenging with someone who is not from the country. There may be some skepticism because of internet scams. So, what can you do? One thought is to tell the person you want copies of bank statements from the institutions they bank at as one mechanism to verify income. I also insist that the prospect give you a letter from the local employer he/she is moving to the area for, which verifies the person has a job and states the income. On its face you look at the ratio of the rent to the person's income to see if it the rent you are charging looks attainable for the potential renter and then you contact the employer to actually talk to a person in human resources to verify the employment, as a letter can be falsified.

As far as security deposit and upfront rent, you should either ask for cashier's checks or if you get a regular check, allow enough time to pass that you can see the
potential renter's security deposit check clear and not bounce.

Some people are skeptical of renting their homes out when they can run a credit check or know the credit rating will come up low for a potential renter. So they may not want to rent to someone who is moving to the area from out of the country. But if this is your thinking, then there may be a fair housing issue if you decide to rent your home to a friend or local who has never rented a home before, maybe just got out of college/moved out of family's house and has no credit history. Or the friend/local might have just lost his/her home to a short sale/foreclosure so the credit rating was damaged. But if you would still rent to this person but not rent to someone from out of the country due to credit issues, there maybe a fair housing issue.

If a foreigner finds out that you rented your home to a friend/local who has no credit or bad credit after you turned the foreigner down because he/she had no credit, he/she may have a claim against you. You can't simply say the person is a friend/local so I feel more comfortable. You certainly can't say that to your realtor or he/she has to tell you that might be a fair housing issue and refer you to a property manager, a real estate attorney. One solution for choosing a friend/local to rent your home when this person doesn't have credit history or has bad credit is to get a guarantor to also sign the lease (that the rent is guaranteed by another party of the renter doesn't have the money). But, then you might need to propose to a foreigner that he/she gets a local guarantor to sign the lease. You really need to ask a property manager and real estate attorney these questions.

It is a great market to own an investment property, whether it means purchasing a new investment property or buying a new home and keeping your current residence as an investment property. You just to be familiar with the local laws regarding renting houses and get a realtor who can help you find a renter in the quickest and profitable fashion. I am here to help.

Life is good!

Adam
CELL: (301)943-4370
o. 301-718-4100 - ask for adam
adambashein@mris.com
www.basheinhomes.info
Adam Bashein
Licensed in MD & DC
Weichert Realtors

The "V": One way to evaluate the Real Estate Market and Interest Rates to Determine if it is a Good Time for You to Make a Move.

Do this as you read. Please print out the letter V which I have imported into this blog or draw your own V. If you draw the V,then also right on one leg of the V, "Interest Rates" and on the other leg of "Home Prices". At the top of each leg right the word "high" and at the bottom of each leg right the word "Low".

Now on each leg draw a circle where you think the market is as far as interest rates and home prices.

If both circles are near the bottom,then you feel that interest rates and home prices are low or almost as low as they can be. This would be an indicator that it is the perfect time to buy a home. A good time to sell if you have owned your home long enough to make a profit on the sale (your purchase price verses today's market price)with rates being low, so buyers can afford "more house".

If you circled near the bottom for interest rates and a little higher up on home prices--perhaps middle of the v leg,it would be an indicator of a great interest rates and healthy prices of homes,which is good for buyers and sellers.

If you circle toward the bottom it is also a great time re-finance. A wise word I heard regarding locking in a rate on new mortgage or re-finance: once you lock in the rate don't look back. If you don't think it is a good time to lock in the rate,then wait and risk whether rates will get better or not. I would take interest rates in the low to mid 4's any day of the year.

If there is a home out there that you like but hasn't sold, it could be a good time to buy a home now that has been in the market, that sellers don't want to carry through the fall and winter season.

If you didn't circle the bottom of the leg for interest rates,I'd be interested in knowing how low you think rates will go.

If you want to talk about your local real estate market and have a free pre-market consulation,give me a call. I am here to help.

Life is good!
Adam
adambashein@mris.com
Call: (301)943-4370
office: (301)718-4100
www.basheinhomes.info
Adam Bashein
Weichert Realtors
Licensed in MD & DC

Learning about potential homes

The other day I was showing a client a home and the showing instructions for this home require the listing agent to be present while anyone is looking at the home.

In the course of our conversation, he tells me of an upcoming listing and asks me to do a drive by of the home to see if it would be a fit for my client. We drove by and the home was intriguing


I did follow up research on the home, to see what I could find out in terms of sales history, improvements that may have been done by the current or past owner(s). I observed that the name of one of the current owners is the same name as the listing agent. His name is fairly common, like John Smith, so I would never assume, though this is very coincidental. So I called the agent to follow up with him and said, by the way, do you own the home, which you told me and my client to do a drive by of. He chuckled and said I see you are doing research on the home. He told me about some improvements he has done while living at the home. By the way, In MD. & D.C., once a home is listed, the agent is supposed to disclose if he or she has ownership in it and/or is related to the seller...that is one thing I wanted to share and teach you. I try to share and teach through my real estate experiences. I call it "living real estate". The other thing I wanted to show you was that through networking, I found out about home that is not yet on the market, which could this client the inside track on buying it, if it is a good fit and we agree to sales terms.

I am here to help you and yours achieve your real estate goals in selling and buying homes. I appreciate and always have time for your referrals.

Even if you aren't currently in the market, please ask me your real estate questions. I am here to help.

Life is good!


Adam
Call: (301)943-4370
adambashein@mris.com
www.basheinhomes.info
Adam Bashein
Licensed in MD & DC
Weichert Realtors
(301)718-4100

Improving Metro DC Market over the last Year. Great time to sell.

CNN/Money: Metro DC home sold prices up from 1 year ago through 2010 5.6%, homes listed 4% higher than a year ago and homes selling faster than nat'l mean average (Metro DC 87 days, nationally nearly 6 months). "Home prices should continue to improve as builders struggle to catch up with increasing demand." Thinking of selling your home,let's talk about the market. This is the time to get your home on the market as school year is ending and many buyers take this time to house hunt.

On top of that,according to Saturday's Washington Post,interest rates for 30 year mortgages went to below 4.5%...think of how much more house you can buy with a 4.5% interest rate than with a 6% or 7% interest rate.

Below is a link of CNN/Money article about Top 10 "turnaround towns"--improving real estate markets,which includes Metro DC.

http://www.linkedin.com/news?actionBar=&articleID=548966620&ids=0MdzoUdzoOdPkIc38SdzoVe3gRb3wUdPkPc34TdiMUcjoRdjwUe3gIcz4RcjAPcPsR&aag=true&freq=weekly&trk=eml-tod-b-ttle-44

If you know someone thinking of getting into the real estate market to sell or buy a home,I am here to help and am happy to provide a free pre-market evaluation.

Adam
adambashein@mris.com
CELL: (301)943-4370
www.basheinhomes.info
(301)718-4100
Adam Bashein Licensed in MD & DC
Weichert Realtors

Testimonial from a satisfied client. Let me make your home dreams come true!

May 18, 2011

To Whom It May Concern:

We just settled on our first home with Adam Bashein as our agent. Adam worked tirelessly to help us find the right house and reach settlement. He met with us on weekends and in the evenings to accommodate work schedules and replied to our emails and phone calls immediately. We had several negotiations in our contract, and he was always a strong advocate for us in all of these deals. We also had some last minute complications with details for the mortgage approval and settlement. Adam called and emailed the seller’s agent, mortgage company, and title company many times on our behalf and helped ensure that we were able to close on time without losing any of the seller subsidies. We would certainly recommend Adam to our friends and neighbors and to anyone looking for a patient, kind, knowledgeable, and hard-working real estate agent.

Sincerely,

Adam and Caroline Friedman

Are you or someone you know thinking of buying or selling a home? Let me know how I can help. Please contact me for a free no obligation pre-market consultation.

Adam
CELL: (301)943-4370
(301)718-4100
adambashein@mris.com
www.basheinhomes.info
Adam Bashein
Weichert Realtors
Licensed in MD & DC

How was the DC real estate market in December 2010? How did it compare to 2009?

GCAAR's Dececmber 2010 Residential Real Estate Market Report is out.

In Washington,D.C. single family homes, there were more signed contracts on homes in December 2010 than in 2009 and overall there were more contracts on homes in 2010 than 2009. This could have to do with buyers wanting to take advantage of the historically low interest rates and sellers being more realistic in both how they prepare their home to sell (in terms of property condition)and adjusting their pricing to the market.

Settlements were down in 12/10 compared to 12/09 but up overall in 2010 from 2009.


The median sales price of homes was up in '10 from '09 by roughly $12k. Buyers might have seen the tide turning in the market,with prices starting to go up,which would explain why more contracts were written in 2010 than in 2009. I always tell buyers that December is a great time to write offers on homes because many sellers psychologically want to go into the following year with their homes at least under contract if not sold.

A single family home is almost always a great purchase in Washington,DC because people of the transcient nature of the area. People often move specifically for jobs,particularly during election years. The benefit of single family homes is that you tend not to have monthly association fees (possible in gated community or townhome). You also aren't subject to rules and regulations of the condo/coop building. You are solely responsible for repairs,but the repairs are your decision to make and you award the contractor(s),where as a condo/coop board might make that decision for you. You also might have less noise from neighbors in a home than in a building. If you are looking at attached/semi-attached row houses,try to visit them a second time (look at it the first time during day when you can walk around the outside)in the evening when people might be home,so you can determine for yourself how quiet or noisy the neighbors are. It is all subjective. I suspect it would be least noisy in a detached home.

As far as condominiums and coops in Washington, DC, contracts were slightly up in 12/10 from 12/09 but down comparing '10 to '09. Settlements were down in 12/10 from 12/09 and also down in '10 from '09. Good news on the Median sales price: up c.$6k from 2009. One of the challenges I see is financing, when the ratio of properties owned by primary residents compared to properties owned by investors is so high that they aren't eligible for FHA loans. FHA loans have been extremely popular the last couple of years because they have only required buyers to make a downpayment of 3.5%. Regarding investment properties,many coops have regulations and restrictions on renting units out. They are concerned that rental units will pull down the property values.

A consistent objection to condominiums and coops that I hear from my clients is that the monthly condo fee is too high. Some buildings include the utilities and taxes in the monthly fee,which drives the monthly rate up. Taxes are almost always included in the monthly fee of coops. Some buildings have concierges..and if a concierge is at the front desk around the clock,that is an expense that even further drives the fee up. Other ammenities that drive the monthly rate up are pools and workout facilities in the buildings. Perhaps communities should consider lowering the monthly fees and have people pay for membership at the community pool and gym. They should also look at the cost and benefit of having a concierge at the front desk. Does this really add value? Is it a want or a need? My condominium building decided to eliminate their concierge a couple of years ago as a cost cutting measure. Many,including myself were upset about this and wondered if it would hurt our property values. It would have been less shocking if owners like me bought our homes when there wasn't a concierge rather than seeing the building eliminate the concierge. Another challenge is that not all condo/coop units come with a parking spot and if you own a car,you need to see if anybody in the building you are considering is looking to rent/sell his/her parking spot, find another garage where you can rent/buy a spot,get a street parking permit or way the pros and cons having your car verses selling it and renting a car when you need it.
Well,the good news is that we did lower our monthly condo fee to make our building more attractive to buyers.

Condos and coops are a great alternative to single family homes if you don't want to be responsible for mowing lawns,shoveling drive ways and sidewalks. Furthermore,you share expenses with the community when a part of the property,including a roof needs to be replaced. Further more,the property manager supervises the work for you and is looking out for your interests ,where as in single family home individuals have to interview,hire and supervise the work being done on the home. And,you have no one to share the expenses with.

If you are in the market to buy a condominium or coops,actually read the assocation documents,which is one of the contingencies in the sales contract. You want find out if any repairs will be coming up in the next year or two that will result in an assessment. You also want to look at the rate in which condo fees have gone up or down. Look at the ration of primary residents to investors and the rules about renting your unit out. My other suggestion is if you have been considering a 1 bedroom home but could afford a 2 bedroom home or a 1 bedroom home + den, give thought to doing so. Also,if a home comes with a parking spot,the parking spot will add value to your home when it is time to sell or rent. If your life situation changes a 1 bedroom home can very quickly feel too small. As far as selling your home down the road,there are a lot more 1 bedroom units on the market than 2 bedroom/1 bedroom + den homes. That being said a 1 bedroom home is good to buy and hold for investment purposes when you move out.

All markets are different. If you want to talk about the specific market you live in,are considering buying in,let me know. I am here to help. And,I always have time for your referrals.

Adam
CELL: 301-943-4370
adambashein@mris.com
301-718-4100
www.basheinhomes.info
Licensed in MD & DC
Weichert Realtors

Top Real Estate Producer,thanks to you.

I appreciate you following my blog,contacting me for your real estate needs and referring me with confidence to your family,friends and colleagues.

I am wherever you want to be in Metro DC.

Adam
CELL:(301)943-4370
adambashein@mris.com
(301)718-4100
www.basheinhomes.info
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Home seller strategy if facing potential short sale and have 2 mortgages

Are you in a situation where you may need to sell your home because you can no longer afford to pay the mortgage?

Do you have a first and second trust?

Before selling your home,find out about modifying your loan(s)if you don't want to move.

If you want to move and/or can't modify your loan, consider talking to the lender who holds your second mortgage (if you have a first and second trust) and talk about paying what you owe them.

It can take a while to hear back from a lender to approve the sale of your home when you are asking the lender to forgive the balance on your mortgage (if your proceeds from the sale won't enable you to pay off the mortgage and you are asking the lender to forgive the balance). When a seller has a first and second trust,it takes even more time because you are asking them both to accept losses, which neither wants to do.

Often the second loan is for a smaller amount of money and at a higher interest rate than the first loan. Some of the second lenders feel they should recover the entire loan or only have a minimal loss since the seller borrowed substantially less money from them. So they may hold up negotiations. Meanwhile, the first trust also wants to minimize their losses. so there is a tug of war between both lenders (it might be easier to negotiate if both loans are with the same bank,but it depends on the bank).

I am working on a contract now, where the seller engaged the second lender in conversations to pay off her loan prior to selling her home. The seller and second trust came to an agreement,so the seller is paying off the balance. We will now "only" need one lender to approve the sale. I applaud the seller for doing this and wanted to share this idea with you if you or someone you know is in a potential short sale situation and wants to increase the odds of a successful sales transacation.

As a potential seller in a short sale situation, make the best of a bad situation. In addition to making your home show well,talk to your lender and if you have a first and second mortgage,do everything you can to pay it off before selling your home. Some buyers are only interested in looking at short sales where the seller only has to get one lender to approve the purchase because they believe it will take less time for the sale to be approved and there may be more negotiating room on the buying side if only one lender has to approve the sale price and terms.

If you or somebody you know wants to talk about short sales or the market,let me know. I am here to help and am anywhere you want to be in Metro DC.

Adam
adambashein@mris.com
www.basheinhomes.info

CELL: 301-943-4370

Adam Bashein
Licensed in MD & DC
Weichert Realtors
301-718-4100
7821 Tuckerman Lane
Potomac, MD 20854

Is your home LEGALLY REGISTERED as a rental property?

This post was originally motivated by a real estate transaction that I am working on,where the home has a "basement apartment". The basement has a full kitchen,full bath,bedroom and a seperate entrance (you don't need to go upstairs to the "main level" of the home in order to come and go from the house.

If you are looking for a home to buy and one of the homes has a basement apartment tell your lender (if you are getting a mortgage)because lenders will consider your credit,your income and POTENTIAL INCOME (if the home you want to buy has a basement area that can be rented out) and enable you to take out a larger loan. This helps if you aren't approved for a large enough loan to purchase the home (without the potential rental income). Most importantly,check that the basement apartment is registered in your area as a legal rental property. As a home owner,if you are considering selling and have a basement apartment--even if never used as a rental property,I suggest getting it legally registered so more potential home buyers can afford your home.

The second motivation for this post was the 11 O'Clock news on WRC Channel 4 last night. They were reporting from Georgetown,a suburb in Washington,DC. Apparently local residents are unhappy that homes are being used as rental facilities for students at Georgetown University,so some owners are knocking on doors of their neighbors to see if the homes are "owner occupied" or not. The neighbors are taking down notes to check if the homes that are being rented out are registered as legal rental units in Washington, DC. IF the homes are not legally registered,the owners of the homes do face legal consequences. Homes that are registered as legal rental properties are subject to inspection by the local housing authority. I know first hand as my rental property was inspected a few weeks after I registered as a legal rental unit.

So, I want to remind anybody and everybody,in Washington,DC, Maryland and around the globe to make sure if you are a landlord..whether you are renting out your entire home,a room(s) or basmement apartment,that there are legal consequences. You may be subject to an inspection from your local housing authority and an inspection from your neighbors.

If you or anyone you know would like to discuss this topic or discuss the real estate market,give me a call or send me a message. I always have time for your referrals.

Life is good!



Adam
Cell: 301-943-4370

adambashein@mris.com

www.basheinhomes.info

Adam Bashein

Licensed in MD & DC

Weichert Realtors

7821 Tuckerman Lane

Potomac, MD 20854

301-718-4100 ext. 132

Testimonial from a satisfied client. How I can improve your real estate experience.

October, 28 2010

"Dear Adam,
Yocheved and I wanted to express our thanks and gratitude for all that you did to help us find our new house. You worked tirelessly (especially considering how picky we were), were always available, and helped us from beginning to end to ensure that we would find the right place. We were especially impressed with the idea of sending letters to people in the area where we were looking to see if anyone not yet on the market was interested in selling. It was very comforting knowing we had someone whom we could trust with us throughout the whole process. This feeling was cemented when you were able to negotiate for us a more favorable settlement at the time of the closing (which saved us a nice sum of money). We would certainly recommend you to other people (and in fact we already have).
Best of luck and may Hashem bless you with much success in all of your endeavors."

Sincerely,
Avraham and Yocheved Sussman

-----------------------------------------------------
If you are thinking of buying or selling a home,I want to make it the most positive and effective experience for you.

I'm here to help.

Adam

Cell: 301-943-4370

adambashein@mris.com

www.basheinhomes.info

Adam Bashein

Licensed in MD & DC

Weichert Realtors

7821 Tuckerman Lane

Potomac, MD 20854

301-718-4100 ext. 132

Tips when listing your home for sale

1. Be comfortable that the realtor you are interviewing provides full service,is easy to reach.

2. Listen to your realtor's suggested price/price range for listing your home. Part of the reason you are hiring a realtor is because he/she knows the market and has seen other homes in your neighborhood that have been listed and sold. He/she is using sales data and important neighborhood knowledge in suggesting the list price/prce range. If you strongly disagree with the agent's price opinion,you can either make an agreement up front to try your price and after a certain time period reduce to the price he/she suggests. That being said, the market does change and his/her price opinion may change based on market activity since your home has been on the market. Also consider getting an appraisor to come in and give his/her price opinion so you have a general idea of what the bank thinks your home is worth,should a buyer come in who wants to purchase with a mortgage.

3. Tying to #2,ask your realtor which homes he/she is using for sales comparables and ask why they are good comps.

4.Turn the lights off! Most buyers ask for utility bills. Montgomery County requires sellers of primary residents to disclose their utility bills for the last 12 months.
"Energy wasters" who sell a home will rue the times they forgot to turn off lights, turn down the air conditioner or left the TV on all day. It would be ill-advised to fake the amount of energy being used by simply living in the dark and cutting utility costs to nearly zero. However, careful and prudent use of energy can cut bills by enough so that a buyer does not have sticker shock about what it costs to maintain electricity, gas or oil to run a house.

5.Sell "Green". Not very many homes are actually built with environmentally friendly material or heated by solar panels or wind. But those that are have a special appeal to the crowd that buys green cars such as the Prius. A seller may have one of only a few "green" homes in their town or city. That may make it highly desirable to many shoppers.

6. Get a home inspection before your home is on the market so you are aware of issues and can repair them before buyers come through. Buyers often use the home inspection report as a negotiating point. You may be saving thousands of dollars by knowing and addressing inspection items up front instead of waiting for a buyer to ask for as subsidy.

Have any questions about your home and the home sale process? Give me a call; I am here to help

Adam
adambashein@mris.com
www.basheinhomes.info
301-943-4370

Adam Bashein
Licensed in MD & DC
Weichert Realtors
7821 Tuckeman Lane
Potomac,MD 20854
301-718-4100 ext. 132

Do you think you understand agency? Don't think so;know so!

I was on a teleconference call last week where the topic was agency,specifically with buyers. This is because when a home is listed for sale with a realtor,typically a realtor will have the seller sign listing papers including understanding who the agent represents. I don't know a realtor who would list a house for sale without a formal listing agreement.

The challenge comes into play with buyers and buyer agency. There wasn't always buyer agency and so many realtors who have been in the business 20+ years out of habit may not explain who the agent represents and what buyer agency is/is not. There are agents today who are reluctant to explain agency to their clients.I believe there are 2 reasons for this. First, agents fear losing buyers to agents who don't have buyers sign these documents. Second, many of today's home buyers are told not to sign any agreements "tying them down". On top of that,they may have previously worked with a realtor who didn't explain to them Understanding Who the Agent Represents and the Buyer Agency Agreement.

I learned recently of a situation where the listing agent for a home in Maryland found the buyer for the home he was selling. So,the listing agent was "working both sides of the deal",if you were. In Maryland a listing agent cannot be the agent of the home buyer...the home buyer has to decline buyer agency on the home.. In Washington,DC a listing agent can be the buyer agent for the home she or he is listing.

The buyer had remorse. Apparently it was beyond fear of purchasing,but rather not wanting that specific house. I say that because shortly after settlement the buyer put the home on the market for sale with a different realtor with no home improvements and at a similar price to what it was listed at. The buyer is going to lose money in the sale but is selling it anyway because they don't want the house.

Now,not being involved in the transaction,there are ways that the buyer could have backed out of the contract. One way the buyer could have walked on the deal, and this is without seeing the contract, was on the inspection. The buyer would even get the earnest money deposit back if it was within contingency period. In a worst case scenario the buyers could have not shown up at settlement and forfeited their earnest money deposit. I take that back...in the worst case the buyers could have gone through with the sale and turned around and sold the house again without improvements to it and lost money in the deal. There are/might be other ways the buyer could have walked on the contract,but without seeing the contract, I don't wish to speculate.

The point which I wish to articulate is that in Maryland,a listing agent's fiduciary responsibility is to the seller, so if you are the buyer for the listing and your agent is also the listing agent, you aren't getting representation according to Maryland real estate law. You are getting a secretary who writes down what the buyer tells him or her,treats the buyer "fairly" and doesn't represent the buyer's interests. If the buyers had buyer reperesentation, a buyer agent,and they told the buyer agent that they wanted to get out of the deal,the buyer agent would have/should have discussed strategy on technical ways they could get out of the contract or negotiate with the seller. If the buyer wanted representation,he could have asked the listing agent to refer him to another agent,even an agent in his brokerage. Even though the agents are in the same brokerage,called "dual agency" in Maryland,the listing agent is only representing the seller's interest, and the buyer agent is representing the buyer's interest. The listing agent's job was to push the transaction and settlement through since the seller wanted the house sold and to move to the next phase of his life. The seller didn't want to lose a buyer.


In my heart of hearts, upfront the buyers/now sellers probably didn't think much of having an agent working both sides of the deal and having representation until they were in too deep. They obviously think they got taken advantage of because they listed the home with another realtor. Legally, the listing agent fulfilled his duties to the sellers,but it is an unfortunate situation that could have been resolved earlier if the listing agent (1)either did a good job explaining agency and that in this deal he could represent the buyer and the buyer was ok with that or (2)ask the buyer if he wanted another realtor to represent his interests on this transaction.

Another recent situation. I am now working with a buyer who was previously with another agent. The buyer actually almost bought a house with the other agent,but lost in a bid. During negotiations the buyer starting asking the agent questions, felt some concern regarding their interests and finally asked the agent who the agent was representing. The agent said that he was representing the seller. Agency may work differently by juristiction, and my guess is that the agent didn't go through with the buyers on Understanding Who the Agent Represents and Buyer Agency.

Is it possible for there to be real estate transactions,where both the seller and the buyer feel they get good fair deals when one realtor is working both sides of the deal? Yes,but only when both sides understand agency and no issues arise during the transaction.

A word to the wise. With what all of your friends tell you,what you read in the newspaper and on the internet and what you may have personally experienced in a real estate transaction,don't assume you understand who the agent represents and how agency currently works in your juristiction. As much as you may be skeptical about reading and signing documents,be skeptical when there isn't a discussion about Understanding Who the Agent Represents and agency agreements until a contract is written.

If you would like to talk more about agency in Maryland and Washington DC as well as discuss the market,I'd be delighted to hear from you.

Life is good!

Adam
Cell: 301-943-4370

adambashein@mris.com

www.basheinhomes.info

Adam Bashein

Licensed in MD & DC

Weichert Realtors

7821 Tuckerman Lane

Potomac, MD 20854

301-718-4100 ext. 132

Does your home have these features? If your home is on the market, are selling them to home buyers?

As we experience the Metro DC heat,allow me to suggest a couple of items/features of your home to highlight first to improve the saleability of your home. If your home doesn't have these items/features,consider the cost of them and how much return you will get in the successful sale of your home. I'd be happy to come over for a pre-market evaluation of your home.

1. Energy Efficient Appliances, Insulation and Windows
2. New air conditioning unit
3. Ceiling fans
4. Outdoor living space: Patio/Balcony/Screened porch/Front porch
5. Covered parking - carport or garage. Call it "shaded parking",so your seat and steering wheel aren't boiling when you get into your car.
6. Shaded yard.
7. Home office. A great feature in homes,but could be seen as a particular value in the summer,if,for instance,a home buyer's child(ren)are at home. The buyer needs to stay home so supervise the kids and also may need to work.
8. A fixed heating/ac cost. Turn around a "negative" if you have a high condo fee,but the cost includes includes your heating/ac no matter what the temperature is set at. Most single family homes,even townhouses and condominiums have utility bills that vary each month by use. Their bills are probably very high
during heat waves and blizzards,while your bill stays the same (because it is built into your condo fee).
9.Master baths with a great soaking tub and a separate shower..

10. If you own a pool or home is part of a Home Owner's Association and the fee includes membership to a pool. If it doesn't,perhaps offer the home buyer one season of pool membership.

If you know anybody who is considering selling his or her home,I appreciate you passing my contact information to them and letting them know about my free pre-market evaluation

Adamadambashein@mris.comwww.basheinhomes.info
301-943-4370

Adam Bashein
Licensed in MD & DC
Weichert Realtors
7821 Tuckerman Lane
Potomac,MD 20854
301-718-4100 ext. 132

What is your home worth? What did it appraise at and what is the home assessment?

Surprised,perhaps unhappy with your recent home appraisal or assessment on your home,let's talk. I spoke with a client about his home.
He is trying to refinance his current mortgage. In his opinion,the appraisal came in low. So we discussed his home and the real estate market. I then looked up similar homes that recently sold and gave them to him so he can start the appeal process.
I can't guarantee a result since I am a realtor and not a certified appraiser.
If you are in a similar situation,give me a call, I am here to help.

And,if you hear of somebody who is thinking of selling his/her home,I always appreciate your referrals.

Life is good!

Adam
adambashein@mris.com
www.basheinhomes.info

Adam Bashein
Licensed in MD & DC
Weichert Realtors
7821 Tuckerman Lane
Potomac,MD 20854
301-718-4100 ext. 132