The interesting real estate history of a local home.

Front of the house which didn't originally exist when house was built!

House of the day with some interesting history.

A spacious 5 bedroom and 3 bath rambler in a cul de sac near Georgia Ave and Layhill Rd.

Originally the back of the house used to be the front of the house, I believe before the cul de sac and neighboring houses existed. Below is "the original front" and what is now the back of the house.

Original front of the house (now the back of the house)

So you left the house on a different street than the street is currently on.  The home's original address may be different than the home's current address!

The owner put an addition on the house, converting the front of the house into the back of the house while the other houses on the street were being developed. That makes a lot of sense because the other houses on the street look different in style and in build.

Perhaps because of the way the lots in the cul de sac were subdivided,
 the owners of the home didn't think they could gracefully create a full driveway and/or garage.
My client and I were looking at possibilities to extend the driveway and/or add a garage

I love coming across unique homes with history behind them.

Doesn't HGTV have or used to have a show called What's up with this house?

Call:  (301)943-4370

Email:  adambashein2gmail.com

www,basheinhomes.info

Anytime you or someone you know is thinking about making a move in the Maryland or DC area, has a question about their local market...even a question about a specific house, please refer people to me and reach out to me yourselves.  Call/Text/WhatsApp:  (301)943-4370 or adambashein@gmail.com.  I always have time and appreciate your referrals.  

Life is good!

Adam

adambashein@gmail.com

www.basheinhomes.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

#SilverSpringMDrealestatewithAdam

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1005 North Belgrade Road! Another home sale in Kemp Mill, subdivision in Silver Spring, MD...tied to the appraisal of another home

I was honored and delighted to help a client recently complete the purchase of this 4 bedroom and office plus 2.5 bath rambler style home at 1005 North Belgrade Road in Kemp Mill Estates, a subdivision in Silver Spring, MD.  My client was referred to me.

Call:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

 Most home sales have an interesting wrinkle and this one was no different.  In order for my client to complete the purchase of this home, there had to be what is known as a cash out refinance on another home.  Another home went through a refinance and had to appraise at a certain value in order for the buyer to have sufficient funding to buy this new home.  There was a challenge with the original appraisal of that home and I offered to meet another appraiser at the home to use my real estate expertise to show the appraiser where I came up with the value, hoping that the appraiser would agree with me.  I am a Silver Spring and Kemp Mill real estate expert so I was very confident in offering my assistance on meeting the appraiser in relation to the refinance cash out. Without this appraisal I wouldn't have been able to sell my client the new home.  In summary, in order to move, my buyer needed 2 homes to appraise.

Fortunately the appraiser agreed with me on the value of the home being refinanced and my buyer's new home also appraised fine, so my buyer was able to complete the purchase.  

Buying and selling a home is a complex process, often containing unique circumstances and/or criteria in order for the transactions to be successful. That is why it is so vital for home buyers and sellers to recognize the expertise and value of realtors and why I pride myself on being full service.  When you are looking to move, you need to look at the value as well as the cost of realtors and understand how he or she is going to help you through one of the biggest purchases/sales of your life.

Any time you hear of anyone, whether it is family, friends or colleagues say that they are thinking of  buying or selling a home, think of me and tell them I will give a free and confidential consultation.

Even if they aren't in the market to move but have real estate questions, have them contact me at (301)943-4370 or adambashein@gmail.com.  And, if they are out of town, I know agents around the globe and refer clients to them.   I am here to help ensure a smooth move and 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.

Should you worry if a seller says he/she will only accept your offer if you agree not to cancel the contract based on the home inspection?

http://realtytimes.com/consumeradvice/sellersadvice/item/1005578-20170928-dont-fight-the-home-inspection

Cell:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

Every jurisdiction and situation is unique when it comes to home inspection contingencies in a sales contract. 

Here's one way to see it, home sellers. Buyers with general inspections/as is and also opting to walk away if unhappy with the inspection is intended to make offers more attractive, that sellers don't have to further budget for requests/repairs as a result of the inspection. Some buyers are ok saying as is and no backing out. A number of buyers want the option to back out just in case something big,unexpected and overwhelming comes up at the inspection.

I have seen some sellers (via their realtors) counter offers saying that buyers cannot void a contract based on a home inspection and must negotiate.  It is a way for sellers to make it harder for buyers to get out of contracts, telling the buyers that they may try to negotiate inspection items of concern with their sellers but they cannot just cancel the contract because they are unhappy with the report.
This is a strong negotiating move for sellers and it  could possibly turn off buyers, make them think twice about agreeing to a contract with sellers if they like but aren't in love with the house. Buyers who really love a house, are confident and experienced in making home repairs, improvements may more comfortable accepting a contract when they cannot back out on the home inspection contingency...particularly if they feel they are getting the home at a good price.  It can be a good move by a home seller when he or she has multiple offers on a home, trying to make 1 offer a lot more favorable to the sellers than the others, if the other offers are pretty similar.  If you are a buyer and don't think you are in a bidding war with other buyers on the house, I would not agree to this unless you are getting a real sweetheart of a deal on the home, no matter how confident and experienced you are in home repairs and improvements.

Whenever a family member, friend or colleague mentions to you that he or she is thinking of moving. please make sure to have them contact me for a free and confidential no hassle consultation.  I will take great care in representing their interests and making it a smooth move.  Even if they aren't looking to move but have a real estate question, I would love to speak with them.  I always have time for and greatly appreciate 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

Maryland tackles Student Debt

 

 

 

Call:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

 

 

 

The state of Maryland is making an effort to help potential homebuyers who have student loan debt. They’ve launched two specific programs within its Maryland Mortgage Program (MMP).

You’ve Earned It Program –This Maryland program gives a little bit more help to those first-time buyers who qualify for a MMP loan and also have a minimum of $25,000 in student loan debt (whether it’s in repayment or deferred status).

• Recipients will get $5,000 as part of down payment assistance (DPA) deferred loan with 0% interest;
• Recipients will receive 0.25% below the regular conventional and government interest rate for MMP 1^st

The home must be located in a Sustainable Community (a wide range of localities marked in orange on this map.

Other conditions include: You must complete homebuyer education. You must use an approved lender. Condo buyers will need to purchase in a FHA or Fannie Mae-approved building.

Also available with the You’ve Earned It program — The Partner Match Program and the Maryland Homecredit Program.

Check out mmp.maryland.gov/EarnedIt for more information.

SmartBuy Program — This Maryland program is different since it’s focused on a specific and limited number of eligible properties that have been selected by the Department Real Estate Owned (REO).

There’s not as much flexibility in the selection of a home, but this could be an option for some buyers. So take a look at its current list of homes available for sale.

This program will pay off any outstanding balance on a borrower’s student loan at the time of the home purchase with certain restrictions. You must have a minimum of $1,000 student loan debt and up to a maximum of 15% of the home’s purchase price.

First mortgage will finance up to 95% of the sales price. A second mortgage will be a forgivable loan to pay off the student loan balance. A third mortgage can be in the form of a down payment assistance 0% deferred loan.

You must live in the house for at least 5 years to have your student loan debt forgiven.

For more information, check out mmp.Maryland.gov/SmartBuy

Tapping into Federal Loan Programs

There are several government programs that offer loans that are better for borrowers with student loans and on a tighter budget.

Each has different requirements and may not be a good option for you. However, one may make your homeownership dreams comes true.

• Fannie Mae HomeReady Mortgage — allows up to a 50% DTI and 3% down payment.
• VA Loan Guaranty – Buyers who have served in the military can qualify for a loan with 41% DTI. That can be overridden if some of your income tax free.
• FHA Loan – Usually allows a 43% DTI but will sometime allow a higher DTI on case-by-case basis.

I hope this is helpful.

Anytime you or someone you know is thinking about buying or selling a home or has a real estate question, I would love to speak with them. Please either share their contact with me or share my contact with them...whatever they prefer. I 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

RE/MAX Realty Group

Licensed in MD & DC

information deemed to be accurate but not guaranteed

 

 

 

How buyers can make the most out of time when their offer to purchase a home includes a contingency for reviewing association documents

Cell:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

I want to start today's post by saying that it inspired by Ken Harney's recent article in the Saturday Real Estate Section of The Washington Post. He regularly has articles published in their Saturday Real Estate Section.  This article by Ken targets people who may purchase homes in communities that are governed by associations---they have a board and bylaws.   This is most often found in condominium, cooperative and Townhome communities.  There are also communities that have single homes with a homeowner's association, subject to community rules. 

Currently, the sales contract says that buyers have the right and entitlement to receive the association documents. So a seller cannot decline to give them to you.  A buyer must receive the documents no later than 10 business days after a contract is ratified (is fully signed in agreement of terms), otherwise a buyer can back out of the contract by giving the seller notice of voiding the contract prior to receiving the documents. However, make sure it is clear whether or not the sellers or buyers in your jurisdiction customarily pay for buyers to receive a copy of the documents or if this is something that needs to be negotiated in the offer. ask your realtor and or real estate attorney.

Once a home buyer's offer on a home gets accepted, he/she have to take care of a number of matters which may have contingency time periods by which they need to be completed and so buyers prioritize what needs to be accomplished when and if there are things they don't have to worry so much about.  One of the things that a number of buyers make less of a priority is the contingency related to review of association documents/condominium documents/h.o.a. documents (or however they may be called/referred to in your jurisdiction). These documents contain vital information, which a number of people are negligent about reviewing before the purchase is complete.  The question is whether the buyers overlook the documents because they are overwhelmed with everything else that needs to be taken care of during the contract period or they just can't image how 'serious' the documents might be and how they might impact the buyer's decision whether or not to go through with the home purchase.

As Ken points out in the article, the biggest challenge of the association documents is how you thick/dense they are and how short the contingency period is, considering how detailed the documents are and considering everything else you have to take care o during the contract period.

For Washington, DC, the contract states that currently, the review period for association documents is 3 business days --- this is for condominiums, coops and H.O.A.'s.  Business days are defined as M-F, excluding federal holidays.

For Maryland, the review period for association documents is currently 7 days for condominium documents, 3 business days for coop documents and 5 days for H.O.A. documents.

The GCAAR Sales Contract, which is often used in Montgomery County, MD and almost always in Washington, DC (there may be a few exceptions) currently defines days as calendar days, which would include every day, including the weekends and defines business days as Monday through Friday, excluding holidays.

THE MAR Sales Contract, used exclusively in Maryland, currently defines days as including the weekends and holidays, whether state, federal or religious.  It doesn't spell out business days, but one can talk with his or her real estate attorney,agent about that if the regular day contingency period doesn't work for him/her.

In his article, Ken suggests that if you think the contingency period for reviewing the association documents gives you enough time to actually review the documents, then you should consider slashing the number of days for the contingency period and write in a new number, proposing adding a few more days to the contingency, giving you a little more time for due diligence in reviewing the documents.  I think this is a wonderful idea, however, I would only caution against doing this if the home is fairly new to the market and the seller is expecting multiple offers on his/her home.  Altering something in the contract to give the buyer's 'an advantage' could make other buyers' offers look more attractive in a multiple offer situation.  If the home has been on the market for a little while and it seems like there are no other offers being presented, then I would consider asking the seller about additional time for reviewing the association documents.  Every real estate market is different and every jurisdiction has its rules, regulations.  So follow your real estate attorney and realtor's advise.  I defer to them.

Remember, any time you or someone you know is thinking about moving, has a real estate question or wants to talk about the market, I always have time for you referrals.  Thank you.

Life is good!

Adam

Licensed in MD & DC

adambashein@gmail.com

www.basheinhomes.info

Cell:  (301)943-4370

Office:  (301)921-4500

RE/MAX Realty Group

information deemed to be accurate but not guaranteed

Possible ways to keep your interest rate lower when purchasing a new home or investment property

Call:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

Most every time a person buys a home, one says to him or herself "the numbers have to work" or I can't go through with the purchase. 

Home buyers, whether looking at a place as their potential home or investment property look at the property condition, what work needs to be done, what work they would like to do, can they afford the work and with the help of their realtor, the home is priced correctly based on the property condition or if they need to get a lower price for the purchase to make sense for them.  (Yes, by all means, if you want, by all means try to negotiate on price, terms if the home is priced correctly, but also know the real estate market conditions in your neighborhood. But that is a for a different discussion.). 

When the buyers are investors, if they are looking to purchase the home and keep it as a rental, they also need to calculate whether they will be adding value with the repairs, improvements and be able to rent the property for more money than they would in the property's current condition.  If the property is move-in ready, than they don't have to calculate repairs and improvements.   On the other hand, when buyers are looking to flip houses, they need to make sure after the repairs and renovations that they will be able to sell for a good margin.

The starting point is getting a loan approval for the potential purchase, knowing up to what price range you are approved for, what the interest rate and payment is with a few different loan options, so you know up front your purchasing power and what you potentially need to rent out the property for (if it is to keep the home as a rental and not flip it) in order to have a positive cash flow on the rental.

Interest rates for investment properties tend to be higher than interest rates for primary residences.

There are a couple ways to possibly get a lower rate for a loan on an investment property.  These only apply for people who already own a home.  Use a home equity loan or line of credit.  Since rates on home equity may fluctuate, it might be safer to do this for a flip, because your intention is to repair and renovate the home as fast as possible and then sell it. So, fluctuating rates may not be as relevant to flippers since they, by definition aren't holding on to their homes.  

If you are planning to hold the property as a long term rental, a home equity loan or line of credit is a move to consider if you are planning to refinance at a certain point, which is trying to predict what the future market interest rates will be in the future.  Something else to consider if you are doing a home equity loan or line of credit is that you are using your current home as collateral.  Some people are comfortable with this and others aren't. The right decision for some is the wrong decision for others.

The simple, traditional route, if you don't like risk is simply apply for a mortgage on an investment property, knowing the interest rates may be higher and taking that into account especially if you are looking to purchase a long term investment property (considering your cash flow every month after collecting rent, paying the mortgage, if you pay a property manager, any expenses).

As I am sharing these ideas, I defer to your lender, financial advisor for guidance on what the rates for the different financing options are and what, in their opinion, is the most  are advantageous move for you.

Whether you or someone you know is thinking of buying/selling an investment property, a home, has a question about the real estate market or has a general question about real estate, please feel free to contact me.  I always have time for and greatly appreciate your referrals.

Life is good!

Adam

adambashein@gmail.com

www.basheinhomes.info

Cell:  (301)943-4370

Office:  (301)921-4500 - ask for Adam

RE/MAX Realty Group

Information deemed to be accurate but not guaranteed

Shortage of Appraisers and how to plan as both a buyer and a seller

Cell/Direct:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

http://www.msn.com/en-us/money/realestate/massive-shortage-in-appraisers-causing-home-sales-delays/ar-BBwHkuC

Part of the sales contract includes the option of having an appraisal contingency. When getting ready to write or review an offer, depending on whether I am on the buying or selling side, I ask the lender how many days the appraisers he/she works realistically need to to complete this contingency to make sure it is in line with what is on the contract.

As you can see from reading this article, there is a shortage in appraisers which is often resulting in delays during a sales contract period so it is extra important for sellers to do as much upfront diligence on a buyer to make sure they are qualified financially to buy their home before accepting a contract as sellers should have it in the back of their minds that as a consequence of the shortage of appraisers, the contract period may take a longer time. 

http://www.msn.com/en-us/money/realestate/massive-shortage-in-appraisers-causing-home-sales-delays/ar-BBwHkuC

Some buyers try to wait until after the home inspection contingency is fulfilled before giving their lender the green light to order an appraisal but doing so can put the buyer behind the 8 ball on the contingency if it takes a long time to get the inspector out to the house and/or there are lots of back and forth between the buyers and sellers in negotiating inspection items. A domino impact is that the lender cannot give a financing commitment until the appraisal is complete and a delay in that could delay in settlement. And, if you delay settlement, you may have to pay to extend your lock-rate, though interest rates remain very low.

If timing is tight a buyer can always write an addendum asking the sellers to extend the appraisal contingency. The selling side must be agreeable and this may depend on how friendly or abrasive negotiations have been, how long the house has been on the market and how long it has been off the market under contract.

Sellers, my biggest piece of advice is that your agent should do as much diligence up front in reviewing each buyer's offer, talking with their lender and making sure that the buyer is strong financially before accepting an offer.  If the buyer is strong and has otherwise presented a contract that works for you as is or is negotiable,then I would keep it in the back of my mind that if the buyer needs to extend the appraisal contingency (which could also mean extending the financing contingency and the settlement date), I would agree unless the buyers are not being reasonable during the inspection period and you want to start fresh with a new possible buyer.

 In addition, before considering backing out of a contract, I would factor into this how many days your home was on the market before getting any offers, if the market is strong or weak for sellers.

Any time you or someone you know is contemplating a move or has a real estate question, please call me:  (301)943-4370 or send me a note to adambashein@gmail.com.  

I always have time for and greatly 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
RE/MAX Realty Group

Information deemed to be accurate but not guaranteed

Another Sale in Silver Spring, MD. This time with buyers coming in from a different country!

Cell:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

Other than thinking of me for their next move, the best compliment a satisfied customer can give me is referring their friends and family to me.

The buyers of this home were referred to me by clients who purchased a home in Silver Spring, Maryland a couple of years ago.  In fact these buyers bought a home roughly a mile away from the clients who referred them to me.  They both now live in a subdivision in Silver Spring called Kemp Mill Estates. Talk about a small world!

These clients moved to the area from Israel.  With the several hour time difference between Maryland and Israel, we coordinated our phone calls at times when we would both be awake and available.

They moved to the area for a job and I was able to refer them to a good lender who is experienced working (1)with buyers who relocate from out of the country and (2)whose loan approval was based on the salary of the new job. 

They wanted to live in Kemp Mill Estates and the market there is very tight. Homes in that subdivision tend to sell quickly with multiple offers.  I was able to find my clients a nice home and got them a great value for the neighborhood.

I am flattered that past clients referred these clients to me and assure you that I will take great care of your friends and family, whether they are looking to buy or sell a home.  Any time you or someone you know is thinking of moving or has a real estate question, call or email me. I love hearing from you, always have time for and am grateful for the referrals.

Life is good!

Adam

Licensed in MD & DC

adambashein@gmail.com

www.basheinhomes.info

Cell:  (301)943-4370

Office:  (301)921-4500 -ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed 

Keep it simple when you are buying homeowners insurance

Cell:  (301)943-4370

adambashein@gmail.com

According to the GCAAR sales contract for Maryland and Washington, DC homes, within 1 week of a contract offer on a home being accepted, the home buyer must apply for homeowners insurance on the home, to make sure the home is insurable.  If the home isn't deemed to be insurable, then a buyer probably can only go through a home purchase with a loan...unless the property condition(s) are addressed and deemed to be satisfactory by the insurance company.

When you are in the process of buying a home and getting estimates for homeowners insurance, simply tell the insurance company that the property is fine.  If you start talking about the house, the inspection report...no matter how good the condition is, the insurance company may ask for a copy of the inspection report.  They may tell you that you have to make some repairs before settlement or within a certain time after the purchase is complete otherwise the insurance company may say the home isn't insurable and you won't be able to complete the home purchase.  At this point you will either have to make some calls and get another insurance company to approve you for a  home insurance policy or you will have to buy the home with cash.  

By the way, if you own a home without homeowners insurance, when it is time to move, you may only be able to sell the home to buyers who are paying cash.  So, keep it simple!  When applying for homeowners insurance and the person on the other line asks you about the house/condo/townhome, simply say the home is in fine condition or they may probe further into the house and make it harder for their company to insure the home.  For more information about home insurance, contact a homeowners insurance agent as this is obviously his/her field of expertise and ask a real estate attorney (if you are actually in the process of buying a home ask the settlement company)  for implications if during the home buying process there end up being challenges obtaining insurance.

Whenever you or someone you know is thinking of buying or selling, has a real estate question or wants to talk about the market please call or email me.  I would love to connect and always appreciate your referrals.

Life is good!

Adam Bashein
RE/MAX Realty Group

Licensed in MD &DC 

Cell:  (301)943-4370

Office:  (301)921-4500 - ask for Adam

adambashein@gmail.com

www.basheinhomes.info 

information deemed to be accurate, but not guaranteed