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

Taxes in relation to selling vs. exchanging investment properties

Call:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

Good read if you or someone you know is thinking of selling a home, whether is it an investment property or your primary residence.  Have you ever weighed the pros and cons of selling your home or keeping it as an investment property?

http://realtytimes.com/consumeradvice/sellersadvice/item/1004336-20170802-tax-free-exchange-a-valuable-alternative-to-a-sale

In addition, if someone you know, whether a family member, friend or colleague is thinking about selling an investment property or home, I would be delighted to meet and discuss the local market and offer some possible suggestions for setting up the property for sale.  Even if they aren't thinking of moving but are curious about the market situation and/or have a real estate question, it would be my pleasure to meet 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

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

Recognized for my 2011 Real Estate Production

I am proud to announce that Weichert Realtors just named me to the 2011 Director's Club, which includes agents who either sold $2.5 million dollars in homes and/or had 10 settled transactions in 2011. There are always buyers and sellers out there, in what people deem to be "good markets" and "bad markets". It is about hard work, always having time for people, listening to their wants and needs and being there whenever they are ready to make a move.

Thank you very much for your feedback, calling on me and referring me to your family and friends, who need superior real estate services. I always have time for your referrals and am there whenever you need me.

Life is good!
Adam
Call: (301)943-4370
adambashein@mris.com
www.basheinhomes.info
Licensed in MD & DC
Weichert Realtors
0. (301)718-4100 - ask for Adam

Testimonial from a satisfied customer who I recently completed 2 real estate transactions with

Throughout both the purchase of our new home and rental of our old,
Adam Bashein was there to help us every step of the way.

Adam was extremely attentive to our interests, patiently taking us to see
several homes and always listening to our opinions and concerns.

Adam was indispensable during the actual contract and closing
process--guiding us through what might have otherwise been a difficult
experience.

Most importantly, we always had the sense that Adam was
on our side, and looking out for our best interests.

Thanks to him we got the home we wanted at a price and under conditions that we were
comfortable with.

When it came time to rent our old home, Adam had a
renter lined up in a matter of days.

We were extremely pleased with our experience working with Adam, and would recommend him wholeheartedly to anyone looking to buy, sell or rent a home. Josh & Adina Obstfeld, January 2012.

If you or yours is thinking of selling, buying or renting a home, now is the perfect time with the spring market upon us. I always have time and greatly appreciate your kind referrals.

Life is good!

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

I am ready to sell my special and unique home.

It is fairly common for home sellers to feel their homes have special qualities and attributes, both tangible and intangible, so they can rationalize pricing their home at a higher point than other similar homes in the area that are on the market or have sold (more emphasis on the prices of homes that have actually sold).

How can home sellers prepare themselves for the market and position their homes so buyers will see the added value in their homes and want to buy their homes at or near the asking price?

Here are a couple of suggestions:

*In advance of getting your home on the market bring in a professional appraisor to see what in his/her professional opinion the home is worth. This is a good investment whether you have no idea where your home should be priced or if you and your realtor have a big difference of opinion on what the list price should be.
If he/she comes in at or near the price you think the home is worth, then you may be spot on with the pricing.

If a buyer purchases a home with a loan, then the home is going to have to appraise at the sales price otherwise the buyer won't get a loan at the purchase price and may choose not to buy the home unless the seller agrees to reduce the price to what the home appraised at. It's possible that the appraiser assigned to the buyer's loan will come in at a different price opinion than the seller's appraiser, but at least you have a basis for where to price the home and if the appraisers come in at difference price levels, the buyer and seller can agree to split the difference in price. If I listed a home where the seller got an appraisal in advance, I would note that in the listing remarks and if I was able to connect with the buyer's appraiser which isn't always possible, I would give him/her the appraisal report as well to show what another expert in his/her industry came up with. If home doesn't appraise and buyer loves home and would otherwise agree to price, offer owner-financing.

*Offer closing help to the buyer.

*As a seller, if there are homes on the market that are similar to yours, as the home seller I would look at them so I have a feel for the competition beyond and can see for myself in person, beyond the internet, newspaper and what people tell me, how the home compares to your home. Ask yourself what you would pay for that home.

*List all of the home improvements, repairs, anything that is particularly new (i.e. a new kitchen, new windows, and new roof, so buyers appreciate the extra value.) If there are short sales and foreclosures nearby that are listed for sale, often such information is not available at foreclosure and short sale listings. So in addition to appreciating how well you have kept your home, buyers may have more confidence in buying your home than foreclosures and/or short sales.

*Make sure to point important features about the neighborhood itself and if it is near the highway/beltway, public transportation, if it is particularly close to large office buildings, medical centers. Think about and list destinations near your home that add value and may be an extra selling point for buyers.

*If you bought a new home or have a new home under contract, know how long you can potentially manage the financial obligations and upkeep of both homes (mortgages - if you don't own your current home outright and/or bought your new home with a mortgage) ,utilities, condo fee/H.O.A. fee(s) if applicable, maintenance and repairs, etc). That will help you from a financial perspective determine if it is a good decision to try pricing your home at one price point and seeing what happens for a short period of time before adjusting the price to other homes in the market, if you don't get the desired results. Talk to your financial planner/advisor.

*Agree to list your home at the price you want and if the home doesn't get much buyer traffic or any offers in the first couple of weeks, agree to reduce the price closer to market. Agree to a series of price improvements if you aren't getting desired results on your home at certain time intervals (i.e. every 2/3 weeks evaluate the situation or less if other homes are going under contract!) The worst thing that can happen to a seller is deciding to test the market and seeing if he/she can get a higher price than what other homes are selling and by the time that he/she agrees to reduce the price to what other like homes were listed for, those homes also went down in price so you are still overpriced. Talk to your realtor at least weekly for a market review.

*Monitor foreclosures and/or short sales in your area and you are concerned that buyers will offer you prices based on those active foreclosures and short sales rather than based on your homes value, then wait for those homes to sell. Foreclosures tend to be priced aggressively so banks can get the homes off of their hands. The challenge is that you never know when the next foreclosure and/or short sale will come on the market. On the other hand, to reiterate what I said above, if you have good records of the improvements and repairs to your homes, then more buyers will be drawn to your home than to the short sales and foreclosures, where you often don't have records to such information.

*Consider staging your home...which could mean moving furniture around, placing a runner on your dining room table, folded towels in the bathrooms and/or hiring a professional stager to help you. A number of stagers rent out furniture that they feel will help make your home stand out to buyers and get desired results. Consider painting rooms in more neutral colors. Replacing old worn out wallpaper and painting where the wall paper was. Depersonalize the home so there aren't family pictures everywhere. Keep it to a minimum. On the one hand you want buyers to see that you loved living in the home. On the other hand you want the home to feel like it is ready for them and want them to focus on the features of the home rather than the family portraits. The home should have a warm, cozy, well kept and classy feel that will move buyers to loving your home. And make sure your home is kept neat all the time. If you are serious about selling, your home needs to look and feel pristine, special and a great value to every home buyer who comes through it.

*Make sure your home is easy to show, whether it is a Sunday afternoon or a Tuesday evening after work, rain, snow or shine. If a home is hard to show, some buyers and realtors will decide your home is not worth the effort in coordinating showings.

In summary, if you want the list price of your home to be above what other like homes have recently sold for, I suggest bringing in a professional appraiser, preview the competition and have a plan for systematic price reductions if you don't get offers by certain dates. If you reject an offer and a second offer comes in at a similar price, I suggest you take or negotiate the offer because that tells you what multiple buyers think your home is worth. If you won't work with the second offer, then you should probably take your home off the market. Before listing your home, if you have a new home purchased or under contract, review the numbers and talk with a financial planner about the costs of owning 2 homes and how long you can comfortably do so (and factor that into when you would agree to price reductions if you don't get offers on your home). Have a copy handy of all the repairs and home improvements made to your home so buyers can see what you have done in comparison to other homes that are on the market or recently sold. If there are foreclosures or short sales that may hurt the value of your home, consider listing your home after those homes go under contract. Make sure your home shows well and is staged to feel, warm and cozy. Remember, your real estate agent is working for you. If he or she doesn't deem your home to be saleable by price and/or property condition and that you won't agree to improve either of these over time if your home doesn't get a contract, then he or she may not want to list your home.

If you or someone you know is considering selling their home and is looking for a full service agent, give me a call. All appointments are personal, professional and confidential.

Life is good!

Adam
adambashein@mris.com
www.basheinhomes.info
CALL: (301)943-4370301.718.4100 - ask for Adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Changes coming up on the MD/DC regional sales contract with regard to home inspections

You should never waive a home inspection even if it is "for information only", meaning that the seller will not make any repairs. A home is one of the biggest investments that one will make and one has a responsibility to who him/herself to know the property condition of a home that he/she will live in (or rent out if investment property).

***There are proposed changes to the regional sales contract in MD/DC, where the home inspection addendum will no longer have one list of "property condition" items and a second list of other inspection items you want a seller to fix. This is probably because people have different opinions as to what is a property condition issue and what is not. It causes disputes in real estate transactions when agents and attorneys have differing opinions,which may cause a contract to fall apart.

Moving forward, if buyers really wants inspection items to be be repaired by the home sellers, the most likely scenario in which we will see this happen is when inspection item(s) will prevent a mortgage lender from funding the loan. This could be the case with FHA loans and other loan programs as well. So when we write a contract on a home you want to buy,we will address this important issue.

As a home seller,you want to look at the home inspection items with your realtor and determine what seem like big issues and small issues. You may even ask your agent to talk to the buyer's lender and/or lenders that your realtor works with to find out what they see as issues that could prevent a loan from being funded. If an item would prevent the loan from being funded if not addressed,I would give a lot of pause if I was a home seller to repairing the item to keep the deal together. For other items,I would get an idea of the costs...if they are expensive repair items,a buyer may give serious thoughts to cancelling a contract. At the same time, as a seller you should not be a pushover. Just because a buyer asks you to fix an item from the home inspection,don't automatically say yes. Really analyze the full picture. Do you feel the buyer is getting a good deal/fair deal,is making reasonable/unreasonable requests and again ask your agent to consult with a lender and ascertain what if any inspection items would prevent the buyer's loan from going through.

If you or someone you know is thinking of buying or selling a home,please let me know. I always have time for your referrals and am here to help.

Life is good!

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

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

Settlement today for home in Kemp Mill Estates...a subdivision in Silver Spring, MD

I was out with this client looking at another home on an April afternoon and on our way out I asked if he had perhaps 10 more minutes because I thought this could be the right home for him and his family. About 3 months later after hard work,we successfully settled today.

If you know someone who is buying or selling a home in Maryland or DC,refer them to me. They will receive amazing service and outstanding results. Even if they aren't in the market to buy or sell,but have a real estate question, tell them to call Agent Adam. I am here to help.

Life is good!

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

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

Benefits of FSBOs working with buyer agents

Are you trying to save money by not listing your home for sale with a real estate agent? Do you think you can do just as good of a job as any real estate agent in marketing your home for sale and so you would just assume market your home for sale without listing it with a real estate agent?

I would still suggest that you at least let the local real estate agents know you will pay a buyer agent commission (perhaps 1/2 what you would pay if listed with a realtor) if they sell your home (buyer is their client). It would be even better if you paid a discount brokerage to allow you to list your home in MLS,advertising your home for sale with what you would offer as a buyer agent commission. You don't want to limit your pool of buyers. This does not prevent you from selling your home to a person without a realtor, but I would certainly not limit the scope of potential home buyers.

Speaking of limiting your pool of buyers,there are buyers out there who are nervous about the home buying process and want to have an agent guiding them each and every step of the way. If the seller isn't going to offer a buyer agent commission,then either the buyer is going to have to pay his or her agent (which rarely happens)or the buyer is going to rule out your home as a possiblity since there is no buyer agent commission.

By working with buyer agents,you save time in coordinating showing your home to buyers. You don't have to run back and forth from work or change your plans if a prospect wants to see your home. You can keep key(s)to the home in a lockbox which realtors can access the key(s)to get inside and put the keys in when they are done showing your home.

Another reason to work with real estate agents is their familiarity with and access to the local real estate contract so you don't have to re-invent the wheel. This may save time and money if no realtor is involved in the transaction If as the seller you are uncomfortable with the contract, meet with an attorney to have him or her review it and answer any questions you have. Buyer agents can coordinate and attend home inspections,appraisals so you as the seller don't have to miss work,alter your plans. To that point,even if someone buyers your home without a realtor,you can also look into retaining a realtor for writing contracts and coordinating the home inspections and the appraisal since that is his/her day job.

These are just a few reasons why you should promote your home to all realtors even if you are not listing it for sale with a realtor. This is not a new concept.
I appreciate home sellers who have the vision and take the initiative to advertise that they will work with buyer agents. They may hope that buyers come without agents but they don't want to rule out any buyers. That is good business.

Life is good!

Adam
CELL: (301)943-4370
adambashein@mris.com
www.basheinhomes.info
Weichert Realtors
(301)718-4100
SERVING METRO DC

Testimonial from satisfied client

“Adam did everything to facilitate my first-time home purchase. He found homes in my price range (which I didn't think existed), helped me focus my priorities, pointed out variables I wouldn't have known to consider, answered all my questions and offered valuable advice - all with no arm-twisting. Adam guided me through every step. I wholeheartedly recommend him to any prospective homebuyer.” April 8, 2011

Top qualities: Great Results, Expert, High Integrity

Carrol C.

---------------------
If you are thinking of or someone you know is thinking of getting into the real estate market,start by talking with me. I'm anywhere you want to be in Metro DC and greatly appreciate your referrals.

Life is good!
Adam
CELL: (301)943-4370
adambashein@mris.com
(301)718-4100
www.basheinhomes.info
Weichert Realtors

Thank you for following me!

Thanks to your business and kind referrals I was a Top Office Producer in my office for January 2011. You can find this ad in the recent Gazette.

The best has yet to come.

The spring market is now. The weather is getting better, rates are still good, around 5% and lots of buyers have been to open houses. Whether you or someone you know are thinking of selling and/or buying a home, let's talk about the market. I'm anywhere you want to be in Maryland and Washington, DC.


With much appreciation,

Adam
adambashein@mris.com
www.basheinhomes.info
CELL: (301)943-4370
Weichert Realtors
301-718-4100

Testimonial from a satisfied client

"Adam is a phenomenal agent. He was extremely patient with me and my wife and listened to us during the entire home purchasing process. My wife and I had very specific needs, both financially and in terms of what we wanted in a home. Adam always had time to listen to us and he was very patient during the time it took us to obtain financing. It is very rare to find someone who is this patient in the real estate market. Adam gave us plenty of room to breathe and it paid off for us. He found us a fantastic home and he helped put it under contract in record time. I highly recommend Adam and look forward to working with him for all of my real estate needs." - Michael Litwack

I am here to make your real estate dreams a reality and appreciate your referrals.

Life is good!

Adam
CELL: 301-943-4370
adambashein@mris.com
301-718-4100
www.basheinhomes.info

Adam Bashein
Licensed in MD & DC
Weichert Realtors

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

RECORD INTEREST RATES TODAY; Typical seller is experiencing positive returns, and most people want to enjoy the pride of ownership.

Interest rates for a 30 year conventional loan are at a record low today at 4.17%. Speak to your lender. How can you afford not to buy? The lower the rates, the more house you can buy. How can you afford not to sell? The lower the rates are,the more buyers out their for your home,assuming it is priced correctly and shows well.

The National Association of Realtors recently released
its 2010 Profile of Home Buyers and Sellers, the annual
survey that evaluates demographics, preferences,
marketing and experiences of recent home buyers and
sellers. Among the survey's main findings are that the
typical seller is experiencing positive returns, and that
homeownership remains a fundamental goal of most
home buyers.
In fact, 85 percent of recent home buyers surveyed see their home as a good
investment, and nearly half think that investment is better than stocks. What's
more, the single biggest reason most people buy a home is the simple desire to
own a home of their own.
Other reasons for buying a home cited in the survey include:
• Desire for a larger home
• Change in family situation
• Home buyer tax credit
• Job-related move
• Affordability of homes

Let's talk about the market and 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


301-718-4100 ext. 132

Would you agree to temporarily renting back your new home to the home seller/Post Settlement Occupancy

Rent-Backs are not as simple as many believe. There are risks as there are in any transaction.

1. This is elementary, but often overlooked because rent back/post-settlement occupancy by the former owners is generally for a short period of time. PUT EVERYTHING IN WRITING AS THOUGH. Treat it like you would in signing a lease for a rental.

2. What kind of loan is the purchaser using (if not paying with cash?)?
HAS THE PURCHASER BEEN APPROVED FOR A LOAN WITH OWNER OCCUPANT INTEREST?? If the rent back/Post Settlement Occupancy is for more than 60 days, the buyer may lose their standing as an owner-occupant and the concomitant interest rate. Mortgage interest rates are higher for investors...where buyer isn't owner occupant.
Many Post Settlement Occupancy Agreements are available for a 60 day occupancy only. For occupancy to last for more than 60 days, a standard Residential Lease Agreement may be required involving Landlord and Tenant law. If you do a "long term rent back", buyer risks charges of mortgage fraud. Lender may think buyer really doesn't have intention of moving into home and only wanted the better interest rate.

3. Home buyer should make sure to receive a security deposit from the former owner in case damage is done during the rent back. 4. One challenge is if the former owners don't move out when the rental period ends. The home buyer may have to go through the eviction process and incur legal expenses in order to force the former owner to move out.

4. Damages. What if the seller/tenant neglects and/or damages the property? There will be significant costs and/or loss of value on the part of the purchaser/landlord. The seller and the buyer should do a walk through and take notes regarding property condition prior to signing the rental agreement to avoid any disputes when then the former owner moves out. This is important for both parties in case seller claims the damage was pre-existing condition before settlement or buyer claims damage was done during seller's rental period. An adequate security deposit is the only way to mitigate the new owner's costs and/or loss.

5. Utilities. Who is going to pay the final utility bills? Without an adequate security deposit, the new owner will have no funds to cover the final utility charges if the seller/tenant fails to pay for their usage. Without a zero balance when the utility service is transferred from the former to the new occupant, many utility companies will not provide service to the new occupant. Water is usually a lien on the property. However, electric/gas is usually in the name of the occupant and final bills have to be satisfied or the new occupant may not have electricity/gas.


6. Another thing buyers have to consider when renting back their home to the seller is where to store their items in case they had to move out of their former residence. Even if buyers don't have to move out of their former residence prior to the end of the rental agreement with the sellers, the buyers still have to coordinate moving their items into their new home with when the sellers' out, unless sellers and buyers lease agreement allows buyers to move their items into the house during rental period.


7. A couple of reasons for sellers and buyers to engage in a rent back/post settlement occupancy agreement

a. Sellers are buying a new home and they want to make sure settlement on their new home goes as scheduled. If settlement is delayed, then sellers have to delay their move.
b. If sellers are buying a new built home and it isn't going to be ready prior to settlement on their former home.
c. Sellers are still working/in the middle of a project that doesn't end prior to settlement and they need to finish the job/assignment.
d. Buyers may be coming from out of town, and even if they are in town, they may not want to physically move during certain times of the year because of work, the weather, and the school year to name other reasons.
e. The buyers haven't sold their current home yet and a post-settlement occupancy period helps buyers generate income to help pay mortgage on their new home while they are still paying the mortgage on their unsold homes.

If you or anyone you know would like to further discuss this topic, other topics or talk about the real estate market and how I help people realize their home dreams, give me a call or send me a message. I always have time for your referrals.

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