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

Another Testimonial!

Call:  (301)943-4370

Email:  adambashein@gmail.com

www.basheinhomes.info

Buyer A.C:  "My husband and I cannot say enough good things about our experience with Adam as our realtor. From the get-go, Adam navigated us through the home buying process in a calm, relaxing, and clear manner. We are first-time home buyers, and the process seemed overwhelming, confusing, and downright scary. But Adam sat down with us and explained everything in such a clear and understanding way that it alleviated all of our fears. He is compassionate and friendly. He has been such a pleasure to work with. Throughout the whole process, any question or concern we had, Adam made himself readily available to answer. And thanks to Adam's immense help, we found our forever home! He made the process so smooth and, dare I say, easy. We could not have asked for a better realtor and will telling anyone who asks that if/when they need a realtor, Adam is the right man for the job."

If you know of anyone thinking of buying in the Maryland or Washington, DC, I am here to help through a smooth buying experience.  Even if they aren't in the market to buy and have some real estate questions,  I would love to talk with them.  I greatly appreciate 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

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

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

HOME BUYERS: DON'T LEAVE MONEY ON THE TABLE AT SETTLEMENT!

Call:  (301)943-4370

Email:  adambashein@mris.com

 

 

Some home buyers are financially qualified and approved for mortgages by their lenders but either don't have the available cash for real estate settlement fees or they would rather use that cash available for home projects than for their closing costs and they wouldn't buy a home if they didn't have money available to personalize the home with some renovations.
In their buyer consultations, real estate agents and lenders explain to their clients that offers on homes can be structured so the seller pays the closing costs at settlement. Depending on jurisdiction and price range, buyers are told to structure their offers so that the sellers are give X% closing cost help at settlement.

Sometimes during negotiations between buyers and sellers, the sales price and seller credit numbers are moved around and the buyer(s) forget to confirm with their lender before signing off on the final terms that all the closing cost help they are due to receive from the sellers can be applied to their purchase. Did you know that any closing cost help from sellers that cannot be used by the buyers at settlement stays with sellers? That is right. You cannot ask/demand that the sellers reduce their sales price to account for the unused money.

When negotiating the home inspection contingency with sellers, it is important for buyers to ask their lender how much of a seller credit they can accept and be able to use either they prefer the money to making the repair(s) and/or the sellers prefer to give money instead of making the repair(s).
Although buyer agents aren't "responsible" if buyers cannot use the entire seller credit, they ought to ask the buyer's lender and/or settlement attorney about the dollar figure and if it will work because the buyers will likely ask their agents why they didn't check into this.

At a recent settlement on one of my listings, the seller credit couldn't completely be used. About $20 couldn't be used in the end, which isn't bad. But it took creativity. For example, the buyer's lender let the buyers pre-pay 12 months of their association fees with some of the seller credit. While it was a shame that the buyers couldn't use everything, I felt a relief that it was such a small amount of money that they seemed calm. It was a smooth transaction. There isn't anything like excitement at the settlement table. It is important for buyers and sellers to see the final closing costs in advance so they are not surprised and if something surprising comes up, it can possibly be resolved.

There is an old saying: measure twice and cut once. That is how I feel about seller credits. Check carefully up front if you are asking for it/negotiating for it in your offer and if you are asking/being offered it based on the home inspection.

Don't leave money on the table.

Whenever you or someone you know is thinking about moving or has a real estate question, I want you to call or email me. I am here to help and always have time for your referrals.

Life is good.
Long & Foster Real Estate, Inc..
Adam Bashein
Licensed in MD & DC
Cell: (301)943-4370
Office: (301)469-4700
adambashein@mris.com
www.basheinhomes.info
information deemed to be accurate but not guaranteed

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

Want to buy a foreclosure as your home? Fannie Mae has a program good through end of October.

Please see link below

http://www.homepath.com/incentive/index.html

The key elements are that (1)Fannie Mae owns the home; (2)ask your lender if she/he does home path loans and (3)you must purchase as a primary residence and not as an investment.

Time is of the essence to take advantage of Fannie Mae's HomePath program is through the end of October. That means you must settle and not just be under contract.

Call me to take look at Fannie Mae foreclosures to take advantage of this window of opportunity Or any homes for that matter.

Life is good!

Adam
Call: 301-943-4370301-718-4100 ask for Adam
adambashein@mris.com
www.basheinhomes.info
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

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

Would it cost you less money to own in DC than to rent in DC?

The National Low Income Housing Coalition just came out with its 2011 data dump, and D.C. residents shouldn't be that surprised: that only Hawaii commands a higher rent from tenants.

More specifically, the NLIHC calculates the "housing wage," which is the full-time hourly wage a household would need to earn in order to afford the fair market rent for an apartment, paying no more than 30 percent of their income on housing. For D.C., that's $28.10; Hawaii's is $31.08.

Of course, that's a little misleading -- D.C. is the only solely urban jurisdiction in that ranking, so rents will inevitably be higher. But it's not that far off from the highest-ranked metropolitan area, Stamford-Norwalk, Conn., which comes in at $34.62. And the most instructive numbers are those comparing D.C.'s rents with the median renter's income, which is $38,210. You'd need to make $58,440 in order for the fair market rent for a two-bedroom to be considered affordable. Sixty-eight percent of D.C.'s rental population -- 55 percent of the entire population -- doesn't meet that bar.

Let's talk about the DC market, get you qualified to buy and see if your monthly mortgage payment would be less than your monthly rent (based on the type of home you live in/want to live in)). I'm here to help!

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

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

Updated 4 bedroom colonial with garage on side street in Washington, DC

Welcome home to 1515 Underwood, NW. This cozy colonial home was built in 1939 in Brightwood, a subdivision in upper Washington, DC. The home has 4 bedrooms, 3.5 baths and a detached garage.

The current asking price is $635k. The MLS number of the home is DC7533407.

The home, a ReMax listing, is located just off of 16th Street, NW, between 16th and Luzon Streets, NW. 16th Street is one of the main streets. If you drive south and it take it to the end, you will be just a few blocks from the White House. It is near Rock Creek Park. If you go north on 16th Street, you cross the state line, entering Maryland. If you turn right on Colesville Road you a pass shopping area and the Red Line Metro (Downtown Silver Spring Stop). If you take 16th Street to the end, you intersect Georgia Avenue in Silver Spring and are very near I-495. It is also located near Walter Reed Hospital. So, the home is in a very central location.

The home has really nice bricking on the front outside of home complimented by black shutters. Good curb appeal. Inside you feel charm with wood floors, some wood doors and wood moldings.

Main level of home has hardwood floors. To the front left of main level is a family room with 3 windows and a fireplace. This leads to nice dining room area.

Off of the dining room is what looks like an addition. The room is ideal for an office with built-ins, a ceiling fan and door exiting to back yard. There is a flagstone patio and fenced back yard. Good size yard.

Back to dining room that leads to kitchen with granite counters...almost a cream/tan color as base for the counters with speckles. Stainless appliances and cherry cabinetry...cabinetry has knobs that compliment appliances well. There ceramic flooring to compliment counters. Kitchen also has a door leading to the back yard.

Upstairs also has hardwood floors. Once nice feature as you walk up the steps are 2 windows on the side wall of the home. 2 bedrooms have ceiling fans, closets with double hungs (2 levels for hanging clothes like suits, shirts, skirts and pants) and built in shelving. The hall bath has a high ceiling and contemporary sink.

The Master bedroom is across the hall from other 2 bedrooms to create some privacy. Good size room. The room gets natural lighting from the 3 windows. It has a closet with double hungs, as well as 2 built-in shelving units. The master bathroom is deep, has a shower, and a contemporary sink that was likely recently installed (at the same time the hall bath's sink was installed). The bathroom also has a high ceiling.

Both baths themselves are in pretty good shape, not to say they couldn't use updating or a little touch up.

Across from master bedroom are steps leading to 4th bedroom....loft style. Walk in closet, good size room. Ceiling is a good height...I didn't have to crouch to be in there as you do in some lofts because of the roof. If it lacks anything, it would be nice if the owners put in a private bath. Perhaps the next owner of this lovely home will make that home improvement. But the stairs are relatively easy to go up and down (not spiral staircases or a fold down ladder), I think, to the next level. The room does otherwise feel like a private space, which one might enjoy.

The basement is carpeted in a medium purple color. As you go down the steps there is a window on the side wall to provide more light. In the basement there is a 2nd fireplace in basement + 2 windows. The back of basement is unfinished. The washer/dryer is there as is powder room...toilet and sink, second refrigerator, plus exit to the back--walkout basement. You could finish the area and/or use it for storage.

I think the house has a warm feel and has been well kept. If I did anything to the home, it might be buffing the wood floors and if you want to update the bathrooms, which are perfectly usable and in good condition. Finally, I would consider adding a bathroom in the loft bedroom.
As I said before, the home is in a central location, in good condition and a good value, I think.
If you or someone you know is interested in knowing more information about this home, getting a private tour and/or talking about the neighborhood, please let me know. I am here to help.
Adam

Office Top Producer for December 2010, January 2011

Cell: (301)943-4370

adambashein@mris.com

www.basheinhomes.info

Adam Bashein

Licensed in MD & DC

Weichert Realtors

301-718-4100 ext. 132

Thank you for your kind referrals


Information deemed to be accurate but not guaranteed.

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

Updated 3 Level home in Foggy Bottom, DC with private bath in each bedroom!

Welcome home to 2314 L Street,NW. A very well kept 3 bedroom,semi-detached home in Foggy Bottom,Washington DC. MLS #dc7448925. The home is spacious and a great alternative if you have outgrown your condo/co-op living and/or would prefer the privacy of a semi-detached home.

This 3 level brick home with hard wood floors was built in 1980 and is in a prime location,with a "walkscore" of 98/100(walkscore.com). It is near Foggy Bottom Metro,many restaurants,coffee shops,convenience stores and shopping (including Trader Joe's). It also near such place as the World Bank,George Washington University,George Washington University Hospital. I was also personally intrigued by this Keller Williams' listing home because it is almost directly across the street from my first home in Washington,DC. I used to live in a condominium unit at 2201 L Street, NW. I also loved the location because it was near but not in the midst of "the business district".

It is also a perfect home if you and your guests have cars.Street parking is hard to find and so some people whose homes don't come with a parking spot rent garage spots,which is extra money for somebody to budget each month. A unique feature of this home is its 2 off street parking spots!

As you enter the home through the side entrance,if you walk down the hall toward your left is the washer dryer and powder room. Going forward you enter the updated table space kitchen,which has granite counter tops,newer cabinets and updated appliances. If you feel like eating outside or just catching fresh air,there are sliding doors from the kitchen to a flagstone patio with wood trellis. Back inside
and across the hall is a larger dining area for entertaining.

On the second level of the home is a large family room,which features a fireplace. If you ever needed a fourth bedroom,this room has a closet and I believe would qualify as a legal bedroom. Across the hall is bedroom number 1, a good size room which has a private updated full bath.

On the third level of the home is the second bedroom and third bedroom/owner suite...both are good sizes and again have their own private full baths.

In summary,all 3 bedrooms have private full baths! That is quite hard to come by.

If you want/need office space,there is a foldout ladder leading to the attic. I would suggest insulating the area and adding lighting, to make it a great living space. There is also additional storage space in the attic.

This home's asking price was recently reduced to just under $800k. There is no condo fee or H.O.A. fee. Speaking of condo fees,if you have been searching for 3 bedroom condominiums in Foggy bottom/West End area that are currently active on the market,you will notice the average list price is over a million dollars plus the monthly condo/coop fee.

Overall,I think the home is in an amazing location and is in very good condition. The unique features of this home, specifically the flagstone patio,separate dining and living room, plus private baths in each bedrooom make this home an amazing value and will grab the next buyer's eyes when he/she is ready to sell. And, don't forget 2priceless off street parking spots!

The home is at a price point where I believe it will soon get an offer. Don't miss this great opportunity. Call me today.

For more information about the home please see the link below. If you or yours is interested in looking at this home or talking about the market,please let me know.

http://www.adambasheinsellshomes.com/DC/WASHINGTON/20037/homes-for-sale/2314-L-ST-NW-54541531

Life is good!

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

information deemed to be accurate but not guaranteed.

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

Positive signs about the real estate market!

Article from Weichert Insights:

"Several reports out this week indicate that the housing market is in the early stages of recovery, and that buyers continue to find today's high home affordability hard to resist.

In September, sales of existing single-family homes, townhomes, condominiums and co-ops increased 10 percent from August, according to the National Association of Realtors (NAR). This represents the second consecutive monthly gain and far exceeded economists' expectations.

According to NAR President Vicki Cox Golder, with housing affordability conditions 60 percentage points higher than during the housing boom, opportunities abound in the current market. "The savings today's buyers are receiving are not a one-time benefit. Buyers with fixed-rate mortgages will save money every year they are living in their home -- this is truly an example of how homeownership builds wealth over the long term," she said.

In addition, the Commerce Department announced Wednesday that in September, sales of new single-family homes rose 6.6 percent from August."

If you want to talk about the real estate market or have real estate questions,let me know.

I am 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

As the deadline for 1st time and repeat buyer tax credit approaches,housing prices are going up. Make sure you have an agent who knows the market

Interesting real estate article in Washington Examiner.
Sellers are perceiving that buyers will pay more for a house than the otherwise would because they want to take advantage of the first time or repeat buyer tax credit,where a buyer must get a home under contract by April 30,2010 and settle by June 30,2010.

The sellers see the tax credit as a product in heavy demand that buyers are getting in line for in the next 6 weeks or so. They are probably right. But,buyers more than ever,especially those with buyer agents who know the market and have access to the sales comparables,can tell when a house is priced outside the market.

Why would a buyers put an offer on a home for tens of thousands of dollars over asking price,when the tax credit limit for first time home buyers is $8000 and for repeat buyers it is $6500? The tax credit is more than offset,for lack of better words,by this pricing strategy.

There is also a lot of housing inventory out there,so the only way this strategy only works,I think, if a buyer needs a specific model home,in a specific subdivision and this model in this specific subdivision rarely comes up...and it is a highly sought after model that may bring multiple offers.

To me,sellers should be listing their homes for sale based on the market and the property condition of their homes. Many buyers want homes that are updated and show well. Otherwise their homes will sit on the market for a while,beyond April 30, 2010 and risk buyers who didn't find a home stepping back onto the fence unless their is another first time/repeat buyer program created. Again,sellers


http://www.washingtonexaminer.com/economy/Home-prices-jump-as-tax-credit-deadline-approaches-87619552.html

If you want to talk about the market,let me know. I am here to help.
I am whereever you want to be in Metro DC.

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

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


Oh,by the way,I am never too busy for your referrals.