Cork and laminate flooring

Thinking of installing new floors? Cork flooring is "in" and supposed to good for people with back problems. Cork flooring is resistant to the mold and mildew commonly associated with other types of flooring. It does tend to cost more money than other types of flooring. As far as cleaning,a damp rag is suggested,but not a mop. Cork offers an unusual appearance, warm surface, and can enhance most decor, but it can be permanently damaged by heavy objects and sustain discoloration if consistently exposed to strong sunlight. Read warranty on the flooring.

A tip if you own a home or are looking to buy a home and the wood laminate floor feels like it might be too soft/have too much give. Ask your home inspector to check the flooring for moisture and to also check for the quality of the plywood underneath the flooring.

Part of my service to you is referring you to contractors for home improvements, whether the are for you to enjoy while you live there, to enhance your home before selling it or you want to get the cost for a home improvement on a home yhou ar considering buyig. I am here whenever you or soembody you know needs me. I appreciate and always have time for your referrals.

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

Adam Bashein
301-718-4100
7821 Tuckerman Lane
Potomac,MD 20854

Counting days on home sale contingencies in real estate contract

One portion of the sales contract discusses "computation of days". How days are counted by the contract and the parties for contingencies? Know how days are counted when writing a contract and if it is a short sale ask how the seller's lender counts days it needs for reviewing offers. Some contracts consider the end of the 1 day to be at a certain time of the day (not midnight).

When you have signed a sales contract take out your calender,day timer,open outlook or whatever program online you use,count the days for each contingency and mark them down so you don't forget/overlook the date. Time flies, but don't let it pass you by.
If you are ever unsure or confused about contingency dates,ask your realtor.

Thinking of listing your home for sale or looking to buy a home?
I will walk you every way through the contract. I am here to help.
And, I always have time for your referrals,

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

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

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

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

Do you have a first and second trust?

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

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

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

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

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

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

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

Adam
adambashein@mris.com
www.basheinhomes.info

CELL: 301-943-4370

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

Is your home LEGALLY REGISTERED as a rental property?

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

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

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

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

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

Life is good!



Adam
Cell: 301-943-4370

adambashein@mris.com

www.basheinhomes.info

Adam Bashein

Licensed in MD & DC

Weichert Realtors

7821 Tuckerman Lane

Potomac, MD 20854

301-718-4100 ext. 132

Consider buying a home for its potential? Maybe you should.

A new listing in the back of Kemp Mill, a subdivision in Silver Spring Maryland, on Bluff Terrace near the park. Below is a link for the listing Do you know anybody interested in living in Silver Spring, Maryland? Seller did a nice renovation job on the home in just over 2 months after buying the home for a steal-it was cash though.

Please visit my website to see the listing and for a general home search:

http://www.adambasheinsellshomes.com/MD/SILVER-SPRING/20902/homes-for-sale/100-BLUFF-TER-55629767

Even if it isn't the right home for you,give thought to buying a home for its potential
if it is in an area you like and has good bones. There are loans designed for homes that need renovation like the FHA 203k loan. Part of my full service with clients is introducing them to contractors if they see a home that needs work,but aren't sure what the cost of the work will be and if they will in the end have saved any money by buying a home that needs renovation/updating,verses a home that is "in perfect condition".

The other benefit of buying a home that needs renovation is that the renovation will be based on your taste,wants and needs. Some sellers' homes may be beautifully renovated from head to toe,but you may have a different taste than them.

On the other hand,if you buy a fully renovated home,you don't need to invest the time in meeting with contractors,calculcating the costs of repairs and different options. Some renovation work can be done while you live in the home,but some renovation work is substantial to the point where you cannot move into the home until at least until certain work is done. So,you might need to calculate the cost of living at your current residence a couple of additional months after your new home purchase. That being said, there may be more buyers out there looking at fully renovated homes,which brings up their value. You need to weigh the situation.

If you or someone you know is thinking of buying a home in Metro DC,please let me know. I always have time for and greatly appreciate 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

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