Proposal of 20% downpayment on real estate transactions would kill the real estate market

I am going to contact Congress today,who is proposing requirement for 20% downpayment on all residential real estate purchases. At what price would most of America need a home to be at to comfortably do this or does congress want us to become a rental country?

What do they want home owners to do and who should home owners sell their homes to when they want or need to sell because they have too much house, need to move for a job and/or can no longer keep up with mortgage payments?

Members of Congress, keep the American Dream alive for obtaining home ownership and don't turn selling a home into an impossible situation. It doesn't matter what price a home is selling if home buyers cannot put a downpayment on. Would you rather people stop paying their mortgages and walk away from their homes because selling will be next to impossible regardless of home sellers' financial situation?

Don't turn the American Dream into the American Nightmare!

This proposal is awful for home buyers and home sellers. Hopefully it won't pass.
I will do what I can to fight for you and contact Congress today.

Thinking about selling or buying a home? Contact me to discuss a winning plan and how I can help you. I am anywhere you need to be in Metro DC

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

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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

Successful Foreclosure Sale in Downtown Silver Spring - Park Sutton Condominium - that my client bought for less than $100k!

Whatever your real estate goals and whatever price range you are working in,I always have time for you. You will get 110% effort and dedication from me whether the home is $100k- or $1,000,000+ and whether it is a "traditional sale", "short sale" or "foreclosure",like this home.

This 1 bath, 1 bath condominium unit that I just sold in Park Sutton Condominium is located in Downtown Silver Spring, just outside of Washington,DC. Great location. Park Sutton has some awesome amenities including being a pet friendly building,having a swimming pool and sauna.

Thank you for your business and I greatly appreciate your referrals.
I'm anywhere you want to be in Metro DC.

Adam
adambashein@mris.com
www.basheinhomes.info

Adam Bashein
Licensed in MD & DC
Cell: (301)943-4370
301-718-4100
Weichert Realtors

Buying homes with cash

What's in your wallet? According to a study by the National Association of Realtors (NAR), 33% of home sales in February were CASH DEALS. A number of these homes were foreclosures bought by investors to renovate and resell. Cash deals are due to a combination of factors in "traditional sales", short sales and foreclosures:

(1) Homes being priced at a point where some buyers can make more attractive all cash offer instead of contingent on loan approval. When all offers are equal,cash wins out over contingent on loan approval.

Real estate transactions can settle quicker with cash deals than with buyers getting mortgages. This is particularly important for short sales, when the owner is trying to sell his/her home before it forecloses. There are lenders who can close loans quickly to avoid home going into foreclosure. In short sales there are also some deals where a "professional negotiator" is involved and/or the seller's lender seems more cooperative/understanding of what it takes in time for a new buyer's loan to close. So they work better with buyers' loans in trying to avoid their clients (the sellers)foreclosing.

(2)Depending on the property condition of a home,some lenders won't fund a buyer's loan, which is a seperate issue from buyers being approved for loans. In such a case,only all cash deals will work.

Often investors who can do home improvements themselves and/or with their own work crews, look for homes at certain price points that they can renovate and either resell or rent. To this point over 23% of sales in February were purchases by investors(NAR).

If you or someone you know is thinking of selling and/or buying a home,has a real estate question or wants to know about their "local market" in Metro, DC, give me a call or send me a message with their contact information

I am hear to help.

Life is good!

Adam
adambashein@mris.com
www.basheinhomes.info
Licensed in MD & DC
CELL: 301-943-4370
Weichert Realtors
301-718-4100 ext. 132

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.