Just rented in Kemp Mill Estates, a subdivision in Silver Spring, MD.

Cell:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

I just helped a family who needed more living space than an apartment but wasn't ready to buy yet

find a detached single family home to rent in Kemp Mill, a subdivision in Silver Spring, MD

The home is a split foyer model, located at 904 Hoyt Street.  This corner lot home also has a garage, which is rare for the older homes in Kemp Mill.   This home is in a great location, with a public bus stop currently located around the corner on Arcola Ave, so easy metro access if one doesn't have a car. Though out of season right now, Parkland Pool is also very close. In addition the home is just a few blocks away from Kemp Mill Shopping Center.

904 Hoyt Street makes a great commuter home for people who use the metro or drive to work in DC and Virginia as it is close to the Red Line Wheaton Metro and to the beltway, Route 495.

While the majority of my business is helping people in selling and buying homes, I am here for all your real estate needs and was happy to help this client secure a rental property.  If you are ready to move and as a home owner aren't sure if you are ready to sell, I would be happy to discuss with you the positives and negatives of renting your home vs. selling it or selling it.  If you are moving from out of town into the area, unless you know the neighborhood very well, I suggest you rent first for 6-12 months before buying to make sure you are happy with what the community you are thinking of planting roots in and, at the same time, keeping your options open to explore other neighborhoods before buying.

Whenever you hear of a family member, friend or colleague who is thinking of moving, looking for guidance or has a real estate question, please think of me. I always have time for and appreciate your referrals.

Life is good!

Thank you!

Adam
Licensed in MD & DC

adambashein@gmail.com
www.basheinhomes.info

Cell:  (301)943-4370
Office:  (301)921-4500 - ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed

My listing at 302 Burnt Mills Ave in Burnt Mills Manor, a subdivision in Silver Spring, MD Just sold! I used an out of the box open house to secure the buyers

Cell/Direct:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

On Monday we closed on my seller's now former home at 302 Burnt Mills Ave in Silver Spring, MD., located just off of Colesville Road/Route 29 in a subdivision called Burnt Mills Manor.

The home is a cozy 4 level brick  split with a custom addition that created an eat in kitchen.  Most split levels in this neighborhood don't have eat in kitchens.  The home has good bones and was a good opportunity for these buyers to get into a home, in a neighborhood they like, at a price they could afford and put their personal touches on the home to make it their own.

Despite being just off of a main road, Burnt Mills Manor is a quiet destination subdivision, meaning you don't drive through this coming to enter another community, almost like a no outlet street.  And, 302 Burnt Mills Ave is at the end of the street, very close to a walking trail.

On the selling side, I did target marketing, moved some items around and out of the house during the listing period, did some small home improvements to make the home show better and took a new set of pictures to show the changes to the home from when it was first listed.

The biggest challenge we faced and other sellers may face depending on the draw and desirability to specific neighborhoods was finding the buyer with the desire as well as vision to update the home.  Some buyers are of the mindset/temperament that they only want to buy fully updated/renovated homes.  

Late in the summer, to re-fresh the listing, since I thought the home showed better than when it was first on the market, we had a new set of pictures taken with floor plans of the home.

Labor Day Weekend was quickly approaching and I had a vacation planned.  So I decided to have a Pre-Labor Day weekend open house, holding the house open Thursday from 5 p.m. to 7 p.m. and 1 of the buyers came through the house with her agent.  On Sunday, the buyer's agent brought her and her husband back to the house to write an offer and after a few days of negotiations the buyers and sellers agreed to terms, I came back to town from vacation for the day to meet the seller and he signed off on the contract.

I wish the buyers happiness in their new home.

Congratulations to my seller and a thank you for the confidence to work with me through the sales process.  I am thankful also to the person who referred you to me and hope you will refer me to others in the future.  I wish you all the happiness in the world.

Any time you or someone you know is thinking about moving, whether it is selling, buying or both, the first move you should make is reaching out to me for a free, no-hassle consultation. 

My cell is (301)943-4370 and you can also email me:  adambashein@gmail.com

Even if you aren't looking to make a move but have a real estate question, please call or email me.  I always have time and am thankful for your referrals.

Life is good!

Adam

adambashein@gmail.com

www.basheinhomes.info

Cell/Direct:  (301)943-4370

Office:  (301)921-4500 - ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed

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

Cell/Direct:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

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

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

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

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

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

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

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

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

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

I always have time for and greatly appreciate your referrals.


Life is good!

Adam
adambashein@gmail.com
www.basheinhomes.info

Cell/Direct:  (301)943-4370
Office:  (301)921-4500  - ask for Adam
RE/MAX Realty Group

Information deemed to be accurate but not guaranteed

If my house isn't selling should I also list it for rent?

Cell:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

It is only natural for home sellers to get nervous and consider renting their homes when they aren't selling.  This is particularly true of home sellers who have purchased another home and are now carrying 2 mortgages.  

If your original intention wasn't to become a landlord, make a list of pros and cons of keeping the home as an investment property, talk to some investors and talk to professional property managers.

Below I have put together a list of pros and cons for considering becoming a landlord if it was never your intention but your home has yet to sell.  If you can thinking of additional pros and cons, please add them in your comments.

POSITIVES

1. Increases the market exposure as the home is listed twice: as a sales listing and as a rental listing

2. If you get a qualified rental candidate before you get a sales contract, you have gotten rid of the pain of a mortgage on a vacant home.

3. If we get a renter in before the house sells, it eliminates the pressure of paying the mortgage for
both this house and your other house (if you own another home that has a mortgage).

4. Based on your monthly mortgage and the monthly rent, a positive cash flow after paying the
mortgage and taxes. Tenants traditionally pay for utilities, lawn care, snow shoveling. When there is a condo fee or H.O.A. fee, traditionally the property owner pays for that.

5. While the home is rented out you continue to build equity.

6. If you didn't update the home specifically for the sale (i.e. renovate kitchen and baths) and you end up renting the home, then you don't have the risk of those areas being damaged, suffer wear and tear from the renters.

7. You could end up loving be a landlord, having rental income coming in since you are retired and
keep the house as an investment property.

8. The people renting the house could feel settled in, like the house and decide to buy it.  So you don't have to go to market again.

9. Even if the renters don’t buy the house, it works out well if the market is better next year or in 2
years when we put the house back on the market for sale.

NEGATIVES

1. You have to make the time to go through the efforts of setting your home up as a legal rental property in whatever jurisdiction your house is located in and you are subject to whatever inspections, your jurisdiction requires.

2. Get landlord insurance. A cost.-- -- you should get an estimate for the cost of getting landlord
insurance because it is usually higher than the cost of regular homeowner’s insurance.

3. If you need money, you should check and see if you would be able to get a home equity line of
credit with a rental properties. Not all banks let yet.

4. If there are property condition issues which prevented your home for selling, either a renter may tell you that as a condition of signing a lease you have to address these issue(s) and/or the county inspector may note the issue(s) as items you need to address in order for the home to qualify as a rental property. So if you are going to have to address these items anyway, spending money, time  and you are only thinking about renting your home because it isn't selling, shouldn't you just address the items now and focus on selling?

5. Based on timing of getting your home on the market for rent, you may not be in the hot rental season…at least hot for families who want to get settled before the school year. So not as many people in the market for single family houses now.  You might get a tenant quickly but it could also wind up being a long rental process.

6. Property Management. Once the house is rented you really need to check the house out every
couple of months, quarterly to make sure your tenant is taking good care of the house…unless
you pay a property management company, which takes away from the profit in renting.

7. Disputes between you and your renter over who is responsible for a home repair, replacement
issue. The cost of time and if you have to go to small claims court.

8. If your renters don’t pay rent on time, don’t pay rent, you get into collection issues.  How tenant friendly is your jurisdiction and how hard is it to evict bad tenants.

9. If you try to sell next year or in 2 years, showings will be by appointment on times that are good
for the renters. How cooperative will your tenants be when the house is on the market again
when it comes to showing appointments and will the house show well? What incentives do the
tenants have to make the house available and to keep it neat during showings? You may need to
pay them/give them an incentive to make the house easy to show, present well and that takes
away from profit. If it takes away from profit, what is the point in renting if you are going to
have to give money away?

10. If it ends up being a long term rental, you lose the capital gains tax benefit…capital gains
exemption works if you live in a house at least 2 of the last 5 years prior to selling.

11. If you don’t get an offer while your house is being rented, you face the same situation that you are
in right now --the home will be vacant and on the market without rental income.  You will be paying the mortgage for this house again anyway without the aid of rental income and who knows how fast or quickly the home will sell the next time around. You are repeating history.

12. Potential costs of having to fix the house up after the tenants move out. i.e. painting the house
after they move out could cost a few thousand dollars.

13. Getting a renter in is a temporary fix to create an income stream for a house that isn’t selling.
Whenever we put the house on the market again to sell or rent if you like renting, you are
always going to have to have money in reserve to pay the mortgage when the house is vacant,
until the house is paid off.

14. A future cost for selling…paying for a radon test before getting the house back on the market.
Starting October 2016, Montgomery County, MD home sellers have to pay for a radon test
before going to market.

15.  If you end up renting the house out, we have no idea whether the next time you decide to sell if the market will be better or worse.

Becoming a landlord is a big decision. There are many rewards and risks involved.  Before deciding to have your house on the market for rent and for sale I would really think long and hard about it if it was never your intention to be a landlord and you are only doing this as a desperate act because your home hasn't sold yet.   Some people are cut out to be landlords and others aren't.  Being a landlord can be very lucrative and you have to hope that the tenants pay tent on time and take good care of the home.

Any time you or someone you know is thinking of making a move or wants to talk about the real estate market, please call or email me.  I always have time and am grateful for your referrals.

Life is good!

Adam
Licensed in MD & DC

adambashein@gmail.com
www,basheinhomes.info

Cell:  (301)943-4370
Office:  (301)921-4500 - ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed

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

Cell:  (301)943-4370

adambashein@gmail.com

www.basheinhomes.info

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

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

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

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

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

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

Life is good!

Adam

Licensed in MD & DC

adambashein@gmail.com

www.basheinhomes.info

Cell:  (301)943-4370

Office:  (301)921-4500 -ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed 

Listed and Rented in Potomac, Maryland.

Cell:  (301)943-4370

adambashein@gmail.com

I am a full service realtor and have been called upon by clients, both veteran and rookie investors to rent their houses up for them.

Thanks to the person who referred me to the owners of this beautiful Potomac, Maryland home

It was their first time renting out the house.  The owners lived in the home for several years and then moved out in part to shorten their commutes to work and in part to downsizing. So, I worked with the owners in getting the home licensed in Montgomery County, Maryland and coordinated meetings with inspectors, contractors to make the home move in ready for the renters.  The owners did everything to make the house move in ready and I was able to find them tenants who are in the area for a tour of duty with the Embassy and we signed them to a 3 year lease.

Whenever you or someone you know is thinking of buying a home, selling a home or renting their home in Maryland and DC, think of me.  If you aren't in the market but have a real estate question, I'd love to talk or email. I am always grateful for and appreciate your kind referrals.

Life is Good!

Adam 

Licensed in MD & DC

adambashein@gmail.com

www.basheinhomes.info

Cell: (301)943-4370

Office:  (301)921-4500 - ask for Adam

RE/MAX Realty Group

information deemed to be accurate but not guaranteed

Keep it simple when you are buying homeowners insurance

Cell:  (301)943-4370

adambashein@gmail.com

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

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

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

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

Life is good!

Adam Bashein
RE/MAX Realty Group

Licensed in MD &DC 

Cell:  (301)943-4370

Office:  (301)921-4500 - ask for Adam

adambashein@gmail.com

www.basheinhomes.info 

information deemed to be accurate, but not guaranteed