Archive for the 'Information for Buyers' Category
Ma’am, Step away from the furniture!
The Washington Post just reported that lenders, effective June 1, will be running a final credit report on purchasers just prior to settlement. That’s in addition to the preliminary one they run to qualify you for the loan.
And it’s not just for purchases. If you open a line of credit, let’s say, at Ethan Allen, in anticipation of your big Read the rest of this entry »
DC Homebuyer Tax Credit- Alive and Kicking!
The Federal first-time homebuyer credit of $8,000 may be a thing of the past, but the $5,000 DC first-time Homebuyer Tax Credit is very much alive!
There are a few strings attached. Buyers must qualify to make a home purchase. The credit cannot be used toward a down payment. And the credit is used to reduce the buyer’s federal taxes.
The good news is that it’s available through the end of 2010.
The attached links will provide you with more information on the DC First-time Homebuyer Tax Credit program, along with other programs for DC residents.
1. DC tax relief and tax credits
2. DC Homebuyer Programs
3. Home ownership and rental programs for DC residents
Let me know if I can help you find something in DC!
4501 Cheltenham Drive, Bethesda, MD 20814
SOLD for $870,000
4501 Cheltenham Drive, Bethesda, MD 20814
Walk to metro from this stately and elegant 4+BR/3FB Colonial in East Bethesda. Magnificent hilltop setting… feels like you’re on top of the world.
Enter through a handsome glass-paneled doorway into center hallway. Large living room with wood-burning fireplace and Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. Super Short Summary!
I’ve been spending a lot of time recently putting together a series of articles for buyers describing what happens after an offer has been accepted. Even I was surprised at how much there was to share. So far there are 11 sections to this series. For those not caring to slog through all the articles, I thought I would sum them all up. So, here goes:
- Home Inspections. Get one. Avoid dud houses. Keep emotions out of it.
- Financing. Be prepared to share a lot of paperwork with your lender. Get approved prior to making an offer. Don’t go on crazy spending spree just before settlement.
- Settlement Attorneys. Cheaper is not always Read the rest of this entry »
East Bethesda School Guide
East Bethesda School Guide
For those new to the neighborhood, or just entering the East Bethesda school maze, here’s a little cheat sheet to help you figure out your options. For more in-depth information, go to www.ebca.org/Education.
East Bethesda is unique within Montgomery County for its choice of schools. Many years back, when Lynbrook Elementary closed, the county Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. #11.
Step #11: Appraisal Contingencies.
If you’ve included a financing contingency in your offer, chances are it also includes an appraisal contingency. So, what does this mean? Well, the bank wants to protect itself. Therefore, they will send someone out to take a look at your future property to make sure that you aren’t paying too much for it.
Let’s pretend that you like a house listed at $500,000. So do a lot of other people. It gets competitive, but you can spring for something a little more expensive. You put in an offer of $525,000 and it’s accepted. Yahoo! So, what’s the problem?
Appraisals used to be a piece of cake. The market was ratcheting up so quickly that sanity did not prevail, and we ended up with a wee bit of a problem. Now, with all the foreclosures and short sales out there, Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. #10.
Step #10. 
Good Faith Deposits.
As you’ll recall, when you placed an offer on your future home, it was accompanied by a “good faith deposit” check. Essentially, a good faith deposit serves as a monetary promise that you will move forward with your purchase of the property, or risk forfeiting the deposit.
In different jurisdictions there are different rules about when and where your check will be deposited. Suffice it to say that if you work with me, you will make your check out to Evers & Company Real Estate. I will negotiate on your behalf to have the check deposited after the home inspection contingency has cleared (there might be some other reasons, and we can try to include these). Typically, home inspections take up Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. #9.
Step #9. Homeowners Insurance.
Now that you are a homeowner, you need homeowners insurance. This is true for single family homes as well as condos, co-ops and town homes (the latter three will likely have partial policies in place already- though you’ll need a supplementary policy to cover all the rest). If you are taking out a loan on your new property the banks will insist upon it.
Who: Check with family and friends to see if they have a favorite insurance agent. If not, I can recommend a number of agents for properties in DC or Montgomery County.
What: You need to get enough insurance so that Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. #8.
Step #8. Termite Inspection.
If you’re buying a new place, particularly a single family home, I’m likely to insist that you hire a professional to inspect for termites. Why? Well, in the District and Montgomery County, Paragraph 16 of the regional sales contract calls for the “dwelling” (including the garage) to be delivered at settlement free of active termites and any structural insect damage. This is your one chance to see if you’ve got ‘em. It’s for your protection!
Termite inspections are pretty quick and easy. Thirty days prior to settlement (or less) you hire a termite specialist (I have a couple of favorites). This will run you approximately $70. They come out to the property and in about 20-30 minutes will inspect the interior and exterior of the house. You really don’t even need to be there (I do!), however, it presents a great opportunity to Read the rest of this entry »
How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. #7.
Step #7. Condo Docs.
If you purchase a condo or co-op, or a townhome or even a home with a Home Owners Association (HOA), you are entitled to review the “documents” (also referred to as the resale package or resale disclosure documents) that govern the rules/regulations/finances of the building or association you are buying into. For the purpose of this article, we’ll lump them all together and refer to them as condo docs. In the District and in Maryland, this opportunity for review cannot be waived. And with good reason. It is the only opportunity prior to purchase where you can assess the health of the building or association.
Within the District, these condo docs must be presented to the buyer within 10 working days of ratification of a contract (when everyone agrees to agree). You will then have 3 days to Read the rest of this entry »
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