PG County Real Estate

This may be familiar territory for some of you, but here is a comprehensive guide to purchasing a bank-owned property.

• Your first step is to secure loan pre-approval.  If you are not already working with a lender, we have several we would be happy to recommend.  While you’re free to use a vendor of your choosing, know that certain banks may require you to be approved by their lender before you can proceed with buying one of their foreclosed properties.
• Next, select one of the homes the bank has available.
• For the offer to be considered, you must submit your Earnest Money Deposit to the listing agent.
• If your offer is accepted, you will receive a list of bank addendums from the listing agent.
• After you have reviewed this document thoroughly, send it back to the listing agent, who will then forward it back to the bank and obtain the necessary signatures.
• During this waiting period, you should reach out to a loan officer to secure more accurate figures.  Give them the sale price, the interest rate, the monthly payment amount and the closing cost, at which point the loan officer will provide you with a Good Faith Estimate, and a list of the documentation necessary to complete the loan application.  Items on this list will include pay stubs, w-2 forms, and bank statements among others.  While you must ultimately select the mortgage that is best for you, we have found the 30 year fixed rate mortgage to be an excellent choice.
• The lender will require that you have Homeowner’s Insurance, so your next move should be to obtain a quote.  We recommend that you choose a plan covering your home and belongings in the event of a fire, robbery or other unforeseen set of circumstances.  As always, shop around for the best deal, and be sure to consult your car insurance agent, as you may be able to arrange a multi-policy discount.  After providing your insurance agent’s name and phone number to your loan officer, they will then order Hazard Insurance for you.
• You should receive your fully ratified (signed by both you and the lender) contract within a matter of days.
• Next, we will reach out to the listing agent and confirm that all utilities have been activated before scheduling a home inspection.  The inspection process typically lasts about 2-3 hours, and can be performed by an inspector of your choosing.  Once again, we would be happy to recommend one to you if you do not have one in mind.
• The loan officer will then request Appraisal and Title work.
• A full termite inspection will then be performed by either you or the seller.
• HOA documents should then be ordered by either you or the seller.  Review these thoroughly, and let us know if you have any questions.  We need to ensure that neither the bank nor the home’s previous owner are behind on paying HOA dues, and that there haven’t been any HOA code violations.
• You should then perform a final walk-through inspection, either before or the day of closing.
• When closing day arrives, your loan officer or title company will inform you of the materials you will need to bring (along with proof of identity) to complete the process.

As we have said many times before, we have the expertise and experience to represent you as you purchase a bank-owned property. And, we also have many bank-owned properties for sale since we work with a number of national banks and the Federal Government. Contact us at Info@ExpressRS.com or 703-752-1380 for more information or any comments you might have.

Although our focus is on buying and selling homes, we understand that a lot more goes into the decision to purchase than the property itself.  Here are some factors to keep in mind as you consider whether or not to move on a house of your own.

Safety first

Although the two-story walkup with the great view that you’ve had your eye on for months may have all the amenities you’re looking for, and while it may be well within your budget, it won’t be a viable option if every other house on the block is boarded up or covered in graffiti.  Take a good luck at the surrounding area when you first visit the home, and make sure it’s in an area you’d feel safe walking through every day on your way to work.

Getting to work

Assuming you’re choosing a home based on its proximity to your work place, be sure to scout out the transportation situation.  If you’re carless, do you live within walking distance of a bus stop or metro station?  If you’re bringing a car with you, is the commute manageable, and does the house have a parking spot?  If not, is street parking an option, and will it require new license plates?

Family factors

If you have a family (or are planning on having one well before you move on to a new location), know what kind of school district you’re moving into.  If you’d prefer to enroll your kid(s) in private school, is there a good one in the area?  Is there a school bus route nearby, or should you factor drop-off and pick-up into your daily routine?  It goes without saying, but having a family will push neighborhood safety even higher up on your list of priorities.

Running errands

If your home is on the outskirts of the city, do you have important resources close by?  Is there a town center of some sort where you can pick up groceries for dinner, hardware supplies for repairs or rent a movie on a night in?  If fitness is a big part of your life, are there fields or courts nearby, and if you’re not a fan of the Bowflex, do you have easy access to a gym?  Is there a hospital nearby in case of accidents?

Most of the items on this checklist are pretty intuitive, and are all probably things you’ve thought of well before you reached the buying stage, but it never hurts to keep a similar checklist when weighing the pros and cons of moving to a new area.

First-Time Homebuyers Seminar: Mortgage Assistance. Credit Repair. Home Selection. Closing.

This is a great opportunity to gain valuable insight into the process of purchasing your first home.

May 16, 2009 10:00AM to Noon
Capitol Hill Presbyterian Church
201 Fourth Street SE Washington DC
Corner of 4th and Independence Ave. SE.
Located close to the Eastern Market or Capitol South metro stations. Please note that parking for the event is extremely limited.

This seminar will:

1. Suggest ways to improve your credit rating. Credit scores can be raised by as much as 100 points through our simple, legal, and no-hidden-costs method.

2. Explain how you can secure up to $18,000 in down payment assistance. No strings attached, and available to all qualified first-time home buyers. This is grant funding you won’t ever have to pay back if you occupy your home for a certain length of time.

3. Teach you to identify and target the best DC-area properties for your budget. Learn simple tricks and techniques to get the most value for your money.

4. Remove the mystery from the closing process. Learn to understand concepts such as deeds, closing costs, title and ownership.

This Home Buying seminar is unique in that you can pre-qualify, apply and view new home opportunities right on the spot. You won’t want to miss out!

Hosted by Express Realty Services – www.ExpressRS.com.

Featured Speakers:      Marc Hershkowitz – Realtor and Host
Kristine O’Neill – Senior Loan Officer, Virginia Heritage Bank Mortgage
Mark Schrader – Principal, Millennium Title
Steve Conover – Credit Guru, MyCreditABC.com

Seating is limited. Sign up today to reserve your spot or arrive early take advantage of our first-come-first-served seating.

Please contact Tina@ExpressHomebuyers.com or 703-752-1374 to make a reservation or for any further information you may require.

With the number of house flippers and fortune hunters increasing in today’s sagging real estate market, we feel it’s important to be as clear as possible about what we do.  Like any other crisis, the current economy has created its share of “miracle workers,” scammers who promise to make your foreclosure troubles disappear for a modest fee, or to provide renovations that they guarantee will help your home sell immediately.  Like any other predator, they view the difficult choices homeowners are faced with as a golden opportunity to take advantage of their concerns about the future, and see a way to turn a quick profit.

Unlike the kindsof companies (or in some cases, individuals posing as companies) described above, we don’t make any such promises.   We’re not asking to work on your house, or offering you a surefire way to avoid losing it.  Like our name suggests, Express Homebuyers is interested in buying homes.  Any and all renovations to the home occur after it has been purchased, not before.  The only service we provide is to pay you for houses that you’re having trouble affording (or are tired of constantly repairing and worrying about).  Our Express Realty Services branch is responsible for selling the homes once they’ve been completely restored, but this isn’t a two-step process unless you already keep tabs on the Express RS website and find a more affordable residence that you’d consider buying after having sold yours.  We aren’t looking to buy your home, refurbish it and then sell it back to you, or make any extravagant guarantees- the only step you should be focusing on as you consider moving forward with us is whether or not you feel the time is right to sell your home.  It is our sincere hope that we can be helpful to you in these difficult times, but know that we won’t promise anything we can’t deliver on, or suggest any “quick fixes” for your situation.  Express Homebuyers is here to buy your home if you’re ready to sell it, and if this is a move that makes sense for you, we’re only a call away.

Most of this is directly from a news release kindly provided by RGS Title. Since the news is very good for first time buyers in PG County, we thought we’d share it with you immediately:

Great News for PG County Buyers – An Improved First-Time Home Buyer Credit
As we have mentioned in previous posts, there have been some recent optimistic signs for buying a new home:

1. National home inventory is at a 2-year low; prices are down and much more more affordable than in the past.
2. While January, 2009 showed a dip in sales activity, a lot of hesitation can probably be attributed to buyers waiting to see what benefits the federal government would offer in the way of stimulus (See last week’s blog).
3. One of those benefits is outlined below, an improved First-Time Home Buyer Credit.  The increased credit of $8,000 is a true tax credit and THE CREDIT MAY BE CLAIMED ON YOUR RETURN, EVEN FOR PURCHASES IN 2009.  See IRS FORM 5405 and instructions for more details.
4. The maximum Fannie Mae and Freddie Mac conforming loan amounts have been raised back up to $729,750 for high cost areas such as metropolitan DC through 2009.

SUMMARY OF THE 2009 FIRST-TIME HOME BUYER TAX CREDIT
NOTE:  For qualifying buyers, who purchased from April 9, 2008 to December 31, 2008, the credit established last year is still in place [10% of purchase price, but not more than $7,500, which has to be repaid as additional tax over 15 year period in equal installments and would be due in full if sold prior to end of recapture period]

For  purchases AFTER December 31, 2008 and before December 1, 2009 (YES THAT IS DECEMBER 1st, NOT THE 31st), the maximum is increased to $8,000 and is a true tax credit – IT DOES NOT HAVE TO BE REPAID, unless the property is sold or no longer primary residence within three years of purchase.

The principal provisions for 2009 are as follows:

1. Credit amount:
   10% of purchase price, but not more than $8,000 ($4,000 if married and not filing jointly); if unmarried joint owners qualify, the credit is allocated between them, but total is limited to $8,000
2. Qualifying Property:
   Same as before. Single-family real estate used as Principal Residence
3. Limitations:
   First-Time Buyer – means individual had no present ownership interest in a principal residence during 3-year period prior to purchase date.  No limit for AGI up to $75,000 ($150,000 joint filers); not available for buyers with AGI over $95,000/$170,000 and there is prorata credit reduction for incomes between.
4. Recapture:
   Due in full if sold, or no longer used as primary residence, prior to end of 36 months from date of purchase; there are some exceptions to the repayment requirement, including death of the taxpayer, which are detailed in the instructions for IRS FORM 5405

Welcome to our blog on how to buy a home in Prince Georges County, Maryland. Since many of the homes we sell are located in the County, we thought you might enjoy having a place to go where you can have your questions answered honestly.

Sure, We’d Like You to Buy One of Our Houses…
But we’ve been in this business long enough to know that, even if you don’t, you’d like to have access to the kind on information that can help you make a wise choice no matter what or where you buy.

But What About This Economy?
Right now, if you’ve got the means, this economy is the absolute best time to buy a home in PG County. Consider this from November 2008. These are the actual prices people in PG County are paying now compared to last year:

PG COUNTY HOME SALES:

Prices continue to drop, and days on the market continues to decrease – houses are selling faster, a sign of a strengthening market. November and December of 2008 were also months where seller-assisted down payment assistance (DPA) was not available. When DPA returns – which in our opinion will happen early in 2009, you will see tons of buyers jumping off the sidelines. Especially when interest rates hit 4%, the lowest in memory.

So Why Pay Rent?
With rates in the 4% range, it will not make sense for you to rent unless your credit is an absolute disaster or you are looking for short-term (under 2 year) housing. . The mortgage payment without taxes and insurance on a $150,000 house would be as low as $500-600. Add a few hundred dollars for taxes and insurance and you’re paying 600-750 a month.

Get Ready To Buy!
It’s a pretty intriguing time. If you have held off buying, we don’t think prices are going to drop much more. Get your financing approved, and start looking for homes. If you want help, call us, of course. But no matter what you do, beat the rush. Get started today.