PG County Real Estate

This is the first post in a four post series. For details on understanding foreclosure and bankruptcy, keep following this blog.

If you find the terms “foreclosure” and “bankruptcy” confusing, you’re not alone. It’s not uncommon to see people filing for bankruptcy if they’ve defaulted on their payments and received foreclosure notices. It’s important to know whether foreclosure and bankruptcy have the same implications on the people involved.

While neither situation is ideal, they are not the end of the world. You can correct both with proper assistance from lenders and legal assistants.

If you can't pay your mortgage towards your house, speak with your lender.

Let’s try and understand what each of these terms mean.

Foreclosure:

By definition, foreclosure is the legal procedure in which a lender holding a mortgage on an individual’s house forces a sale for the house in order to obtain repayment of their loan. Foreclosure proceedings usually begin when the homeowner defaults on his loan payments.

A common misconception is that defaulting on your mortgage for a couple months will lead to foreclosure. In such situations, people panic and tend to look for options where they can declare or file for bankruptcy in order to retain the control that they think will be lost if the property is foreclosed on.

Homeowners need to be aware that lenders also lose a lot of money when they put a house on foreclosure, so if approached at the right time, they would assist you in avoiding the process completely. The way they look at it, all they want is the principal borrowed and the interest at stake.

If you’re looking to invest in a foreclosed property, or any other home in or around Prince Georges County, Express Realty Services could help. With the lowest interest rates in years, you could get a beautiful house that’s well within your budget.

For more questions or concerns, feel free to call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

This series will be continued. For more insights on concepts like foreclosure and bankruptcy, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

This is the third post in a three blog series. For details on the effects of foreclosure on affluent communities and people of color, visit Part 1 and Part 2.

Foreclosures have Affected Metro Area Inhabitants the Most:

Research conducted by RealtyTrac has suggested that three-quarters of some of the largest U.S. metropolitan areas – cities with over 200,000 people – have been directly affected by foreclosure in the first half of 2010 alone!

Across the U.S. over a million households – approximately 1.6 million properties received some form of foreclosure-related notice between January and June this year.

The Washington D.C. metro area has also been affected, but it’s a lot lesser than other parts of the country. In D.C., one in every 78 homes has experienced some form of foreclosure in the first six months of 2010.

Though banks and lenders are trying their best to clear the backlog of foreclosures, there’s a new bout of homes that’s bound to hit the market again. According to RealtyTrac head, James Saccacio, the expectation is to exceed three million properties with foreclosure filings and about one million bank repossessions by the end of the year!

It isn’t surprising to not that foreclosures are directly related to the high rates of unemployment. Areas that have had a higher rate of job-loss have seen more families that couldn’t keep up with their mortgage payments.

As bleak as it sounds, not all hope is lost. The markets are indeed picking up slowly. Buyers are finding more competition than they’d anticipated, as many people are looking to invest in new homes. If you’re looking to buy a foreclosed home (or a brand new home) in Prince George’s County and don’t really know where to start, Express Realty Services can help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that it’s not as overwhelming as it may seem!

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

This is the second post in a three blog series. For details on the effects of foreclosure on affluent communities and Metro areas, visit Part 1 & Part 3.

Foreclosures have Affected People of Color the Most:

The foreclosure numbers are abysmal and it’s even more terrifying to see that 2010 will see over one million foreclosed homes by the end of the year.

But has the crisis affected everyone equally? Apparently not! A study done by the Center for Responsible Lending hinted that about 4.5 percent rate of foreclosed homes belonged to the Whites, whereas nearly double that rate was true for the African-Americans and the Latinos.

Foreclosures are not easy on anyone... but who are they really affecting?

In fact another report suggests that approximately 17% of Latino homeowners and 11% of African-American homeowners have lost their house to foreclosure, which adds up to hundreds of billions of dollars!

In a bad economy, high levels of unemployment have not just collapsed the financial markets but also sliced the housing sector. Besides, the economic drain has been increasing, thanks to foreclosures itself, but also because of the effects of neighboring property values that have declined due to foreclosures. Experts say that from 2009 to 2012, those owning properties near foreclosed homes in the Latino and African-American communities would have seen a cumulative drop of more than $350 billion on their property value.

Economic ups and downs are an inevitable cycle, but if you’re looking to invest in a house, you couldn’t find a time better than NOW! And Express Realty Services is here to help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that you can find a house that’s just right for you and your family.

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

This series will be continued. For more insights on foreclosure trends, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

This is the first post in a three blog series. For details on the effects of foreclosure on People of Color and Metro Areas, visit Part 2 and Part 3.

Foreclosure Demographics in the Affluent Communities:

Foreclosed homes have been on an all-time rise. In fact reports suggest that 1 million American households would have undergone foreclosure by the end of 2010.

But if you thought that the foreclosure crisis only hit people from low income families, you may want to reconsider given current trends. According to the Baltimore Sun, “counties with high incomes and pricey housing were among the hardest hit.” Besides, the most affluent counties with a median income of $70,000 saw a 50 percent increase in foreclosure rates.

Where are these communities headed? Are they bound to become what Carol Lloyd of the San Francisco Chronicle calls them – slumburbs?

Buying a house is one thing, maintaining it is a whole other process. If you know what you’re getting into, foreclosure is bound to be the least of your worries.

If you’re looking to settle in or around Prince Georges County, Express Realty Services could help. With lowest interest rates in years, you could get a beautiful house that’s well within your budget.

For more questions or concerns, feel free to call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

This series will be continued. For more insights on foreclosure trends, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

The New Closing Deadline is September 30.

Signed a contract on a new house but couldn’t close the deal by June 30? Worried that you lost out on the tax credit advantage you were going to get?

You’ve a reason to smile! The $8000 home buyer tax credit closing was extended by the Senate and has been passed by Congress!

Here's a chance to save more money on your house.

What is the $8000 tax credit benefit? If you’re a first-time home buyer, or a home buyer signing a contract on a new house as the primary residence, you can get $8000 and $6,500 respectively as a tax credit benefit. All of this only if you close the contract by September 30. The initial deadline for closing was June 30, but now you have another three months!

Excited? Imagine how much you will save when you file for your taxes!

If you’re looking to buy a home and don’t know where to start, we can help. Express Realty Services has a great selection of homes to fit your budget. We can even show you our latest remodeled and renovated homes from our sister company, Express Homebuyers!

Just call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

Normally, we try to keep this blog as informative as possible about the real estate market and neighborhood information in Washington DC. But, since the job market has been so tight these days, we thought it would be helpful to divert from our usual content and highlight an event we are hosting. Our parent firm has some new, real career opportunities, and we invite you, our loyal followers, to join us.
Real Estate Company Hosts Job Fair in City. Over 15 Positions Open Immediately!

If you’ve been looking for a job in the DC metro area, you’ve come to the right place!

The Express Companies is hosting a huge job fair in Alexandria, VA on Thursday June 17, 2010. We are in urgent need of filling over 15 positions immediately, and we are looking for efficient, committed and enterprising candidates to join our dynamic team. The positions available range from entry-level to managerial status – so if you think you have what it takes to join a great team and make a strong contribution, this might be just right for you!

Currently, are the # 1 agent team in the world for Keller Williams. We are also the fastest growing real estate and home-renovation company in the DC metro area. The positions we intend to fill, are mostly full-time and come with a good benefits package. 

So don’t wait too long! Sign up now. Go to http://www.expresscompaniesjobs.com right away. Fill out the details for your desired position, and we will respond to you. 

If you are what we are looking for, we will invite you to our job fair that will be held in the evening today, June 17, in Alexandria, VA. We will send you a confirmation email that gives you a time slot. Please print and bring this confirmation with you for your interview. For more details, go to www.expresscompaniesjobs.com.

Hurry up! You will not be able to enroll in the job fair post 3pm today!

Hope to see you there!

What’s the buzz in the market place? Everyone’s discussing real estate! There were discussions about the $8000 housing tax credit and now it’s about the aftermath. People everywhere have been talking endlessly about investing in houses – and somewhere in the midst of it all, you probably feel a little lost.

“Yes, I want to buy a home soon too, but seriously what’s the hurry?” you might wonder. Well, there is absolutely no hurry or any kind of external pressure. But if you know why foreclosures and short-sales are selling like hot cupcakes, you’d quickly want to stand in line too!

It is unfortunate that there are so many foreclosed homes and short-sales on the market, but that has driven a new demand for investing in them. Here are just some reasons why it isn’t such a bad idea:

Low Prices – If you’re looking for a good price on a home, REOs are a good starting point. Research suggests that people who bought a foreclosed home, saved anywhere between 15-40 percent compared to similar properties in the same neighborhood. Besides, if you’ve bought it for so much below industry standard, its value is more bound to appreciate in the future.

Low Mortgage – Foreclosures end up becoming a lost cause for banks. Banks not only lose money in going through the foreclosure process, but also end up adding bills in maintaining a dead asset. They are more than happy to get their properties off REO listings. Because of this, interest rates are usually extremely low. What you need to also look at is how much you’ve been pre-approved for and adjust your budget to include fluctuations in rate of interest.

More Options – With the number of foreclosures in the market, you have a huge world of choices. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that within the United States alone, around 2.1 million homes are going through some stage of foreclosure!

Buyer’s Market – When the supply of homes exceeds the demand, it does indeed become a home buyer’s market. Statistics show that one in every 387 households across the United States has received some form of paper filing that might threaten foreclosure. Sellers are more anxious to find buyers, and lenders are also happy to speed up the process. What this means is that even sellers and lenders are equally motivated to help buyers like you go through a sale.

I hope this blog helps you in re-considering your options. If you’re looking to buy a foreclosed home (or a brand new home) in Prince George’s County and don’t really know where to start, Express Realty Services can help. Having sold over 700 homes in the past 5 years, we can comfortably assure you that it’s not as overwhelming as it may seem!

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

Brandywine, a city located in Prince Georges County, is a diverse city made up of century old houses and farms mixed in with new housing developments. This creates an environment where new citizens are moving into an area with many long-time residents. Brandywine has a long history, but the city also remains vibrant as new inhabitants and new developments come into the area.

Located in southeast Prince Georges County, Brandywine has 8,266 residents and 3,071 housing units located on 203,318,527 square meters. Because it is such a large area, Brandywine touches on both a suburban and a rural area, and matches this diversity with its mix of people from different backgrounds, all of them living together and getting along. Houses in Brandywine are equally diverse, varying from motor homes all the way to million dollar estates. This incredible mix continues as newly built subdivisions are placed beside older working farms.

One of the most recent developments is Chaddsford, a planned community that was built by K. Hovnanian Homes. Chaddsford was designed to maximize a natural setting. It covers over 200 acres, as well as offers easy access to shopping and major commuter routes. The design includes features such as a four acre lake and an undeveloped community green space to help show case the natural beauty of the area. Available activities in Brandywine include hunting, boating, hiking, and camping.

Chaddsford is made up of four different home communities. Two of these communities, The Crossing at Chaddsford and The Lakes at Chaddsford, are townhouses. The other two communities, The Greens and The Timbers at Chaddsford, are single family homes. Construction is still ongoing and there are two more neighborhoods with single family homes that are planned. The current development contains 382 townhouses and 191 single family homes. Because the Chaddsford development is composed of different types of housing, it creates a very diverse community overall.

Does this sound like a good match for your family? Express Realty Services can make it happen. Call us today at 888-306-9450 or visit our website for the best homes in Prince Georges County, as well as in D.C. and northern Virginia.

  … and it’s time to go home shopping!

If you’ve missed the $8000 tax credit advantage but still want to buy a new home, you’ve got one more reason to display those pearly whites!

The  Federal Home Loan Bank (FHLB) is a first-time home buyer grant funded by some of the local banks in each State. What this means is that if you haven’t owned a home in the past three years you could get up to $7,500 as a grant loan towards the down payment and/or closing for your house.

To qualify, your income must be less than 80% of the median home income on household size.

The FHLB grant is awarded on a 5 is to 1 ratio. So if you want to get the whole $7,500, you would have to put down $1,500 of your own towards the house. To participate in this program the minimum buyer contribution is $500. What’s more, it becomes a forgivable loan after five years – the $7,500 is yours to keep if you stay in that house for the next five years.

Thinking of buying a home in Prince Georges County? It’s a great area and we at Express Realty Services can help you find one with an FHLB loan that’s just perfect for you and your family. Visit our website or call us at 888-306-9450.

If you were buying a used car, you might take it to your mechanic for an inspection. If it came back with a recommendation that you buy new brakes, you could live with that. If it came back with a report of impending transmission problems, you might pay the mechanic and run like the wind - away from the deal.

When you buy a house, it is vital that you perform similar due diligence and order a home inspection!

Prevent Problems…

Though laws in most states favor buyers, when you find a major defect in your new house, it is time consuming and inconvenient to pursue actions with sellers after you have moved into your new home. Assuming the problem is not major enough to void the contract, you may be stuck with a home with a flaw you would not have accepted had you only known it existed.

A simple way to prevent most dilemmas like this is to request a house inspection as a contingency of your offer.  This may seem like a no-brainer for distressed properties, but it makes good sense with any home.

What’s Covered?

The inspection should cover what can be seen in major systems from roof to foundation. Separate inspections may be necessary for termites, septic systems, or other specialized things like spas or pools. It is not designed to critique aesthetics or lifestyle.

Ideally, when your home inspection takes place, you should be there, but the seller should not. The seller needs to provide access to all parts of the home and have the utilities on. The process might take several hours. If you are unable to be there for the whole inspection, try to come at the end so the inspector can walk you through the house and explain his findings before preparing his report.

What If…

When the inspector discloses his findings, you may have some decisions to make. How serious are the flaws he found? How much will it cost to fix them? What is the priority to fix them? If the problems are serious enough, you might not want to complete your purchase.

Depending on the findings, your real estate agent may be able to use them to help you negotiate on price. If the seller already mentioned a problem before the inspection and set the price based on that, it is unlikely he will further drop the price based on that. If the flaw is a minor one or one that a sequence of previous owners have lived with, the seller may give a little to sell the house in this buyer’s market, but your agent can guide you as to what is reasonable to expect.

Looking to buy a beautiful home with a clean history in Prince Georges County? Hoping to find the right agent to guide you through this home buying process? Contact Express Realty Services today for a great selection of pre-owned homes. Some are remodeled homes purchased by our sister company, Express Homebuyers.

You can reach us at 888-306-9450 or visit our website to chat with a representative about how to get started.