How much closing help to ask for on Short Sales & Why – Your DC, MD, & VA Realtor

January 16, 2012 By damontheagent

With so many short sale and foreclosures dominating the housing market it’s definitely a buyer’s market. One of the misconception with short sales is how much closing help they can try to ask for. At one point and time 6% was the normal without a doubt but today 6% is history especially with banks. In today’s real estate market how a contract comes over to the listing agents shows the listing agent several things one is either how much knowledge the buyer’s agent has or if upon the request of the buyer how out of the loop they are if they have been educated by their agent.

Things have surely change and are changing every month so to hear someone say “when I bought my home” which was probably before 2008 is usually totally out of the loop because those rules from then don’t apply TODAY. With short sales it’s very tricky if you’re not kept up to date with the process or how the banks are always changing their guidelines. One of the major thing with banks is the maximum amount allowed for closing cost help is 3%. You have very few exceptions but on September 30th 2010 they passed this rule. But for many agents they either are out of the loop themselves or they say “let’s see if the banks gonna bend”.

For a buyer who keeps losing bids on short sales when there are other offers it’s probably because what they fail to realize is, if another offer comes in asking for the 3% and the buyer is asking for anything more the bank and agent are not even going to consider that offer. For this very reason, it shows either the buyer is unrealistic or too demanding or the buyer’s agent is inexperienced which sometimes both are the case. Choosing the right Realtor can be key. Remember in today’s Real Estate market 3% is the maximum allowed for closing cost assistance, don’t waste time or paper asking for more and then wonder why you didn’t get that home when you offered slightly more than the other offer.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 202-618-1382 e-mail: sold@damontheagent.com

Tis The Season To Buy & Sell Real Estate – Your Washington DC Area Realtor

December 21, 2011 By damontheagent

Christmas is in the air, the sales are everywhere from smartphones to new cars but one of the best sales are homes. Yes homes are on sale as well. Prices have been dropping for the longest time and this is the season when people find deals or steals but wait if you’re trying to sell your home this is still the best time to put it on the market because right after the New Year people begin searching again hoping not to get caught up in the spring craze. From March through September is buying season in Real Estate but the smart buyers are looking during the Fall and winter months because there is less competition and they can grab a bargain like NOW.

In Washington DC the market is still great. Where the houses are more traditional sales than short sales. There are two types of buyers in DC, the investors who are snatching up any fixer upper and then turning around to renovate the property and then there are the buyers who are buying the renovated properties because they want something updated, new, and nice. In Maryland, where there are more short sales and foreclosures, the market have prices at a all time low. Many great deals only thing is with the short sales if the agents don’t communicate well it could be a lengthy process. In Virginia which is right behind DC with traditional sales is doing well mainly in Northern Virginia such as Arlington, Alexandria, Fall Church and some parts of Fairfax.

While people are out there buying every electronic gift that’s on sale like a smartphone, iPad, Xbox 360 connect, etc, they should stop by that Open House or visit the house they keep seeing as they drive by. If they are considering selling their house, call that agent NOW to list (or just call me). When 2012 comes around and you hear about people getting a great deal on a house BEFORE the spring remember you have to be in it in order to win it.