Housing Search in Real Time vs Non Real Time – Your Washington DC Area Realtor

More than 90% of homebuyers begin their search online.  And where they begin usually determines where they will end.  Being connected to the correct websites are vital in making sure homebuyers look for available houses and one does not get frustrated after they think they’ve found their dream home only to find out it is no longer available.  Why is that?  How come many of the houses seem to be gone when one searches but it’s active on another website.

The reason for this is that ONLY active and houses in Real Time are associated to the MLS and many Realtors websites.  Many of the others tend to pull houses from the MLS and add them to their website but they do not update them accordingly.  So when people are looking in most cases the homes found need to be verified as still being active or else a person’s hopes and dreams can go up in smoke once they find out that house hasn’t been active for months.

I always ask people who come to me,  ”Where did you find that house?”.  In most cases they give numerous websites and then when I look on the MLS it says been under contract for 5 months.  Last year I had a client come to me because she was frustrated looking online for houses and always calling and finding out the house was no longer available.  I found her a house in less than a month, after she moved in and had her house warming her co-worker who started the process before her but refused to get an agent was still looking.

Even the most popular websites that advertise every house in the United States even those not available are not in real time.  Always consult with a local Real Estate agent.  You will save time and money and in many cases lots of frustration.

If you or someone you know is looking to sell or buy real estate in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

 

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

The Importance of a Home Inspection – Your Washington, DC Area Realtor

Doing a Home Inspection is almost mandatory when purchasing a home unless you are purchasing a shell or renovation project.  Any home with the intent to live in MUST have a home inspection for the very least the buyers peace of mind.

Home Inspection is always for the buyers informational and usage as to what issues IF any are coming with the home IF purchased AS-IS or what needs to be fixed or repaired for the buyer’s peace of mind prior to the buyers moving in the house.  Home Inspections vary with each company.  Many companies inspect the inside and outside of the home to determine if there are any major issues.  Some companies also include a termite inspection as well which is vital, especially with any homes over 10 years old.  If a company doesn’t include a termite inspection you still would want to get that because many mortgage lenders want the termite inspection report when insuring a mortgage on a home.  Home Inspections cost a couple of hundred dollars depending on square footage, number of bedrooms, baths, and levels of the house that would determine the cost.  But no matter what the cost is you cannot put a price on having a peace of mind on a property that you have spent hundreds of thousands of dollars even millions on.

New houses are NOT excluded from having a Home Inspection.  Remember this is about your peace of mind.  I had a client who once bought a NEWLY built house, the builders had there own inspector wanting her to sign off on everything, I advised her to get a home inspection.  After the inspection 11 items had to be readjusted, rechecked, and fixed.  Because once the house is purchased and settled, anything that has an issue is NOW your problem, welcome to home ownership.

If you or someone you know is looking to sell or buy real estate in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

 

What’s the Difference between a Refinance and Loan Modification? – Your Washington DC Area Realtor

When a buyer first purchases a home many are very excited and thrilled about all of the possibilities homeownership will bring.  Sometime during the life of living in the home many changes are made to the property itself and also to the home loan.  Usually the first to the home loan is it being sold within the first thirty days after settlement.  Other possibilities are adjusting of the rates, financial terms, or loan modification.

One of the questions asked was, “What’s the difference between a Refinance and a Loan Modification?”.  Well a Refinance is when a homeowner finances their current home loan over again with any financial institutes that’s willing to do so.  While a loan modification is done “in house” or with the current mortgage company the homeowner is with.  While a loan modification can ONLY be done with the current mortgage company, a refinance can be done with ANY lending institute.

Because of the current housing market and depending on where the property is located at.  Some homeowners may have only the option of a loan modification IF their property is upside down with negative equity.  Which means if they owe more on their house than what it’s worth compared to the current market value in that area.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

 

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

Are Flipping Hud Homes Hard And ReSelling Them? – Your Washington DC Area Realtor

Welcome to the world of Real Estate.  Real Estate has many different avenues for people.  Some people buy Real Estate to live in while others buy to invest to make a profit.  One potential future investor had the questions; Are flipping Hud Homes hard and when reselling do you have to renovate them?.

It is always recommended that before getting into Real Estate Investing to do your research.  Everything isn’t for everybody but also just because someone fails doesn’t mean you will either.  With that being said going back to the questions.  Hud Homes or Foreclosures are not hard at all to flip.  With flipping you just need to make sure you count the cost which includes the purchase of the home, how much work is needed, have the proper team or contractors in place, and what the resale value will be.  Nothing is hard when you apply things correctly.

Her other question of “do you have to renovate the property in order to resell it”.  Because I’m in Real Estate a question like this seems self explanatory but in reality some people don’t really know.  So let me say that if you are trying to make a profit off of that one house then yes you do have to do some type of upgrading and renovation to it.  Now if you are getting into wholesaling then the answer is NO.  Wholesaling is another form of Real Estate investing.  But this person was only talking about one property. Again ALWAYS do your research and speak with and deal with reputable people.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

 

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

Do I Qualify for Any 1st Time Home Buyers Program Despite…. – Your Washington DC Area Realtor

1st Time Home Buyers Program, depending on your location, the programs can vary. All are not the same and many vary depending on location, income, number of occupants to the home, and resource supply.  In this case one person asked; “Do I Qualify for Any 1st Time Home Buyers Program Already Owning A Home Given to Him that’s paid off and NEVER having a mortgage on it?”.

In a situation such as this there are 2 factors to consider.  One was a home loan EVER involved and if so WHEN, AND HOW long ago IF there were one.  But being as though NO home loan was involved and the title is the only issue the answer would be YES.  1st Time Home Buyers Programs are ONLY involved in loan transactions and once a home is paid off after 3 years of owning the home, any homeowner qualifies again in Washington DC, Maryland, and Virginia for a 1st Time Home Buying Program.

Now I will always advise for anyone to check with a local lender because like I mentioned before 1st Time Home Buyers Programs vary depending on LOCATION, income, number of occupants to the home, and resource supply.  So with that being said each state may have their own set of rules.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

 

 

Why Are Property Taxes Higher in some areas compared to others – Your Washington DC Area Realtor

Currently it is tax season and with that people are waiting on their 1099′s and W-2′s so they can file their taxes and with speaking of taxes property taxes are always a topic of concern when filing taxes.  Taxes always seem to be going up and never coming down.  In the world of Real Estate taxes are always a major concern to many home owners.

Some homeowners in the Washington DC Area who find out that their property taxes are higher than their neighbors wonders why are  their taxes higher.  But hey isn’t it fair to say that everyone thinks that their house is better than their neighbors well so does the local county and states office who issues those taxes.  You can’t have the best home on the block and pay the same as the houses around you. OK enough of me kidding around.

The value of homes as well as taxes are always based on location, location, location.  Many people will find that their house was not bought for the same price as a house around the corner or even their neighbors for instance.  Taxes vary on many things such as SOLD price, square footage, year of house built, and location in the area of the property.  Any other tax concerns about a property  should be brought up with the local Tax Assessment Office or local state government.  They can go into further details on how they formulated the taxes on a homeowners property.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

Earnest Deposit does it go towards down payment or closing cost? – Your Washington DC Area Realtor

Many years ago people just had to say they wanted to buy a house and that potential buyers word was taken as trust, over the years many Realtors and sellers (who took their house off the market) learned that words were just that, words without any solid commitment on such a huge investment.  Over the years putting an earnest deposit down with a contract to ensure how serious that buyer was has become the normal thing.  Now with that comes many things such as how much to put and also where does that money actually go towards in the transaction.

The earnest deposit is just that, it’s the deposit made in the transaction.  It can be any amount but the standard is 1% of the purchase price, it’s to show that a potential buyer is serious about purchasing that house.  Of course the higher the amount of the earnest the deposit the more serious the buyer is compared to other offers if any others are submitted on the same property it’s a determining factor for many sellers if the offers are similar to look at.  That earnest deposit is applied towards the down payment of the transaction when using an FHA or Conventional Loan.  With a VA Loan (military affiliate) No down payment is required.

If the earnest deposit for example covers the down payment and there is money left over the remaining is applied to any other charges the buyer has which is closing cost.  And if for example the buyer has submitted such a huge earnest deposit that covers both the down payment and closing costs then they would get any remaining money back to them at settlement from the title/escrow company in the form of a check.  In most cases the earnest deposit covers the down payment unless the potential buyer puts over (depending on which loan FHA 3.5% or Conventional 10-20%) the minimum required amount for the down payment.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

What’s Included in the Closing Cost – Your Washington DC Area Realtor

Buying a home comes with many expenses such as down payment, closing costs, home inspection, appraisal and etc.  A client asked me what’s included in the closing costs.  Some think that all of the things I’ve just mentioned are included when in fact they are all separate from the closing costs.

The closing costs expenses are generally the lender’s fee (if a home loan is being used).  When it’s a strictly cash deal then there is no lender fees.  And it’s also the title/escrow company or attorney fees.  Whomever is transferring the title from the seller to the new buyers name.

The lender’s fee are a breakdown of charges which are in the good faith estimate lenders provide once a buyer has been approved for a loan.  They charge for providing the home loan which range from the property taxes to the lender’s insurance on the loan to more.  The Hud-1 also includes these charges along with the Title/Escrow company fees which makes up the other portion of the closing cost.

The title/Escrow fees are a range from the company’s fee for removing any and all liens (if any) against a property to title insurance to the settlement fees and more.  The Hud-1 has a breakdown of all charges for both the buyer and seller.  Again the closing cost is both the lender and title/escrow company’s fees combined that includes the taxes and insurance on a property.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

 

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

 

When Home Value Decreases Why Doesn’t The Taxes – Your Washington DC Area Realtor

In Washington, DC housing prices steadily continue to increase but across the DC/MD line over in Prince George’s County prices are the opposite.  And with the decreasing of value in many homes the taxes are doing the opposite.  They were on an yearly incline once going up while house value in homes were steadily going down.

The reasoning for the taxes not decreasing is local state and counties are always trying to justify raising taxes.  In Princes George’s County when the yearly tax bill comes, there is also a tax assessment which is (in this current housing market) NEVER the true value of the home but yet it is the guidelines the county uses to raise taxes.  Now when ask the county how did they come up with their assessment they say they send an actual appraisal out to each property.  The question with that is prior to 2007 appraisals didn’t have to go in each property to get the value.  Needless to say all of the appraisers were fired due to inaccuracy.  Now adays they all must go inside to get the true value.  So if an actual appraisal is done how come no appraisers are going inside the properties IF an appraisal is actually done on each property.

Homeowners must challenge their high bills or the county will keep doing what they do.  If they send bills to a cul-de-sac of 8 homes and only 2 complain to them while the other 6 pay and then only complain to their family member the county has still gotten paid despite the decrease value in home values.

If you or someone you know is looking to sell or buy real estate  in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO). We are never too busy to assist you.

 

 

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

What is the difference between seasoned agent and new agent? – Your Washington DC Area Realtor

A old friend of mines said she was going to use her GOD sister to help her sell her a house.  Then I hear this, “What is the difference between seasoned and new? Is there something different.. ?” So of course my eyes get big because that’s like a rookie in professional sports, course there’s a difference.  There’s always that learning curve professionals have to endure.  There are many differences between a seasoned agent and new agent!

To make it simple I summarized it to her like this, “The difference is experience, less frustration, more knowledge, easier transaction, more money saved for you”. To elaborate on that it’s like this some new agents can be more knowledgeable and convincing than seasoned agents but when choosing any agent you want them to be experienced and efficient in the field of expertise they are assisting their customer or client.  Some seasoned agents have the years but do not have the transactions completed either.  A good resource would be to get references from them and to check out any and all resources on the internet as well.

New agents bring enthusiasm, energy, and lots of patience to the profession. We all at some point where new agents. So there is nothing wrong with using a new agent.  When I sold my first house it was to someone I knew who gave me the opportunity even though she knew that I was new.  So sometimes you have people who would rather use a new agent instead of a seasoned agent because some seasoned agents may appear to be too busy for them.  (Just a note, I’m NEVER TOO BUSY for referrals)

Seasoned agents bring experience, knowledge, the nack know how to get around many situations which saves time, money, and energy and the connections of all the right people that can make the transaction a rewarding experience rather than a disaster one.   No matter who YOU chose, make sure it’s someone whom you are comfortable with in fulfilling the transaction all the way out to the completion of SOLD in YOUR favor.

If you or someone you know is looking to sell or buy in Washington DC, Maryland, or Virginia please consider The Sold Supreme Team and Damon The Agent (CEO).

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: soldsupremeteam@gmail.com

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