They “Duped” em. Down Payment Assistant Programs feeling slighted

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I came across this video on a Loundon County Real Estate agents site. I told you before about the Nehemiah and AmeriDream. It has been in front of Congress for sometime now on the HR 6694 - FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008. The DAP will go away if this program passes. You can contact your congress reps by going through AmeriDreams new website called SupportHomeOwnership.org. This is one program that does not cost taxpayers any money. This is funded completely through the agreement of the buyers and sellers.

Thanks Heather for the Vid.

Have a great day.

August 21, 2008 · Filed Under Buyer, Frederick MD Real Estate, seller, video

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What’s going on with the Downtown Frederick Market

As you know, it has been a little busy around these parts. Most of my time has been spent looking at homes around the downtown area. I have looked at detached single family homes, duplexes, townhouses or old row houses. The prices are all over the place downtown; higher along Carroll Creek. The magic number for my clients has been around $200,000. There is a big difference in quality from below $225,000 to $230,000-250,000. Most of your homes under $225,000 were in need of more TLC than others. They were all still liveable, but needed upgrading or minor repairs. If you looked at homes just $20,000 above, you will find a home in much better shape.

I offer these tips to the current (and future) sellers, clean your house. Please, it really makes a difference when showing. Declutter and remove unneccessary furniture. Homes downtown are small, make it look as large as possible. Curb appeal; make sure your stoop is clean and fresh looking. It sometimes take us REALTORS® a few minutes to unlock the door and the potential buyer is looking at the cracking paint on window seals, dead flowers or weed growing out of the sidewalk cracks. Curb appeal makes a world of difference. It’s your first impression.

The end of summer is almost here. Vacations will be coming to an end and kids will be heading back to school. Showings will slow down, but some of your more serious buyers will still be out and about looking for the best deal on the block. And you have to be ready to show! Don’t give up.

Good luck and have a great day.

July 21, 2008 · Filed Under Frederick Market Conditions, Market Condition, seller

4 Comments

Carpet Baggers feeding off those facing foreclosure

Good Morning America did a piece on companies out to “save” you from foreclosure. I hate to say it but I did hear someone mention this type of scheme is right here in Frederick. I don’t know the name of the company but just be aware they are here.

When someone says I can help you stay in your home and lower your payments but you have to sign over the deed to us or anything of this nature…Be very very cautious. It is not hard to get your information and feed into your worries. The foreclosure proceedings filed with the court is public information on the web and at the County Court house. These scum bags are very good at jilting you out of your home and creating more problems for your future and they don’t care…they are scum bags! If someone ever approaches you and feeds off your concerns, you need to step away and get a second opinion. Call me…I might not be able to help you but I will put you in touch with someone that can give you expert advice.

You have alternatives to Foreclosure, but YOU have to do something about it.

Your Choices…

Do nothing
Refi or payoff the loan (obvious, but hard to do or you wouldn’t be in this position)
Reinstatement - Play catch up, make all past payments, pay off late fees and attorney cost
Loan Modification - It never hurts to ask for a change to your loan
Forbearance - A repayment plan or temporary pay arrangements based on financial condition
Partial Claim - A loan from the lender to include back payment cost and fees
Deed in lieu of Foreclosure - Give back to the bank, conditions apply
Bankruptcy - There is a variety of options here call a Bankruptcy attorney for advice
Sale - This usually results in a short sale where the bank has to approve sale because they are accepting less than what you owe on it.

The key is you need to do something…these are trying times and no one ever plans to be in this position. Seek help. I can help you facilitate the sale of your home, but believe me, I don’t want to put another home on the market if there are available options for you to keep it.

EDIT: Added the following.

Call your lender, should this happen to you. There is also a hotline number to call 1–800–4FRAUD8

Thanks Missy for the video and hotline.

April 16, 2008 · Filed Under Frederick Foreclosure, Frederick MD Real Estate, seller

5 Comments

Putting a Short Sale together - what’s with all the paperwork

photo credit: neoterra

As I have mentioned in previous post about Short Sales, there are a few items that the seller will need to accumulate in order to submit a Short Sale Package to the bank. The topic about short sales have been on the tip of everyones tongues recently. In fact, most of the information has already been written, shown at seminars, posted on youtube and MySpace, but not everyone understands the process. And that is what I am trying to do for you…help you understand. Buyers and sellers feel like they are out there all alone. A knowledgeable agent can help both parties navigate through this turbulent transactions. Understanding what to expect and what is required help considerably in the short sale process.

Disclaimer; I am not a tax expert, CPA, financial planning expert, nor a lawyer. I suggest before you decide if a short sale is right for you, that you seek professional advice from your CPA, tax expert and lawyer. What I am giving you here is a peek into what could happen if this is the right choice for you.

One of the pioneers in the short sale markets is a fellow Real Estate Agent in Bonita Springs, FL, Chris Griffith. She writes often on her blog, Real Life in Bonita Springs and now writes weekly for the Naples Daily News. You can read her entire post about short sales here, but I will provide you with a few excellent excerpts from her article.

“Some buyers may not want to wait weeks or months to navigate a short sale, so to expedite a fast, successful sale, get your paperwork in order. Although your lender may have slightly different guidelines, the following items are commonly required: “

Listing contract

Sales contract

Hardship letter

2 years W-2’s or tax returns

2 months pay stubs

2 months bank statements

Recent statements for 401k, retirement, investment accounts

Financial statement listing current liabilities, assets and income information

A letter of permission authorizing your real estate professional, your attorney and/or C.P.A. to speak to & negotiate with your lender on your behalf.

As she points out, each bank has it’s own criteria and set of rules, but for the most part require the same amount of patience and paperwork. And I will close with one of her statements that everyone has to remember…

Regardless of your situation, it is still the bank’s decision as to whether to accept the short sale terms. Some find that no matter what they do, foreclosure is inevitable. But that is why it is imparative to have an experienced real estate agent working on your behalf.

March 12, 2008 · Filed Under Buyer, Frederick Foreclosure, Frederick Market Conditions, seller

3 Comments