Freddie Mac has announced a Streamlined Loan Modification that should provide an efficient way for borrowers to avoid foreclosure and remain in their home. The Freddie Mac Streamlined Modification program is a temporary initiative that provides severely delinquent, eligible borrowers an opportunity to avoid further stages of delinquency quickly and without documentation. The Streamlined Loan Modification enables Freddie Mac Servicers to modify a borrower’s mortgage by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers. Some of the key features of the Streamlined Loan Modification include the same terms as the Freddie Mac Standard Modification program. Freddie Mac introduced an alternative to foreclosure that targets severely delinquent borrowers and eliminates the requirement for borrowers to submit a Borrower Response Package. The Streamlined Loan Modification offers a trial period plan in … [Read more...]
Short Sale or Foreclosure
Deciding to sell your home as a Short Sale or Foreclosure is an important consideration that most sellers never think about discussing with their mortgage lender and/or real estate agent. Not sure why most sellers do not pursue a short sale in lieu of a foreclosure, especially if they have a desire of owning another home in the future. So, with that said, here is a brief synopsis of the difference between the two. 1) In a short sale, the bank approves the sale of the property to a new buyer at a mutually agreed upon price. Usually, this price is determined after a seller has requested a short sale package and started the short sale process. The bank will order an informal appraisal through an agent or appraiser called a Broker Price Opinion (BPO) to determine the new market value. After the market value and terms of sale are determined by the bank, your agent can then list and market the property for sale. Selling short may allow the unpaid balance of your loan(s) to be … [Read more...]
Selling your home/Selling home in MD/DC
Selling your home in MD or D.C. can be a stressful situation without a trusted real estate professional to guide you through the selling process. Now, more than ever there are more contract forms, changes in housing regulations, agency agreements, etc., that are required to protect your best interest. It seems that now, when selling your home a seller almost have to be a lawyer to keep up with the changes in the market. With the advent of the internet, HGTV, DIY network and other similar television programs, buyers are more educated as well as informed about the buying process. The majority of buyers start their search online via the different real estate websites or networks approximately 90% of the time before going out to preview homes. By this time, most buyers have already researched and analyzed the particular neighborhood statistics, school district and crime statistics. When selling your home, be mindful of these facts and price your home accordingly to attract qualified … [Read more...]
Top Renovation Projects 2013
We are sharing this list of the top renovation projects for 2013 in the Washington, D.C. and Maryland Areas. With the housing market recovering, spending on remodeling projects is rising. Homeowners spent 9% more on renovations in 2012 than the previous year, according to an April study by the Joint Center for Housing Studies at Harvard University. Whether you’re considering increasing the resale value of your home....or you simply want to make your surroundings more comfortable, renovation spending is expected to increase again this year, the study says. The top renovation projects for 2013 that homeowners will make, according to the latest American Housing Survey, are upgrading appliances and major equipment as well as flooring, paneling, ceilings, windows and doors. Adding a garage at a median price of $15,000 is the most expensive project. Kitchen remodeling, at a median price of $5,000, is the next most expensive followed by roofing at a median cost of $4,559. According to the … [Read more...]
Down Payment Assistance for First Time Home Buyers
Down payment assistance for first time home buyers are available to purchase a home…… Why rent? Now is the time to plan to purchase that dream home in Laurel, MD, Prince Georges, Anne Arundel or Howard, or Montgomery counties...... If you are a first time home buyer or returning buyer and thinking about purchasing a home this spring take some time to ask a Realtor for a referral to a veteran loan officer who is knowledgeable about the many county grant programs available to assist you with your down payment. There are many grant programs available to assist buyers with their down payment assistance for first time home buyers and/or offer closing cost assistance. The grants are funded by the federal government and ready for immediate use by buyers. For instance, the Federal Home Loan Bank offers $5,000 to buyers for down payment assistance for first time home buyers based on certain income limits. The income limits are not that low and the funds are available for … [Read more...]
Marketing Vision at Adolphus Hawkes Realtors
Marketing Vision The marketing vision at Adolphus Hawkes Realtors keting is unique in that we are committed to our buyers and sellers needs and objectives. Our marketing vision is built around how can we make our home buyers and sellers feel comfortable, calm, and worry-free throughout the entire buying and selling process. Our client’s satisfaction is extremely important to us, therefore we work hard to provide top-notch customer service and superior marketing of all properties we market and advertise. Our marketing vision at Adolphus Hawkes Realtors includes an ideal balance between aggressive and innovative in our marketing strategy to make Adolphus Hawkes Realtors one the premier real estate companies in the Laurel, MD and the District of Columbia. We work to provide insights and information into the current real estate market so you will never have to search among our competition. We are always here to answer your questions and concerns. This marketing plan … [Read more...]
Tax Credits for Laurel Home Buyers
TAX CREDITS FOR LAUREL HOME BUYERS - LOOKING TO PURCHASE A FORECLOSED HOMES IN LAUREL MD......if you are interested in purchasing a foreclosed homes in Laurel,MD. The City of Laurel recently passed legislation adopting a tax credit program for purchasers of foreclosed homes within the City of Laurel, Maryland. Tax credits for Laurel home buyers are now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively. If the property is deemed to be a "distressed property" the purchaser may be eligible for an extended credit. As with similar programs, the tax credit for Laurel home buyers terminates when the initial purchaser ceases to occupy the home as their … [Read more...]
Victoria Falls 55+ senior community
Victoria Falls 55+ senior community for active adults. Central Parke at Victoria Falls is an adult senior community located in Laurel, MD. The "For Sale by Owner" of this lovely home is offering this elegant Austen model for sale with immediate occupancy. The home is located on a quiet cul-de-sac and has many fine features. This single family home was built by Michael Harris Homes in 2007 and features an open floor plan with ceramic tile foyer entrance, 1st. floor master bedroom and bath, 3 additional bedrooms on upper level, 3 full baths, formal dining room with custom crown molding and chair railings, eat-in kitchen with cherry cabinets, granite counter-tops, GE Advantium oven, ceramic tile kitchen floor, zoned hi-efficiency gas heat, attached 2 car garage, cathedral ceilings, ceiling fans and walk-in closets. Victoria Falls homeowners pay a low Homeowners Association Fee (HOA) of $222.00 monthly that include lawn mowing front and rear, snow removal up-to-your-door, annual gutter … [Read more...]
Victoria Falls 55+ Active Adult Community
Victoria Falls 55+ active adult community is one of the premier active adult communities in Prince Georges County. The community offers a variety of housing styles that include single family homes built by Michael Harris; Villas built by Craftstar and Drees; and condos. In addition, there is a Resort Club that includes a great hall, billiard room, card room, fitness center, indoor and outdoor pool, tennis courts and a basketball court. Residents at Victoria Falls are anxiously watching the market to see if the value of their homes will increase in value with the increase in national averages. Most real estate analysts predict that the housing market will improve and homeowners should see a modest gain in home values between 3-5% in 2013. Any increase in property values will be greatly accepted and highly appreciated…….However, after working with several mortgage companies and their appraisers it appears that VF is still recovering from the previous market conditions. I was somewhat … [Read more...]
When to consider a HAFA Short Sale?
Why wait on a foreclosure? Tax Rules Encourage Short Sales Sooner, Rather than Later When to consider a HAFA short sale? Tax rules that let you escape paying federal income tax after a short sale expire this year. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]