Attractive and lovingly maintained – open floor plan. New kitchen with granite counters, cherry cabinets, marble/stone backsplash and stainless appliances. Updated bathroom with ceramic floor. Parquet & hardwood floors throughout. Family room addition with recessed lighting and atrium doors to brick patio. Private fenced yard with shed, playground equip. Easy access to maj. highways, shopping.

A little TLC and this home will be spectacular!   Nice fenced yard with deck & shed.  Three finished levels.  Perfect candidate for 203K financing (ask Teri how this works). Needs carpet, paint, cleaning, some appliances. Detached Howard County home at a townhome price!  Water damage in LL laundry/utility room.

Virtual Tour with Panoramas

 
Private elegance on this 4.2 acre lot with stream in prestigious Chestnut Woods. Gourmet kitchen with Jenn-Air appliances and Sub-Zero refrigerator, 3-zoned HVAC, marble 2-story foyer with grand staircase, hardwood floors, family room with Palladian windows and built-in entertainment center, libarary and full bath on main level, heated ceramic floor in master bath, master suite with sitting area, fireplace and balcony, 2 gas fireplaces and 2 woodburning fireplaces, fully finished lower level with bedroom & full bath, game room, recreation room, den and 2 bonus rooms, special air exchange system in library and game room, whole house intercom/music system, central vacuum, 3-car pull-through garage with circular driveway.

  

 

 

  

  

  

  

Unfortunately, this scenario will become more common with Fannie Mae’s new Loan Quality Initiative that requires lenders to run a borrower’s credit score a second time a few days before closing along with other last minute verifications before final loan approval is granted.  If there’s been a dip in the credit score (perhaps the borrower took out a new credit card) the lender will be required to delay closing, ask for more down payment, increase the interest rate, or at the worst – cancel the closing.

Many lenders have already been running these last minute verifications – the difference now is that Fannie Mae requires that all lenders do so.

Here are 7 tips for consumers who are in the process of buying a home and want to settle on time:

1. Don’t change your employement status

2. Don’t make major purchases (car, furniture, home theater, vacations, etc.)

3. Don’t increase your credit card debt or miss any payments

4. Don’t change bank accounts or make undisclosed large deposits

5. Don’t apply for a credit card, co-sign a loan, or make a credit inquiry

6. Don’t spend money you have set aside for closing – not any, not ever

7. Don’t delay in providing all paperwork asked for by the mortgage company

Not too many programs out there that give home buyers money for down payments:  The

This program provides for $15,000 to $40,000 (income dependent) in down payment and closing cost help to qualified buyers who are purchasing in Howard County.  Also, you don’t have to pay it back unless you sell or refinance.

Hurry and call now for a referral to a lender who can take your application for these funds – just like the last batch of money, this too will run out!   

Image by bredgur via Flickr

So now we’re seeing short sales and foreclosures everywhere.  People just got themselves in too deep to dig out.  If they needed to sell, prices dropped well below what they owed.  When they lost a job, all of a sudden that house payment was too much to handle.  Or sometimes it was an adjustible rate mortgage that adjusted to way more than they could pay.

What does all this mean to us today? It means that the underwriters who approve loans for mortgages have become very, very careful and the standards have tightened up to such a point even well qualified buyers can have difficulty getting financing, or conditions are put on loans at the last minute that delay settlement until they can be met.

Consider:

1. Credit Scores (FICO) – in 2006 you could get into a home with a 680 FICO score.  Today the magic number is 740.  Loans are made if credit scores are lower than this, but they come at a hefty cost in interest rate, or points.

2. Anything that looks “iffy” can send loan approval into a tizzy – underwriters are scrutinizing everything – each deposit into your bank account, withdrawals, and anything else that catches their eye.  Loan officers have to verify, re-verify and verify again.  Soon Fannie Mae and Freddie Mac loans will require the lender to run the borrower’s credit score 3 days before settlement – better hope that score didn’t dip too far in the 30-60 days from loan application!

3. Lending guidelines are changing so fast that lenders can’t keep up with them.  If a buyer was considering a particular loan a month ago, it may no longer be available, or the parameters have changed to a point they would no longer be able to get that loan.  Sometimes these changes happen the day of settlement – end result: no loan, no closing, no house!

4. Condos and any attached home (townhome, rowhome, duplex) that is part of a PUD (Planned Unit Development) that has an HOA or Condo Association has additional requirements that must be met before the loan is funded.  While all of this is certainly do-able, it just makes the process longer and more arduous.

5. Appraisals can be tricky after the Home Valuation Code of Conduct changed how appraisals are ordered and completed. Most lenders still use a company that employs appraisers who are knowledgeable in their region, however, once and awhile an appraisal will come in way under where it should be – for whatever reason – and that can derail a purchase.  Other times the appraiser will tag repair items in the home that must be completed before the buyer can get their loan (mostly with FHA and VA loans).

About now you’re probably thinking “no one can buy a home!”  But that isn’t true.  It’s definitely harder now and there are a few more hurdles to clear, but people get loans and buy houses all the time.  They have great credit (over 740 FICO), have a small amount of debt, have stable employment, and are bringing some cash to the table for the down payment.

But the most important thing they have is a good Realtor® to guide them through the hoops to home ownership.

One of the most important rules about real estate is that it is LOCAL  The thing to keep in mind is that the numbers they measure are averages nationwide that may or may not reflect the trend in your region.  For example, nationwide there was a pretty big drop in home prices over the last few years, yet some areas were barely effected and others ended up completely under water.  Interestingly, the first markets to crash are now the earliest ones to show signs of a solid recovery (northern Virginia for example).

A housing market like none other in history is hard to predict because so many factors come into play.  Think of the last few years as a large ball that was dropped from up high.  The first bounces are big and then they get smaller and smaller until the ball eventually stops and rolls along the ground.  This is what the housing market is doing.  We are past the steep price drops and are now seeing the smaller peaks.  Eventually everything will calm down (if someone thinks they know when that will be, ask them where they got their crystal ball).  A “normal” market is balanced and overall realizes a modest yearly increase in home prices.

Image via Wikipedia

Ball goes up – NAR released stats showing resale home prices have gone up 7.8% in April 2010.

Ball goes down – Prices fell 0.5 percent in March from February, according to the Standard & Poor’s/Case-Shiller 20-city index released Tuesday, May 25, 2010.

Regional Maryland statistics for Howard, Baltimore, Anne Arundel and Carroll Counties show that these markets are up over the same time last year.  The number of homes for sale and the numbers of homes sold indicate that these markets are balanced - neither a buyer’s nor a seller’s market.

COZY – CUTE – CHARMING  home on quiet street in desirable Gambrills neighborhood – great schools!  New kitchen - new bathrooms - hardwood floors throughout – laundry room off kitchen - large yard - paved driveway.  New siding being installed. Bike to Ft. Meade, easy access to Rte. 32 and I-97.

It may come as no surprise that the crooks have figured out how to scam people looking for a home to rent online. 

Basically what happens is the data for a home listed for sale or rent is copied into a bogus Craigslist ad (unbeknownst to Craigslist of course).  Often the listed rent is way under market to attract attention.  Prospective tenants make contact and are told to wire the money for the security deposit and first month’s rent.  When the tenant shows up at the home the owners (if it isn’t vacant) have no idea what is going on.  Identity theft occurs when the prospective tenant emails the rental application to the fake “owner” thus giving them their social security # and other private information.

In our area this has been happening on Craigslist for sometime.  Most agents are aware of the situation and are savvy to what’s going on, but even then it can be hard to catch if your listing shows up on some website somewhere as a tool for scammers.  A home I had listed for sale and rent a couple of years ago appeared on Craigslist at a much lower rent (without my information to contact) – fortunately I caught it and had it removed, but it was impossible to trace who placed the ad.

This same scam is being done on other rental sites such as forrentbyowner.com.  So the bottom line is: beware and whenever possible use a Realtor® for all of your real estate needs.

For more information go to: http://www.fbi.gov/page2/july09/housingscam_072909.html

  This home is a short sale and is being offered at a great price. . .over 4300 finished square feet.  Lower level is completely finished with a full bath.  Main level has hardwoods, den/library, formal living and dining rooms. Upper level has 4 spacious bedrooms and two full baths. Master suite with super bath, oversized walk-in closet and cathedral ceilings. Backs to woods, quiet cul-de-sac location.