Buying? Attend an April LiveBaltimore Pop Up!

Posted on April 17, 2012 by demetriascott

Are you a home buyer looking to connect with people who already live in the neighborhood? It can be difficult to get to know the neighborhood on your own. Instead, get to a local Neighborhood Pop Up, sponsored by Live Baltimore. The purpose of these pop ups is to provide home buyers with a casual way to walk around and learn more about the neighborhood. They are the best way to discover if a neighborhood is the right fit for you.

Each pop up is open between 11 am and 7 pm. Special sessions will be offered from 12-1 pm and 5-7 pm with resident guided tours, looks at multiple neighborhoods through presentations and Near Your Work incentive sessions. Three Neighborhood Pop Ups are currently scheduled for April.

April 18 – 2906 Keswick Ave., Baltimore, MD 21211

Find out more about the Northwestern areas of Wyman Park, Medfield, Reservoir Hill and Remington. The pop up will be hosted in Hampden as a dessert happy hour. Enjoy the surrounding art galleries, boutiques and restaurants. As an added bonus, you can sign up for a special bike tour from 4-6 pm.

April 25 – 5717 Jonquil Ave., Baltimore, MD 21215

Live Baltimore is excited to pop up in Glen, treating participants to a fun backyard barbeque to highlight the areas of Cross Country, Cheswolde, Mount Washington and Fallstaff. This pop up will focus on single-family homes, tree-lined streets and spacious yards.

Don’t wait. If you’re interested in any of these neighborhoods, RSVP to the Neighborhood Pop Up you wish to attend today. Don’t buy blind. Explore today!

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Why You Should Buy (or Refinance) This Spring….

Posted on April 4, 2012 by demetriascott

While many of Buyers have been on the fence about purchasing and Sellers have been putting off refinancing their homes, now is the time to make a decision.

First-time buyers should definitely bite the bullet as mortgage rates begun a steady, upward creep. Economists have been predicting the rise for a while now, but numbers are just now starting to reflect the change.

The Mortgage Bankers Association predicts that by the end of 2013, mortgage interest rates could rise to 4.9%. While that is still near the historically low rates we have been seeing for years, it is just the beginning. For example, a 30 year $300,000 mortgage payment could increase by $160 per month if the 4.9% rate becomes reality. The same is true for Sellers, if you are paying 6% in interest on a $300,000 home loan each month, it may be to your benefit to refinance to a new loan package with rates in the 4% range. Could you use an extra few hundred dollars a month?

For the foreseeable future, mortgage rates are expected to continue on their slow climb — and with other expenses like groceries and gas inching upward…buyer purchasing power is being slowly eaten away. First-time buyers should take advantage of Baltimore real estate while rates are still low.

Rising rates may indicate a recovering economy, but for homebuyers it simply equals higher monthly payments. For each month you wait to buy, you run the risk of higher payments and more overall interest during your loan term. Baltimore real estate is as low as it will be for some time — so now is the time to move and lock in a lower fixed rate for the term of their mortgage. While the forecast is only 4.9%, there are no guarantees that the final rates will not be even higher. Save your money and buy now.

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Thinking About Finishing Your Basement?

Posted on March 27, 2012 by demetriascott

If you’re feeling the space squeeze in your house, you might want to consider what’s literally right under your nose — your basement. Here are some considerations to keep in mind before getting to work:

1. Safety: Make sure that your stairway meets building codes or has an exterior entrance. Also, find out if structural supports that might interfere with the space can be easily moved.

2. Moisture: Many older Baltimore homes have basements that were never intended to be lived in and therefore moisture was less of a concern. If you have a moisture issue, consult with a professional plumber drain installation or basement waterproofer to examine solutions for your space.

3. Space Layout: Using the basement for sleeping instead of just entertainment will have key differences in requirements. If you intend on using it as a guest quarters, you’ll need to consider plumbing and electrical requirements for a bathroom, kitchen and perhaps more. Also, when planning for rooms …less in more. There is nothing worse than having a basement chopped-up into a maze of small rooms.

4. Finishing: A key part to finishing the basement is making sure that proper insulation is in place to keep the area warm, quiet and energy efficient. Obstacles such as posts, ducts and plumbing runs can be framed. If the basement has a suspended ceiling, you can also install sound-deadening, decorative tiles.

By following these recommendations, you can add value to your home as well as gain considerable living space.

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Ready For Speedier Short Sales?

Posted on March 21, 2012 by demetriascott

Finally, good news is on the horizon for anyone trying to sell a home. The overly complicated short sale transaction may be simplified by a new federal plan. The agency behind Freddie Mac and Fannie Mae is working hard to at the very least minimize many of the major obstacles related to short sale transactions. The best news, the new changes may be put into effect as early as the fall of 2012.

What Does This Mean For Home Sellers

Currently, many home owners face foreclosure as their only option. Due to the exaggerated process, a short sale is often taboo in real estate. There are far too many terms, conditions, paperwork and agreements for many to find the alternative beneficial. Add to this the length of the process and a short sale may not even be possible. While a short sale actually helps the home owner in many ways, it is often not even put on the table as a solution to foreclosure. With the possible new changes, this could all change and make lien holders more agreeable to the sale.

A Look At The Changes

The Federal Housing Finance Agency are seeking input from a variety of lenders, realtors, housing counselors and other real estate professionals on exactly how the short sale process can be sped up on Freddie and Fannie connected loans. The current deadline to finish reviewing the process is June 30. The final process should be announced around the end of September.

Five main areas are being looked into. Second liens is the first on the list. Second mortgages often equal the lengthiest short sale transactions. Banks do not want to report the loss they are likely to take and delay the process by creating unrealistic terms.

Next up is mortgage insurers. Currently, mortgage insurers can continue their negotiations over short sale claims until home sellers give up. The FHFA plans to create new rules to eliminate this problem. Mandatory timelines would help speed up the short sale process by setting a set time frame for short sale responses.

The final two areas include valuation issues and staffing. The idea is to help limit negotiations by setting minimum terms upfront. With better staffing in all areas of the short sale process, short sale transactions would be handled faster. Read more about the potential changes in the original article from Inman News.

Home Sellers In Baltimore

If you’re confused as to what a short sale means to you as a home seller in Baltimore, it is vital to learn as much as possible about short sales and even possible alternatives. If you’re facing foreclosure, you need to know all your options before proceeding.

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The 7 Steps to Buying Your New Home

Posted on May 12, 2011 by demetriascott

Thinking of buying a home, but not sure where to begin. There is all sorts of conflicting advice out there about how to get the process started.  Here is the quick listing of the 7 Steps to Buying a Home in Baltimore:

1. Get Your Finances in Order: To complete the task, you will need to contact a lender. The lender will collect all your pertinent financial details and pull your credit report. They will let you know if you need to complete any preliminary steps, such as correcting credit report inaccuracies, before pursing your home purchase.

2. Determine You Needs and Wants:  Once you have been pre-qualified by a lender, you will have an idea how much home you can comfortably purchase. Use this information along with your own personal preferences to determine what your new home must have for comfort and convenience.

3. Find a Real Estate Agent: Now you know your needs and better understand your individual home purchase affordability, it’s time to locate a great real estate agent.  The most common ways for buyers to find agents are referrals from friends and family members, neighborhood signs, and open houses.

4. Find “The One” and Make an Offer. With the help of your agent, you should be able to gain access to homes in your area that meet your search criteria. Once you find the home one which meets your needs, he or she will help you submit an offer and come to agreement with the Seller.

5. Complete the Loan Process.  With your offer accepted, you will now return to the lender with all your financial information to complete a full loan application.

6. Inspections.  During the first days of your transaction, you will complete structural/mechanical and termite inspections to make sure everything is in order with your new home.

7. Settlement/Closing.  Approximately, 30 to 45 days after your offer have been approved, you should expect to close on your new home! At the closing, you will sign all lender documents to accept the terms of your loan, transfer the property into your name, and pick-up the keys to your new home.

For more detailed, information on the home buying process, click here to request a free Homebuyer Booklet.

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