Archive for the 'Real Estate In' Category

Mar 01 2008

Real Estate In Bethesda- Behind on Payments

Published by Carolyn Thompson under Real Estate In

I have real estate in Bethesda.  I am several months behind on my payments, what do I do?

Call your bank and explain why you are behind on your payments and how you would are planning to address the problem.  If you are planning on selling the home or need them to refinance the home to make the payments more manageable let the bank know.

Stay in constant communication with the bank as this may prevent foreclosure.

There are three options you may want to consider.  You can try to refinance so that the payments are more affordable or you can sell the home, sell the home or perform a deed in lieu of foreclosure.

Option I:  Refinance: Banks are eager to help homeowners stay in their homes.  They do not want to foreclose on your home, as this puts a lot of money at risk for them.  Just because they foreclose on the home does not mean that they will ever collect on the full amount owed on the loan.  

Lenders are holding onto a record number of foreclosed properties.  Use this to your advantage.

They are refinancing loans for homeowners that they had previously turned down. 

Option 2 Sell:  You may want to sell your home.  Even if you owe more than what your home will sell for.  I have negotiated with banks to accept the purchase price of the home as payment in full to close out the loan and any debt owed to the bank.

Option 3: Deed in lieu of foreclosure.  Few banks consider this as a definitive option.    Typically, they will only consider this option if there is a significant amount of equity in the home.  This is becoming a rarity.  They would prefer to make the disposal of the property the homeowner’s responsibility.

In each situation the home owner must go through the effort of producing financial documents, which demonstrate their current financial status.  This can’t be avoided. 

If you think that you did not qualify for the loan that was made to purchase your home then tell this to the bank and see what they can do to assist you.  The United States Comptroller of The Treasury is the governing authority, who oversees lenders.  Contact them immediately to enlist their assistance.  This will help you avoid being misled by your lender.

Caution! Many homeowners have come to me after being misled by there banks.  When homeowners have fallen significantly behind on their mortgage and have called the banks, the banks have told them that they would use a partial payment to help them get current, and will allow the outstanding amount owed to be paid at the end of the life of the mortgage. 

This is a trick!  Unless this is put into writing, do not believe it.  The lenders have used this technique to collect passed due mortgage.  They use the payment that the homeowner sends to go toward the current mortgage so that the homeowner is still several months behind on back debts.  This makes it easier for them to file foreclosure.
If you own real estate in any area and are behind on your payments be proactive.  Contact the bank and get the date, time and name of the person you are talking to at the lender’s office.  Ask them if it is okay if you record the conversation. 

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Feb 29 2008

Chosing a Real Estate Agent In Bethesda

Published by Carolyn Thompson under Real Estate In

A home buyer should chose an experienced Real Estate Agent in Bethesda Agent.

Their knowledge of the real estate market in Bethesda is extensive. Their unsurpassed knowledge of the schools, recreational activities, traffic patterns and public transportation.  
 Bethesda Realtors have access to the complete listing information on the multiple listing service.  They use this information to locate a home in your target neighborhood and in your price range.  Bethesda Realtors also use the multiple listing service to research prior home sales prices, to help you gauge whether you are getting a good deal on the purchase price of your home. A local agent has experience writing contracts, which pertain to that jurisdiction.  Real estate contract vary from one state to the next, they also vary from county to county. There is more to contracts then simply filing in the blanks.  They carefully analyze the situation and try to write the offer in favor of our clients, while having the seller eagerly agree to the offer. Realtors have a responsibility to negotiate the terms on the clients behalf.  Some states allow dual agency in which the Realtors represent both the buyer and the seller.  This is not allowed in Maryland.  Your buyer’s agent represents you.  Often the terms are not exactly what the seller is looking for.  Perhaps the buyer needs to put off the purchase of the new property, until the property they are selling goes to settlement (this is also known as closing). A good Bethesda agent is with you every step of the way.  They recommend and attend the home inspections and work extensively with the title company to make sure the documents are in and closing occurs on time as anticipated. 

Use a Bethesda agent that has a track record of getting home buyers great deals in Bethesda.

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Feb 26 2008

Real Estate In Bethesda Maryland

Published by Carolyn Thompson under Real Estate In

Real Estate in Bethesda, Maryland has done extremely well.

 Bethesda is a solid market with numerous amenities.  The superior schools, subway, nightlife, shopping,  restuarants, and recreation make Bethesda an ideal place to live.

When you purchase real estate in Bethesda you can be assured that you won’t be far from numerous options for interesting outings.  You can cruise the Crescent Trail to Georgetown and return to have lunch at an outside cafe.  You can go home, clean up and go out to the theater and diner without leaving Bethesda. 

There is terrific real estate mix in Bethesda.  There are many Class A  commercial office buildings, single family homes, condos and townhouses.  There is something for everyone.

The number one reason for buying real estate in Bethesda is the people.  They are kind, open minded and educated.

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