Angela B. Martin

New RESPA Rules Now in Effect

Angela B. Martin — Mon, 18 Jan 2010 21:07:00 GMT

The following components of the new Real Estate Settlement Procedures Act (RESPA) Rule went in effect on Friday, January 1, 2010:

Good Faith Estimate: The new three page GFE, including disclosure of yield spread premiums and the tolerance restrictions, must be used.
HUD-1: The new HUD-1 Settlement Statement has been expanded to three pages. It has been redesigned to look like GFE with additional cross references and a "cross-walk" chart comparing charges in the GFE with the final charges.
30-Day Cure Period: Loan originators will have 30 days from the date of settlement to reimburse the borrower for tolerance violations.
Tolerance limitations on settlement charges: Certain services packaged by lenders will be granted a 10% change tolerance.
Application Process: Lenders will have a one-stage application process with greater flexibility on selecting underwriting criteria.

The Special Information Booklet which mortgage brokers and/or lenders must give borrowers when applying for a mortgage loan has also been updated. This booklet contains consumer information regarding various real estate settlement services, and is required for purchase transactions only.

For more information, please see HUD's website.

Getting Started with the Home Buying Process

Angela B. Martin — Mon, 16 Nov 2009 14:51:00 GMT

How much can I afford to spend?

Experts say you will typically spend about a third of your income on financing your home. Before you start to look for your dream house, figure out just how much of that dream you can afford. Mortgage lenders look at your ability to repay the mortgage loan by reviewing:

Your credit history
Your monthly gross income
How much cash you can accumulate for a down payment, which is usually 10 percent to 20 percent of the sale price.

What is the best time to buy?

Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are anxious to buy so they can move during summer vacation, before the new school year begins. The market slows down in late summer before picking up again briefly in the fall. November and December have traditionally been slow months, although some astute buyers look for bargains during this period.

How long does it take to buy a house?

Buying a house can take from a few days to a few years. In most cases, the process will take several months of diligent effort.

How long should I look before buying a home?

You should look until you find the home that is right for you. This could take a week or a year depending on your personal needs and the state of the real estate market. Ideally, you would like to find a home after you have looked long enough to know what you like and what you do not like. You need time to educate yourself about the housing inventory.

How many times should I look at a house before I make an offer?

You will no doubt want to take a second or third look at a house that interests you. Your agent can arrange this; you should not call the sellers directly for access. But you should drive or walk by the house to get a better feel for the neighborhood. Return several times, at least once during rush hour, to see if the street is busy or congested. Drive a few blocks away from the house to see if the neighborhood holds up to your expectations. A map is a handy house-hunting aid.

How do you find a good agent?

Like me, a good agent typically works full-time and has several years of experience at minimum. Buyers don't usually pay for your agent's services (in the form of a commission, or percentage of the sales price of the home). The seller usually pays all agents in a transaction from the sales proceeds. In many states, this means that your agent legally is acting as a subagent of the seller. But in some states, it's legal for an agent to represent the buyers exclusively in the transaction and be paid a commission by the sellers. You also can hire and pay for your own agent, known as buyer's brokers, whose legal obligation is exclusively to you.

Ready-to-Sell Checklist

Angela B. Martin — Mon, 16 Nov 2009 14:35:00 GMT

When selling your home, it's important to know which repairs and home improvement projects will increase the value of your home and help you get the most interest from homebuyers. Use this checklist to get your house ready for the market.

Carpet & Flooring Improvements:

If you have pets hire a professional to deodorize carpets
If needed, replace any worn carpet
If needed, steam clean carpet thoroughly
If needed, install new neutral-colored carpet with a thick padding so prospective buyers feel comfortable as they walk on your floors
Make sure carpets are secure. Stretch and tack down any loose or curling carpet
Make sure the carpets are vacuumed, free of pet hair and combed
If you decide to replace a linoleum floor, choose a neutral color that will have wide appeal
If your home has hardwood floors with room-size rugs, get the hardwood into its best condition with fresh non-slip floor polish or other coating to make it shimmer
Mop and vacuum floors
Replace worn out vent covers
Thoroughly clean linoleum floors in kitchen and bathroom

Clean & De-Clutter Improvements:

Appliances should be cleaned - inside and out
Clean all curtains, drapes and blinds
Clean or purchase new front door accessories
Clean the entryway carefully; it creates the buyers first interior impression of your home
Clean the inside of all kitchen and bathroom cabinets and neatly organize items on shelves
Clean windowsills
Doors should be oiled and squeak-free
Dry clean your drapes
Empty trash cans, recycling bins and ash trays
Ensure all doors, cabinets and drawers can open completely without any blockage
Exterminate any insect problems
Get rid of odors (pet, food)
Have a garage sale before the home is listed
Hire a professional cleaning service, once every few weeks while the house is on the market
If needed, remove clutter by renting off-site storage space
Keep baseboards clean and dusted
Keep bookshelves, entertainment units organized neatly
Keep clothing hung neatly, shoes organized
Keep screens clean and vacuumed
Keep shower curtains fresh and free from mildew
Keep stairways and corridors clear
Make bathrooms sparkle; sinks, toilets and tubs should be immaculate
Make stairwells and corridors clutter-free
Mop and sweep all floors
Organize closets
Polish all interior woodwork
Remove appliances from kitchen counters to give a look of spaciousness
Remove oil spots from garage

Exterior Painting Improvements:

Paint door and doorframe
Paint exterior fixtures
Paint mailbox
Paint or clean front door and garage door
Paint or re-stain fence if it is peeling or dirty
Paint over any rust spots or streaks on downspouts
Paint shutters, make sure they are hung straight
Paint window ledges
Polish door handles and knockers
Remove rust from railing
Repair any damage to chimney
Repair holes in gutters and repair any separations from eaves
Repair or replace shingles or tiles missing from the roof
Sand and repaint areas with blistering or peeling paint
Seal cracks on porch and remove any standing water if concrete. If wood, secure railings and seal or paint as necessary
Straighten and clean antenna

Interior Painting Improvements:

Add new wallpaper if the current wallpaper is torn or withered. Make sure it adheres to the wall
All woodwork like stairwell railings and doors should be repainted and/or stained
Have leaks repaired & watermarks covered
If needed, repaint faded, worn or stained interior walls
Make sure that cracks in ceiling/walls are repaired
The windows should be washed and stain free. The window frames should be painted if necessary and the hinges should not squeak
Tone down bright room colors by painting them white or a neutral color

Kitchen & Bathroom Improvements:

If the appliances are included with the sale of your home, make sure they are operating and have proper documentation such as warranties and repair information
If there are missing or damaged tiles, have them replaced
Re-touch or repaint kitchens and bathrooms if the color is dated or the paint quality is poor
Make sure sinks are clean and stain-free
Repair damaged countertops, sinks or tubs
Make sure that there are no leaky faucets
Re-caulk damaged caulk on shower, sinks, tub or toilet
Clean tile grout and make stain-free
Paint, touch-up or refinish kitchen cabinetry
Tighten or replace loose doorknobs or cabinet pulls, sticking doors and drawers and wobbly hinges
Replace toilet seat
If appliances are dated or not functioning, consider replacing

Lighting Improvements:

Repair sticky windows which do not open
At night, turn on porch light and outdoor lighting
Clean all switch plates
Clean all windows, inside and out
Clean existing shutters, blinds or drapes
Clean skylight for leaves and other debris
Increase the wattage of bulbs to maximum possible wattage
Install dimming switches in common rooms such as dining rooms and living rooms to allow you to create lighting for different occasions
Install new window treatments if those you have are damaged or dated
Keep curtains open and use natural light as much as possible
Make sure all outdoor lighting works
Prune outside trees to allow natural light inside
Turn on lights so home is well lit during showing
Wipe all light fixtures with a rag and cleaning solution

Plumbing & Electrical Improvements:

All drains should be clean and free flowing
All toilets should be in good working order
Clean up, paint or replace old plumbing fixtures in all bathrooms
Have your well or septic inspected or repaired
If needed, hire a plumber to replace badly rusted and corroded plumbing pipes
Inspect, clean and change filter of furnace
Make sure that all bathroom and kitchen faucets are in good working order
Make sure that all smoke and burglar alarms are functional
Remove mildew stains and repair any loose, crumbling caulk or grout around tile and tub areas
Repair broken doorbell
Service sprinkler system

Staging Improvements:

Clean fireplace and prepare with logs for display
Clean out the entry closet and put only a few hangers so that the buyer can visualize winter coats
Consider lighting up the fireplace during the colder months
Hang artwork on the walls
Hang extra clean towels in the bathroom for your guests
Have a fresh vase of flowers on the kitchen table to add appeal
Have beds made
If needed, put large furniture in storage
Lock pets up away from home during showings
Open drapes to allow light in
Place fresh flowers, potpourri and other decorations around house (even in bathrooms)
Play music during open houses
Put cedar chips inside the closets
Remove all unnecessary articles in basement or attic
Remove magnets and notes from refrigerator
Remove personal possession, like photos, trophies and mementos
Set the dining room table for a dinner party
Stage garage - clean up oily floors, straighten tools and other equipment
Tag or remove items not included in sale (i.e. water conditioner, chandeliers, plants, drapes)

Yard Improvements:

Add colorful plants or flowers near front door and porch area
Consider re-painting or re-staining a deck if the wood is worn out
Repair damaged, rusty or bent fence; paint or stain if necessary
If you have an awning for the patio, make sure that it is also free of debris and that there are no signs of tear or worn material. Replace if necessary
Keep the firewood neatly stacked
Keep trash area clean and organized
Keep walks, steps and driveway obstacle-free
Mow, trim, fertilize and water lawn
Power wash deck
Prune trees and bushes
Rake fallen leaves
Remove unnecessary items such as gardening equipment
Remove debris and personal items on deck and porch
Remove signs such as Beware of Dog
Remove weeds and dead or dying plants or flowers
Replace welcome mat at the doorway
Re-sod bare spots on lawn

1st Time Homebuyer's Credit - The Fat Lady Hasn't Sung...YET!

Angela B. Martin — Thu, 05 Nov 2009 02:44:00 GMT

Extending the Credit — Almost There

The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.

The agreement on the extension and expansion of the credit is as follows:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.

The White House has indicated that President Obama will sign the legislation.

Time is Running Out!

Angela B. Martin — Mon, 26 Oct 2009 17:56:00 GMT

Time is running out to take advantage of the $8,000 tax credit for first time homebuyers!

Now is the perfect time to jump in the real estate market. If you are a first-time homebuyer (which means anyone who has not owned a home in the last 3 years) can take advantage of the tax credit. Many new buyers don't realize that in many cases, this credit can be used toward closing costs in order to purchase the home which may actually lower the amount of money that you need to come to the table.

It's no secret that the housing market has been in a slump with the state of the economy, but the light is definitely being seen at the end of the tunnel and many economists predict (and I agree) that housing prices are about to rise. So if you haven't taken the plunge, what are you waiting for?

Call me today so I can help you find that home of your dreams!

2 Story For Rent/Lease in Tulip Grove

Angela B. Martin — Mon, 26 Oct 2009 06:00:00 GMT

Spacious, Well-Maintained Home for YOU

• 1,980 sq. ft., 3 bath, 4 bdrm 2 story - $1,995 USD Monthly

Tulip Grove, Bowie - Excellent condition inside and out! 2-car garage,& too many upgrades to mention. Shows like new and on HUGE, historic lot. New windows, vinyl siding,carpeting and more. Provide strong lender letter and financial info sheet. Located near Belair Mansion on lot that formed part of the promenade to Mansion, with 200+ year trees. 15 minutes from Annapolis, 20 min. to Baltimore, 30 min. to D.C.

Property information