To fund their real estate purchase, some first-time investors are tapping retirement accounts and transferring their cash into self-directed Individual Retirement Accounts, which allow them to invest and then funnel the returns back into the accounts. More Americans Bank on Real Estate to Build Wealth
Borrowers With Sub-660 Credit Scores Face Hurdles
A survey found that lending standards for prime and nontraditional mortgages have mostly been unchanged the last three months. Borrowers With Sub-660 Credit Scores Face Big Hurdles
The Worst Home-Showing Offenses That Alienate Buyers
REALTOR® Magazine recently received more than 50 responses from buyer agents who revealed their pet peeves when touring homes with clients — offenses that, they say, have buyers racing for the door. Top 10 Worst Home-Showing Offenses
Sold in 9 Days by Jerry Kline!
"Jerry did a superb job of staying in touch. He listened to my comments, processed them fully and provided value-added feedback. He did a great job in solving/resolving issues as they arose. I like the fact that Jerry was accessible, responsive and professional." - Michael Ziegler
Congratulations to Michael on the sale of his home! Michael's property was the first re-sale in the year-old Courts at Bonaventure community, right in the heart of Odenton.
Got a real estate need Jerry can help you with? Give him a call! (443) 924-7418.
Sold in 2 Days by Jerry Kline!
2255 Misthaven Lane in Gambrills, Maryland. Recently sold by Jerry Kline, realtor, Keller Williams Flagship of Maryland.
“I met with, talked with, and emailed several Realtors over the past year and [Jerry] was the only one that followed up.” -Halle Papai
Let me help you with your real estate need. Call (443) 924-7418 today!
Odenton Three-Month Home Sales Rise 17 Percent Over Last Year
Piney Orchard led the way with 48 homes sold, while Seven Oaks had 22
The number of homes sold in Odenton between Aug. 1 and Oct. 31 rose 17 percent over the same period last year, according to figures provided by the Metropolitan Regional Information System. The three-month numbers indicate the local housing market may indeed have turned the corner after several years of falling sales numbers and price declines.
The Piney Orchard community led the town of Odenton in the number of homes sold during the late summer periods of 2011 and 2012, with 48 homes sold over the most recent three months and 31 homes sold from Aug. 1 to Oct. 31 last year.
By a wide margin, Piney Orchard and the Enclave at Seven Oaks led Odenton communities in the number of homes sold during both years. From Aug. 1 through Oct. 31 this year, Seven Oaks had 22 homes sold, while over the same period last year Seven Oaks had 23 homes sold. (See table below.)
Chapel Grove, with nearly 250 single family homes and more than 100 townhomes, was the next highest community in terms of home sales. Maple Ridge, Lions Gate and Four Seasons Estates also contributed steadily to Odenton homes sales during the period.
Eleven Odenton communities produced 87 percent of Odenton home sales during the most recent three-month period. The same 11 communities produced 89 percent of Odenton homes sales from Aug. 1, 2011 through Oct. 31, 2011.
Odenton Community
No. Homes Sold
8/1/12 – 10/31/12
No. Homes Sold
8/1/11 – 10/31/11
Piney Orchard
48
31
Seven Oaks
22
23
Chapel Grove
6
4
Maple Ridge
3
7
Lions Gate
5
4
Four Seasons Estates
3
5
Odenton Heights
2
3
Eden Brook
3
1
Kings Ransom
2
2
Kings Heights
1
2
Town Center Commons
1
2
Other
14
10
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
Considering a Short Sale? Here are 7 Tips for Success
From HOUSELOGIC.COM, by G.M. Filisko, an attorney and award-winning writer. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Have to sell your home for less than it’s worth? Here are seven tips to help you get the best price.
1. Know who you owe
A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who’ve placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they’ll need from you.
2. Pick your short sale team
You’ll need to work with a team of short sale experts, including a real estate agent, real estate attorney, and your accountant. Look for agents and attorneys who advertise themselves as short sale experts. Interview at least three, and listen carefully for signs that they understand the complexities of the short sale process.
Agents should explain how they’ll arrive at a suggested price for your home. Ask them to show you a sample short-sale package or for an example of a prior short-sale success.
3. Get your documents ready
Gather the paperwork your creditors and mortgage lenders asked to see, like your listing agreement and a hardship letter explaining why you need to do a short sale. You’ll also need proof of what you earn and what you owe as well as copies of your federal income tax returns for the past two years.
4. Expect delays
Despite a federal rule saying banks participating in the federal government’s Making Home Affordable loan modification program must respond to short-sale offers within 10 days, it may take weeks or months for your lender to decide whether to allow you to sell your home in a short sale--and even longer if you must negotiate with more than one lender or lienholder.
Your lender and lienholders don’t have to agree to your proposed short sale. They can reject your terms or make a counteroffer, which can create further delays.
5. Anticipate demands
Discuss with your short-sale team how you should respond to common short-sale demands from lenders. For example, are you willing to sign a promissory note agreeing to pay outstanding amounts after the sale is complete?
6. Know the tax implications
Any unpaid amount of your mortgage “forgiven” by your lender through a short sale may be considered income to you under federal tax rules. Ask your attorney or accountant whether you qualify to exclude that amount as income on your tax returns under the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Also ask if you’ll be required to report amounts “forgiven” by other lienholders, if applicable.
7. Consider how the short sale will affect your credit and what you must pay
Ask whether your lender will report the short sale to credit-reporting agencies. Having a portion of your debt forgiven may negatively affect your credit score, but a short sale typically damages your score less than a foreclosure or bankruptcy.
Ask you lawyer whether you'll be responsible for paying back the lenders' loss. If the lender says it will forgive any losses on the sale of your home, get that promise in writing.
Other web resources
IRS information on the Mortgage Forgiveness Debt Relief Act and Debt Cancellation This article includes general information about tax laws and consequences, but isn't intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.
Some Sellers Seek Lowball Offers on Homes?
The latest mortgage fraud scam known as “flopping” has sellers who actually make their home look undesirable so that they can attract low offers from buyers. Some Sellers Seek Lowball Offers on Homes?
Investors Still Buying Up Properties in Bulk
"We need home buyers in the properties," one California realtor told USA Today. "[But] when you put this amount of rentals in one community, your housing values are going to drop." Investors Still Buying Up Properties in Bulk
Homes Are Selling Faster Than Last Year
Nationally, homes were listed on average 95 days, according to September housing data. That's down from 107 days a year earlier. The days-on-market figure for the west Anne Arundel County, Md., area has dropped even more. Homes Are Selling Faster.
