Roy Kelley Sells Maryland Homes

Moldy Old Secrets

 Mold in your home?

Thanks to home inspector Steven Smith for sharing his tips.

Via Steven L. Smith, Bellingham, Wa. Home Inspector (King of the House Home Inspection, Inc):

Mold is a hot topic, probably a hotter topic than it should be. Just how big of a problem it really is and for whom has been argued by health professionals and environmental scientists. What is mold, what is mildew, what are microbial growths? Enough already!

Despite all the big talk, I will show you a place where I often find mold. In fact, I would put this right up there with under sinks where there has been a leak or right up there with leaking roofs over attics or just plain poorly ventilated attics.

 

You recognize that location? That is under the tank of the toilet. It becomes more disgusting if the tank is touching a sheetrock wall and the icky stuff has spread to the wall. Bottom line: An inspector does not need to put his or her head in the toilet, but that head should be placed under the toilet.

Thanks for stopping by,

Steven L. Smith

GeoLogo207

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

3 comments • Roy Kelley • March 09 2010 09:41AM

Looking to Buy a "Fixer-Upper"? The FHA 203(k) Program Can Help Make It Happen

The FHA 203(k) mortgage financing is ideal for purchasing a property that needs updating. Put in a new kitchen or finish the basement before you move in. 

Via Rosemary West (Re/Max Realty of Joliet):

 

Looking to Buy a ‘Fixer-Upper’? The 203k Program Can Help Make It Happen

Today’s real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a “distressed” property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today’s home buyers is HUD’s FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don’t exceed $35,000.

2. In today’s market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you’re required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that’s over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Sincerely,

Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

 

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 09 2010 09:17AM

Know the Score: Three Steps to Better Credit

 

Character counts in Gaithersburg, Maryland.

Via American Capital Home Loans:
Know the Score: Three Steps to Better Credit

If you are looking to buy, invest in, or refinance real estate now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it has in the past. It's that simple. Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later.

But, here's the kicker. Nearly 80% of all credit reports contain errors of some kind. Recent studies also indicate that about one-fourth of these reports contain mistakes so egregious that applicants could actually be denied credit! Don't let this happen to you.

Step One: Get Your Report
The three main credit bureaus, Equifax, Experian®, and TransUnion®, are required by law to provide you with a free copy of your credit report once every 12 months. To request your free copy (one from each company) visit AnnualCreditReport.com or call 1-877-322-8228. (Note: free credit reports do not include credit scores. Scores can either be purchased online or pulled by your mortgage professional.)

While you're online, be sure to visit  www.optoutprescreen.com as well. This will help you avoid the hassle of becoming a "trigger lead" and being bombarded with unsolicited mortgage offers, and make life a lot easier throughout the mortgage process.

Step Two: Dispute Inaccuracies
Study your credit reports and make sure everything is accurate. If you do find any discrepancies, you can legally dispute mistakes or outdated items for free. Once notified of a mistake on your report, a credit bureau has thirty days to investigate and respond. If the information can't be confirmed, then the item should be removed. (If you'd like more information on this process, give us a call. We'll send you our Sample Dispute Letter to help get you started).

Step Three: Meet With Your Mortgage Professional
Now that the information on your report is accurate, what if there are still some items in your credit history you would rather forget about? All is not lost. For some, small changes to your credit profile could yield big results that could save you thousands of dollars. For others, enlisting the services of a professional credit improvement company may be required. This important process can take up to six months or more, so don't wait. Give us a call. An experienced mortgage professional can share other insights into the ins and outs of credit scoring and credit repair.

Stay tuned for more valuable credit tips.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

2 comments • Roy Kelley • March 08 2010 04:04PM

What is a Short Sale...the official definition

 

Via Indera Coggins (Re/Max 100):

Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

  • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
  • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage. 

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

  • Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

 

by CDPE University

Indera Coggins, CDPE
Re/Max 100
Cell: 301-481-0787, Office: 301-855-8600
Fax: 410-423-1753

 

 

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 03:59PM

Montgomery County MD Board Vacancies

Montgomery County Board Vacancies

County Executive Isiah Leggett is committed to representation on all of the County's boards, committees, and commissions that is reflective of, and responsive to, our County's residents. Public participation contributes to the work of County government and provides an important service to the community when a variety of issues, concerns, and viewpoints are presented. Currently, there is a valuable opportunity to serve on the following:  

  • Commission on Child Care
  • Local Management Board (Collaboration Council for Children, Youth and Families)
  • Taxicab Services Advisory Committee
  • Workforce Investment Board

The application deadline is March 12, 2010.

You may access vacancy announcements for boards, committees, and commissions by clicking here. 

Posted on ActiveRain as a community service. Character counts in Gaithersburg, Maryland.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 03:43PM

Overbidding On a HUD Home In Maryland

Overbidding On a HUD Home In Maryland

Home buyers and their buyer agents need to understand the guidelines when bidding on HUD Homes in Maryland. Many buyers use FHA financing since that is usually the best option when purchasing a HUD home as a new primary residence. The market is competitive and many of the homes will sell for more than the asking price.

When a FHA buyer bids over the as-is value listing on the website, the buyer must pay the difference between the as-is appraisal value and their bid in cash at settlement.

The buyers must use the existing FHA appraisal. The mortgage lender can simply request a copy using the Appraisal Request Form.

Visit this website for announcements and information on available HUD homes:

http://www.hudhomesource.com/

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 12:56PM

Montgomery County MD Lender Owned Foreclosures & Short Sale Listings

Investor Financing: A Maryland lender is quoting 5%+1+1 for 30 year fixed rate investor financing. 75% LTV to $417,000.

Montgomery County MD Lender Owned Foreclosures & Short Sale Listings

***Please take action now if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. FHA buyers will save if they purchase before April because the mortgage insurance premiums will be increasing.***

There are 184 active listings of  lender owned foreclosures (REO) available for purchase in Montgomery County MD.  Click on the listing number to see the full property description. Sort by column headers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103819214-643

What are short sales? The answers are here: http://activerain.com/blogsview/1418385/what-are-short-sales-  These are the transactions that require lender approval since the proceeds will not cover the mortgage balances. Short sales take longer and more frustrations should be anticipated. Bargains can be found for patient home buyers. These are pre-foreclosures listings and buyers need to be very selective since many of the properties are sold at the trustee sale auctions.

There are 253 active short sale listings priced at $250,000 and BELOW in Montgomery County.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103819294-636

There are 243 active short sale listings available at $250,000 and ABOVE in Montgomery County.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103819341-606

Pre-approval for mortgage financing is the first step in the home purchase process. Ask us for a referral if you do not have an existing relationship with a mortgage lender.

The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program:  http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 09:42AM

Frederick County MD Lender Owned Foreclosures & Short Sale Listings

Frederick County MD Lender Owned Foreclosures & Short Sale Listings

***Take action now if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. FHA buyers can avoid the increase in mortgage insurance cost if under contract by the end of March.***

There are 91 active listings of lender owned foreclosures (REO) available for purchase in the county. Click on the listing number for full details on each property. Sort by column headings.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103817061-926

What are short sales? The answers are here: http://activerain.com/blogsview/1418385/what-are-short-sales- These are the transactions that require lender approval since the proceeds will not cover the mortgage balances. Short sales take longer and more frustrations should be anticipated. Bargains can be found for patient home buyers. These are pre-foreclosures listings and buyers need to be very selective since many of the properties are sold at the trustee sale auctions.

There are 181 active short sale listings in Frederick County.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103817088-583

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask us for a referral if you do not have a relationship with a mortgage lender.

The Home Buyer Tax Credit now includes current home owners as well as first time buyers.  http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 09:27AM

Washington County MD Lender Owned Foreclosures & Short Sale Listings

Washington County MD Lender Owned Foreclosures & Short Sale Listings

***Take action now if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. FHA buyers need to watch the April 5 date when the front end mortgage insurance premium will increase from 1.75% to 2.25%.***

There are 100 lender owned foreclosures (REO) available for purchase in Washington County MD Click on the listing number for full details on each property. Sort by column headings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103816939-365

89 active short sale listings (pre-foreclosures) are available in Washington County.  These transactions take longer since they require third party approval. The secured lenders must agree to the contract terms since the proceeds will not fully cover the mortgage balances. More frustrations are to be expected since many of the lenders fail to approve the sales. These properties are sometimes described as pre-foreclosures.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103816976-539

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask for a referral if you do not have an existing relationship with a mortgage lender.

The Home Buyer Tax Credit now includes current home owners as well as first time buyers.  http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 09:13AM

Prince George's County MD Lender Owned Foreclosures

Prince George's County MD Lender Owned Foreclosures    

***Take action now if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. FHA buyers can save if under contract before April to avoid the increased cost of mortgage insurance.***

There are 339 lender owned foreclosures (REO), priced at $150,000 and BELOW, available for purchase in Prince George's County MD.  Click on the listing number for full details on each property. Sort by column headings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103816876-919

There are 340 lender owned foreclosures (REO), priced at $150,000 and ABOVE, available for purchase in Prince George's County MD.  Click on the listing number for full details on each property. Sort by column headings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-103816910-583

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask us for a referral to a loan officer if you do not have an existing relationship with a mortgage lender.

The Home Buyer Tax Credit now includes current home owners as well as first time buyers.  http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Full REO service for asset managers.

Your Real Estate Professional In Maryland,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879 
 
Client Assistance:  301-670-8996

Direct: 301-921-4569 
Fax: 301-921-4586  Main Office:  301-258-7757 x 569
Email: roykelley@mris.com  Home Search Website: www.roykelley.com 

Follow me on Twitter:  http://twitter.com/roykelley  

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

0 comments • Roy Kelley • March 08 2010 08:52AM