For Sale: 4BR/2BA Single Family House in Germantown, MD, $344,999.
Hard to find a Single Family in this price range that is NOT a Short Sale or a Foreclosure ! Lovingly Maintained and Extensive Service Records Convey.
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True story, my buyers and I had been searching for 2 months for the perfect condo. One that was not too far north on I270, one that didn’t need too much updating and of course one that was in the popular price range of under $100k. Well we did indeed find that perfect condo right inside the lovely city of Germantown. Got the offer accepted by the bank as this was a foreclosure. The condo association gave me the default rate at time of the contract and it was well within the 15% max guidelines as set by the lender. Three days prior to the closing the underwriter pulls the condo info again, now the deafult rate has climbed since 4 additional people decided to be late or non-payers on their condo fees. This condo now can only be purchased as an all cash deal. We got the good faith deposit back to my buyers and the hunt is on again, same parameters in what seems to me a malfunctioning pattern in the lending arena. It’s a vicious cycle: vacant units are not good for current owners nor a condo association that is now out monthly revenue. Good , solid , eager buyers now cannot buy this unit so it sits vacant awaiting an “Investor” with cash to purchase the unit or hopefully an owner occupant with cash to swipe a super deal. With condo prices so very low and low interest rates to boot, they make a very attractive purchase for first time homebuyers trapped in the rent cycle. Now what remains is the finding a solution to getting a loan in a condo where the price is right.
Best Wishes,
Vicki Reyes
GRI, Associate Broker
vickirrealtor@aol.com 301-452-0157 Remax Town Center
You probably won’t hear this on TV but the Washington metropolitan area is the the midst of its’ second busiest period for 2010. With rates in the 4′s, seller concessions such as closing help customary and inventory plentiful, well why wait ? And besides the negative media we also have many first time buyers “waiting it out”. I’ve heard many people hesitate to buy because the “ prices are still falling downward”, or ”well I heard the rates will go into the 3 percent range”. All very nice thoughts and ideas, but not probable. If you are able to save up the money for a down payment and get approved for a mortgage my question is “why wait ” ? Great inventory, low rates, anxious sellers, the climate couldn’t get any better. Wish I was buying my current home in this particular market we now find ourselves in. It IS a great time to buy IF you can so turn off the doom and gloom on your television and get ready to find a great home to live the next chapter of your life in.
Vicki Reyes
Remax Town Center Realtor, GRI
301-452-0157 cell
301-540-2232 office
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