As a Bright MLS Broker, you are part of a powerful network of 95,000 subscribers. Cooperation amongst the Brokers and agents who are Bright subscribers is one of the pillars of our organization. The findings in this report conclusively demonstrate the power of this cooperation, and the benefits of an efficient and accessible market.

Our review of 442,829 transactions across the Bright footprint shows homes marketed on the MLS sold for substantially more than comparable homes, netting a median sale price of 16.98% higher overall.

If you are looking to sell a home, please call DeHanas Real Estate Services at 301-870-1717.

On top of this, is the number of rental properties in default. As reported by the Maryland Independent, locally, in Southern Maryland, property management companies are seeing approximately 30% of their rentals in default, which is alarmingly high. But there is more. The end is not anywhere in sight. The Charles County Government has indicated they will not be holding Landlord-Tenant Court until after September 1, 2020, and many other local Governments are doing the same. By this time, there will be tenants that are 6 months or more behind on rent payments, and the back-log of cases is certain to be enormous, and will take some time to filter through the court system with evictions anticipated to begin sometime during the Fall of 2020 and continue in the Winter of 2021.

What are the signs of impending housing issues? You don’t need to look any further than the homeless camps popping up and growing all over the County……yes, they have already begun growing without evictions even being initiated. Behind our office on Smallwood Drive there are 3 camps with an estimated 40-50 people living in them, including families with kids. There are many other camps popping up all over the area. In our interaction with these families, everyone’s story about how they came to be in their situation, is unique. One thing is for sure; without help, it is very difficult to climb out of homelessness.

DeHanas Real Estate Services recently began an out-reach program charged with helping to make the homeless more comfortable, and feeding the hungry. On a Wednesday evening in May, 2020, we served hot meals to 1000 people from our office in Waldorf. Going into this event, I honestly could not have imagined that we would have gone through 1000 meals!! This scenario is being played out all over the region. One of the charities we participate with is Our Place, Waldorf, a local soup kitchen. On a normal (pre-COVID) evening, there are 70-80 folks there for meals. That number has doubled, and its growing. What can you do? Get involved. Check on your neighbors. Donate your time or money to local charities. There has never been a greater need in time, than there is now, to become a good Samaritan.

We do not know if the remainder of 2020 will bring us aliens or super volcanos, and certainly a second wave of COVID could make recovery that much more difficult. But, there is a family in your neighborhood that needs help, or will need help that is one thing we can count on. If we are “All in this together”, then TOGETHER we will get out of “this”.

If you would like to donate grocery items, please call 301-870-1717

Unfortunately, there is a significant amount of misinformation regarding Payment Forbearance related to the CARES Act and the impact on homeowners. Since the CARES Act prohibits Lenders from reporting Late Payments to the Credit Reporting Agencies many people are operating under the assumption they can just skip making payments without any negative repercussions. What started as Mortgage Payment relief has spread to every type of credit. We are seeing prospective Buyers entering Payment Forbearance plans on every type of credit Car Loans, Installment Loans and Credit Cards. Regardless of what the Government intends you cannot stop making payments on Credit Accounts without it hurting you!

Forbearance basically means you cannot pay on your debt. That is exactly how a lender will see it. And that information will be used when considering your next loan. While a creditor is prohibited from reporting the payment to the credit bureau, they will list it as either "Forbearance", "deference", or "modified", which will make it very difficult for you to obtain a new line of credit.

Regardless of what the Government says, going into a forbearance will hurt you. It is best to consult with a financial advisor to determine if this is the best course of action.  

Here is a list of Hard Money lenders as included in The Scottsman Guide: Residential Edition:

1 STOP HARD MONEY WWW.1STOPHM.COM 949-236-6600

ACCESS FINANCIAL GROUP – JON PARLOT 720-482-0883

AEGIS FUNDING INC WWW.AGISFUNDING.COM 800-290-1954

AGOURA HILLS FINANCIAL WWW.AGOURAHILLSFINANCIAL.COM 818-707-3452

ALLIANCE PORTFOLIO PRIVATE EQUITY FINANCE WWW.ALLIANCEPORTFOLIO.COM 949-382-7300

ARCHWAY FUND WWW.ARCHWAYFUND.COM 310-447-8899

ARIXA CAPITAL WWW.ARIXACAPITAL.COM 310-889-0376

ATHAS CAPITAL GROUP WWW.ATHASCAPITAL.COM 877-877-1477

BRIDGE LOAN FINANCIAL WWW.BRIDGELOANFINACIAL.COM 714-264-4660

BROADMARK REALTY CAPITAL WWW.BROADMARK.COM 206-971-0800

BROOKVIEW FINANCIAL WWW.BROOKVIEWFINANCIAL.COM 877-734-2211

BUILDER FINANCE INC WWW.BUILDERFINANCE.COM 800-752-0401

CALCAP LENDING LLC WWW.CALCAPFINANCIAL.COM 833-816-5580

CALIFORNIA TD FUNDING INC WWW.CATRUSTDEEDS.COM 888-447-8882

CAPITAL FUNDING FINANCIAL WWW.CAPITALFUNDINGFINANCIAL.COM 866-999-2011

CAPITAL THREE SIXTY LLC WWW.CAPITALTHREESIXTY.COM 866-673-2300

CAPSTONE FINACIAL WWW.CAPSTONEFI.COM 480-737-3268

CARLYLE CAPITAL - WWW.CARLYLECAPITALINC.COM - (877) 700-1914

CENTER STREET LANDING – WWW.CENTERSTREETLANDING.COM - (855) 943-0253

CIVIC FINANCIAL SERVICES – WWW.CIVICFS.COM - (424) 336-7584

CONSTRUCTIVE LOANS LLC- WWW.CONSTRUCTIVELOANS.COM - (833) 855-3811

COREVEST FINANCE – WWW.COREVESTFINANCE.COM – (844) 223-2231

CROSSWIND FINANCIAL- WWW.CROSSWINDFINANCIAL.COM – (310) 597-4001

DIRECT LENDING PARTNERS- WWW.DIRECTLANDINGPARTNERS.COM – (484) 218-0141

DRI MORTGAGE LEDNING – WWW.DRIFUND.COM/LOANS - (561) 299-1905

EQUITY CAP FUND ADVISORS- WWW.EQUITYCAPFUNDADVISORS.COM EQUITY MAX- WWW.EQUITYMAX.COM - (954) 267-9103

EQUITY WAVE LANDING - WWW.EQUITYWAVELANDING.COM - (888) 399-8881

FMC LANDING - WWW.FUNDMORTGAGECAPITAL.COM FUNDLOANS – WWW.FUNDLOANS.COM - (970) 300-1900

FUND THAT FLIP – WWW.FUNDTHATFLIP.COM - (646) 895-6090

GENESUS CAPITAL – WWW.GENESISCAPITAL.COM - (213) 634-1002

HERZER FINANCIAL SERVICES INC. – WWW.HERZER.COM - (650) 363-8003

HILTON FINANCIAL CORP. – WWW.HILTONLOANS.COM - (602) 375-8951

INNER CORE CAPITAL INC.- WWW.INNERCORECAPITAL.COM - (619) 890-9825

JB PRIVATE INVESTMENTS – WWW.JBPISCORP.COM – (650) 315-9933

LENDINGHOME FUNDING CORP.- WWW.LENDINGHOME.COM/BROKER - (844) 415-4663

LENDINGONE LLC – WWW.LENDINGHOME.COM/BROKER-PARTNERS (888) 341-9162

LIMA ONE CAPITAL – WWW.LIMAONE.COM - (800) 390-4212

LONE OAK FUND LLC – WWW.LONEOAKFUND.COM - (310) 826-2888

LYNK CAPITAL – WWW.LYNKCAPITAL.COM - (321) 209-6871

M & M PRIVATE LENDING GROUP LLC – WWW.MMPRIVATELENDING.COM (719) 284-9166

PACES FUNDING – WWW.PACESFUNDING.COM (404) 814-1644

PACIFIC PRIVATE MONEY LOANS – WWW.PACIFICPRIVATEMONEY.COM (415) 793-3403

PATCH OF LAND – WWW.PATCHOFLAND.COM – (877) 761-6489

PB FINANCIAL GROUP CORP – WWW.CALHARDMONEY.COM (877) 700-3703

PREMIERE MANAGEMENT INC. – WWW.POLKPROPERTIES.NET (323) 685-6545

PSG CAPITAL PARTNERS INC. – WWW.PSGFUND.COM – (844) 386-3774

RCN CAPITAL – WWW.RCNCAPITAL.COM – (860) 432-5858

RED ROCK CAPITAL – WWW.FUNDWITHREDROCK.COM (719) 900-5400

REDWOOD MORTGAGE – WWW.REDWOODMORTGAGE.COM RODEO LENDING – RODEOLENDING.COM (310) 400-5631

SARATOGA CAPITAL INC. – WWW.SARATOGACAPITAL.NET (408) 418-5032

SETTLE FUNDING GROUP LTD. – WWW.SETTLEFUNDINGGROUP.COM (888) 734-3863

SHARESTATES – WWW.SHARESTATES.COM (212) 201-0750

SOUTH FLORIDA QUALITY MORTGAGE CORP. – WWW.FLORIDAHARDEQUITYLOAN.COM (954) 455-7600

SPROUT MORTGAGE – WWW.SPROUTWHOLESALE.COM/LOAN-PROGRAMS/FIX-FLIP - (800) 642-3354

STRATTON EQUITIES – WWW.STRATTONEQUITIES.COM (800) 962-6613

SUNSET EQUITY FUNDING – WWW.SUNSETEQUITYFUNDING.COM (866) 291-3412

T&M COMMERCIAL FUNDING – WWW.TMFUNDING.COM (207) 358-7527

TAYLOR MADE LENDING LLC – TAYLORMADELENDINGLLC.COM - (954) 614-5109

TRIUMPH CAPITAL PARTNERS – WWW.TRIUMPH.CAPITAL (877) 353-1099

VAL-CHRIS INVESTMENTS INC.- WWW.VAL-CHRIS.COM (949) 252-1907

VALE CAPITAL INC. – WWW.VALECAP.NET - (650) 600-7250

VELOCITY MORTGAGE CAPITAL – WWW.VELOCITYMORTGAGE.COM (866) 505-3863

VERISTONE CAPITAL – WWW.VERISTONECAPITAL.COM (877) 891-6078

VISIO LENDING – WWW.VISIOLENDING.COM (888) 521-0353

WADOT CAPITAL INC. – WWW.WADOTCAPITAL.COM (206) 362-4444

WESTERN DEVELOPMENT LLC. – WWW.WESTERNDEVELOPMENT.BIZ (703) 988-4666

WOODLAND HILLS MORTGAGE CORP. – WWW.WOODLANDHILLSMTG.COM (818) 999-6600

If you are interested in knowing more about buying or selling a home, or if you are in need of Property Managegment services, please call us at 301-870-1717. DeHanas Real Estate Services serves Southern Maryland, King George County Virginia and Washington DC.

SEE IF YOU QUALIFY FOR 100% FHA FINANCING

Ms. McClam retired in January 2017 after 39 years of Federal Service in Small Business contracting. She served as FEMA’s Small Business Specialist providing comprehensive procurement training, small business acquisition management, technical and policy support to timely implement FEMA’s Small Business Program within the Agency’s disaster and non-disaster multi-billion dollar procurements and projected contract actions.  

As a subject matter expert in small business prime and subcontracting programs, policies, and procedures, Pamela is well versed in small business procurement programs such as the 8(a) program, Service-Disabled Veteran Owned Small Business program, the Women-Owned Small Business program, and the HuBZone program. During her tenure as a Procurement Analyst and Small Business Specialist, she provided business development guidance to small businesses to include critical and strategic thinking for accessing the federal procurement marketplace, and faith-based community development to include critical outreach methodologies for faith-based community organizations.

Pamela is a resident of Charles County Maryland and an active member of Westphalia UMC, in Upper Marlboro, MD. She has earned an Associate’s Degree from Bryant and Stratton Business Institute, a Bachelor’s Degree in Business Administration from Strayer University and a Master of Arts Degree from Wesley Theological Seminary.

DeHanas Real Estate Services is family owned and operated, serving all of Southern Maryland, Norhtern Virginia and Washington DC.  DeHanas Specializes in residential real estate, investment properties, Property Management, Bank-Owned sales, Short Sales, Estate Sales, first time, and luxury home buyers and water-front property sales.  Call 301-870-1717 for any of your real estate needs.

The growth rate is also expected to slow, to 3.2% in 2018 from a rate of 5.5% in 2017. As we have seen this past year, the entry level home price rates have risen faster than the higher priced homes. This will continue as the market sees an increase in inventory over $350k.

Millennials will continue to drive the market in 2018. Realtor.com predicts 43% of homes sold in 2018 will be to this group of buyers, up from 40% in 2017. Many of these buyers have already gotten into the entry level tier, and will begin to move up.

Investors are likely to continue to see strong competition for foreclosures, as the numbers of bank-owned homes continues to dwindle, however, it should be noted that The University Financial Associates (UFA) Default Risk Index, which measures the risk of defaults on newly originated non-prime mortgages, climbed seven points between Q4 2017 and Q1 2018, hitting 108. This means the default of home mortgages is expected to be about 8% higher than those seen in the 1990s. And the January Performance Mortgage data from Black Knight Inc shows Mortgage delinquency rates 1.6% higher than in January 2017, and followed up by pointing out the 2017 hurricane season as a reason for the increase in delinquency with the top 5 states in terms of 90+ days delinquent percentage being Florida (3.96 percent), Mississippi (3.37 percent), Louisiana (2.68 percent), Texas (2.33 percent), and Alabama (2.13 percent).

And finally, the wild card; Tax Reform. While the State of Maryland will not see full benefits to some of the tax savings, due to Maryland being a high tax State, there is still enough benefit to buying a home as compared to renting the same home, to make it beneficial to home buyers, particularly in Southern Maryland where buying a home could save a home buyer thousands of dollars a year compared to renting. And there is still the mortgage interest deduction keeping that prospect attractive.

If you or someone you know is considering buying a home, please call DeHanas Real Estate Services at 301-870-1717. DeHanas Real Estate Services offers free buyer consultations, and can even help point you in the right direction for credit repair and understanding the financial preparations in buying a home. DeHanas Real Estate Services is locally owned and operated, licensed in Maryland, Washington DC and Virginia.

How Is "Income" Defined? For purposes of the tax credit program, it is emphasized that applicants must report total income, which means the combined gross income before any deductions are taken. Income information must be reported for the homeowner and spouse and all other occupants of the household unless they are dependents or they are paying rent or room and board. Income from all sources must be reported whether or not the monies received are included as income for Federal and State income tax purposes. Nontaxable retirement benefits such as Social Security and Railroad Retirement must be reported as income for the tax credit program. Generally, eligibility for the tax credit will be based upon all monies received in the applicant's household in a given year.

What Are The Other Requirements? Before your eligibility according to income can be considered, you must meet four basic requirements

• You must own or have a legal interest in the property.

• The dwelling on which you are seeking the tax credit must be your principal residence where you live at least six months of the year, including July 1, unless you are a recent home purchaser or unless you are unable to do so because of your health or need of special care.

• Your net worth, not including the value of the property on which you are seeking the credit or any qualified retirement savings or Individual Retirement Accounts, must be less than $200,000.

• Your combined gross household income cannot exceed $60,000.

How Is The Credit Figured? The tax credit is based upon the amount by which the property taxes exceed a percentage of your income according to the following formula: 0% of the first $8,000 of the combined household income; 4% of the next $4,000 of income; 6.5% of the next $4,000 of income; and 9% of all income above $16,000.

* For each additional $1,000 of income above $30,000, you add $90 to $1,680 to find the tax limit. Your combined gross household income cannot exceed $60,000. Example:If your combined household income is $16,000, you see from the chart that your tax limit is $420. You would be entitled to receive a credit for any taxes above the $420. If your actual property tax bill was $990, you would receive a tax credit in the amount of $570 --- this being the difference between the actual tax bill and the tax limit.

What Other Limitations?

• Only the taxes resulting from the first $300,000 of assessed valuation.

• It does not cover any metropolitan or fixed charges for water and sewer services that may appear on the tax bill.

• If an applicant owns a large tract of land, the credit will be limited to the lot or curtilage on which the dwelling stands and will not include the excess acreage.

• If a portion of your dwelling is used for commercial or business purposes, the credit will be based only upon the taxes for that portion of the dwelling occupied by your own household.

How Does One Receive The Credit? Homeowners have to complete an application and file by May 1 and then will receive the credit directly on their tax bill or as a credit certificate issued at the same time the property tax bill is mailed. Persons who file later up until the September 1 deadline will receive any credit due either in the form of a revised tax bill or a tax credit certificate to be used in payment of the bill. Applicants filing after May 1 are advised not to delay payment of the property tax bill until receipt of the credit if they wish to receive the discount for early payment offered in some subdivisions. A refund check will be issued by the local government if the tax bill was paid before the tax credit was granted.

What Happens If One Is Not Eligible? Whenever homeowners are found not qualified to receive a tax credit, they are informed in writing. The letter gives the reason for denial and what steps to take if further questions remain. The letter also explains how homeowners can appeal the determination of ineligibility to the local Property Tax Assessments Appeals Board. So, when you meet a potential buyer this is a great opportunity to share this information with them.

What buyer would not be interested in a way to reduce their annual tax bill? On the flip side, if you are the listing agent on an appointment for the first time, why not mention this to your sellers? If they are buying another home and can qualify for the tax credit, I am sure they would love to hear about a way to reduce their taxes too.

For more information on buying, selling or renting a home, please call DeHanas Real Estate Services at 301-870-1717.

In October, a Massachusetts landlord who refused to rent to pregnant women or families with minor children was found guilty of violating the federal Fair Housing Act and fined $40,000. The same month, the Fair Housing Justice Center in New York sued a landlord for allegedly quoting higher rental rates to black prospective tenants, rejecting applicants with public rent assistance, and making children undergo unnecessary lead tests. Five months earlier, a federal jury in Montana fined a landlord $37,000 after she charged a disabled tenant $1,000 to have a service animal. Cases such as these are stark reminders for property managers and landlords that neglecting to follow antidiscrimination rules designed to protect renters can come with big consequences.

You know the fundamentals of fair housing: You shouldn’t ask any questions or base any housing-related decisions on an applicant’s race, color, religion, sex, national origin, disability, or familial status, and you mustn’t promote a property in terms such as “great building for single professionals.” But knowing the law and complying with it are two different things, which can be made difficult by the continual evolution of case law related to housing discrimination. Tenant screening provides a first line of defense against discrimination complaints. That’s because differences in factors such as an applicant’s income, employment, references, and credit histories can help justify the selection of one tenant over another and thereby help landlords avoid discrimination charges. Here are eight recommendations for using the screening process to keep discrimination lawsuits at bay.

~DO apply your policies and procedures uniformly. Avoid running a full tenant screening report on some applicants and only a credit check on others. If you have a policy of renting to applicants with the best credit, don’t make an exception for a would-be tenant with a better personality but a less positive credit report. Be consistent or be vulnerable to discrimination complaints.

~DON’T get too personal on rental application forms. Ask about jobs, previous addresses, income, and references. But stay away from specific questions about spouses or children, as well as other protected characteristics under the Fair Housing Act. (You can provide space for an applicant to list all the individuals who would be living in the apartment.) Even asking the question may give the impression that you would limit housing access based on the answers.

~DO choose a “colorblind” screening service. Some services have a scoring system that enables landlords to establish their preferred tenant profile based on specific parameters, such as income, past evictions, and credit score. The software then evaluates each applicant according to the criteria and returns a “recommend” or “not recommend” verdict completely independent of race, religion, or other potentially discriminatory factors. This ensures that applicants are evaluated equally, providing a strong defense, assuming you follow the software’s recommendations.

~DON’T automatically reject an applicant with a criminal record. In 2016, the U.S. Department of Housing and Urban Development issued a memorandum on housing providers’ use of arrest and conviction records to make housing-related decisions. According to Jodie McDougal, a partner at the Davis Brown Law Firm in Des Moines, Iowa, these guidelines mean that you cannot have blanket policies excluding all applicants who are felons or consider arrest records. Instead, you should perform a case-by-case evaluation. Read McDougal’s explanation and recommendations.

~DO stay abreast of new developments affecting screening. One of them is a pending amendment to the Fair Credit Reporting Act, introduced in Congress last August. Currently, eviction reports used in the tenant screening process can include records dating back seven years. Under the proposed amendment, called the Tenant Protection Act, only eviction records no older than three years and resulting in a judgment that is not being appealed would be allowed. Use of older records would be viewed as discriminatory.

~DO keep all documentation for up to 10 years. That includes rental applications, signed releases, tenant screening reports, and any other data or documents collected during the screening process—even if you don’t rent to the applicant. This information may be crucial if a rejected applicant questions your denial or selection of a different tenant. A paper trail can help you prove that the person was not denied residency based on discrimination but because a more qualified tenant was selected instead.

~DO send a declination letter when rejecting a potential tenant. This document, also called an “adverse action letter,” specifies the reason or reasons for rejecting a rental application, such as income, employment, or credit history. Some screening services provide free declination letters with all the federally required language, along with a checklist of legitimate reasons for turning down a candidate.

~DO call your attorney when in doubt. With new legal challenges and decisions coming out on a regular basis, it’s wise to have a legal resource you can turn to with questions. Find an attorney who can periodically review your rental application form to make it sure it complies with the latest antidiscrimination requirements. It will help prevent you from making a mistake that may land you in court.

For Property Management Services call DeHanas Real Estate Services at 301-870-1717.  We also offer eviction services on rental properties we manage.

Do your research to determine you have enough financial resources to own a horse. Your local 4-H Cooperative extension can offer some valuable insight, and point you in the right direction. The easiest way to keep the cost of a horse low is to board him on your own property. However, if you live in an urban area or don’t have the facilities to properly board and pasture a horse, you'll need to find a stable in the area that can keep him. Southern Maryland is home to hundreds of farms, many with horses. Boarding a horse can cost anywhere from $100 up to $500 a month depending on the boarding environment (pasture or stable).

If you plan to keep your horse on your own land, you’ll also need to consider whether the property is adequately equipped. First, you should check with your County zoning and planning office to determine if there are any restrictions for having horses. In Charles County, you must have 3 acres for the first horse and an acre per horse after that. You will also want to ensure you have the proper space for a barn, or someplace for the horse to stay in colder weather.

Most horse owners spend about $60 to $100 per month on hay, salt and supplements – and some spend much more, particularly if they feed grain. Maintaining your horse's hooves adds even more to the cost of a horse. Whether or not you plan to shoe your horse, you'll need to have a farrier check and trim his hooves every two months or so. This usually costs around $25 or $30. Add in shoeing, and you could pay $80 to $100 every two months. Routine medical care is an additional cost of owning a horse and includes vaccinations, de-worming and annual teeth cleaning. For a healthy horse, this can cost as little as $300 a year. However, if your horse gets injured or ill, you could pay hundreds or even thousands for a one-time treatment. Although you can't predict such expenses, prepare yourself for the possibility before you buy a horse.

If you are searching for horse property to purchase, DeHanas Real Estate Services can help. Call 301-870-1717 to begin your search.

Click here for a list of all available horse property for sale in Southern Maryland.

1. Verify the contractor’s license, insurance and at least three references. Make sure you ask for the contractor’s license number upfront. With this information, you can verify the license with your state. Also, ask for at least three references. Even a scammer may have had a couple projects go well in the past, so getting many references reduces the likelihood you’re dealing with one.

2. Ensure the contractor is an active member of a reputable industry organization. Vendors who are part of the National Association of the Remodeling Industry (NARI) and/or the National Kitchen and Bath Association (NKBA) must undergo a certain level of scrutiny to join, plus they pledge to uphold a code of ethics. This also demonstrates a level of commitment to their business and the industry as a whole.

3. Check the contractor’s reputation online. Even if you check a contractor out online, don’t be satisfied with a quick Google search. Make sure you look for news articles, read reviews and ask neighbors on sites like Nextdoor.com. Also, search the name of the company, the address, the owner and any other employees you meet.

You might not even realize you are damaging your home with these 4 mistakes:

1. Using glass cleaners on mirrors Spraying can lead to “black edge,” when liquid seeps beneath the reflective backing and stains your mirror. Instead, use a lint-free microfiber cloth dampened with warm water.

2. Using the wrong caulk There are as many caulks as there are glues, and you wouldn’t use a glue stick to fix broken pottery, according to HouseLogic. Similarly, you wouldn’t use silicone caulk on bricks because it’s made for non-porous surfaces. Check online or at a home improvement store to ensure you’re using the right caulk.

3. Over-mulching Mulch is great for your home, but don’t pile it on too thick. No more than 3 inches should do the trick. Otherwise, you may prevent water from reaching roots and suffocate plants.

4. Piling firewood against your exterior wall Firewood against the exterior wall of a house is an invitation for termites. Stack your wood at least 20 feet from your home

6 HOME INSPECTION myths

1.   Having a license ensures a good home inspection. NOT TRUE! Not all states require licenses to be a home inspector and many of the standards vary widely. Make sure to verify other components of an inspector’s credentials, including past clients, years of experience and customer reviews.

2.  You can use a home inspection to identify problems that might be used as a tool to renegotiate the purchase price. NOT TRUE!  This is not the primary objective of a home inspection. The inspector’s professional service is one of unbiased, third-party education. They want to arm buyers and sellers with a good understanding of the physical condition of the home so they can make the best decision for themselves at that time.

3.  A home inspection tells you what your home is worth. NOT TRUE! An appraisal is intended to do this. An inspection also does not make any recommendations about whether or not to buy or sell the home—that is solely up to the client.

4.  All home inspection certifications and professional education are created equal. NOT TRUE! Some programs even offer certification online, without the requirement This article was provided by Pillar To Post home inspectors. For more information, go to pillartopost.com. BY THE NUMBERS It is recommended that a home be inspected every 10years, regardless of whether a sale is taking place. Source: The American Society of Home Inspectors to ever step foot inside a house and produce a real-time inspection. The best certification offers both in-class and hands-on training, as well as examination requirements. When choosing your home inspector, you want your clients to verify the reputation of the certificating organization.

5.  Home inspections are not needed for newly built homes or condos. NOT TRUE! Newly built homes or condos are just as much in need of an inspection as an older home. No home is perfectly built, and it’s best to have an inspector pinpoint potential issues or future repairs. Most inspectors can also give inspections during each construction “phase” of the property at various stages of development.

6.  Home inspections are solely used on the buyer’s side. NOT TRUE! Although most inspections are performed for potential buyers, there are many advantages to a pre-listing inspection for sellers. These include knowing about major issues before the house goes up for sale, increased negotiating power and garnering the best sale price. The American Society of Home Inspectors also recommends that a home be inspected every 10 years, regardless of whether a sale is taking place.

For additional information on obtaining a home inspection, call our office at 301-870-1717.

Securing an 80% conventional mortgage that doesn’t require mortgage insurance may be the lowest cost of financing but if the buyer doesn’t have 20% down payment, it isn’t really an option.

Securing a 100% VA loan doesn’t require a down payment or mortgage insurance but if the buyer isn’t a veteran with his/her eligibility intact, it isn’t an option either. There are conventional loan programs with as little as 3% down payment but they not only require mortgage insurance, they also require a credit score of 740 or above which may eliminate some buyers.

For these reasons, FHA is a viable alternative to about 20% of new and existing home sales. The Federal backing of these mortgages makes it easier for first-time and low-income buyers to qualify because the requirements are not as demanding.

They’re even more lenient towards buyers who have previously experienced bankruptcy, foreclosure or a short sale. Finding the right mortgage for the right home is a team effort where both mortgage and real estate professionals work in harmony to get a buyer into their own home. Call us at (301) 870-1717 for a recommendation of a trusted mortgage professional.

General FHA loan requirements include:

• The loan is for primary residences only but can include two, three or four units.

• The property must be appraised by an FHA-approved appraiser.

• The property must be safe, sound and secure, in compliance with minimum property standards as defined by the U.S. Department of Housing and Urban Development.

• The borrower must be a legal resident of the U.S. and have a valid Social Security number.

• The minimum credit score of 580 with a down payment of at least 3.5 percent, or a minimum credit score of 500 with a down payment of at least 10 percent.

• The borrower may not have delinquent federal debt or judgments, or debt associated with past FHA loans. • The borrower must have steady employment history.

• Documentation is required if the down payment was gifted by a family member.

• The borrower must have a debt-to-income not exceed limits of 31% for front-end and 43% back-end ratio (some exceptions may apply).

• Any judgments or collections on the credit report must be resolved or satisfactorily explained.

For additional infomration on obtaining an FHA loan, call Bryan Pumphrey at Everbank at 301-399-0595, or call DeHanas Real Estate Services at 301-870-1717.

• Ask a trusted friend - to pick up mail, newspaper and keep yard picked up to avoid an appearance of being empty.

• Consider discontinuing your mail (USPS Hold Mail Service)

• Don’t post about your trip on Facebook and other social media until you return – some burglars actually look for this type of announcement to schedule their activities.

• Do notify police or neighborhood watch – especially if you’re going to be gone for more than just a few days. Let your monitoring service know when you’ll be gone and if someone will be checking on your home for you.

• Light timers make it look like someone is home – use several sets for different times to better simulate someone being at home.

• Do unplug certain appliances – TV, computers, toaster ovens that use electricity even when they’re off and to protect them from power surges.

• Don’t hide a key – burglars know exactly where to look for your key and it only takes them a moment to check under the mat, above the door, in the flower pot or in a fake rock.

These easy-to-handle suggestions may protect your belongings while you’re gone while adding a level of serenity to your trip.

For people with extra cash available, this can be very attractive compared to the low savings rates being paid by banks.

In the example below, the current mortgage is 5% for 30 years after 48 payments of $1,342.05. The owner can refinance for 15 years at 3.37%. If they put $36,000 into the refinance, their payments will be slightly more but the mortgage will be paid off in 15 years. At that same point, if they keep the current mortgage, their unpaid balance will be $136,049.03. If you have a goal to get your home paid off and have the available funds, a Cash-In Refinance may be just the strategy for you.

To learn more, call DeHanas Real Estate Services at 301-870-1717.  Know someone looking to buy, sell or rent a home? Call DeHanas Real Estate Servoices today!

The law expired on December 31, 2016 and unless it is extended again, homeowners with debt relief in 2017 may be subject to tax.

A homeowner might feel a sense of relief without the obligation of a delinquent mortgage but just because the payments are no longer due doesn’t mean that there isn’t another obligation that replaces it. If a lender cancels or forgives debt, a taxpayer must include the cancelled amount in their income for tax purposes depending on the circumstances. The tax significance could be serious.

This previously allowed relief only applied to a taxpayers’ acquisition indebtedness of their principal residence which did not include second homes and investment property. The maximum amount was limited to $2 million of mortgage debt forgiveness or $1 million if filing separately.

Due to the serious consequences involved in short sales and foreclosures, it is advised that homeowners faced with this possibility should seek expert advice from their legal and tax professionals.

If you or someone you know is looking to buy, sell or rent a home, please call DeHanas Real Estate Services at 301-870-1717.

As a home buyer you are looking through Realtor.com or another home search site, and you come across a listing you would like more information on. There is a button in the ad that says "Contact Agent". When you click on it, you are required to leave your name and contact info. Are you expecting the listing agent to respond? Most consumers would say "yes". However, that is not the case. Realtor.com gives your information to multiple agents who have paid for your lead, and now you are talking to someone who has never even stepped foot into the property.

This week, I had a buyer tell me about their experience, and said "I thought I was contacting you. I don't understand why I have to work this other agent".

I called Realtor.com to see what I could do about this deceptive practice, and I was told I could either "buy a zip code or become a Pro member", and buy all my listings back for $1200 a month. 

In doing more research, I spoke with someone who paid the money to buy their own listings back, and learned that when the system was tested, the "consumer" still received multiple calls from other agents. As a Broker and business owner, ensuring that my clients and customers have a great experience when they contact us is my highest priority. In the case of Realtor.com. the consumer thinks they are getting one thing and they end up with a completely different and disappointing experience.