Charles County Realty » Anne Arundel County

How Do I Determine Southern Maryland Land Value?

Admin — Tue, 19 Feb 2008 14:43:00 +0000

We do a fair amount of
land sales here in Southern Maryland, and trying to determine land
values is a complicated process, much more so than determining the
value of someone’s home. Everybody wants to make top dollar for their
land when they go to sell it, but how do you know what top dollar
really is?

With home sales, this is a straight-forward process. With land,
the financial factors of the analysis becomes far more difficult. It’s
because of this reason that so many Realtors do not work in land sales
(It’s a ton of work, and it can be very tedious!). Land values can
also be affected (positively or negatively) through improvement, much
like renovating a home.

When I’m asked to research a property to determine a home’s
value, many of the variables I need to know have to be researched.
Simply checking a tax record will not provide me with enough
information (I wish it was so easy!) to properly evaluate the land. I
have a list of questions I need answered:

How Well Does Your Land Drain?

What is the Zoning?
What is the Zoning Density?
Is There a Survey Map?
Is the Land Perc’d?
What is the Soil Content?
How Much Road Frontage Does It Have?
Is there Public Sewer/Water Access?
What Does the Topography Look Like?
What Sort of Easements Exist?
Does it Have it’s TDR’s?
Was it Logged Recently?

This requires finding(not all land has an address, or even road access!) and walking
the property to make sure it’s not an obvious cliff or swamp (both of
which exist in the area), and then pulling any and all surveyors
reports and records that have ever been filed in regards to the
property.

What I’m putting together (Ideally) is a packet of information I
can use to clearly pinpoint why I am placing a given value on the
property. This packet will include Topography Maps, Aerial Images,
Satellite Images, Sewer Maps, Geo-Survey Studies, Tax Maps, and Zoning
Maps.

No Such Thing As Too Much Research!

Here’s where the real art of pricing land comes in! I have to
determine what the highest and best *likely* use of the property would
be. If it can’t be built upon, it’s worth only a fraction of what it
would be if a home could be put up on it’s location. I also determine
what the property would be worth to the surrounding owners (sometimes
they’re willing to pay a premium to ensure that it will not be
developed!).

It’s a matter of determining how much money it would cost to
develop the land, and how much development can be done. The more
building lots a property can be split into, the more the parcel is
worth. The biggest challenge to that is estimating how much of the
land must be used for roads (subtract that from the acreage), how much
must be used for forest conservation (again, possibly subtract that),
how much limitation is incurred by easement (you get the idea), ill
terrain, etc.

If you want to raise the value of the land, you need to improve
it, much like you would a home. Be sure to check out my upcoming blog
article on Land Perc’s to find out more!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

Credit Score Defined

Admin — Tue, 19 Feb 2008 09:15:00 +0000

Credit Score Defined

Everyone’s at least heard of a credit score, but for a lot of folks
the concept seems to be confusing (let’s face it, it IS confusing), but
a basic understanding of what is being computed can go a long way in
trying to ensure that you maintain a happy, healthy credit report!

What Is It?

The truth is, if you’re not a finance expert credit scores can
seem very complex, so don’t feel bad! Essentially, a credit score is a
report of you credit history that tracks current debts, bill payment
histories, late payments, etc. to try and determine how much of a
financial "risk" it would be to provide you with a loan.

Looking to buy a new car? They’re going to determine your interest
rate based off of that score. Same goes for buying a house, the lower
the score, the higher the interest rate. If the credit score is too
low, they won’t approve the loan at all. Credit Scores are ranked on a
scale with 300 points being on the low end and 850 points being on the
high end.

Who Determines It?

There’s a couple of different ways that Credit Scores are
determined. The scores are based off of reports generated by one of
three credit bureaus, those bureaus are Experian, Equifax, and
TransUnion. Each Bureau has their own method of determining your
score, and when you’re applying for a home loan, there is a fourth
method known as FICO(Fair Isaac & Co.), that is used to decide how
credit worthy you are.

How Do I Get My Score?

Consumers have the legal right to obtain their credit report every 12 months, free of charge. Go to http://www.annualcreditreport.com
in order to find out what your report looks like. This is important
because it allows you to see what is on there and if there is incorrect
data (it happens, never assume that it’s right unless you’ve verified
it yourself), and from there you can dispute items that you feel are
incorrect.

What is a "Good" Score?

In terms of purchasing a home, what you’re looking for is a
minimum of 620. Anything below that is considered poor and makes it
very difficult to obtain loan approval. Remember, the higher the
score, the better your loan terms can be.

Credit Score Categories:

850-750 Excellent

749-660 Good

659-620 Fair

619-350 Poor

Maryland Undervalued Properties For Sale

Admin — Thu, 14 Feb 2008 01:20:27 +0000

This was actually one of the search terms that someone used on yahoo! search this evening. The search led them to this blog.

I had to think about this for a bit because I think everyone would love to be able to punch in a search term such as this to find fantastic real estate deals! Unfortunately it’s easier said than done. If you were able to find bargain priced homes simply by using an automated, free, public search tool such as yahoo! or google, wouldn’t we all be able to get rich and retire young?

Not that I’m against retiring rich and young, persay! I think this sort of search term highlights the importance of working with a savvy, competent real estate agent! Do I know of undervalued properties on the market? Of course I do. Am I going to start blogging about them? Probably not.

I have clients who are looking for the "deal" on the next property they buy. Why would I risk my clients chances of getting the contract in first on a great investment opportunity by broadcasting it to the entire world?

If you’re looking for a great investment property or even a primary residence that you could pick up cheap, I happen to be great at finding them! Give me a call or drop me an email and I’ll be more than happy to make sure that you’re the first to know when a great investment property pops up on the market!

As a side note, if you found this website because you were using similar search terms; I highly suggest you get a Realtor to help you identify the best undervalued homes on the market right now. I happen to know a few in my team that are great at finding those golden opportunities!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
j.benya@c21nm.com
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

How to get your Home SOLD in Southern Maryland!

Admin — Tue, 08 Jan 2008 14:06:49 +0000

If the listing on your home has recently expired, you may be
sensing that nagging feeling of frustration, anxiety, or irritation
because your Realtor didn’t get the job done.

Let me be the first to offer you my sincere condolences; it’s a
tough market, and there’s many people like yourself who are angry about
the fact that they can’t sell their home.

It’s easy to blame your Realtor, after all, didn’t they tell you
that they could get the job done? People count on my knowledge and
advice to get their house sold, and if that doesn’t happen, then
there’s a problem. Did your Realtor tell you to list it too high? Did
they tell you that you were asking too much? If you feel that the
price was right, and it still didn’t sell, then maybe there’s other
factors involved, so consider looking at all the angles before getting to frustrated.

It’s a fact that 10% of all local agents do 80% of the local
sales. Is your agent in the top 20%? They should be! There’s no
great mystery to being able to get deals done in a slow market, but
there are a few factors that you should consider.

Sales Are Down, And Inventory Is Up- We
are seeing historically high levels of available homes for sale. This
is great news for buyers, but for sellers it becomes vital to use an agent with the track record to get your home sold!

Internet Marketing is King- Agents that aren’t tech savvy just can’t compete in today’s marketplace. That’s why Team Benya is a combination of mature experience that knows how to negotiate the toughest deals and technologically hip experts that understand how to market properties in the internet age!

Internet Marketing Means A Lot More Than Realtor.Com- Is
your agent spending the money to get your home marketed to more than
just one website? Understanding how to syndicate listings to dozens of
different websites means your home gets more exposure than your
competition down the street! Team Benya are experts at doing this for
all the Waldorf and Southern Maryland Real Estate that they market!

You Deserve to Know What Your Agent Is Doing For You- Did
your agent "list it and forget it"? You don’t have to stand for that!
There is simply no excuse for a homeowner to be left out of the loop!
We work hard to ensure our clients always know what is going on in the
marketing and sale of their home, good or bad! Selling real estate in
Southern Maryland with Team Benya means you’ll always be kept in the
loop!

Not All Agents Are Equal- We
all have our own style and method to getting homes sold, and some
agents are better at getting homes sold. There’s far too many agents
that got their license thinking this was an "Easy Money" job. Do you really want to risk trying to sell your home with an agent that has no experience in this type of market?

Really, the question is why are you even considering using anyone else to sell your home?? Lets look at the facts:

We have over a decade of experience
Marsha has proven to be a consistent top producer, constantly exceeding client expectations!
Using a Team allows more time and resources to be dedicated to your needs than a single agent can provide
Our knowledge and experience includes Short Sales, Foreclosures, 1031 Exchange, Land, and more!
We’ve studied how to help you gain an edge in getting your house seen and sold by prospective buyers
Your home will be seen on dozens of home listing websites and
databases with multiple photos, virtual tour, internet advertisements,
and blog resources available to get your home sold!
Old School Sales Experience and New School Technology provide YOU with the best opportunity to get your home sold fast!

Don’t make the same mistake twice, call us today and see how we can turn that For Sale sign into SOLD! We work throughout the Southern Maryland region, specializing in Waldorf MD, La Plata MD, Indian Head MD, White Plains MD, Mechanicsville MD, and the rest of Charles County, St. Mary’s County, Calvert County, and Prince George’s County!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
(o) 301-609-9000
(c) 301-653-8116

Website

Blogsite

What Your Realtor Is Afraid To Tell You

Search the MLS From Our Website! (No Registration Required!)

Admin — Sun, 06 Jan 2008 18:25:48 +0000

We’ve Done It! Now you can search the Multiple Listing Service right from our website, without the hassle of having to register! If you see something you like and want more info, just give us a call or drop us an email and we’ll be more than happy to help!

Browse The MLS

Just one more way that Team Benya is working to make your home search even easier!

~Jonathan Benya
Century 21 New Millennium
Website
Blogsite Home

FSBO Marketing Tips

Admin — Sat, 01 Dec 2007 16:19:16 +0000

I’ve heard some outrageous horror stories from people trying to FSBO in Southern Maryland. I’ve heard rumors of real estate agents telling homeowners "There’s no way you’re going to sell your home without me" or "Selling FSBO is the stupidest thing you can do", or "*insert your own snooty Realtor comment here*"

Let me first apologize if you are trying to sell yourself and have gotten comments like this from an unfriendly Realtor. You’ll find I won’t make such childish taunts, Promise!

There are a ton of options if you are looking to try and save money by trying to list yourself, and I’m going to share a few of my options and techniques I use as a Realtor that you might be able to use yourself. If you do find any of this helpful, let me know!

Online Marketing is where I see my greatest ROI of my marketing dollars- Consider this: 80%+ of all buyers start their search online. Aside from using websites like FSBO.com, ForSaleByOwner.com, or other such sites, consider posting your home on: Craigslist.com (yes, cragislist, it does work for selling homes, too!), zillow.com, trulia.com , the City-Data.com forum, and iggyshouse.com. They’re free to post, and at a price like that, it can’t hurt to increase your market exposure.
Ask a Realtor to give you a CMA on your property- I’m always willing to provide a CMA for a homeowner, even if they intend to list their home themselves. Websites like Zillow.com will give a *zestimate* for free, but I have yet to find their figures very accurate. It can’t hurt to at least get a professional opinion. Email to Request a CMA
Make Postcards to Send the Neighborhood- Postcards are cheap to send, and it allows people to share the information with friends or relatives that may be looking to move to the neighborhood.
Make Flyers Available in an Information Box- Flyers are a great informational tool for people driviing by, just be prepared to refill the box often!
Send your Flyer to Real Estate Brokerages- If you’re willing to pay a buyers agent, let agents know! Make sure you send enough that EACH AGENT can get their own copy, rather than one per office!
Ask a Realtor if they’d be willing to post your listing on their website- I always post FSBO home listings on my website/blogsite FREE OF CHARGE if someone asks. It’s minimal cost to me, and I’m always willing to spread a little good will.

If you have any questions, don’t be afraid to call! I don’t bite, and I don’t charge fees for advice (I heard that talk can be cheap, anyways)! I do have a full package of HOW-TO for people that want to FSBO. Give me a call or email me and I’d be more than happy to send it out to you. All I ask is that IF you can’t sell your home yourself, consider giving me a call to see how I can assist you!

~Jonathan Benya

Century 21 New Millennium
Team Benya

j.benya@c21nm.com
cell- 301-653-8116

Blog Home

Foreclosure Buying Tips- What You NEED To Know! Part 3- Post Foreclosure and REO Properties

Admin — Sat, 24 Nov 2007 16:44:14 +0000

This is part 3 of a 3 part series on how
foreclosures work and how to find the best home to fit your needs at
the best price.

There’s really no great mystery
to it, but there is a process and I’m here to do my best
explaining how each step works and how you can capitalize on it as a
consumer to keep a little more cash in your pocket.

The 3 steps are this:

Pre-Foreclosure
Foreclosure
Post Foreclosure REO(Real Estate Owned)

Post-Foreclosure

What This Means

The bank owns the property outright. They are responsible for trying to sell the property, and the longer they own the property there is a possibility of serious devaluation.

Just consider this: If a home is REO and on the market right now, what happens if that property has not sold by February?

Would there be an increased risk of damage due to freezing pipes, animal infestation, weather damage? If there’s a heavy rain and the power is turned off, how is the sump pump supposed to stop the basement from flooding?

The Positives

They need to sell the property- The bank does not want to hold a liability like this for an extended period of time, they want to get it sold and recoup as much of their loss as possible.
They will (Eventually) cut the price as low as necessary to get the property sold- If you can get in at the right price, you may be able to get a home for less than the owner was able to sell it for, but don’t expect that to happen as soon as the home is put on the market.
The property is listed with a Realtor and you can schedule to go view it- At least now you can get a good look at what you’re buying.

The Negatives

The Bank wants to recoup as much as possible- If the owner had enough equity to sell it at discount, why would he have let the foreclosure happen? It typically only gets to this point because there was not enough equity to avoid it. The bank also has increasing costs involved that they’re going to try and recoup as well.
The longer the home is vacant, the more problems it may have. It usually takes 45-90 days after foreclosure for the property to be available for sale like this. They are neglected, and the longer they sit the more problems they develop, which means the more money it takes to make it suitable above and beyond the sales price
Inspections (If Allowed) are for informational purposes ony- The bank has no interest in making repairs, they’d rather it be reflected in the price. Make sure you try to have a walk-out clause should you not like the inspection report.
You’re not the only one looking for a deal- If the property has been on the market more than a week, it may not be the best deal. My investors get daily updates on new foreclosures, and we view the best potentials the day they go on the market. If you’re serious about getting a good deal, have your financing in line and be aggressive.
Banks aren’t known for their speedy response- Don’t be surprised if a bank takes a week or more to respond to your offer, or if they require more than 2 weeks to settle. Every bank has their own way of doing things, and some are faster than others.

How to Capitalize

Find a Realtor who knows how to identify the best deal daily- That’s what they do, and a good Realtor can quickly and easily assess the potential value. Negotiation is key, make sure your agent is experienced in making these deals work. It’s all about the art of negotiation.
Have knowledge of what repairs are going to cost- There is almost always some sort of repair work, factor the costs into the offer you make.
Don’t be afraid to low-ball the offer- You won’t be offending the bank, and if they’re not interested they’ll let you know.
Don’t be afraid to re-submit an offer- The longer a property sits, the more willing a bank is to make a deal, try shooting that low-ball offer again 3 weeks later…. it might just work.

Remember that at this point the bank has more
invested than just the loan amount: There’s legal fees, departmental
fees, contractor fees (possibly) transfer/title/recordation fees, and
they are going to want to recoup that if at all possible.

Banks aren’t in the business of losing money, and
they have shareholders to answer to if they sold property from bad debt
for pennies on the dollar when they’re losing as much as they are on
bad loans.

If you had been able to buy the property from the
homeowner prior to foreclosure, there would have been less overhead
involved in the transaction, and you may have saved more money.

Jonathan, Marsha, & Thomas Benya
~Team Benya
Century 21 New Millennium
301-653-8116
Website

But….. I Didn't MEAN to sell it for $280 Million…. I highly doubt it'll sell ma'am….

Admin — Mon, 12 Nov 2007 18:56:47 +0000

Let me start by saying that information is great. Technology has been wonderful for our industry, and it’s revolutionized the way we do business (Those Agents who had to keep their listings on Index Cards know EXACTLY what I’m talking about!).

But with great responsibility comes great power (I heard that someone important said that once), and it forces professionals like us (and in some cases, I use the term professional rather lightly) to be very careful about what sort of information we are disseminating.

I was looking for high-end properties this afternoon trying to find a couple hundred acres of land. One of the ways I searched was by price, indexing everything listed for more than $5 million. That’s when I found it:

Short Sale (uh-oh)

Motivated Seller (Of Course)

5 bed/2 bath split foyer on 1 acre (Hey, I might have someone interested in that…)

Asking Price-
$279,900,000.00

Obviously, Somewhere, There was a Failure to Communicate….

I did give the listing agent a quick courtesy call to inform her of the error, and I’m sure she was grateful to hear that someone caught it!

Although, If anyone out there has a buyer looking for that darling little split foyer in Maryland and has a quarter billion or so to burn, tell them that the seller is motivated!

The point to all this is that you have to be careful when it comes to updating your information! It’s very easy to add or drop a zero along the way, and that can cause you serious problems, so always double check your work guys, your clients will thank you for it!

METRO DREAM HOMES- A little more information has trickled in

Admin — Mon, 12 Nov 2007 12:34:33 +0000

It’s frightening to think of just how deep the bottom line has been buried in regards to Andy Williams and Metropolitan Dream Homes.

Here’s the latest info- 18 companies have been determined as subsidiaries of Metro-Grapevine, the parent company of Metro Dream Homes ( aka MDH ). over 1,000 people are financially involved. Company assets that have been recovered include:

$150,000 in cash

50 cars- including S-Class Mercedes, Corvettes, Escalades, etc.

14 local properties- located in Laurel, Virginia, D.C.

The company liabilities are between $200-$300 Million, they are unable to pay the mortgages as promised, and are behind by several months at this point.

There was a recent article in the Laurel Leader, link is included here:

The attorney general’s office is asking anyone with knowledge about the assets of POS or any of its affiliated companies, including bank accounts, property or cash, to call the office at 410-576-6360.

Anyone who would like to share their experience about MDH or Andy Williams, please email or call me directly and I will include your story to my next update.

j.benya@c21nm.com
301-653-8116

Yes, We DO Have Foreclosure and Pre-Foreclosure Lists! (and no, we don't charge any fees for the information!)

Admin — Wed, 31 Oct 2007 13:31:47 +0000

There seems to have been some confusion regarding foreclosure and pre-foreclosure lists in the region. Yes, I do have them, Yes, they are free, and Yes, I update them daily!

If you are looking for foreclosure or pre-foreclosure lists or information, please give me a call (301-653-8116) and I can send that info out to you. I have been inundated with email requests for the lists and often times the email-based requests are too broad to send accurate information to.

So here it is, a partial list of regions that I can send this information out to!

Anne Arundel County

Calvert County

Charles County

PG County

Prince George’s County

St. Mary’s County

Saint Mary’s County

Southern Maryland

Northern Virginia

King George County

Arlington County

Alexandria City