It’s also been expanded!  People who currently own a home are eligible to get up to $6,500 to “move up”!  Here’s a short video from Tom Kunz, President and CEO of Century 21, explaining the extension:

[youtube=http://www.youtube.com/watch?v=it-i_pbt1os]

In order to qualify for the $6,500, here’s a quick explanation of the guidelines for current homeowners (info on first timers can be found here):

• The credit is available for homes that go under contract by April 30, 2010 and close by June 30th, 2010.
• Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their primary residence for at least five consecutive years out of the last eight years.
• Income limits: $125,000 a year for individuals, $225,000 a year for married couples. (these are higher limits than before)
• Homes that cost more than $800,000 aren’t eligible for the credit.
• $6500 tax credit is not retroactive.  (from the language of the bill: “shall apply to residences purchased after the date of the enactment of this Act.”

If you have any questions, please don’t hesitate to call or email me!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

1.    Condition Dictates Value

This means that the condition of the home will affect what the home actually sells for.  If the house is in shoddy shape, the final sales price will affect that.  Look at comps when you go to place an offer and adjust your offering price accordingly.

2.    Banks Aren’t Giving Houses Away

If it looks to good to be true, it probably is.  When you find a listing for home priced significantly below the surrounding market or neighborhood, there is always a reason as to why.  The concept of buying a livable home in Charles County or Southern Maryland for less that $10,000 is simply not true.  You can find some excellent bargains, but don’t expect to pay $200k for a home that is actually worth $600k.

3.    Home Inspections are Critical

Think about it like this:  The foreclosure process in Maryland can take a year or more.  That’s a full year where the homeowner has been unable to pay the mortgage.  If you are behind on payments and know that foreclosure is eminent, ZERO incentive to pay for upkeep and maintenance on the property.  After the foreclosure, the property then sits vacant and can develop issues related to it’s abandonment.  Always hire an inspector to go over the property with a critical eye.

4.    Great Deals Don’t Last Long

You’re not the only person out shopping for a home, and if a value priced property hits the market, you can bet there are lots of appointments be made to see it.  Make sure that your financing is in order before you start looking.  The last thing you want is to find the perfect house and then lose out to someone else who was able to get their offer in first.

5.    Bank Owned (REO) Properties Are Sometimes “Under Listed”

This stinks, but banks have been known to list properties way below market value on purpose.  They may list a home for $200k, Knowing it’s worth $275k, just to get a bidding war started between multiple offers.  They see it as a way to get the highest price possible, I see it as intentionally deceptive.  Agents occasionally refer to homes like this as “Liar Listings”.

How Do You Protect Yourself?

Get a buyers agent to represent you.  The listing agent on a foreclosure works for the bank, not you, and their job is to get the property sold while protecting their clients bottom line.  A buyers agent works at no cost to you, and their job is to help you make informed decisions and craft an offer that will save you the most money possible.

Speak to your buyers agent about the best way to prepare yourself for buying a foreclosure.  They will be able to help you get in touch with a loan officer, ensure the property you buy will conform to your loan guidelines, and help you hire a home inspector who knows what to look for in foreclosures, among other things.
With the right people on your side,buying a foreclosure is as easy as buying any other home, and the value and savings can be tremendous!

LINK: Foreclosure List for Charles County, MD as of 5/20/2009  Need an Updated List?

Questions about buying a Foreclosure? Give me a call!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

I saw a wonderfully terrible photo in a listing recently, and it reminded me of just how many factors come into play when photographing real estate.  They say a picture is worth a thousand words, and this one says more than that.  It’s a perfect example of things to AVOID when marketing a home!

If you’re dogged by bad listing photos, give Thomas Benya a call (301-653-1499). He can help you analyze your homes features and stage your property to make the marketing pictures and videos pop!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

If you’re looking for a great deal on a home in Mechanicsville, MD, this is it! This home is listed at just $230,000, and is sitting on 2.15 acres! The back yard is fenced in, and the rear multi-tiered deck is made of trex decking!

The home is located in the Country Lakes subdivision, and although it does need a little minor TLC, the roof, gutters, siding, windows, and garage door have all been replaced within the last six years. The heat and AC were replaced less than 3 years ago!

The home has 2 bedrooms, 2 full baths, and best of all, this is NOT a short sale or foreclosure! Sold As-Is.

If you would like to view this or any other property in St. Mary’s County, give us a call and it would be our pleasure to make the appointment!

Additional Information

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116

Charles County Real Estate Blog
Southern Maryland Home Search
Southern Maryland Land