First Time Home Buyers Category
The Problem With Detached Garages
I’ve been planning to build a detached garage for some time now. It was on my list of things I wanted when I bought a house last year, but unfortunately it wasn’t meant to be. I know own a beautiful house, but I have no garage.
The lack of a garage is a pretty serious issue, for me at least. Not having one is simply not a long term option as far as I’m concerned. With that being said, I’m now in the process of getting permits pulled to build one(I’m less than thrilled, but what can you do?). With the upcoming construction of my new garage, I will be committing one of the cardinal sins of home ownership: DON’T OVER-IMPROVE YOUR HOME!
Make no mistake, a detached garage can be a beautiful thing. I love a good man-cave as much as the next guy, but on a dollar-for-dollar re-sale basis, my future automotive showroom is going to make me bleed red ink.
Odds are good that my garage project will cost in the neighborhood of $30,000. From a resale perspective, it’s probably only worth an additional 5%-8% of value for my home, which would add $10,000-$16,000. It’s safe to assume that I will end up losing half of the money I put into the project when it comes to selling the home. The issue is not with the quality of construction or size, but rather it’s a limited benefit to my home’s future owner.
I have a need for the space. Where else could I store an antique car safely with it’s own security system? Most people don’t care for that sort of thing, so if you’re like me and in need of a private, detached space for your vehicles, knock your socks off, but don’t expect a dollar-for-dollar return when it’s time to sell your home.
(photo courtesy of EPA Smart Growth via Flickr CC)
Foreclosures For Sale in Charles County, MD
Foreclosures can be a great deal when it comes to searching for a home in Charles County, MD. I have taken the trouble to put together a list of every foreclosure property in Charles County, MD to help YOU find the best deal on the market!
Finding foreclosures for sale is my specialty, and this list will be updated daily, so bookmark this page to keep up to date on all the latest foreclosures in Charles County!
Showing properties
1 - 50 of 59.
See more Foreclosures in Charles County, MD.
(all data current as of
2/22/2012)
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$145,350 : 3711 Midlothian Pl, Waldorf3 beds, 2 full, 1 part baths
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$109,250 : 6002 Bobcat Ct, Waldorf3 beds, 2 full, 1 part baths
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$220,000 : 3843 Ocean Sunfish Ct, Waldorf3 beds, 2 full, 1 part baths
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$161,900 : 12471 Turtle Dove Pl, Waldorf3 beds, 3 full, 1 part baths
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$259,900 : 9763 Radford St, Waldorf3 beds, 2 full, 1 part baths
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$499,900 : 6722 Caddis Pl, Hughesville4 beds, 4 full, 2 part baths
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$232,900 : 2402 Tacoma Pl, Waldorf3 beds, 2 full, 1 part baths
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$131,900 : 12505 Turtle Dove Pl, Waldorf3 beds, 3 full, 1 part baths
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$490,000 : 4990 Pisgah-Marbury Rd, Marbury5 beds, 5 full, 1 part baths
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$144,900 : 6076 Sirenia Pl, Waldorf3 beds, 2 full, 1 part baths
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$165,000 : 4104 Brewster Way, Waldorf3 beds, 2 full baths
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$71,000 : 4208 Quigley Ct, Waldorf3 beds, 1 full bath
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$104,990 : 4364 Eagle Ct, Waldorf3 beds, 1 full, 1 part baths
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$109,900 : 1019 Floyd Ave, Waldorf3 beds, 1 full bath
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$68,000 : 108 Ellerbe Dr, Indian Head2 beds, 2 full baths
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$299,900 : 3374 Bushmill Pl, White Plains4 beds, 2 full, 1 part baths
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$184,900 : 3 Kenrick Ct, Indian Head4 beds, 3 full, 1 part baths
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$188,600 : 1200 Addison Ct, Waldorf4 beds, 2 full baths
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$429,900 : 8225 Tiverton Dr, Port Tobacco4 beds, 3 full, 1 part baths
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$179,900 : 4504 Orleans Ln, Waldorf4 beds, 3 full baths
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$103,000 : 1126 Hamlin Rd, Waldorf3 beds, 1 full, 1 part baths
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$34,900 : 22 Greenwood Pl, Indian Head2 beds, 1 full bath
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$274,900 : 9452 Biltmore St, Waldorf4 beds, 2 full, 1 part baths
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$260,000 : 2945 Mill Hill Rd, Waldorf3 beds, 2 full baths
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$85,000 : 2040 Tanglewood Dr, Waldorf3 beds, 1 full, 1 part baths
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$299,900 : 22b Finch Ct, La Plata4 beds, 3 full, 1 part baths
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$179,900 : 1108 Bannister Cir, Waldorf4 beds, 2 full baths
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$249,900 : 8640 Queensway Ct, White Plains4 beds, 2 full, 1 part baths
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$148,900 : 10654 Water Hickory Ct, Waldorf3 beds, 2 full baths
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$365,000 : 9260 Gunston Rd, Welcome5 beds, 4 full, 1 part baths
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$272,000 : 6751 Periwinkle Pl, Bryans Road4 beds, 2 full, 1 part baths
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$187,999 : 9308 Overlook Cir, Newburg3 beds, 2 full baths
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$139,900 : 903 Charles St, La Plata3 beds, 2 full baths
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$199,000 : 1202 Adams Rd, Waldorf4 beds, 2 full, 1 part baths
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$380,000 : 314 Parran Ln, Indian Head3 beds, 2 full baths
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$179,900 : 10465 Steven Ln, La Plata4 beds, 2 full, 1 part baths
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$269,900 : 2950 Merchant Ct, Waldorf4 beds, 2 full, 1 part baths
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$129,900 : 11306h Golden Eagle Pl, Waldorf3 beds, 2 full, 2 part baths
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$225,000 : 9550 Faulkner Rd, Faulkner3 beds, 0 baths
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$299,900 : 10493 Sagebrush Ct, Waldorf4 beds, 2 full, 1 part baths
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$309,900 : 15313 Bassford Rd, Waldorf3 beds, 2 full, 1 part baths
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$239,900 : 4100 Vineyard Pl, Marbury4 beds, 2 full, 1 part baths
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$59,900 : 18117 Piedmont Dr, Cobb Island2 beds, 1 full bath
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$164,900 : 6216 Panther Ct, Waldorf4 beds, 3 full, 1 part baths
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$175,000 : 4065 Doncaster Dr, Indian Head3 beds, 2 full, 1 part baths
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$279,900 : 6750 Barney Dr, Hughesville4 beds, 2 full, 1 part baths
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$239,900 : 7855 Port Tobacco Rd, Port Tobacco4 beds, 4 full baths
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$355,900 : 7550 Tottenham Dr, White Plains5 beds, 3 full, 1 part baths
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$46,200 : 114 Scroggins St, La Plata3 beds, 1 full bath
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$79,900 : 4072 Green Spring St, Waldorf3 beds, 2 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Foreclosure Homes for Sale in La Plata, MD
Thinking of buying a foreclosure home in La Plata, MD? Here’s a list (constantly updated!) of foreclosed REO homes in La Plata, MD that are available for sale right now! Feel free to browse and let me know if you have any questions about these or any other homes in the area!
(Quick tip: Did you know that La Plata, MD is the County seat for Charles County?)
Showing properties
1 - 6 of 6.
See more Foreclosures in La Plata, MD.
(all data current as of
2/22/2012)
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$299,900 : 22b Finch Ct, La Plata4 beds, 3 full, 1 part baths
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$139,900 : 903 Charles St, La Plata3 beds, 2 full baths
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$179,900 : 10465 Steven Ln, La Plata4 beds, 2 full, 1 part baths
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$46,200 : 114 Scroggins St, La Plata3 beds, 1 full bath
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$234,900 : 7489 Robin Rd, La Plata4 beds, 3 full baths
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$149,900 : 710 Charles St, La Plata3 beds, 1 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
What’s it Like to Buy a Foreclosure? – Finding a Home
“The first rule of Fight Club – Don’t talk about Fight Club”
I’m about to break all the rules about client confidentiality and fiduciary responsibility. Realtors aren’t supposed to talk about contracts in detail, as it’s a breach of trust with their clients. Well, it seems I just found a loophole!
I’m in the process of buying a house myself. A foreclosure to be exact, and over the next few weeks I’m going to go into detail exactly how the negotiation, inspections, qualifying and closing actually works on my transaction.
I’ve been quietly looking for months to try and find a home that fits my needs. My criteria has been this:
- Purchase price of $250,000 or less
- Detached Garage (I need a place to store antique muscle cars)
- Fenced Yard (I’ve got 3 doggies, and I would rather they not run amok)
- 3 bedrooms, 2 baths
- 1 acre of land or more (Privacy is important to me!)
- Located within 20 minutes of my office in Waldorf, MD
- It’s gotta be a great deal (Naturally!)
Sounds easy, right? Unfortunately, there isn’t exactly a surplus of homes that meet all of my needs, so I’ve been searching for months. I’ve looked at rehab projects that fit the bill at $140,000 and move in ready homes that meet almost all of my needs at the top end of my price range.
I’ve finally found a home that is close to everything I need, and here it is:
Looks nice, right? Well, I have to admit that it’s in much better shape than most of the foreclosures that I run across. It’s got fresh carpet. It has fresh paint, heck it even has that nice “new house smell” to it! It’s on a acre of land, and it’s got a nice big deck in the back.
However ~
- It doesn’t have a fenced in yard (add $3,000 for fencing)
- It doesn’t have a garage (I’ll spend $20,000 adding that)
- It’s only 2 bedrooms (I don’t have kids, so I can deal with that)
- I need to replace all of the ceiling fans (6 fans, maybe $1,200 there?)
- The back door frame is rotting ($800 to replace that)
- It doesn’t have enough space for my dining room furniture, so I will need to move a wall or two (another $2,000, but who’s counting?
- It also has a small kitchen with crappy appliances (I’ll probably spend $3,000 on replacing those)
It’s not quite the dream home, but it’s certainly something I can work with. As an added bonus, this home qualifies for Rural Development financing, meaning I can put 0% down and get a fixed interest rate of 4.25%.
I decided to immediately write a full price offer on the home. The listing price was $202,500, and when I called the listing agent, I found out there were already multiple offers. Since I really wanted to make sure I got the home (And I’m tired of looking at this point) I decided to offer $210,000 with the bank paying $4,200 in closing costs (That’s $7,500 more than the asking price!). As it turns out, I was willing to spend more than anyone else was on the property, and the bank accepted my offer.
My next step was to tell my lender we had a property under contract and order a home inspection. I’ll talk more about that later and keep this site updated to find out whether I end up making it to closing or not! So far, I will be spending $210,000 on the purchase of the house and the modifications I want to make it right for me will cost $27,000, so that brings me to a grand total of $237,000, which is under my desired cap of $250,000.
September 2011 Southern Maryland Real Estate Market Report
The current real estate market in Southern Maryland seems to be heating up recently. I wouldn’t go so far as to say the market is hot, but there’s a definite thaw in otherwise sluggish sales.
Check out the video below for a full summary on what’s been happening in the local market recently!
The 10 Steps To Buying Your First Home
First time home buyers have no idea how good they’ve got it right now. Yeah, I know what you’re thinking: “This guy gets paid to talk about how great buying a home is, blah blah blah”. Fortunately, I’m not planning on waxing philosophic about the virtues of home ownership, I’m here to discuss what it takes in today’s market to actually buy a home.
Step 1: Know Your Credit
Everyone should have some sort of idea of where their credit score sits. You may not know the exact number, but you should have a vague sense of whether it’s close to 500 or 700. Lots of lenders talk about how a minimum score of 580+ may be strong enough to get a home loan, but at a minimum you want to have a score of AT LEAST 620 in order to be able to qualify for an affordable loan.
Step 2: Find a Realtor
Finding a Realtor is easy. Just give me a call and I’ll be happy to help! All kidding aside, finding a Realtor BEFORE you find a lender is important because a good agent should be able to help you find a lender that specializes in the kind of loan that makes sense for you. For example, virtually any lender can do an FHA, Conventional, or VA loan. If you’re looking for a loan that requires no down payment and you’re not eligible for VA financing, you’re going to need to find a lender that is qualified to do a specialized loan program, such as USDA Rural Development Loans or CDA loan programs. Many lenders don’t offer that, so having an agent first allows you to help select the lender that is right for you.
Step 3: Get Prequalified
Once you’ve got a lender and Realtor working for you, it’s time to get a pre-qualification. This is where the lender runs your credit to determine how much home you can afford and at what monthly cost. You shouldn’t be paying any money out of pocket yet, so be wary if someone tries to tell you otherwise.
Step 4: Find a House
This is where the process starts to be come a lot of fun. Finding a house that you like and you can afford can be time consuming, and it’s an important decision, so don’t let anyone make you feel pressured to make a quick decision. You’re the one that’s going to be living their, not your agent or lender!
Step 5: Make an Offer
When you find a home you like, your Realtor is going to help you write the offer on your future home. It’s essentially a tsunami of paperwork and it will include writing an earnest money deposit check as good faith. This should be the first time you start spending money out of pocket to buy a home.
Step 6: Start the Formal Loan Application
Once your offer is accepted you’re going to have a limited amount of time to get your loan application made and the deal closed. Working with your lender is going to require them to complete a full loan application package with you, they will likely need to charge you to have an appraisal done on the home as well, so expect to spend more money here.
Step 7: Select a Title Company
As a buyer, you have the right to select your own title company to handle settlement. You can always use the title company your agent recommends, but ultimately the choice (by law) is yours. The title company review the contract, makes sure there are no hidden liens on the property, and conducts the document signing to transfer the property into your name. They also provide title insurance, which is required by your lender. Title insurance is basically a guarantee against any hidden liens or claims to your property by other parties. If a hidden lien is found later, the title insurance policy pays to fix the problem.
Step 8: Get A Home Inspection
Getting an inspection done is optional, but necessary, IMHO. The inspection can be arranged through your Realtor, but the responsibility for paying the home inspector for his services is your responsibility. This can range in cost for $300-$1000, depending on the scope of inspections.
Step 9: Get Your Loan Approved
Getting your final loan approval is necessary in order to actually go to closing on your home. The lender is responsible for this, but you may be required to supply additional documentation for final review by loan underwriters. Once you have final approval, you’re ready for settlement!
Step 10: Going to Settlement
Settlement is when you finally get to say the home is yours. the buyer and seller sign the paperwork to transfer the title, and the buyer signs the loan documents acknowledging that they will repay the loan. Typically once they property goes to settlement, you as the buyer get the keys and you can move in whenever you want! Make sure that you don’t forget to have all of the utilities changed over into your name; the seller will probably have them taken out of their name on that day, and you don’t want to be left without power or water!
Visit a Model Home in Waldorf, MD and Enter to Win a 1966 Mustang!
There’s nothing that compares to the excitement of buying a new home. The smell of fresh carpet and paint, mixed with the pleasure of having a home built just the way you want is a fantastic experience. The only way it could get any better would be if a new car was added to the deal, and now, that’s possible too!
The Giveaway
The St. Charles Companies are revving up interest in their new model homes through a giveaway for a free chance to win a restored 1966 Ford Mustang convertible. Everyone who visits one of the four St. Charles model homes by Lennar, Ryan and Richmond American between Saturday, August 20 and Friday, September 2, 2011 will receive a chance to win the recently restored classic (one entry per household, while supplies last). Need a Realtor? Contact Jonathan Benya, at 301-653-8113 to help navigate you through the purchase!
Visitors to the model homes will also receive a replica 1966 Ford Mustang keychain, adorned with the St. Charles logo as well as a St. Charles recreation package including a free round of golf at White Plains Golf Course (with the purchase of a greens fee) and a discount coupon to Boston’s the Gourmet Pizza restaurant. The Mustang promotion is being held in conjunction with the Baileys Crossroads Rotary Club and the 2011 MCA Grand National Ford Mustang show at Regency Furniture Stadium on September 2-4. Details on the promotion can be found at http://www.stcharlesmd.com/mustang.
The classic, Ivy Green cruising machine features a 289 cubic inch V-8 engine, automatic transmission, power brakes, power steering and a Forest Green power convertible top and will be on display at the model homes on Saturday, August 20 and 27. The winner will be selected in a random drawing.
~Jonathan Benya – Realtor Keller Williams of Southern Maryland 301-653-8113 http://www.somdexpert.comMore New Home Growth Approved for St. Charles, MD
St. Charles has been growing for years. In fact, there are currently about 50,000 residents in the area, so what’s a few thousand more?
The Charles County Planning Commission sat down Monday night and approved a preliminary plan to build (another) new subdivision in St. Charles called Gleneagles South. So how many homes will this new community create? Almost 850! The preliminary plan shows 647 single family homes and 200 town homes, all planned to be located near White Plains regional golf course.
Hang on, I know what you’re thinking: “Waldorf doesn’t need more houses!“ Yes, I know, you’re absolutely right. The last thing current residents want to see is more new residents. Fortunately, the planning commission is aware of your concerns, and they did address that in the meeting. While they acknowledged that a growth moratorium may be necessary, they opted to discuss that at a later time.
Homes for Sale in Waldorf, MD under $100,000
It’s amazing how affordable buying a home in Waldorf, MD has become. Homes for sale in Waldorf have fallen in value considerably in the last 4 years, and home ownership has really become a bargain proposition.
Consider this: Try finding a rental in Waldorf for less than $1,000. It’s nearly impossible. If you were to purchase a home for $100k with today’s mortgage rates your monthly payment (including taxes and insurance) would be around $850. That same home would cost roughly $1,100-$1,200 per month to rent.
Home ownership finally makes sense again, and buying a home for less than $100,000 is a real possibility. Check out the list below to see homes priced under $100k in Waldorf, MD and see for yourself!
Showing properties
1 - 27 of 27.
See more city of Waldorf real estate.
(all data current as of
2/22/2012)
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$50,000 : 3069 Heathcote Rd, Waldorf3 beds, 1 full bath
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$59,000 : 3036 Heathcote Rd, Waldorf3 beds, 1 full bath
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$60,000 : 3019 Heathcote Rd, Waldorf3 beds, 1 full bath
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$63,000 : 3103 Heathcote Rd, Waldorf3 beds, 1 full bath
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$70,000 : 4546c Rawlings Pl #29-M, Waldorf3 beds, 2 full baths
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$70,400 : 4521a Ratcliff Pl S #37-K, Waldorf3 beds, 2 full, 1 part baths
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$71,000 : 4208 Quigley Ct, Waldorf3 beds, 1 full bath
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$72,100 : 4700 Gadwell Pl, Waldorf3 beds, 1 full, 1 part baths
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$75,000 : 4217 Quigley Ct, Waldorf3 beds, 1 full bath
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$75,000 : 3249 Ryon Ct, Waldorf3 beds, 1 full, 1 part baths
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$76,000 : 715 Hatfield Ct, Waldorf3 beds, 1 full bath
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$76,000 : 4273 Queen Ct, Waldorf3 beds, 1 full bath
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$78,999 : 11712 Lancelot Dr, Waldorf3 beds, 2 full baths
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$79,900 : 4072 Green Spring St, Waldorf3 beds, 2 full baths
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$85,000 : 2040 Tanglewood Dr, Waldorf3 beds, 1 full, 1 part baths
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$85,000 : 4269 Queen Ct, Waldorf3 beds, 1 full, 1 part baths
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$87,400 : 700c Barrington Dr, Waldorf3 beds, 2 full baths
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$89,900 : 3126 Heathcote Rd, Waldorf3 beds, 1 full bath
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$95,000 : 721 Barrington Dr, Waldorf3 beds, 1 full, 1 part baths
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$95,000 : 2114 Tanglewood Dr, Waldorf2 beds, 1 full, 1 part baths
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$95,000 : 4906a Savoy Pl #15-K, Waldorf3 beds, 2 full, 1 part baths
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$97,000 : 2406 Ferrell Ct, Waldorf3 beds, 1 full bath
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$99,000 : 7835 Bensville Rd, Waldorf2 beds, 1 full bath
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$99,000 : 4625 Grebe Pl, Waldorf3 beds, 1 full, 1 part baths
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$100,000 : 4238 Drake Ct, Waldorf3 beds, 1 full, 1 part baths
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$100,000 : 1580 Pin Oak Dr, Waldorf2 beds, 1 full, 1 part baths
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$100,000 : 751 University Dr, Waldorf3 beds, 1 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
5 Ways Agents Fail Their Clients – and How to Prevent It
Real estate agents are a funny breed of “professionals”. If you’ve ever dealt with an agent, you’ve no doubt seen/heard the slew of catch-phrases designed to get your business. I wish I had a dollar for every time I saw a business card with the phrase “I’m never to busy for your referrals!” or “Your agent for life!”. Ugh. Who wants to be committed to a real estate agent for life? My wife doesn’t even want that!
The fact is that the real estate industry is feast or famine for agents. One deal can be worth $10,000 or more, but it takes months to get it done, and unless it closes, the agent doesn’t get paid. This creates a ton of (cashflow) issues that agents do their absolute best to hide from the public, lest their clients realize they’re one missed deal from the poorhouse.
The nature of the business means some agents are looking for as many ways to make money as possible to help fill the gaps in their checkbook, and some are even willing to do it at their clients expense. Here’s a few ways agents do it:
- “My agent said not to look at short sales because they never close” – Of course your agent said that, but it’s not the whole truth. Short sales are harder to close, and they take more time than a traditional transaction, but they are also an excellent chance to make a big time deal. Short sales can be negotiated well below market value, but the agent (and buyer) may be waiting 4-6 months before the deal closes. If your agent is looking to collect their paycheck a little bit faster, you may have only heard part of the story.
- “My agent keeps skipping homes I really want to see” – Buyers are surprised when a home they really like is unavailable for showings. Sometimes the owner has temporarily frozen appointments, but it could be possible that your agent doesn’t have the tools of the trade. Some electronic lockboxes require a special kind of key that agents have to pay for every year. If your agent can’t afford the bill, they’re unable to show their clients all of the homes on the market.
- “By the time we have an appointment made to view a home, it’s already under contract” – There’s 2 possible problems here. Either A: (Your agent is too busy) or B: (Your agent works part time). Undervalued properties don’t stay on the market for long, so if you’re agent is unable to get you out to see them quickly, find a new agent.
- “My agent is charging an administrative fee” – While charging administrative fees is not unheard of in this day and age, let’s think about what your agent is saying. If you’re buying a $300,000 home, your agent is making somewhere between $7,000-$9,000. Do you really think the agent needs to charge you an additional $500 on top? Admin fees are generally bogus because they’re not tied to a specific service. Make the agent eat the fee, or find a new agent.
- “My agent doesn’t want to show me foreclosures” – Here’s a dirty little secret about the real estate industry: Some agents won’t show certain homes because the commission split isn’t high enough. It’s unethical to do so, it’s a failure to their clients interests, and it happens more than buyers realize. If there’s a house you want to see and your agent is hesitant to show it, find out why. Some foreclosures have low buyer agent commissions, and if your agent is more concerned about their bottom line than yours, you may be missing out on houses just because your agent wants to pocket extra cash.
The problem that pervades this industry is that some agents forget that this is a serviced-based business. When agents put their own interests ahead of their clients, you may not even realize that you’ve been duped.
(photo courtesy of hans.gerwitz via flickr cc)
Jon Benya Keller Williams of Southern Maryland
tel (301) 653-8113
fax (301) 632-5481
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