Meet Bob

Meet Bob, a husband, father, and small business owner. See how Bob deals with buying a foreclosure. http://www.BrunoLuxuryForeclosures.com

Watch Out! Landlord's Lead Liability

If you have a rental property in MD built before 1978 you maybe liable for lead poisoning to the tune of $500k-1m. They changed the law and thrown out any risk reduction from the past law. Should you keep your properties, remediate the lead or just walk away? I definitely recommend you contact an attorney for legal advice. For more information visit http://bsun.md/sSE5fH

Here's Help With Paying Off Your Debts

Washington Post personal finace columnist Michelle Singletary invites you to budget right by curbing the need to consume. She lays out a 21 day financial fast to curb debt and stress in her book, The Power to Prosper. Michelle Singletary writes a personal finaice column thats carried by over 100 newspapers across the country and she's an other of two best-selling books on personal finance.
In The Power to Prosper Michelle teaches thriftily spending secrets using biblical principles. My wife and I worked the fast about two years ago and got amazing results. At this point in our finances we have zero debt except for our mortgage. I know this information will be a blessing to you especially if you're looking for a game plan to get out of debt and into finacial freedom.
You can also find budget templates and additional information from Michelle Singletary's Power to Prosper plan here.

Paulette came to one of our homebuyer workshops that we hosted last summer. We later sat down and put a game plan in place. She wanted a new start a place where she had control and freedom. We sound something she really liked.

What's The Difference Between a Foreclosure and a Short Sale

Understanding Foreclosures, Short Sales and REOs

Foreclosures and short sales and real-estate-owned (REOs) are distressed sales but different from each other. While most short sales are foreclosures, not all foreclosures are short sales. To further complicate matters, REOs are not short sales either, but some intended short sales can end up as an REO.

What is a Foreclosure Property?
A foreclosure property is a home in foreclosure -- when a notice of default has been filed in the public records. It means the owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.
Lenders can foreclose for other reasons, but the most common reason lenders file a notice of default is when a borrower is at least two payments in arrears.

If the home owner does not bring the loan current, the lender will take the property away from the owner. The final step the lender takes after a certain period has passed is to try to auction the property at a public sale.
Not all homes that fall into foreclosure go to public sale because owners have the right to make up back payments up to a point, the time which varies from state to state.

Real estate investors and home buyers see profit in buying foreclosures because they can often buy the property for the amount owed, picking up the home owner's equity for free.

What is a Short Sale Property?
A short sale occurs when a home owner is in foreclosure but before the property goes to public auction. Under a short sale, a lender must agree to accept less than the amount that is owed on the property.

Unlike a foreclosure, investors typically buy the home for even less because investors are not paying off the existing loan nor making up the back payments. Investors are striking a deal with the existing lender to take less than what the lender has coming to avoid dealing with a foreclosure.

It's a myth that lenders are not going to make a deal with an investor unless the seller has fallen behind on the seller's obligation to make timely mortgage payments. Sellers don't need to be in default for a short sale to occur. For a buyer who wants to occupy the home, buying a short sale makes financial sense.

What are REOs - Real Estate Owned? Buying an REO is similar to buying a short sale except the property is already owned by the lender.The property was acquired by the lender through a foreclosure action. Often lenders will sell repossessed homes for less than the past loan balance. Bank-owned properties are called REOs, meaning real estate owned by the lender.

Banks end up owning the property when nobody at the public auction bid enough to cover the amount owed against the property. REO homes are often considered the best way to buy a distressed property because the seller is already out of the picture. It's just the investor, the investor's agent, the bank and the bank's agent who are negotiating the transaction. Some REOs can be purchased directly from the lender.

Maryland First Time Home Buyer Money For Rehabs, Foreclosures and Short Sales

Attend our next first time buyer workshop CLICK HERE

Maryland First Time Home Buyer Money For Rehabs, Foreclosures and Short Sales

New! The Maryland Mortgage Program (MMP) offered through the state's Community Development Administration (CDA) has announced 2 loan products for distressed properties. All MMP products have low, fixed interest rates and some offer matching funds. These 2 new products will assist in revitalizing communities burdened with foreclosed and rundown properties.

The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.

The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

Learn how to successfully utilize the MMP for your customers at a FREE 3 CEU CDA workshop. The next training date is Wednesday, July 13 at 8:30 a.m.
Program Details >>


My HOME Down Payment and Closing Cost Assistance - up to 5% of Home Sale Price Offered to County Homebuyers who have not owned a home within the last 3 years. Over $1 million in total funds available. Consumer information page >> Details >>


American Dream Downpayment Assistance (ADDI) - up to $10,000 to County Homebuyers who have not owned a home within the last 3 years. Details >>


Federal Home Loan Bank of Atlanta (FHLB Atlanta) - up to $7,500 to first-time homebuyers in MD or DC. Details >>


Most of these programs can be used in combination. Learn how at our next homebuyers workshop visit http://downpaymentassistance.eventbrite.com for more details.
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Sell Your Home In 30 Days Part IV

This is the last of our 4 part series on selling your home in 30 days. For a complete homeowner evaluation please don't hesitate to contact us.

(5) Promote. Help your agent. Remove all the obstacles to getting your home sold. Be willing to post a sign and allow showings 7 days a week. Most buyers will give short notice; be ready for that. Allow a lockbox to be placed on the door. Don't insist on being present during showings. To sell a house in 30 days your agent must have your full cooperation. A truly committed seller assists in advertising his home by distributing marketing materials and emails to friends, family, and co-workers. A good percentage of the time, properties are sold by someone who knows someone. Local family members, best friends, and church friends are another great way to get the word out about your listing. Take a flier to work for the lunchroom bulletin board, and encourage people who would be willing to help you to do the same.

To successfully sell in today's market, you need to be (a) clearly focused on what is important about selling, and then (b) serious about following the 5 ‘P's to getting the home sold in less than 30 days--and for more money.

Sell Your Home In 30 Days Part I
Sell Your Home In 30 Days Part II
Sell Your Home In 30 Days Part III

Sell Your Home In 30 Days Part III

In order to sell your home in 30 days or less, it is paramount that you remain laser-focused on what is important to you about selling it. In the old days you could just put your home on the market and then simply go look for a bigger house. Today you have to be very clear about why you are moving and where you are moving to. In Part III of this series I am going to write about preparing your home for showings.

(3) Prepare. Anticipate the buyers’ objections. Find out how much it would cost to get a new carpet, a new roof, new windows, new paint job, new furnace or air conditioning. You are required to disclose any defects in the home that you are aware of. Whatever it is, don't hide it. Overcome it. If you leave it to the buyers, they'll almost always overestimate the repairs.(4) Poll. Stay aware of what the market is doing in your neighborhood. Visit your competition. Talk to your agent about how the other sellers arrived at their price. Were they more realistic? How can they substantiate the value? Ask questions. Most buyers look at all the prices in your neighborhood to determine what to offer for your home. You should know as much about the market as they do.

Sell Your Home In 30 Days Part I
Sell Your Home In 30 Days Part II

to be continued...

Maryland Property Tax Discount Program

If you can't qualify for a home even if it's in your price range because the property taxes are too much, not to worry there's good news. Turns out that Maryland property taxes can be limited based on the homeowner's income. Whether you are in the process of buying a home or you already own a home, the State of Maryland will lower your real estate taxes and send a you a refund for any overages you've been charged.

For howe owners the official form is located at? For homebuyers it's not that simple. Only qualified lenders will use the adjusted tax base to qualify you for your new mortgage. Contact Michael Chelst at AmericaHomeKey for details about how you can apply mchelst@yahoo.com

Hope this helps.

Sell Your Home In 30 Days Part II

In order to sell your home in 30 days or less, it is paramount that you remain laser-focused on what is important to you about selling it. In the old days you could just put your home on the market and then simply go look for a bigger house. Today you have to be very clear about why you are moving and where you are moving to. In Part II of this series I am going to stress the importance of positioning your home to sell.

(2) Position. There is no disputing the value of a staged home. Clean, uncluttered, well-lit, and sweet-smelling homes sell for more money and faster than messy, cluttered, dark, and stinky homes. If you have trouble keeping your home in a ‘showing’ condition while you live there, then consider moving out if possible. Remember... The goal is to get the house SOLD in less than 30 days, so every advantage you provide will help. Your home will need to be priced correctly and show that it is the best in its class. As your consultants, we do a "Room-by-Room-Review" of every house we list to make sure that it shows all of its potential. The first impression starts with curb appeal: some buyers make a decision to come inside your home just by looking at the outside. As they enter the home, set the stage for anticipation about what is to come. Clean the house thoroughly. Think ‘model home.’ The kitchen is the heart of the home, and it is the most valued room by buyers, so you want to show it at its best. The living and family rooms are where your new buyers will do most of their "living," so you want to make the space as inviting as possible. Make the bathrooms sparkle because next to the kitchen, bathrooms suffer the closest scrutiny. For more details and room-by-room recommendations, I invite you to download our Room-by-Room-Review.

Sell Your Home In 30 Days Part I

To Be Continued...