DC Real Estate News: November 2009

Recently I had a client who was buying a home.  They came ready with a pre-approval letter and the willingness to buy a home seemingly within their price range.  Once we found a home - we went through the offer; negotiated and formalized the contract.

When I asked to make sure everything was all set with the lender (because the lender wasn't returning MY calls); I was told - yes; but I think we want to switch into an FHA loan.  OK?

NO - actually it's NOT OK.  We have a contract for conventional financing and we need to ask the seller for addendum if we want to change the terms of the contract. My clients say; well we can get the loan, no problem, but the FHA is a much better deal for us.

Well the seller comes back and says "NO".  The seller accepted the offer because while it wasn't full price; they felt good about the conventional loan.

Now the buyer decides to level with the agent and explain things.  UH OH.  "Houston, we've had a problem".

The buyer DID have an issue with financing, but didn't level with me in the beginning.  

If you have hired a Buyer's Agent - they are working for YOU.  They are protecting YOUR interests and fighting for YOU.  But if we don't have all the information; then we can't do much to protect you.  Always be honest and forthright with your agent.  We know the contracts; the contingencies and the protections you have better than most.

Happy Home Buying...

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC

Dear Lazy Listing Agent,

I have a client in town for 2 days.  We do not have time to waste looking at crappy homes.  Since you only had time to take 4 pictures of this 4 bedroom, 3 level home; we have decided to not waste our time looking at your listing.  I know you said it looks "amazing" - but we need to see some pictures before driving all over town.

Please tell your seller we wish them the best of luck and if they decide to hire an agent who can take more than 4 pictures of the house - I am sure it will sell. Unless of course it really is a crappy house inside.  But I guess we will never know.

If your client does decide to hire a agent who will actually spend a buck and hire a photographer and do some nice flyers.  Have them call me.  

Thank you.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC

I have said it before and I will say it again.  The Housing market in Metro Washington DC - is good.

Just this week; an out of town buyer was shocked when I told her that the 10 of the 14 homes she asked to see last week - were Under Contract.  "Isn't it a Buyer's Market?"; she asked.  "Not Really.  Not in DC."

The truth is - the GOOD Homes are GOOD and they are selling.  In many areas; within days or a couple of weeks.  The BAD Homes - are still bad; and sit and sit.

A recent article; states that the Government Budget is helping the Washington area housing market.  The Article basically states that demand for housing is growing quicker in Washington, than any other Major US city.

It sure helps when the Federal Government is the biggest employer in the DC Metro area; that coupled with the contractors and government support companies.  Jobs and job growth is a sure fire way to help the Housing Market rebound.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC

Every year, many older adults sell their home and move into Retirement communities.  These communities offer many facilities, including meal service, activities and some medical assistance.

However, recent news has been breaking about many of these communities running out of money and going bankrupt.  Erickson Retirement Communities; which runs several communities in the DC area; filed for bankruptcy a few weeks ago.

Another community, Ingleside, in NorthWest Washington; had to introduce large fees to cover the cost of increased expenses.  

When picking out your Retirement Home; do your homework.  Don't just look at the fancy facility, the groomed lawns and the list of activities. Look into their finances.  Make sure you know what will happen to your large deposit and your monthly fee should the facility hit a ruff patch.  Look at how their assets have increased or decreased with the recent downturn in the economy.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016