Carlyn Lowery, Associate Broker, Lowery Home Team at eXp Realty, Annapolis and Anne Arundel County MD Real Estate

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Some folks read these blog posts with their favorite RSS reader such as iGoogle, some subscribe by email, some follow me on Twitter, and some find it most convenient to discover the latest news when checking in with friends on Facebook.   The formatting seems nicest here, yet some of the other delivery methods are more convenient.

I’m still experimenting with Facebook and Twitter, and would love to hear how you like to use them for both work and play.

P.S.  Call me today for all your Annapolis real estate needs.

“Stop My Double Mortgage Payments, and Get This House Sold Now!” Say Annapolis Real Estate Owners with Vacant Homes

Vacant House in Annapolis

Vacant House in Annapolis

One mortgage payment is bad enough, but two is sometimes just too much to bear. And vacant homes cause all kinds of problems.

Insurance coverage may lapse after thirty days.
Little problems may turn into big problems, because no one was around to notice.  A small trickle becomes toxic mold.
Lawn mowing, leaf blowing, gutter cleaning, snow shoveling – enough to deal with when you live in a home, and a real hassle when you live elsewhere.
Neighbors get mad when the home and yard deteriorates.
The city issues fines for code violations.
Realtors recommend low sales prices, or say they can’t help.

What’s the alternative, renting the home out and risking bad tenants who might trash it?

For those who have had enough, and are determined to stop the double mortgage payments and other ongoing expenses and hassles, other options are available.  Our growing network of Annapolis real estate professionals includes people who create custom solutions, with a little flexibility on everyone’s part.

Professional rehabbers who renovate homes for resale, “hard money” lenders who fund rehabbers, landlords who like to have property and tenants to manage, investors who subsidize mortgage payments for a portion of the equity, note buyers who convert seller financing to cash, insurance experts who provide policies for vacant homes, Realtors who bring home buyers and renters, people who want to “rent to own” or buy with a “lease-purchase.”

If you’d like to participate in these ways or others, please get in touch, and let’s see how we can work together to get more of these vacant homes occupied!

P.S. Call me today for all your Annapolis real estate needs.

Annapolis Real Estate Owners Affected by Adjustable Rate Mortgage (ARM) Resets

Annapolis real estate owners will be affected by upcoming adjustable-rate mortgage (ARM) resets, and time will tell exactly who and how.

I’ve been hearing a lot lately about the large number of option-ARMs and Alt-A loans  that are due to reset in 2010 and 2011, and people are wondering what the effect will be on our local real estate market.

If you want to read about the doom and gloom, and review lots of data, an interesting source is the book
More Mortgage Meltdown: 6 Ways to Profit in These Bad Times, by Whitney Tilsen and Glenn Tongue, or the authors’ web site More Mortgage Meltdown.

[tomatoframe width=”120″ height=”240″]http://rcm.amazon.com/e/cm?t=koalaconcepts-20&o=1&p=8&l=as1&asins=0470503408&fc1=000000&IS2=1&lt1=_blank&m=amazon&lc1=0000FF&bc1=000000&bg1=FFFFFF&f=ifr[/tomatoframe]

I like these guys, and not just because I’m biased because Glenn Tongue is another Wharton grad. They’ve put together a lot of data, and assembled a detailed Powerpoint presentation which they share on their web site. Reviewing them made for a frightening Halloween for me!

Of course, after calming down, the question everyone wants to know is, “How does this affect me and our local market?”  Lots of Alt-A notes and fewer option ARMs were issued in the Annapolis area during the boom.  American Home Mortgage (AHM), a major Alt-A lender, was extremely successful in Annapolis and Anne Arundel County (and all across the country), due to their combination of low rates and easy approval process.  Perhaps that had something to do with them being the first lender to stop funding loans and quickly file for bankruptcy in August 2007, starting the mortgage meltdown.

Our local Annapolis and Anne Arundel County market is strengthened by many factors, among them our being the Maryland state capital, sited on the Chesapeake Bay, being close to Washington, DC, and having Homeland Security and the Baltimore Washington International Airport in the area. These are some of the factors that give confidence on our real estate values over the long term.

Perhaps the most important questions for your consideration at this point are: What type of loan or loans do you have?  Do you know?  And does your income continue to be sufficient to afford your payments, or has the recession put that in danger?

Do you have a 30-year fixed mortgage?  Or are you paying interest only?  Or do you have a choice of how much to pay?   Will your loan convert and start amortizing? Will your payments adjust based on some formula and interest rates in the coming months or years? If you are not sure, you might pull out your closing documents, call your lender, or call me, and get clear.   If your payments are likely to change within the next year or two, this is a good time to plan ahead so you are not caught by surprise. And if you know someone who anticipates trouble, please put us in touch.

P.S.  Call me today for all your Annapolis real estate needs.

Annapolis Real Estate Auction for Acton’s Landing; How to Find a Great Deal on a Home (Or How Not To!)

Did you hear about the auction on Sunday, September 20th, for new homes in Acton’s Landing in the Historic District of Annapolis? The developer decided it was time to get the last units sold, even if it meant dramatic price reductions. They hired REDC, a professional marketing firm out of Irvine, California, to get that inventory off the shelves. For weeks, street corners in the Historic District of Annapolis were graced with folks waving “AUCTION” signs in the air. A gorgeous marketing brochure was created, promoting Annapolis and Acton’s Landing, to draw those who didn’t yet know about the benefits of living in our lovely town.

Sunday was a beautiful day, and the turnout was good, including spectators and potential buyers, both with and without buyer’s agents. All thirteen units were sold. The most expensive home sold was the five-bedroom home at 46 Franklin Street, with a winning bid of $1,460,000 plus a five percent buyers premium. The buyer had previously won the bid on a townhouse, and changed his mind when he saw how the auction for the house was progressing. The auctioneer accepted his new offer and then re-auctioned the townhouse. Exciting things happen at auctions, where choices are made quickly!

The unit with the lowest starting bid was a two-bedroom condo starting at $249,000. One lady, who was hoping to get this as her new home, watched and waited through the whole auction, watching twelve other homes be sold, till it was time for this one to be auctioned. In the middle of the bidding, the auctioneers made sure she knew about the age restrictions – someone over age 62 needed to occupy the condo. Sadly disappointed to discover this at the last minute, she stopped her bidding. Someone else won the bid at $345,000 (plus the five percent buyers premium).

What you don’t know can hurt you. I have heard of cases where people who bought homes at auction didn’t know about the buyer’s premium, and paid more than they intended. Five percent on a purchase of $345,000 or $1,460,000 is not chump change!

I hope that lady who was bidding on the most affordable condo found a Realtor to help her through the process, so that she gets a great buy on a home she’ll love. Someone to show her properties that will work for her, to advise her on values, to help her through the process. A little expert guidance makes a big difference!

P.S. Call me today for all your Annapolis real estate needs.

Here are some client reviews of Carlyn Lowery…

“Carlyn got us a quick sale above the asking price. She qualified prospects well, used a professional photographer for advertising photos, and provided expert advice during negotiations. Carlyn is what other Realtors aspire to be!”
– Paul Donnelly

“As first time home buyers, Carlyn Lowery was very attentive to our basic needs of walking us through each step of the home buying process from a novice standpoint. The long detailed list of items due at specific times from the start of the contract all the way through to the week of closing was greatly appreciated. It was great having an agent who took the time to clearly lay this all out for us. End result – a very smooth time at settlement. No surprises!”
– Ann Hannam

“We wanted a professional who would work with us to sell our home
quickly for a good price and protect our interests as sellers through the process.
Carlyn’s business acumen is her (and will be your) greatest asset.”
– Sue Bogard

“Carlyn was wonderful. She was organized, prepared, and knew the steps to take to sell our home quickly and used a wide array of marketing to get the job done. She gave great advice
during each of the phases, and in particular on the negotiation.”
– Michael Morgan

 

Questions? Call Carlyn Lowery today.

443-569-3977 – Direct
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