About Prince Georges County, MD

Should I Float? Should I Lock? - Daily Update for Thursday, November 19, 2009

Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.

As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

jobless Claims came in on target while the Philadelphia Fed Index came in sharply higher than otherwise expected. Though this would normally put the kibosh on bonds - the stock market is taking a major slide today which is helping bonds to remain at least par from yesterday.

Look for rates this morning to remain steady from where they closed Wednesday when rate sheets are released by AmerisaveMortgage Corporation.

Technically speaking - the FNMA 4.5% 30 year bond is currently keeping above the all important 200 day moving average. The bond is coming down from overbought status.

I am recommending to

LOCK your best mortgage rate.

To learn why one should Float or Lock -

Check out Should I float? Should I lock? &;;; Reasons to Float or Lock

To obtain rates and fees with a $500 guarantee - come visit

Are Realtors obligated to disclose mold problems in a foreclosure? The short answer is yes, but unfortunately things aren't always done as they "should" be.

Why Should It Be Disclosed?

A mold problem in a home falls into the category of "Material Defect".  In the state of Maryland, any Material Defects that are known by the seller or listing agent must be disclosed, regardless of the Annotated Code of Maryland, Real Property Article, Section 10-702.  The catch is that the seller must have knowledge of the defect.

Banks Don't Disclose

Banks typically avoid making any sort of disclosure, and rather sign a disclaimer stating they have know knowledge of the property and it's potential defects.  Since the bank has probably never actually visited the property, how can they know there is a mold issue?

Banks Should Disclose

It stands to reason, however, that someone involved in selling the property (such as the Realtor who lists the property) has seen and is aware of a possible mold problem.  If there is a latent defect such as this, and it is known, then it is the responsibility of the listing agent and the owner (The Bank) to disclose such problems.  What should happen, and what does happen, however, can be two entirely different things.

Are they Trying to Hide It?

With the massive mold growths I've seen in so many foreclosures, it's impossible to hide the fact in many cases.  the concern that I, as a Realtor, have is that there is a potential health risk involved in showing these properties.  It's a weekly occurence now:  I go out, show a dozen or so moldy foreclosures, and go home with a splitting headache and nausea.  At it's core, this is a health risk, for both me and my clients.

The concern many banks have is that mold stigmatizes a property (DUH!) and reduces it's value.  Their risk of exposure to a lawsuit is minimal (You gotta prove they knew the home had mold), and so the less they say, the better, at least in their mind.  In the mean time, myself and my clients get to deal with the headaches, nausea, dizziness, and shortness of breath that goes along with heavy mold exposure.  Lucky Us.

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

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A Federal Judge yesterday sentenced Joy Jackson (you know, the stripper turned foreclosure "rescue" scam artist?) to 12 years in prison for scamming more than 117 people into signing over the deeds to their homes.

In addition to the prison term, she's ordered to pay more than $16 million in restitution (good luck recovering that, she spent it on her mega bucks wedding!), and the judge described her as a "vulture".

Her accomplice, Jennifer McCall also had a hearing later in the day where she fired all of her lawyers, and when the prosecution recommended keeping her jailed pending sentencing, a relative of hers jumped into the well of the courtroom and punched the prosecutor in the face! Quite the well mannered group I'd say!

It's a relief to see these people going to jail, but it's a cold comfort for the people that believed their lies and lost their homes. The scam is the perfect example of the greed that the housing bubble created. I hope this serves as a warning to anyone else out there thinking about doing something like this, and more importantly, I hope this brings to the forefront the risk involved when someone makes you an offer that sounds too good to be true.

Link: All posts regarding the Metro Money Store and Joy Jackson

~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

PRINCE GEORGE'S COUNTY MD LENDER OWNED FORECLOSURES

There are 341 lender owned foreclosures (REO), priced at $150,000 and ABOVE, available for purchase in Prince George's County MD. Click on the listing number for full details on each property. Sort by column headings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94980782-407

There are 336 lender owned foreclosures (REO), priced at $150,000 and BELOW, available for purchase in Prince George's County MD.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94980742-370

Where is the best place to search for homes for sale in Maryland? You will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.

Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.

Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask us for a referral to a loan officer if you do not have an existing relationship with a mortgage lender.

Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

New Home Buyer Tax Credit Video from RE/MAX. Please share with family and friends: http://www.youtube.com/watch?v=1leN8E8BKTo

Real Estate Investors Zero In on Short Sale Homes. RE/MAX Video: http://www.youtube.com/watch?v=ZMUZSPSrtuI&feature=related

Should I Float? Should I Lock? - Daily Update for Wednesday, November 18, 2009

Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.

As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

Housing Starts and Building Permits both came in lower than expected. The bigger news of the day is the Consumer Price Index coming in just over expectations. Yesterday's Producer Price Index coming below expectations helped allay immediate fears of inflation.

Look for rates this morning to remain steady from where they closed Tuesday when rate sheets are released by AmerisaveMortgage Corporation.

Technically speaking - the FNMA 4.5% 30 year bond is currently keeping above the all important 200 day moving average. The bond is coming down from overbought status.

I am recommending to

LOCK your best mortgage rate.

To learn why one should Float or Lock -

Check out Should I float? Should I lock? &;;; Reasons to Float or Lock

To obtain rates and fees with a $500 guarantee - come visit