A few months ago I wrote that I submitted an application for REALTOR Magazine's 30 UNDER 30. To my pleasant surprise it turns out that I have made it into the top 50. They have changed things up a bit this year and allowing the outside world to vote for this week only to select a Readers' Choice! Please take a minut to vote for me! It is my understanding that there isn't a limit to the number of times you can vote - so feel free to vote everyday and multiple times a day until 3/28.
I would love the support of the Active Rain community!!
Here is the link!!
http://www.realtor.org/rmonews_and_commentary/30under30/2010/3030_2010_pearlman
A little bit late... but here is the market analysis for 20816:
Bethesda, 20816 -Single Family Homes
Much like the rest of Montgomery County, inventory remained extremely low in December in Bethesda 20816 with a total of 9 new listings (four of which still remain active on the market).
8 homes went under contract in December in Bethesda 20816, while 16 homes settled and 34 listings remain on the market. Only four more units came on the market this December as compared to 2008 but with that small difference there was a noticeable change in over volume sold (up 56.97%). Now as exciting as it is to see such a jump in overall volume sold - keep in mind that in our market all it takes is one really expensive home to throw these numbers off.
Sellers - why wait until the Spring of 2010 to sell when every one is selling? Stand out from the crowd and sell your house now while the inventory remains low and your competition is limited.
Below is a break down of the activity separated by 4 different ranges in price.
Real Estate Activity in Bethesda, MD 20816:
Active
Homes for sale under $500,000 = 1
Homes for sale from $500,001 to $800,000 = 8
Homes for sale from $800,001 to $1,500,000 = 17
Homes for sale from $1,500,001 and up = 8
Under Contract
Homes Under contract with a list price under $500,000 = 0
Homes Under contract from $500,001 to $800,000 = 4 
Homes Under contract from $800,001 to $1,500,000 = 3
Homes Under contract from $1,500,001 and up = 1
Sold
Settled Homes list price under 500,000 = 0
Settled Homes list price from $500,001 to $800,000 = 3
Settled Homes list price from $800,001 to $1,500,000 = 10
Settled Homes list price from $1,500,001 and up = 3
Email me at cara@lnf.com for a FREE monthly email market update for your specific property.
See what's available now in 20816 by clicking here.
Maryland Attorney General Doug Gansler's office released an advice letter on January 27th as to whether a county has the authority to assess recordation taxes on debt of a "short sale" seller of real property that is forgiven by the lender.
Attorney General Gansler discussed this letter that states, "While not expressly prohibited, it is my view that the counties do not have the authority to include debt forgiven by the seller's lender in calculating the consideration on which the recordation tax will be calculated."
Several counties in Maryland had recently started charging recordation and/or transfer taxes on the unpaid principal balance of the mortgage instead of the sales price on short sales. Earlier this month the Montgomery County's Department of Finance Transfer Office had decided to hold off for the time being on their position that short sales should be taxed on the unpaid principal balance of the mortgage rather than the contract sales price.
Conversely, both Anne Arundel County and Prince George's County had moved forward with this position. The result - settlements were being delayed because of this new unexpected additional tax on short sale transactions which increased both the Seller and Purchaser's closing costs.
As of January 29th, 2010 our local board of Realtors (GCAAR) was informed that Montgomery County is still at a temporary halt, while the County Attorney's office continues to conduct its own legal analysis. They are hoping to release a formal opinion within the next 30 days.
Anne Arundel County has stated that they will no longer be charging taxes on the forgiven debt and will continue the practice of just charging taxes on the sales price agreed upon by the buyer and seller.
PGCAR has stated that Prince George's County has also not released a formal opinion and is suggesting that REALTORS® and title professionals who have settlements pending over the next several days contact Michael Dougherty, Finance Director, directly to negotiate the tax.
Funding Alert and Deadline for Applications for Prince George's County Down Payment on Your Dream Program (NSP).
Due to the immense popularity of this program the funds have been depleted faster than expected. As a result, the county has established a deadline for applications of February 19, 2010.
What does this mean to you as a first time home buyer in Prince George's County?
If you plan to take advantage of this opportunity then you need to ratify a contract on a vacant foreclosure property and make sure that your lender submits a complete package to NSP staff prior to the 19th of February. They will not make any special exceptions or accommodations for missing items. Any incomplete file will be returned.
The funding will be awarded on a "first come, first completed basis" until the funds run out.
Take advantage of what is out there - NSP, Federal First Time Home Buyer Credit of $8000 and Maryland's First Time Home Buyer Transfer and Recordation Credit.
All buyers planning on using NSP funds - we have less than 3 weeks to find you your new home. Call me today at 301 656 7700 or email me cara@lnf.com to get started!
Recently, I was on an appointment with a New Buyer Client in PG County. We were looking at a renovated cape cod owned by an Investor who bought it at foreclosure a few months earlier. She asked me about the NSP program. Though neither she nor the property qualified for this program it made me realize that it was a great idea for a post! So starting with the basics:
What does NSP stand for?
Neighborhood Stabilization Program 
What is the program?
NSP is program that provides down payment and closing costs assistance to Buyers who purchase a vacant foreclosed home. This program is currently for homes located in Prince Georges County and is in one of the 33 specified zip codes.
As its name suggests - this program was developed to stabilize communities that were over burdened with foreclosures. By providing additional financial assistance, the county is making it easier for first time home buyers to purchase a home. In addition, by providing this incentive and limiting it to vacant foreclosed homes it has helped to reduce the number of vacant homes sitting stagnant in neighborhoods.
Who qualifies?
Funds are available to First time home buyers OR buyers who have not owned a property anywhere during the past 3 years.
Buyer's income must be 120% or less of the area's median income in an eligible zip code.
Any real estate agent licensed in MD may assist the buyer with the purchase but you must use an approved lender.
So you are a first time home buyer and want to use the NSP program to buy a vacant foreclosed home...now what?
The terms of your new loan:
If you are looking for a vacant foreclosure and need some assistance please contact me via email Cara@lnf.com. Between this and the $8000 tax credit there isn't a reason NOT to buy!
REVISION: Please keep in mind NSP regulations specify that the sales price must be one percent less than the appraisal value. In other words if the appraisal price is 100,000 then the sales price must be 99,000.
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