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Home Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)

Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)

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How Much is Closing Cost - Your DC, MD, & VA Realtor

09-07-11
Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)
When dealing with buyers many seem to be caught up in the thrill of looking for a new home. The question many ask is how much is closing cost gonna be. My first response is to initially refer them back to their lender because when it pertains to numbers my primary job is that of a Realtor my goal is to sell or find a home for my clients. Anything else I refer to the professional in that field. I do understand what buyers want so I provide myself with as much knowledge as possible. With that being said I always educate them on the entire home buying process to eliminate any and if possible all objections. Now when it pertains to HOW MUCH CLOSING COST IS. That's a number that cannot ever be given until you have a final sales price (not listed price) and all of the contributing factors are included. Such as taxes, insurance, seller contribution, final sales prices, are there any lender credit, is there an additional commission fee, is the buyer buying down any points. All of these help to determine the final closing cost amount. These will contribute to what the closing cost will eventually become. Closing cost with all of these factors included usually falls in the bracket of between 4.5%-6% of the final sales price. I would always use the higher end (6%) in determining what the closing cost will be because once you see the Good Faith Estimate from the lender if there are any discrepancies you can always ask questions and use the scale as to how the final closing cost numbers actually came about. Remember the final Closing Cost is not determined until the FINAL sales prices is determined and ALL contributing factors are included otherwise you will see that closing cost number often adjusting.

Damon J. Brockenberry (Damon The Agent)

Your DC, MD, & VA Realtor

Licensed in Washington, DC, Maryland, & Virginia

cell: 202-618-1382 e-mail: sold@damontheagent.com

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Got Upside Down Mortgage...Get Options - Your Washington, DC Area Realtor

08-03-11
Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)
In today's economy many homeowners are hurting and are upside down in their house. Some have tried loan modifications and many have failed at that attempt. Some have clearly just walked away thinking that is/was their ONLY options. WRONG, WRONG, WRONG, WRONG, and WRONG again! In the bible it says "my people perish for lack of knowledge". Let's start out by saying foreclosure is NOT an option. Now that we have our mind made up on that. There are other options such as doing a short sale. Many have heard the horrible stories about the process but that is ONLY when done by an inexperienced agent who does not communicate effectively throughout the process and themselves don't know everything to do. When done incorrectly it can leave a bad impression of short sales being long & done wrong. However when done correctly it can save money & credit over time. I myself have on the listing side completed short sales with Bank of America, Wells Fargo, Ocwen, Wachovia, JP Chase, GMAC, Saxon, EMC, ASC, GreenTree, and the a few other smaller banks. The home owners were thrilled I saved them from foreclosure. Doing a short sale is put on your credit with the difference of the sale being put on as being "satisfied". But unlike a foreclosure that sits on your credit for ten years a short sale sits for 2 years. A short sale is a smart alternative to foreclosure. Do not just walk away because of frustrations or constant denials. As long as you have breath in your body you have a will to get something done. The saying is where there's a will, there's a way. Let me just add where there's an agent with skills (Damon The Agent) there's a way also.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

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Low Ball Offers - Your Washington DC Area Realtor

08-02-11
Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)
It's currently a buyer's market which means buyer's have the upper hand in negotiations STOP right there. Please get that thought out of your head. Real Estate is and has always been based on location, location, location. What applies in one state, city, zip code, or subdivision does not necessary apply to ALL. It is as much local as the mail person. Investor's no matter what market it is are always making low ball offers. It's what they do so of course they are gonna insult the home owner or play on distressed home owners because again that's what they do. With the availability of viewing houses and information on the internet many people think in their mind they are expects on negotiations. Then encounter the frustrations of making offers only to get them rejected or countered and then they wonder WHY? Let me explain the why, unless you have done your homework on the local market you could be in for a headache. For example in the Washington, DC area, the local real estate market varies. Washington DC which has been the hottest market since December 2010 is the total opposite for Prince George's County in Maryland which is right across the bridge. If you do not at list offer the list price in DC you will just be killing trees because most listed properties that are priced right and some that aren't even are having multiple offers on the 1st day. In PG County in Maryland is totally another story. Low Ball Offers are the normal for investors or wanna be investors who don't have a clue. Sometimes I think with some of them someone told them in a class insult the owner and if they are desperate they will accept your offer. Professional investors are totally different but these wanna bees are also killing trees and wasting time. It's a good reason many are not successful. So again before making any offer, especially a low ball offer. Study the local market, consult an experienced realtor, or continue to play lottery like everyone else, yeah someone eventually hits but what are the odds.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

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Derogatory Marks on your credit HURTS YOU - Your Washington DC Area Realtor

07-27-11
Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)
When I get a phone call from a potential buyer who wants to buy a house and I ask what is your credit situation for some odd reason sometimes some of them say they don't know, WARNING SIGN. When I hear that to me it usually signals not good (just from my experience). Usually people who have good credit stay on top of theirs very frequently like monthly or quarterly but not the I haven't pulled mines in years routine. Usually with this comes collections or derogatory marks such as charged off accounts, repossessions, sometimes foreclosures, or even child support. A recent person asked me can they get approved for a home loan if they have "child support" on their account. I know the answer to this is NO because anyone who knows my situation knows I have custody of my daughter Bianca and have since 2002. What many do not know is prior to custody I didn't even know my daughter existed and was unknowingly taken for child support which appeared on my credit while trying to get a home loan, talk about shocked. The lender said "Lenders feel that is being irresponsible even on a situation like mines". Lenders don't care what the situation is in their eyes they view it as someone not paying that obligation owed to their child so what makes them think they are going to pay a home loan obligation. Always consult a professional and experienced lender. Many know what to do, for some reason many just don't do it. Taking responsibility is the only sure way to know what's going on, on your credit report. Any items that are older than 7-10 years old from the date the creditors first reported it must come off your credit report. That is one way of challenging some issues. The others would be to pay for whatever it is one owes or make payment arrangements with the people owed. Not knowing can mean the good, the bad, or the ugly on your report which in other words can mean approved, denied, or derogatory.

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

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First Step in Purchasing A Home - Your Washington DC Area Realtor

07-26-11
Damon J. Brockenberry - Damon The Agent (DC, MD, & VA)
In today's Real Estate market houses for sale are around every corner and on every block it seems. Buyer's being properly financed doesn't always seem to be. Many buyer's have not been updated as to the process of purchasing a home in today's market. I find many are using historic buying methods, that don't apply to today's forever changing housing market. It's unfortunate that some buyers are not aware of the steps that NEED to take place in order to have a very successful and smooth transaction. Going to view a house first and then being concerned about financing is actually backwards. The very first step is having the proper financing before you even go view a property, that is if a buyer is serious. There are the lookers and that's all they do is look but when it gets to the point of wanting to view the property itself it's a no go with Realtor's without this very crucial step. Let's face it without financing nothing else matters in the transaction. Once you have financing in place everything else takes a backseat. Many internet users look at homes and want to see the inside of some properties. No problem as long as they have proof of funds to show. If not they stand a very slim chance of seeing that property. As agents we do not have the time to show everyone who wants to see the inside of a house. So there are certain steps we must take to make sure we are dealing with a ready, willing, and able buyer. As an agent I've had people call me on some of my listings who said they've had financing but when asked to provide they've replied "All this just to see the inside of the house", YES. Agents do not have time to get in their car, waste their gas, and time based on what someone says without providing proof. Agent do actually work. Proper financing is the first to many steps to purchasing a home. Proper financing can mean proof of funds if they are paying in cash or a current pre-approval letter usually within the last 30 days. Once provided it's an open door to the house and home ownership that awaits the potential buyer. WELCOME HOME!

Damon J. Brockenberry (Damon The Agent)

Your Washington DC Area Realtor

Servicing Washington, DC, Maryland, & Virginia

cell: 240-694-6460 e-mail: sold@damontheagent.com

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