Phyllis Minik, Southern Maryland Vacation Homes

I interviewed Ray Gagner with C&F Mortgage to get an update on what is going on with home loans. He is the lender I use whenever I purchase a home. He said 20% down is required for second home loans unless you go through a credit union they may have a different program.

He has been very busy this month with first time home buyers. Rates are great right now but Ray thinks at some point they will begin rising because of inflation. He thinks in a few years we may be back to double digit interest rates.

Conforming loan limits will for Calvert County were raised to $729,750. Feel free to contact Ray and tell him I sent you! He can be reached at (301) 885-2831 or email him at rgagner@cfmortgagecorp.com.

Phyllis Minik, WesternShoreBlog.com

Listed below are qualities you should look fo in an agent when you are purchasing a vacation home.

Patience

Working with vacation buyers takes time so it requires the agent to be patient. As a vacation buyer, you have to learn about the area to determine where you want to live first. Sometimes you may decide to buy outside the agent's area. For example some people looking for a vacation home on the Eastern Shore of Maryland end up buying in the Western Shore. It is important to get a feel for the area before you buy. In the Western Shore you can find homes in very remote areas and there are a few towns that are touristy. I suggest renting a vacation home in the area you are looking.

Some of the buyers I have worked with have found a home the first time out but most of the time it is much longer. Many buyers I have worked with took over a year to find what they were looking for. What happens often is the buyers would change their mind about what they wanted originally. This is very common because there are so many things to consider for example do you want a home with a pier or beach? Most people are not sure so I have to give them a good overview of the area. Some people just want to look on their own so I give them a list of homes I think they would like then they drive by to see it. This gives you an idea of what prices are like in the area.

Good Listener

Most of my clients say I am the quietest real estate agent they have ever worked with. This is because I listen to what you are saying. I also think a lot of talking distracts you when you view the houses. Listening to you helps me find you a home faster because I can tell what you like and don't like about the house, the lot, and the water. Also I pick up on what kind of lifestyle you want. Which helps me narrow down properties for you to look at?

Networks with other Agents

It is important to be liked by other agents even with other real estate companies. Networking with other agents helps me find a house for you faster because I can let the agents know what type of property I am looking for and they notify me as they list the home for sale.

Many times I have known about a home before it came on the market. For example one client I was working with for about a year wanted a home with character with sailboat depth water but most homes were not in his price range. An agent described to me a home she was listing in a few days and I contacted my client in Virginal to let him know about it. It was priced great so I knew there would be several offers and he was the first buyer to look at it. We wrote an offer immediately. Mean while other offers started to come in, but I had ours signed before the other buyers even had a chance. This inside knowledge can help you find your perfect home.

Tech Savvy

Because I work with many buyers and it does take time to find a home, I automate the process with software I have on my computer. My past experience was a computer software programmer and I owned my own software company so I take advantage of all tools available to help me and my clients find the perfect home.

What I do with my search is set it up for your basic needs water depth, pier, beach... Then when I get a listing meeting those criteria I review it to see if it is suitable for you. For example one client wants to be close to a town, another wants privacy. These are not searchable fields so I review the results before I send them to you. I have this available on my website but you must be specific in order to get the homes you are interested in. It is always easier if I meet with you first and view several homes together so I have a good feel for what you want. Click here to sign up for the service for free.

Knows the Area Waterfronts and Communities

If you are a boater it is important to have knowledge of the local creeks because some of the creeks are deep at the particular house but at the entrance to the creek it is shallow or to narrow.

I once owned a house in Saint Mary's County with 3 MLW and we could only get out of the creek at high tide. If you have a sailboat you won't be going sailing often because you have to wait for high tide and a windy day.

It is also important to know the waterfront communities. Some vacation home buyers are looking for a house with either a view or water access. Sometimes the beach could be just around the corner and you wouldn't know unless you were familiar with the area.

Connected with Professionals

Because you are new to the area you will have to depend on your agent to have contacts with financing, contractors, home inspection, and title companies. This will make your entire buying process less stressful. Believe me when you have a lender that isn't top notch your closing will be delayed. Choosing the wrong title company can also create delays in closing. A good home inspector will find a large list of items to report. Many agents are afraid it will scare the buyer away getting such a good inspector, but I have never had a buyer back out because of the report. This report simply gives you more negotiating power. Even on a home listed as is sellers have repaired items of importance.

Market Knowledge

You don't want to pay too much for your home. When a home comes up at a good price I will call you right away to let you know it may not last on the market. Even in these times there are still multiple offer situations when a house is priced right. I had 3 homes I listed with multiple offers this month. If you get in with your offer first you will have more negotiating power. I work with you through the whole process of writing up an offer. Where comparison sales are available I give you a report of sales. I have a lot of knowledge in the area because I do BPO's (broker price opinions) for several banks. Banks often order a BPO instead of an appraisal to determine market value of a property. On average I provide banks with 8-20 market reports a month.

County & State Regulation Knowledge

The rules continue to change for the critical area. This is important if you want to put in a pool, cut down a tree, add a pier, add on to a house. If you don't know the rules and you purchase a property wanting to make changes you could be disappointed. I have contacts in St Mary's County and Calvert County. For example Lot coverage is 15% for new homes, 25% for existing homes in the critical area. It used to be impervious surface counted but now they have a new term "lot coverage" which includes stones in your driveway! Thankfully mulch pathways and decks are OK.

Short Sale & Foreclosure Knowledge

Many homes for sale today are foreclosures of short sales. A short sale is when a homeowner owes the bank more than the house is worth. I work with banks to list foreclosures in the area so I have a lot of knowledge in presenting offers and negotiating. Short sales can be difficult because sometimes banks take months to respond and many times the property gets foreclosed on in the middle of the process. If it works out you could end up getting a good price for a property. I have a free service you can sign up for on my website click here to receive vacation home and short sale foreclosures.

Good Negotiator

Be sure you are represented by a buyer's agent. The person listing the house works for the seller and is not allowed by law to negotiate for you. You may give the agent too much information which could hurt you on getting the best price. When I list a house for sale and find a buyer I refer the buyer to another agent. What I have learned is everything is negotiable. If you don't ask you don't get what you want.

Phyllis Minik, www.westernshoreblog.com

March 28
Taste of Solomons: A yearly popular tasting event on Solomons Island and the Solomons Town Center will be celebrated in part at the Calvert Marine Museum.

April 4
Hollywood Optimist Club annual Boat Show at the Hollywood
Volunteer Fire Dept April 4-5, 2009 from 10:00am - 3:00pm.

April 4
Volunteers from the Point Lookout Lighthouse Preservation Society (PLLPS) will be opening the Point Lookout Lighthouse to the general public from 10:00 AM to 2:00 PM.

April 25
Canoe/Kayak Club Trip: Calvert Marine Museum Mill Creek/kickoff-potluck

May 2

Solomons Maritime Festival:Antique Boat and Marine Engine Show10 a.m. to 5 p.m. FREE! Come and celebrate Southern Maryland traditions!

May 2

The St. Mary's County Garden Club will be hosting a Home and Garden Tour which will showcase several nearby homes and gardens as well as tours of two gardens on the St. Mary's College of Maryland Grounds. The Tour will also include lunch under a tent overlooking the lagoon. 301-512-9169. 301-904-3437.St. Mary's City, off Route 5

May 9 Location: Piney Point Lighthouse Museum and Historic Park, Piney Point
Maritime exhibits, demonstrations, kid's activities, food, lighthouse tours. Potomac River Wade In on Saturday! Fun for the whole family. Free. www.stmarysmd.com/recreate/museums

May 23
Country music star Hank Williams Jr. performs at the museum. Show starts at 7:30 p.m. Tickets are $55 premium, and $45 reserved.

May 23
Thrilling high precision flying by the U.S. Navy's Flight Demonstration Squadron, the Blue Angels, plus other aerial acts, demonstrations, entertainment and food. Free. 301-757-EXPO.Location: Naval Air Station Patuxent River, Lexington Park, off Route

May 24
SIMBC: Skipjack Racing Calvert Marine Museum

I just had to share the sunrise today. It was taken from my cottage in St Leonard around 7:00 this morning when I was checking emails and drinking my coffee.

When the leaves come out on the trees my view will be blocked alot but I do look forward to the warm weather.

Phyllis Minik, www.SouthernMarylandVacation.com

Adding outdoor space can be as easy as sprucing up a deck or patio. You can also add a deck or patio or gazebo most require permits so check with the County first.

Below I turned an unused deck into a space to relax, eat lunch and view the Chesapeake Bay.

I had the furniture already so I just added pots with plants and pillows for the chairs. This is the most affordable option.

Below I added 2 decks to this cottage. The upper deck has a wonderful view of the Chesapeake Bay and I set it up for dining. The lower deck is used as an area to relax and read the paper in the morning. This was quite expensive but added alot of living area.

A patio can be nice space as well. Below I turned a back yard with no plants just ugly dirt into a living space and added plants that bordered it.

This area turned out to have a small view of the bay as well which added a great surprise to the project. Building a patio is easy to do also. I can usually do it myself.

If you would like more information about cottages for sale in the area with a view click here or where you can walk to the beach click here for free listings under $280,000.

Phyllis Minik, www.southernmarylandvacation.com