It was a full house on a beautiful Saturday morning and the front glass was wide open for additional seating and fresh air. Tryst is a trendy coffee shop in the Adams Morgan area, a lively community nestled in the heart of DC, offers a wide variety of healthy eats. The atmosphere is for young and old, business minded, college students, etc. People from all walks of life patronize Tryst, including new borns (yes, more than 1), sleeping on their parents chest as they enjoyed their spinach salad and chatting with friends, and small children bounding around as they sipped on their hot chocolate while their parents caught up on the latest news, students reading, singles on laptops, entrepreneurs making connections. For the chocolate lovers, the flourless chocolate cake paired well with a cup of cappichino which was served with a couple of animal crackers. It was a great morning to catch up with an old college classmate and up-and-coming realtor.
"I need to short sale my home so I can buy that house" is what I'm hearing all too often from homeowners who are ready to dump what they have and move on to something else...not so fast.
Strict lending laws makes this mission impossible. Short sale seems to be common practice these days to help homeowners get out of their current mortgage situation, however a successful short sale is no green light to shop for another home.
A homeowner put a contract on a million dollar custom built home that is ready for delivery in February 2011. However, as millions of other homeowners across the country they have negative equity in their current home, therefore cannot sell at the price needed to satisfy their mortgage, and do not qualify for both mortgages. This is a touch situation because they have already invested $100,000 in non-refundable deposits building the new home. A lender will not approve a new mortgage immediately after a homeowner has a short sale or foreclosure on their record.
I respectfully declined the listing and advised them selling their current property is not a resolution. This is a situation that could very well lead this family to homelessness, should they be able to successfully short sale their home and then get declined for the new mortgage due to the short sale. They are currently in negotiations with their current lender while the builder in now on the back burner. Unless the builder is willing to refund the $100,000, they may loose those funds and remaining in their current home until the market improves. The good news, they will not be homeless.
Homeowners who have to short sale their home will not be able to purchase for at least two years from the time of the short sale is the general consensus. This also depends on the terms of the short sale, and the lending laws in your area. Check with your local REALTOR to discuss your options PRIOR to making any decisions on selling and purchasing a property.
A community nestled at the border of Bowie and Upper Marlboro, MD is conveniently located two lights away from 6 Flags, 5 minutes to Watkins Regional Park, 10 minutes to DC, 15 minutes to Annapolis, 25 minutes to Baltimore, and many other local historic sites sure to keep your family busy. The georgouse stone enterance with delicate flowers raises your curiousity to what this community has to offer. K.hov and Curiso Homes offer models and many lots waiting to be filled with buyers personal touches. This suburban community is steps to bus stop, off main roads and is surrounded with many shopping centers, schools, places of worship, and more. Feel free to contact me for more information or a scheduled tour of the community.
Bailey's Village is the newest construction project in Clinton, Maryland offering singles family homes starting at $300,000 to townhomes that begin at $200,000. This community sits just down the street from another new construction community that finished a few months ago. The surrounding area offers new shopping centers that include Costco, Target, JoAnn Fabrics, WaWa, and many other stores and restaurants. Thanks to Bailey's Village and other recently built new construction communities, Clinton is becoming more suburban than what used to be mostly rural.
Contact Jasmine Jackson at 301-437-0092 or email her at realtor@jasminejackson.net to find out more about this new construction community and the many ammenities if has to offer. To search for more listings, go to: www.JasmineJackson.net
Jasmine is a full time real estate professional licensed in MD and DC. She stays on the pulse of real estate by keeping herself constantly educated and staying connected with her community.
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