Martha Brown Homes & News Around Annapolis

It's Sunday Open House Time Once Again

The first open house report of the new year is here.
This weekend there are 5 open houses in the
Annapolis zip codes 21401, 21403 and 21409.
To view this Sundays Opens click on the Open House Sign

Please remember... when visiting an Open House the agent holding the open is representing the Seller.

If you are already represented by an agent that should not be a problem as many open house agents honor that relationship. Just let them know when you arrive. HOWEVER if you do not have an agent and really would like Buyer Representation when purchasing a home you need to have a agency relationship in place before visiting.

As an Annapolis Realtor® who specializes in buying and selling of residential real estate I am available to represent you in the purchase of any home available for sale whether listed with my brokerage or another brokerage. As for my own listings... I represent the Seller, however please know that I will always treat you fairly and ethically and share everything I know about the home itself.

If you would like Buyer Representation when buying a home give me a call. 410-440-7839.
I will be happy to explain how it works and how I can be of service.

Wishing you a very Happy New Year.

It's going to be a great year to buy a home!

When you sell a home or buy a home the home is transferred by a Deed. This Deed is created by a clear title that the title company and/or Lawyer has checked the land records for. Things like open mortgages, liens, or emcumbrances on the property. If there is anything found over and above the information the Seller provided than it is not considered a clear title. This information is then disclosed first to the Seller and Sellers agent so the seller can provide the proper documentation and if that can not happen than to the buyer agent and buyers to let them know there is a challenge that may delay closing. This does not happen very often but when it does it can be a mess to straighten out.

So you are probably wondering how a Seller would not know about any additional open mortgages, liens or emcumbrances. It is easier than you think. A Seller may have refinanced and the previous loan was not properly recorded to show it was satisfied. A mortgage company could have closed or been bought out and somewhere in the mess the current mortgage company has no access to older records. A Title Company that did the loan paperwork in the first place may have closed and there is no access to their records. A lien could have been attached to the property for past dues homeowners or condminium dues, taxes could have gone unpaid or maybe their was a dispute with a contractor and he put a lien on the property. The scenarios are endless and all of them hinder a clear title.

Unless a buyer is willing to take on the risk of those unpaid mortgages and liens, which is highly unlikely, it is up to the Seller to clear them up. Sometimes that is quite easy because they have the paperwork stashed somewhere that will prove they were paid. Other times it is not so easy. It can become a longdrawn out affair where intense detective work is required or where the Seller has to pay the open mortgage or lien. Again, if the Seller feels they are already paid or should have never been there this too is highly unlikely.

The best defense against any of this is for the Seller to have a short title search done on his property at time of listing it for sale. This will show whether there is a clear title and if not gives some time to work out the kinks and make a smooth closing when the right Buyer comes along. Bottom line.... never assume anything, especially a clear title, when selling or buying a home.

What I have listed above are just a few of the many challenges that can pop up at the last minute. Ask your Realtor® if they have a short title search done as part of the listing process. In today's market, where many banks and/or Title Companies have been sold or gone out of business it makes good business sense.

Maryland offers up to $5000 to use towards your down payment and/or settlement costs. Called DSELP for short, this 0% loan is available to buyers who use a CDA first mortgage to purchase their home. DSELP is a deferred loan that is repayable when you 1) pay off your mortgage, 2) refinance or, 3) sell or transfer your home that was financed with CDA.

With a CDA mortgage loan you can buy a single family home, a townhouse, a condominium or a semi-detached home as long as the home you are purchasing is going to be used as your principal residence.

Buying a home using a CDA mortgage has home buyer education requirements, great interest rates, income limits of $101,000 in Anne Arundel County and purchase limits of $417,000. If you are a First Time Home buyer this loan program is a great way to buy a home AND receive down payment and settlement assistance too!!

To learn more about CDA and DSELP give me a call. I will be happy to walk you through it and connect you to a lender who specializes in these programs.

Attention First Time Home Buyers...Maryland has a Down Payment and Settlement Assistance Program