When I work with buyers I am frequently asked if I think they should have the property they are purchasing inspected by a Home Inspection Company. My answer is generally the same, yes you should. Especially if you are buying a resale. You need to be aware of any existing problems with a home or condominium purchase. Also, by including a Home Inspection Addendum in your offer to the seller, you then have a remedy if your inspector does find any problems.
I chatted briefly with Lou Schneider, a home inspector with Home Seal Services. www.HomeSealServices.com
I asked him what are some common issues that arise in our area regarding the home inspection process. Listen in for Lou's answer.
If you are considering buying REO (bank owned) property. There are so many things to consider. I have discovered that each transaction has their own twists and turns on the way to the settlement table. Unfortunately, not all of them even make it to settlement, and that problem situation was not determined until literally days before the closing. (Of course, nobody panicked.... ha! Ha!).
We all strive to find ways to make our lives less stressful as we go through our day to day activities. You could be looking at a bit more then a little complicated if you enter a transaction as the buyer of property owned by a bank. You need to know many things before you enter into a contract to purchase.
http://masettlement.blogspot.com/2009/01/reo-transaction-red-flags.html Is a must read for those considering making such a decision.
Let's take a look at how we finished up in 2008 in Ocean City, MD.
An extremely encouraging statistic is the drop in the overall number of listings for sale throughout the year.
With interest rates at historic lows, we have started to see buyers coming back into the market.
It's more important then ever to understand your financing options. In light of all the changes in the banking and mortgage industries, it is now equally important that WHAT you are buying is a "qualified" property, as well as your financial ability to buy that property.
If you are looking at property that is held in a condominium regime, it is essential that the entire building, and their Rules, Regulations, By Laws, etc. have been approved by the lender. Most lenders will sell the loans they make on the secondary mortgage market (Fannie Mae, Freddie Mac), and if the condominium documents have not been reviewed and approved, lenders will deny these loans based on the building, and not the credit worthiness of the borrower.
You need to work with an agent who understands the condominium market, and who can assist you with your financing. Many buyers have found they have gotten very deep into the buying process, to later learn that they can not obtain the loan they were looking for due to the condominium regime and how their By-Laws were written.
In Ocean City, Maryland, there is a list of pre-approved buildings that will meet Fannie and Freddie guidelines. That doesn't mean that you can not get a loan in a building that is not on the list, however, you need to work with someone who knows how to make that loan work.
The Federal Reserve announced late Tuesday (12/16/08) that they are dropping the Federal Funds Rate (what Banks charge one another to borrow) to a target rate of 0%-.25%.....they also agreed to buy Mortgage Securities in record numbers. This is excellent news for interest rates on mortgages. We have headed into uncharted territory with rates approaching below 5% on a 30 year fixed.
This is unbelievably cheap money. With sales prices at historic lows, now coupled with low, low interest rates, now is the time to buy. You can buy a 2nd home at the beach in Ocean City, Maryland with as little as 10% down and possibly be looking at 30 year fixed interest rate of 4 1/2%.
NOW is the time. We have no idea how long these rates may last, so I encourage you to act as quickly as you can.
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I love selling real estate. I've been doing it in the Ocean City Maryland area and lower Delaware for almost 25 years. The beach and the boardwalk are my home. I want others to experience the beauty.
OCEANFRONT PROPERTIES
ATLANTIS CONDOMINIUMS - 103rd St on the Oceanfront: Choose from available efficiencies, 1BR+Den or 2BR condominiums with views of the ocean, beach and/or the bay! Direct oceanfront building with the exterior recently rennovated including all exterior windows. Great beach getaway with oceanfront Olympic sized outdoor pool, in-house management and on-site security. Convenient to shops and restaurants. Call or e-mail KEVIN & MONICA MCNAMARA for more infomration. ***BEST BUY on the beach !!!*** For more information, please call or e-mail KEVIN & MONICA MCNAMARA today !!! 877-480-7653
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OCEANSIDE PROPERTIES
#403 AVALON - 140th St / Oceanview: Spacious and roomy! Large 3BR/3BA condo with expansive balcony offering a view of the ocean and bayside views. Beautiful interior that include custom paint and lovely mural in the dining area. Great rental income producing property. Located in North Ocean City and just steps to the beach! For more information, please call or e-mail KEVIN & MONICA MCNAMARA today !!! 877-480-7653
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BAYSIDE PROPERTIES (includes Bayside Waterfront Properties and Bayside Non-Waterfront Properties)
#715 East of the Sun - Fenwick Island, DE: First floor 2BR/2BA condominium overlooks a canal from private screened porch. Enjoy bay views from the 2nd bedroom and from your front door. Short walk to the community pool & tennis court and nearby restaurants. Recently installed tile & hardwood floors, appliances, kitchen counters, fans, and light fixtures. Outside storage. Priced to sell !!! A great buy for your starter home or for your long awaited beach retreat. For more information, please call or e-mail KEVIN & MONICA MCNAMARA today !!! 877-480-7653
#3A NASSAU VILLAGE - 93rd St / Bayside on the Canal: Attractive 2BR townhome on the waterfront. Enjoy views of the canal from the living room and master bedroom. Rear deck on the water leads you to your boat slip. Sunken living room with fireplace, spiral staircase, kitchen, dining area and half bath are located on the 1st level. Both bedrooms upstairs - 2nd bedroom includes a balcony overlooing the pool & parking area. Well maintained complex and just a couple blocks to the beach. For more information, please call or e-mail KEVIN & MONICA MCNAMARA today !!! 877-480-7653
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SINGLE FAMILY HOMES - OCEAN CITY, MARYLAND
#10505 POINT LOOKOUT RD - 104th St / Direct Bayfront: Your boat(s) will love this spacious 3BR to call home! Direct bayfront colonial with panoramic views of the open bay! This perfect beach home has Hardi plank exterior siding, multiple waterfront decks with a screened-in porch, perfect for entertaining or having the whole family down! Inside you will love the huge living room with fireplace and a bar with custom wood work that is incredible, formal dining room and a bonus loft (over the garage) with a Jacuzzi tub you can enjoy year round. Updated kitchen includes Corian countertop, stainless steel appliances and newly tiled floor. All three bedrooms upstairs offer amazing bay views. The master suite includes a fireplace, walk-in closet and walk out balcony to enjoy those beautiful sunsets. The two car garage gives you plenty of space for your cars and all of your toys. Enjoy the privacy from this incredible home secluded at the end of the street with unobstructed water views! For more information or for a personal tour of this property, please call or e-mail KEVIN & MONICA MCNAMARA today !!! 877-480-7653
Ocean City, Maryland -- Ocean Pines, Maryland -- Berlin, Maryland
Fenwick Island, Delaware -- Bethany Beach & Rehoboth Beach, Delaware
"I am writing today to give my vote of confidence in Kevin and Monica McNamara. I developed Jetty's Break Condominium on 92nd Street in Ocean City, Maryland. It is a 15 unit complex, from 1-3 bedrooms. The prices ranged from $259,000-$699,000 per unit. The project began in August of 2002 and construction was completed September of 2004. All 15 units were sold by October 2004. Most of the units were sold prior to completion by Kevin and Monica. Upon meeting Kevin and Monica, I immediately realized that their enthusiasm for real estate was completely contagious to me. I could only imagine how well they could get a prospective buyer to be excited about a property such as mine. After interviewing several REALTORS in the area to market Jetty's Break, I decided upon Kevin and Monica. They had a complete knowledge of the real estate market in the Ocean City area. As soon as I made it official that they were to be my sales team, their confidence and take charge attitude literally lifted responsibility and concern off of my shoulders, as I had no prior experience in developing and marketing such a project. I was completely confident from that point on that our business relationship was going to be a success. Their marketing tactics for Jetty's Break exceeded my expectations manifold. They saturated any form of advertising available with advertisements for Jetty's Break. Mailings, the internet, MLS, brochures, newspaper, they covered every outlet. During the marketing and actual sales of each of the units, Kevin and Monica worked fairly with, not only me and their own clients, but other realtors and their clients as well. I would recommend Kevin and Monica highly to anyone for their real estate needs. They offer a complete real estate package, each one letting their individual strengths work for you. They are second to none when compared to other realtors in the Ocean City Area."
Terry L.
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"Dear Kevin and Monica - I would like to thank you and your team for all you did to make purchasing the property for my business seamless. Your professionalism, grasp of the real estate market and consistent follow-up made the purchase easy and stress free (which is always hard to accomplish in this fast pace world we live in). I would be happy to recommend your services to anyone."
Gary & Joni W.
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"Mary and I simply want to thank you for your professional and courteous assistance in the purchase of our new home and the sale of our 69th Street condo. Over the years, we have had numerous occasions in which we worked with real estate agents in the sale or purchase of property, and working with you was an exceptional experience. Hope all went well with your son's graduation and that the birth of "Baby Mac" will be another happy and fulfilling occasion. Maybe one of these days, soon, now that we are close by, you, Monica, Mary and I can get together for dinner in O.C. We look forward to that opportunity."
Dick & Mary S.
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"Dear Monica and Kevin - Just a note to thank you for the beautiful framed print of Ocean City you gave us after our settlement. We hung it as soon as we walked into the condo-it looks just great in our hallway. We also wanted to thank you for the special efforts you made in finding our home and getting us to settlement so quickly. We also thoroughly enjoyed working with Caroline - she is so efficient and truly an asset to your team! Thanks once again for all you did for us - and we love our condo! We will not hesitate to recommend your team to our friends and family."
Cindy & Dennis M.
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"A special thank you to you and your staff. When we decided to sell our condo at Harbour Club, we had no idea which real estate firm to list our property with, since we live in PA and our condo was in MD. We had received all kind of cards from different real estate people letting us know if we were ever interested in selling our condo, they were available, including you. When we received the card with the picture of you and your family, we thought what a beautiful family. We called you and set up an appointment. You were very impressive from day one, we never regretted one day that we list our condo with you to sell. You let us know when and where you advertised our condo for sale, you also let us know when someone was interested in it. Everything was done Professional. You certainly do work for the People. We're sure many people throw those real estate cards away that they get in the mail. I assure you, we will keep your family picture forever. We're proud to say this is the lady who got our condo at Ocean City sold fur us. Thanks again Monica. We wish you and your family a happy and healthy year."
Fred & Dorothy G.
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"I worked with Monica Cartwright on the Ocean Breeze project from June of 1992 until December of that same year. Unfortunately, because of the economic and lending climate at the time, we were unable to secure reasonable construction financing that would have made me feel comfortable to continue with the project. I have been a builder and developer of residential and commercial projects both in Salisbury and Ocean City since 1981. As a result, I come in contact with many REALTORS that always seem to promise more than they deliver. Such is not the case with Ms. Cartwright. Throughout the entire Ocean Breeze negotiation, marketing proposal for the finished product, feasibility studies, search for financing, etc. She was always very professional and dedicated to trying to find solutions to the many obstacles we encountered. I would recommend Monica Cartwright as THE REALTOR to do business with in Ocean City. In fact, I recently sold my oceanfront property and purchased a bayfront home all through Monica Cartwright and O'Conor, Piper & Flynn. In my mind they are an unbeatable team when it comes to Ocean City real estate."
Palmer G.
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