“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Meyer Leibovitch, REALTOR Boyds, MD Realtor

Government Sponsored Short Sale Program

I have been trying to gather as much information about Fannie Mae's new approach to the pre-foreclosure market. A lot of the 3 and 5 year ARM's that were so popular that many years back are poised to convert and it's going to be the straw that breaks the camel's back for even more homeowners.

Fannie Mae, Freddie Mac and Countrywide launched a beta program in Orlando, Florida and Phoenix, Arizona actually setting short sale prices, pro-actively and allowing eligible sellers the opportunity to avoid foreclosure. I haven't heard how they will set the prices, but an appraisal and a BPO would probably be a good place to start.

If the program extends the time the defaulters are able to stay in their homes until it sells, there could be a huge advantage to everyone. The properties may suffer less damage due to long periods of vacancies and lack of utilities. If homeowners are required to maintain the landscaping and keep the property in some minimally acceptable state of condition that would be nice too, but hard to enforce.

As soon as I hear anything else, I'll let you know. Meanwhile, if you know of anyone facing a foreclosure this is a the time to start looking into the short sale process. It seems like Fannie, Freddie and some of the big lenders are loosening up guidelines and are going to make it easer to sell these homes.

If you have positive cash flow or assets your lender or Fannie and Freddie will most likely try to secure a note or some cash to subsidize the loss on the short sale.

Gold Parties the New Rage!

If you haven't heard of them, trust me you soon will! Last night in my neighborhood there were three. Gold Parties! A gold party is the reverse of a Tupperware party. Instead of having your friends come over and buy something from you, you invite them over to sell their old gold. I know. I thought the same thing when I first heard about it. But, they really work and people love them!

Here's the scoop. Every woman has old gold jewelery that they don't wear sitting in the box collecting dust. They all bring it to your house where you have wine, cheese and pot stickers. The gold guy sets up on the dining room table. People sign in and he starts appraising the gold. He pays for it on the spot!

Some people left with over a thousand dollars and a big smile! The house takes 10% and 5% of any parties that result form their party. If you are looking for a really fun way to get people together and make a little extra cash. I can recommend the company doing it! My wife made $600 cash and the girl who recommended her made another $300!. We had 20 great friends over. I got three re-fi leads for my lender and one $500k listing lead! Can you say win-win?

It might also be great for getting old clients back in the fold. It really is a cool service. Most people won't ever take that stuff to a jeweler to sell, but they'll come to your party :)

Once again, let me know if you want to have one and I'll get the ball rolling. I think it's only on the east coast now, but he said he'll be on the west coast in March!

Whatever sales profession you are in, social networking is critical to your success. This is a great, fun way to host a party. I recommend getting in on the fun while you can. BTW the gold guy told me he started in a real estate office. Why not organize one for your office. If you feel awkward about the profit give it to charity! How about some free press?!

Why 2009 Could Be A Great Year to Buy A House

The Maryland real estate market has changed over the years from a seller’s market to a buyer’s market just like the rest of the country. Even though it is likely home values could still depreciate I still think 2009 could be a great year to buy real estate. Here’s why:

Interest Rates are Low

The government is stepping in to make sure that interest rates are low for home purchasers. Recently, I have seen fixed rate loans with a couple points in the high 4% range. Typically 30 year fixed rates without points have well been below 6%. That's about as good as I have ever seen it. In fact, that compares with the historical lows we saw several years back. Look at the table below and see the savings yourself.

Maryland real estate stats

Prices are Very Low

In Montgomery County prices were down nearly 18% from the same time last year, across the board. That means a $500,000 home in 2007 is now a $410,000 home or a $18,000 per $100,000 spent savings. Coupled with lower interest rates the long term savings and benefits are huge when comparing buying a home this year over the past several years!

Inventory Is Up

There are thousands of home to choose from. You have plenty of time to make a decision and you can always look at a home several times before wring an offer. In January 2004 there were around 1,800 or so listings on the market not including new homes. In January 2008 there are over 5,000 homes for sale. That is almost 3 times the homes to choose from.

Sellers are Negotiating and Paying Closing Costs

Most sellers will pay a large percentage if not all of your closing costs. Closing costs are typically around 3.5% of the purchase price. As well, the average home is selling at about 91% of its asking price. Sellers are negotiating. A large portion of the inventory is bank foreclosure property. banks are in the banking business not the real estate business. They are liquidating their property and you might be able to get an even better deal.

The Market Truth

Financial benefits of buying a home now as compared to recent years past are quantifiable. I feel that I can honestly say that if you are in it for the long term, this is really a great time to buy.

Warren Buffet says," Be fearful when others are greedy and be greedy when others are fearful".

It is clear others have become fearful and are liquidating their real estate assets. Now could be the time for a savvy investor to make money over the long term.

Montgomery County REO Properties

 

Montgomery County REO Properties

The following list of REO properties was updated January 1, 2009. Each property on the list is a bank owned foreclosure listed in the MRIS. If you are interested in making offers on any of the properties below or would like to schedule a private showing, please contact Meyer Leibovitch at 301-674-5227.

I can represent you in the purchase of any of these homes. If you are considering purchasing investment property the list below is a great place to start. Banks are liquidating REO's and have priced many of these homes below market or will be willing to negotiate. You will most likely be required to be pre-qualified by each respective bank in order to ensure your ability to receive financing and or pay cash for the property. However you are under no obligation to use them to procure financing and may choose your own lender.

See more terms and conditions below. 

 ListPrice  Address City Zip5 BathsFull BathsHalf Bedrooms
 $         369,000.00 3364 GOLD MINE RD BROOKEVILLE 20833 2 1 4
 $         310,000.00 23313 BREWERS TAVERN WAY CLARKSBURG 20871 2 2 3
 $         424,500.00 12713 MURPHY GROVE TER CLARKSBURG 20871 3 1 4
 $         253,400.00 25128 CHIMNEY HOUSE CT DAMASCUS 20872 2 0 3
 $         194,900.00 7752 EPSILON DR DERWOOD 20855 1 1 3
 $         179,900.00 8 TRENTO CT GAITHERSBURG 20877 2 1 3
 $         205,900.00 8347 AMITY CIR GAITHERSBURG 20877 2 1 3
 $         111,400.00 2 STANDARD CT #1 GAITHERSBURG 20877 1 0 2
 $         145,900.00 824 WEST SIDE DR GAITHERSBURG 20878 2 1 3
 $         739,900.00 8513 CHURCHILL DOWNS RD GAITHERSBURG 20882 4 1 5
 $         213,000.00 23312 WOODFIELD RD GAITHERSBURG 20882 3 0 5
 $         245,900.00 17630 WASHINGTON GROVE LN GAITHERSBURG 20877 2 0 4
 $         115,000.00 8 RUSSELL AVE #203 GAITHERSBURG 20877 1 0 2
 $         110,000.00 132 DUVALL LN #213 GAITHERSBURG 20877 2 0 3
 $         320,000.00 18219 SWAN STREAM DR GAITHERSBURG 20877 2 1 3
 $         320,000.00 24008 LOG HOUSE RD GAITHERSBURG 20882 2 1 4
 $         145,300.00 413 CHRISTOPHER AVE #87 GAITHERSBURG 20879 2 0 2
 $         115,000.00 8842 WELBECK WAY GAITHERSBURG 20886 1 1 2
 $         250,000.00 47 GAS LIGHT CT GAITHERSBURG 20879 2 2 3
 $         267,900.00 18951 QUAIL VALLEY BLVD GAITHERSBURG 20879 2 1 4
 $         149,000.00 18300 STREAMSIDE DR #103 GAITHERSBURG 20879 2 0 2
 $           90,000.00 424 GIRARD ST #T-3 GAITHERSBURG 20877 2 0 2
 $         227,900.00 18613 GROSBEAK TER GAITHERSBURG 20879 2 1 3
 $         244,600.00 9 BRALAN CT GAITHERSBURG 20877 3 1 4
 $         559,900.00 13516 STRAW BALE LN GAITHERSBURG 20878 3 1 5
 $         194,900.00 18635 CROSS COUNTRY LN GAITHERSBURG 20879 1 1 3
 $         221,900.00 18016 CACTUS CT GAITHERSBURG 20877 1 1 4
 $         159,000.00 11104 BLACK FOREST WAY GAITHERSBURG 20879 1 1 3
 $         365,000.00 8816 WESTLAND DR GAITHERSBURG 20877 2 1 4
 $         395,000.00 110A BUCKSFIELD RD GAITHERSBURG 20878 2 1 3
 $         860,000.00 108 LAKE ST GAITHERSBURG 20878 4 1 4
 $         215,000.00 112 MIDDLE POINT CT GAITHERSBURG 20877 2 1 3
 $         184,900.00 20002 SPUR HILL DR GAITHERSBURG 20886 2 1 3
 $         179,900.00 7829 MUNCASTER MILL RD GAITHERSBURG 20877 2 0 3
 $         247,900.00 18618 GROSBEAK TER GAITHERSBURG 20879 2 2 3
 $         164,900.00 10243 MILLSTREAM DR GAITHERSBURG 20886 2 1 3
 $         199,900.00 20522 SUMMERSONG LN GAITHERSBURG 20878 3 1 3
 $         239,900.00 203 DOGWOOD DR GAITHERSBURG 20877 2 0 5
 $         359,900.00 75 INKBERRY CIR GAITHERSBURG 20877 3 1 3
 $         144,875.00 8235 AMITY CIR GAITHERSBURG 20877 2 2 3
 $         313,900.00 2 LINDEN HALL CT GAITHERSBURG 20877 2 1 3
 $         147,250.00 20041 DUNSTABLE CIR #311 GERMANTOWN 20876 1 1 2
 $         215,900.00 19148 HIGHSTREAM DR #676 GERMANTOWN 20874 2 1 3
 $         224,900.00 20528 AMETHYST LN GERMANTOWN 20874 2 1 3
 $         134,900.00 18752 CURRY POWDER LN GERMANTOWN 20874 1 0 2
 $         219,900.00 12603 BLACK SADDLE LN GERMANTOWN 20874 1 1 3
 $         348,500.00 13738 DUNBAR TER GERMANTOWN 20874 2 1 4
 $         344,900.00 13549 JAMIESON PL GERMANTOWN 20874 2 1 4
 $         209,900.00 13019 OPEN HEARTH WAY GERMANTOWN 20874 1 1 3
 $         194,900.00 12004 BIRDSEYE TER GERMANTOWN 20874 2 0 2
 $         223,200.00 19041 STALEYBRIDGE RD GERMANTOWN 20876 3 0 4
 $         309,000.00 12103 AMBER RIDGE CIR GERMANTOWN 20876 3 1 4
 $         225,000.00 13816 CROSSTIE DR #897 GERMANTOWN 20874 2 0 3
 $         550,000.00 14001 STEED CT GERMANTOWN 20874 3 1 5
 $         209,000.00 51 DRUMCASTLE CT GERMANTOWN 20876 3 1 2
 $         315,875.00 5 WARRIOR BROOK CT GERMANTOWN 20874 3 1 3
 $         160,000.00 20229 SHIPLEY TER #3-B-10 GERMANTOWN 20874 2 0 2
 $         200,000.00 18701D SPARKLING WATER DR #D GERMANTOWN 20874 2 0 2
 $         139,000.00 18746 CURRY POWDER LN GERMANTOWN 20874 1 1 3
 $         179,000.00 18624 TURMERIC CT GERMANTOWN 20874 1 1 3
 $         236,900.00 19612 WHITE SADDLE DR GERMANTOWN 20874 2 2 3
 $         219,900.00 18701 SPARKLING WATER DR #B GERMANTOWN 20874 2 0 2
 $         299,900.00 21220 DORSEY SPRING RD #10 GERMANTOWN 20876 2 2 3
 $         363,500.00 19108 BARKSDALE CT GERMANTOWN 20874 2 1 4
 $         209,900.00 13258 WONDERLAND WAY #402 GERMANTOWN 20874 2 1 3
 $         327,900.00 4110 WEXFORD DR KENSINGTON 20895 2 0 4
 $         189,500.00 19039 CAPEHART DR MONTGOMERY VILLAGE 20886 2 1 3
 $         369,900.00 9416 VINEYARD HAVEN DR MONTGOMERY VILLAGE 20886 3 1 3
 $         256,500.00 9907 LAKE LANDING RD MONTGOMERY VILLAGE 20886 2 1 3
 $         125,900.00 18726 WALKERS CHOICE RD #4 MONTGOMERY VILLAGE 20886 2 0 3
 $         208,905.00 18815 WALKERS CHOICE RD MONTGOMERY VILLAGE 20886 2 1 4
 $         135,000.00 9504 MARSTON LN MONTGOMERY VILLAGE 20886 1 1 2
 $         159,900.00 18647 NATHANS PL MONTGOMERY VILLAGE 20886 2 1 3
 $           94,900.00 18607 WALKERS CHOICE RD #5 MONTGOMERY VILLAGE 20886 1 0 1
 $         112,500.00 10067 RIDGELINE DR MONTGOMERY VILLAGE 20886 1 1 2
 $         207,500.00 9807 MAPLE LEAF DR MONTGOMERY VILLAGE 20886 3 1 4
 $         535,000.00 17330 MACDUFF AVE OLNEY 20832 3 1 5
 $         285,000.00 18005 QUEEN ELIZABETH DR OLNEY 20832 1 1 3
 $         209,900.00 5800 NICHOLSON LN #1-T05 ROCKVILLE 20852 1 0 1
 $         265,900.00 1013 PAUL DR ROCKVILLE 20851 2 0 4
 $         225,900.00 903 WADE AVE ROCKVILLE 20851 1 0 3
 $         499,900.00 5818 LINDEN SQUARE CT #59 ROCKVILLE 20852 3 0 2
 $         147,250.00 5721 DENFIELD RD ROCKVILLE 20851 2 0 4
 $         399,900.00 4718 MERCURY DR ROCKVILLE 20853 2 1 4
 $         187,500.00 9909 DILSTON RD SILVER SPRING 20903 1 1 4
 $         356,250.00 2305 NEES LN SILVER SPRING 20905 3 0 4
 $         376,800.00 116 BONIFANT RD SILVER SPRING 20905 2 1 3
 $         159,000.00 8405 TAHONA DR SILVER SPRING 20903 1 0 4
 $         369,900.00 14505 ORANGEWOOD ST SILVER SPRING 20905 2 1 4
 $         200,000.00 9907 DILSTON RD SILVER SPRING 20903 3 0 5
 $         325,000.00 1705 LANSDOWNE WAY SILVER SPRING 20910 2 0 5
 $         224,900.00 4025 CHESTERWOOD DR SILVER SPRING 20906 2 1 3
 $         441,600.00 12117 SOMERSWORTH DR SILVER SPRING 20902 3 0 4
 $         325,000.00 13310 FOXHALL DR SILVER SPRING 20906 2 1 5
 $         269,900.00 1014 CRESTHAVEN DR SILVER SPRING 20903 2 1 4
 $         189,900.00 3722 CASTLE TER #119-13 SILVER SPRING 20904 2 1 3
 $         194,900.00 11512 JOSEPH MILL RD SILVER SPRING 20906 2 0 2
 $         209,900.00 13806 CARTER HOUSE WAY #16-145 SILVER SPRING 20904 2 1 2
 $         169,900.00 3605 CASTLE TER #115-98 SILVER SPRING 20904 2 1 3
 $         374,900.00 1707 ARCOLA AVE SILVER SPRING 20902 2 1 3
 $           99,900.00 3932 BEL PRE RD #2 SILVER SPRING 20906 1 0 1
 $         209,900.00 13156 MUSICMASTER DR #142 SILVER SPRING 20904 2 0 3
 $         389,900.00 2524 BLUERIDGE AVE SILVER SPRING 20902 3 1 3
 $         269,900.00 3703 LEVERTON ST SILVER SPRING 20906 3 0 3
 $         169,900.00 11906 ANDREW ST SILVER SPRING 20902 2 0 3
 $         112,900.00 3842 BEL PRE RD #12 SILVER SPRING 20906 2 0 2
 $         259,900.00 405 KERWIN RD SILVER SPRING 20901 2 0 3
 $           79,900.00 3854 BEL PRE RD #3854-1 SILVER SPRING 20906 2 0 2
 $         285,900.00 13102 BRAHMS TER SILVER SPRING 20904 2 1 3
 $         239,900.00 1109 ROSEMERE AVE SILVER SPRING 20904 3 0 4
 $         237,900.00 11618 VEIRS MILL RD SILVER SPRING 20902 2 0 4
 $         304,900.00 9916 COTTRELL TER SILVER SPRING 20903 2 0 5
 $         185,000.00 706 LUDLOW ST TAKOMA PARK 20912 2 0 3

 MORE TERMS

You will be able to conduct a thorough inspection of the property as a condition of your purchase. Many banks prefer to sell their REO's "as-is" and will not complete any repairs so if the inspection reveals repairs beyond your scope you will be able to declare the contract null and void as long as you are within the contract time frames.

In addition, you will have the right to cancel any contract for a home that is located within a homeowner's association within five calendar days of receiving HOA documents from the sellers without stating a reason, but providing written notice to declare the contract null and void.

You will be required to provide a negotiable earnest money deposit at the time of the presentation of your offer. if your offer is accepted the bank may require the earnest money check be deposited in the listing broker's escrow account, to be applied towards down payment and closing costs. Any deposits are subject to forfiture as per contrat terms.

Once again, please contact:

 

Meyer Leibovitch, ASP
RE/MAX Realty Group
6 Montgomery Village Avenue, Gaithersburg, MD 20879
C) 301-674-5227
O) 301-258-7757

 

Selling During the Mortgage Meltdown FREE E-Book

Click here or on the bookcover

Since 2006 the real estate market completely turned from a seller's market to a buyer's market. I really noticed the Montgomery County, Maryland real estate change in late 2005. Buyers stopped writing offers so quickly and listings were taking much longer to sell. Nobody had any real concern because financing was still readily available and buyers were still looking-just taking their time. Besides, the Maryland suburban real estate market would be buffered from any major hits, especially being so close to Washington DC. It was actually nice not having to compete with multiple offers on every house. Then came the mortgage meltdown. A once red hot market turned into a freezing cold market for sellers. Over the last few years inventory has grown from approximately 1,800 homes on the market to roughly 5,400 at any given time. Homes are sitting on the market on average 108 days, if they sell. I have seen some home prices come down as much as 40% in just two years. Foreclosures are everywhere. Short sales are on the rise and financing is much harder to get at any level.

My e-book, Selling During the Mortgage Meltdown, provides a refresher on why we got here and what you can do to overcome this market as a seller. It is also a must for you if you are upside down on your mortgage because it outlines the short sale process in detail. You can avoid foreclosure and the stigma attached to it. Read my e-book for details on AVOIDING FORECLOSURE.

Meyer Leibovitch, REALTOR

Maryland Real Estate

Direct) 301-674-5227