Margaret Woda, Maryland Real Estate

Even listings with ugly photos DO sell. Many of my colleagues apparently disagree. "No photos" seems to be the option chosen by many agents, rather than posting realistic photos of their listings.

To quote one commenter on my post last week (Ugly Photos are Better Than No Photos):

I am really shocked at some of the lack of preparation ya'll are accepting as a-ok for your clients. You are relegating these homes and these sales to second-class listings...

PAUSE FOR A DOSE OF REALITY: Out there in the real world, "second-class" is probably a fair description of homes in many markets and, in fact, others are much worse than that. Even in markets where "first-class" is the norm, there are some homes that just don't measure up. Yet there is a buyer for every home.

Believe it or not, we know how to find them... it's our job as real estate professionals. We don't have the luxury of upgrading every home we sell to "first-class" listings. That's reality.

The commenter went on to say:

I think it's sad, sad, sad. We are talking about people's equity here, and the photos are representative of that. Attempting to educate your clients about the importance of staging is truly a part of your fiduciary responsibility!

You guys need some cajones.

PAUSE FOR ANOTHER DOSE OF REALITY - Some properties don't photograph well for reasons beyond the control of the owner, as well as the real estate agent. Rental properties, for example. What makes you think the seller is any happier about the property condition than the listing agent? They're not, and that's reality.

The commenter continued:

Deciding that your clients can't afford to even discuss or implement staging is verging on morally reprehensible these days... Please, stop underestimating the sellers and start helping them protect their equity. It's just the wrong way to handle your fiduciary responsibilities in today's RE industry."

REALITY TIME - Morally reprehensible... The wrong way to handle our fiduciary responsibility... Are you kidding me?

Selling the home – whether it is beautiful or ugly – THAT is my fiduciary responsibility!

The "ugly" photo that generated these and other comments belonged to a listing I'd just posted on MLS and YouTube. (Some of them are above.) As I explained in the post, it is a rental property in a college town where cash flow, cap rate, and vacancy factor are the key selling points. It's my job to know and promote the positives of each property... to know where and how to find likely buyers for every listing, even the ugly ones. Apparently I handled my fiduciary responsibility just fine with this listing because...

We had two non-contingent offers in hand within 3 weeks of listing this property and posting a bunch of ugly photos for potential buyers to see. In spite of (or because of) the ugly photos, the property is now under contract for nearly full price, no inspections, no closing help, no contingencies, three weeks 'til settlement... And the buyer is no fool - an experienced landlord and licensed real estate agent.

Listing agents have to live with the fact that not all listings are beautiful homes, and no amount of staging or photo-editing will make those "second-class" listings into beautiful homes where we can take photos fit for a magazine or slick brochure. But that's okay, because we know how to sell them.

HERE'S THE REALITY OF SELLING UGLY HOMES:

I'll be laughing all the way to the bank with a nice fat $10,000+ commission check for this "second-class" listing with ugly photos.

From the National Mall in Washington, D.C. to the Baltimore Harbour, from Bowie to Fort Meade and Annapolis, Crofton residents have many options for celebrating July 4 beyond their back yard picnics:

BOWIE BAYSOX STADIUM
Friday, July 3 
Fireworks Immediately following the 6:15 p.m. game against the Akron Aeros

FIREWORKS CRUISE
Friday, July 3, 7:30 - 10:30 p.m.
($40 Adults / $20 Children 3-11 / 2 & under free. Reservations Required).
410-268-7601 X111

ALLEN POND, Bowie
Saturday, July 4, 3-10:30 p.m.
Entertainment, food and fireworks

PACA HOUSE & GARDEN, Annapolis
Saturday, July 4, 9:30 – 10:00 a.m. Naturalization Ceremony
10:00 a.m. – 2:00 p.m. Open House
William Paca House and Garden, 186 Prince George Street, Annapolis

ANNAPOLIS HISTORIC DISTRICT
Saturday, July 4
Parade 6 p.m.  Concert by the USNA Band followed by Fireworks over the harbor 9:15 p.m.

QUIET WATERS PARK, Edgewater
Saturday, July 4, 6:00 p.m.
Summer Concert Series
(Big Daddy Stallings, playing the Blues - Seating is on the lawn, so bring a blanket, lawn chairs and a picnic basket)

FIREWORKS CRUISE
Saturday, July 4, 7:30 - 10:30 p.m.
($45 Adults / $25 Children 3-11 / 2 & under free. Reservations Required.
410-286-7601 X111)

FORT GEORGE G. MEADE
Saturday, July 4, 12 Noon-10:00 p.m.
Open to the public
Gate/Midway opens at Noon
Fireworks 9:30 p.m.

UNIVERSITY OF MARYLAND, College Park
Saturday, July 4,
Food and Music in Parking Lot 1 off Campus Drive beginning at 7 p.m. and Fireworks at 9 p.m.

BALTIMORE INNER HARBOUR
Saturday, July 4
Special events throughout the day. Fireworks at 9:30 p.m.

WASHINGTON, D.C.
Saturday, July 4
Parade begins at 11:45 a.m. (Constitution Avenue and 7th to 17th St.)
Events throughout the day at the National Mall
Fireworks 9:15 p.m.

LONDON TOWN, Edgewater
Sunday, July 5, 12:00 -- 4:00 p.m.
Historic London Town and Gardens, 839 Londontown Rd., Edgewater
(Admission:  $10/adult, $9/senior, $5/youth, Free/6 and under)

ANNAPOLIS
July 5 and Sundays 'til October, Noon-5 p.m.
First block of West Street from Church Circle to Calvert Street

IMAGE:  Mike Lynaugh, with permission
VIDEO IMAGES:  istockphoto.com

FORECLOSURE TURNS LIVES UPSIDE DOWN FOR TENANTS

Hopefully we won't be reading or writing any more posts like the one I wrote in March 2008 titled Tenants Faced with Foreclosure - Lives Turned Upside Down - at least not for Maryland properties. This is an update inspired by that post.

In addition to new federal legislation protecting tenants at foreclosure, new state legislation went into effect last month in Maryland requiring a series of notices to all occupants of residential properties at various stages of the foreclosure process.

Don't get me wrong... it will still be very disturbing to families when they find out the home they lease is being foreclosed upon - but at least they can be certain of having some advance notice to explore their options.

Disclaimer: Before I continue, let me remind you that I am a REALTOR, not an attorney, and this should NOT be considered legal advice. It is an update to the unfortunate situation described in my earlier post, now that the Maryland Legislature has passed emergency legislation to help protect tenants in the event of foreclosure to the property they occupy.

Now tenants don't have to worry about anyone showing up at their door to say they just purchased the property at a foreclosure auction and they're O-U-T. As of May 19, 2009, any person authorized to make a sale in any foreclosure action in Maryland must provide written notices to "ALL OCCUPANTS" at three steps during the foreclosure process:

• Notice must contain specific wording and information prescribed by law (outlined below)
  
• Notice must be in a separate document
• Notice must be in 12-point type
• Notice must be sent by first-class mail
• Notice regarding content must be on outside of the envelope, on the address side, in 12-point type, in specific wording prescribed by law.

This is the result of emergency legislation known as §7-105.9 of the Real Property Article, Annotated Code of Maryland. The entire bill can be found online at

HERE'S WHAT TO EXPECT IF THE HOME YOU LEASE AND OCCUPY IS FORECLOSED UPON:

First notice, titled "IMPORTANT NOTICE", at the time foreclosure action is filed, shall include the following information:

1. Foreclosure action has been filed against the property (Including name and address of Circuit Court);
2. Foreclosure sale of the property may occur after 45 days from the date of the notice;
   
3. Occupants may want to consult an attorney;
   
4. Occupants may be evicted;
   
5. Name and contact information of the person authorized to sell the property;
6. Phone number (877-775-0357) for assistance;
   
7. Website (www.mdhope.org) for information.

Notice on envelope shall read “IMPORTANT NOTICE TO ALL OCCUPANTS: FORECLOSURE INFORMATION ENCLOSED. OPEN IMMEDIATELY”.

Second Notice, titled "NOTICE OF IMPENDING FORECLOSURE SALE", not earlier than 30 days nor later than 10 days before the foreclosure sale:

1. Foreclosure action has been filed against the property (Including name and address of Circuit Court);
2. Details of foreclosure sale, including date, time and place;
3. Occupants may be evicted;
4. Name and contact information of the person authorized to sell the property;
5. Phone number (877-775-0357) for assistance;
   
6. Website (www.mdhope.org) for information.

Notice on envelope shall read “IMPORTANT NOTICE TO ALL OCCUPANTS: FORECLOSURE INFORMATION ENCLOSED. OPEN IMMEDIATELY”.

Third Notice, titled "IMPORTANT EVICTION NOTICE", after judgment awarding possession and before any attempt to execute the Writ of Possession:

1. Judgment awarding possession has been issued (Including name and address of Circuit Court);
2. Date of eviction;
3. Name, address, and telephone number of purchaser or purchaser's agent;
4. You may contact this person or review file in office of the Clerk of the Circuit Court
5. You may consult an attorney to determine your rights;
6. Phone number (877-775-0357) for assistance;
7. Website (www.mdhope.org) for information.

Notice on envelope shall read "IMPORTANT NOTICE TO ALL OCCUPANTS: EVICTION INFORMATION ENCLOSED. OPEN IMMEDIATELY.”.

NO NOTICE IS REQUIRED in the event foreclosure sale is postponed. Additionally, neither the landlord nor the property manager are required to notify you if/when the mortgage or deed of trust is in default (unless your lease specifies otherwise), so the first notice you receive may be the one described in this post. Frustrating as that may be for you, it is better for you now than it was for tenants faced with foreclosure in the past. If in doubt, read Faced with Foreclosure - Lives Turned Upside Down

What are you going to do? The tenants in my original post didn't want to disrupt their children any more than necessary, so they looked for another rental in the same school district. Of course, renting again is an option but maybe - just maybe - this might be a good time to buy, and maybe even purchase at foreclosure the home you now lease and occupy.

If that idea appeals to you, the first step would be to contact a mortgage lender to find out if you qualify for a loan adequate to purchase the property. If so, contact the person named in the notice you receive or attend the foreclosure auction to make a bid (armed with financing in hand). If you need any real estate advice, feel free to contact me, or contact a real estate attorney for legal advice.

Originally posted at Focus On Crofton 6/23/09 as How Will You Know if The Home You Lease Faces Foreclosure?

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Margaret Woda is a licensed Associate Broker in Crofton Maryland. She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County. You can contact her online or by phone at the Crofton office of Long & Foster REALTORS (410) 451-6245

This post is included in Your Online Relocation Package for Anne Arundel County, Maryland - Home of Fort George G. Meade, NSA, Northrop Grumman, BWI, and the U.S. Naval Academy.

With GPS and Mapquest, who needs a map to get around in the Greater Crofton area?

If your answer is “I do!”, you’re in luck because I just happen to have a box of Crofton area maps in my office. Simply ask, and you shall receive. I also have a limited number of full-color maps for the area between Baltimore and Washington, which are ideal for anyone relocating to work at Northrup Grumman, Fort Meade, BWI or anywhere in this area.

Since you’re reading this online, the easiest way to get your map is probably to click on Contact Margaret Woda and type your request into the message box. If you prefer, just call me at 301–346–2923. I can either leave a map at the reception desk at Long & Foster for you to pick up or mail it to you, whichever you prefer.

_____________________________________________________

Margaret Woda is a licensed Associate Broker in Crofton Maryland. She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County. You can contact her online or by phone at the Crofton office of Long & Foster REALTORS (410) 451-6245.

The rules changed on June 1 for condominium unit owners and associations in the Greater Crofton area and throughout Maryland.

Until then, condo associations were responsible for upkeep and structural repairs to both the common elements and units, while unit owners were responsible only for personal property within their units.

A copy of the master insurance policy was provided to unit owners at the time of purchase, along with other condo documents, so unit owners would know the extent of the association's insurance coverage and they could purchase supplemental insurance accordingly. That's no longer the case.

The new law (HB 287) has two requirements you should know about:

1. Condo associations must maintain property insurance on the common elements and units, but NOT any upgrades or replacements made by unit owners.

2. Unit owners are now responsible for any damage that originates in their own unit, up to the $5,000 deductible of the association's master policy.

How does this affect you, a Maryland condo owner? Let me give you some examples:

• If a broken pipe in your unit causes water damage in your unit, another unit or the common elements of the condo, you will be held responsible.
  
• Should a fire begin in your unit and spread to other parts of the building, you will be liable up to the $5,000 deductible of the association's master insurance policy.

Maryland condo buyers will be notified of this obligation at the time of initial or resale purchase AND condo associations will provide written reminders to unit owners annually. (Agents, take note of this and be sure to use the new condo forms provided by MAR or your local association whenever you sell a condo.) A Maryland condo buyer who does not receive this notice may terminate his/her purchase contract.

How will Maryland condo owners cope with this new responsibility?

I'm not an insurance expert, so let me defer to local real estate attorney Benny L. Kass. He indicates that the answer lies in a condo owner's own insurance policy. He suggests you obtain an HO-6 policy from your favorite insurance company because it will cover any personal losses and supplement the condo association's master policy.

If you're new to Maryland and don't have a local insurance agent, check with one of these agents in the Greater Crofton area for more information:

• Allstate, Hyacinth Tucker
• Nationwide, Ed Reilly
• State Farm, Alicia Popham

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Margaret Woda is a licensed Associate Broker in Crofton Maryland. She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.