Monday, March 22, 2010
Sunday, February 28, 2010
Tuesday, February 9, 2010
DC Weather Alert
If you are one of the unfortunate 90,000 without electricity and thus no heat, or if you know someone who is, please pass this on. If you have heat and water, please help those who do not. Take in your neighbors, especially the elderly, families with young children and those who are medically dependent. This is the best time to get to know the neighbors you do not know.
If If you are planning to temporarily move out, follow theses directions
1) Locate your main water valve and turn the valve off
a. Open all of the faucets in the home and flush all of the toilets by holding the handle down until most of the water is drained out.
i. Get all of the water out of the bowls to prevent breakage
ii. DO NOT pour any automobile anti freeze into the drain piping
2) Turn the water heater to its lowest setting
a. If gas, it is the large know on the control that shows temperature
b. If electric, turn off the breaker
3) If you have hot water or steam heat.
a. Radiators and system piping is very susceptible to freezing and breaking. There really is nothing you can do except hope the power comes on before damage occurs.
b. DO NOT turn the electric off. Leave the thermostat set at 68*
Electrical Surge
It is very important to help protect your electric equipment. Once the main power starts to try to come back on, it usually sends a surge down the line because everything is calling at once. You will notice this by the power popping on and off. Here are a couple of very easy things to do that will help prevent surge damage:
1) If you have a well pump, and know where the electric switch is, turn the switch off.
a. Once the power stops popping & off and decides to stay on, then you can power it back up
2) If you have a Heat pump and you know where the breaker is, turn that off
a. Once the power stops popping & off and decides to stay on, then you can power it back up
Payam Bakhaje
Realtor®
Direct: (202) 345-2778
Office: (202) 363-1800
Toll Free: (800) 336-0655
Fax: (202) 234-6111
Payam@DCRealtyOnline.com
http://www.dcrealtyonline.com
Long & Foster Real Estate
Company Logo
If If you are planning to temporarily move out, follow theses directions
1) Locate your main water valve and turn the valve off
a. Open all of the faucets in the home and flush all of the toilets by holding the handle down until most of the water is drained out.
i. Get all of the water out of the bowls to prevent breakage
ii. DO NOT pour any automobile anti freeze into the drain piping
2) Turn the water heater to its lowest setting
a. If gas, it is the large know on the control that shows temperature
b. If electric, turn off the breaker
3) If you have hot water or steam heat.
a. Radiators and system piping is very susceptible to freezing and breaking. There really is nothing you can do except hope the power comes on before damage occurs.
b. DO NOT turn the electric off. Leave the thermostat set at 68*
Electrical Surge
It is very important to help protect your electric equipment. Once the main power starts to try to come back on, it usually sends a surge down the line because everything is calling at once. You will notice this by the power popping on and off. Here are a couple of very easy things to do that will help prevent surge damage:
1) If you have a well pump, and know where the electric switch is, turn the switch off.
a. Once the power stops popping & off and decides to stay on, then you can power it back up
2) If you have a Heat pump and you know where the breaker is, turn that off
a. Once the power stops popping & off and decides to stay on, then you can power it back up
Payam Bakhaje
Realtor®
Direct: (202) 345-2778
Office: (202) 363-1800
Toll Free: (800) 336-0655
Fax: (202) 234-6111
Payam@DCRealtyOnline.com
http://www.dcrealtyonline.com
Long & Foster Real Estate
Company Logo
Friday, January 29, 2010
Great offer for Home buyers
Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyers must be owner-occupants, investors are excluded
Contact a Fannie Mae listing broker for more information.
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
Buying a home? Take Advantage of a Federal Income Tax Credit
New legislation was approved which extends the First-Time Homebuyer Credit for homeowners through April 30, 2010 with a 60-day cushion beyond that date to complete closing. The program broadens benefits to existing homeowners and now includes:
$8,000 tax credit for first-time homebuyers
$6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence
Increased income limits for individuals and couples
For more information about this program, click here. Also, speak with a lender, accountant or attorney to learn more about how this may apply to you.
Need help buying a home?
State and local housing authorities often have programs to help homebuyers research and purchase a home. Programs can include counseling, down payment assistance, and more.
Neighborhood Stabilization Program (NSP)
Currently, some local housing authorities and housing non-profits have programs for homebuyers that use HUD's Neighborhood Stabilization Program funds.
Fannie Mae supports NSP and offers some concessions to streamline the purchase of Fannie Mae properties for buyers using NSP funds. This includes:
Deposit Waivers - Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers using public funds to purchase a Fannie Mae-owned property do not have to meet the full 5% earnest money/deposit requirement. Deposits can be as low as $500.
Reserved Contract Period - Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
Extra Time for Closing - Buyer receives up to 45 days to close, 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.
For more information on NSP programs in your area, click here
Oh, by the way®…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number, and I’ll be happy to follow up and take great care of them.
Payam Bakhaje
Realtor®
Direct: (202) 345-2778
Office: (202) 363-1800
Toll Free: (800) 336-0655
Fax: (202) 234-6111
pbakhaje@lnf.com
http://www.dcrealtyonline.com
Long & Foster Real Estate
3201 New Mexico Ave , NW, Washington, DC 20016
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyers must be owner-occupants, investors are excluded
Contact a Fannie Mae listing broker for more information.
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
Buying a home? Take Advantage of a Federal Income Tax Credit
New legislation was approved which extends the First-Time Homebuyer Credit for homeowners through April 30, 2010 with a 60-day cushion beyond that date to complete closing. The program broadens benefits to existing homeowners and now includes:
$8,000 tax credit for first-time homebuyers
$6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence
Increased income limits for individuals and couples
For more information about this program, click here. Also, speak with a lender, accountant or attorney to learn more about how this may apply to you.
Need help buying a home?
State and local housing authorities often have programs to help homebuyers research and purchase a home. Programs can include counseling, down payment assistance, and more.
Neighborhood Stabilization Program (NSP)
Currently, some local housing authorities and housing non-profits have programs for homebuyers that use HUD's Neighborhood Stabilization Program funds.
Fannie Mae supports NSP and offers some concessions to streamline the purchase of Fannie Mae properties for buyers using NSP funds. This includes:
Deposit Waivers - Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers using public funds to purchase a Fannie Mae-owned property do not have to meet the full 5% earnest money/deposit requirement. Deposits can be as low as $500.
Reserved Contract Period - Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
Extra Time for Closing - Buyer receives up to 45 days to close, 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.
For more information on NSP programs in your area, click here
Oh, by the way®…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number, and I’ll be happy to follow up and take great care of them.
Payam Bakhaje
Realtor®
Direct: (202) 345-2778
Office: (202) 363-1800
Toll Free: (800) 336-0655
Fax: (202) 234-6111
pbakhaje@lnf.com
http://www.dcrealtyonline.com
Long & Foster Real Estate
3201 New Mexico Ave , NW, Washington, DC 20016
Wednesday, January 27, 2010
Thursday, January 21, 2010
Wednesday, January 20, 2010
Guideline changes for property flips.
HUD announced the attached/below on Friday regarding guideline changes for property flips.
Remember that not all Investors will be immediately on board with new guidelines. Some Investors will not adopt new guides at all.
If you receive an FHA Contract on your Listing that Seller has owned less than 90 days, insist that Lender address this concern in Lender Letter.
If Lender does agree to allow waiver for 90 day rule, please note that there are specific conditions that need to be met.
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes…
…The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
To read this press release in its entirety, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
Oh, by the way®…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number, and I’ll be happy to follow up and take great care of them.
Remember that not all Investors will be immediately on board with new guidelines. Some Investors will not adopt new guides at all.
If you receive an FHA Contract on your Listing that Seller has owned less than 90 days, insist that Lender address this concern in Lender Letter.
If Lender does agree to allow waiver for 90 day rule, please note that there are specific conditions that need to be met.
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes…
…The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
To read this press release in its entirety, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
Oh, by the way®…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number, and I’ll be happy to follow up and take great care of them.
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