Important MD property tax change

The State of Maryland has made a significant change this year regarding the way they will apply real property tax savings for owner occupants. In the past the Homestead Tax Credit Eligibility was done automatically and only once. That’s no longer the case.

Take a good look at your 2008 tax assessment notification. The State of Maryland has included a new application in your notification, which you should have received recently.

In order to qualify for the real property tax savings you MUST file that application AGAIN this year. The filing deadline is April 1, 2008. If you do not have the application form, additional information may be obtained by calling the Maryland Department of Assessments and Taxation at 410-767-2165.

*THIS YEAR IF YOU DO NOT FILL OUT THE APPLICATION YOU WILL NOT BE GRANTED THE HOMESTEAD TAX EXEMPTION AND YOUR TAX BILL WILL GO UP ACCORDINGLY.* Please do not neglect to take advantage of continuing to save on your real property taxes.

Charming St. Leonard Victorian

CHARMING ST LEONARD VICTORIAN WITH HEATED GUNITE INGROUND POOL. UPGRADED KITCHEN, HIGH EFFICIENCY PELLET STOVE FOR THE WINTER, GLEAMING WOOD FLOORS THROUGHOUT. OPEN FLOWING FLOORPLAN WITH LARGE BEDROOMS AND BONUS ROOM ABOVE THE GARAGE. SECLUDED ST LEONARD LOCATION WITH WHITE PICKET FENCE, CONVENIENT TO EVERYTHING. SHOWS BEAUTIFULLY!

1 1/2 Blocks to the Bay!

CalvertBeachHome.com

Enjoy the sound of the Bay from your dining room this fall! Charming seasonal view Calvert Beach split level. Wonderfully upgraded: large multi-level deck, custom oak cabinets in gourmet kitchen, new roof, recent appliances, gleaming wood floors, extensive landscaping -- a truly immaculate home a mere 1 1/2 blocks to a private community beach. Some closing assistance available.

St. Leonard Rambler

Large private Rambler in great Calvert County location. Beautiful open, flowing floorplan. Enormous kitchen and first floor Master. Finished basement has Media Room with Home Theatre, Surround Sound System and high efficiency pellet stove. Basement also has a seperate bedroom, full bath and bonus room. Secluded wooded lot at end of street.

Seller assistance can continue...

HUD fails in bid to stop seller assistance.

See attached article.

Real Estate Forecast

It’s hard to find a clear perspective on investing – whether in real estate or in stocks. Yet, when experienced people give advice, they usually suggest a long term outlook. Here’s what the founder of RE/MAX International had to say to an interviewer recently.


Click here for interview: Dave Liniger talks about the real estate market.

In Southern Maryland, our prices have not fallen as far as in other parts of the country and our foreclosure rate is not quite as heavy – perhaps because of our proximity to D.C. and our generally strong economic fundamentals. But, I agree with Dave Liniger that we are not likely to see an upswing in prices until Spring 2009 (18 months from now).

Private Hughesville Colonial

ROCK BOTTOM PRICE REDUCTION! INCREDIBLE 4 BDR, 2.5 BATH COLONIAL ON 3+ ACRES IN SOUGHT AFTER SCOUTS TRAIL. BRIGHT AND OPEN FLOOR PLAN, UPGRADED APPLIANCES AND FLOORING, VAULTED CEILING IN MASTER W/ SOAKING TUB, SEPARATE BATH AND WALK-IN CLOSET. VERY PRIVATE SETTING.

Lake Jameson Estate

Stately 5 bedroom Colonial in Prestigious Lake Jameson. 3 1/2 level acre estate with gunite pool, gazebo, and 2 amish sheds. Spacious floorplan, fully finished basement with 2nd kitchen and living space. King size elegance.

Huntingtown Colonial

This is it! Exceptional 5 bedroom Colonial in prestigious Wilburn Estates in sought after Plum Point School district. Gourmet kitchen, stunning landscape, fully finished basement with bath and workroom, library with built-in bookcase, screened porch, enormous master bedroom with sitting area. Priced to sell - Don't miss out!

Important Maryland Contract Update

SIGNIFICANT CHANGES IN THE MARYLAND RESIDENTIAL PROPERTY DISCLOSURE AND DISCLAIMER ACT (HB465 SB511) WENT INTO EFFECT MONDAY OCTOBER 1, 2007:


"...on or after October 1, 2007, a seller who elects to give a disclosure statement must now provide the purchaser with information regarding the existence and operability of carbon monoxide alarms installed within the premises. In particular, a new question will be added to the Residential Property Disclosure as follows: '... If the property relies on the combustion of a fossil fuel for heat, ventilation, hot water, or clothes dryer operation, is a carbon monoxide alarm is installed on the property.'"



ALSO: A NEW CONSERVATION EASEMENT DISCLOSURE TAKING EFFECT OCTOBER 1, 2007 (HB401 SB535) WILL REQUIRE CHANGES TO THE EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT. FAILURE TO MAKE NOTE OF THIS CHANGE COULD LEAD TO A RECINDED CONTRACT!

"Under the new law, every contract of sale must contain a notice to the purchaser as to whether the property is encumbered by one or more conservation easement(s) or other restrictions limiting or affecting uses of the property."

"The required contract of sale notice is specified in the statute. The Maryland Association of REALTORS® has prepared an addendum which contains the required statutory notice and will be disseminated to local Boards and Associations of REALTOR® on or before October 1, 2007."

"Under the new law, if the property is encumbered by one or more conservation easement(s), and the contract of sale does not contain the required notice as specified in the new law, then the buyer has the right to rescind the contract of sale."

New Hughesville Estate Listing

Magnificent Contemporary on three (plus) acres of wooded privacy. Gourmet kitchen, geothermal heating, flagstone paths, sprawling wraparound decking and patio, enormous master with California Closets, finished basement with media room and au pair suite complete with full kitchen and brick fireplace: absolutely no expense was spared. Near new bypass in prestigious bedroom community of Hughesville.

Calvert County

Drought

Weekly Commentary and Rates

The benchmark 30-year fixed-rate mortgage fell to 6.42 percent, according to a survey of national lenders. The mortgages in this week's survey had an average total of 0.36 discount and origination points. One year ago, the mortgage index was 6.31 percent; four weeks ago, it was 6.५ percent

Prince Frederick Paradise

Nature lover's dream! Sprawling all brick custom built split level on four acres of landscaped privacy. Upgraded Anderson windows, wood floors and crown molding throughout. Open floorplan with masonry fireplaces in family room and master bedroom. Great Prince Frederick location among new $700K subdivisions.

Calvert County Fair

Through this weekend:



http://www.calvertcountyfair.com/

Documents you'll need to get a home loan

RISMEDIA, Sept. 28, 2007-Getting a mortgage home loan might seem like a tedious process, but if you do your part to look good on paper, you can increase your eligibility for the best interest rates. Financial institutions primarily consider three main areas in determining who is eligible for a mortgage: employment history, credit history, debt to income ratio (which is the percentage of income that goes to expenses). As proof of these, most financial institutions will ask for a selection of the following documents in considering your request for a mortgage loan.

Employment

1. Last two years’ federal tax returns and/or W-2 statements financial institutions typically use your past tax returns as verification of your employment and earnings.

2. Pay stubs: Most financial institutions will ask to see your most recent pay stubs, usually covering the past month. Your pay stub must have your name, your social security number, your employer’s address, and your year-to-date earnings. These help them to gauge whether you will be able to handle your monthly mortgage payments.

3. Employment history: While your pay stubs provide your financial earnings, your employment history gives the financial institution an idea of the nature of your employment. Generally, a record of steady employment is going to work in your favor.

4. Credit History: Credit report, including current creditors and account information. A credit report, including a list of your current creditors and the corresponding account information is useful to a financial institution because it allows them to see how you have dealt with your past loans. This list should include the details (i.e. minimum monthly payment and balances) of all student loans, auto loans, credit cards, and child support payments.

By establishing a solid credit history, you can avoid having to pay higher interest rates that frequently accompany subprime mortgages.

Expenses and Payments

5. Bank statements: In order to verify your banking assets, financial institutions will most likely want to see up to three months of your most recent bank statements.

6. Complete record of assets: Additional assets that should be reported upon applying for a mortgage loan should include mutual funds, retirement accounts, real estate titles, and stock certificates. These not only promote your qualifications as a worthy risk for the financial institution, but they can also help you secure a lower interest rate.

7. Canceled rent checks: If you are currently renting, canceled checks that were used to pay rent can be proof that you are punctual with your payments. Some financial constitutions may ask for the name and address of your landlord instead of the canceled checks.

8. Information about desired property or property type. Providing the financial institution with a description of either the property you want to finance or at least a description of the property helps the financial institution decide if any of the loan programs would be right for you.

Having these documents gathered and ready to go when you are in the process of shopping for a new home will help your mortgage application process go smoothly. Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed.

For more information, visit www.smre.net.

Stunning Huntingtown Colonial

This is it! Exceptional 5 bedroom Colonial in prestigious Wilburn Estates in sought after Plum Point School district. Gourmet kitchen, stunning landscape, fully finished basement with bath and workroom, library with built-in bookcase, screened porch, enormous master bedroom with sitting area. Priced to sell - Don't miss out!

Real Estate Contract Contingencies

Contingencies

As we move into a market where buyers have more influence in a negotiation, let’s look at how contingencies are handled in a more typical environment.
In a seller's market most sellers would not accept the contingency that the buyer must sell their home in order to purchase the new one. A potential buyer would be expected to already have their home listed with an agent and, ideally, have an accepted offer on their home.
Other contingencies that buyers previously had to forego are becoming more common again. For example, a buyer may make their purchase contingent upon their capacity to obtain financing. A buyer may also want to predicate his offer on the home appraising at or above the sales price. Since the appraiser is hired by the lender and is independent of the actual transaction, this is not an unusual request.
Most other types of legal contracts are fixed at the time of offer and acceptance. Both parties are expected to fulfill their obligations and if either attempts to renegotiate any point, the other party can withdraw.
Real estate contracts differ in that they contain clauses that allow renegotiation within limited areas. For example, a contract may require a buyer to get a home inspection within fourteen days. The buyer is allowed a certain amount of time to review the inspection and request the repair of any noted deficiencies. At this point the buyer and seller renegotiate that aspect of the agreement. The seller then decides to make the repairs or not. During this process the buyer must decide whether it is worth losing the house over the issue or not, and the seller must decide whether it is worth losing the buyer and putting the home back on the market.
Contingencies are a normal part of a real estate transaction, but only in areas specifically noted in the agreement. An informed reading of the contract will allow the best decision at each point in the negotiation.

Improving Home Showings

Simple ways to improve a home showing

As we move into the Spring selling season here are some things to consider when preparing a home for sale. Critically view your home’s curbside appeal. The potential buyer’s first impression is of key importance, as the decision to purchase comes from the ability of the buyers to envision themselves living in the home. Any apparent, even minor, defect will distract the buyer from this idea. Sprucing up the landscape, especially in the front yard, is fairly easy and inexpensive. Add colorful and flowering plants. Water and fertilize grass well so that it is green and lush. Be sure bushes, trees and grass are well trimmed.
The front door should be in excellent condition. This is a home’s primary symbol; typically it reflects the home’s general condition and leaves an impression that can affect one’s experience in viewing the rest of the house. Give both the interior and exterior of the home a coat of paint wherever it is needed. Keep adjoining rooms in the same color palette to make the home appear larger and flow better. Hire a professional to paint windows and any other details. Repair leaky faucets, loose knobs and handles, crooked cabinet doors; anything that gives the wrong impression of the home’s condition. Install new light switch covers, especially in high traffic areas. Make sure closets, shelves and counters are as neat and uncluttered as possible. Remove all objects or papers that make a room appear disorderly.
Edit extraneous furniture and accessories, including family photos. If needed, use slipcovers to create a more unified space. Generally the emptier a room is, the more spacious it looks.
When the property is to be shown, be sure to open all blinds and drapes to brighten the rooms. If necessary, leave lights on in darker areas. Attention to these details before selling can substantially increase the value and limit the amount of time your home is on the market.