DROdio "Q&A Blog"
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Terminology - defining REO vs. Short Selling
Hello, Amber here! I began working in real estate a few months ago, and found myself needing clarification on much terminology - words I'd heard being used over and over - but could not define or differentiate from another. Being new to the industry has given me a great chance to provide DROdio Real Estate [...]
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Tax Rates Revisited - A Glance at Fairfax Country, Virginia
The real property tax rate for Fairfax county is $0.92 per $100 of assessed value (remember, to calculate your taxes, you would take the assessed value, divide by $100, and multiply by the tax rate).
Fairfax, like many other counties, has additional tax districts, and the indicated levy is simply added to the base rate ($0.92 [...] -
Additional Tax Information for Arlington County, Virginia
As a follow up to a previous article referencing tax rates across counties in the DC metropolitan area, I wanted to elaborate on property taxes in Arlington County.
As previously stated, the tax rate for Arlington County is .838 (base rate) and totals .848 (including sanitation). Remember that these numbers represent the rate per $100 of [...] -
About discount points & origination fees
Discount points and origination fees can often be confusing to buyers. Here's how they work.
The first thing you should know is that we consider discount points to be "good" points that benefit the buyer, while origination fees are "bad" points that benefit the lender. The difference is that discount points will get you [...] -
4 Tips To Avert A Foreclosure Your Bank Doesnt Want You To Know About
You have to admit, the current economic landscape makes it difficult for everyone, even the banks although you may not see it that way. So what do you do if you've come upon hard times and you're no longer able to make your mortgage payment? Do you sell your home? But what if you owe [...]
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Tax Lien Sales and the DC Real Estate Market
What is a Tax Lien and How Do They Work?A tax lien is a lien placed upon a property due to nonpayment of property and/or personal taxes. They move with the property and not with the owner. Therefore, if you purchase a home with an tax lien, that lien now becomes your responsibility. Keep [...]
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PMI Companies And The Foreclosure Crisis: Where Are They?
Some of you may be wondering what happened to the PMI companies with the recent market downturn. After all, aren't some buyers paying PMI to insure the lender in the event of a default? Where are they now? Why are so many lenders going out of business if homeowners have already paid [...]
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The Fannie, Freddie and IndyMac Crisis: What It Means To You
By now you've heard about the Fannie, Freddie and IndyMac crisis and probably wondering what this means for you? After all, if you're in the market to buy a home, own a home, or have money in the bank you're at the very least concerned. The viability of Fannie Mae and Freddie [...]
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Did you know? You can indeed break listing or buyer representation agreements before expiration
Many (many) Realtors and their clients think that once a listing agreement (for sellers) or exclusive buyer representation agreement (for buyers) is signed, they are bound to the agreement until it expires. This is, in fact, not true. If you tell this to many Realtors, they won't believe you, but here's why [...]
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Risk Reduction monopoly-what will they land on next?
A few weeks ago "The New York Times" published an article "You thought you had an Equity Line" which detailed the practice of some lenders of "freezing" home equity lines of credit. Lest you think that your perfect credit and significant equity in your home will protect you from a bank taking such an action [...]
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Wonder What is Not Being Disclosed to You When You Buy a House? Get the “CARFAX” Report
Ever wondered if there are cracked floors in that beautiful home that you are about to buy? What about any flood damage that was never fixed? Does this have to be disclosed to you?
It can be a little complicated to figure out since disclosure laws will vary from state to state. Some rules are less [...] -
What is Included in Your Condo Fees?
Monthly dues to the condominium association can turn some potential buyers, especially if people see these as an unnecessary expenditure, on top of utilities and mortgage.
However, for some people, the extra cost may be well worth it. Whereas some see the fees as a luxury expense, others might argue that the fees improve the quality [...] -
Don’t Believe the Hype: Buyers Can Still Buy a Home With Nothing Down!
If you are a prospective home buyer and are keeping a watchful eye on the market, it is easy to get lost in the media frenzy that the nation’s housing mess has resulted in lenders requiring a stellar credit score and at least 10 to 20 percent down payment.
The truth is that nothing-down mortgage [...] -
Are Renters Facing the Next Crisis? Is it time in the market for them to consider buying?
Thanks to the sub prime mortgage mess, the sagging economy has resulted in lower property prices. This offers an opportunity for first-time buyers to get a great deal on a new house.
That is the investor’s advice to people who held off buying during the past five years. If you rent a house, townhouse [...] -
Want to Buy a House? Don’t Let the Media Scare You
Despite the constant media reporting of foreclosures, predatory lending, and falling house prices—people still would rather own a house over paying monthly rent. However, so much media talk about the “mortgage crisis” and “recession” is scaring Americans to thinking twice before considering buying a home.
Find any major daily newspaper or turn on your local [...] -
Fairfax County, Virginia Might Be a Great Place to Buy Foreclosed Homes
In a May 20, 2008 article in Washington Post, it was reported that the Northern Virginia county of Fairfax is creating a program to help offset the county’s current mortgage crisis and prevent neighborhoods from declining in value and attractiveness. It is a program that county officials want adopted in order to address the needs [...]
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The Changing Face Of Transfer & Grantor’s Taxes And What They Mean To You
First, let's define transfer and grantor's taxes, why they exist, and the current trends in MD, DC and VA.
Transfer Taxes are defined as:A transfer tax is a tax on the passing of title to property from one person (or entity) to another. In a narrow legal sense, a transfer tax is essentially a transaction fee [...]
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Choosing tenants: on what terms landlords are and aren’t allowed to choose tenants based on; specifically criminal records
According to this article,
"Are criminal background checks legal? It appears that they are, so long as the criminal background information is limited to a certain time frame and comes from a reliable source, and is for the purpose of finding past bad conduct which would put other residents or neighbors in a state of potential [...] -
Investors United School of Real Estate
Investors United is a great real estate school for investors. It's located in Baltimore, MD. Here are a few of their instructional videos, to give you a flavor of what they're all about. If you're interested in registering for their investor's school, call them at 410.426.6000. They have a free introductory [...]
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‘Set It & Forget It’ - Easy property alerts
Wouldn't it be nice if we could tell you when a property you like comes on the market... the second it hits the MLS?
We can! And best of all, it's easy to set up our "set it & forget it" property alerting system.
Here's how you do it:
Step 1: Run a search on www.TheBestHomeSearchEver.com. [...] -
Transfering Utilities
In Virginia:
Fairfax County Water
Washington Gas (Natural gas service) (703) 750-1000 (Local) (800) 752-7520 (Toll-free)
Dominion VA Power (Electricity service) Customer Svc webpage (888) 667-3000In Washington, DC:
Washington Gas (Natural gas service) (703) 750-1000 (Local) (800) 752-7520 (Toll-free)
Pepco (Electricity Service)In Maryland:
Pepco (Electricity Service)
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Buying A Home
All About Home Financing & Loans (51 Q&A blogs)
Wondering how the lending process works? Wondering if you should pay any 'points'? Jump in for the answers.
All the questions you were afraid to ask (108 Q&A blogs)
If you're a first-time home buyer, indulge yourself with answers to all the questions you were afraid to ask!
Client Testimonials (18 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to buy a home!
Contract Questions (21 Q&A blogs)
Contracts can be scary things! But after you read through this section, you should be much more comfortable with the process, and we're always just a phone call away!
Learn About the Area (31 Q&A blogs)
Curious to know about certain areas? Find your answers here. This is especially useful if you are buying from out of town.
Negotiation Techniques (13 Q&A blogs)
One of the things that makes DROdio agents so special is our strong emphasis on negotiation. Many Realtors (especially the "weekend warriors") aren't too good at negotiating you a stellar deal. We'll reveal some of our secrets here. If you're a Realtor from competing company and you're reading this section, you should be ashamed of yourself! Then again, maybe you really need the help, so read on...
REO Foreclosure Listing Q&A (4 Q&A blogs)
Our firm sells REO foreclosure properties from multiple banks. This section is dedicated to common questions & answers from both buyers and REALTORS representing buyers in these transactions.
Tax Questions (14 Q&A blogs)
Aaaaahhhhh, taxes. Our favorite. Here are tips & tricks to minimize your tax burden. Note: we are not CPA's, so these are just general observations from our experience. But *please* speak to your CPA to discuss your specific tax situation.
The Buying Process (66 Q&A blogs)
How exactly does the buying process work? What should you expect? Whether you're a first time home buyer or you've done it several times, you'll find plenty of gems of information squirreled away in this section.
Selling A Home
All the questions you were afraid to ask (23 Q&A blogs)
If this is the first time you've considered selling your home, you probably have lots of questions that you're afraid to ask. Fear not, your answers are here!
Client Testimonials (1 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to sell a home!
Contract Questions (3 Q&A blogs)
This time we'll address contract questions from the seller's point of view. What makes a contract strong vs. weak? How do contingencies work, and which ones are dangerous? These questions and many more are answered in here, so come take a look!
The Selling Process (18 Q&A blogs)
When should you list your home? How do you price it right? How do you get maximum exposure? Find answers to life's questions here... well, at least when it comes to selling your home!
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