Fort Meade - USNA - Andrews AFB: September 2009

Owing more than your home is worth in today’s Crofton real estate market is just one of the factors determining whether a lender will approve your short sale.  That alone is not enough to qualify for a short sale. 

According to America's Home Rescue, you must first be able to satisfy your lender(s) regarding these three factors before most lenders will consider your short sale application:

1.  You are behind in your mortgage payments.
2.  You have a genuine hardship.
3.  You have no equity in the property.

In fact, some lenders have a much longer list and they all require a lot of supporting documentation. On the flip side, some lenders are flexible about these three factors. 

Please don’t stop making payments on your home just to qualify for a short sale.  The fact is that you’re probably already behind if you do have a qualifying hardship.

You will have to jump through a whole bunch of hoops with your lender, even if you do meet this basic test – and the process will be different, depending on what kind of loan you have.  If you owe more than you can get for selling your home, ask your prospective real estate agent if they know the process for short-selling a home with YOUR loan type and/or YOUR combination of first and second trust.  (If they know, they’ll be able to explain the difference between your loan type and another.)

Finding a buyer for your Crofton home may not solve your problem.  If your agent doesn’t really know the short-sale process, he/she may give you well-intentioned but wrong advice on what is or is not an acceptable short sale offer from your lender's perspective.  After weeks or months of uncertainty, your buyer could withdraw or your short-sale application could be turned down and you could lose your home to foreclosure.

If there was ever a time in your life to choose the most experienced real estate agent instead of the cheapest, this is it.

Selling short may not be an option for you, so you need to know “up front” what your chances are of qualifying for a short-sale, what the process is (and follow it!), and what other alternatives there are for dealing with the “under-water” or “upside down” loan on your Crofton home.

Has the Crofton Maryland real estate market stabilized?  That's a question many people are asking these days, and there is no simple answer.  There are so many factors to consider, and here are a few of them tracked over a number of years:

If you prefer colorful graphs, I have some of those, too.  Here's one illustrating how many homes sold in the 21114 zipcode vs. how many active listings there were in recent months:

There were 46 new listings in Crofton during August, compared to 13 new non-contingent contracts. Ideally, the two numbers would be about the same, because these figures indicate that the housing inventory is growing - and that's not what home owners want to see.  (Economics 101:  Supply and Demand)  It is good for home buyers, but many of them are still sitting on the fence.

For more information about the local real estate market, including specifics about your neighborhood (as opposed to your zipcode), CONTACT ME any time.

As you leave Crofton and head east on Route 450 towards Annapolis, you'll spot this entrance into the community of Hermitage - a community of 62 custom-built homes on spacious lots.

You can see from these photos that Hermitage is not a "one size fits all" community... in fact you'll find homes and settings for every taste, from colonials to ranchers, tudors to contemporary, and wooded to open space.  Yet it's not a hodge-podge, either, because the homes are far apart on winding and sloping roads that seamlessly take you past one home to the next.

There are no homes on the market now in Hermitage and no recent sales to report - in fact, the last sale/settlement in the community was January 2008 ($810,000). There is one home under contract, however, and it sold in just seven days.   This is a stable community where people buy a home with the intention of staying!  (Homes in the photos are not for sale.)

The location of Hermitage is ideal for anyone commuting to D.C. or Baltimore, since it's easily accessible to Route 50 (to D.C.) or Route 3 and I-97 (to Baltimore), depending on which way you turn at nearby Davidsonville Road (Rt. 424).  It's a neighborhood that homebuyers select for that convenience, as well as its proximity to Annapolis and the Chesapeake Bay.  The U.S. Naval Academy, Fort Meade, and Andrews Air Force Base are all within 30 minutes, as well.

Check out the homes in Hermitage and other upscale communities near Crofton.  This is a GREAT time for current residents to move up without leaving the area and for relocating homebuyers to capitalize on a market that may make "upscale" more affordable for you than it would have been a few years ago.

You have less than two weeks to buy a Crofton condo before FHA purchase money for condos dries up on October 1.  (Assuming they don’t come to their senses before then and cancel a planned policy change.)

That’s because condo communities approved by FHA before 10/1/08 will lose their approvals, and the process for approving them again is expected to be lengthy.  And that is a good reason to buy a Crofton Condo NOW.  Any Crofton condo.  But…

THIS Crofton condo can be purchased at a price comparable to a short-sale at just $187,000, but it is NOT a short sale.  You can avoid all the delays, hassle and frustration that short-sale and foreclosure buyers experience, without paying more – AND you will get FHA financing PLUS the $8,000 tax credit (if you settle before 12/1/09). 

But this is no dump or handy-man special… The windows and kitchen counter-tops were recently replaced, and there’s neutral paint and carpet throughout.  Washer, dryer and all kitchen appliances are included, and lighting has been updated. 

Don’t let this condo in convenient Crofton Meadows get away!

“But I can’t run from my front door to the corner mailbox!”

That’s a quote from my daughter Susan a few years ago when someone challenged her to participate in the Cherry Blossom Run.  And she wasn't kidding, when she said that.  After her doctor advised that asthma was no excuse for saying “no” – in fact, it would be good for her – she went online and found a training program for beginning runners.  And yes, she did finish the race.  If she could do it, you can, too!

Now you can train with local resident and prominent runner, trainer and author Christine Hinton, also known as The Running Coach.

Christine is offering her 10–week training program for Crofton area runners, beginning on September 19 at Crofton Country Club or Christine’s house, depending on the size of the group.  They’ll be running in and around Crofton, in all weather conditions, as preparation for the Annapolis Striders 11th annual Cold Turkey 10k (6.2 miles) on Sunday November 22 at 8 a.m.  Plan on an hour for the initial session, and more time as the running distance increases.

If you prefer, you can train for the 8k Downs Park 5 Miler on Saturday November 7 at 8:30 a.m.  (Or you can train just for the heck of it and not participate in any race at all!)

Unsure?  Take a minute to read Christine’s Top Ten Reasons to Hire a Coach.

Here’s what you need to bring to the first training session:

Running shoes and clothing, hat, gloves, water bottle
change of clothes for ride home or coat to cover up, towel,
completed Runner’s Questionnaire, signed Waiver Form, and your payment ($100 for the 10–week training, $80 for the 8–week training). 

What you get:

• Half-price registration fee for the Cold Turkey 10k.
• Unlimited email access to a well known and published RRCA certified professional running coach and author. 
• Information on strength training, cross training, nutrition, form, gear, hydration, stretching, race day prep, etc…
• Ongoing Q&A to become an educated runner
• Weekly email newsletters
• Group trip to a local running store to make sure you are in the right shoes and get any other apparel needed. 
• Group discount at local running stores:  10% at Annapolis Running Store and 10% at Charm City.

Visit Christine’s website and her blog for more details about Coach Christine, the training program, and the benefits of training.

Running in and around Crofton with a bunch of other local folks sounds to me like a great opportunity for making new friends, having a lot of fun, and learning how to run correctly.  What are you waiting for?

For more information, contact Coach Christine Hinton at 410-562-2277 or TheRunningCoach@comcast.net.

It's going to be a "staycation" for many families in the Bowie - Crofton area this Labor Day Weekend.  That could mean going to the movies, a last dip in the pool, shopping, looking at homes...

Regal Bowie Crossing Stadium 14, located near the Route 97 Exit off Route 50, has something for everyone, if going to the movies is on your wish list for the weekend.  Here's the what's showing:

• All About Steve (PG-13)
• Extract (R) |
• Gamer (R) |
• The Final Destination 3D (R) |
• Halloween II (R)
• Inglourious Basterds (R)
• Post Grad (PG-13)
• Shorts (PG)
• District 9 (R) |
• Ponyo (G)
• The Time Traveler's Wife (PG-13)
• G.I. Joe: The Rise of Cobra (PG-13)
• Julie & Julia (PG-13)
• G-Force (PG)
• Orphan (R) |
• Harry Potter and the Half-Blood Prince (PG)

If these shows or their scheduled times don't tempt you, we have no shortage of other movie theaters within a half hour. 

UA Movies at Marley Station 8

Bow Tie Harbor 9

Bow Tie Annapolis 11

It's a great weekend for looking at homes in the Bowie-Crofton area, too, so give me a call if you'd like to find out what's available.  I'll check the listings and schedule appointments for the Top Five matching your search criteria.

No, not more money...  more expertise than I have.

• I can sell a run-down home, even one that must be sold "as-is" because the sellers have no financial resources for repairs...
  
• I can sell an over-priced home - not always, but often...
  
• I can sell a home when sellers are distressed for any number of reasons - whether it's divorce, job loss, illness...
  
• I can sell a home in a buyers' market or sellers' market, during inflation or a recession, war or peace.  I've encountered all of these during my 35+ year real estate career.
  

BUT please understand...

• I cannot provide legal advice.
  
• Or accounting advice.
  
• Or debt remediation counseling.
  
• I cannot counsel anyone regarding their personal affairs.
  
• I cannot make decisions for other people and their family members.
  
• And I doubt I can sell a home that is extremely run-down, cluttered, out-dated, over-priced and located in a neighborhood that is generally run down and declining in both demand and value. (At least not when the family has so many questions about their legal options, their financial responsibilities, and uncertainties about the next step for the sellers.)
  

I may be good at what I do, but there are limits! 

When faced with this situation today, I declined a listing.  I provided the name and contact information for two attorneys who are qualified to advise the sellers and a website address of potential destination locations for the sellers.  I even promised to be available for them after they get the professional advice and counseling they need and there is a plan for where the sellers will go or what they will do if the house sells.

I really hope this family doesn't hook up with an irresponsible agent who takes advantage of them.  If anyone can sell this property, I can - but the last thing I want to do is sell their home and make their situation worse than it is now.

I'm a really good real estate agent, but that's all.  When sellers wants or need more, they must turn to qualified professionals in other fields.

Chapman Farm is a community of more than 500 detached homes built in the 90's on the west side of Reidel Road in Crofton, Maryland.

It's a beautiful community of well-kept homes built around a designated "historic" home and outbuildings on a site now used as a community clubhouse and playground, with ample parking.

No doubt about it... home buyers love Chapman Farm!  Nearly 30% of all detached homes that went under contract during August in Crofton were located in Chapman Farms.  These homes ranged in price from roughly $485,000 to $585,000.  Now there are only four active listings remaining on the market, so you'd better go check them out!