Southern Maryland Real Estate Blog

Open Seats at Schools Mean More New Homes

2010-02-09T14:09:57-05:00

Earlier this month, Charles County commissioners made some changes to now require seats (or spots for students) be open at all schools and at all levels (elementary, middle, and secondary) before more new homes are allowed to be built.

According to the Independent, this 'one seat, one residence' rule has allowed between 138 and 144 new homes to be built over the past year and a half (see School allocations granted). As you can see, the rule is trying to help avoid the ever present problem of school overcrowding without completely stunting residential growth to the county.

However, the allocations are not evenly spread through the county. In each school zone, school's maximum capacity, school enrollment numbers, and the estimated number of students per household determine the number of allocations for that area.

If you are looking to buy new construction or have a custom home built on your lot and have questions about school zoning issues, feel free to contact me today!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

Annual "Begathon" for School Construction Dollars Looks Promising for Charles County

2010-02-02T09:00:00-05:00

This past Wednesday, Charles County representatives went before the Board of Public Works to state their case for more money to improve existing and future schools in the system. The main topic of discussion was their request to increase the capacity of a planned new high school from 1,300 students to 1,600 students (see Charles officials plead case for bigger new high school).

The planned new high school will be built on Piney Church Road, near the recently built Regency Furniture Stadium, home of the Southern Maryland Blue Crabs. Not your typical high school, this school will feature a planetarium and digital classroom. These amenities are part of Charles County's STEM (Science, Technology, Engineering, Math) initiative and its career readiness programs.

Not only are county schools bursting at the seams already, but the planned 12,000 'green' home community I previously discussed here would add even more students to a strained system. With the addition of these students, and the possible bigger capacity of the new high school, district boundaries will have to be redone.

If you are searching for a home with a specific school district in mind, contact me to discuss your community options! I'll be keeping an eye on the developments with the new high school up to its projected open date of 2013.

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

New Federal Law Protecing Tenants of Foreclosed Properties

2010-02-01T10:00:00-05:00

If you are a renter, chances are you are nervous about the stability of your lease in this market. Previously, if the owner of the property was foreclosed on, the tenant would be out of luck and out on the street. The law said that leases signed after the mortgage date would be extinguished by foreclosure.

Luckily, for tenants and prospective renters, there was a new federal statute signed into law this past May. The new law states:

Tenants in foreclosed properties can remain until the end of their lease.
Month-to-month tenants are entitled to 90 days notice to terminate.
If purchaser of the foreclosed property intends to reside in the property, then the buyer may terminate any existing lease with 90 days notice.

This new law gives renters some peace of mind concerning their current residence. Instead of having a few days notice, tenants can expect at least 90 days notice if they must relocate.

If you need assistance finding a new home, contact me today! This is a buyer's market, and with the tax credits for first time home buyers and foreclosure buyers in Prince George's and Charles Counties, this may be the right time for you to invest in a home of your own!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

Use Heating Oil? Watch Out for Thieves

2010-01-31T10:00:00-05:00

Have you noticed that you seem to be using more oil than you thought to heat your home or business? Be on the lookout - you may have people stealing oil from your tank. The Independent recently did an article on the sudden crime wave of heating oil theft in Charles County (see Crime wave hits area heating oil supplies).

The Charles County Sheriff's Office says that over the past few months, there have been numerous thefts from homes and businesses. At first, residents didn't notice because the thieves would only take a few gallons at a time. Once they got greedier and took more than usual, sometimes even taking the entire TANK, residents took notice and reported the thefts to the police. The thieves would either sell the stolen oil for reduced rates or keep it for personal use.

To help protect your home or business, the Sheriff's Office advises residents to utilize some of these options:

Screen your tank with landscaping or fencing
Install security lights near the tank
Be mindful of your heating oil usage

While tanks come with locking caps, police say that while it may deter someone from stealing a few gallons, it won't do you any good if they are intent on stealing then entire tank!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

New Home Sales in Maryland Now Contingent on Financing

2010-01-30T10:00:00-05:00

If you are in the market to buy new construction in Maryland, there is a state law change that you should know about. An October 2009 modification to a Maryland statute changes financing contingency clauses in new home sales contracts.

Protecting the Builder and the Buyer

Basically, a contract for a new home will be contingent upon the purchaser obtaining written confirmation of financing for the purchase. Also, the contract must state the maximum loan interest rate that the purchaser is obligated to accept to honor the sale contract.

While the new modifications relate to financing contingency clauses, you can contain a provision in the contract expressly stating that it is not contingent on financing. The potential problem is that the statute does not require this statement to be conspicuous or on a separate addendum.

Protect Your Interests With a Realtor

This is where having your own Realtor to watch for your interests is good insurance. A Realtor will know to search the contract for any 'hidden' statements that could shift the contract in favor of the builder instead of you, the buyer. The LAST thing you want to happen is to go into a contract to purchase a new home, be unable to get financing, and still be held to honor the sales contract!

If you are interested in having a new home built, contact me today! Great deals can be had in the area with new home builders, and great options also exist for custom building your dream home on 1+ acre lots!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

Protecting the Environment and Home Buyers

2010-01-29T09:00:00-05:00

Looking for a home in a nicely wooded and secluded area? The following statute revision may apply to your future purchase.

A revision to the Maryland Conservation Easements Disclosure now gives greater protection to buyers. Effective since October 2009, the revisions are most relevant to people interested in building custom homes or buying resale homes in rural areas.

The statute revisions of concern are these:

If the buyer receives the conservation easement disclosures prior to entering into a sales contract with the seller, then the buyer cannot cite the easement as reason for pulling out of the contract.
If, however, the buyer does not receive the conservation easement disclosures prior to entering into a sales contract with the seller, then the buyer has 5 days upon receipt of the documents to pull out of the contract. If the documents are not produced, then the buyer has 5 days to pull out of the contract from the date of contract.

This mainly becomes an issue if you plan to buy a lot of land and want to clear it, or you plan on having a custom home built on a wooded or partially cleared lot. If the lot you own is part of a conservatorship, you may be limited to how much of the land you can clear (if any at all) and if you would be allowed to build a home on it.

If you have any questions about how conservation easements may apply in your home search or land you own, contact me today! My team works with builders and land owners on a daily business, so we understand conservation limitations!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

Put Your Home's Best 'Foot' Forward to Sell!

2010-01-28T09:00:00-05:00

We all know that first impressions are important when meeting someone new. This same principal holds true when showing your home to sell! Buyers need to be able to walk inside your home and envision their belongings in the space. If they can't, then don't expect them to be sending you an offer any time soon.

Most sellers already know the basics to getting their homes prepared for showing: straighten up the house, put extra belongings in storage, 'de-personalize' the space by taking down personal photos, etc. Ya know, making like a 'model' home. But the one crucial thing that people sometimes forget after all of this is to simply CLEAN THE HOUSE.

Now that you've made adjustments so buyers can really see your home, they are going to really see your home.

Not surprisingly, buyers tend to equate uncleanliness with neglect. It's the slippery slope of showing your home. First they think, 'oh my, this bathroom is not clean at all,' which eventually leads them to think, 'well, if they don't even take care of cleaning, they probably haven't done much maintenance on the home either.' And when that connection (however untrue it may be) is made, you've just lost the chance to sell your home.

Don't worry, I'm not asking you to pull a Cinderella and scrub the basement floor. But doing a once-over cleaning of the entire house (like a Spring Cleaning) will do wonders to helping you sell your home quickly and for the most profit.

If you have any questions on other ways to put your home's best 'foot' forward, contact me today!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

Join The SOMD RE Blog Community and get free news and updates via email!

Short Sale Fraud Accusations Shot at Banks

2010-01-27T09:00:00-05:00

In a recent CNBC story, allegations surfaced that some big name banks were committing fraud in short sale situations. The fraud is not originating with the primary lender who is initiating the short sale, but the secondary lien holder on the property (see Big Banks Accused of Short Sale Fraud).

In order to understand where the fraud plays in, let's do a quick overview of how these 2-lien holder short sales come to be.

During the housing boom, home values skyrocketed, creating additional equity that homeowners could tap for cash.
These home equity loans or lines of credit became a secondary lien on the home in addition to the actual mortgage.
When the housing market tanked, so did property values. The homes were no longer worth the amount the homeowners owed on it for both liens.
Homeowners that were so much underwater that traditional loan restructuring couldn't help them turned to a short sale.
HOWEVER, in order for a short sale to go forward, the secondary lien holder must drop the lien on the property. The primary lien holder usually pays a portion of the lien owned to the secondary lien holder to make the short sale happen.
The primary lien holder sells the home in a short sale for less than the lien, but they recoup some of the money and the homeowners avoid foreclosure.

Ok, still with me? Good. Now, here is where the fraud comes in. Like I mentioned earlier, when the primary lien holder (let's call them No. 1) approaches the secondary lien holder (they'll be No. 2) wanting to do a short sale, No. 1 will usually pay part of No. 2's lien in order for them to drop the remaining to allow the short sale. No. 2 doesn't have to agree to a short sale and opt to send people to foreclosure, but generally they cut their losses and take what they can. This is the legal way things are done.

The illegal way is for No. 2 to take the small payment from No. 1 (legal), and THEN turn to the real estate agent or buyers and request additional money "off the record" and off the HUD documents (illegal). That way, No. 1 won't know they're doing it and cancel the short sale, and there's no real way for someone to find out unless someone blows the whistle. If the Realtor or buyer refuses to do so, No. 2 kills the short sale, and the sellers go into foreclosure.

If you are looking to buy a short sale property and need a Realtor to help you navigate the waters, contact me today!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

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Uh Oh, Bank of America Forecloses on a House They Don't Have a Mortgage On...AGAIN

2010-01-26T11:06:04-05:00

Sadly, I'm starting to sound like a broken record when writing posts about Bank of America. It appears they have, once again, foreclosed on the wrong house.
Bank of America Strikes Again
According to a South Coast Today article (see Couple claims Bank of America seized the wrong house), homeowners Charlie and Maria Cardoso filed a lawsuit against Bank of America/Countrywide for foreclosing on their home. Now, you may think that this was just another mistake due to some sort of miscommunication between the homeowners and the bank - but you'd be wrong. The truly frightening aspect of this particular incident is that the Cardosos NEVER had a Bank of America mortgage for this property - in fact, they don't have ANY mortgage on the property and own it free and clear!
After the bank representatives scared off the current tenants renting the property and padlocked the home, the Cardosos finally convinced the local authorities to break the locks so they could enter their own house. What they found were missing power tools, electricity and water had been shut off, and the pipes in the house had frozen.
HOW CAN THIS HAPPEN?!
I ask myself this question EVERY time I see another story involving the words "Bank of America," "foreclosure," and "mistake." It baffles any logical person and terrifies any homeowner with one of their mortgages. I can theorize all day about what may have happened: Had the bank's legal team made an address typo somewhere? Had the bank's enlisted agent for the property verified the address with the bank with tax records and photos? And on, and on, and on...
Whatever the cause, the problem is that it HAS happened and WILL happen again. As a Realtor who does work for banks from time to time, I have seen incorrect paperwork sent to me that is only discovered when I go to verify the information. There have been a few times where, had I assumed the paperwork from the bank was correct, I would have evicted the wrong homeowners.
If you are facing possible foreclosure, contact me to discuss possible selling options and the current market value of your home!
Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street      301-609-9000 Office
La Plata, Maryland 20646        301-653-8116 Mobile

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Wordless Wednesday- Wonder Twin Puppy Powers- Activate!

2010-01-26T10:55:48-05:00
Team Benya