Tips for Choosing a Realtor
February 20, 2012 by Katie Wethman · Leave a Comment
The Washington Post had a great article in this weekend’s Real Estate section called “Buying a Home? Here are a few tips.” In addition to addressing financial items like checking your credit score and getting a pre-qual letter from a reputable lender (not just any lender…a reputable lender), the author had a section on selecting [...]
Buyer’s Closing Costs
January 31, 2012 by wethmangroupadmin · Leave a Comment
Many buyers are aware that there are fees related to the purchase of a new home—a rough guide is 2.5% to 3% of the transaction value—but what are these fees, and are there ways to minimize them? First, a few clarifications. Both buyers and sellers have closing costs in a transaction. The sellers’ costs are [...]
Can I make an offer now if I don’t want to settle for several months?
March 21, 2011 by Katie Wethman · Leave a Comment
It’s a tricky thing to time a home purchase with the expiration of a lease. Often buyers ask me: Can I make an offer on a house I like now even though my lease isn’t up until later this year to minimize the overlap? Typically contract to close will be 30-60 days. There are several [...]
I Got My Condo Docs – Now What??
March 14, 2011 by Katie Wethman · Leave a Comment
In Virginia, buyers of condominiums and properties within a homeowner’s association have a three (calendar) day review period to review the “resale package” or “condo docs” following a ratified contract. In the District buyers have three business days. (Typically these are not available in advance because associations charge a fee, and most sellers are reluctant [...]
Why are these condo fees so high?
March 7, 2011 by Katie Wethman · Leave a Comment
I’m often told by buyers “I won’t look at anything with high condo fees.” Often this can be a mistake. We need to look at what condo fees cover, and why some buildings may be higher (or lower) than others. What’s included in condo fees varies—sometimes widely—from building to building. First you need to be [...]
Cheaper to Buy Than Rent in DC Area
February 28, 2011 by Katie Wethman · Leave a Comment
According to Trulia’s first quarter 2011 index, it is officially cheaper to buy than rent in the DC area, along with 72 other large US cities. With rent averaging $2500-3000, and an average purchase price of $400-500k, the price to rent ratio is hovering around 14. According to Inman News: “A price-to-rent ratio of 1 [...]
Proposed Elimination of Fannie, Freddie May Boost Interest Rates; FHA Insurance Premium Set to Increase
February 21, 2011 by Katie Wethman · Leave a Comment
The administration has released a white paper saying it intends to wind down Fannie Mae and Freddie Mac and severely cut back FHA’s role in mortgage funding. Though the plan could take up to seven years to execute, it would mean a dramatically privatized mortgage market and very likely higher rates. The report offers three [...]
Do I Need a Buyer’s Agent?
January 10, 2011 by Katie Wethman · Leave a Comment
The Washington Post had a great article about how to figure out who represents you in a real estate transaction. The article appropriately warns of the danger of dual agency: “This arrangement may also be called “dual representation.” Both buyer and seller are represented by the same agent. Both parties must sign a form, prepared [...]
More Tips For Finding a Good Investment Property
January 3, 2011 by Katie Wethman · Leave a Comment
I’ve previously written about how to identify target neighborhoods for buying an investment property. Once you’ve done that, how do you find the actual property? Short Sales & Foreclosures are a great opportunity because you can be patient. (See my post on the challenges of timing a foreclosure transaction here and the frustrations of shorts [...]
How do I calculate my expenses on an investment property?
December 27, 2010 by Katie Wethman · Leave a Comment
In our continuing series about buying an investment property, we turn our attention to the expenses. In our current market, it’s relatively easy to find properties where the rent covers the mortgage payment, but what else should investors take into account? Obviously, condo or HOA fees are a big ticket item. Don’t forget these! Property [...]
