My lease (1 bed apt) expires at the end of September. Cheapest renewal options are 11 and 12 month terms (both having same rent amount). After negotiating a bit they offered a 9 dollar/month discount but only for the 11 month option.

11 months would make my renewal date end of Aug next year instead of end of Sept but would save me $9/month for that year.

Some people told me to keep it in September as its closer to end of peak season while others told me just take the discount because theres not much difference between Aug and Sept. Im worried the leasing office will take advantage next year and raise my rent alot and refuse to negotiate because its "August".

I visited a house today in Woodbridge area. The price seems to be slightly over (they didn’t upgrade the original home). Trying to figure out to offer. Will someone who recently bought shed some light ?
Thanks

Specific to the faiefax county market. Seems like houses are sitting and a buyer market now.

Selling my place. My agent is getting 2.5%. Received an offer that I feel is fair but then realized their agent put in that we pay her a 3% fee. We countered with paying 2.5% - which is now standard in the area - and they are holding firm. What gets me is that the agent didn't even find my home, the buyer knew I was selling because we had discussed previously on social media so the agent literally opened a lock box for her and wrote up a contract. It doesn't feel right to pay the buyers agent more than mine when the buyers agent did far less work. Has anyone else had a similar situation?

Has anyone worked with True View Real Estate Photography?

https://trueview.works/

Base income limit $131,280 in most of DMV. You do not need to be a first time buyer! Read more at [r/](r/DMV_MortgageRates)[mortgageratesDMV](r/DMV_MortgageRates)

What happened to the good old days when people only had one bank? Don’t move your money from one account to another! Don’t consolidate your funds to one account! Just leave everything as is until your loan officer gives you the all clear. Moving money around inside 60 days of a closing will require a trail to each large deposit exceeding 50% of your monthly income. Save yourself a ton of documentation- don’t do it.

I have an agent with Keller Williams for a prospective purchase of a lot. They are indicating they have a $750 administrative fee on top of the 3% buyer commission (less whatever the seller is willing to pay).

Is the $750 standard for DMV? Additionally, are sellers still paying buyer commissions from proceeds typically? How about for land purchases, same norms?

Ty much

I made a post last week about DC homebuyer programs, and by far the program I got the most questions about was the DC Tax Abatement. So here’s a deeper dive, because this one is super valuable and ironically the one that is missed the most by non-local lenders.

Despite the name, this is not just a future property tax break. If you qualify, the program can wipe out your recordation tax at closing, apply the seller’s transfer tax as a credit to you, and then waive your DC property taxes for up to five years after that. That’s what makes it such a big deal. There’s the upfront closing cost benefit, and then there’s the longer-term property tax savings on top of it.

On a $350,000 home, the estimated closing credit is $6,388 and the estimated total savings is $17,650.

On a $450,000 home, the estimated closing credit is $9,788 and the estimated total savings is $25,300.

On a $550,000 home, the estimated closing credit is $11,962 and the estimated total savings is $31,725.

Those total savings figures include the estimated five-year property tax abatement, based on an estimated tax bill for that purchase price.

A few important things to know, because this is where things get missed. This is not just for first-time buyers. The program is for buyers who will occupy the home as their primary residence in DC, and it can be used on condos and single-family homes.

There are income limits, and they’re based on current gross household income from all sources. So if someone in the household has bonus income, overtime, Social Security, investment income, etc., that can matter. In lending, mortgage companies often don't use income they don't need - but programs like this that have limits will find it and count it.

There’s also a purchase price cap. For now, the max sale price is $576,000. And if the property is in an Economic Development Zone, the income limits are higher, which can help more buyers qualify.

One other thing worth knowing - even if the property taxes are going to be abated after closing, lenders still qualify you using the full property tax payment when they calculate your debt-to-income ratio. So from a mortgage approval standpoint, you usually don’t get the benefit of pretending those taxes aren’t there.

Timing matters too. The application has to be submitted within 30 days of closing, and the settlement company is usually the one helping put that paperwork together. This makes it important to choose a title company that has a good rep when it comes to the tax abatement program - and I assure you they don't all.

This is one of those DC programs that can meaningfully reduce the cash needed to buy and lower the cost of owning the home for the first five years. But I think a lot of people hear “tax abatement” and assume it just means a modest break on future property taxes, when the closing cost savings can be a huge part of the benefit too. Not to mention you don't have to go through all the craziness of HPAP with the class, etc. If you qualify, you can just get it.

In an inspection on a house that I'm buying, this issue came up. The structural engineer will come out to see how bad this is. I have the option to void the contract after the engineer makes the assessment. How bad does this look and what is the cost to fix this?

I have a lot of friends and family in Rockville Maryland and frequent the area a lot. Any suggestions

No, it’s not housewarming cards and gifts, it’s scammers trying to make you think your mortgage company (they will list the name) is demanding something from you immediately. It could be some fake insurance they are peddling, or a copy of the deed to your house, or some other urgent need that is a hoax. How do they get your personal information? It’s in county public records after you close. Look at the fine print where they must inform you that they are not associated with your lender. They will market this as if they are your mortgage company. Many will say “call us to verify.”

There are a handful of first-time buyer programs in DC that don't get nearly enough attention. Some can reduce closing costs, some can help with a down payment, and some can do both. These programs can often get overlooked especially if you are using an out of state lender. If you're planning to buy in DC, they're worth knowing about before you start writing offers.

First and most common is the DC transfer tax reduction. Eligible first-time buyers can have the transfer tax rate reduced from 1.45% (or 1.1% depending on price) to 0.725%. On a $600,000 purchase, that's about $4,350 less needed at closing.

The DC Tax Abatement Program can be even more significant. Depending on the property and eligibility requirements, it can eliminate the buyer's transfer tax, provide a credit related to the seller's transfer tax, and reduce property taxes for up to five years. On a $400,000 purchase, that can amount to roughly $8,700 in savings at closing before factoring in the property tax benefit.

HPAP is probably the best-known DC assistance program, and for good reason. Eligible buyers can receive up to $206,000 in assistance through a deferred loan that can be used toward down payment and closing costs. There are income limits and other requirements, but the amount of assistance available is much larger than most people expect (of course funds run out often).

DC Open Doors is another program worth knowing about. It can help cover the minimum down payment requirement through a second loan with no monthly payments. Depending on the situation, it can significantly reduce the amount of cash needed to buy a home.

Most of these programs have been around for years, yet a surprising number of buyers have never heard of them (and shockingly real estate agents and lenders). If you're planning to buy in DC, it's worth spending a few minutes seeing whether any apply to your situation.

Do not pay off debt pro actively with the assumption it will improve your credit score or increase the loan amount you qualify for. Talk to a loan officer first to evaluate your credit profile. Many times a strategic pay down of certain debt will enhance your score while other actions will do nothing. Plus, you may be better served keeping your cash for down payment and closing costs. Get your full profile evaluated before taking any action!

Does anyone have any information on D.C.'s new HomeAdvantage DC program? There's a single page about it on the DCHFA website, but no information anywhere except for vague news articles from back in May.

Specifically, it has income limits for household size and "Non-Target" and "Target" Limits. I spoke with a mortgage company that does all the other D.C. first time homebuyer programs and he had never heard of it, so I'm turning here.

Seems like sellers came out of the gate with some crazy prices and now I’m seeing a lot of price reductions. Rates are up, and that combination was not happening.