When preparing a Seller Net Sheet or Buyer Estimate, accurate property taxes are a great way to ensure you are on target for estimated proceeds, cash to close, and monthly payment.
(By the way you can do easily do these this with our app). Read more
Maryland’s Recapture Tax Means Estates May Owe Back a Portion of the Homestead Tax Credit
Many counties in Maryland recently changed their treatment of the Homestead Tax Credit when an estate is the seller. This new Recapture Tax comes as an unwelcome surprise to listing agents and personal representatives because it can drastically reduce seller net proceeds.
First, let’s talk about the Homestead Tax Credit (HTC). The HTC shields homeowners from drastic tax increases. The credit is reserved only for a principal residence. A homeowner is eligible to apply after they lived in the property for one year.
Understanding Guardianship and Property-Related Decisions
If you’ve been a Realtor for any length of time, you know that people will come to you for advice on all things related to real estate.
At some point in your career, you’re bound to encounter a question about how to handle a situation where the owner of a property, likely a loved one, is no longer mentally and physically able to care for the property and make the necessary decisions about how to handle the property — including when it’s time to sell. Read more
Money Laundering, FinCEN and What It Now Means for You
Unfortunately, money laundering occurs in real life — and not just by Jason Bateman in “Ozark.”
Traditional hotspots have been California, Miami, New York, Chicago. But guess who just made the list!
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a new Geographic Targeting Order with reporting requirements that affect real estate transactions in Washington, D.C., Northern Virginia, Maryland and especially Baltimore!
As of 4/29/2022, if your CASH buyer is paying as little as $50,000 in Baltimore City and County, or $300,000 in Maryland, D.C. or Virginia, they may have some explaining to do. Read more
Survey Says … Location Drawings are Worth It
What if I told you there was a major problem with the property you are about to buy?
To identify the problem, YOU would need to read and visualize meets & bounds descriptions that read something like this:
“From the Northwest 1/4 of Section 21, run South 00 37’51” West along the West line of said Northwest 1/4 at a distance of 50.00 feet to the Point of Beginning on the Southwest right-of-way of Country Club Drive … ” Read more
Basic or Enhanced Title Insurance: How to Choose the Right Level of Coverage for You
You have auto insurance in case of an accident.
You have medical insurance for when you’re sick.
You probably even have insurance on your cellphone because what would you ever do without it?
But you’d be surprised how many people ask us, “Do I really need an owner’s title insurance policy?”
Yes. Yes, you do.
You Down with OTP? … Because Title Claims are Naughty By Nature
O is for Owners,
T is for Title, scratchin’ temple
The last P, it’s pretty simple.
It’s Policy.
An Owner’s Title Policy could be the only thing that saves your asset from a huge financial loss.
OTP … It’s as simple as ABC.
For most people, owning a home is the cornerstone of their financial future. Over time, as your home builds equity, you can use that money to pay for college, supplement retirement or put a down payment on that beach house! Read more
Homestead Tax Credit
Happy One-Year Anniversary!
Now that you’ve lived in your house for a year, you should qualify for Maryland’s Homestead Tax Credit. This credit limits any annual tax increase to no more than 10% a year for a principle residence. As values rise, so will your taxable assessment. So lock in your base value now before you overpay on your future tax bills. To register, you must:
1) Live in the Property for a Year as Principle Residents
2) Receive Your Application by Mail or Call 410-767-2165 to Get the Access Number
3) Apply at https://sdathtc.dat.maryland.gov/
Team Member Spotlight: Colleen Eichelberger
Colleen Eichelberger has been working in our industry for more than two decades. That’s a big reason why this licensed settlement agent is ready to take on any challenge that comes across her desk.
Along the way, she’s developed solid strategies for how to start every day with a win and how to turn things around when things aren’t going so great. Plus, she’s not afraid to eat a rattlesnake! Read more
December Home Prices Increased Sharply
U.S. home-sale prices increased nearly 7 percent year-over-year in December to a median of $312,500, according to a report from Redfin.
The company said home prices in December also were up 1.1 percent month-over-month on a seasonally-adjusted basis, the largest increase since February 2018.
“Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices,” Redfin Chief Economist Daryl Fairweather said in a release. “Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets.”
According to the report, year-over-year price increases in December were the largest in Memphis (median price $190,000, up 15.9 percent); Camden, N.J. ($195,000, +14.7 percent); and Cincinnati ($187,000, +14.4 percent)
In the metro areas Redfin tracks, New York (down 2.4 percent) and San Francisco (down 1.7 percent) were the only places with year-over-year price decreases in December.
Nationwide, home sales increased 6.8 percent year-over-year in December, and were up 1 percent from November on a seasonally adjusted basis.
The report identified the markets with the biggest yearly increases in home sales in December as Anaheim, Calif. (37.7 percent); North Port, Fla. (35.8 percent); and New Haven, Conn. (23 percent).
Redfin said the supply of homes for sale in December fell 14.9 percent year-over-year, the biggest decline since March 2013.
“Many homeowners have refinanced their mortgages to take advantage of low-interest rates and therefore feel committed to staying put,” Fairweather said. “The lack of homes for sale is going to fuel competition and price growth in 2020.”
Article courtesy of The Title Report