Friday, March 26, 2010
New listing at 1724 5th Street NW
MORE THAN A “HANDYMAN’S” SPECIAL. Built in 1900 and in the family for 2 generations, this siding on wood shingle home is one of the last remaining semi-detached rowhouses ready for straight-forward restoration in the neighborhood (not in an historic district!). Located 2 blocks from Shaw metro, 4 blocks to Howard University, 6 blocks to the Convention Center, and ½+mile to U Street landmarks like Ben’s Chili Bowl and the Lincoln Theater. This 2-level, 3 bedroom/1 bath house sits behind an approximate 20’ X 18’ front patio area. At the back of this 1,770/.04 acre lot (per tax record) is a 2-story barebones brick carriage house that has excellent small in-law suite or home office potential. Well suited to an investor full rehab or homeowner’s FHA 203k project, attractively priced at $290,000 (Proposed 2011 DC tax assessment is $293,860 just for the land, and $398,560 in total).
Monday, January 25, 2010
Always check your home insurance when vacating your home!
In the event that you will be vacating your home for a month or more before selling it, be sure to check what the terms of your home/condo insurance policy is. Frequently, insurers will terminate your policy if it goes unoccupied for a month or more. Make sure your protected!
Please note I am not endorsing compuquotes, I just think the overview they've written on the subject is a good one.
Cheers,
Matt
Please note I am not endorsing compuquotes, I just think the overview they've written on the subject is a good one.
Cheers,
Matt
Monday, January 11, 2010
2 Really Nice Client Testimonials
Vinnie Panizo (November 2009 purchase)
Matthew was the 2nd agent I worked with when buying a new apartment in DC. Both he and the first came highly recommended but after a few weeks of working with the first agent I felt frustrated and unheard so, I decided to test the waters with Matthew. What I got was the über agent: responsive, thorough, tactful, persistent, a genuine advocate, committed to me getting the home that I wanted, he always found an answer to my questions, and he offered excellent advice and gave me the space to make my own decisions. Matthew handled the frustrating and drawn out elements of my home purchase beautifully and made sure that I got everything that I was entitled to in the final negotiations. I’ve heard a lot of stories about people’s experiences with their real estate agents some good some not so good. Matthew got high praise before he worked for me and now that I’ve worked with him I can genuinely offer that same high praise to anyone else looking for an agent.
Len Hirsch & Kristian Fauchald (July 2009 purchase)
“Matthew dealt with the purchase of a condo and subsequent contingent sale of my house with great professionalism, thought and success. He listens well, understands the market well, and puts together the whole package very effectively. I absolutely recommend him to anyone.”
Matthew was the 2nd agent I worked with when buying a new apartment in DC. Both he and the first came highly recommended but after a few weeks of working with the first agent I felt frustrated and unheard so, I decided to test the waters with Matthew. What I got was the über agent: responsive, thorough, tactful, persistent, a genuine advocate, committed to me getting the home that I wanted, he always found an answer to my questions, and he offered excellent advice and gave me the space to make my own decisions. Matthew handled the frustrating and drawn out elements of my home purchase beautifully and made sure that I got everything that I was entitled to in the final negotiations. I’ve heard a lot of stories about people’s experiences with their real estate agents some good some not so good. Matthew got high praise before he worked for me and now that I’ve worked with him I can genuinely offer that same high praise to anyone else looking for an agent.
Len Hirsch & Kristian Fauchald (July 2009 purchase)
“Matthew dealt with the purchase of a condo and subsequent contingent sale of my house with great professionalism, thought and success. He listens well, understands the market well, and puts together the whole package very effectively. I absolutely recommend him to anyone.”
Friday, November 27, 2009
Settlement/Title Companies and Title Insurance
I get asked frequently what is the difference between the settlement/title company and title insurance, and why does one have to buy title insurance. If you look around on the internet, you'll find it's not well explained. I am including here 2 web pieces that I think explain pretty well what this is all about.
The settlement company is also known as a title company, and they are a neutral party to the transaction responsible for ensuring that all the contractual requirements and documentation for the buyer and seller is brought together so that they can "settle" the property on closing day. While the closing cost fee is often very modest ($300-$500), the other costs of settlement, including what can be pretty expensive title insurance is where their real money is made. More or less, they really earn their fees because it can be a time consuming process to ensuring that the property is free of liens or other encumbrances that could come back to "bite" the new owners.
Settlement companies also serve as agents to particular title insurance companies, which back the findings with a guarantee to pay back to the lender any losses if the property ends up not actually being free of encumbrances. Encumbrances are wide ranging, from unexpected government easements that may diminish the value of the property to former owner or spouses who never actually consented the properties sale. The title insurance and the settlement company are guaranteeing this not just for the most recent ownership situation, but for all time before...which can decades to hundreds of years.
There are 2 types of title insurance, and I always advise that you buy both of them. The first is insurance that you pay for on behalf of your mortgage company, should they experience any loss from future title issues. That's fine for them, but what about for you? To protect you too, you should buy an owner's title supplement as well at the same time. That way, the bank is not only protected for its losses, but you are protected for any losses you might experience.
Title insurance isn't cheap, but it is important. Here are a couple of links that you may find helpful reading:
Title insurance in the U.S.
Settlement companies and title insurance
The settlement company is also known as a title company, and they are a neutral party to the transaction responsible for ensuring that all the contractual requirements and documentation for the buyer and seller is brought together so that they can "settle" the property on closing day. While the closing cost fee is often very modest ($300-$500), the other costs of settlement, including what can be pretty expensive title insurance is where their real money is made. More or less, they really earn their fees because it can be a time consuming process to ensuring that the property is free of liens or other encumbrances that could come back to "bite" the new owners.
Settlement companies also serve as agents to particular title insurance companies, which back the findings with a guarantee to pay back to the lender any losses if the property ends up not actually being free of encumbrances. Encumbrances are wide ranging, from unexpected government easements that may diminish the value of the property to former owner or spouses who never actually consented the properties sale. The title insurance and the settlement company are guaranteeing this not just for the most recent ownership situation, but for all time before...which can decades to hundreds of years.
There are 2 types of title insurance, and I always advise that you buy both of them. The first is insurance that you pay for on behalf of your mortgage company, should they experience any loss from future title issues. That's fine for them, but what about for you? To protect you too, you should buy an owner's title supplement as well at the same time. That way, the bank is not only protected for its losses, but you are protected for any losses you might experience.
Title insurance isn't cheap, but it is important. Here are a couple of links that you may find helpful reading:
Title insurance in the U.S.
Settlement companies and title insurance
How do you get those darn No Parking signs for Moving day in DC?
For anyone who has ever moved to or in Washington DC, you are probably familiar with how confusing it is to get the No Parkings signs you may need to put in front of your new home for the moving truck.
I'd like to say it's easy - and oftentimes it is - but it can also be an ordeal...and that's just the way it is in DC.
Even if you hear you need to go to the DDOT for this, DON'T. You need to get No Parking signs from the police station closest to your new home. You should pick them up about a week in advance, because you have to put them up at least 72 hours before moving day.
How do you find out where your closest local police precinct is? Here's a handy website:
Your local police precinct by address
If you'd like to read someone's personal story of the rigmarole see:
Moving Signs Rigmarole
Lastly, a bonus "blogette", here's how to find out where your nearest electoral polling place is:
How to find Your nearest DC polling place
Fortunately, registering to vote is easy in DC...you can do it simultaneously with getting/renewing your Driver's License.
Welcome to DC!
I'd like to say it's easy - and oftentimes it is - but it can also be an ordeal...and that's just the way it is in DC.
Even if you hear you need to go to the DDOT for this, DON'T. You need to get No Parking signs from the police station closest to your new home. You should pick them up about a week in advance, because you have to put them up at least 72 hours before moving day.
How do you find out where your closest local police precinct is? Here's a handy website:
Your local police precinct by address
If you'd like to read someone's personal story of the rigmarole see:
Moving Signs Rigmarole
Lastly, a bonus "blogette", here's how to find out where your nearest electoral polling place is:
How to find Your nearest DC polling place
Fortunately, registering to vote is easy in DC...you can do it simultaneously with getting/renewing your Driver's License.
Welcome to DC!
Ever wonder what day your garbage will be picked up?
Do you ever wonder what day your garbage will be picked up?
I have had a number of Washington DC clients who understandably wanted to know when their garbage would be picked up at their new home.
It's easy, just enter your address at this website: DC Collection Days
I have had a number of Washington DC clients who understandably wanted to know when their garbage would be picked up at their new home.
It's easy, just enter your address at this website: DC Collection Days
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