A lot of people moving to or within Montgomery County inquire about school assignments. Elementary, middle and high schools are broken down into specific clusters. On the Montgomery County Public Schools website http://gis.mcpsmd.org/gis/facilityinformation.asp you can search for schools by putting in the exact address of your property or the general area you are looking to buy in. You can find information and maps depicting the service areas and school locations for the elementary, middle and high schools that compose a specific areas cluster.

Despite common belief, clusters are not always assigned to areas you would assume them to be. They do not necessarily include neighborhoods and towns closest to them. Clusters are determined by demographics, population, bus routes, etc.

If you're moving to Montgomery County or changing locations within it, and schools will play a major part in the decision, then the MCPS website will be very helpful. When working with your Realtor they should refer you to the website because school service areas change often.

Buying a Home and the Appraisal is Low?

Due to the so called "Real Estate Bubble and Market Crash" many property values have been driven down tremendously. However, with the huge influx of buyers in some particular price ranges or locations these values are slowly starting to rise. Nonetheless, an appraiser must use the most recent comps and often times the appraisal may come in lower than the purchase price and/or loan amount. When this occurs there are two options: The seller can reduce the sales price accordingly, or the buyer can come up with the cash to offset the difference.

In most cases it's as simple as this: Buyers don't want to pay more than what a licensed appraiser determines the value of the property to be, so the seller will reduce the price because that's all they can expect to sell their home for. Still, what if the seller or buyer thinks the appraisal is poorly done?

If both feel that the appraisal was poorly done than they can request a second one and then try to dispute the value with the bank providing their loan. Sometimes a second appraisal or dispute will raise the value, but not very often. If that happens and the seller refuses to reduce the price then the buyer has the option to come up with the difference in cash. For example: If the purchase price is $200,000 and the appraisal comes in for $190,000 the buyer has to come up with $10,000 IN ADDITION to the expected down payment amount. If the seller wont come down and the buyer wont come up with the cash difference, then the deal is dead.

If you're obtaining financing for your loan then you will need to know the importance of the appraisal contingency and what exactly it pertains to. Speak with a loan officer to become more educated on all the financing steps that must be taken when buying a home. A real estate agent can help you best determine the value by running a CMA, but again, property values are rising in some areas and price ranges. As a buyer, if you feel an appraisal is low, but feel comfortable paying more than the appraisal amount, come up with the cash!

Ben White-Montgomery County Real Estate Specialist

King Farm, Falls Grove, or The Kentlands?

In this day and age, many buyers are looking to buy a home in a newer, planned mix use community. In Montgomery County and to be more specific, Gaithersburg & Rockville, there are three very good options. King Farm, Falls Grove, and the Kentlands.

All boast different styles of homes built within the last decade and sooner. In each community you have the option of a detached home, townhome, or condo. Each have easy access to I-270 and All communities have restaurants, grocery stores, and a few bars amongst other nice amenities such as parks and paths to run, walk, or take your dog out for a stroll. What sets them apart?

The biggest advantage in all of the communities is Kings Farms proximity to the Metro. The last stop on the red line, Shady grove, is within walking distance for pretty much all of King Farm. King Farm has some great common areas and parks/playgrounds continue to be built. There is a great and new Safeway to shop at along with a few restaurants, coffee shops, and salons.

Falls Grove is only about a mile away from some parts of King Farm, but the walk to the Metro would not be an easy one. The smallest of the three, Falls Grove has less shopping than any others, but borders the Potomac area that is very sought after and offers more upscale shopping and restaurants. It is the newest of the three and offers all the same amenities, just not on such a large scale.

Finally, the Kentlands & Lakelands is by far the largest and most well planned mixed use development. The community has been widely recognized and many planners model their new neighborhoods on the Kentlands model. Set in between Great Seneca highway, Quince Orchard Rd. and route 28 (Darnestown Rd), the Kentlands and Lakelands have a wide variety of styles of homes. Some mirror the Victorian style, other go for a classic colonial historic feel, and even some "New Orleans Style" homes can be found. Beautiful pools, playgrounds, lakes, and paths are all prevalent. As well as nice basketball and tennis courts. Kentlands also has a Whole Foods and a restaurant for pretty much any cuisine. Personally, I run into a large number of relocating buyers who specifically request the Kentlands or Lakelands and are not interested in any other areas.

So, while all three are similar and will give a buyer looking for a community with everything in walking distance, they all have their perks.

Ben White Agent, Rockville & Gaithersburg Specialist

Affordable, Newer Condos in Montgomery County!

Looking for a newer condo in Montgomery County for less than $200,000? How about less than $175,000 or even $150,000. You might be able to find a one bedroom or an older condo with very high condo fees, but what if there was a 4 year old development where you could get a 2 or 3 bedroom/2 bathroom condo with only a $300 fee for those prices?

Welcome the The Ashmore at Germantown Station. Sophisticated and elegant the Germantown Ashmore Condos are conveniently located near I-270, Germantown Rd, Great Seneca Highway & Park, Black Hills Regional Park, plus many stores, shops and restaurants. Being only four years old, it has attracted many first time home buyers and buyers who want something new yet affordable. The community is well laid out and features a pool, party room, gym, bike and walking trails. Not to mention, some of the units even offer a garage.

When first built and sold, some units were selling at or around $350,000. Now they are sometimes attainable for less than half of what they originally sold for. Due to this loss in value there are a number of short sales and foreclosure becoming available. However, they do not last long and multiple offers are being submitted on almost every unit that goes on the market. If you have further questions or interest, contact a real estate agent and loan officer to see if you can afford and have the agent keep a close eye on the community for you. The listings do not last long and you'll need correct help and advice if you want a sparkling 4 year old condo with all the modern amenities most buyers yearn for.

Ben White, MD Agent

Montgomery County Crime & Public Schools

Have you ever wonder how the crime rate is like in a town of Montgomery County you want to find a home in ?

Or, what the school cluster of a certain home is?

Here is the answers: http://www.crimereports.com/

http://www.montgomeryschoolsmd.org/


Crime Reports allows you to search in a CITY, TOWN, STATE, even ZIP CODE, for every form of crime that may have been committed in a specific area - even underage drinking is listed.

The added bonus is the fact that you can also view Registered Sex Offenders specific location when you have that option checked off. The report is displayed over a google map that is very interactive and allows you to scroll through the area you are searching in and click on specific listings to view more information about it.

The School site offers a number of links and options to find out what you want to know about a certain school or what school your potential home would feed into.

You must know that a real estate agent cannot legally comment on crime so this is one of the best places to research. As an agent we must also refer you to the public school site because we cannot guarantee that the cluster won't change.

Ben White, Rockville Agent

Buying a Home With a Home Owners Association

When buying a property with a HOA there are a few things a buyer must know. The most important being the rules of reviewing the HOA documents. The state of Maryland allows a buyer five days to review the HOA documents/resale package that must be provided by the seller prior to settlement. Once under contract the seller will order the package. Some seller may have already ordered it, but it must be recent. The docs must be no more than 60 days old. Upon review of the docs the buyer can terminate the contract and has no obligation to give an explanation.

The information will include all the rules, covenants, and regulations of the neighborhood amongst other valuable information about the community and the property. Personally, I have had a buyer terminate the contract because the HOA docs did not permit the owner have a satellite dish bigger than a standard TV dish on the property. This particular buyer had a job that required a large satellite be constructed in the back yard. Once he found out that this was not allowed, he had to terminate the contract. Other reasons may include parking regulations, pet regulations, or even gardening regulations. They HOA will usually mandate certain exterior colors be used and any exterior changes to the house or yard must receive approval as well.

Also, you will pay a fee for the HOA. You must include this in your estimated monthly payment, because it must be paid or a lien can be filed. The HOA fee does have it's positives though. What the fee covers will vary, but the may include lawn maintenance, snow and trash removal, general maintenance or certain amenities like pools & playgrounds etc.

When looking to buy be sure to have your real estate agent look into the community and obtain your re-sale package asap. You will also want your loan officer to include the HOA fee in your Good Faith Estimate. Be sure you review the docs thoroughly and are prepared to make the required payment.

Ben White, Gaithersburg Real Estate Agent

Foreclosure Buyer? Buying a Bank Owned Property?

Over the last few years the real estate market has been flooded with foreclosed properties. Also known as REO(Real Estate Owned) and bank owned properties. Depending on a buyers price range and expectations, they may be looking at a majority for bank owned properties. Most of these listings will fall under $400,000. This price range overwhelmingly first time home buyers looking to take advantage of the tax credit before it expires. I work with a lot of buyers that fit this description and there are a few things you must know before making an offer or even beginning you house-hunt.

First, most people already know that they are being sold "AS-IS". This means that the seller will not make any repairs to the property whatsoever. However, the buyer can still have a home inspection contingency and have the option to terminate the contract should the results be unsatisfactory. It is considered a General Inspection Contingency. I have found that this is widely unknown and good news to buyers who may be looking at a majority of As-IS properties. Similarly, you must know that the condition of the property must be sufficient enough for financing. Again, most buyers in this price range will be obtaining an FHA loan. Well, The Federal Housing Administration requires that the property have no health, safety, or hazard issues and be considered livable. To pass this inspection done by an FHA approved appraiser, the property must have working main appliances(stove/oven, refrigerator). A dishwasher and washer/dryer are not required. There must be no exposed wires, mold, broken windows, missing handrails etc. It must have a working hot water heater and the heat must work too. The inspector must also determine that the roof has a minimum of 3 years life. Problem is, most bank owned properties have some of these issues and it can be difficult to purchase one with an FHA loan.

Next, the buyer must understand that they may not get an immediate response from the seller/bank and often times it could take about to a week depending on whether or not a weekend falls within those days. Yes, other offers may come in and you may now be in a multiple offer situation. You must know that it may take some time when writing the offer. Buyers can become very impatient and nervous during this process, but there is nothing that can be done. The banks move as quick as possible and have hundreds if not thousands of offers they are dealing with.

Lastly, they are may often times be delays in settlement due to issues with the title and/or deed. Sometimes the bank has not fully received possession of the property amongst many other logistical issues that can go awry. Yes you may be able to get a great deal, but these are a few things buyers should know going into this market.

Ben White, Montgomery County Specialist
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