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Pat Kennedy was published in the Washington Post.  Wow! 

Take a look at her post, and be sure to click through to her article on the new Washington Post blog, Where We Live.  Then, please comment on her post, not mine. (...unless you want to comment on both.)

REAL ESTATE Q & A

Q.  How can I take advantage of today's great interest rates and home prices, when I can't sell my current home?

A.  If your housing needs have changed, welcome to the club. That's a perfectly normal situation that has motivated home sellers and buyers for decades.

In today's market, however, it's not always easy (or even possible) to sell one residence and use the equity to purchase another. That doesn't necessarily mean you're trapped forever in a home that no longer fits your shrinking or growing household... not if you can rent that home for enough to cover your monthly mortgage payment. 

Have you considered these other options for your down payment and closing costs?

• VA Financing - Little or no money down for qualified veterans, as well as active duty military.  Even if you've already used your VA eligibility in the past, you may be able to use it now.  My husband and I have used VA several times for refinancing and purchasing.
• FHA Financing - Only 3.5% down for qualified buyers, within the local loan limit.  This is very popular in today's market.
• Closing Help - FHA and VA allow sellers to pay up to six percent towards "actual costs" of the loan.  Some Conventional loans allow sellers to pay up to three percent of the borrower's closing costs.  With so many homes on the market, many sellers are willing to do this.
  
• Retirement Plan - In some cases, you may be able to borrow your own money previously contributed to a retirement plan.  Check with your plan administrator to find out if this is possible and to determine any penalties or tax obligations that accompany this action.  One of my clients is using this resource to close on his first home in January, and the seller is paying most of his closing costs.
  
• Life Insurance - You may be able to liquidate the cash value of your life insurance.  Check with your insurer to find out if this is an option for you.
• Refinance your current home - Even if you can't sell your current home in today's market, you may be able to liquidate some of your equity for down payment and closing on another home by refinancing.  For some homeowners, refinancing will lower the payment to improve cash flow, even if you don't take cash out. 
  
• Relatives - Even if you can't refinance your current home or use your retirement plan or life insurance for down payment and closing, your parents or another relative may be in a position to do so.  It doesn't hurt to ask. 
  
• Owner Financing - The sellers of some homes on the market may be willing to hold a second trust for all or part of your down payment/closing costs.  My mother recently reminded me that she and my dad sold their home with owner financing during a previous real estate meltdown. 
  

Don't assume you can't get a Conventional loan with minimal down payment.  95% loans are making a comeback in the marketplace, and some well-qualified buyers are taking advantage of them to avoid the high FHA insurance.

If your housing needs have changed, you aren't necessarily trapped in your current home by today's struggling real estate market.  This may be perfect timing for you to make a move.

CROFTON, MARYLAND:  REAL ESTATE QUESTIONS & ANSWERS

Q. I want to sell my Crofton home, but I live in California. Will you mail the paperwork to me?  Fax it?

A. Paperwork that required mailing 10 years ago and scanning/emailing just 2 years ago can now be signed and sent electronically. Let me explain…

________________________

Your autograph is no longer necessary on real estate sales contracts, addenda, and other documents used to buy, sell, and lease real estate.  E-signing is the latest item on a long list of technology innovations since I started in this business. I love it!

The e-Sign Act (2000) and Uniform Electronic Transactions Act (1999) made electronic signatures binding, but there are still a few hold-outs in the banking world that won't accept digital signatures. In these situations, many people use electronic signing in their initial negotiations and then follow up with a copy signed the old fashioned way – with pen and paper – after the agreement is complete.

However, FHA is on board (FHA Letter) and so is the National Association of REALTORS (NAR White Paper), as well as many lenders.

Here's how e-signing works:

1. Your agent goes online to an e-signature company (such as Authentisign or Docusign) to create a new signing. The first step is to name the signing, such as “123 Crofton Parkway - Lease.”

2. Your agent will identify each participant in the new signing by entering their name, email address, role in the transaction, and whether they are a signer, reviewer, or copy recipient.

3. The document (or two or three…) will be uploaded by your agent. It's done the same way you add an attachment to email.

4. Your agent will then go through the document to identify each place where a signature or initials are needed. It's a simple “drag and drop” process. If cross-outs or written changes are needed in the document, your agent will do that electronically and create an initial box next to it.

5. After reviewing the document to make sure nothing has been overlooked, your agent will go to the final step – i.e., sending it to you, accompanied by an email message with any comments or instructions.

6. You receive an email containing the document, along with step by step instructions, and submit it for authentication.

7. After your document is authenticated by the e-signature copy, it is forwarded to the next party. Once all parties have signed, the final copy will be sent to anyone identified as a reviewer (such as your agent) and a copy will be delivered to everyone listed in Step 2.

8. Now all parties have an electronic file of the completed document, which you can save as a PDF file and print for a hard copy.

My clients have used electronic signing for leases, listings, contracts, and random follow-up documents such as the home inspection addendum. Obviously it's ideal for people who are out of the area, but even clients who live in the greater Crofton area love the convenience.

Don't be surprised if there's an electronic signature in your future, especially if you buy or sell a home. This ranks right up there with fax machines, cell phones, online listing data, and electronic lock boxes… just a few of the other technology innovations that have made life easier for consumers and real estate agents alike.

Posted by the author to Focus on Crofton on 11/18/11

Take those elf hats out of your closet… it’s time again for Operation Christmas!

We prepared over 100 holiday gift bags for deployed troops last year, thanks to the incredible generosity of Crofton area residents, including many of the agents at Long & Foster REALTORS, and it's that time of year again.

We already have many donations for this year, without even asking, but we still need the following items on or before October 19:

Assorted toiletries, paperback books, white no-logo socks, 5½ x 8½ inch puzzle books, toys appropriate for a 20-yr. old, tissue packs or wipes, unique gift items (paperback books, LED reading lights, manicure kit, sunglasses, disposable camera) and healthy snacks such as granola bars, trail mix, etc. 

You can drop them off at Long & Foster in Crofton, or send a check to  Margaret Woda at Long & Foster REALTORS, 2191 Defense Hwy., Crofton, MD 21114 for us to purchase gift items on your behalf.

Several elves (Long & Foster agents) will help fill the bags and pack them for shipping on October 21. Everything will be well organized in advance by Crofton Village Garden Club members, so it shouldn’t take longer than two hours, max.  If there are enough donations to ship more than 8 cartons, we'll schedule a second date the following week.

We expect to ship eight cartons of 16 filled gift bags to Operation Give as our contribution to "Operation Christmas Stocking." They cover the cost of our shipping to their warehouse in Utah and shipping to the troops.  This is one of several ongoing operations they have throughout the year, so take a look at their website.

Don't have TIME or MONEY, but want to say "thank you" to our troops by participating in Operation Christmas?  Use this as an excuse to touch base with former clients.  Post it on your Facebook page. Your sphere of influence may surprise you!  

Kickoff  for the 2011 season and the Navy vs. Delaware game is 3:30 p.m. today at the Navy Marine Corps Stadium on Rowe Boulevard in Annapolis.  

Parking at the stadium is reserved for those with seasonal parking passes, but there's plenty of free parking for the rest of us at satellite lots.  The most convenient location for Crofton residents is the Harry S. Truman Park & Ride, off Riva Road.

Free shuttle service begins five (5) hours prior to kickoff and drops riders off in front of the Navy Ticket Office at the Class of 1953 Pavilion. Shuttles run about 20 minutes apart.  After the game, you can pick up the shuttle at the same spot, beginning at the start of the fourth quarter until 90 minutes after the game.  Nothing like door to door service!  Chances are good that you'll walk less between your car and the gate than folks who park at the stadium itself.

Crofton residents who have never attended a Navy game should do so at least once. Pre-game pageantry as the Brigade of Midshipmen march into the stadium and fill the field, one hour prior to the game, is a sight you won't soon forget.  Even if you're not a football fan, per se, you might become a Navy Football fan - just for the game-day experience!

Reserved seating is just $35 for today's game, or you can get "standing room only" tickets for the grassy hill overlooking the stadium at $20 for adults and $12 for kids.  Buy Navy football tickets HERE.  Some games are sold out, including most "away" games, so don't miss your chance to experience Navy Football today!

The CNN Money annual list of the Best Places to Live 2011 includes Crofton MD at #82.

Most people in Crofton and the greater Crofton area would agree that our community is a “Best Place to Live,” but Money has some stats to back up their claim.

Here is the CNN Money comparison of Crofton with the average for all “best places” on their list:

In my experience, the primary reasons most people choose to live in Crofton and the surrounding area are not reflected in these statistics.

They include recreational opportunities (parks, golf, bowling, movie theaters), public resources (libraries, museums, and arts venues), commuting convenience (international airports, rail, and Interstate highways), nearby employment opportunities (D.C., Baltimore and Annapolis), well-maintained neighborhoods in various price ranges, local and regional shopping and dining options, places of worship, and the highly involved residents who fuel our many community organizations.

These benefits of living in Crofton can't be easily measured, but they are priceless!

"Thank you" to all military spouses on this Military Spouse Appreciation Day.  

Did you know that May 6 was declared Military Spouse Appreciation Day in 1984 by President Ronald Reagan? Most Americans are pretty good about supporting our active-duty military, but it's easy to overlook the challenges faced every day by a military spouse. 

Aside from the emotional ups and downs of loneliness and constant concern for their spouse, there are practical matters a military spouse encounters daily...like 24-7 parenting without anyone to help with the kids, or the yard, or health care or...  Well, the list goes on endlessly. 

'Been there, 'done that, and I remember.

So take a minute right now to think about any military spouses in your family, your client/customer database, or your sphere of influence and make a note to call or write today and say "Thank you for your service". 

Here are a few other things you might do to honor them on Military Spouse Appreciation Day - or any day.

Ten ways you can thank a military spouse :

1. 

   Spend an hour or two of your time watching their small children so they can have some a lone time for errands, a nap, or catching up on bills.
   
2. Go for a walk with them and talk - I remember going to the grocery store just to talk with the check-out person.  
   
3. Invite them for a cup of coffee at your home or a local bagel shop.
4. Send flowers - or better yet, take them.
5. Share a bottle of wine.
6. Offer to take their photo or make a video for them to send overseas to their deployed spouse.
7. Go shopping together.
8. Invite him or her (and kids) to join your family for a cookout.
9. If their spouse is not currently deployed, offer to babysit so they can have an adults-only dinner out.
10. Spread the word that today is Military Appreciation Day so many others will also say thank you.

If you own a small business, you may wish to offer a discount or small gift to military spouses today.  Or better yet, every day.

I've had the opportunity to work with hundreds of military families during my years in real estate, and I always feel so honored to earn their trust.  Long after your home sale or purchase is over, I think about them - but I don't say "thank you" often enough.

So right here, right now, let me say to my military clients, neighbors, and relatives, that I think military spouses are pretty special people.   And I thank you for your service and sacrifices that make it possible for your spouse to protect our nation.

Living in Maryland near the U.S. Naval Academy (USNA) has it perks... especially if you or your spouse happen to be active-duty or retired military and you have occasion to visit The Yard, as we often do.

This past week we took a lunch break during a very busy day and headed down to the Academy Club.  It was such a beautiful spring day that we ended up walking around and snapping photos like a couple of tourists before heading back to work.  

If you're planning a visit to D.C. or Maryland, don't forget to include time for a tour of Annapolis and the USNA in your schedule.  It's just 33 miles east of D.C. and 30 miles south of Baltimore.  Guided tours are available with various Annapolis tour companies, or through the Academy's own Visitor's Center, just inside Gate One on King George Street.  It's open 9-5 daily.

You can park downtown and walk to the Academy, if you don't have a DOD sticker on your car, enjoying the ambiance of Historic Annapolis along the way.  If you do have a DOD or handicap sticker on your car, you may drive onto the grounds and park just inside GATE ONE.  Since this is a military facility, anyone over 16 entering The Yard must have photo ID and your cars/bags are subject to search.

P.S. - There's a formal dress parade of the Brigade of Midshipmen on Wednesday, April 20 at 4 p.m.  If you live in the area and would like to attend, contact me so we can meet up in the reviewing stands.

NOTE:  You'll be seeing my photos in the coming weeks and months, but this one is a stock photo taken at this time of year, compliments of the U.S. Navy

Q.  I rented my Bowie MD home when I got PCS orders from Fort Meade to Fort Bragg because I couldn't sell it for enough to cover the mortgage.  Now that my home is a rental property, will I still be eligible for the Department of Defense Homeowners Assistance Program known as HAP?

A.  Yes, you can use HAP if the property is rented, provided it was your primary residence at the time you received PCS orders.  

There are some additional requirements, as well:

1. Your permanent reassignment to a new duty station or home port must be outside a 50-mile radius of your former duty station or home port.  
2. Your reassignment must have been ordered between 1 February 2006 and 30 September 2010.
3. Your property must have been purchased before 1 July 2006.
4. You must have a decline of at least a 10% home value from the date of purchase to date of sale.
5. You must not have previously received these benefit payments.

In addition to active duty military personnel with PCS orders, HAP is also available to some civilian government employees, surviving spouses of military personnel, and wounded military personnel.

The best way for you to confirm your HAP eligibility is to download the application packet and complete the application.  Be sure to carefully read all instructions, complete your application, and then mail it to the HAP Field Office in Savannah, Georgia, the district responsible for Maryland.  It's not necessary to wait until you have an offer on your home... in fact, it's a good idea to get started right away even if your home isn't on the market for sale yet.

You will need to know the current market value of your property, and that's where I come in...  researching that information for you is a service I'm happy to provide without any cost or obligation.  Contact me by phone (301-346-2923) or email (MWoda@mris.com) if you believe you may be eligible to sell your Maryland home with HAP.

The information in this blog post should not be construed as legal advice, since the author is not an attorney. 
More information about HAP is available on the official website for the
Department of Defense Homeowner's Assistance Program.

Whether PCS orders have you selling or buying a home in Maryland, there are three programs you should know about.  They could help you in other parts of the country as well:

As the spouse, daughter and granddaughter of veterans, I take a lot of pride in serving today's military families, and military moves have been a large segment of my real estate business for over 30 years.

Using the Department of Defense Home Owners Assistance Program in Maryland, obtaining a VA Compromise, buying a home before the extension for military families expires - these three programs are just the beginning... You have unique opportunities as well as requirements when you receive PCS orders. I "get" that.

Nothing could please me more than an opportunity to help you achieve your goals and enjoy the smoothest possible military move to or from Maryland.