Anne Arundel County Short Sales Just Got Less Expensive
Posted on | February 8, 2010 | Leave a Comment
Written by: Diane Donnelly
Anne Arundel County Short Sales Just Got Less Expensive!
A short sale is when a seller sells a home for less than what is owed to the bank or the mortgage company. The difference between what the home sells for and what is owed is considered “forgiven debt”.
Anne Arundel County decided to tax short sales on the sales price plus the debt forgiven by the mortgage company or bank.
However, the Maryland Attorney General’s office said the practice wasn’t supported by state law.
Richard Drain, the county controller, said Anne Arundel County will collect recordation tax on the sales price, rather than the sales price plus the forgiven debt by the lender. This is good news for the buyer! Because recordation taxes are generally split between the buyer and the seller, the amount of cash needed to buy the home has now been reduced a liiiiitle bit.
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Tags: Add new tag > Anne Arundel County > buyers market > closing costs > Financing > First-Time Homebuyers > foreclosure > lenders > mortgage > short sale
Proposed FHA Loan Changes Make Buying a Home More Expensive
Posted on | February 8, 2010 | Leave a Comment
Written by: Diane Donnelly
Proposed FHA Loan Changes Make Buying a Home More Expensive.
The Housing and Urban Development (HUD), has made the much anticipated, official announcement regarding changes to the  popular Federal Housing Administration (FHA) loan program.Â
The proposed FHA policy changes are detailed below:
1. The up front mortgage insurance premiums will be raised .50 point to 2.25% of the mortgage amount. They anticipate the change to be effective this spring.
2. Minimum credit score will be 580 to qualify for the low 3.5% down payment. If your credit score is lower than 580, you will be required to put a minimum of 10% down. They anticipate the change to be effective this summer.
3. This is a BIG one! They may reduce the closing cost assistance they allow the seller to pay. Under current FHA guidelines, the seller can pay up to 6% of the sales price toward a buyers closing costs. They are looking to reduce the contribution to 3%, meaning a buyer will have to come up with the additional 3% (approximately).
To see the full press release from HUD, go to http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
If you are looking to move or know someone who is, please forward this update to them as it will be considerably more expensive to buy a home once these changes take place. For example, on a home purchase in the amount of $300,000, once the changes are implemented, a buyer will need approximately $15,000 more assets than they do today. One more reason not to wait to buy your home.
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Tags: buyers > closing costs > credit scores > FHA loan > HUD > sellers
The Donnelly Group of Annapolis, MD Announces the Addition of New Buyers Agent
Posted on | December 2, 2009 | Leave a Comment
Written by: Diane Donnelly
The Donnelly Group, Inc. is pleased to introduce Michelle Weber, their newest team member. Michelle’s extensive real estate background, positive attitude and dedication to providing exceptional service to her clients make her a perfect addition to Anne Arundel County’s fastest growing real estate team.
“Our team has thrived in this difficult market for two reasons,” explains owner and founder Diane Donnelly. “We accept nothing less than excellence from our team members and we find solutions for our clients, not excuses. Michelle believes in these principles and we’re excited that she’s bringing her talent to our team.”
Michelle joins the Donnelly Group as a buyer’s agent, eager and ready to assist buyers in their home purchasing decision. Michelle is extremely enthusiastic about this opportunity to help people make one of the most exciting decisions of their lives!
The bulk of Michelle’s experience lies in new construction as a Sales and Marketing Representative for a national homebuilder.  During her career as a Sales and Marketing Representative, Michelle developed an understanding for the entire process of purchasing a home from building materials and inspections to mortgages and settlements. Additionally, she was able to learn that the most important aspect of Real Estate is customer service. Michelle was able to maintain a 100% rating for customer service by keeping her customers’ needs at the forefront during all aspects of the buying process. Michelle was also awarded Rookie of Year during her first year with the company and was among the top 10% of sales representatives at one of the top National Builders in the country!
Michelle is an Eastern Shore native, born and raised in Cambridge, MD. She attended the University of Maryland in College Park, MD where she graduated at the top of her class with a double degree in Marketing and Finance which has prepared her to specifically target the needs of buyers, developing the most beneficial purchasing decision.Â
 The Donnelly Group is a Keller Williams Crossroads real estate team specializing in the Annapolis/Anne Arundel County real estate market.
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