Ramblings of a Baltimore area Realtor

With so many great deals on the market now some investor's are really pushing their luck with the occupancy rules.  Buyer's and Agent's alike need to be extremely careful with the occupancy requirements on short sales and foreclosures.  The other thing you need to be really vigilent about is "Arms Length".  If you are in doubt, ask someone who should know or seek the advice of a good attorney.

Taking the Stress Out of Saving for a Down Payment

Are you dreaming of owning a home, and feeling stressed about coming up with money for a down payment?  Coming up with 3.5% or more of the purchase price is enough to scare many perspective buyers away. However, even if you don’t have the necessary funds for a down payment in your bank account, there are many other options that you should take into consideration to come up with the money you need to put a down payment on your dream home.

Possibly one of the easiest ways to get a down payment for a home is to borrow against your retirement account. Many people have been investing in a 401(k) plan or traditional IRA for years, and first-time homebuyers may borrow up to $10,000 for their down payment without incurring a penalty, so long as you pay it back. For those who are self-employed—or if your employer allows it—you can also borrow up to $50,000 from your current 401(k) and pay yourself back over five years at a low interest rate.

Another thing you can do  is look for down payment assistance grants. Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time homebuyers, low-income and moderate-income individuals and families who wish to achieve homeownership.

In Maryland there are many such opportunities and even some that are linked to your place of employment.  There are FHLB grants of $5,000 that can be piggy backed with SELP/CDA money, there are Live Near Your Work Programs and some lenders have special in house programs.  And, if you're thinking about buying in Baltimore City - if you participate in the Live Baltimore Trolley Tour and take the education program you can qualify for another $4,000 grant. 

Family is another option that you may want to take into consideration when it comes to securing money for a down payment. Sure, you may be too proud to want to ask for money, but if your family can help you and your family move into your dream home, isn’t it worth it? If you do get help from a family member keep in mind the lender will ask you to sign a form called a gift letter,  explaining the relationship and the lender may also require your parents to explain where they got the money and prove that they are financially able to make such a gift.  One of my clients recently did this and now they are living in their new home.  Be sure to check with your loan officer first though because some loan programs do not allow gift funds for down payment and the money for your downpayment has to be yours.   Just one more reason to be sure that you are preapproved for a mortgage before  you start looking.

If you’re still not finding the money to put together for a down payment, there’s always the creative lease/purchase agreement. Homeowners who can’t sell their homes in this market will be more amenable to cutting a deal with buyers and may be willing to take part in a lease/purchase agreement, where you rent the home you want to buy and a percentage of your rent is applied toward the down payment. If you go this route, make sure you get a contract outlining all the details so both parties are safe.  I am working with a seller and buyer/buyer's agent right now in a lease purchase option.  The buyer needed to work on their credit first so we all sat down and wrote up an acceptable agreement and the buyers are living in the house and the price was agreed upon, they are paying rent and have been for 8 months now and building their credit.  In 2 months they will settle on their home. 

Adding a down payment option to your wedding registry is gaining popularity among those just starting out in life together. Several mortgage companies allow those getting married to set up a down payment registry. What a great way to celebrate the joining of two people in holy matrimony than to help them buy a house.   You can set up a trust account at a bank and provide guests with the account number and have them make deposits to the account instead of purchasing a gift.  This is fantastic, I have done this with the daughter of a client of mine and they are just about ready to buy. 

If none of these things will work for your specific situation, there’s always the old fashioned “saving for a rainy day” tactic. Try putting aside 10 percent of your paycheck each week and make an effort to bring a lunch to work instead of going out. If you’re married, use the money you would spend on birthday, anniversary and Christmas presents and put that toward your down payment. You might also need to forget that vacation this year. It may seem like a lot, but the sacrifice will be well worth it when you’re living in your new home.   I received an email from a friend the other day about a large pickle jar by the dresser and at the end of every day the couple would empty their pockets and pocket books of all the change into the pickle jar to save money for their childs college education, but this would also work for saving for a downpayment. 

A Day Out With Thomas - B & O Railroad Museum Welcomes Thomas The Tank Engine

My youngest son, Liam, used to love Thomas the Tank Engine.  When he was very small he was sick a lot with allergies, asthma and febrile seizures.  One of the things that gave him great pleasure and hours of entertainment were the Thomas stories.  We had all the videos and the books and he would watch the movies for hours and every night we'd read a story, in fact we read from the Tales of Thomas so often the book eventually fell apart.  When he was a little older we visited Thomas at B & O Railroad Museum and also in Strasburg, PA. 

Now that he's 13, he no longer reads those stories, nor does he play with the trains or watch the movies but he has boxed them up and wants to save them for when he, himself, has children of his own.  However, he still asks to go to the B & O Railroad Museum.  He wants to be an engineer when he grows up and design and build trains.

Thomas & Friends will be at the B & O Railroad Museum on May 4th through 6th.  There will be 25 minute train rides with a full size Thomas the Tank Engine, opportunities to meet Sir Topham Hatt, Storytelling, Live Music, Build with Mega Blocks and Much More.   The B & O Railroad Museum is located at 901 W. Pratt Street in Baltimore, MD 21223.  Tickets can be purchased online by visiting the website.   Tickets are $19 and well worth the smiles.  Your child will talk about it forever. 

45th Annual Towsontown Spring Festival is this weekend, starting Saturday May 5th from 10am until 7pm and continuing on May 6 and 1 pm to 7pm.

The Festival encompasses the entire Towson Core Business Area, the streets West of York Road and East of Bosley Avenue will be closed for the duration of the festival. A map of the festival grounds with identifiable parking garages can by found here. Garages are marked with a "P" for parking. The cost to park is $4.00 for the entire day. This fee is set by the county and is less than last year.

The Towsontown Festival is the largest outdoor festival in Maryland and one of the largest on the east coast. About 250,000 or more people attend the two day event to take in the arts and crafts of local artists, the music and the vendors. There are over 450 vendors and in addition there are 4 stages with 50 acts to entertain visitors.

The Towsontown Festival will feature

• Free entry to the festival grounds
• Beer and Wine - $2 entry to the 98 Rock & Plaza Gardens additional events and activities for children of all ages including radio games & give aways, dance teams, gymnastics, NASCAR Race car displays, Magic shows, Pony Rides and Petting Zoo, Moon Bounce and Carnival Games
• on Friday Night, May 4 there's a free concert by Uncle Jack will perform from 5:30 to 9:00 pm in the Historic Courthouse Gardens - This concert is free this year, parking is just $1.
• on Thursday Night, May 3 from 5-7pm there's a free Beach Bumz Band Concert in the Historic Courthouse Gardens.

The Fire Museum of Maryland Opens for the Season

The Fire Museum of Maryland located at 1301 York Road in Lutherville, MD  opens for the season with its 35th annual Steam Show on Saturday May 5, 2012.

The show features draft horses and dalmatians.

There will be demonstrations of late 1800's horse drawn fire engines and rides in an 1899 hose wagon.  Kids will love  joining in firefighting contests and watching a magician performing inside the museum. 

Children and adults can run under the cascades of water from the 65 foot water tower that shoots water up to 100 feet.  

Learn about the history of the fire service and see how fire engines operated in the late 1800's, including steam fire engine demonstrations, and try your hand at operating the 1853 hand pumped fire engine. 

The museum will be open Saturdays from May  through December from 10 am to 4pm and June through August Wednesday through Saturday from 10am to 4pm.

Admission:

Adults ... $12
Seniors & Firefighters ... $10
Children (Ages 2-18) ... $5
Children (Under Age 2) ... Free

For more information about the Fire Museum visit their website.

2012 Flower Mart in Baltimore - May 4 and 5, 2012

Like many things Baltimore was home for the first Flower Mart in 1911. This year is the 94nd annual flowermart.

The Baltimore Flower Mart is an annual event held in downtown Baltimore. Each year Baltimore closes the streets surrounding Mount Vernon Place at the junction of Charles Street North and Monument Street.

Flower Mart starts on May 4, 2010 at 11 am and runs through 8 pm on both May 5 and May 9. Come and enjoy the booths and vendors and the entertainment. There is no fee to enjoy the day.

There will be over 130 vendors this year.  Flower Mart is a family friendly event so bring the kids and enjoy the flowers and the entertainment and while you are there pick up some bedding plants for the garden at home and improve the curb appeal. And, while you are there be sure to enjoy a Lemon Peppermint Stick.

New this year is an heirloom raffle quilt donated by Village Quilters of Catonsville, quilted by Linda Newsom and materials donated by Seminole Sampler. 

Also new this year is a children's summer camp from 12 to 5pm on Saturday.  Kids will do arts and crafts, make Mother's Day cards and many other great activities. 

For more information visit the Flower Mart website

Oriole Day at Cromwell Valley Park

 And, no that's not the baseball team, it's the fine feathered kind of Oriole.  This is a family friendly event at Cromwell Valley Park.  Lots of activities for the whole family.

On Saturday May 19 from 8a.m. - 12 p.m., we will be celebrating the return of the Baltimore Orioles to nest at Cromwell Valley Park.

If you've never seen our state bird, this is your chance.

Events will include:

·         hourly bird walks, beginning at 8:00;

·         a puppet show at 10:30;

·         crafts and games and prizes for the children;

·         live birds;

·         displays and demonstrations related to orioles, bluebirds, wildlife photography, optics, birding and natural history.

There is no cost for the program, and no registration is necessary.

It will be a fun and educational event that adults and the whole family will enjoy.

The event will take place at Willow Grove Farm located at 2175 Cromwell Bridge Road, Baltimore, MD 21234. 

Take the I-695 beltway to Exit 29

Turn left at the first light onto Cromwell Bridge Road, Turn left onto park entry road at 2175 Cromwell Bridge Road.  The signs say, “Cromwell Valley Park, Willow Grove Farm, Baltimore County Department of Recreation and Parks.”  Follow the road across the bridge and park in gravel parking lot on the left.

Moving can be such a stressful time.  Here are some great tips for making your move easier, whether it's Glenview or Baltimore you're moving to. 

Another tip, if you are moving pregnant make sure your favorite chair is loaded on the truck near the end so it's early off the truck and you have somewhere to sit and rest while moving into your  new home.