Whenever faced with the big decision to move-on and buy another house . . . you must consider a few key factors:  The state of the market, The Cost and/or impact of carrying two mortgages, The Effects on your loan qualification for carrying two mortgages and The Risk of the current residence not selling for a long time.

It is true, that in a seller’s market that most sellers will not accept a contract which is contingent upon the buyer selling their current home…if they have any one offers. It is also true that in a buyer’s market or a down market that the seller is just as concerned about accepting the same contingency because the of the average time it takes to sell is a lot longer. It is like a “catch 22″. So what do you do in this situation? Find an agent who is a great communicator and negotiator and most of all, who understand the market where both properties are being sold.  The first task of a great agent in this case would be to find out the comfort level of the buyers with respect to the four options [1. Sell house first then buy second house "The I might become homeless approach" 2. Write Offer Contingent on selling current home "My offer may not be as desirable but I feel SAFE approach" 3. Put house on the market and write offer without a home sale contingency and hope you can sell in 30 to 60 days "The I might be a nervous wreck but I believe in my home's value and salability approach" 4. Write offer without home sale contingency knowing full well that even if the house doesn't sell, you are totally ok with renting it out for a year or so "The I'm just ready to go and I love the new house approach"]

Regardless of what you hear from “talking heads”, there is no right or wrong way to do this however, there is a safe way and a risky way to buy and sell at the same time. It is like the stock market… the higher the risk, the bigger the pay off is some times! The bottom line is that without the added contingency, you can often offer a much lower price and still get your offer accepted. It is truly harder to negotiate down to a seller’s rock bottom price if you have the added baggage of a significant contingency.

At Bratton Realty, I have successful done this using all four approaches and it turned into a “win-win” scenario because I put my client’s comfort level as the #1 most important factor in how I advise them to move forward. This rest of issues revolve around the lender’s issues … do they qualify, how does it change their rate or down payment or loan type and of course, can they really afford to pay.

The Good News is. . . I just finished signing a ratified contract on my client’s first home which is currently vacant because they already moved into their amazing new home two weeks ago. They used approach number 3 and yes they both still have all their hair and a huge smile on their face! Maybe my advice is worth a bit more than two-cents afterall?

I’m ready to make someone else smile!!!!

Click http://bit.ly/buyDvu To download my FREE Ebook “”Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Picking a Buyer’s Agent

Selecting an agent to represent you in the largest purchase of your life is a serious task that requires substantial research. The process of selecting an agent should at a minimum be based on availability, experience, personality match, integrity and knowledge of the neighborhood. The trust and confidence you will need to have in your agent is significant because much of the process will require blind faith, such as the offer price, home selection, the closing process and mortgage advice. The most important element to gauge is whether you feel the agent will put your needs ahead of their own. It must be about what’s in your best interest, not that of the agent, broker or lender. Ask for three referrals and quiz your top three choices about the area or the process before making a final commitment.

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Most buyers spend far too much time overanalyzing the perfect time to buy. News flash—there is no perfect time to buy. But there is a preferable time to buy. For example, presently the Fed consistently has dropped interest rates as the foreclosure crisis has caused property values to drop and, simultaneously, the volume of inventory actively on the market to rise. If you have a good credit, now is a near ideal time to buy. The real estate market is not an industry in which you want to follow the leader—it is the trailblazers who often make greater financial gains than those following the pack. Few people are buying right now, which means those who are in a position to buy will have excellent leverage to demand closing help, inspections and a reduced price. A few years ago during the housing boom we observed the opposite, a climate in which everyone was buying and bidding up the list price. Sellers enjoyed the leverage, removing inspections and contingencies—a bad time to buy and a great time to sell. So, when to buy? As soon as you establish a stable source of income, obtain a credit score qualifying you for a prime loan (rather than a sub-prime loan) and plan to be in the same area for a minimum of two years. There are few benefits to handing a rent check to your landlord month after month when you could be building equity in your home and benefiting from a host of tax credits. Don’t allow fear to hold you back from staking your claim on the American Dream.

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Location, location, location. You’ve all heard the phrase dictating the location of your home is all-important. But what about those of us with financial limitations? How do we balance location against price? The truth is you should buy based on your own personal situation and unique personality. Contemplate perks to a particular location—proximity to parks, metro stops, shopping areas and school districts, not to mention safety and commute time to work. Consider the housing inventory and style of properties and price points of the available homes or condos. The relative importance of these factors will dictate the ideal location for your new home.

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Systems and Appliances: The age and working condition of the appliances, heating and air conditioning units, hot water heater, septic pumps and others systems, are key indicators of the overall quality and maintenance of a home. Inspect service tags to determine the most recent maintenance call or replacement. Most systems have a reasonably long shelf life and come with a factory warranty or service plan.

Design: Most people have some flexibility in the taste and style with respect to design. However, it is important to identify the difference between passing trends and timeless designs. Pay close attention to costly features that are difficult to remove, modify or redesign. Style and design are wonderful but the flexibility to adapt to the times and the demands of the market place is often a smarter option for resale value. Also, keep in mind that the kitchen and master bathroom are the two most personal rooms in a home for prospective buyers, so it is often the case that even well designed rooms may require modification and personalization.

Growth Potential: When purchasing a home, one must always keep in mind short-term goals (1-3 years) and long-term goals (3-10 years). The benefit of this is to make a more thoughtful purchase. For example, if marriage and children may be on the horizon it would be wise to select a home that meets both your current and projected needs with the potential for growth, add-ons and expansion. Take a few hours to research zoning restrictions and building codes. Examine the possibility of digging down or adding another level. In many cases, it is far less expensive to expand your home rather than sell it and purchase another.

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Creating a Profile

If you create a detailed profile of ideal features in your prospective house or condo then the chances of finding a home you will treasure greatly increase. To determine your price range, contact a few well-known lenders to get pre-approved. It would be most helpful to start attending open houses on Sundays to get a feel for the sticker shock and the condition of homes in your price range. Explore your taste in homes to discover what appeals to you the most—lofts, condos, townhouses, detached homes and so on. Your profile should also include a few style requirements for the interior to help zone in on your preferred living environment. These requirements could include exposed brick, open floor plans, availability of natural light, number of bedrooms and flooring material. Last, determine your flexibility with regard to these features—are they essential or simply added bonuses?

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”

Click http://bit.ly/buyDvu to download my FREE Ebook “Ten Things You Need To Know Before Buying a Home In Washington DC, Maryland or Virginia”