WASHINGTONFINEPROPERTIES.COM William FX

 WASHINGTONFINEPROPERTIES.COM William F. X. Moody
…………………………………………………………………………………………………………………………. Title:
Executive Vice President
Direct: 202-243-1620
Fax:
202-318-0367
E-Mail: [email protected]
LICENSED IN:
District of Columbia
Maryland
Virginia
MARKET/NEIGHBORHOODS SERVED:
All Northwest DC neighborhoods including Georgetown, Kalorama, Dupont Circle, Mass Ave
Heights, Observatory Circle, Cleveland Park, North Cleveland Park, Chevy Chase, Glover Park,
Woodley Park, Spring Valley, Wesley Heights and Kent. Northern Virginia communities
including Arlington, Alexandria and McLean (specializing in waterfront properties). Suburban
Maryland communities including Chevy Chase, Bethesda, Potomac and Edgemore.
PROFESSIONAL EXPERIENCE:
Bill and his business partner, Robert Hryniewicki, were recognized by THE WALL STREET
JOURNAL among the Top 100 Agents in America for 2009, 2010, and Just Released 2011.
After receiving his MBA, Bill joined Pitney Bowes Credit Corporation, managing the accounts of
many Fortune 500 companies. Bill began his real estate career in 1986 with Sotheby’s
International Realty in Manhattan. In 1990, Bill relocated to Washington, D.C. as the Regional
Director to establish Sotheby’s affiliation with Pardoe Real Estate. Eight years later, after
Pardoe was sold to a large franchisee conglomerate, Bill was instrumental in co-founding
Washington Fine Properties (WFP) which is now the leading carriage trade real estate firm in
the Washington metropolitan area. As a partner at WFP, he continues to serve in a sales
capacity with his sales partner, Robert Hryniewicki.
Over the past two decades Bill has earned and maintained a reputation as one of Washington’s
leading real estate professionals. In Bill’s first year in the Washington, DC market, the Greater
Capital Area Association of Realtors awarded Bill the number one position among first year
licensees and year-after-year he has continued to receive their top honors. Since arriving in
Washington, Bill’s sales have well exceeded a billion dollars, setting a residential real estate
record. Bill has consistently been a leading agent at WFP in sales and since 2004, Bill and
Robert have sold over $600 million. The Washington Business Journal calls Bill Moody the
“Realtor for the Rich and Famous” and Town & Country magazine recognized Bill as the
“Gatekeeper to Georgetown.” Over the past 22 years, Bill has represented buyers and sellers of
all price ranges in Maryland, Virginia and the District of Columbia and has enjoyed representing
celebrities and public figures. Bill is known for his extensive market knowledge, expertise in
contract negotiation, and safeguarding his clients’ best interests and privacy.
1/14/2013
WILLIAM F. X. MOODY AND ROBERT HRYNIEWICKI
PROPERTY SALES OVER $4 MILLION
ADDRESS
9009 Congressional Court
NEIGHBORHOOD
Potomac
SALES PRICE CLOSE DATE
$4,700,000
01/15/13
175 Chain Bridge Road
2305 Bancroft Place, NW
814 Leigh Mill Road
2329 California Street, NW
McLean - Waterfront
Kalorama Heights
Great Falls
Kalorama Heights
$5,000,000
$4,175,000
$4,000,000
$4,250,000
11/30/12
09/19/12
03/20/12
01/31/12
3150 South Street, NW #3B
7853 Langley Ridge Road
1043 Founders Ridge Lane
9500 Ferry Landing Court
Georgetown Ritz
McLean
The Reserve, McLean
Alexandria
$5,300,000
$4,250,000
$4,950,000
$9,500,000
11/22/11
04/28/11
06/23/11
06/30/11
2340 Kalorama Road, NW**
2915 Audubon Terrace, NW
7681 Ballestrade Court
2414 Tracy Place, NW
Kalorama
Forest Hills
The Reseve, McLean
Kalorama
$8,450,000
$4,000,000
$4,000,000
$6,375,000
06/11/10
06/30/10
08/03/10
10/20/10
7724 Georgetown Pike
9109 Harrington Drive
6699 MacArthur Blvd*
8511 Country Club Drive
3542 Newark Street, NW
McLean
Potomac
Bethesda
Bethesda
Cleveland Park
$7,850,000
$7,810,000
$7,550,000
$4,795,000
$7,625,000
05/08/09
08/14/09
08/14/09
09/16/09
12/11/09
622/624 Chain Bridge Rd*
McLean' Gold Coast - Waterfront
$7,625,000
11/28/08
th
Arlington - Waterview
$5,229,200
08/28/08
rd
Ritz Carlton – West End
$4,925,000
06/04/08
th
McLean’s Gold Coast
Easton - Waterfront
Bethesda
Kalorama
$4,995,000
$5,500,000
$4,695,000
$4,100,000
05/12/08
04/11/08
04/04/08
02/29/08
Alexandria
Mass Ave Heights
Spring Valley
$8,000,000
$8,375,000
$4,587,500
12/18/07
08/03/07
09/12/07
1111 19 Street, PH2901
1155 23 Street, NW NPH3E
3905 44 Street, N
9380 Gregory Road
8508 Country Club Drive
2507 Massachusetts Ave, NW
8303 E. Boulevard Drive
3108 Woodland Drive, NW
4949 Glenbrook Road, NW
1/14/2013
WILLIAM F. X. MOODY AND ROBERT HRYNIEWICKI
PROPERTY SALES OVER $4 MILLION
2412 Tracy Place, NW
6699 MacArthur Blvd., NW *
3142 P Street, NW
1315 31st Street, NW
3211 R Street, NW
78 Kalorama Circle, NW
3044 N Street, NW
4833 Rockwood Pkwy, NW
2912 N Street, NW
2727 Q Street, NW
2510 Foxhall Road, NW
4701 Linnean Ave, NW
5630 Wisconsin Ave, PH 1802
3249 N Street, NW
Kalorama
Bethesda
Georgetown
Georgetown
Georgetown
Kalorama
Georgetown
Spring Valley
$4,100,000
$4,100,000
$4,400,000
$5,200,000
$4,000,000
$4,255,000
$4,075,000
$4,685,000
08/23/07
12/08/06
08/12/06
06/20/06
03/17/06
03/07/06
02/22/06
01/19/06
Georgetown
Georgetown
Foxhall
Forest Hills
$5,500,000
$4,280,000
$5,600,000
$4,308,333
10/07/05
10/07/05
02/01/05
01/17/05
Bethesda - Parc Somerset
$4,300,000
01/08/03
Georgetown
$4,850,000
12/18/02
th
Kalorama
$4,300,000
06/20/02
st
1402 31 Street, NW
Georgetown
$4,950,000
01/10/02
2700 16th Street, NW
1910 24 Street, NW
Dupont Circle
$7,000,000
12/16/01
th
Georgetown
$6,300,000
09/14/01
nd
Mass Ave Heights
$4,700,000
05/11/01
th
Georgetown
$4,275,000
01/08/01
700 Chain Bridge Road
th
2930 44 Street, NW
419 Chain Bridge Road
McLean' Gold Coast - Waterfront
Wesley Heights
McLean' Gold Coast - Waterfront
$15,500,000
$4,043,000
$7,625,000
11/01/99
10/04/99
01/26/99
636 Chain Bridge Road
McLean' Gold Coast - Waterfront
$5,888,888
05/20/97
1617 29 Street, NW
2750 32 Street, NW
1344 30 Street, NW
* Land Sale plus 10,000 sq ft house at conservative $350/sf build cost
** Represented the Seller and the Buyer in Transaction.
*** Property Under Contract
AS SEEN IN...
HOME LIFE | REALESTATEFEATURE
Tom Anderson, Bill Moody, Marc Schappell, and Dana Landry decided to found their realty firm, Washington Fine Properties, while surfing in 1998. (Photo by Justin Kriel)
BULLS INA BEAR MARKET
THEFOUNDERSOFWASHINGTONFINEPROPERTIESSHARETHEIRTHOUGHTSONTHE
CURRENTREALESTATEMARKETADVICEFORSELLERSANDWHYSMALLISBEAUTIFUL
T
he purchase of Washington’s historic
“carriage trade” realty firm, Pardoe
Real Estate, by corporate giant
Cendant, Inc. (now Realogy) in 1998 left an
opening in the greater Washington real estate
market for an independent firm designed
specifically to handle the area’s most valuable
properties, and the unique needs of the buyers
and sellers. Enter Tom Anderson, a 25 year
veteran of Sotheby’s; Bill Moody from Pardoe;
Dana Landry, and Marc Schappell, who
decided while surfing in 1998 that it was time
to leave the big boys and the homogeneous
firms behind, and branch out. Eight years later,
Anderson and his partners are the big boys,
and the firm they founded, Washington Fine
Properties, handles a startling pertcentage of
the sale and purchase of the most valuable
properties in the area. WL recently sat down
with the founders of WFP to talk about the
current state of the luxury real estate market,
what should be “top of mind” for buyers
and sellers today, and how four friends from
diverse backgrounds have managed to put
together one of the hottest real estate firms in
Washington.
WL How is the market doing? What have
been the effects of the sub-prime debacle and
the general tightening of the credit markets?
BILLMOODYThere is definite caution in today’s
market. Not everything is selling as quickly as
it used to. However, the good news is, there is a
“good market” in any market, and for well priced
properties, activity continues to be very strong.
the leverage it gives each agent with their
buyers and sellers. One of the key factors that
differentiates WFP from other firms is that we
MARC SCHAPPELL To have the intimacy of run our company like a business.We have fewer,
a “carriage trade” firm, where knowledge more experienced agents, and all of our people
sharing is paramount, you must impose “limits are required to attend weekly sales meetings and
to growth.” Our model is underpinned by the property tours. This strengthens the firm with
most experienced, high performing agents in teamwork and camaraderie, creating a powerful
WL People generally associate Washington the markets we serve, and it’s a delicate balance, network. Agents share information regarding
Fine Properties with the very high end of the but we have no aspiration or interest in moving their new listings, purchasers’ desires in the
market, market trends and success
market, but not as much with the
stories. This keeps all of our agents
mid-range, or lower range. Is this
“ahead of the market” and working for
fair?
our clients in a common direction as a
‘fi
ne
property’
are
the
unique
qualities
it
team. It’s like having 80 agents on your
TOM ANDERSON Not really. While
listing team, and our clients appreciate
we are known for the high end, over
offers compared to other similar listings
the feeling of having an entire team
50 percent of our sales are under
in the same price range.”
behind their listing. National statistics
$1 million. “Fine properties” are
show that 17 percent of all listings are
not defined by price; they exist in
sold by the firm with which they are
all price ranges, from small homes
to magnificent estates. What defines a “fine towards the volume driven or franchise driven listed; because of our team approach, WFP sells
property” in the market are the unique qualities models that are so prevalent today. That’s more over 40 percent of its listings in-house.
that it offers compared to other similar listings about “corporate growth” than it’s about client
in the same price range. Our focus is on satisfaction.
WL The four of you are a partnership of
offering these fine properties, while providing
equals, which is an accomplishment in itself.
the highest degree of service to our sellers and WL As a carriage trade firm, how do you What have been some of the keys to making
purchasers that they each deserve.
match the national and international reach of this work over the long term?
the larger franchise firms?
WL What’s the most important advice you
MARC SCHAPPELL From the outset, the
would give someone who wants to sell their TOMANDERSONWe are members of the most four of us were blessed with complementary,
property today?
established international networks, and we not competing, talents. Bill brings to the
personally know the finest local firms in all the partnership an “agent’s perspective” because
BILL MOODY Right now pricing should be luxury markets worldwide. We once belonged that is what he does everyday. He is not
key to all buyers, and for sellers, an agent’s to a single network, but with the advent of so involved in the day to day running of the
strength and credibility should be foremost many more powerful networks, publications, business. I focus on the strategic issues,
in their minds. The market has changed today, and websites, we felt we owed it to our clients corporate development and recruiting. Dana
and a seller has to be careful. Select the best to join a handful of the best networks, and not is our principal broker, and runs the company
operationally. Tom works with all of our
brokerage firm who can provide you with the limit our reach with just one.
agents on agent development opportunities,
most powerful marketing platform and the
strongest agent to effectively take your property WL A number of the area’s most successful keeps our marketing on-point, and runs our
into the market, and guide you on price. Be realtors are all members of Washington Fine Fine Properties International Program. We
careful not to listen to hollow promises from Properties. As the founders of the firm, how do each know what we are responsible for, and
agents who tell you what you want to hear… you maintain collegiality and competitiveness respectfully hold each other accountable.
Remember, they will be representing you in among your colleagues, many of whom have
the marketplace, and their strength or weakness been in real estate for their entire careers?
WLWhat was the highest sale your company
will be the difference between a successful or
achieved this past year?
disappointing sale.
DANALANDRY Our agents are the key to the
success of our firm. They’re terrific. But as TOM ANDERSON The sale of a magnificent
WL A number of other real estate firms in this good as any one agent may be, they all benefit home in Georgetown that sold north of $25
market have grown and consolidated significantly from the power they have as a group. I like to million. To honor the owner’s privacy, I can’t
over the past few years, while WFP has stayed small reinforce the importance of teamwork and say more.
Right now there is a lack of good inventory,
which keeps demand high for the special offerings.
We are also in the nation’s capital, which has a
constant movement of purchasers into our market.
The sub-prime debt debacle has primarily affected
buyers without liquidity, and these are less often
our buyers.
and catered to the “carriage trade.”What impacted
your decision to remain a boutique firm?
“WHAT DEFINES A
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Find a superstar real-estate agent
The woods are full of agents these days, and many are beginners.
Here are the eight questions you can ask to separate the average
agents from the experienced heavy hitters.
By Marilyn Lewis
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Whether you're buying or selling, the
difference between having an average real-estate agent or a superstar can mean
thousands of dollars in your pocket. It can mean selling your home for top dollar (stellar)
or losing the house of your dreams to a more organized buyer (decidedly not stellar).
Doug and Heather Cowan knew they'd found their dynamo agent in James Nellis II, an
award-winning partner at The Nellis Group, Washington, D.C. After two years of shopping
in the highly competitive McLean-Falls Church, Va., market, the Cowans found a home
they loved, only to learn when they were touring it that another buyer already had made
an offer. Nellis worked against the seller's one-hour deadline to help the Cowans pull
together a competing offer that the seller accepted.
„ 5 ways to beat buyer's remorse
„ What a realty agent won't tell
you
„ How to pay lower commissions
More on MSN
Not-so-real estate: Is it ethical to alter listings photos?
How much is your house worth? Find out!
MSN Money: Don't bite off too much house
Ready to buy? Here's your 5-step plan
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What a realty agent won't tell you
Video: How much house can you buy?
"I knew that I had to do everything in my power to get them that house," Nellis says. Here's how he pulled out all the stops
for the Cowans:
„
He called the seller's agent to ensure a competing offer would be considered.
„
He phoned his business partner, who's also an appraiser, to confirm the property's value.
„
He tracked down the Cowans at a nearby Applebee's where they had stopped for dinner. As Heather and Doug fed
their impatient baby and entertained their 4-year-old, Nellis used his tablet PC to upload a contract and the
addendums covering a home inspection, radon inspection and lead-based-paint inspection.
„
He phoned the Cowans' lender at home to ask him to e-mail a note authorizing a loan on the property at $21,000
above the asking price of $829,000.
„
He crafted a letter for the Cowans to sign, telling the seller why they loved the house.
„
With just minutes to spare, he e-mailed the proposal with the Cowans' electronic signatures to the sellers and their
agent.
You want a pro like this in your corner when you make what may be the biggest transaction of your life. So how do you spot
one among the thousands of people selling real estate? Fortunately, a little legwork and the right questions go a long way.
Referrals: Good as gold
In the recent boom, nearly 600,000 newcomers joined the National Association of Realtors, roughly doubling its membership
between 2000 and 2006.
"That must mean that we have literally hundreds of thousands of agents that have never sold a house or have sold one to
(perhaps) a family member or friend," says Stefan Swanepoel, an industry researcher and CEO of RealtyU, a network of
agent-education schools in 42 states.
The best way to find an agent, real-estate professionals say, is by getting a recommendation from someone you trust. Not
only is your friend's experience the best predictor of your satisfaction, but, since an agent's personal network is his lifeblood,
he is likely to work harder knowing that a friend or client will hear about his performance.
But even with a good referral, you owe it to yourself to find one or two other promising candidates to screen. You can locate
agents in newspaper ads, by stopping in at open houses or by cruising the area where you want to live, noting agents' names
on the for-sale signs. You also can sample some agents' styles at real-estate classes sponsored by local brokerages or
community colleges. That's how many of Shannon Williams' clients found the TriBella Realty agent in Austin, Texas. Williams
teaches free seminars on first-time home-buying, flipping houses and beginning retirement investment planning. The classes
are "a good way (for clients) to meet different people and judge them," she says.
8 questions to ask real-estate agents
Interviewing candidates serves two purposes: You get an education about your local market while learning how the agent
proposes to represent you. Ask detailed questions, urges Williams.
Here are the most-important areas to investigate:
May I see your resume?
Since you're searching for an above-average agent, look for evidence of advanced training and designations, professional
recognition and membership in professional organizations, all signals of commitment to the profession.
There are about 2.6 million real-estate agents in the country. They're licensed by their states, and each state's licensing and
education requirements are different. (Use the Association of Real Estate License Law Officials' site to check an agent's
license. Click "consumer" to get started.) About half of the agents belong to the National Association of Realtors. Those
members call themselves Realtors. NAR membership doesn't have to be a deal breaker, but it provides some assurance, since
the industry group requires ethics training periodically and members must subscribe to its code of ethics.
Many agents take their education further, earning designations in specialties in such areas as neighborhood zoning, staging
properties, use of the Internet, property management, the 55-plus market, diversity, working with buyers or sellers or
transactions involving land, farms, commercial investments, resorts , second homes, high-end properties or international
properties.
What's your commission?
Traditionally, a seller pays around 6% in commissions when using a real-estate agent -- 3% goes to the seller's agent and
3% to the buyer's agent. But commission amounts aren't cast in stone anywhere. They can be negotiated — and often are.
Negotiating works best when homes are selling quickly and easily. Today, with the real-estate market in a slump in most
areas, listing (selling) agents have to work harder to sell properties in hard-hit areas, and the best agents may be unwilling to
dicker. If you do find an agent willing to negotiate, consider it just one of the many factors to weigh before choosing a
professional to sell your home.
What makes you special?
Don't settle for someone who just promises to show you homes or list, advertise and sell your place; every agent has to do
those things, says Swanepoel, of RealtyU. What you want to know is, "What sets you apart? What will you do to go the extra
mile for me?"
How often will I hear from you?
Your agent's communication style and availability should mesh well with yours. Prepare for your agent interviews by asking
yourself whether, for example, you'd need a twice-weekly check-in, even if there are no homes to visit. Do you expect a
report after someone tours your house for sale? Do you prefer to keep in touch through phone calls or e-mail? How promptly
do you want a response? While you're inquiring about the agent's availability, remember to ask who will return your calls and
show houses if your agent is out of town.
What's your plan for marketing my home?
No agent can guarantee she'll sell your home. But she can tell you what steps she'll take to bring it to the attention of buyers.
Press for details like, "Are you going to post this on a Web site? Put an ad in free magazines in a shopping center? Will you
have someone stage my home?"
Once you've selected an agent, Swanepoel advises requesting a one-page list of actions, each with a target date. Incorporate
the plan in your sales contract so you can track your agent's progress and have documentation if she fails to live up to the
agreement.
How many transactions did you complete last year?
Some agents keep score in dollars, saying, "I sold $50 million in real estate last year." But property values vary from market
to market and house to house, so what you really want to ask is, "How many deals did you complete?"
Super salespeople are a mixed blessing. The bonus is, they're knowledgeable experts. "The more listings he has, the more he
dominates that market, the more probability he is a good guy in that area," says Williams.
But a superseller might be too busy for hand-holding. "If a solo agent is selling more than 70 homes a year, they're not going
to have time for you," says Nellis.
What do you know about the neighborhoods where I want to live?
A super salesperson is no good to you if she isn't doing an active business in your target neighborhoods, so ask how many of
the homes she sold last year were located where you want to buy and how many listings she has there now.
Really great professionals specialize in one — or maybe two — communities. Nellis says he declined a friend's request to help
her find a home in a nearby city because he didn't know the place and could not help her unearth the particulars she
needed — everything from planned airport flight paths to zoning-regulation changes to freeway expansions — that determine
a property's true value.
Agents have a wealth of data at their disposal from local multiple listing services. Good ones will share it, educating you
about the median income and educational level of a neighborhood's residents, for example, or telling you what proportion of
residents work close to home or suffer long commutes. They can't discuss school performance or crime — that would violate
fair-housing laws. But they should point you to Web sites where statistics on crime and school performance are listed, one of
which is Sperling's Best Places. (Read more about what they can't tell you here.)
Are you a solo agent or part of a team?
There's no right answer to this question. Teams are growing in popularity. They're good for engaging several individuals'
expertise at once and for allowing high-powered salespeople to concentrate on what they do best, offloading to associates
tasks like filing and tracking documents, dogging details and showing houses. Being part of a team lets a salesperson handle
more listings, says Nellis, who adds that he manages 60 sales a year by handing off detail work to teammates.
But a team is only as good as its players. "You can have a team with a crummy Web site and no designations, but you have a
solo agent who just sparkles, and then that's your answer for you -- go with the solo agent," says Nellis.
When you get right down to it, it's that sparkle that distinguishes the superstar agents, and there's no way to find it without
sitting down with a few of them and asking questions.
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Why Your House Isn't Selling
1 of 3
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/31/AR...
By Ilyce R. Glink with Samuel J. Tamkin
Saturday, August 1, 2009
The spring selling season -- such as it was -- has quickly
faded away. Homeowners who want to sell are now pinning
their hopes on the third quarter of 2009. With a strong
buyer's market in place, many sellers are bound to be
disappointed as buyers skip over their homes for others
nearby. Why does a house not sell?
-- It looks drab in photos.
Since the vast majority of home buyers start their search for
a home on the Web, your house had better look fabulous. If
it doesn't shine online, no one will take the time to see it in person.
Hiring a landscaper to trim your bushes and trees, plan some fall color, aerate your grass and edge your flower
beds is a smart use of cash. But you'll also want to power-wash your exterior and perhaps repaint trim to
make it jump out in photos. Having your home look picture-perfect online makes home buyers want to see
how good it looks in person.
-- It's overpriced for the neighborhood.
If your neighborhood is filled with foreclosures and short sales, you'll be hard-pressed to get top dollar, even if
your home looks better than all the rest. However, if you have just a few foreclosures, you may be able to
overcome any objections by pricing your home correctly.
In this case, correct pricing means figuring out at what price point buyers are looking in your neighborhood. If
everyone is looking at homes priced at $250,000 or less, that's the price point you want to be at. If your home
looks great and is priced right, you'll get traffic through the front door.
If you can't afford to sell at that price level, then you should consider removing your property from the
market and renting it or waiting until the economy improves.
-- There's no "wow" factor inside.
Once you get buyers inside the house, you need them to be wowed by what they see. Hiring a professional
stager can work wonders. Remember, the closer your house looks to the homes featured on HGTV and
Bravo, the more likely you'll be to attract an offer.
If you don't want to spend the money on a professional stager, consider watching a few staging videos online.
You'll find out that you need to clear out the clutter, clean off the countertops, clean out closets, get rid of
things you don't need or use, and make your home look clean, spacious and attractive.
-- No one knows it's there.
Your agent isn't getting the word out, either because the property isn't listed properly on the multiple listing
service or because he or she hasn't posted it on Craigslist, Zillow or other online search engines that don't feed
8/24/2009 11:36 AM
Why Your House Isn't Selling
2 of 3
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/31/AR...
directly from her MLS posting.
These days, your property needs the widest possible exposure to sell. Online marketing should include a Web
site that has the property's address as the URL (you can sell it to the buyer as part of the house deal) and as
many photos, floor plans and videos as possible.
Offline marketing needs to be top-notch as well. You'll want to spread the word in the neighborhood, at the
office, at your children's schools, and through friends and colleagues. This isn't the time to be shy.
-- Your commission isn't high enough or the agent isn't splitting the commission equally.
Agents will tell you that they won't push a buyer to make an offer on a house simply because it has a higher
commission. But many agents seen no harm in making sure their buyers see as many properties that are in the
right price range -- and offering a generous commission helps you get a spot in that lineup.
But you need to make sure your agent is splitting the commission equally with whoever brings the buyer.
Some listing agents will take 60 percent of the commission instead of sharing it 50-50, which won't help you.
-- Your house won't pass inspection.
If your house looks great, but the faucets leak, the windows don't lock, the ceilings have water stains and the
furnace is on its last legs, buyers may decide to make an offer on the next house. If you are lucky enough to
secure an offer, failing a professional home inspection is one way to lose the only offer you may get.
Hire a professional home inspector to give your home a thorough inspection before you list it. That way, you'll
know in advance where the trouble spots are and can take care of them before the first buyer crosses your
threshold.
If you know what your home's problems are, you should try to fix those issues well before listing the home for
sale.
QYou recently wrote about the Making Home Affordable refinancing that is available for primary
residences. Our primary residence is paid off, and we bought a vacation home in 2005. My husband's
financial situation has changed, and at the same time I'm afraid our vacation home has lost value. The loan
is secured by Fannie Mae.
Does the Making Home Affordable refinancing program apply to mortgages on second homes or only
primary residences?
AUnfortunately, help through the Making Home Affordable program is available for only primary residences
at this time.
If you are looking to lower the interest rate on your vacation home, your options may be quite limited,
particularly if the value of that property has gone down substantially.
What you can do is obtain financing on your primary residence and use that money to pay off the loan on
your vacation home. But you need to make sure that you are able to reduce your monthly costs while keeping
the costs of refinancing your primary home to a minimum.
If you find that refinancing won't really lower your monthly expenses, or if the costs to refinance are too high,
or your primary residence doesn't have enough equity to pay off your other loan, you may be out of luck.
Also, keep in mind that the more equity you have left in a home you are refinancing, the easier it will be for
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you to take cash out. If you are able to refinance your primary residence and can take out a loan for 50
percent of the home's value, and that's enough to pay off your vacation home's loan, you'll have more options.
But the higher your home loan-to-value ratio, the tougher the lending standards will be.
Another idea is to tap a home-equity line of credit, if you have one or can open one on your primary
residence. You might be able to use that loan to pay off your second home mortgage. But run the numbers
first to make sure that you'll save money without putting your primary home at risk.
Your other option is to simply sell your second home and use the home-equity loan to make up the difference
between what the house is now worth and what the mortgage balance is on the property.
Ilyce R. Glink is an author and nationally syndicated columnist. Her latest book is "100 Questions Every
First-Time Home Buyer Should Ask." Samuel J. Tamkin is a real estate lawyer in Chicago. If you have
questions for them, write to Real Estate Matters Syndicate, P.O. Box 366, Glencoe, Ill. 60022, or contact
them through Glink's Web sites, http://www.thinkglink.com and http://www.expertrealestatetips.net.
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