Mold
Went out with a client of mine to look at potential investment property. We were informed of the mold. Well, we were in for a surprise. We elected not to venture into the house fully. We just stayed on part of the main floor. Take a look and see for yourself. Make sure to protect… Continue Reading
Chenoa fund
The Chenoa fund is administered by the CBC mortgage agency. It is designed to facilitate home-ownership by providing down payment assistance to qualified buyers. The assistance can be used for FHA and conventional loans as well. FHA Loans Chenoa Fund DPA Edge: Soft Second product: The borrowers need to have a score of 620 at… Continue Reading
Short sale.
A short sale is a transaction in which the Seller is selling a property at a price lower than the amount he/she owes the bank. The bank is the ultimate decision maker. In fact, given that the bank will be faced with a lost, it will decide if the price is adequate or not. Prior… Continue Reading
REO: Real Estate Owned
An REO property, is a property that has gone through the foreclosure procedures and failed to sell at a foreclosure auction. After the Auction, the property goes back into the bank or institution’s portfolio. Once owned, by the bank, the property is then placed for sale, typically at a discounted price compared to non REO… Continue Reading
DC residential building height restriction
The Cairo building was completed in 1894. After completion, it was the tallest building in Washington DC. During that time, in the US, skyscrapers and tall residential buildings were being built. However, given that the new trend had not been tested with time, congress as well as the public developed an uneasiness in regards to… Continue Reading
DOPA
DOPA: the District Opportunity to Purchase Act. It has been designed to promote Rental housing affordability in DC. DOPA helps with affordability by helping maintain the current number of affordable rental housing in DC as well as increase it. DOPA applies to properties of 5 rental units and more with at least 25% of the… Continue Reading
French Drain
A French drain is a trench covered with gravel or rock containing a perforated pipe that steers water away from an area. A French drain can be installed indoor or outdoor. The purpose of a French drain is to capture water and transport it away from the property. By doing so, water infiltration in the… Continue Reading
TOPA in DC
As of July 3, 2018, single family dwellings are exempt from TOPA . There is an exception, current tenants who are elderly or have a disability, retain their TOPA rights for the duration of their tenancies as long as they signed rental agreement by March 31, 2018, and taken occupancy by April 15, 2018.
