News for Silver Spring, MD - Wednesday October 21st, 2009 9:49am
First Time Buyers are still looking for good deals that can settle before November 30th in order to get the $8000 tax credit. There is a good amount of inventory in Silver Spring - and throughout Montgomery County - but buyers who want to close in November will need to steer clear of short sales. In my experience, short sales take a minimum of 90 days and can take longer than 8 months.

Many buyers are looking at homes that need repairs. Think through your comfort level when it comes to taking on updates and/or remodeling. Maybe you can handle painting and replacing carpet. Ordering a couple of new appliances is not difficult. But remodeling a kitchen can be expensive and time consuming. Shows on HGTV make it look simple. Those shows give you the before and after in about an hour. In real life you may find these projects take weeks or months to complete.

Another issue is mold. Not only is it a health issue for people with or without breathing problems, but its a financial issue as well. The Environmental Protection Agency's guidelines for mold remediation state that visible mold that is larger than 10 square feet should be professionally remediated. This is good advice for your personal health and for the disposal of mold filled carpet and drywall. You also need to know that banks will not lend money using an FHA or VA loan on a property with visible mold. Buyers need to buy a property in cash or use a more expensive loan such as a FHA203K or a rehab loan.

Buyers still have lots of advantages in the current market. But be sure you are really getting a bargain.