Changes to Settlement Documents and Procedures
You may have heard that the "sky is falling" over the changes to settlement documents and procedures coming August 1st. Fear not. Without going into specific,sometimes confusing, details, it is a positive change for the consumers. The documents lenders and settlement agents will be required to produce are easier to read and more straightforward than before. After a little time we are sure it will be "business as usual".
The whole idea behind the law was to help consumers understand clearly the costs associated with settling a real estate transaction and the actual cost of acquiring and paying a mortgage. The new required disclosures help make this information easier to understand. In addition, estimates given by lenders before closing can not be exceeded. If the actual costs exceed the disclosures from the lender, the consumer is protected against any "overages". It is easier to see the actual payments of a loan over time, and what the payments are going to, like principal, interest, taxes, and insurance.
Now, it's not all good news. There are more stringent time contingencies that must be followed. If the time restrictions are not met, settlement could be delayed. It will become even more important to have an experienced agent working with experienced settlement agents, and a lender that is prepared for the changes. That's where we come in. With the "team" of professionals we have worked with over the years, your future transactions should be just as easy as before, with more clarity for you. The changes in the law and procedures mean a lot more work for the lenders and settlement agents, with more benefit to the consumer. It looks like Congress may have gotten one thing right.
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On a personal note, we congratulate our eldest daughter, Callie Carnemark, who graduated from William and Mary Law School in May. She'll be staying in the area for at least another year, clerking for a Circuit Court Judge in Rockville come August. Between now and then, it's bar review...
From left to right: Eileen Nalls, Madeleine Carnemark, Callie Carnemark, Lottie Nalls, and Adele Carnemark.
Sincerely,
Barbara, Tom, Marc and Susan
Nalls Home Partners
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Client of the Month
Our clients of the month this month are Andrew and Kathleen Baines, who worked with us to sell their Chevy Chase home earlier this spring. Andrew, who is originally from Jamaica, works with TSA and Kathleen is a property manager - both careers that allowed them the flexibility to "live the dream" and head south toward Florida, (perhaps Wellington where Andrew rides) or, maybe even back to Jamaica. After the winter we just had, I think that sounds grand! We wish them great good luck, and hope they have a guest room.
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Regional Sales Trends For Single Family Homes
Contracts Ratified Per Month
Montgomery County
Washington DC 
Information provided by GCAAR
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11628 Glen Road
Potomac, MD 20854
$1.395 Million
Very special, four bedroom, three and a half bath custom home, thoughtfully sited on two spectacularly landscaped acres - truly a rare offering. Designed by award winning architect Anne Decker, the home's simple elegance seamlessly blends classic architecture & orientation to perfectly incorporate the beauty of setting - stunning gardens, patio, pool & summer house. Too many details to list, a "must see."
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $14,833.07
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1512 Castle Cliff Place
Silver Spring, MD 20904
$624,000
Top to bottom renovation by one of MoCo's finest builders, now beautifully staged and ready for the most discerning buyer. Top quality work, gorgeous finishes and floorplan, 6 honest bedrooms on three daylight levels means room for everyone. True Chef's kitchen, luxurious master suite, every amenity, cul de sac location - this is the one you've dreamed of!
Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $6,000.26
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11013 Lockwood Drive
Silver Spring, MD 20901
$424,500
Wonderful rambler on a half acre lot. Light, bright and spacious. Hardwood floors, large rooms including first floor family room.Garage has been converted to indoor "Walking Pool", plus additional outdoor in ground pool. Fully finished basement has in law suite including rec room, kitchenette and full bath. Fabulous patio, great for entertaining. Fabulous location for commuting. Must see!
Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $4,299.78
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20000 Fisher Ave
Poolesville, MD 20837
Historic property in commercial business district of Poolesville. Great flexibility of use with two separate buildings and paved parking. Several independent office/retail spaces. Main building is vacant, smaller building is retail occupied. Tenant is seller, will stay with lease or vacate with sale, your choice.
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Under Contract
4116 Saul Road
Kensington, MD 20815
$765,000
Big, bright, beautiful Byeford split renovated top to bottom, fresh paint, gleaming floors, and sun-filled open kitchen. Four bedroom and three full baths, including attached master, four levels, great flow - living room opens to sunny deck, family room opens to adj patio, large private lot, mature plantings, hot tub!! Two car gar plus tons of storage. Fantastic central location close to pools & schools, great commute!
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $7,506.34
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Under Contract
3511 Glenmoor Drive
Chevy Chase, MD 20815
New Price: $749,000
Fantastic value. Much bigger than it looks! Four bedroom, five bath gem on dead end street. Updated throughout, multiple decks for outside entertaining, game room, off street parking in a convenient location. Freshly finished hardwoods, fresh paint, granite counters, updated baths, and ample space. You need to see this one to appreciate the space. Close to Rock Creek Park and public transportation.
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $7,265.17
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Under Contract
8905 Seneca Lane
Bethesda, MD 20817
$949,00
PRISTINE top to bottom renovation with show stopping attention to detail - gorgeous, gorgeous, gorgeous. True chef's kitchen, wonderful breakfast room / garage conversion, 1st floor den, lovely baths, totally finished lower level, unusually beautiful floors, well conceived open floor plan, serene landscaping, great porch & patio for entertaining - truly a delight at every turn.
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $8,187.30
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Sold
2812 Terrace Drive
Chevy Chase, MD 20815
$699,000
Gorgeous renovation of the largest rambler model in beautiful, popular, Rock Creek Forest! Three / four bedrooms, three beautifully redone baths, stunning new kitchen with pro appliances, granite, glass cabinets / tile splash, etc open to dining / living areas & adjacent sunroom. Spacious, bright, sunny rooms, great flow, wonderful lower level with office and adj bath.Fantastic value! BCC Cluster!
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $5,873.38
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Sold
2821 Spencer Rd
Chevy Chase, MD 20815
$659,000
Immaculate sun drenched, three bedroom, three updated full bath rambler on one of the largest lots in neighborhood. Updated kitchen & baths, open floor plan, spacious living room with fireplace and separate formal dining room. Master bedroom with full bath + 2 closets. Huge bright lower level with great recreation room, full bat, and lots of storage! Freshly painted throughout with refinished wood floors on main level. Terraced gardens & patio! Excellent Value!BCC cluster! 1/2 mile to new Rock Creek Forest elementary!
Please Click Here to View the Virtual Tour
Estimated tax and non-tax charges in the first fiscal year of ownership $6,135.46
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Walkable Urban Places are the Future of Real Estate Development
Article from National Association of Realtors�
WASHINGTON (May 15, 2015) - Realtors� from across the country gathered today to learn about the importance and benefits of walkable urban communities in real estate development during a panel organized by the REALTOR� University Richard J. Rosenthal Center for Real Estate Studies during the REALTORS� Legislative Meetings & Trade Expo.
"Creating walkability with restaurants and stores can help transition an edgy part of town into one that is hip and hopping with pedestrians," said National Association of Realtors� Chief Economist Lawrence Yun. "This type of real estate development transforms the community for the better." Residential walkable communities generate four times the tax revenue compared to regional and business malls, bringing more value to the area, according to panelists. "Walkable urban regions in the U.S. have a 41 percent higher Gross Domestic Product over non-walkable regions," said Christopher Leinberger, professor at George Washington University School of Business and president of Locus, a national coalition of real estate developers and investors who advocate for sustainable, walkable urban development in metropolitan areas. "That's the difference between countries like Germany and Romania." Walkable areas provide financial benefits not only to the community but also to the individuals living there. Despite the rising prices commonly frequently seen in walkable areas, those communities are inherently more affordable since individuals living in walkable areas usually spend about 43 percent of their income on housing and transportation, as opposed to those living in non-walkable areas, who spend about 48 percent. "If a family can get rid of one car, they can increase their mortgage capacity by as much as $150,000," said Leinberger. The panelists also discussed the importance of looking at current zoning regulations in major cities and how those regulations could be slowing down the development of walkable places. The panelists all agreed that the lack of development could be holding back economic growth. "We've been bumping along at 2 percent GDP growth, and we should be at 3.5 percent, and obsolete zoning is what is holding us back," said Leinberger. "Less than 10 percent of land would need to be rezoned, and that is where 80 percent of the development is going to go."
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Today's Interest Rates:
30 Year Fixed 4.21%
15 Year Fixed 3.53%
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Useful Website
I wanted to pass on a very useful website for our Montgomery County folks, that I heard about from a neighbor. It's a sign up for notification of trash pick up - which has been extremely useful this year with all the snow and holiday delays
On this web page you can select how you would like to receive notifications and other options.
So far I haven't found that they send too much email or anything but a reminder of your trash day and it's nice not to have to do the "will they or won't they" at 10:00 pm the night before.
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Fun Event
Date and Time: June 20, 2015, 8:30 a.m. to 5:30 p.m.
Location: Constitution Avenue on Capitol Hill, between New Jersey and Louisiana Avenues
More than 60 underage drivers will race down Capitol Hill in the Washington Soap Box Derby. Racers between the ages of eight and 17 years of age will compete in three All American Soap Box Derby race divisions: Stock, Super Stock and Masters. Each year, the Greater Washington Soap Box Derby Board of Directors has to present a formal request to Congress to obtain permission to conduct the race on the Capitol grounds, which includes that stretch of Constitution Avenue just in front of Union Station.
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Fun Event
National Capital Barbecue Battle
Dates and Times:
June 27-28, 2015
Saturday 11 a.m. to 10 p.m.
Sunday 11 a.m. to 7:30 p.m
Location:
Pennsylvania Avenue, NW, Washington, DC between 9th & 14th Streets. Near Federal Triangle, Metro Center and Navy-Mem'l Archives Metro Stations
The National Capital Barbecue Battle is an annual competition between top BBQ restaurants from the Washington, DC area and around the country. If you love barbecue you'll love the food samples, cooking demonstrations, interactive displays and children's activities at this sizzling summer festival.
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Click On Image to Visit Our Website
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Deb Levy
Eagle Bank
1425 K Street, NW Washington,
DC 20005
Office 202-292-1581
Mobile 301-332-7758
Fax 301-841-0282
NMLS ID: 481255
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Counselor Title, LLC
John G. Nalls
4400 Jenifer Street, NW
Suite 200
240-498-8290
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RTS Environmental
Services, Inc.
www.rtsenvironmental.com
301-607-6276
1-800-722-5589
RTS Environmental Services performs Pre-Purchase and discovery inspections for Mold and Asbestos building issues. RTS also provides solutions for issues which may require mold and asbestos removal according to industry methods, practices and standards.
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Long & Foster Real Estate, Inc.
Nalls Home Partners, LLC.
Top 1% of Realtors Nationwide
4733 Bethesda Ave,
Bethesda, MD 20814
Tom's Cell: 301-237-5170
Barbara's Cell: 240-602-9035
Marc's Cell: 202-425-8885
Susan's Cell: 301-943-3851
Office: 240-497-1700
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All information in this e-newsletter is deemed reliable but not guaranteed.
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