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Found 2 blog entries tagged as "buying".

A lot of investors and homebuyers ask me about buying a Washington DC foreclosure.  In this blog I will talk about the process a bank must go through to foreclose and where to search for them. 

First, you must understand that in Washington DC there are very few foreclosures on the market currently.  It has been over a year since banks have foreclosed on a property in Washington DC.  This is due to the robo signing issue(which was just resolved last week) and the mediation law that the DC council put in place in December 2011.  The mediation law forces banks to meet face to face with the borrower to prevent a Washington DC foreclosure.  In the second half of 2011 only 25 notices of default were issued by banks compared with over 1000 issued in 2010.  A…

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Washington DC transfer and recordation taxes are part of your closing costs when buying or selling real estate.  Payment of Washington DC transfer and recordation taxes are typically split between buyer and seller.  Make sure you carefully exam your contract regarding who is paying the Washington DC transfer and recordation taxes.  Purchasers often ask the seller to pay part or all of their Washington DC transfer and recordation taxes.  Your lender should provide you with an estimated costs of closing.  The HUD-1 should be reviewed thoroughly before settlement to understand who is paying for these closing costs.  You can review a blank HUD-1 here.  The taxes will be written into your HUD-1 on lines 1201 through 1206 and you can review this at the time of…

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