In addition to the prison term, she's ordered to pay more than $16 million in restitution (good luck recovering that, she spent it on her mega bucks wedding!), and the judge described her as a "vulture".
Her accomplice, Jennifer McCall also had a hearing later in the day where she fired all of her lawyers, and when the prosecution recommended keeping her jailed pending sentencing, a relative of hers jumped into the well of the courtroom and punched the prosecutor in the face! Quite the well mannered group I'd say!
It's a relief to see these people going to jail, but it's a cold comfort for the people that believed their lies and lost their homes. The scam is the perfect example of the greed that the housing bubble created. I hope this serves as a warning to anyone else out there thinking about doing something like this, and more importantly, I hope this brings to the forefront the risk involved when someone makes you an offer that sounds too good to be true.
Great News! The $8,000 first time home buyer tax credit has been signed into law a few moments ago! Instead of expiring on December 1st, 2009, it has been changed to June 30th, 2010! You need to have a ratified contract in place by April 30th, 2010, and you have up to 60 days to close the transaction.
It's also been expanded! People who currently own a home are eligible to get up to $6,500 to "move up"! Here's a short video from Tom Kunz, President and CEO of Century 21, explaining the extension:
In order to qualify for the $6,500, here's a quick explanation of the guidelines for current homeowners (info on first timers can be found here):
The credit is available for homes that go under contract by April 30, 2010 and close by June 30th, 2010.
Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their primary residence for at least five consecutive years out of the last eight years.
Income limits: $125,000 a year for individuals, $225,000 a year for married couples. (these are higher limits than before)
Homes that cost more than $800,000 aren’t eligible for the credit.
$6500 tax credit is not retroactive. (from the language of the bill: “shall apply to residences purchased after the date of the enactment of this Act.”
If you have any questions, please don't hesitate to call or email me!
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
So when is the economy going to recover? According to the Washington Post, it looks like it may already be happening here in Charles County! In an article written this weekend in the Washington Post (Economic Rebound Seen for Charles County), Signs are good that the evidence of an improving economy is being seen already in our neck of the woods!
According to the article, the U.S.
unemployment rate is 9.8 percent; Maryland's is 7.2 percent; and Charles's
is 5.9 percent!!! In addition to this news, rising homes sales, and a continuing influx of new jobs, Charles County is becoming a much more popular place to be! Also, if you're thinking of buying or selling a home in the area, I know a FANTASTIC Realtor, LOL!!! ;-)
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
Are Realtors obligated to disclose mold problems in a foreclosure? The short answer is yes, but unfortunately things aren't always done as they "should" be.
Why Should It Be Disclosed?
A mold problem in a home falls into the category of "Material Defect". In the state of Maryland, any Material Defects that are known by the seller or listing agent must be disclosed, regardless of the Annotated Code of Maryland, Real Property Article, Section 10-702. The catch is that the seller must have knowledge of the defect.
Banks Don't Disclose
Banks typically avoid making any sort of disclosure, and rather sign a disclaimer stating they have know knowledge of the property and it's potential defects. Since the bank has probably never actually visited the property, how can they know there is a mold issue?
Banks Should Disclose
It stands to reason, however, that someone involved in selling the property (such as the Realtor who lists the property) has seen and is aware of a possible mold problem. If there is a latent defect such as this, and it is known, then it is the responsibility of the listing agent and the owner (The Bank) to disclose such problems. What should happen, and what does happen, however, can be two entirely different things.
Are they Trying to Hide It?
With the massive mold growths I've seen in so many foreclosures, it's impossible to hide the fact in many cases. the concern that I, as a Realtor, have is that there is a potential health risk involved in showing these properties. It's a weekly occurence now: I go out, show a dozen or so moldy foreclosures, and go home with a splitting headache and nausea. At it's core, this is a health risk, for both me and my clients.
The concern many banks have is that mold stigmatizes a property (DUH!) and reduces it's value. Their risk of exposure to a lawsuit is minimal (You gotta prove they knew the home had mold), and so the less they say, the better, at least in their mind. In the mean time, myself and my clients get to deal with the headaches, nausea, dizziness, and shortness of breath that goes along with heavy mold exposure. Lucky Us.
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
The old phrase, "Real Estate is Local", has been worn out by countless Realtors, desperate to paint as bright a picture as possible in a bleak real estate market. It's more than just a worn out catch phrase, though, and without paying attention to what's happening in the region you're looking to buy or sell in, you can find yourself extremely frustrated.
I've written 5 contracts for buyers looking in Fort Washington, MD over the last 3 weeks. All of them have been on foreclosed properties. In 4 out of the 5 contracts, we have found ourselves competing with other buyers in a multiple-bid situation. The first question that comes to buyers mind when they hear this is usually something along the lines of: "Is the real estate market really that good?"
Here's a quick breakdown on what's really happening in the Fort Washington, MD real estate market:
From the current MRIS statistics, the majority of homes for sale in Fort Washington are non-foreclosures. In fact, as of today there are only 42 homes in the 20744 zip code that are listed as bank owned (REO). 272 properties listed for sale in Fort Washington are NOT foreclosures.
Seeing considerably fewer foreclosures listed than traditional resales is an excellent thing. The bad news is that 41% of all homes that are currently under contract (98 homes out of 234 listed) are bank owned.
The fact of the matter is that people are gravitating towards buying foreclosed properties in the area. the fact that there are more REO's under contract than there are available is very telling. typically the ratio of homes under contract vs. homes available is 1:4. right now that ratio is closer to 2:1 in the area. As far as foreclosures are concerned, Fort Washington would be considered a sellers market. (It's incredible how quickly things can change!)
The other thing to look at is total sales volume. In Fort Washington, property sales volumes have been picking up as well. Although it's nowhere near the sort of monthly volume we had seen during the boom years, total sales volume has grown considerably in the last few years. This is due largely due to the incentives in PG county to buy a foreclosure (Not only the $8,000 tax credit, but also the Down Payment incentive program)
What about Prices?
The other significant factor to look at is homes sales prices. The current average sales price is $251,141. A look at the average sales price over the last year shows that sales prices have fallen only marginally over the last year. In January the average sales price was $267,883, which represents a depreciation of only 6.3%. The national average is 13.4%, but heavy job growth in the government sector has helped stabilize prices in the D.C. Metro area.
It's obvious that foreclosures are driving the Market in Fort Washington for the time being. The good news is that the market is showing signs of what is hopefully stabilization. long term consideration of future regional job growth should help to shore up the market even more. It is entirely possible that we may see home sales slow again once the tax credit and foreclosure incentive programs expire, but only time will tell how large of an impact these programs will actually have on the real estate market.
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
