This week we’re in Dupont Circle to see about a 1BR / 1BA condo with garage parking and private balcony in an amenity rich, pet-friendly building. It’s listed for $439,000.
Located between George Washington and Dupont circles this condo has amazing location. Dozens of restaurants are in walking distance as well as shopping in Georgetown and the trails along the Potomac River and in Rock Creek Park. As for the building, it offers a fitness center, indoor swimming pool and 24/7 concierge.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $100,784,79. Monthly payments will then be around $1,951.54. For a complete picture of cash-to-close, including the seller’s net proceeds from this home-sale scenario, check out the Close It! Web version or download the free Close It! iOS app.
An old affordable housing law called TOPA is preventing some DC homeowners from selling their home. TOPA, otherwise known as Tenant Opportunity to Purchase Act, was established in the early 1980’s to ensure renters could not be displaced from their home and had first rights to purchase the home, should the owner decide to sell.
But now- some clever renters have been able to hold properties hostage by selling their rights to the highest paying bidder, to put major cash in their pocket – yes the renter’s pocket! Some DC homeowners had to pay their tenants, upwards of tens of thousands of dollars, to release their TOPA rights so the home could be sold – practically extortion. Local real estate attorneyJohn E. Reidis a TOPA expert and suggested 3 options DC homeowners should know about renting their property.
- You must comply with TOPA law. Meaning you must give your tenant, in writing via certified mail, an opportunity to purchase the property if you decide to sell it. A copy of this notice must be sent to the Mayor of DC as well. In essence, if you have a renter in your property and you want to sell it – you might be in a TOPA crisis because the renter gets first dibs on the property and or they can sell their rights to someone else, holding up the potential sell on your property; a TOPA nightmare.
- Wait for the tenant to move out. Another option is to wait for the tenant to vacate the property at their leisure. Then, consider listing it 30 days post their departure, depending on the type of dwelling and the circumstances in which they vacated. To comply with this option, they must leave on their own accord – and don’t even think about selling it until they have officially moved out, post 30 days!
- Don’t rent your property in DC. Just don’t do it; live in the property, flip the property, but don’t EVER, EVER rent in DC. And should you feel the desire to become a landlord, perhaps Maryland or Virginia is a better option because they don’t have a TOPA law.
In short, if you have a renter in your property and you’d like to sell it, the best advice would be to seek out a DC real estate attorney immediately to help guide you further on TOPA and its legal ramifications. Similarly, if you are considering purchasing a home that is tenant occupied, TOPA still applies and the tenant must be given the option to purchase as well, should you decide to sell it.
"It's important to ensure strict compliance with TOPA and sellers and listing agents should take it very seriously. There may be additional steps to take or even exemptions that could apply depending on the facts. If all parties are aware of the steps required and their respective rights prior to listing the property for sale, it can help set expectations for the transaction," said Reid.
In the meantime, we’ll be following DC Council’s efforts on correcting loopholes within this law to help protect DC homeowners and keep you posted on any changes.
This week we’re making our way to the booming Shaw neighborhood that has seen tons of new stores and restaurants open in the past couple years to see about a charming rowhouse with a unique spiral staircase. It’s listed for $650,000.
An ideal alternative to condo living, this 2BR / 1BA is 969 square feet and features several updates including stainless steel appliances, hardwood floors throughout and a sun room that leads to an adorable back yard that will come in handy as cook out season gets underway.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $147,995.07. Monthly payments will then be around $1,916.70. For a complete picture of cash-to-close, including the seller’s net proceeds from this home-sale scenario, check out the Close It! Web version or download the free Close It! iOS app.
It's official - realtors and home buyers can NOW send earnest money deposits electronically and securely to Federal Title & Escrow Company with ZOCCAM!
This is a leading banking application for smart phones that deposits and transfers escrow money instantly, any time, day or night- from your pocket!
Simply take a picture of the front and back of your earnest money deposit check, select Federal Title & Escrow Company's escrow account, confirm the information to be accurate, then select send. The agent and home buyer will be immediately notified that the escrow money deposit was received.
This is a game changer for agents and home buyers because it saves time, money, and is hassle free with just a simple click of an app on your smart phone. Oh and it's FREE, SAFE, and SECURE!
ZOCCAM doesn’t contain or hold any financial account information, and all content is encrypted and sent using state-of-the-art security techniques that ensure every client’s non-public personal information is protected.
View this short ZOCCAM demonstration, download the app, and begin to use today!
***Please note, when a license number is requested in the below instructions, please use 88888888 in the meantime, while the app is being modified. ***
- View the step-by-step instructions for agents here
- View the step-by-step instructions for home buyers here
This week we’re exploring a converted school house in the heart of Logan Circle where an amazing 2BR / 2BA condo with 14-foot ceilings and custom closets is waiting for the right homebuyer. It’s listed for $815,000.
The unit was renovated in 2015 and features heart of pine hardwood flooring, new kitchen appliances and large windows with custom window treatments. Many of D.C.’s tastiest restaurants, located along the 14th Street Corridor, are essentially at the doorstep of this prime location.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $184,936.32. Monthly payments will then be around $4,852.40, which includes the HOA fee. For a complete picture of cash-to-close, including the seller’s net proceeds from this home-sale scenario, check out the Close It! Web version or download the free Close It! iOS app.