Home Owner

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Bring to the table the best that your money and credit will afford you to purchase in today’s market.

I will start by sharing my own story on my first home purchase. I did not understand the entire process until I met a friend By the name of Connie Lipscomb. We worked at a very reputable company in the year 1983 called at that time “UNITED FIDELITY Insurance Company” located downtown Baltimore Inner-Harbor. We eventually moved from the harbor to a very wealthy part of town called Mount Washington.

Mr. Connie was my Realtor at that time in my quest to find a house for sale. I located a house on 4234 Falls Road Baltimore, Maryland 21211 in an area better none as “Hamden”. I loved the neighborhood and the population of people who live there as well. Retired citizens lived there and demand a high standards for residents in your home ownership.

My wife and two kids at that time realized that we only were the first Afro American family to live on Falls road between 40 first street and Roland Heights. Never before had another family live in this area of Falls road before.

“I knew this was a good investment for my premier property”. Living in this community your house had to be up to code for current market value , so that all the houses would continue to promote an increase in its value. Mr. Lipscomb and I discuss the required documentation needed which was FHA for the first time home buyer program. Once the credit report and the loan approval application processed completed. We move to the table on a loan for the amount of $42,500. I signed the check and turn it over to the sellers.

We live in that house for 18 years. The one thing I notice over the years on my assessment of property value it continue to increase in value.

My kids school Medfield elementary located behind my house within walking distance saved travel time and transportation cost. The access to public transportation such as Mass Transportation could be enter on in front of my door steps. The light rail system was only 5 minutes away, all the local markets such as Giant, Super-fresh and the Rotunda Mall also within 2 to 3 minutes of walking distance.

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Well after 18 years I refinance my house for $96,000 before the market drop down , and the 1st mortgage remaining balance was $32,000 and the difference was profit for me. I managed to lose all the money living a very fast life in 2006-2007. I lost my job as a truck driver and fell behind on my mortgage $10,000.

Note: “I only used less then 50% of the equity value in the house “. I knew if my payments fell behind I could get an investor to bail me out. Guess what it happen. I signed the deed over to an investor with contingencies claws which said “Fix the house up or sell as is”. The investor decided to fix and repair the house with more money. I stayed out of the picture for almost 2 years free from a mortgage payment. The investors money and my 18 years of payments on top of the 96,000 loans was lock into the deal.

I will say to you as a buyer location is key. The house dates back to the 1920’s, doing the time when the market dropped in 2007-2008 when new houses were not selling. My house sold on the basis of upgrade and location.

My final closing remarks: The house sold for $211,000. The first deduction as stated for the recorded is $96,000, the second $10,000 on back payments the investor did not pay doing the 2007-2008 monthly pay schedule. The remainder of the balance went into the investor pocket. My credit report reads mortgage paid in full.