Falling Prices ...Amazing Opportunities for Home Buyers

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Falling Prices...Amazing Opportunities for Home Buyers. As I browse through MLS  I am absolutely amazed at the deals out there for buyers. Homes that only a few years ago went for double the price with buyers out bidding one another are now on the market for 1/2 with the sellers offering to pay closing costs or throwing in 1-2 year home warranties on some properties.

With interest rates at record lows I surprised that buyers aren't taking advantage at this wonderful opportunity to purchase the home of their dreams.

When a buyer works with me they can be assured I will always provide them dedicated, professional care. I make it my business to find you the best deal available. With over 10 years experience of helping families in Essex, Middlesex and Suffok counties. I make your home buying dreams come true.

Don't wait another day. Contact me today and together we'll find your new "Dream Home"

Lisa Coates

ABR,CBR,GRI, WRELDA, REALTOR

Prudential Preferred Realty

781-518-1280

Boston's Northwest Real Estate Specialist

 

Save time and increase productivity with this ....

Yesterday I had a thought "How can I write notes to myself to track my daily actives?" So I Googled journals/diary's and found that Yahoo had a app that you could use with your email account. So then I thought does Google?

Yes it does! it's called IGoogle.com

On this you can have "Sticky Notes (Postits) a legal notepad, Facebook, Youtube, Weather, Gmail, Google Documents, your Google Calender and just about any gadget you want on one screen. Within mins of watching a quick tutorials on Youtube to learn more about how to maximize and increase productivity. I was organized like a champ. No more flipping from tab to another. And best of all it also works on your mobile devices.

Hope this helps organize your day.

 

Lisa Coates

ABR,CBR,GRI, WRELDA, REALTOR

Prudential Preferred Realty

781-518-1280

Boston's Northwest Real Estate Specialist

 

Buying a Distressed or Foreclosed Home in Boston

Buying a Distressed or Foreclosed Home in Boston 

For many buying buying your first home is a very challenging experience. You ask advice from friends, colleagues and relatives. Everyone seems to have an opinion. Some say focus on New Construction, others say find an established Condo with low condo fees still others may offer up advice to buy a distressed or foreclosed home.

Today we're going to focus on buying a distressed or foreclosed home. What to expect when you decide you want to take advantage of the low sales price.

 

• If the property is bank owned, it is NOT advised to put in a low ball offer. The bank has taken the time to hire at least 3 very experienced local agents to provide them with a Brokers Price Opinion based on the size, location and condition of the home. They then hired a highly qualified listing agent to market and sell the property. By placing a "low ball offer" you are disqualifying yourself and the risk of losing the property to a much more savvy buyer.
• Unlike buying a "Short Sale" or "Owner Occupied Home" that has been treated with love and attention, these homes are usually the result of a lengthy process which started in most cases a year ago with a Notice of Default and then escalated to an foreclosure and eviction. The former owner may or may-not have had the funds to do some of the required maintenance on the property and if they did had time to remove any improvements before they left the home.
• Since it is the winter, most of these properties will not have heat or running water - if you decide to place an offer and it is accepted it is your responsibility to have the property dewinterized and winterize for the home inspection
• If the property is priced to sell - expect to go into a bidding war and remember the person with the least amount to finance and strongest pre-approval will usually win. Next to first in line who is usually the "Cash Buyer"  So, if you have only 3% to put down and ask for a closing cost credit - even with a full price offer. In the banks eyes this is a "Weak Offer"
• Properties being sold under $50,000 will not qualify for a mortgage, if you are considering this type of property you will most likely have to buy with cash. And I suggest going to the bank BEFORE making the offer to find out if you qualify for a personal loan. Again, if the bank reads it's subject to financing they will most likely move to the next offer without this contingency.
• Don't expect the bank to provide any information about the property, they have never occupied it and therefore do not know about the roof, pipes, if the appliances work or neighborhood.
• In most cases the bank will not consider a "203K Mortgage" when reviewing offers, please consult with your buyers agent if you are planning this type of financing. It's a long and arduous process and the bank usually wants the property off their books as quickly as possible.
• If your offer is accepted and you preform a home inspection - do not assume the bank will preform any maintenance to the property if flaws are found. Most properties listed and sold by the bank are done so with "As Is Condition" clause.
• If you plan to occupy the property after you purchase it, please plan in advance to home shopping and budget how much you can spend to make this property yours. I suggest at least $50,000 unless you're lucky enough to find a "Mint Condition Property" but in most cases these homes need More than Paint, and cleaning. Discuss your plans with your buyers agent so they can help with the selection of appropriate homes that will fit your budget

Distressed Condos

This is another subject  When considering the purchase of a distressed or foreclosed condo. It's important to know the financial stability of the condo complex. If you're a first time buyer seeking MA Housing or FHA financing, the following must be in place for your bank to consider the purchase

• Is the owner occupancy at least 51%
• Has the complex been FHA approved?
• Does the complex have at least 20% of the annual operating expenses in the reserve?

If the complex is not at least 51% owner occupied wheather it's a distressed, foreclosure or resale, this can be a challenge for FHA and MA Housing. Consult your mortgage broker for more information.

 

For more information or representation when buying a distressed or foreclosure in or around the Boston area. Feel free to contact me direct.

Lisa Coates

ABR,CBR,GRI, WRELDA, REALTOR

Prudential Preferred Realty

781-518-1280

Boston's Northwest Real Estate Specialist

Rethink Renting

Rethink Renting

As we start the second month of 2011, it's time to evaluate the goals you set for yourself and compare what you planned to do and where you are in the plan.

For some this is something that is always left til "Tomorrow" even though there is a soft voice within you saying "Why throwing away $$$$ every year without a return on this investment?"

Stop don’t allow that voice to consume you, beat you up or crawl up in a ball eating chocolate. Let's examine your definition of Home Ownership. If your goal is to stop renting  and buy your first home this year.

Let’s examine the steps have you take to achieve this goal?  Intensions are great on paper. The challenge is to implement the intentions. Some examples would be, find a copy of your lease and review the renewal date. If it’s 6 months from expiration or less it’s time to pull your credit and make sure there are no inaccuracies that could disqualify you from getting the best interest rate.

Next you should consider your lifestyle…

Do you enjoy outdoor projects?  Cutting grass, shoveling snow or cleaning gutters?   YES…than perhaps purchasing a home would be right for you. If on the other hand your response is No, then unless you have the extra income to pay someone else to do required maintenance on your property a condo is your best option.

Do you have a hobby or interest that could disturb your neighbors if you lived in a condo? Some examples would be playing a loud instrument? Repairing vehicles on the weekend? Entertaining friends and family members til the early hours of the morning? How many cars do you have? In some condominium complexes there are restrictions on how many vehicles are assigned to a unit or how long a additional vehicle can be in a Guest Spot. So even though you may not enjoy the exterior maintenance of a home, receiving fines or letters from property management companies for a condo violation can make this choice a bad one.

On the other hand, perhaps you should consider a newer construction small ranch or bungalow with a small yard and have a heated driveway installed.  

Let’s move on to the next step …. Realistic Purchasing Power

Your loan officer will be able to establish your Exact Purchasing Power but a good rule of thumb is 4x your annual income.  Obviously if you’re thinking of purchasing a condo the condo fee, taxes and insurance will reduce your purchasing power. 

Taking the leap from Renting to Owning isn’t as hard as you think. Just like planning to rent you should consider your lifestyle. income and what you must have compared to would like to have in your new home.

To discuss this in more detail feel free to contact me direct and together we’ll make your goal a reality.

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