Mike Hunter's Blog

House Popularity by Color in Sudbury 2011

2012-01-21T15:13:00.003-05:00

What is the Difference Between a Raised Ranch and a Split Level Style Home?

2011-12-26T15:28:00.000-05:00

When showing homes to first-time home buyers we often end up in Splits and Raised-Ranches as they tend to be smaller in square footage and in the lower price points for their town/marketplace.
Whichever one we enter first, the buyers ask me "what's the difference between this one and the other one". So here it is:

Raised Ranch House Style

Raised ranch style houses were built in the Boston area from the mid-40's to the 70's and are occasionally still built today as individual custom homes.

They are typically built in this area on lots with high water tables, lots with stone ledge very close to the surface, or lots on a hillside.

Imagine building a single story ranch style home with a full basement and instead of sticking it in the ground up to the top of the foundation, you set it on a flat spot carved into the ground anywhere from one to four feet deep.This gives you two stories of living space mostly above grade with full-height windows in the basement to give you air flow and sunlight.

Because of the foundation location, you enter the front door directly at the same grade as the driveway on the basement level and have to go upstairs to the main living level (see sketch).

You will enter on the level with a family room, utility/mechanical room, laundry/bath, possibly a bedroom, and if there is one, the garage. There will be a full set of stairs to the side of the front door that takes you up to the main living level where you will find the kitchen, dining room, living room, bedrooms and one or two full baths or a bath and a half.

In many towns they are found along rural roads or what were rural roads at the time in clusters of several homes that were built at the same time.

As these homes are anywhere from fourty to seventy years old, their heating/cooling systems, wiring, plumbing, windows, doors, and other systems have probably been replaced or updated. If they haven't been, they are easy to do and a great way for first time buyers to generate some sweat-equity.

When available, they sell well due to their economical carrying costs, generally low prices, and great use of space. So if you’re looking for all those things, a raised ranch might just be your perfect home.

Split-Level House Style

Split-Level houses are a variation on the raised ranch style and are also called Splits, Split-Foyer and Bi-Level houses. Splits are built with the foundation sunken deeper than Raised Ranches, usually four to six feet into the ground, and the driveway is excavated level with the bottom of the foundation. Unlike a raised ranch which has full-height windows, the lower level tends to have short windows.

In Splits, you always have to go up a half-flight or more via exterior stairs or a sloping walkway from the driveway level and enter the door to a landing or a small foyer.The doorway is often recessed and sometimes the main level of the house is cantilevered out over the basement level, creating a natural indentation and very clear wayfinding to the front door.

Once inside you immediately have to make a decision to go up a half-flight of stairs or down a half-flight of stairs, hence the name split-level (see sketch).

As with a Raised Ranch, upstairs you will find the kitchen, formal dining and living rooms and the bedrooms/baths. In many of these homes the owners have opened up the original walls between the kitchen and dining/living rooms giving them a wonderful flow and nicely supporting the behaviors of today's lifestyles.

Also like the Raised Ranch, downstairs you will often find a family room, utility room, possibly some miscellaneous finished space, and the garage (which is usually located under the bedrooms).
Splits were designed to be inexpensive homes giving two stories of living space while minimizing foundation and roof costs.

While most of them have full-height basement levels, there are many that have basement levels that were shortened to cut building costs. So if you're tall you might want to find one with forced hot water heating systems that don't require big ductwork.

In Metrowest developers built them mostly in large developments (by New England Standards) that have evolved into wonderful family neighborhoods of thirty to fourty similar homes. Depending on the original price point, they can have a variety of finishes and architectural details on their fronts, such as faux stone, brick, awnings, and bay/bow windows. They will hardly ever have front porches, and are often fitted with screened-porches or raised decks off the back of the dining rooms with stairs down to grade.

Splits don't tend to handle additions well, so many folks buy them as starter homes and then sell/move when they find they have outgrown them. Because of this and the fact that so many of these homes were built, they are almost always available for sale in all local marketplaces.

Summary
Whether it's a Split or a Raised Ranch they be a very practical layout, they sell well due to their economical carrying costs, they have generally lower asking prices, and they make great use of all available space. So if that's what you're looking for, one of these just might be your perfect home.

How Hard are My Wood Floors?

2011-12-15T15:10:00.000-05:00

Just the other day I was at a home inspection (representing the sellers) and the buyer’s home inspector was commenting on the Brazilian Cherry floors in the Study, telling the buyers that “this wood is very soft, so you’ll want to be very careful when you walk on it.”

Having grown up in the household of a high school shop teacher, I’ve had a great education in woodworking and made lots of projects with my Dad. Over the years I’ve worked with Brazilian Cherry and for a fact I know it is a very, very hard material. It takes forever to sand and holes for fasteners have to be pre-drilled very accurately and sized correctly. But I kept that knowledge to myself and decided to share it with you instead.

Many woods are used for flooring and although today’s design trends and color schemes often drive the choice of materials, over time the most popular woods for this area of the country, are: Brazilian Cherry, Mahogany, Pecan, Maple, White Oak, Red Oak, Walnut, Teak, Pine, and Fir. Of these, Red Oak is the most commonly used (it’s considered the most color-neutral and affordable of the woods) and thus it is considered the standard or benchmark in wood hardness.

If you Google hardwood hardness you will inevitably encounter the Janka Hardness Scale. It is the industry standard for judging the ability of woods to withstand the beating that wood takes from normal wear and tear: denting, gouging, pet scratches, heavy furniture, etc. Janka measures the amount of force in lbs-force that it takes to push a half-inch diameter (okay it’s really .444 inch) steel ball half of its diameter down into the wood. While this gives a general sense of the wood’s hardness, there are many factors that also contribute to a wood floor’s hardness and durability, including how it is cut from the log and how it is finished.

How the tree is cut has an effect on its hardness and suitability as a floor covering. Hardwood flooring is produced by milling wood from trees. There are three basic ways to cut a tree into lumber, called “plainsawn”, “quartersawn” and “riftsawn”.

“Plainsawn” wood is just that, the log is sliced lengthwise from one side to the other in a series of parallel cuts, sort of as you’d cut a block of cheese. This gives the best yield from the tree but for flooring it tends to result in a very inconsistent grain pattern and tends to expand and contract in unpredictable ways. Wide-pine floors (found in many Antiques and Antique Reproduction homes) are the typical example of “plainsawn” wood that most of us will encounter.

“Quartersawn” wood is the most common way that flooring material is made. In this method, imagine that the log is cut down the middle, then both halves are cut down the middle, and the boards are then cut from the “quarters” with the point facing straight down (a series of parallel cuts starting perpendicular to the centerpoint of the tree). This gives consistency to the grain of the boards (as consistent as any natural material can be) and a predictable stability that makes it perfect for flooring. For the purposes of this blog, I am using hardness factors derived from “quartersawn” wood.

“Riftsawn” wood is the absolutely ideal material for consistency of grain and stability but is very hard to find because it is so expensive to manufacture. In this method, the log is cut into a series of wedges that are perpendicular to the rings of the tree. The wedges are then sawn into boards and the excess material becomes waste. Because of the low yield per tree the cost per board foot is very high and you will probably never see “riftsawn” flooring unless touring a mansion or a castle. By the way, there are a couple of specialty sawmills in the Sudbury area that will produce “riftsawn” boards for you, but hold onto your wallet.

As mentioned earlier, the finish also has an effect on the hardness. I am not qualified to comment on what finish is harder or better (best to ask a flooring expert) but I can tell you that the typical finish penetrates into the top ¼” of the wood, at most, so logic would have it that finished versus unfinished wood would be harder but much beyond that I can’t really say.

So how hard is my hardwood floor?
Below is a list from softest to hardest:

FIR

Latin: Abies sp
Other Common Names: White Fir, Balsam Fir, Fraser Fir
Janka Hardness: 400

WHITE PINE

Latin: Pinus alba
Other Common Names: White Pine, Eastern White Pine
Janka Hardness: 420
Hardness Compared to Fir: 1.05 times harder

SHORTLEAF PINE

Latin: Pinus echinata
Other Common Names: Southern Yellow Pine, Shortstraw Pine
Janka Hardness: 690
Hardness Compared to Fir: 1.725 times harder

AMERICAN CHERRY

Latin: Prunus serotina
Other Common Names: Black Cherry, Cherry, American Cherry
Janka Hardness: 950
Hardness Compared to Fir: 2.375 times harder

TEAK

Latin: Tectona grandis
Other Common Names: Plantation Teak, Burmese Teak
Janka Hardness: 1000
Hardness Compared to Fir: 2.5 times harder

WALNUT

Latin: Juglans nigra
Other Common Names: Black Walnut, Eastern Black Walnut
Janka Hardness: 1010
Hardness Compared to Fir: 2.525 times harder

HEART PINE

Latin: Pinus palustris
Other Common Names: Long Leaf Pine,
Also Commonly from: the Center or 'Heart" of Yellow pine
Other Notes: mostly from recycled or underwater harvested, swamp trees
Janka Hardness: 1225
Hardness Compared to Fir: 3.0625 times harder

RED OAK

Latin: Quercus rubra
Other Common Names: Northern Red Oak
Janka Hardness: 1290
Hardness Compared to Fir: 3.225 times harder

WHITE OAK

Latin: Quercus alba
Other Common Names: Old Oak
Janka Hardness: 1360
Hardness Compared to Fir: 3.4 times harder

MAPLE

Latin: Acer saccharum
Other Common Names: Rock Maple, Hard Maple, Hard Rock Maple, Sugar Maple
Janka Hardness: 1450
Hardness Compared to Fir: 3.625 times harder

PECAN

Latin: Carya illinoinensis
Other Common Names: Hickory, Satinwood
Janka Hardness: 1820
Hardness Compared to Fir: 4.55 times harder

MAHOGANY

Latin: Swietenia mahagoni or Swietenia macrophylla
Other Common Names: West Indies Mahogany, Honduras Mahogany, Genuine Mahogany
Janka Hardness: 2200
Hardness Compared to Fir: 5.5 times harder

BRAZILIAN CHERRY

Latin: Hymenaea courbaril
Other Common Names: Brazilian Copal, South American Locust, South American Cherry, Jatobá or Guapinol
Janka Hardness: 2350
Hardness Compared to Fir: 5.875 times harder

Mortgage Rates ... A Quick Historic Perspective

2011-11-28T22:51:00.001-05:00

Interest rates today have gone up a bit but are still at historic lows. I've compiled this simple chart to illustrate how true this is. When I bought my first home, many years ago, I remember paying an extra point to lock in the interest rate at 14.5%, and the rates were going up weekly. Hope you find this interesting.

Today.....................................4.125 %
2004 & 2005..............................5.71 %
2003.......................................5.92 %
1998.......................................6.79 %
1990's (average)..........................9.80%
1979 - 1989 (double digits).............10+ %
1987 drop.................................9.2 %
1980's (average)........................12.62 %
1973-1980 (average)....................9.43%
1973-1982 (range).......................7.44 - 17.49%

Backyard Chickens in Sudbury, MA

2011-11-21T11:08:00.001-05:00

You've moved to the suburbs to have some land, lots of house, and great quality of life. You've started a vegetable garden and have enjoyed the puttering and the fresh produce. Now you're thinking of getting a few chickens so that you can feed them an excellent diet and have fresh eggs of your own.In Sudbury, you'll have to know a few things before you buy the chicks.

Here's a short list of what you'll need to know:

Is an Annual Animal Permit Required? yes, a special permit is required, issued by the Zoning Board of Appeals, cost is $100 first year, $50 annual renewal
Is a Building Permit for the Coop Required? not if the coop is less than 120 s.f. footprint
Is there an Annual Board of Health Inspection Required? yes
Are Roosters Permitted? no
Are there Lot Size Limitations? no
What are the Coop Setbacks from Property Lines? There is a 5' min distance from lot lines.
Are there Manure Pile Storage Limitations? This would be dictated by the conditions of the special permit
Is there a specific section of the Zoning Bylaws that I can read regarding this? 2313/6200
(http://www.sudbury.ma.us/documents/dl/5088/ZoningBylaws2010withIndex.pdf)
Is there an Agricultural Commission or Committee that I can join? yes email: agricultural@sudbury.ma.us
Is there an Agricultural Group that I can contact to get help/info/advice? yes, Sudbury Grange No. 121 Pomona No. 16 , Meetings: 1st & 3rd Wednesday 8 pm, Grange Hall 326 Concord Rd (beside Town Hall), Contact: Brenda Chamberlain 508-429-5458
How do I contact the Board of Health? 978 443-2209 x1379 email: health@sudbury.ma.us
How do I contact the Zoning Board of Appeals? 978-639-3387 email: pcd@sudbury.ma.us
How do I contact the Building Inspector? (978) 443-2209, x1361 email: building@sudbury.ma.us)

Physical and Esthetic Obstacles that Affect the Saleabilty of Your Home

2011-11-16T17:03:00.002-05:00

Below is a list of common things that might affect the sale of your home. I have included my opinions (and those of many, many buyers) of the effect these things will have on the Price and the Time it Takes to sell your home. Sometimes it's good to have some real values to help you decide whether to do or not do things to improve the condition of your home. I hope you find this helpful, and oh, by the way, if you'd like me to visit and give you some direction on your home, please give me a call.

House Located on main thoroughfare (double-yellow painted on street): Price Effect: Minus 15%; Time Effect: Add 30%
Very steep driveway up to the house: Price Effect: Minus 5%; Time Effect: Add 10% (Don't list your house in the winter)
Driveway down incline to house: Price Effect: Minus 5%; Time Effect: Add 10% (Don't list your house in the winter)
Gully or very steep drop-off behind house: Price Effect: Minus 7%; Time Effect: Add 10%
Brook behind or around house: Price Effect: Minus 3%; Time Effect: Add 5%
No tall trees around house (except for new construction): Price Effect: Minus 2%; Time Effect: Add 2%
Electric heat: Price Effect: Minus 10%; Time Effect: Add 15%
No self cleaning oven: Price Effect: Minus replacement cost; Time Effect: None
House facing school or business property: Price Effect: Minus 8%; Time Effect: None
Power line behind or in view of house: Price Effect: Minus 10%; Time Effect: Add 40%
Bedroom, Living room or family room with dated/strong color carpet: Price Effect: Minus replacement cost; Time Effect: Add 15%
Cat door: Price Effect: None; Time Effect: Add 10%
Cat door in Condominiums: Price Effect: Minus 5%; Time Effect: Add 15%
Backyard unsuitable for children to play: Price Effect: Minus 2%; Time Effect: Add 10%
Two-story high deck: Price Effect: Minus 3%; Time Effect: Add 25%
Interior or Exterior needs painting: Price Effect: Minus 3%; Time Effect: Add 5%
Bright color or flowery (especially large flowers) wallpaper: Price Effect: Minus replacement cost; Time Effect: Add 10%
Cluttered or messy basement: Price Effect: Minus 1%; Time Effect: Add 5%
Swimming pool: Price Effect: Add half the cost of the pool plus landscaping and fencing; Time Effect: Add 25%
Worn-out hardwood floor finish: Price Effect: Minus cost to refinish; Time Effect: Add 5%

MetroWest Real Estate Market Update for August 14, 2011

2011-08-14T13:33:00.002-04:00

Real estate in MetroWest is continuing to sell at a slightly reduced pace from last year, but still at a good rate. The median sales for almost all towns have dropped a bit, which suggests that the lower to middle-end of every market is showing the most promise. It's my opinion based on the data shown below that we're skidding along the bottom of the price curve and while prices are not going up they're also not steadily dropping. The abundance of similar, comparable sales is helping Realtors and their Sellers to set pricing that is supported by the current market conditions.

Price changes are more common in the upper end of the markets than in the middle and lower end, which suggest that those who "Have to Sell" are more willing to price their property aggressively to be seen as a good value by today's buyers.

Condition seems to be as important as price these days, with homes coming to the market in "Move-In" condition getting snapped-up and "fixer-uppers" taking longer to find the right buyer. Also a lot of "downsizers" are putting their homes on the market, increasing the inventory of larger homes and putting pressure on the inventory of smaller homes.

Uncertainty in the mortgage markets and the elimination of the "conforming-plus" loans in September seem to be driving a small spurt in activity.
Interest rates are still very low, making the purchase/rent equation almost a wash. The recent mortgages I've seen are tending to be "Income-based" rather than "Equity-based", so buyers with solid employment are in a great position to find a wonderful home for a good value in today's market.

If you're thinking of Selling or Buying, give me a call at (978) 580-1069. I'll be glad to help you.
Best Regards,
Mike

For Condominiums, the market has been very strong for new construction and new communities. Re-Sales of existing condos are weak because the price difference between new and existing is almost non-existent.

The monthly condominium fee is having a big effect on re-sales as the new construction is often subsidized by the developer and all the systems and facilities are brand new so the likelihood of special assessments for replacements and upgrades is very low.

Surprizingly in Weston the sale of very, very high-end condos had a slight uptick this month, suggesting that builders there may have found a great niche for their products.

Further out from Boston the lower end of the market seems to be moving along at a good clip, suggesting that buyers are out there shopping for good values.

Interest rates are still very low, making the purchase/rent equation almost a wash. So renters with solid employment are in a great position to purchase a wonderful condo for a good value in today's market.

If you're thinking of Selling or Buying, give me a call at (978) 580-1069. I'll be glad to help you.

Best Regards,
Mike

Garden Ornaments of New England

2011-08-06T12:50:00.000-04:00

Over the years I've shown thousands of homes. One day I saw an unusual garden ornament so I got my trusty camera and took a picture. This started a collection of wonderful, whimsical photos. Here are some of them:

I hope you Enjoy!!
Mike

Metrowest Boston At A Glance

2011-06-12T12:43:00.000-04:00

Below is a chart I developed for buyers relocating to the area from outside the state or the country. Enjoy!

All It Takes is a Little Vision

2011-03-01T10:26:00.001-05:00

I sell all kinds of houses, trophy homes, second homes, fixer-uppers and more, and all of them are special to me, I never forget them. Once in a while I have a very special listing, whether for its style, setting, charm, or fit/finish/detail work, and it's great to see what the buyer does with it once it's theirs.

Last year I had one of those, it was a small ranch house on a one-of-a-kind piece of property that had been in one family for it's entire lifetime, almost 80 years. The house was located high on a ridge overlooking a large pond, surrounded on three sides by water, within a nice neighborhood but unusually secluded given all those things. And to top it off, it was located around 20 miles from downtown Boston.

The buyers, Bob and Michelle Hause, had been looking for years for the right house to downsize to from their large, classic Colonial Saltbox home in Sudbury, and they just couldn't find one. Then one day they came to my open house and fell in love with this house. Bob is a contractor in Sudbury, his specialty is building additions and expansions onto existing homes, so this was the perfect opportunity to do his thing.

The home he made it into is absolutely beautiful, it fits the site perfectly and is in keeping with the scale and style of the neighborhood and it's environs. What he did was rotate the roofline by 90 degrees and build-on a second floor to the existing first floor walls. He then added a farmer's porch to the front to create an inviting entrance that can be used for sitting in the evening and enjoying the views and the neighbors. Inside he kept the original kitchen cabinets and 80 year old porcelain sink, while updating the appliances and reconfiguring the first floor for today's lifestyle.

As you can see, the front walk and lawn area are new, and a lot of the existing plantings have been retained. They will be augmented with more gardens over the years as Michelle has a green thumb and I'm looking forward to watching it take shape over time.

A lot of discussion these days is about how houses have to be Pottery Barn perfect and completely updated to fit today's discriminating buyers, and there is a lot of truth in that. But just once in a while, there is a home that needs work, and yet it's the perfect home for one buyer. All it takes is a little vision.

btw: if you're looking for a great contractor, call Bob Hause (508) 826-5598

House Color Popularity Results for Sudbury, MA 2010

2010-12-29T09:39:00.000-05:00

The chart below gives a little different picture of the real estate market in Sudbury, MA from the usual numbers and predictions realtors often present. The good news is that this year's 178 total home sales for Sudbury are right in the typical annual range. I've been doing this color analysis for several years now, and to my surprise this is the first year that white is not the most popular color. The most popular color for 2010 is gray, followed by tan, then white in a close third place. Together these three colors make up 2/3rds of the market.

I never used to think much about the affect that a color had on the saleability of a house other than the old urban legends that declared brown and blue as the hardest color houses to sell. But several years ago I took out a buyer couple and noticed immediately that they tended to gravitate to red houses, so I changed their search results to concentrate on red houses and they found the perfect house within a week. And, yes, it was red.

If you're thinking about painting your house or changing the color to prep the house for sale give me a call at 978-580-1069, I'd be glad to point you in the right direction.

Mike

The Graveyards of Concord, MA

2010-12-19T21:16:00.000-05:00

You may think that graveyards are spooky places to be visited on Halloween, but you might just want to reconsider and think of them as beautifully landscaped recreational spaces that are repositories for much of their town's history, for example, Sleepy Hollow Cemetary contains Author's Ridge, and buried therein are the pillars of 19th century American literature. In this video I'll take you on a tour of the Old Hill Burying Ground, the South Burying Place, and the Sleepy Hollow Cemetary in Concord, MA. I hope you enjoy.

Why You Should Not Buy a House Through the Listing Agent

2010-12-13T15:43:00.007-05:00

Through my own experience and by hearsay it seems that the urban legend about getting a better deal by buying a house through the listing agent is running rampant. This amazes me since a home buyer is always better off having a Buyer Agent working for them. Thus, here is the real deal on the 5 most common myths......

MYTH 1: I'll get a better price.
Some people think the agent will share negotiating information with them, such as how low the sellers are willing to go. Not so - make no mistake about this.... the listing agent is hired by the seller to get the best price possible for them, even if they know what the seller will do they can't disclose it to anybody without authorization by the seller. They are ethically and legally bound to sell that house for the most money possible. Along that same line, there also exists the misconception that since the seller is saving half of the commission, they can lower the sale price by that amount. This is not the case - the commission is set in the original listing contract which is a contract between the listing agent's Broker and the Seller, so the unless the Broker also becomes part of the negotiations, or they have agreed up front to what's called a Variable Rate or Dual Rate commission (the seller pays a different rate if the listing agent sells the house themself) the seller is paying the full amount no matter whether the buyer has their own Buyer's Agent (representation) or not.

MYTH 2: I will get a kickback of at least 1% from the listing agent

Almost all Real Estate brokerages discourage or don't allow kickbacks. No Realtor I know would do this. Although there seems to be the urban legend style "I know someone whose [friend, neighbor, cousin, coworker...] did this" it is actually very rare. You also need to know that your mortgage provider may have a serious problem with a kickback, and that well into the buying process you could lose your mortgage approval. Also, reputable Brokers who agree to a kickback will send the IRS a 1099 form documenting the payment so you may face tax consequences.

MYTH 3: I don't need a Buyer Agent - the listing agent is my agent and will help me
Oh boy, this one always gets me.... Even if you agree to "Disclosed Dual Agency" which means the listing agent's Broker works for both you and the seller, but the listing agent still works for the Seller, their primary responsibility is ALWAYS, ALWAYS, ALWAYS to help and protect the Seller. No matter how nice the listing agent may be, when a choice has to be made that is a conflict between your interests and the Seller's, the agent will always do what is in the Seller's interest. This means they do not need to tell you that a outdoor wood boiler powerplan has been approved to be built on that lot behind you, or that 30 years ago this land was a gun club and no one really knows how much lead is or isn't still in the ground. The agent you’re buying through also has a vested interest in your buying THEIR listing (house) and will not encourage you to look at similar ones of better value even if they know of them. It is important to remember that if you buy through the listing agent, no one in this whole process is looking out for your interests except you.

MYTH 4: The listing agent will get the seller to take a lower price because they are highly motivated to put the deal together.

This can really backfire for reasons related to Myth 3. First of all, the listing agent cannot legally assist you in deciding your buying strategy, which includes preparing a comparative market analysis to determine the correct buying price for the home and determining the terms that you will make a part of your offer. Only a Buyer's Agent can do this. The listing agent's sole responsibility is to take the offer you have decided to make with the terms you have decided to include and deliver it to the Seller. They can analyze your offer and prepare a fresh market analysis for their Seller to determine if it's in the Seller's best interests, but ultimately any decision on your offer is solely that of the Seller.

MYTH 5: A Buyer's Agent is going to cost me a lot of money.
A Buyer Agent is paid out of the commission the seller has agreed to pay to the listing agent's Broker, they have decided on what the "split" will be and both Seller and Broker have signed it in writing. So here's the thing, it costs you nothing to have a Buyer's Agent and your Buyer Agent is the only person in the whole home buying process that is totally and completely looking out for your interests. So why wouldn't you want one? They will protect you from knowable pitfalls and get you the home you want for the lowest price they are able.

I function as both a Listing Broker/Agent and an Accredited Buyer Agent. My preference is definitely to be one or the other in all my transactions. I find ultimately that all the parties involved are much happier and better off with a clearly defined set of roles and loyalties and no question at any time who it is I'm working for.

Let me work for you!

FIRST TIME HOME BUYING

2010-12-04T15:13:00.002-05:00

You're about to take the plunge and buy a house - congratulations! When working with a first time buyer these are the things I tell them they should do.

1. GET YOUR FINANCING IN PLACE

If, like all of us, you want to get the best house you can for the least amount of money, you need to make sure you are negotiating from a position of strength. Price is only one element in the negotiations to have your offer accepted, and is not always the most important one. Other aspects, such as the financial strength of the buyer and their down-payment or the closing date are also critical to a seller.

The only way to make a strong offer in today's market is to get "pre-approved". This means that all your financial information has been checked and verified by a qualified loan professional and their lender finds that if nothing changes they will lend you the money you need to purchase a home of a certain selling price. The mortgage broker will also give you an ideal price range, your maximum debt load, and whether there are any credit issues you should correct before you make an offer. This process takes a few days so it's best to begin well before you start looking for a home. Note: do not confuse this with getting "pre-qualified" which is a brief and superficial process and does not mean you will actually be approved for a mortgage of that amount.

2. GET A BUYER’S AGENT - YOU NEED REPRESENTATION

Did you know that many homes are sold without a sign ever going up or an ad ever being put in the paper? These great deals go to those people who are committed to working with their own buyer’s agent.

Listing agents place ads to get you to call them - they want to handle both the seller and buyer end of a deal. When reading an ad know that what is not mentioned in the ad is usually more important than what is. For example, many homes have some drawback that any good seller's agent will never mention in an ad, such as traffic noise, power lines, or outdated plumbing and electrics. Remember that the person marketing the home is representing the seller. When you look at a house with the seller’s agent they will not critique the property or point out any drawbacks you should know about - it’s up to you to find them out on your own. Or you can get your own agent - known as a buyer’s agent.

Your buyer agent looks out for you and your best interests and owes their total loyalty to you during negotiations on price, inspections and contingencies. The fee for the buyer's agent is paid out of the commission the seller pays when their home sells. The listing agent can work with you as a buyer for the property but they must disclose that in the event of a conflict of interest they work for and their loyalties are to the seller and in all cases they will look out for the seller's interests above yours. In other words, make sure you understand what your agent can and cannot do for you and who they work for.

3. CHECK OUT THE PAPERWORK BEFORE YOU MAKE AN OFFER

You would think that an offer would be pretty simple, tell them what you will pay, what you expect to be included in the sale, and what date you'll buy the house. In today's litigious society there are many opportunities to get into legal trouble out of innocent naivete. The contracts are very complex with language that can favor the seller or the buyer depending on how it's written, so it's best to review a set of blank contracts well before you write an offer. Your agent (or your attorney) can explain anything you have questions about and will give you a step-by-step idea of how the process will go. When you are familiar with the contracts and the process you will be ready when the right house comes along.

4. DON'T BE PUSHED INTO A HOUSE BUT DON’T BE AFRAID TO STEP UP FOR THE RIGHT ONE

Your agent should show you everything available that meets your requirements. Don't make a decision on any house until you feel that you've seen enough to pick the best one. Especially if a town is new to you, it is a good idea to get a feel for the town and its neighborhoods. A good agent has the patience and experience to work with you until you find the right house.

Having said that, however, there are two circumstances where you may need to make a fairly quick or bold decision. There are times when a home comes on the market and is what you have been looking for ... a value-priced house in a good location in great shape. Odds are that there are several buyers who are also looking for that same house and if I say this one won't last when I call, you should be willing to look at it immediately and make a decision quickly.

The other situation is that it's your first or second weekend looking at houses when you find "the one". It's great - just what you were looking for. But....you've only seen five other houses and what if you find one weeks from now that you like more? Sad to say, I have had clients in this situation and who a month later were saying, "Gosh I wish we had jumped at that house.... it was just what we wanted." Sometimes the right one is one of the first few you see. Trust your instincts.

4. REVIEW THE SELLER'S DISCLOSURES BEFORE YOU MAKE ANY OFFER ON A PROPERTY

No house is ever going to be perfect. So, the price you offer should reflect your best opinion of what the property is worth to you based on its current condition. Though not required by law, most agents recommend that their sellers complete a comprehensive seller's disclosure sheet that gives them a chance to tell you about the house's systems and any events that have taken place with them while they have lived there. You should read this carefully and when in doubt have your agent probe for further clarification of the information provided so that you are not surprised after your offer is accepted.

When looking at a house you're serious about, keep your eyes open for small and visible items that may need repair or replacing. Do not assume the homeowner will do these, and adjust your offer price accordingly. Serious structural, deferred maintenance and/or safety items that come up during the home inspection that you could not have known about or seen i.e. plumbing, electrical or chimney issues can be negotiated during the inspection contingency period. Find out whether the seller will remedy these or if you have to adjust your offer to reflect the cost to you for repairs.

5. ASK FOR A HOME WARRANTY IN YOUR OFFER

There's no law saying that the seller has to include a home warranty with the sale of their home (they cost around $600) but if you don't ask for one you most likely won't get one. As a first time home buyer you are not familiar with the cost and maintenance of the various systems of a house, so having a home warranty (they're usually for a year from your purchase date) can take a lot of the worry out of "what do I do when the hot water heater doesn't work" issues.

6. HAVE A PROFESSIONAL HOME INSPECTION

You should budget for getting the property inspected by a licensed professional home inspector, pest inspector, well inspector and/or any other kind of inspector that the house you're looking for typically requires. Have your buyer's agent recommend a few they trust and interview them on the phone before you pick one. A seller's agent cannot legally recommend a home inspector to a buyer. The inspectors will let you know the true condition of what you are buying and what kind of repairs/upgrades to the systems or structure will be required in the near future. Start with the home inspector and pest inspector and if they recommend that you have specialty expert inspect a troublesome item do what they say. The money you spend on the inspections could save you lots of money on repairs in the future. And don't be afraid to ask your inspector to explain how to work or maintain appliances or systems, they're working for you and are very willing to answer any and all questions..

7. GET A FRESH COMPARATIVE MARKET ANALYSIS ON THE SPECIFIC PROPERTY

Ask your buyer's agent to prepare a market analysis (CMA) of the property before you make the offer. A seller's agent cannot legally do one for you. This market analysis will tell you what similar properties are selling for. A CMA can't be done with a bunch of data from the internet, unless you or your agent has been inside the comparable properties used in the analysis you are likely to come up with false results. The CMA should also include only properties sold within the last 3 months, anything older than that is from a different market and should be considered as such. Your agent will help you interpret the analysis, but you should always review it in detail to be sure that your offer is based on sound thinking and that you are very confident that you are paying at or below market value for the property. The last thing you want is to find out that you overpaid for a property without knowing it. (You may choose to knowingly overpay if you if it's a bidding war and you have to have this house, but at least it will be an informed decision.)
CONCLUSION

Buying your first home is an exciting (if nervewracking) process. It is important to have someone work with you who is looking out for your interests, is patient and who knows the local market well. I have helped many first time buyers find a house they love and will make it the least confusing, and as positive as possible for you every step of the way.

If I can be of help to you, don't hesitate to call me, Mike Hunter at 978-580-1069 to talk about making you a homeowner!

Is my house haunted?

2010-11-30T14:46:00.004-05:00

Many people do not believe in ghosts and hauntings but a large part of the population is intrigued by the idea of possible having unseen co-habitants. I hope you find the following information either amusing or helpful depending on your personal beliefs.

Have you ever suddenly noticed a strange smell, had little things disappear and show up somewhere else, or do your lights and doors seem to have a mind of their own? These are some of the common things associated with a haunting.

In Massachusetts, real estate that is haunted is considered to be "psychologically impacted". That is, because no matter what you see on TV or read or hear, nobody knows what a haunting really is, why it happens, or what the effects are. Everything about hauntings is theory, but having grown up in a haunted house I can tell you that once you rule out the idea that your mind is playing tricks on you (which in some cases can certainly happen) you begin to believe in ghosts. Usually it's something you can live with and need not fear.

Throughout all the literature, and there are a lot of experts out there with theories, there are several common threads that taken alone or together seem to indicate that a ghost is present. I'll share them with you now, not in any particular order of importance. Remember, too, that there are often natural explanations of phenomena and it is important to look for these and not assume the cause of anything strange must be paranormal.

1. Unexplained Noises... in old horror movies of old they used to have the sounds of chains dragging to indicate a ghost. In actuality the noises can be very ordinary but puzzling. After living in your house for a while you get to know the typical noises that are present in your home, especially with the changing of the seasons. Sometimes our imagination gets the best of us and we think these are signs of a ghost presence. What you would be looking for are things that are not typical, the most common being footsteps, banging/knocking/scratching sounds, objects being dropped, furniture being moved around, and doors opening/slamming.

2. Objects unaccountably moving... This covers several types of odd happenings - a picture falling off the wall, a book being across the room from the bookshelf or even witnessing an object moving on its own against gravity. Things kept in one room may show up in another. Doors may open or close on their own. When you do have it happen you'll know it, i.e. you're absolutely certain you left the door open and you hear it shut or even rarely you'll watch it open or shut. It is very important in this category to rule out natural causes such as vibrations, drafts, unlevel floors/doors, gravity etc.

3. Electricity and gadgets have a mind of their own. Lights, TV's, radios, and other gadgets going on or off by themselves can be frightening and could be paranormal They could also be due to faulty electrical circuits or switches, power surges or faulty electronics. Related to this is a faucet turning on and off by itself with no natural cause like a bad washer or loose handles. The real "tell" in this category is that it happens even after having a service person inspect it, and it happens many times.

4. Your stuff disappears and then reappears at a later time in a very obvious place ... I used to experience this all the time with my car keys until I learned to hang them up in the same place when I get home, wasn't a ghost, just my bad! This phenomenon usually happens with small items, keys, jewelry, favorite pens, etc. and it's a real event when you look high and low for the item, can't find it, and then it reappears in a totally obvious place that you couldn't possibly have missed even if you were blindfolded. This phenomenon is also reported a lot when renovations take place (something ghosts seem to take a strong dislike to). Putting down a tool and reaching for it minutes later to have it gone are not uncommon.

5. Sightings... these can be anything from a real-looking person who fades away to a shadow out of the corner of your eye to an amorphous misty shape. It is very easy for the eye to trick the brain and we think we see something (especially in our peripheral vision) that is not there. Elephant trainers have this happen a lot with adolescent elephants, they "see" ghosts and scare themselves, which can be dangerous. This phenomena is the least trustworthy of all the things associated with a haunting, and can usually be explained by tricks of light, a natural source like car lights casting shadows, or just your imagination. Orbs are the digital interpretation of light reflecting off dust. They are not spirits. Legitimate sightings of full bodied apparitions are very rare. A bit of trivia, until the early 1900's ghosts were reported to be dressed in contemporary dress for the time in which they were seen, it was later in the century that people began reporting sightings of old pirates, roman legionnaires, and soldiers in civil war garb.

6. Your pets start acting strangely ... animals are considered to have heightened sensitivity to ghosts. Their hearing and eyesight are so superior to ours that I have to believe that their sensitivity to things otherworldly could also be very true. The most obvious "tell" is that the animal won't go into a room, cowers, barks or growls for no reason, or seems to be watching something that you can not see.

7. Pockets of cold air where they shouldn't be ... beyond the obvious open window, leaky insulation, and draft, these phenomena are featured in many reality shows and horror movies. The presense of a sudden, extreme temperature change in any direction, hot or cold, has long been associated with ghosts. If you've got one you may want to have an energy audit by the gas or electric company before you jump to any conclusions. If you still have it after an audit and corrections are made you could very well have a ghostly visitor.

8. Unexplainable smells... typically perfume/cologne or tobacco smoke that come and go. Researchers have concluded that our sense of smell is very closely tied to our memory. If you occasionally smell pleasant or really unpleasant odors that smell like household items that you do not use, strong floral perfumes, rotting meat, or something burning, this could be a strong clue that you have paranormal activity. Uexpected smells often occur in combination with other phenomena, such as footsteps or shadows and while very hard to prove, is considered highly indicative of ghost activity.

9. Being touched or hearing a voice... this one is the one phenomena that most creeps people out (understandably!). Some examples: you feel someone sitting down beside you on the bed; something brushes past you; something pokes you or taps you on the upper body; something tugs your hair. If you've experienced any of these take heart in knowing that extreme examples of this are rare. And if you're the only person to experience this it is likely just your mind playing tricks on you, and conversely the phenomena is more likely a true "tell" when more than one person experienced the same thing either together or individually at different times.

No matter what strange activities you are experiencing, the odds are that your house probably isn't haunted. There are usually perfectly natural and rational explanations for almost everything in my list. Every other cause for the happenings should be ruled out before the explanation of ghosts is seriously considered. If you do come to the conclusion that your house is haunted, don't panic - the general consensus in the literature is that ghosts are not there to hurt you. It appears that in most cases, the current and past residents can learn to peacefully coexist!

Who Determines How Much Your House is Worth?

2009-10-19T13:54:00.008-04:00

Your house is very special to you - no doubt it holds many warm memories, but buyers who are looking at your house have just looked at 20 houses and your house is just number 21. It's no more special to them than number 12 or 18 were. Therein lies the challenge when thinking about pricing your home.

In very basic terms: Real estate is a commodity, not a product.

With a product the manufacturer makes something, then establishes the price it will sell for. They advertise it, and the public either buys the product or not at that price. Think clothing or furniture in a store.

With a commodity, the sellers set an "asking price" and then buyers decide their "bid price". The buyers assign their own value based on two things: 1)what is happening in the market (prices fluctuate daily and are influenced by supply & demand) and 2)what are their perceptions of the value of the exact features and benefits inherent in that commodity. The buyer’s perception of value determines what your property is worth to the potential buyer. Think auction.

Also, with all commodities and especially real estate there are two market trends – either appreciating or depreciating which depend on the laws of supply and demand. When fewer properties come on the market than go off, there is a shortage of inventory and prices go up ... this results in an appreciating market. When more properties are coming on the market than are being sold, there is an oversupply of inventory, and prices go down ... this results in a depreciating market. It will probably come as no shock to you, but we are currently in the third year of a depreciating market.

Your potential buyers are comparing your home to similar houses in your town. They are visiting other homes for sale that are comparable in size, style, condition and location. They see what your competition is priced at, and are also working with their Realtor to see what comparable homes sold for in recent months. Putting all of their observations and data together they are determining the fair market value of your home. Hopefully you too have done some research and have come up with a reasonably similar fair market value and price your home accordingly.

The bottom line is: your buyer is an educated consumer and in real estate the consumers set the fair market price of a property. If you price your home based on your emotional evaluation of how "special" it is, and not what it is worth compared to similar ones in the eyes of a buyer you will lose time and money. Yes - money. Studies have shown that overpriced homes actually sell for less money (when they do eventually sell) than if they had been priced correctly from the start.

Of course your home is priceless to you, but to the homebuyer it is not the only choice out there. Use your Realtor's experience and resources to help you determine the value of your home to a buyer. Doing this is the first step to a successful sale. If there are any other questions you have about this, or any other real estate concerns or needs feel free to contact me, Mike Hunter at 978-580-1069.

How to Sell Your House: Tips for the First Time Home Seller

2009-08-15T10:09:00.012-04:00

You obviously succeeded at being a first time home buyer, and now you are about to be a first time home seller! Below are 11 tips to selling your house faster and for more money:

1. Make your house easy to show. Accompanied showings or 24 hours notice are will discourage most of your potential buyers who will view other houses they can see easily when it is convenient for them.

2. Price it right. This may sound counterintuitive, but a house priced fairly will sell for more money than an overpriced home. You may think, "We'll aim high and negotiate down if we need to," but this does not happen. In reality buyers don't even bid on an overpriced house. After changing the price a time or two to what it should have been, your house is "stale" and your largest pool of buyers have already looked at it and ruled it out. More times than not, when you finally do sell, it will be for below what your original "fair price" would have been.

3. Keep your house neat and clean at all times. Vacuum, dust and pick stuff up. Pack away very personal items around the house like family photos. People want to see themselves in this space, not feel your presence all around them. Think of it as how you would like to see a nice hotel room when you enter it - neat, clean and free of signs of previous users.

4. Keep the kitchen as uncluttered as possible. Put away countertop appliances, keep counters clean and as empty as possible. Remove refrigerator magnets. A vase of flowers on an island or counter always looks cheery and brings attention to counter space.

5. Remove obvious religious icons. Remember, people from all religions and backgrounds will look at your home to buy it. You want it to be as neutral as possible. This may be a good time to pre-pack these items for your move.

6. Keep signs of your children's presence to a minimum. Of course you love your children, but it is a good idea to contain their toys and remove photos of them and items with their names emblazoned on them. Many househunters get distracted by messy toy areas and you also want to be security conscious.

7. Pack up your collections and knick knacks. You may love your collection of 30 chicken/rooster items you have all over your kitchen, but sellers will see them and not the size, layout and pluses of your kitchen. All they'll remember is that there were tons of chicken items. This goes for books too - some are nice, but if they're overflowing bookshelves and taking over rooms, pack them up. Boxes can be put neatly in a corner of the basement or in storage until you move. The less cluttered a room is, the larger it appears.

8. Have your house smell nice. Perhaps simple and obvious, but worth stating. Get rid of animal smells (ask a friend or your agent - you may be too used to it), don't cook strong smelling foods (fish, garlic, etc.) and don't smoke in the house.

9. Don't hide all your dirty/extra stuff in closets. People do open closet doors to see how much storage there is.

10. Provide good lighting. A well lit room looks bigger and has a positive emotional impact. Turn lights on before showings, and buy some floor lamps if you need to for rooms that may be poorly lit.

11. Curb appeal. I know this phrase is used to death, but it's true - the first impression of your house as buyers pull up to it is critical. Mow the lawn and trim the bushes. Plant a few flowers along the walk or put potted flowers on the steps.

Your Realtor will have made a lot of effort in researching comparable homes, helping you set a price and getting their marketing strategy implemented so your home gets the immediate attention of other Realtors and their buyers. If your house sells quickly it means you and your Realtor did everything right - congratulations! Now you can concentrate on the next step in your life!

If you have any questions or if there's anything I can help you with I'd be glad to talk with you. Call me at 978-580-1069 or email me at mike.hunter@nemoves.com

How do Short Sales and Bank Owned Properties Differ?

2009-08-14T09:19:00.007-04:00

Bank Owned Properties (REO)

The property is owned by a local bank or a national mortgage servicer( from hereon I'll use the term Bank). All negotiations are made between a Buyer and an employee of the bank (as opposed to a homeowner). REO properties are almost always vacant and utilities may be turned off.
Standard offers to purchase are used in addition to the required Bank's addendums and disclosures. Consideration ($) will need to be in the form of a cashier’s check (no personal checks). Proof of funds for the down payment and a current loan pre-approval for the balance will also need to accompany an offer. Offers must be complete, correct and filled out according to the bank's requirements. Do not submit offers that are not in compliance, they will be rejected by the bank or delayed until corrected regardless of the price being offered.
Your opinion of value and the Bank's may differ, but before a Bank forecloses they have at least one local broker provide an opinion of value. Once they decide to sell the property, they have their listing broker determine if the opinion of value is still correct. The Bank is almost always pricing near market and is expecting to sell the property close to the asking price. Your Buyer's Agent will give you a CMA (comparable market analysis) for the property prior to your making an offer. If you both feel that the asking price is well over market you should provide that CMA to the listing broker along with the offer. The lender has no obligation to see your CMA and frankly, they don't care anyway. But if your CMA includes recent sales or similar properties that might not have been included in the original opinion of value, a strong listing broker just might be able to make your case to the Bank.
You may receive an answer within hours or it may take up to a week, but the response time should be fairly quick. Don't get impatient with the listing broker, they do not have any control over the response time no matter what time frame you put in the offer for acceptance. The best approach is to ask the listing broker for an approximate length of time needed for response and use that in your offer. If the offer is for less then the asking price do not be surprised if the response is an outright rejection or a "best and final" counter offer. Banks are not in the business of owning properties, they are in the business of lending money, but any decision they make will be strictly business. If the offer is a solid offer (close to asking price with minimal contingencies and quick closing date) it may get accepted without a counter.
If your offer is accepted it is unlikely that the Bank will make repairs so an “as-is” sale should be assumed, and you should look the property over very thoroughly before you make an offer. If a few repairs need to be made to facilitate FHA or Conventional financing the Bank might be willing to make them so don't be afraid to ask, but support any request with a hard quote from a licensed tradesman. If the house is a fixer-upper or a tear-down or in poor condition, (in today's market ) traditional lenders probably will not lend on the property, so don't waste your time submitting an offer using an FHA (95-97%) loan. Also, many banks are beginning to have penalties for closings that run beyond the set date so make sure your lender can perform in that time frame and that you do nothing to hold them up.
In summary, REO property sales are very much like conventional sales, just remember you are negotiating with a disinterested 3rd party, not a traditional homeowner, and that any deal you make will be "just business".

Short-Sales

With short sales the property is owned by a homeowner and the house may be occupied by an owner/tenant or it may be vacant. The owner is "under-water", the sales price less closing costs is less than the debt(s) on the property and any offer needs lender(s) approval even though the lender(s) might not even know that the property is for sale.
A standard offer to purchase is used, which should include an addendum acknowledging and accepting the fact that this is a short-sale transaction and requires 3rd party approval. Consideration ($) can be a personal check and a current loan pre-approval for the balance will also need to accompany an offer.
Unlike a Bank owned REO, the listing price for the property may be based on something other than facts. The seller might be pricing it low to encourage multiple offers. They might be pricing it high to try to recoup as much money as possible. In rare cases it might be priced correctly. Unless the listing broker tells you they have an "approved" short sale (and even if they do it might be "stale" and will need to be updated at the time of your offer), the lender has not approved a sale at the list price so a Buyer doesn’t know if his offer even at list price will be accepted. Again, your Buyer's Agent will produce a CMA market analysis to determine the value of the home before you make an offer. It is always good to submit this with your offer because even though the listing price may be based on something other than facts your offer should be based completelyon facts. Closings can occur within 30 days but the 30 day clock will not start until the lender gives their approval.
In the beginning, your offer is handled like it would in a non-short-sale situation. The listing broker will present it to the seller and they approve it. It will then be forwarded on to the lender for their approval at which point the listing broker and the Buyer have no control over the process and is in a "wait and see" mode. This approval process may take one week or it may take up to three months. One very important thing to keep in mind is that while you are waiting for an approval of your offer another department of the Bank is working on the foreclosure and may actually foreclose on the property even though there are offers in for approval. If that happens, your deal is dead and the listing contract is terminated as the former seller is no longer the owner of the property and does not have authority to sell. If that happens and you are (still) interested in purchasing the property, you should work with your Buyer's Agent to follow-up on the property when it comes back on the market as a REO.
Again, an "as is" sales should be assumed, but there may be a little more wiggle room than with a REO. Also, while it might be nice to have repairs made, the seller most likely won't have the resources to make them and their lender is very unlikely to do so since they don’t own the property, so when you look at the property you should look it over very thoroughly before you make your offer and take into account any obviously needed repairs.
In summary, short sales are not at all like conventional sales, you are dealing with a broke seller, an uncaring bank, and probably a neglected property so you should wade into this swamp slowly and carefully and assume the worst - it probably will happen.

Short Sales for Buyers

2008-12-26T14:08:00.018-05:00

HOW TO BE SUCCESSFUL IN PURCHASING A HOME THAT IS A SHORT SALE

Mr. Seller goes to his mortgage company(s) and says, “I want to sell, but I don’t have any equity and the house is worth less than the amount I owe you. I need to sell anyway because based on my current circumstances, continuing to keep the home is a serious hardship and I can't hold on, so what do I need to do to get out?”

What the Seller has just done is to ask his lienholders to take a loss when his property is sold, this is called a SHORT SALE. Mortgage companies/lienholders don’t like to take losses (an understatement) and they are going to be resistant to this request from Mr. Seller. However, the current "perfect storm" of poor market conditions has forced them into a position where they may agree to Mr. Seller's short sale as long as it is going to be more favorable to them than going to foreclosure - in time, trouble or money lost.

But, (and there is a big, whopping BUT ...) the mortgage companies reserve the right to approve EVERY term, condition and cost of the sale. So not only are we in a Buyer's Market with lots of inventory to choose from, we have a seller who is virtually powerless in the transaction.

ARE THESE NOT THE PERFECT CONDITIONS FOR BEING A BUYER?!!!

There is another short-seller we should discuss, the reluctant seller. While Mr. Seller above is so very motivated, let’s take the case of the family that is forced to sell thanks to their loan being one of those adjustable rate or combination loans that has adjusted and is now beyond the point of their ability to pay. They have to sell, they are going through the short sale process, but they really aren’t motivated. Why? Because they have to move. And where are they going to move? Depending on their situation their credit may be less than stellar because of late payments and the short sale itself may show as a delinquency on their credit report. Who will rent to them?

Let’s say you get into a home to view it and you love it and want to put in an offer. You can do very well by buying a short sale house, but there are some things you need to know about this process. This is the point at which you need to put aside everything you have learned about the sequence of how a home is sold. Here's how you should go about it:

1. GET TO KNOW ALL YOU CAN ABOUT THE HOME.

You are advised by your buyer's agent that this home, typical of most short sales, is being sold "As Is" (see my blog post, "What does 'As Is' Mean?", for more detailed information on this legal term). The seller might provide you with a seller's disclosure of property condition if you're lucky, but that's about all you'll get. They may or may not have pulled permits for upgrades or work done on the house - you'll need to investigate. They definitely will not negotiate issues you uncover during a home/pest/lead paint/radon/mold/septic inspection. Do you spend money to have inspections done or wait for the bank's response? My advice, wait, but be prepared to move forward very quickly once you hear back from the bank.

Also if the property is a condominium or governed by a home owner’s association, your bank/mortgage company will most likely require a full set of condominium documents, meeting minutes, recorded deeds, occupancy rates, tenancy ratios, and more (what's called a Full Review). The condominium association can and will charge you money for this. Your mortgage is contingent upon receipt of this, but it's going to cost you around $400 for copying charges. What do you do? My advice is to ask your mortgage broker, but don't do anything to jeopardize your pre-approval/commitment.

You have decided to submit your offer and now the wait is on…

2. PATIENCE IS A VIRTUE, GET READY TO HURRY UP AND WAIT.
A short sale is the sale of a parcel of real estate that is short of the equity needed to sell it and pay off all liens। It is not short “time-wise”. You should plan on at least 120 days from your offer, but the amount of time can vary widely depending on the lenders, and if anyone says you will hear back in "x" number of days, you can't believe them.

What happens during the wait? Well, besides Mr. Seller getting anxious waiting for his departure, the short sale file/package/request gets in line in the lender’s short sale department (also called the Loss Mitigation Department). This line is long, sometimes very long.

So, what happens during the wait is just that….the wait. Oh, the agent for the seller will be in contact as needed to re-fax lost documents, explain their research, answer questions about the local market, re-fax lost documents, etc. But you, the buyer…you just wait. It’s like the military … hurry up and wait. Or better yet it's like the hospital ... wake up and take this sleeping pill.

Many sellers’ agents do not give your buyer agent status updates on what’s happening while you wait…you just wait. When I represent the seller, I email the buyer agent every week to say what I know, even if it's nothing, just to make sure that you, the buyer, are still there and somewhat paying attention. But as your buyer agent, there's nothing I can do ... if there were, rest assured, I'd be doing it.

Oh, as the buyer’s agent I know what’s going on….the paperwork is collected, the file is assigned to a “negotiator” who “negotiates” the short sale with the seller’s agent/attorney, and once the negotiator has the file’s required documents (exactly what that is varies by the lender) complete, it has to be signed off by their “team leader” or upper management, or a committee of managers. I check with the seller's agent regularly to ask what is happening but again, often there is nothing happening, just waiting….
3. KNOW YOU MAY GET "BUMPED".
Here is the big elephant in the room: you have no guaranteed place “in line.” If this short sale’s turn in the line comes up on the 80th day after submission, and someone else submits an offer slightly better than yours on day 79, you will be bumped! It is not impossible that a seller’s agent will work with offers one at a time until an acceptance is granted and you won’t get bumped, but this is a rare occasion, hasn't ever happened to me yet. It's not fair, it's not right, but it is reality. This is because the lienholders are losing money and need the most they can get, and it is the seller’s agent’s fiduciary responsibility to get the highest and best price for their sellers.

4. AFTER A LONG WAIT YOU MAY BE DISAPPOINTED.

If you are willing to be patient, knowing that you could get bumped, and you're convinced you want to purchase a home that is a short sale, I might advise you to submit multiple offers on multiple short sales. You may get the one you kind of like, and not the one you love, which might be a disappointment. You might not get any one at all, which can be very disappointing. The question then is, how well do you handle disappointment? Can you accept the lost short sale?

5. YOU JUST MIGHT GET A GREAT HOME AT AN EXCELLENT PRICE THAT MAY MAKE YOU SOME GOOD MONEY SOME DAY WHEN YOU SELL.

So why would anyone consider buying a home that is subject to a short sale?

Quite simply - price! If a seller is not going to make any money on the sale of their home anyway, you can imagine they are much more flexible on terms and price of the sale of their home. If you are the only person making an offer on the home, the bank will need to take the offer seriously, even if you offer significantly less than the asking price for the house. In many Massachusetts neighborhoods, short sales represent some of the best deals around.

There is no reason to be afraid of a home that will be subject to a short sale. In fact they may be some of the best values out there. Just be prepared for a longer timeline, a little more hassle and be sure to use an attorney, mortgage company and if I may be so bold, real estate agent with some experience in short sales. You may just find that incredible hidden gem at a bargain basement price.

Things to do in New England in the Fall

2008-09-15T11:32:00.004-04:00

Fall is my favorite time of year in New England, the air is crisp and has the smell of falling leaves and harvest time is upon us.

If you like picking apples, there are lots of opportunities in Metrowest Boston, about 45 minutes from the city. You can pick your own or buy them in their country stores, and remember no pets allowed, so even though the idea of having Rover run through the fields sounds great, leave him/her at home (it's for their own safety). Here are some of my current favorites:

Honeypot Hill in Stow (http://www.honeypothill.com/) is open daily 10-5 and they have a petting zoo of farm animals, a hedge maze, hayrides and lots of easy apples to pick. Be sure to check out their apple cider donuts, yummy.
Berlin Orchards in Berlin (http://www.berlinorchards.com/) is also open daily 10-5 and a little later on the weekends, they also have barnyard animals and hayrides.

Shelburne Farm in Stow (http://www.shelburnefarm.com/) open daily 9-6. They have farm animals, pony rides, a moon bounce and on the weekends they have a hay mountain and toy tractor rallies.
Tougas Family Farm & Kitchen in Northboro (http://www.tougasfarm.com/) open daily. They have wagon rides to the orchards on the weekends, be sure to check out their apple crisp.

Belkin Family's Lookout Farm in Natick (http://www.lookoutfarm.com/) open daily 10-5. Lots of weekend activities, including train rides and an expanded childrens play area with burlap maze, hay pyramid, and pony/caterpillar rides.

There is also a unique place in Bolton, called the Nashoba Valley Winery (http://www.nashobawinery.com/) open daily 10-5, where you can pick apples as well as enjoy tasting some of their micro-brews and locally produced wines. Their restaurant is both excellent and has a spectacular setting so you can get great food with a view.

I hope you enjoy visiting some or all of these places.

Fall Foliage Touring in Massachusetts

2008-09-14T11:20:00.007-04:00

The changing of the leaves from the many shades of summer green to the beautiful colors of autumn is the result of the tree's natural process of shifting the sugars and starches from their leaves to their roots for winter storage. The colors are always there, but as the green is removed the underlying colors are exposed to show their flaming glory before they return to the earth to nourish the tree in the following years.

Local TV stations will give you day-by-day updates on where the peak foliage colors are. Here are some of my favorite day trips to see mother nature in her crowning glory. Make sure you bring your camera!

My absolutely favorite trip to see the foliage is along Route 7 in the heart of the Berkshires. If you can only take a day to see the foliage, this is the drive you should take. The colors usually peak in the first two weeks of October. Best way to get there is to go west on Route 2 until you hit the end/NY border and then head south on Route 7. While there, be sure to take a detour on Route 20 into Hancock and the Shaker Village where you get a tremendous view of the Taconic Range to the west. It feels like you've gone back in history a couple hundred years.

Anywhere along the Connecticut river (starting in Hadley is usually my route and then going north until I hit Route 2) should be in full color from October first through the middle of the month. There are some spectacular farms and bottom-lands where you can also see local pheasants and woodcocks picking over the corn drops and asparagus berries.

Route 2 west, also known locally as the Mohawk Trail, is especially beautiful in the area between the Connecticut river and the Berkshires. While on your way there, be sure to stop at all the furniture outlets in Gardner, where you can find some great bargains, and don't forget to have lunch at the Ale House in the square. Once you get into the Berkshires, you should drive through Charlemont to Williamstown (surprize the family at the hairpin curve when you get to the Whitcomb summit, it's a blast).

In mid-October the foliage usually hits the north-shore of Boston, and a wonderful drive past the farms and coastal villages starts on Route 133, going through Essex, Ipswitch and Georgetown. There are usually little farm stands with local produce and baked goods and I rarely come back without a trunk-full of goodies.

Later in October, from the 15th pretty much until mid-November, your best foliage is found at the Cape (Cape Cod). Tour Route 6a starting in Hyannis or Yarmouth and go as far west as your time allows for a liesurely drive to enjoy the many shades of red, orange and gold. For an extra treat, if you're going south from the Boston area, you should get there by driving down Route 58 through Carver, as the cranberry bogs will be brilliant red and ripe with berries.

I think this year will be an excellent fall foilage season with some of the most brilliant colors we've had in years. So get out there and join the legions of "Leaf-Peepers" this year, you'll be glad you did.

How to Attract Butterflies to your Garden

2008-08-15T18:05:00.011-04:00

You too can have a great butterfly garden – it can start small and grow with time, bringing you year-round beauty and delight to all the senses. But to maximize your butterfly visitors later in the year, you need to plant the right foliage this spring. There are many beautiful plants that you can add to your garden that will attract butterflies. There are also some very homely ones that shouldn’t be overlooked.

When planning your garden, you need to think of two classes of plants, those that are food plants for caterpillars, and those that are nectar-producing plants for the adults. You should also have something flowering in the spring, summer and fall to help the butterflies through their entire lifecycle. When selecting flowering plants, use those with colors which complement your garden design, but know that butterflies are attracted to purple, pink, white and yellow flowers. Also, most of the plants attractive to butterflies grow in full sun, so make sure that the area you select gets at least 6 hours of sun a day. And remember to plant “en masse,” that is group similar colors together in a clump rather than spreading them around as individual plants. This makes it easier for the butterflies to find them.

To attract butterflies, your garden is not complete without some common milkweed - also called swamp milkweed. These plants typically grow in sunny field environments and are notorious self-seeders, so plant them along an edge of your property that you want to see “naturalized”. Milkweed is important because it is the main food plant for the caterpillars of the Monarch and Queen butterflies. The milkweed is also a nectar source from which adult butterflies such as the Monarch, several types of Swallowtail, the Sulfurs, Painted Ladies and more feed. They flower in the summer and are not what one could call attractive, but if you want butterflies, you’ve got to have milkweeds.

The most popular woody shrub that you can plant to attract butterflies is called the Butterfly Bush or Buddleia and comes in colors from lavender to deep purple. The Monarchs and Swallowtails love these bushes and will be all over them in late summer when they bloom. My garden has three giants in the front of the house that are lavender and two smaller plants in the back of the house that are the deep purple. Either color seems to attract the butterflies just as well, and their sweet, lilac-like scent is a welcome addition to our late summer landscape. The secret to cultivating Buddleia is to cut them back every fall to about 18” above the ground level. They will easily grow back to 8’ tall in one season, but what's most important is that the best flowers grow on new wood.

Another woody shrub they like is the Staghorn Sumac. We’ve got some growing up on a hillside, and that’s where it belongs. You don’t want it near your house, as it can cause skin irritation if you rub against it. Blueberries, Blue Iris flowers, Rhododendrons and Spicebush are also very popular with butterflies and their early flowers make them a key part of any butterfly garden. Tall perennial flowers that butterflies love are Queen Anne’s lace, Black Eyed Susan, Purple Coneflower, Asters, Coreopsis, and Daisies. They can be purchased at a local nursery in pots and will come back year after year. In the fall, cut them to about 6” above the ground, and rub the dried flowers between your hands to release their seeds and spread them where you want some more.

Low-growing perennial plants that they like are clover and mint. If you’re a lawn fanatic don’t plant either of these as they will spread and take over in direct proportion to how much you don’t want them to. Our garden has some pineapple-scented mint that the butterflies love and we eat in teas, salads and our annual mint juleps. They also smell wonderful when mowed with the lawn mower and seem to thrive. In the vegetable garden you can plant anise, parsley and carrots to attract butterflies. These also attract some types of moths, so you need to be prepared to lose some of your harvest to them, but I think it’s worth it.

And last, to the less beautiful but hardy common weeds that attract butterflies. Some of the weeds that shouldn’t be overlooked are Fireweed, Goldenrod, Butterfly weed, Wild Geraniums, and Cinquefoil. They grow in poor or good soils, and are best used as naturalizing elements in the transition zone from your woods to your lawn along the edges of your property. With a little planning, your garden can look beautiful to you and to all sorts of butterflies. When you see dozens of bright orange Monarch butterflies flitting about in August when everything is turning drab, the rewards of your efforts will be obvious!

Professional Photos Sell Your House

2008-05-14T12:35:00.013-04:00

No Matter What Style and Price Range Your House Falls In, I Always Use Professional Photos - Always!

Statistics vary from 60-85% of buyers fwho first saw the home they bought on the internet but one thing is for sure, the great majority of buyers and their agents will find your home either on the internet or through the Multiple Listing Service. Because of this, your house has to look its best on the web - with quality photos and rich marketing text. The effectiveness of your brochures, internet and print advertising is only as good as your photos. If you don’t have great photos you are not ready to market your home.

A picture is better than a thousand words.

In today's information overload society you've got a very small window of opportunity to get attention and your pictures had better show both "features" and "benefits". If you don’t attract the attention of buyers and their agents through one fabulous "lead-in" picture then they won’t even look at your home. After putting in their basic search criteria, the next thing they will scan is the "lead-in" picture of all the homes and they will only look at the home's additional photos if that first photo is enticing.

What Your Main "Lead-In" Picture Should Be

Your main picture should capture the essence of the home, and an experienced, professional photographer will do just that. For example, if the home has a spectacular setting then the picture should be of the house encompass some of its surroundings. If your home is an adorable cottage than your picture should be a tight close-up, with lots of detail. If your home is in a neighborhood of similar homes, you know exactly what makes your home stand out from the others and your photos should accentuate those details. Some houses are an architectural stye that shows off its features better if the photo is taken from an angle rather than the traditional head-on shot. Certain seasons and the color of daylight at different times of the day make some houses look better - use that to your advantage.

Marketing is all about "Creating Demand" and great "feature" photos are key.

Once the buyers/agents get interested by the first photo, you've got their full attention, but there is very little room for error, one false-step and they're on to the next property, and won't even call you for a showing. My rule of thumb is that if it doesn't help it hurts. Realtors often put over 20 bad pictures on a listing without understanding this very basic concept. For example, if your living room has quality built in cabinets and crown molding then a well-lit and composed photo can capture the benfits of having those features. You don't need three pictures of the same thing from different angles. Another example, if you have a larger and more private back yard than your competition, a great picture of the view from the seating area on the deck or a back view of the house with your flowers in focus in the foreground will convey the benefit of your great yard. You don't need a picture of an individual flower or pictures of the deck from the backyard showing the stuff hidden underneath - they don't help but they do hurt.

Professional photos will keep your home from being considered "Generic".

A great photographer with a great eye and sense of composition can bring out the emotional appeal of your home. Even if you have no views and a very average exterior, great photos can make a statement, make your home stand out, and attract attention. How many times have you seen photos of a home with a bright window and a cave-like room in front of it? A home does not have to be high end or large to have photos that show each room as light and welcoming.

Require that your realtor provide good photos of your home

Your home is your most valuable asset, you should trust it to a professional Realtor who uses a professional photographer for all their marketing materials. When seeking out a Realtor ask about the photos - who takes them and are they willing to hire a professional? The Realtor you trust to sell your home should understand the importance of photos and all marketing, and should be willing to go the extra mile and invest in hiring professionals if needed. You don't want a Realtor who is lazy or won't make all the effort they can to sell your house. I always use a professional photographer because I want your house to look as good as possible in order to help you achieve your goals!

Metrowest Hospital Satisfaction Poll Results

2008-04-06T12:33:00.006-04:00

The Metrowest Daily News had a fascinating article today, reporting the results of a nine month study called the Hospital Consumer Assessment of Healthcare Providers and Systems. The survey was given to patients who had overnight hospital stays in the time period from October '06 to June of '07.

At the top of the list, in terms of patient satisfaction was Newton-Wellesley Hospital, in Newton, with a solid 82% of all patents saying they would definitely recommend the hospital. At a close second, with 81%, was Emerson Hospital, in Concord. Third, with 76% was Milford Regional Medical Center. Fourth, with 71% was UMass Memorial Medical Center in Worcester. Fifth, with 65% was Marlborough Hospital. And rounding out the pack, with 61% was MetroWest Medical Center.

What's not shocking to me, given my very high regard for all the people involved in health services in the region, is that with the average for all hospitals in Massachusetts being 70% of all patients saying they would definitely recommend the hospital, and with the National average being close, at 67%, the strong majority of the hospitals serving the metrowest community had patient satisfaction above both these great results.

What Does "As Is" Mean in Real Estate?

2008-03-29T14:56:00.011-04:00

The real estate industry has its own unique language that can sometimes be confusing. One term that comes up a lot, especially in these times of bank-owned properties, short sales, and foreclosures, is "as is" and its variations "where is", and "in its present condition". There are some agents who feel that part of the reason we see "as is" cropping up more and more is because more buyers are being coached to use the home inspection as a reason to reopen negotiations (sometimes justified, sometimes not) and that sellers and their agents, who may have already lowered the price several times, are using it as a tactic to close the door on this practice.

This is not a term to be used lightly by sellers, because there are costs as well as benefits, and if you don’t know what it really means, you shouldn’t use it. Sellers commonly mistake "as is" as a way to avoid making any repairs, rationalizing that a lower asking price will reflect the condition and eliminate expectations. Buyers, however, tend to interpret "as is" differently. They sometimes take it as a sign of blood in the water and think that they can bargain way down from the asking price because they are now suspicious that many things are wrong with the house. Often buyers will be very wary of "as is" houses and even avoid viewing them or putting in an offer for fear of hidden defects that will reqire a lot of time or money. You might be better off without using that clause and having your agent stress that the inspection will probably not result in repairs or a price reduction.

"As is" is actually a legal term and concept used to disclaim liability for the condition of the house being sold. It says that the seller is selling, and the buyer is buying the house in whatever condition it presently exists, and that the buyer is accepting the house "with all faults", whether or not immediately apparent. It is most commonly (and correctly) used in estate situations or when banks or relocation companies own the property, where the sellers may have never lived in the house and have no knowledge of any issues/defects. In Massachusetts, the seller and their agent must disclose any known defects in the property in an "as is" purchase, but they don’t have to disclose what they don’t know.

This is the ultimate "buyer beware" situation, where a buyer must take the time to examine the home before accepting it. The buyer should also obtain expert inspection and legal advice and do what their experts recommend. They should also make sure their contract is contingent upon acceptable inspection approved by buyer, but understand that their only option is to take the house or walk-away, the seller is under no obligation to re-negotiate any inspection issues.

There are currently many great deals on "as is" houses, and I hope this post has been helpful.

What I Like About Sudbury, Massachusetts

2008-03-15T16:56:00.006-04:00

Sudbury, Massachusetts is a progressive town where history coexists peacefully with modern lifestyles. Located just shy of 20 miles from downtown Boston, the town of 18,000+ residents is conveniently found halfway between the inner (Rt. 128) and outer (Rt. 495) beltways.Typical commutes for the townsfolk are 30 minutes.

As it was incorporated as a Town in 1639, you can imagine there’s a lot of early American history in Sudbury. One of my favorite sources for the history of the town of Sudbury is hosted and written by the members of the Senior Center, have a look, you’ll find it interesting and informative.

For anyone who craves data and facts and figures, there’s a great wiki here. Knock yourself out.

Here’s some of the stuff you might want to know:

Shopping: You are 15 minutes to the shopping Mecca’s of Metrowest in Natick and Framingham. For really upscale you can go to Chestnut Hill in Brookline or Newbury Street in Boston in about half an hour.
Schools: 4 Elementary and 1 Middle – all outstanding. High School is regional, shared with the Town of Lincoln – also outstanding.

Restaurants & Markets: There are a number of fine restaurants in the town, a Starbucks, and a Dunkin Donuts. There’s also the original Sudbury Farms supermarket with a killer take-out/deli. Down the road a piece there’s a Whole Foods supermarket.

Taxes: Not cheap, but a good value.

Transportation: You pretty much have to drive everywhere. There’s a commuter rail in Lincoln/Weston that takes you to North Station. There’s one in Framingham that takes you to South Station.

Religious Institutions: Currently there are Baptist, Catholic (2), Congregational, Episcopal, Church of New Jerusalem, Jewish (2), Lutheran, Methodist, Presbyterian, Unitarian, and Non-denominational parishes in town.

Hospitals: There are three excellent hospitals nearby: Emerson Hospital in Concord, Metrowest Medical Center in Framingham, and Marlborough Hospital in Marlborough. Obviously, some of the finest hospitals in the country are minutes away in Boston.

Government: Town form of government with three Selectmen and a professional Town Manager. One of the oldest continuously running Town Meetings in the US – if you’ve never sat through one you really should, it’s in March, and it’s really a tribute to the staying power of our democratic principles.

Overall Rating: It’s a really nice town and I’d like to live there.

Haunted Real Estate

2008-02-23T07:16:00.009-05:00

Are you looking for or selling a house with a little extra atmosphere? Would you like the feeling of having a permanent unseen houseguest? Some people, perhaps someone like you, actually want to buy a house that is haunted.

So how do you go about trying to find a haunted house for sale, or sell your own house that has a resident ghost? When househunting, how do you find a house that comes with a ghost, and if you're selling a haunted home do you have to openly divulge that information to everyone?

Hauntings fall into a shadowy area of disclosure, in part because there's typically little or no solid proof that the ghost exist, and only "facts" have to be disclosed. The Commonwealth of Massachusetts is a "don't ask/don't tell" state regarding hauntings in houses for sale. You have to specifically ask the agent/seller if there is paranormal activity in the house, and they have to tell you what they know. But if you don't ask, they don't have to offer it up front.

The law in MA, Chapter 294 of the Acts of 1998, An act further regulating the disclosure of certain information in real estate transactions states: Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Chapter 93 of the General Laws is hereby amended by adding the following section: - Section 108. The fact or suspicion that real property may be or is psychologically impacted shall not be deemed to be a material fact required to be disclosed in a real estate transaction, except as provided in this section. "Psychologically impacted" shall mean an impact being the result of facts or suspicions including, but not limited to, the following: (a) that an occupant of real property is now or has been suspected to be infected with Human Immunodeficiency Virus or with Acquired Immune Deficiency Syndrome or any other disease which reasonable medical evidence suggests to be highly unlikely to be transmitted through the occupying of a dwelling; (b) that the real property was the site of a felony, suicide or homicide; and (c) that the real property has been the site of an alleged parapsychological or supernatural phenomenon.
No cause of action shall arise or be maintained against a seller or lessor of real property or a real estate broker or salesman, by statute or at common law, for failure to disclose to a buyer or tenant that the real property is or was psychologically impacted.
Notwithstanding the foregoing, the provisions of this section shall not authorize a seller, lessor or real estate broker or salesman to make any misrepresentation of fact or false statement.

Although it took place in the State of New York, it's worth looking at the most famous court case on the subject - Stambovsky v. Ackley (572 N.Y.S.2d 672 NY App. Div. 1991), regarding the sale of a magnificent Victorian mansion at 1 Laveta Place in Nyack, NY . The sale was contested after the Stambovsky family made an earnest payment of $32,500 on the $650,000 home. Even though the house was clearly spooky at first sight, the couple was from out of town and did not know about its reputation. For a long time, the sellers had promoted the home as haunted, had a write up in Reader's Digest, and had featured it on a haunted walking tour of the city. When the sellers chose to sell the house they stopped promoting it as haunted.

Once the couple learned of the house's reputation, they tried to back out of the deal and get their deposit money back. The owner refused to cancel the sale or return the down payment, so the Stambovsky's took the seller to court and lost, only to win with a narrow margin of 3-2 in appellate court, after the court found that by deliberately fostering the belief that the house was haunted, the seller had to, by law, disclose that the house was the psychological impacted.

Some great links for more information on haunted real estate:

http://www.sdparanormal.com/Haunted_House_Listings.html

http://www.realtown.com/articles/haunted-real-estate-a-primer-for-real-estate-agents

http://www.hauntedrealestate.com/

http://www.ghostsandstories.com/haunted-real-estate.html

http://www.hauntspot.com/haunt/articles-and-news/haunted-real-estate.shtml

http://www.associatedcontent.com/article/421456/selling_a_haunted_house_a_satiric_real.html
Articles on Real Estate's Scary Side:

http://money.cnn.com/2003/10/21/pf/yourhome/househaunting/

http://realestate.msn.com/buying/Article_bankrate.aspx?cp-documentid=1102007&GT1=10534

Ghostly Appraisals: http://www.realestatedamages.com/index.htm

Ghost Removal Solutions and Housecleaning: http://www.moonslipper.com/

Why You Should Have a Buyer's Agent

2008-02-16T14:45:00.012-05:00

The listing agent shows you the house - you love it and they can write up the offer for you! That listing agent loves you. And the agent's realty company loves you even more! Normally a commission gets split 4 ways. When you work directly with the seller's agent, they and their broker (company) get to keep the whole commission. Congratulations to the seller's agent!

The home seller is their only client. You are not their client and they have no responsibility legally to act in your interest. Client means that the agent has a fiduciary duty to that person, just like attorneys or doctors do with their clients & patients. That includes privileged information about your level of desire, need and ability to buy that home. If the seller is highly motivated, you're not going to know that you could've offered 10% below market instead of 5%. If the seller's agent is good, they are going to be sure that you think you're getting a "wicked good deal" when you're really paying top dollar. They also are going to make sure that their seller has every opportunity to keep your earnest money deposit if you mess up even a little bit. And they'll make sure any contingencies benefit their client, not the poor unrepresented guy on the other side of the deal (which is you).
And where are you getting your analysis of market comparables? Hopefully it wasn't from the seller's agent. Comps, like any statistical analysis, can be easily manipulated to favor a top dollar or a low ball offer, depending on which homes the agent chooses to include or exclude from the mix.

When you put in an offer on a house with the listing agent, you have basically tipped your hand and all your information will be shared with the seller. But the realtor seems nice, and why would this be so bad, you ask? Let's say you've shown the realtor your mortgage approval letter - for an amount equal to or above the asking price. Well, there goes all your negotiation edge.

A buyer agent (ABR) is the only person in your house search and offer process looking out only for YOU. They are your advocate in a major and life-affecting purchase. Using a Buyer Agent costs you no money, and may even help you save money in the initial negotiation and using inspection issues to re-negotiate.

Would you want to go to a court trial having the Prosecutor do double duty as your defense lawyer? Absurd and ridiculous? So is using the listing agent as your realtor and expecting them to act in your best interest.

Call me today (978-580-1069) if you’re ready to buy and want your own buyer’s agent! You deserve it.