The Real Estate Lady
All about Real Estate, Townsend, MA and Me…
January 31st, 2015
Home Buying/Searching Tips
- Be Picky but be Realistic. There is no perfect home.
- Line up your Ducks before you start looking. Think about what type of home you’d like and where you’d like to live. Decide which features are most important to you that are must haves vs. those that would be a bonus.
- Get your finances in order and get preapproved with a “local” lender. Stay away from Television and Internet Advertisers.
- Don’t let your self be “house poor”. If you max yourself out to buy the biggest home you can afford, it’ll be tougher to find the money for maintenance and décor or to save for other financial goals.
- Be careful about opinions and advice from family and friends. Everyone has a story be it good or not so good and the details of their transaction are unique to him or while they may have your best in mind, they are not professionals in the real estate business.
- Think about your timetable for moving. Do you have a lease? Are you allowed to sublet? Can you afford an overlap for rent and a new mortgage?
- Think long-term. Are you looking for a starter home with the idea of moving up in a few years or planning to stay in the home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.
- Not everything you see on the Internet is true. Have fun on the home search portals but use your Realtor’s® information for accuracy.
- Don’t be naïve or complacent. Ask questions. Get clarification when you don’t understand something. Work with your Realtor® in doing all the due diligence on the things that matter to you. Make sure your Realtor® knows your deal breakers. Read the disclosures and information that is given to you.
- Use a Realtor® as a Buyer’s agent. They will work for you and represent your best interests. The Seller will have a fiduciary so why shouldn’t you especially if it’s free.
- Open Houses. If you happen upon one without your Realtor®. Announce that you have a Buyer’s agent and sign his/her name on the sign in sheet. The listing agent will appreciate it and it will save you from getting the call from the listing agent on Monday. Use your poker face.
- If you’re going to use a professional that someone recommends, make sure they’re worth their salt. Look for Experience, Make sure Full Time, Area Knowledge, Designations. Using Aunt Sally or Uncle Joe from across the state may not be in your best interests.
January 13th, 2013
Streamlined Purchase and Repair Program
(Limits: <=$35000)
Simple Purpose:
To facilitate the uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.
The following is a list of the discretionary improvements and or repairs included in the program.
* Repair/Replacement of roofs, gutters and downspouts
* Repair/Replacement/upgrade of existing HVAC systems
* Repair/Replacement/upgrade of plumbing and electrical systems
* Repair/Replacement of flooring
* Minor remodeling, such as kitchens, which does not involve structural repairs
* Painting, both exterior and interior
* Weatherization, including storm windows and doors, insulation, weather stripping, etc.
* Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
* Accessibility improvements for persons with disabilities
* Lead-based paint stabilization or abatement of lead-based paint hazards
* Repair/replace/add exterior decks, patios, porches
* Basement finishing and remodeling, which does not involve structural repairs
* Basement waterproofing
* Window and door replacements and exterior wall re-siding
* Septic system and/or well repair or replacement
Simple process:
1. With P&S submit contract work plan/estimate
a. Home-owner/Contractor sign agreement (includes a one year warranty from contractor) [FHA Form 2420]
2. Home is appraised
3. Loan approved
4. Purchase closes
5. 35% disbursement if needed for materials about 10-20 days after closing
6. Work starts inside 30 days of close – must be completed within 6 months
7. Repair project completed
8. Final inspection done if needed
9. Rest of disbursement
Information provided by:
Tony Cardinali of Mortgage Master Inc.
September 12th, 2011
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