Home Buying in Walpole>Question Details

Jennifer1029, Home Buyer in Walpole, MA

Hi! We are hoping to sell our home in N.Framingham, MA next Spring and buy in the Walpole/Sharon area. Do we use one realtor?

Asked by Jennifer1029, Walpole, MA Sat Jul 7, 2012

Should we sell our home before trying getting preapproval for our new home? Is 20% down an absolute must or can the 20% also be financed? We also have a rental property in Nashua, NH. We would like to refinance that property since its interest only but didnt know if we should do it now or at the same time of our planned sale and purchase next year (if we do it now, would it hurt our credit for next year). thank you

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Walpole/Sharon are not that far from N.Framingham so the listing agent may be able to help with both. Make sure the listing agent knows the Walpole/Sharon area very good. Every town is a little different. He or She should be able to Refer you to a local Walpole/Sharon agent. I have lived in Walpole many years and grew up in the sound rounding area so when the time comes for you too look call me if you need help 508-801-4407 Good luck
0 votes Thank Flag Link Tue Jul 10, 2012
You should get pre aprroved first because it sounds like you have a lot going on and not a lot to go around. Good luck.
0 votes Thank Flag Link Mon Jul 9, 2012
Oh by the way...if the realtor you choose is familiar in both towns it could be helpfu in putting all the pieces of the puzzle together- when it gets down to crunch time. However, good communication between 2 agents will also go along way. All the best! ~Jen
0 votes Thank Flag Link Sun Jul 8, 2012
A good resource for your finance questions would be your local credit union. Most credit unions are thorough in the approval process and have lower closing fees than larger banks or mortgage brokers. Mortgage brokers may have more Liam options and that can be helpful. However I suggest the credit union first. Also remember interest rates are great right now, but there is no way of knowing when or how much they'll go up. I'd check into refinancing now, but make sure to tell the rep all your plans- you don't want a negative impact on your credit.
I grew up in Sharon and would suggest you hire a buyers agent to help you with your purchase. You will need that agent to coordinate and communicate with your listing agent to make sure the two coincide. Interview a couple agents to be sure you get a feeling of trust from the one you choose. You'll be working together for a few months so you do want to like them a little bit. I wish you all the best and if I can help further, I'd be happy to. ~Jen Litterio ~ 508-944-4954
0 votes Thank Flag Link Sun Jul 8, 2012
Hi Jennifer,
As others have stated, they are different markets so I would use a different agent for each transaction. In addition, if you are buying you do have the option of working with an exclusive buyer agent - that is an agent that works with buyers only and has the expertise and loyalty of buyer-only representation. A loan officer would be the best person to answer the question about the refinance and you have some responses already and I would also be willing to refer you to a qualified loan officer to answer that question. It sounds like you are planning ahead - which is always a great start!
Good luck with your home sale & purchase!
Christine
0 votes Thank Flag Link Sun Jul 8, 2012
Just wanted to say thank you for all these great responses and contact info for specialsts. very helpful!
we should have about 10% to put down. we need to put some of our savings into some updates to our current home to get it ready to sell. if we cant get the preapproval we are hoping for, we can rent in our future town. our child starts kindergarten next fall (2013) and i don't want her to change schools once she starts.
0 votes Thank Flag Link Sun Jul 8, 2012
You certainly could use one Realtor if you have a known and trusted person in mind. Otherwise consider using a local expert in each town. You should look into financing possibilities beforehand.
You don't necessarily need 20% down but that will prevent you from paying mortgage insurance. You probably won't get 100% financing.
0 votes Thank Flag Link Sat Jul 7, 2012
I'd second the vote to use two realtors so you get someone with local knowledge about each area. We cover Framingham but for Sharon we'd refer that to one of our colleagues who knows that area much better. You really want someone who knows the neighborhoods and local market. 20% down isn't a must but you'll have a much tougher time getting an offer accepted if you have a home sale contingency. I know a fantastic lender I can connect you with if you'd like to talk with them about the timing of your refinance.
0 votes Thank Flag Link Sat Jul 7, 2012
You could use one Realtor but it might be best to use one to sell and one to buy each being an expert in each market.

You don't need to sell in order to get pre approved. A pre approval can be based on an assumption of you potential sale. It would be wise to see that this will work before you go through the effort of selling.

As for the investment property. It's a good time to refi now based on the low rates. If you have excellent credit refinancing around when you buy wouldn't hurt your credit. It might be better though to have that refinance done in advanced so you can be accurately qualified for the Sharon purchase.

I am based in Natick if you with to speak with no cost or obligation.
0 votes Thank Flag Link Sat Jul 7, 2012
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