Home Buying in Massachusetts>Question Details

Diana Baril, Home Buyer in 01772

I am currently renting with my family. We have been here for 3 years renting and do not have plans on

Asked by Diana Baril, 01772 Mon Mar 31, 2008

do not plan on leaving the area. We have been presented by our landlord with the opportunity to buy our apt as a condo. He is testing the waters as he plan to complete the conversion. We feel his asking proce is more than fair $225K for Southboro, MA. Does anyone have advice on what the conversion process lokks like from our end? Do we need to have inspections, etc?

Thank you!
Diana

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5
Hello Diana and family...

Have you guys gone through the process of purchasing the condo? All good advice from previous answers but I think you can still negotiate down the price. The prices in Southborough have really TUMBLED and condo converstions here in our area have shown mixed results on the resale end. Is it fair to assume that you may "outgrow" your condo in a few years since you did say family. It is my opinion that Southborough has one of the best school systems so it may be safer on the re-sale side. Most 1st time home buyers do not stay at their first property for more than 3 years or so...especially when they buy a condo. Good luck and continue to shop around for comparrison.
Nilton Lisboa
Marlboro Realtor
Weichert Realtors - Ernie Houde Associates
Web Reference: http://www.soldre.com
1 vote Thank Flag Link Mon May 5, 2008
compare your current cost to rent
to the cost to own
renting should be more expensive by a small amount
if its not, maybe not such a good deal
1 vote Thank Flag Link Fri Apr 11, 2008
Diana,
It sounds like you have agreed with the seller on the price and now want to know about terms. You could contact a real estate attorney and have them draft a formal agreement between you and the seller.
You might want to share the cost of the attorney or rather secure his/her services soley.

A home inspection is a means to answer questions about the structure. I wouldn't reccommend not getting a home inspection but I would recommend asking yourself what questions about the structure you would like answered. The right to have a home inspection is very good tool for getting those answers. Also some mortgage agreements require an inspection of some sort...pest, structural, roof...

As a Certified Buyer Representative I provide a detailed outline of the purchasing process.

Good Luck!
-Karissa
1 vote Thank Flag Link Fri Apr 11, 2008
There is a very formal process the seller needs to go through in order to convert the property: permits from city/town, new deeds for each unit, separate systems for each unit, etc, so you need to hire an attorney who specializes in this to make sure all the requirements have been met and to review the legalities of the condo documents.
Yes, you absolutely should have an inspection to make sure the building is in good shape.
I also highly recommend you hire a real estate agent (exclusive buyers agent) to make sure that you are buying the place for proper market value.

Good luck!
Web Reference: http://www.territoryre.com
1 vote Thank Flag Link Fri Apr 4, 2008
Well those condo conversions can be quite tricky and quite wonderful, it really depends on your relationship with your neighbor. Both of you will form the association and it is quite important to have positive relations. Have you seen Duplex?
If you really love the place than definitely consider doing everything that other buyers will do including home inspections and hiring a realtor and a lawyer. Also pay close attention to the condo docs. especially the parts that address condo fees, financing of repairs, what is common property and what is covered under condo fee, how will issues and repairs be addressed and resolved.
At some point some sort of issues do arise when HOA is involved, whether it is a big complex or a recent two family conversion. The tricky part : you and the people next door in the association really have to get along very well.

Best of luck
1 vote Thank Flag Link Thu Apr 3, 2008
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