That's a complicated question, because you need to first determine if the asking price is over, at or below the market value of the home to begin with. Then you need to determine the current status of the local market, and then take into account the days on market and condition of the home as compared to other homes like it...its not a black/white answer.
Currently the markets are on the upswing and we are seeing many many OVER ASKING price offers on new listings, this is a factor of reduced inventory, current low rates, and an overall positive attitude towards real estate going forward.
To sum it, it really depends on the situation and property.... more
The first step should definitely be to talk with a mortgage professional. If you don't have a local mortgage professional that you know and trust, I would be glad to give you some recommendations.
I actually wrote a blog post about the home buying process that might be helpful to you. Here is a link:
Based on your question you are looking at a down payment of around 5% to 7%. An FHA loan may be a good option for you. However, keep in mind that project homes that need repairs may not pass an FHA appraisal. A mortgage professional can tell you more about FHA programs.
Mass Housing is another program that you could consider. They have a program that allows for no mortgage insurance even though you are putting buying with less than a 20% down payment. Here is a link for more information:
I also have a first time home buyer's guide that I wrote that I would be glad to send you. Contact me if you are interested.
I hope this info helps you out. Thank you.
eXp Realty, Methuen, MA... more
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From the emails it looks like from the responses the property you are interested in is either expired, withdrawn or cancelled. That is pretty frustrating and time consuming only to find out the property you like is missing. Really, the best resource is two fold, access to a real estate website that is updated as soon as listings are changed and a Real Estate agent working for you. Best advice you can have all day.
Feel free to log onto my website www.theconciergerealtor.com and sign up for listings that are time sensitive and updated constantly.... more
You may purchase the building but the land is not transferred with the building, it is strictly a land lease. Much like a rental of an apartment you must renew the land lease regularly. Typically land leases will run for a much longer period than an apartment lease.
One issue you may run into, is the property will be unfinancable because of the land lease. It would strictly be a cash purchase.... more
I would speak with your loan officer. The septic system is typically not a Minor repair and since the ground is not frozen arguing that the repairs cannot be made due to weather related issues will be futile. Doing an Escrow holdback will be out of the Norm. The septic could run you anywhere from 10K upto 35K depending on the site and plan complexity. In addition to close on a home in MA with a failed septic you would need a letter from the town stating that the septic although failed is fiunctioning. If it is not functioning the unit is not livable, and will pose additional issues during underwriting.... more
What does VRP seller mean? All of the agents answers are correct based on the actual concept of Prudential Real Estate and what the buyer should know about those type of listings. The goal has been accomplished when a property has this type of designation it creates conversation and good market valuation between the buyer and their agent. No matter if the property is listed as VRP or some variation in the remarks keep in mind that LOCATION, CONDITION AND PRICE should always apply in some way.... more
Chippy Lane is still a desired neighborhood even in 2012, almost three years later when that questions was asked. Located close to the LOOP shopping center, Lowes Cinema, restaurants, highway access to Rte 495, 93 and 213, only minutes from Salem, New Hampshire, even more shopping. If you want details just note that seven (7) homes have sold on Chippy Lane since the question posted in 2009.... more
That condo has not been put on the market yet. The only unit currently available there is a two bedroom for 169,000. If you would like to send me your email address I can let you know when it becomes available.... more
Assessments are used by the towns and cities to determine property tax. There isn't a real direct correlation between market value and assessments in the current market. We are often seeing market values under assessed valued in many communities. A few years ago it relationship of assessment to market value was inverted. For a clearer indication of value you want to look at what other homes in the area that are similar have sold for in the last 3-6 months. Also take a look at the active competition. How does the home you are considering compare? For an on line snapshot of recent sales in any neighborhood visit this site http://homepricesma.com/ I hope this is helpful in answering your question. Feel free to contact me if I can be of further assistance. Mark Gracy Real Estate Consultant Keller Williams Realty Andover MA 978-861-4016 www.GracyTeam.com... more
470 Prospect Street in Methuen is an example of a good deal by waiting a short sale to the end. The property was listed/expired in 2008 for $369,000, off market for a time and listed/sold in 2009 for $218,000. The wait time for the third party approval on 470 Prospect was four months but know that they vary depending on the individual situation of the home owner and their lender(s).
Amazing short sale opportunities are currently on the market for example in Boxford a property assessed at $862,700 on the market for $575,000, over 3200 sq ft living area, etc.
If you have the patience and time for an opportunity don't shy away from a short sale but do make sure you are working with a Realtor with knowledge and experience in Short Sale transactions.
Would be willing to answer any questions or concerns on short sales that you might have as a buyer to purchase or a home owner to sell. I am certified as a Loss Mitigation Specialist & in HAFA Short Sales (US Treasury, Fannie Mae and Freddie Mac programs). Knowledge is Power in a short sale transaction, also patience, the reward is all in the knowing how.... more
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