"The rule is in place and is real, it has been around for a few years. Several years ago, there was a lot of â€œhome flippingâ€ between family to get around the rules of lending... The rule is so generic it defeats the purpose in many cases such as what her family is doing.
Does the home need enough work that it would go into a rehab or construction loan?
I would have to check with the real estate law on this, but they could all buy the home, have the sister be the only one on the mortgage and the rest on title. After she gets the loan just remove everyone."
That last suggestion sounds like a good one, if all of your siblings are on good terms. If you want to pursue this, give him a call:
Vice President, Mortgage Network
Hope this helps,
Unfortunately for your situation (but good for the real estate market in Somerville) is the fact that multi family homes are also selling pretty quickly in the city. There have been 59 two family houses in the city that have sold in the last 6 months with an average of 89 days on the market. Even the fact that the house needs work won't mean that it would languish on the market unless it was overpriced.
So the executor in your case (not sure if that is an attorney, family member or what) should be able to realize that if their is either a need given by law or by the real estate market that extensions are simply necessary...
Especially if all those who are party to the inheritance agree it should be possible, but it needs to be discussed and agreed upon by all parties - but please understand I am not an attorney and this is not legal advice, which I cannot give you. Just a little part of my own experience as a Realtor who listed an estate property for sale (not to a member of the family but anyone willing to buy)
So discuss it with the executor and hopefully it will work out... for all of you!
Sorry about your Dad!
And in general in today's market it will take a bit longer than years back, since there is mostly a lot of inventory on the market and not enough ready and willing buyers. But why are you interested in that particular aspect
the average time on market, are you buying and wondering or are you intending to sell your property?
With some feedback from you we can probably give you some better info and answer to your question.
I guess the right answer depends on what you need the data for. Also, condos were on the market longer, on average.
Hope this helps.
According to statistics from the the local multiple listing service, there were 42 houses that have sold in Somerville during the last 6 months. These houses were on the market for an average of 96 days. They had an average list price of $443,221 and sold for an average sales price of $421,044.