Hi Leah,
The areas most desirable in Worcester are in this order: Salisbury St 01609, Tatnuck 01602, Burncoat 01606, Massasoit/Grafton St 01604. On average your looking at around $12,000 a year +/- depending on the area you choose.
In regards to buyers agent fees, we are paid by the seller. I deal with the Worcester area daily and would be happy to answer any questions you may have.... more
From a rental perspective, Boston and Worcester are a bit different. For example, Boston rentals are largely targeted towards students and the main time to rent is September. In Worcester (and actually outside of 128), this isn't typically the case. While there are student rentals, there are a lot of other rentals as well.
There are areas that are easier to rent than others. You shoudl probably contact the Worcester police department to get more information on which areas have the higher crime rates than others since this is the primary reason why some areas aren't desireable.
You may also want to consider joining the Worcester Property Owners Association (WPOA). They are the local affiliate of the Massachusetts Rental Housing Authority (MRHA) and can provide rental information to you. The MRHA web site is www.massrha.com. There is a link there for the WPOA and other landlord organizations across Massachusetts.
I own properties in Worcester, so if you want additional information, please contact me directly.
Good luck!... more
You will have more luck with a local lender/bank who can keep the loan "in house". They will be able to judge you, the property, and your request on a more personal level than those who would sell the loan to an investor like FNMA. Search for a smaller, local banking entity and ask for their most experienced originator.
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)... more
When you find the answer you can run for mayor and then probaby president.
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)... more
NO, J-1 Visa (for exchange visitors) is not acceptable, see which visas are acceptable and additional requirements below:
Acceptable visas include:
• H-1B, H-1C, (temporary, specialty workers) and L-1A, & L-1B (intracompany transferee) visas are acceptable
• E-1, E-2, (treaty traders) G-1 to G-5, (foreign government officials) I, O-1, (workers with Extraordinary Abilities) P-1 to P-3 (athletes, entertainers, & TN (NAFTA)visas may be acceptable on a case-by-case basis
In lieu of a Visa, an Employment Authorization Document (EAD), a letter from the employer, and I-94 or I-797 form showing eligibility to work in the U.S. (all supporting a 3 year continuance)
• Please note: any borrower that has a temporary protected status, is an asylee, or has diplomatic immunity is not permissible.
• Funds for down payment, closing costs, and reserves must be held in a U.S. financial institution. Any funds to close that were transferred from a foreign financial institution will require documentation of source of funds. All supporting documents must be translated by an Underwriting approved translator or a disinterested third party, and be stated in U.S. dollars.
• A full 2-year employment history must be verified, including any period of employment outside of the U.S.
• Employment and income can be verified in writing by the employer. Income from self-employment outside of the U.S. cannot be considered.
If buyer is willing to put a higher down payment, portfolio financing might be a consideration - however, buyer would still need to qualify based on credit (an international credit report is possible with Canada) and income verification to show ability to repay the loan. This buyer might be better served to obtain financing in Canada to purchase here.
Eva S. Kokosinska
Sr. Loan Officer NMLS #19571
Mackinac Savings Bank
482 Southbridge St.
Auburn, MA 01501
Tel. 800-446-6847 x3109
Local 508-832-3299
Fax. 508-832-5360
http://www.msbloans.net/
ekokosinska@mackbank.com... more
Unless you hire a local professional to help you, the registry of deeds is the place that can answer your question.
http://www.masslandrecords.com/Worcester/
Tsbgod,
You should go to your local nonprofit housing group for credit counseling. The counselor will go over your credit report with you and tell you what you are doing wrong. If you follow their advise your credit will improve significantly in 6 months so you do not have to wait years.... more
That Realtor must have been a disgruntled unsuccessful agent. I've been selling in Worcester,Ma for more than 25 years & I can show you properties over $60,000 that more than hold their value. Worcester isvery liveable,is a city of neighborhoods, good highway connections to Boston,,Hartford, Providence, etc. WE are the cultural hub of Central Ma. Our Hanover theater has first rate shows, Mechanics Hall has hosted YoYo Ma and the DCU Center not only hosts big name performers but sports as well.. Our Art museum is one of the best in the country for medium size & how many cities are hosts to 13 colleges & universities.?If you want to buy in Worcester or the surrounding towns, give me a call. Roz Levine, Owner/Broker, Roz Real Estate 508 792 0689... more
You should talk with a real estate attorney or other tennant advocate to review all your documents to see how best to proceed. The local housing court to your area also has resources available to you to act as mediators for contract disputes.
Hope that helps,... more
Sounds like you're getting some excellent guidance at this point.
This raises one important point to consider in the future about renting -- although it may not have made any difference in your situation with the foreclosure. Sometimes owners of properties are very reliant on the rental income for their mortgage payments. When I was renting, at some point, after several years, I started taking the "1st of the month" for granted, sometimes sending it in several days or even a week later.
Eventually realized that the owner, having moved to a second house, was trying to mortgages on both their former home (the rental property) and their new home. As a renter, though, I wasn't quite so sympathetic, feeling that these folks owned several properties, and I didn't even own one. It wasn't until I became a homeowner, though, that I really became more sympathetic. I also then appreciated the importance of payment promptness. The bank that I used for my mortgage was great, but there was a very clear understanding with signing all the mortgage documents that this was a business transactions, and payments were expected accordingly or otherwise consequences would occur. Finally, I understood the pressure my landlord/property owner was under.
Mortgage companies hold the property owners to strictly defined requirements. Knowing what I do now, as a renter I probably would have sent the check in the mail to be there even before the first of the month. Even if you don't have the greatest landlord and owners, as in your case, if the property is a really good one, the renter could consider this part of their attempt to keep the living situation sustainable for everyone.
In my case, thank heavens, I had a great landlord and a great apartment.
Hopefully, if this rental falls through, you will find and be able to find and keep a better rental situation in the future. Good luck with the transition.... more
This is in large part a function of the value of the condo you are insuring. Worcester has condos from $40,000 on the low end up to $500,000 for premium units. Without knowing the property you are interested in we can only guess, but $500/yr should cover it with a pretty comprehensive policy.
Do you need help finding the right condo? I can help with that!
Paul Foss... more
RInging off the hook? Wow, I better get going and start flipping particle board and Tyvec condos again and getting in on those easy 10x valuation increases, right? As an agent, you must be ready to cash out and buy a plantation in Guatamala by now.... more
I am only guessing that you did not work through an agent the first time? If you did the agent should have answered all these questions for you. Anyway, the process is initially the same. The agent will write your offer and present it to the sellers agent. The seller(the owner ) selects the offer to present to the lender for lenders approval. This is where the delay occurs. If the lender does not feel the offer is enough it will wait sometimes months asking the buyer for more money while also deciding whether it is more advantageous to the bank to accept the offer or to foreclose on the property. If the buyer is willing to wait it out many times the bank will finally choose to accept the buyers original or increased offer. The buyer should put a minimal deposit down initially, even though I have never seen where the deposit is not returned. I personally do not send my buyers check until I receive the approval from the bank, not the owner.... more
Gerard, Massachusetts is VERY different than Florida, basically take the rules of the other 42 states (Massachusetts is on of only a handfull) and throw them out the window. Here in MA it can easily take 6months to evict even the worst tenant. Very different rules to the landlord/tenant game here. Even contractual issues can be interpreted in the tenants favor here. It's funny the courts here kind of see all landlords as fat cats lighting cigars with $100 bills. In contrast, New Hampshire will put a family out in a snow bank on Christmas Day for non-payment.
Here in MA we're a pro-attorney state & only an attorney can give legal advice (it's strictly enforced too). That's why you'll see MA agents & brokers referring all questions of law to qualified attorneys.... more
Hello Nina!
Attached below is the web site to the Buy Worcester Now program, there you will find info on our cities approved programs...As to prop 13 in CA, we also have a prop very simular, prop 2 1/2 here in MA regarding property taxes, I also attached another link explaining it along with comparing it to Prop 13.
http://en.wikipedia.org/wiki/Proposition_2%C2%BD
http://www.buyworcesternow.com/
This should help you during the next year as you make plans...feel free to contact me directly anytime should you have any other questions- joe@propertiescentral.us Best of luck to you and your mother as you make the transistion to our lovely state of MA... more
Short sales can take a long time. As a Massachusetts Short Sale Real Estate agent, I have closed many short sales. My average response time from the bank is about 2.5 to 3 months then usually anothe month or two to close. Sometimes its less and sometimes its longer. There are questions you can ask up front to see how mopthly the transaction will go, but it is a little late for that. Some things to consider are who are the lien holders, how many liens are on the property, who is negotiating the short sale, do the sellers have a complete file on record with the bank or ready to go to the bank, and so on. Unfortunately I do run inot agents that try to handle them themselves and do not know what they are doing.
If you are working with a buyers agent they should be able to sort through all of the information. At the very least the agent handling the short sale should be able to tell you, a negotiator has been assigned, a BPO or an appraisal has been ordered, etc.....
In order for a contract to be valid in Massachusetts it needs to have an end date. Meaning the seller should have short sale approval by a certain date or you would close by a certain date. If it is open ended the contract may not be valid. If you would like to pul out of the deal contact a real estate attorney. Your deposit money should not be at risk if the contract was written properly. Good luck.... more