Mark Hansen

Good Afternoon Andrew,
An offer should be based on a current CMA (market analysis). Are you presently working with a Realtor? If so, they can provide one to you. My feeling is that you are more likely to get your price by making a reasonable first offer than to lowball. Eg. (80-85% of current market based on a reliable CMA) then baby step it from there. I relate it to the situation where if I push you hard, you push me hard back. If I extend my hand, you are very likely to shake it. Don't be a fraid to walk away for a few days if things are not going your way. They will return to you. - Sun Sep 28 2008, 13:08

Sandy,
I think it is important to look at the value of the space created, not so much the value of the garage. I would say that most people are going to be looking for a garage on a 500k home. However, if you intend to continue renting and will gain additional rent eg.(creating a screened in porch that increases the rent an individual is willing to pay) than the knockdown might make sense. If you are just creating open landscaped space I would not advise the move, as upgraded landscaping has little effect on appraised value. Have renters complained that there is a lack of yard space? - Sat Sep 6 2008, 13:48

Hi Carla,
A sight that I have directed my clients to is http://www.homeaway.com , as this is linked to 5 other great rental sights. This will give you an idea as to the rental rates in that area as they correspond to the size home and distance from the beach. Use Cape Cod as your first key word and it will break it down by town and area. Looking at your numbers- $1000/week @ 10 week season will cover about $125,000.00 worth of home. So, If you are looking to rent say a $250,000.00 home, you know that you will need to collect about $2000/week to cover the base mortgage. Of course, you will calculate or add any down payment funds you may have to increase the price, but you get the idea. Distance to beach, in my experience has the most effect on rental rates. The previously suggested options would only make sense if you had a tremendous amount of money down. Viable properties can be found in Craigville Beach, Hyannisport and Hyannis Harbour areas. Feel free to email or contact me with any questions you may have. - Tue Sep 2 2008, 12:18

Jess, the normal procedure would be to vacate as soon as the property changes hands back to the bank, but the reality is that many people stay until the REO is given to a Realtor. At that time they often will offer 'keys for cash' which is simply money typically between $1000-$2500 to vacate the property. If you are in trouble with your mortgage and fear foreclosure, you can often proceed with a short sale which can often stall the foreclosure. I am working on 2 in Hyannis that had foreclosure dates that were less than 20 days away. - Thu Aug 7 2008, 17:06

I have looked into this in Hyannis area. Residents can pay for speed bumps and petition to have them installed. I believe the cost is between $300 and $500. - Sat Jul 26 2008, 07:51