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Home Buying in Melrose : Real Estate Advice

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  • Local Info4
  • Home Buying12
  • Home Selling0
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Activity 13
Thu Aug 25, 2016
Vrizzo01 asked:
Thu Nov 20, 2014
Randy Stoker answered:
Sounds a bit complicated! Was your offer to purchase 1920's house contingent upon selling your house? It so then your agreement to purchase 1920's house can be renegotiated; as your original agreement was not exclusive as the owners of 1920's house could still look for another buyer.

If your agreement to buy 1920's house was not contingent upon selling your residence then you are contractually obliged to complete the sales agreement. If you want to renegotiate then you must cancel the original sale agreement (and loose your earnest money deposit) and try again.

Your decision to renegotiate 1920's house is not based on due diligence discoveries but the fact your house will probably net less cash to you. Don't loose out on the 1920's house that you LOVE over a few dollars! Find a way to make the transactions work.
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0 votes 3 answers Share Flag
Mon Aug 11, 2014
Annette Lawrence answered:
You bet!
However, such information is shared via a 'professional-to-professional' protocol. A professional to citizen exchange always result in more confusion because you take the words literally.

Home sellers are placed at risk every time a offer is presented and more certainly when an offer is accepted. Seller pay the price when buyer are not properly vetted. Goof ball buyers create the paranoid environment from which your question emerges and subsequently 'taints' the real estate.

Because a seller can 'walk away' at their sole discretion, what ever reason they give is more than likely a fabrication to protect their pride. No one want to say, "CHanged my mind. I want a do-over."
So they fabricate something less incriminating. The most common and easily accepted 'do-over' is, "needed too much work to make buyer comfortable." It matters not if it is a brand new house, the buyer may actually want turquoise fixtures.

If you have interest in the property, do your own due diligence.
Trust your own observations.
Don't harm the seller.
Know yourself.

Be aware, the notification system on Trulia does not work.

Best of Success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
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1 vote 4 answers Share Flag
Thu Jul 31, 2014
Richard Shapiro answered:
I am a mortgage broker in MA. If you are financing your purchase, most of what you ask for will be reviewed by the Lender as a condition of the mortgage. A condo will need to be in good financial standing (reviewing the budget) as well as knowing if there have been any recent special assessments or pending special assessments. The Master Insurance for the association will need to have industry standard coverage as well. Your attorney can help look over the condo docs which should be readily available from the seller. Please contact me for any further question. ... more
1 vote 2 answers Share Flag
Fri Dec 6, 2013
Kevin Vitali answered:
Melrose has been an upcoming town for many years. The change started when they really started to re-vitalize the downtown. The draw to Melrose is many fold.

Melrose has access to the commuter rail as well as the T. For driving commuters it is close to Boston as well. Home prices in Melrose are still relatively affordable given the proximity to Boston as well as it being a fairly homogeneous community. The school systems are good and fairly desirable.

These are some of the reasons that have kept Melrose real estate doing well even through the downturn. It did not see the massive price decreases that other communities have seen as well as it bouncing back quite quickly.
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0 votes 6 answers Share Flag
Fri Jun 7, 2013
Lesley Smith answered:
Hi Kerry,
My kids both went through the public elementary school system in Melrose and we were very happy with it. My son went to the middle school and we were happy with that as well. He will be going to a private high school but more so because it was a desire of his. I think the high school is going through a transitional period with several new Principals in the past couple of years. We also just got a new Superintendent of schools. I am holding out hope for a positive upswing at the high school in the next couple of years so my daughter can go there. I would also like to add that Melrose is part of the lottery system for the Mystic Valley Charter School in Malden that a lot of families go to and seem to like a lot.
Good luck,
Lesley
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0 votes 5 answers Share Flag
Sat Jul 28, 2012
amyreusscaton answered:
Thanks for responses. Yes, I believe Rock is the home owner. I already have buyer's agent, who I like very much, and who has also called on the home without response. Was simply interested in hearing if anyone else had every called on the home -- independent buyer and/or real estate agent -- and gotten a response. Think I have the answer now! ... more
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Thu May 31, 2012
amyreusscaton answered:
While there are advantages to new construction, there's not much available in Winchester and surrounding towns. And that which is available is quite cheaply done -- and in not great locations. It doesn't go unnoticed. These places sit, sit and sit. ... more
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Tue May 8, 2012
Bill Butler answered:
Hi Rich,

Condos are more flexible in price than single-family homes right now. We're seeing virtually all single-family homes that are properly priced, sell with multiple offers - often over asking price. You may be better off to wait until late Summer or Fall for the activity to slow down on single-families. Condos are definitely easier right now.

For video updates on the Melrose real estate market, check out MelroseScoop.com.

Hope this helps!

Bill
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1 vote 3 answers Share Flag
Mon May 9, 2011
Bill Butler answered:
It's a good time to buy in Melrose but if you're looking for a "bargain", you'll be hard-pressed to find one. The market is such that if a property is priced just under market value, it sells in a week/weekend for very close to asking, if not a few thousand over. Your best buys are homes that came on the market over-priced a few months ago and are still for sale. As a result, you may find a seller that is starting to get nervous as the inventory level rises.

That said, I'm expecting a busier-than-normal June and July because open houses are getting a lot of traffic but we aren't seeing a proportionate amount of offers being made. For example, in the last month, a home priced in the $400s that shows well online will get 60-70 people through the open house but will only get 2-3 offers - all below asking. In past markets, those homes would get 5-8 offers with 2-3 over asking. My thought is that all these people going to open houses aren't just "lookie loos" or nosy neighbors; they're going to buy a home in the next 90 days and we may see more aggressive multiple offer situations as we get closer to Summer.

Good luck in your search!!
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0 votes 3 answers Share Flag
Mon May 25, 2009
Don Tepper answered:
Here's a formula, a variation of one used by investors:

(1) Determine the ARV (after repair value) of the property. What will it be worth in good condition? (Get your Realtor to do a CMA and explain that you want to know how much it'd be worth in good condition.

(2) Take 90% of the amount in (1) above. [That's to allow for any errors in the CMA and to allow for a continued soft market.]

(3) Determine the repair costs.

(4) Add 20% to the amount in (3) above. [That's because repair costs are almost always higher than the estimate. It's also to compensate you for your time and effort in managing any repairs.]

(5) Subtract the figure in (4) [the repair costs plus 20%] from the figure in (2) [90% of the ARV] This figure is the most you should pay for the home. Hopefully, this number is above the asking price of the bank. If so, pick a figure somewhere above the bank's asking price and below the figure you came up with in (5). The more you want the house, the higher the number should be. But don't offer more than the number you came up with in (5).

That's what you should offer.
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0 votes 3 answers Share Flag
Mon Aug 18, 2008
Ken Lambert answered:
Hello Steve- Be very careful with this purchase. I'm a mortgage broker and I deal often with people wanting to buy condos that they can't physically get a mortgage for. If you're not working with a broker yet, I'd be pleased to help you. You need to make absolutely sure that the actual address is approved by a specific lender- not just the mortgage broker you talk to.
Most lenders nowadays do not even give mortgages out for your kind of situation, a 2-family building that was converted into 2 condo units. Because the lender knows that there is no true property management and maintenance company.
Thanks, and Good Luck,

Ken L.
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