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02150 : Real Estate Advice

  • All11
  • Local Info3
  • Home Buying2
  • Home Selling0
  • Market Conditions0

Activity 10
Ml, Home Owner in Chelsea, MA
Sun Jul 17, 2016
Ml asked:
I have created an account with you and listed a condo unit for rent but I cannot edit my listing facts. I tired to use your instructions but there is no "edit my facts" button…
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Jenlaz11385, Home Buyer in New York, NY
Mon May 9, 2016
Jenlaz11385 asked:
tamye Centeno, Renter in 02151
Tue Feb 23, 2016
tamye Centeno asked:
I currently have a 2bedroom voucher, have excellent credit, a full time job am a paraprofessional just trying to find a descent home for my son & I, please advise.
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Maura Bonilla, Home Buyer in New York, NY
Thu May 28, 2015
Maura Bonilla asked:
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Anna M Brocco, Real Estate Pro in Williston Park, NY
Fri May 16, 2014
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local authorities with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
http://www.neighborhoodscout.com/
https://www.crimereports.com/
http://www.homefair.com/
... more
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Heath Coker, Real Estate Pro in Falmouth, MA
Fri Nov 22, 2013
Heath Coker answered:
You are asking a legal question on a site that advertises real estate and other things.
You actually need a lawyer.

I would contact a legal professional to help with this answer and to save time and money.


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Heath Coker, Real Estate Pro in Falmouth, MA
Sat Oct 27, 2012
Heath Coker answered:
Safe to some is dangerous to others.

Drive the neighborhood or walk it and talk to the people you see on the street or in their yard.
Ask the police you may see in the neighborhood.
Call the school department and go interview the principle and walk the school.
Just park you car and see if anyone asks what you're doing.
There are a lot of ways to get this info.


(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.)
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Bill Eckler, Real Estate Pro in Venice, FL
Thu Aug 23, 2012
Bill Eckler answered:
Hi Sean,

With a two bath scenario it's probably best to have one combination shower/tub and one walk-in shower. This arrangement should meet the needs of all perspective buyers.

Good luck,

Bill
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Territory.c…, Real Estate Pro in MA,
Wed Oct 15, 2008
Territory.com answered:
Ozy-
Ugh!, I am so sorry you are dealing with such unknown during (what should be) an exciting time.

Offers on short sales are NOT binding unlike with other property sales. It is easy to get a seller to "accept" an offer price and terms because they want out (usually due to serious financial situations) but that contract is not binding or even legally sustainable until: 1) the bank and the seller agree to a deal via executed legal documents (which usually doesn't happen until after the offer contract because of disorganization); 2) the bank agrees to sell for a specific price (which also - due to disorganization- doesn't happen until after the offer and usually is not the price the seller agreed to sell it for); and 3) the banks standard purchase and sale - no changes - is signed by all parties. Basically the offer contract means nothing.

A short sale is when the owner is trying to avoid foreclosure and instead sell the property for less than they owe the bank on their mortgage. This requires the banks approval, naturally, because the bank has to agree to losing money (and striking a new deal where the seller pays back the loss over time, as an example), or not agree (starting the foreclosure process). What (clearly) agents are not warning their clients about is that listing/sellers agents market these properties ALL the time before the above process has even started and with prices that have NOT been agreed to/approved by the bank which is why about 99% of these deals never happen. Now that the property you are considering is in pre-foreclosure this means that the seller has been officially warned that they are in default and heading (very quickly) towards foreclosure and they have X days/months (this varies depending on the situation) to do something about it -which usually they can't. However, this "grace" period is technically the time the owner can still try to sell the property it just depends on their organization and the banks as well. When the property gets foreclosed on the bank will force the seller out of the property and either auction it off or sell it direct to brokers as a foreclosed property (no owner involved other than the bank).

If I may offer some extended advice/warnings ... You may want to seriously reconsider the neighborhood you are trying to buy in. From what you have described - high volume of short sales and foreclosures - it will take more than a couple years for these areas to rebound, and for the properties to regain and sustain their value. Short sales and foreclosures - which as you can see sit on the market for very long periods of time - mean a lot of abandoned properties sitting on the market unattended (conditions decreasing) and being vandalized (perhaps increasing local crime?). Surrounding properties have serious affects on individual property value, so, if for example, you want to or need to sell your property 2 years from now it could be difficult.

I hope this helps! Good luck!
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