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02129 : Real Estate Advice

  • All20
  • Local Info0
  • Home Buying5
  • Home Selling3
  • Market Conditions4

Activity 16
Sat May 20, 2017
Mark Howe answered:
Hi Jan,

Bank of America has an Asset Dissipation mortgage program, where we can qualify a client based on them having substantial assets. It is a good fit for high net worth individuals.

The rough formula is that we take your total assets and divide by 180 months, and that is the monthly income we can give you credit for. So for example if someone has a portfolio of $2 million, then the monthly income we could give them credit for mortgage qualification would be a little over $11,000 a month.

Feel free to contact me if you would like me to go over your specific situation. I would be happy to help.

Mark Howe
Senior Loan Officer
NMLS 870634
markhowe@bankofamerica.com
360-643-1471
... more
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Fri May 5, 2017
Kcimo asked:
I always looked forward to getting your emails, as even though I'm just a casual "shopper". With the old layout that had the larger image and a small map image (which was…
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Thu Dec 8, 2016
Nicole Vella asked:
Hello:

I made an offer on the following listed property (below) and backed out of the P&S because there was a significant discrepancy in the sq footage between the public listing…
0 votes 0 Answers Share Flag
Wed Jan 7, 2015
Key Realty Group answered:
There are definitely a lot of variables in your situation and never any guarantees with real estate. I can say however, that I have done quite a bit of business in Charlestown over the last year and good properties at the right price always sell. There's no such thing as a good or bad market, just good or bad marketing. So, I would invite a couple of brokers over to discuss your situation then work with one through the process so they can strategically pace the process for and optimal timing, pricing and marketing strategy. ... more
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Wed Jul 9, 2014
Annette Lawrence answered:
What is your intention?
Do you have expectation of staying there forever?
Are you about to reward a good deed by victimizing the one who allowed you to stay?

You know it's a foreclosure, GET OUT!

The Sheriff will come and put you out. You can argue your rights with him. Oh, he will post a note to your front door announcing when the courtesy call is scheduled. You should be out before that date.

But you can consult an attorney and they can delay some action allowing you to possibly further punish the hand that you shook some time ago. If it was the owner, not foul.

Or, you could take that attorney money, add it to the money you saved by staying there and find another place to live.
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Tue Jan 29, 2013
Heath Coker answered:
The lease should answer that .
You can always sell it with the tenant in it.
Ask your lawyer.


(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
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Sat Sep 15, 2012
Irina Karan answered:
The banks look at net income, not gross, for self employed people.
They take an average of 2 years.
If the 2nd year is lower in income, then they will take the lower number (conservative approach).
However, certain items of your tax return can be added in.

So, it is best to set up a meeting with a mortgage pro in your area - and have a chat.

If you have a 2 br - then one bedroom should have a tub - f.e. for the kids.
If the bathroom is nice - and there is tub in a 2nd bedroom - a double shower is fine.

This also depends on what statement you are trying to make.
If you want to project luxury - then a tub and a shower will do better (giving the owners options of bathing or showering). If this is a rental - as long as the shower is nice (and double shower is) - you'll be fine.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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Sat Sep 15, 2012
Irina Karan answered:
If you have a 2 br - then one bedroom should have a tub - f.e. for the kids.
If the bathroom is nice - and there is tub in a 2nd bedroom - a double shower is fine.
For a 1br I'd do both - a tub and a shower.

This also depends on what statement you are trying to make.
If you want to project luxury - then a tub and a shower will do better (giving the owners options of bathing or showering). If this is a rental - as long as the shower is nice (and double shower is) - you'll be fine.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 14 answers Share Flag
Mon Sep 10, 2012
Peter Mlaguzi answered:
Hi Mel,

How are you? Although I serve both communities. The best method to find a buyers agent is to interview afew and see whom you most connect with. First review the their resume, then interview and see if this is a person you would like to work with for the next 3-6 months. Any other questions or concerns, please feel free.


Best regards,

We don't sell homes, we sell futures!

p.s. The highest level of gratitude my clients can show me is by referring their friends and family


Peter J. Mlaguzi III
Broker/Owner
M&A Real Estate
www.marealestateinc.com
peter@marealestateinc.com
O:617-588-0087 x701
C: 617-233-1476
F: 617-395-6867
Follow us on twitter: @MandArealestate
Like us on Fb: https://www.facebook.com/MARealEstateInc
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Fri Nov 4, 2011
Michael Pallares answered:
Hi There,

As you can see from my colleagues' answers you do have options to purchase a home with 5% down (or even less if you can get FHA loan approval). And I agree with them that building a relationship with a local mortgage broker is critical to your success.

I'm a transplant to Boston (from Atlanta) and I now specialize in working with relocation clients. Many of my clients have been tremendously happy with the service they've received from Wells Fargo Home Mortgage. I would urge you to contact my friend and business colleague Cory Miller by phone at (617) 447-0103 or via email at cory.n.miller@wellsfargo.com.

If you'd like to engage my services as a Buyer's Agent for your long-distance home search, please feel free to contact me through my website at www.GoHomeWithMichael.com where you can register to receive free property listings or you can simply email me directly at mpallares@hammondre.com.

Good luck with your home search.

Michael Pallares
... more
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Sat Nov 27, 2010
Joe Arnao answered:
As mentioned, it should be stated in your agreement. If you want assistance your Town, City or State may have an agency that can help you understand your rights. Each jurisdiction has different laws, so it is important to get local help. If that is a dead end, then maybe it is worth hiring a lawer. Either way this will probably get messy. Looking for a place now may be in your best interest, whether your landlord has the right or not. You need to evaluate how you want to spend your time. Most adversities offer an opportunity to better your life. Good luck. ... more
1 vote 3 answers Share Flag
Fri Feb 26, 2010
William Patterson answered:
Hey Brian,
Tenants do negatively impact the price, there is just no getting around it. It happens in 2 ways:
1) Quality - In most cases, a property with tenants is not shown in its best light. In the same rationale that staging a property with furniture and artwork can enhance a property's sale value and speed of sale, the tenants will do the opposite.
2) Time - It is more difficult to allow showings with tenants. If you were living there, as the seller, you would (probably) be as acomodating (sic) as possible. You have a stake in the sale. The tenants do not have any real motivation to be helpful. It is harder to get buyers in the property and, thus, slow down the sale.

If your property is going to be marketed at a low price to attract investors, tenants are no problem. In fact, they will be a bonus to an investor. But you will need to sell at a lower amount if you want to attract these buyers.

I hope this helps.

Cheers,
Bill P.
... more
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Tue Feb 16, 2010
greg answered:
Six one, half dozen the other... I deal with this question often in buyer representation. There are obvious pros and cons for wanting to withhold the maximum loan potential of a prospective buyer. On the one hand, it is best for the buyer if the seller does not know the figure as it often begs the response "they can afford more"; however on the other hand--in a competitive market--demonstrating to a seller that the buyer is not "maxxed out" on their ability to secure financing can be looked upon very favorably. In a non-competitive situation utilize different approval letters with varying approval amounts... In a competitive situation, demonstrate your strength in securing financing... ... more
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Tue Feb 16, 2010
greg answered:
Selling your home to the tenants sounds like a good idea and may appear to give you the greatest net with respect to a sale; however I would caution you in a couple of areas: first of all, a good local realtor will be able to give you the best idea of actual market value. Selling directly to the tenants may eliminate realtor fees, but not exposing it to the entire market may actually reduce your actual overall net return. I suggest consulting local realtors, placing the home on the market through the MLS for maximum exposure and limiting the commission for any buyer you find directly. The other value a realtor brings is knowleadge of all necessary disclosures... ... more
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Tue Nov 10, 2009
Dan Chase answered:
Brian, if your fiancee can afford the mortgage by herself why should your name be put on the deed? If she can not be put on the mortgage by herself I doubt it would work anyway.
0 votes 5 answers Share Flag
Wed Jan 28, 2009
William Brokhof answered:
Leah,

What you require is called a Comparative Market Analysis within the industry. It is comprised of data based on properties within a geographic radius of your property. A good agent will "pull" properties that have recently sold (within 6mths), properties that have just gone under agreement and properties that are active, withdrawn, cancelled, etc. With this information you and your chosen Realtor should be able to make an educated decision about your property value.

At that point you might want to interview several agents. Each will likely have a slightly different opinion in terms of value, and each will have a different approach to marketing. Choose the agent you are most comfortable with, has the best sales statistics and marketing strategy. Be very careful not to get fooled by the wrong numbers. It's not necessarily important how many homes a given agent has sold, but rather how quickly, and at what percentage of the original price. Not the most recent sales price. You're looking for accuracy and efficiency.

For instance, for 2008 my team has a 100% (on average) sale price:original price ratio with an average of 29 days on market. You would be hard pressed to find an agent with those statistics in this market. Good luck with your property. Call or email for assistance anytime. We can provide a list of Charlestown references upon request. It is very likely that your unit is worth a good deal more than what you paid for it in 2003. ;)

There is no substitute for a good agent. They will easily pay for themselves. There are however, many substitutes for a bad or mediocre agent. A monkey, for instance...
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