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Newport : Real Estate Advice

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  • Local Info4
  • Home Buying8
  • Home Selling4
  • Market Conditions7

Activity 35
Tue Aug 8, 2017
Ryansellsnewport asked:
Fri Jan 27, 2017
Daniel Herchenroether asked:
I posted it last night on trulia, uploaded the photos, but they are still not showing up.
For Postlets and Zillow the photos are showing. The property address is 27 Newport Ave, Newport…
0 votes 0 Answers Share Flag
Tue Feb 16, 2016
Brian asked:
My place has been rented and I'm wondering how to deactivate it from your site.

I originally posted thru Zillow which posted to Trulia. I deactivated it on Zillow and it came down…
0 votes 0 Answers Share Flag
Wed Dec 9, 2015
Anna M Brocco answered:
If you are a for sale by owner the post is not allowed; if and when you do list with a broker, ask your agent to post the listing, or consider any flat fee realty company that feeds into the site.... ... more
0 votes 2 answers Share Flag
Thu Mar 5, 2015
Alan May answered:
On a website where the public is allowed to enter their own rentals... yes, there will be fake apartments and fake leases in an attempt to fleece the public.

Yes, renters need to do their due diligence and not do something foolish... like sending western union money to someone claiming to be doing the Lord's work in Nigeria in exchange for the promise of keys in return mail. ... more
0 votes 1 answer Share Flag
Mon Nov 4, 2013
Debra (Debbie) Rose answered:
You're in great shape - be thrilled your home appraised out higher than the town's assessment!
This is GOOD for you.

I understand that consumers often confuse the terms "appraisal and assessment". They also confuse those terms along with "market value".

Assessment is the number set by the town for the purpose of taxing the home - ie: property taxes.
It consists of the value placed on the land PLUS the building, which gives the total assessment.

The appraisal is created by an appraiser who is paid to give his professional opinion as to the VALUE of the home. When applying for a mortgage, an appraiser will visit the home and be asked to fill out a form (Broker Price Opinion = BPO) showing what he thinks the house is "worth" based on comparable sales in the area..

These 2 valuations may or may NOT be similar.

The "market value" of a home is what a buyer is willing to pay for it.

You hope, when selling your home, that the buyer's opinion... and the appraiser's opinion both match up!

Using the numbers above..........you'd have a problem if you had a sales contract on the house for 260,000 but it only appraised out at 208,000!
... more
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Tue Jun 4, 2013
Charlene Venancio answered:
As with any other location, it's a case by case scenario determined by condition of the property, the circumstance of the seller, but as a ballpark estimate, 10% is about right.
1 vote 7 answers Share Flag
Sat May 4, 2013
Karen LeBlanc answered:
Yes you can buy property here in the USA and I would be happy to assist you with your search!
Please call and I will line up the homes that fit your life style and your budget.
The tax situation only applies when you go to sell if your are not a resident of Rhode Island. It is 6% on the profits of the proceeds from the sale.There is always property tax owned to the city or town that you buy in and that amount is based on the property value.
Sincerely,
Karen
... more
0 votes 3 answers Share Flag
Wed Feb 6, 2013
Herb Armstrong answered:
Hi Janice,

I was just looking at the 2012 sales numbers for Newport and the current inventory as I prepare my annual sales report newsletter.

Condos are still a fairly strong buyers' market. There are 71 condo units for sale in Newport, which is about an 11-month inventory. Condo prices dropped nearly 12% last year from 2011 levels. The median sales price was $222,000. There are still lots of good condo buys in all price ranges. While financing a condo can be more difficult than a single-family, there are many good programs available locally.

If you'd like a copy of my 2012 sales report when it comes out in a few days, drop me a line at herb@prudentialprime.com.

Good luck!

Herb Armstrong
Prudential Prime Properties
... more
0 votes 5 answers Share Flag
Thu Sep 13, 2012
Terry McCarley answered:
Joe - your question is not clear. Most banks require the property be listed in the multiple listing service when they list the property with a real estate agent. Some banks also sell property in bulk directly to investors that have lots of cash and are able to take multiple properties off the banks books in one cash transaction. ... more
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Tue Jul 31, 2012
R.A.D. answered:
Yes, the property does have a washer and dryer.
0 votes 6 answers Share Flag
Sat Jun 2, 2012
Jeff Brooks answered:
This year, now that most construction has been completed on the base, the incoming America's Cup is generating a lot of service industry type jobs and will attract much more work with the sailing industry which includes everything from manufacturing to engineering and servicing. Unfortunately if the Federal Government cuts defense spending by much more we could see a contraction in our large defense industry here on the island. But the university is an excellent hedge that gives us an advantage over other navy driven economies in the country.

I hope by now you've found work! be it here or in MA. Best of luck with everything and if there's anything I can do to help you with your real estate needs please feel free to contact me.
... more
1 vote 2 answers Share Flag
Sat Jun 2, 2012
Herb Armstrong answered:
If I knew which condo, I could give you more information, but generally, the condo complex has to be approved for FHA related loans. There are alternatives for financing even if not approved and several local lenders have programs specifically for condo purchases. Let me know how to contact you and I'll give you some contacts to call. ... more
0 votes 3 answers Share Flag
Wed May 16, 2012
Amy Hoag, GRI, ABR,e-PRO answered:
Hi Kate, The Newport market does seem to be showing signs of shifting away from a strong buyer's market. Sellers are in a better position than they have been in the past few years and homes priced to sell are seeing multiple offers and selling in less than a week. I hope this answers your question, Amy ... more
0 votes 27 answers Share Flag
Wed May 16, 2012
Amy Hoag, GRI, ABR,e-PRO answered:
Hi Beantown, While the mortgage contingency and the home inspection contingency are standard in the RI State Purchase and Sales Agreement, a short sale contingency addendum and sale of buyer's property addendum are examples of other contingency addendums you may see attached to a RI purchase and sales agreement. ... more
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Tue Apr 24, 2012
Chad Kritzas answered:
$445,000 on Dec 12th, 2011 according to RI MLS
0 votes 5 answers Share Flag
Mon Dec 26, 2011
Jeff Holloway answered:
Contact 3 different agents in the area and ask them what the value is and WHY. Also, give them a time line on when you want to have it sold.
0 votes 2 answers Share Flag
Mon Dec 26, 2011
Jeff Holloway answered:
Pending means just that, the contract is pending... waiting on something to happen. Pending could mean many things... contingencies on both parties side having to be met, timelines. I consider my properties sold when I cash the check, not a moment before. ... more
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