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Home Buying in 01843 : Real Estate Advice

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  • Home Buying10
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Activity 21
Thu Apr 4, 2013
Richard Shapiro answered:
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Wed Apr 3, 2013
Louis Wolfson answered:
depends on the extent of the work, the cost of the work, the time it would take to do the work and your comfort level with who would be doing the work.

Also remember that a discount in the price is only equal to the amount of the % of the cash you are putting into the deal. ie your putting 10% down payment The cost of the work is 10000 your cash value would be 1,000

So if you are going to do the work yourself which I recommend that way you know the quality of the work, it is my suggestion that you get cash back at the closing to do the work, that way you are getting the full value of the work that needs to be done.

Problem is that the lender may want the work done prior to closing, and if spelled out in the p&s it could raise red flags and will be taken into consideration in the appraisal.
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Wed Apr 3, 2013
Greer Swiston answered:
It never hurts to ask. It depends case by case, but if the lower appraisal puts the loan approval at risk, then it is likely the seller would be willing to renegotiate since the alternative would be for you to back out with full return of deposit.

Of course, it would help if there was terminology in your P&S that specifically protects you in the case of appraisal coming in under purchase price.
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Wed Apr 3, 2013
Scott A. Nelson answered:
The residential rate for Lawrence is $14.xx per thousand, even at that rate a pool even one valued at $20K would only be $280-$300/yr. You should find out if it's being counted into the property assessment. Your buyers agent will be able to handle this with you and what your game plan is going forward. ... more
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Wed Apr 3, 2013
Wen Farina answered:
Thu Mar 21, 2013
Richard Shapiro answered:
Kind of backwards to make an offer to be able to see the other unit.

It is nice though to have a tennant that is in there assuming they pay rent on time. Only issue would be if they are paying lower than market rent. You have to weigh good tenent/lower market rent vs trying to find a tennant yourself.

I would advise you to consult a real estate attorney so you can get a handle on what to expect as a land lord.
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Wed Mar 20, 2013
Sarah Goulart Nathe answered:
Not sure what you mean by 'waived'. Are you currently in a home and paying pmi or are you shopping for a property, if it is the latter, have you looked into MassHousing loan program? ... more
0 votes 12 answers Share Flag
Sun Mar 17, 2013
Pacita Dimacali answered:
If is listed for sale? If it is you should engage a realtor to help you write an offer.

If it's not listed for sale, you can certainly approach the seller...but I would still advise you to engage a realtor to help you evaluate the house, get all the required disclosures, determine a market price, and negotiate.

Good luck.
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Thu Jul 31, 2014
allan erps,ABR,SFR answered:
Not sure about all of your questions but some Banks do want to see 2 months of statements to evaluate the Loan. However, I am fairly certain a pre-approval is in order. 401k money or other liquid securities could make up the difference. Best of Luck! ... more
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Thu Sep 20, 2012
Richard Shapiro answered:
Two years provided there were no late payments on the mortgage.
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Sun Sep 23, 2012
Richard Shapiro answered:
Yes. A local bank or credit union would be a better source for a smaller mortgage.
0 votes 4 answers Share Flag
Sat Jun 2, 2012
Lynne Hagopian answered:
Hi Susan...I don't know if you are talking about dewinterizing a property for a home inspection like a foreclosed property or not. It may be up to the bank and who they use as a property management company. I was quoted recently about $ 500.00 to dewinterize and rewinterize a property in Ashland Ma. However, when they tried to do so, they found the pipes to be burst and the furnace no longer working as it may not have been dewinterized properly. I am thinking this would be up to the individual bank if a foreclosure and their maintenance company. Good luck and hope this helps. ... more
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Wed May 2, 2012
Steve Boucher answered:
Yes assuming you qualify with credit and income. Owning the 3 family would not be a hindrance. Please feel free to contact me if you would like to discuss your options further.
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Wed Apr 4, 2012
Christopher Lefebvre answered:
I work in the area and here is a link to my website with local 2 mortgage brokers that I would highly recommend. They are both licensed in MA and NH. Give them a call and they will be able to tell you pretty quickly if you can qualify. Feel free to tell them that I gave out their names. Good luck! ... more
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Mon Mar 5, 2012
Aaron Wluka answered:
Yes, So long as the loan amount is at least $75,000
0 votes 7 answers Share Flag
Wed Apr 4, 2012
John & Michelle Ternullo answered:
Hello-
I would recommend calling a loan officer. They can review your financial situation and provide advice from there.
If you need any recomondations , let us know, we are happy to help !
Homes@TernulloRealEstate.com
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Wed Dec 1, 2010
Steve Boucher answered:
Please Contact David Perez of Homesource Realty Group 978-420-8674. He lives and works in Lawrence for many years and would be happy to assist you
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Wed May 2, 2012
MaryBeth Mills Muldowney answered:
so sorry I don't know which property you are referencing but you can always find the responsible party through the local city or town hall. They should have a name and address to forward tax bills to and inorder to locate the lender or lenders on the property go to your local registry of deeds in massachusetts, you would be amazed at the information available including amount of liens and lenders information. Another interesting investigative way is to just put the address in your google bar - again tons of information may appear, past mls listings, police reports, foreclosure/auction notices and of course news items of a positive nature too. If I may be of assistance you can reach me at TradeWinds Realty Group LLC, MaryBeth Muldowney, President on 781-910-7294 my direct cellular line. Good luck with your research. ... more
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Tue Aug 3, 2010
Heidi Zizza answered:
WEll you will have to stay away from foreclosures and short sales, however a lease option or owner financing is possible with any sale. Its a negotiating point.
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Thu Dec 16, 2010
Val Cloutier answered:
Harry,
If neither of you has owned your principal residence in the last 3 years, you are most likely eligible to share the deduction. Remember that there are still income limits (75K for single persons/$150K for married couples).

Great question & answer section here: http://www.federalhousingtaxcredit.com/2009/faq.php
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