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02139 : Real Estate Advice

  • All17
  • Local Info1
  • Home Buying6
  • Home Selling3
  • Market Conditions0

Activity 106
Wed May 23, 2012
Dennis Joseph answered:
Hi Eric,

I recently completed a transaction in which my client from Singapore purchased a property in Cambridge. She never visited Cambridge and never even saw the house! I emailed her videos of properties which I visited on her behalf, among other things. She was very pleased with the result.

My answer to your specific questions will be different depending on your situation and your knowledge of our area. Please contact me directly with some of your specific concerns related to your unique situation and I will do my best to provide good advice. Don't be overly concerned about our 12-hour time difference. You may call any time. Do you know Cambridge very well?

thank you,
-Dennis Joseph
RE/MAX Destiny
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0 votes 4 answers Share Flag
Tue May 29, 2012
Heather O'Sullivan, Broker answered:
Hi Ma2fam,

Often there are things that change during the lending process (especially with investment properties) If you can afford the additional money down - then think of it this way, this just means you owe less money on the property and you actually own more of it.
If you are concerned that this is a bait and switch (I'm not sure that this is the correct term) I would ask to have the lender let you know, in writing, why the increase is required.
This could mean that the investors for the loan are not sure of the property and it's holding value.
It could mean that something changed on your credit/debt ratio and the lender would feel more secure with a little more money down. If after they answer your questions you still feel that things aren't right i would advice asking your realtor to speak with them (we often speak a different language and can help translate mortgage terms) or have your real estate attorney look things over. You shouldn't be penalized for delaying closing for a couple of days to make sure that you are still in good lending hands.
the up side is that having to bring more money for the down payment should also mean that you will have a lower monthly payment.
I will say that most likely this is not a con on the part of the lender and this is not something that happens all of the time, but it does happen.
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0 votes 19 answers Share Flag
Mon Nov 21, 2011
Louis Wolfson answered:
Cambridge born, Do your folks live in the property? If they do I or have lived in it 2 out of the past 5 years, I suggest you buy your folks half, they can take upto the 500k capital gain exemption and again take the gain again when they sell the new unit they buy from the other owner. if they do not live in it, then it will not make a difference.

You would be eligible for all the same programs and tax benefits based on your acquisition cost if you live in the property, if you do not live in it, you will not get the benefits of a 1st time home buyer as it will be an investment, but you will be able to depreciate the property and the operating expenses which will help you on your personal taxes.

Two best people to speak with, 1st your parents accountant, 2nd a good real estate attorney, I have a couple to recommend if you need one. Lastly I also have a mortgage expert at Cambridge Savings Bank
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0 votes 4 answers Share Flag
Mon Apr 2, 2012
John Savignano answered:
Thu Nov 3, 2011
Nichole Bookwalter answered:
To really understand everything that is required to condo a building, I would recommend that you contact The City of Cambridge as well as a real estate attorney. The price of a property is based off of the market value set by recent sales within 6 months for a similar property. You could also have an appraisel done, which would be required if you needed a mortgage to purchase the property.
Good luck! Nichole Bookwalter
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0 votes 5 answers Share Flag
Sun Jun 30, 2013
Shanna Rogers answered:
Hi Charlenesmithwriter,

Contact a local lender and they will be able to calculate what you qualify for. Ask for a pre-qualification/pre-approval letter from them. Sellers like to see these when your Realtor submits your offer on a property - this lets them know you are able to purchase their property.

Good luck.

Shanna Rogers
SR Realty
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0 votes 10 answers Share Flag
Sat Dec 21, 2013
Greer Swiston answered:
You may have a problem with any future wish to update your bathroom if there is truly no way to put in a vent. Check with Inspectional Services ... but I believe current code requires an external vent in all bathrooms ... grandfathered until a bathroom is touched for any amount of updating.

That would be the only possible complication that comes to mind. Let me know if I can help.
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0 votes 24 answers Share Flag
Tue Mar 27, 2012
James Oh answered:
The median age of homes in Cambridge is approximately 64 years (29 years being the national average). Boston/Cambridge is, after all, a very old town! It's nearly impossible, or just very very difficult, to completely replace a window. Unless a home has been completely renovated, the part of the windows that might have been replaced are the glass and moving parts when rainwater starts and drafts start to enter the home through the windows. The frame of the window is usually the same age as the home. ... more
0 votes 6 answers Share Flag
Wed May 11, 2011
Sarah Klamm answered:
Most re-finance deals require new title work. If you owe back taxes, you can assume that amount will be held out of your proceeds.
0 votes 2 answers Share Flag
Wed Oct 31, 2012
Dallas Texas answered:
Called a FSBO - get the required documents for a sales contract and follow the state statues (law) of selling any property residential or commercial. If you don't can be sued.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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0 votes 16 answers Share Flag
Sun Jun 30, 2013
John Dean answered:

There is nothing available in the buildings that you mention. If you are specifically looking in just the above addresses it is best to work with a local Realtor like myself as we generally have a heads up if/when a unit becomes available .

My office is just outside of Harvard Square and I specialize in the Cambridge Market. I would love to set up a time / date to meet with you to discuss your housing needs. The Spring Market is just around the corner, new inventory is becoming available and I am here to help.
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0 votes 3 answers Share Flag
Mon Jan 24, 2011
Susan Murie answered:
Mon Jan 24, 2011
Jacques Handal answered:
You could either buy in Quincy or Milton,both cities are near the downtown Boston area.You could find something very attractive within the price range of $400,000.You are going to need a buyer s broker to help you with your housing search.I have experience,integrity,and i have obtained results for my clients;i could help you with the whole buying process.Please contact me at 617-957-5447 for more information. ... more
0 votes 9 answers Share Flag
Wed Mar 27, 2013
Anna M Brocco answered:
Since no link is visible and no address given, you may wish to ask your question again--or keep in mind that any local agent(s) can help you, contact any realty office(s) and inquire.
0 votes 3 answers Share Flag
Sat Jun 19, 2010
Christopher Lefebvre answered:
I see a couple of rental listings for Maybury St and Maywood St, but no rentals currently listed for May St.

6 May St in Jamaica Plain is listed for sale by Carol Meehan at Hammond Residential Real Estate (617) 816-7693.

If you are looking for a buyer's agent to represent you, my broker's Boston area team would be glad to help you out. Contact me through my profile if you would like me to refer you to one of our buyer agents who specializes in Boston.
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0 votes 2 answers Share Flag
Thu May 6, 2010
Marcelina McGinnis answered:
Wow I wish my brother in law was on Trulia, he'd be the perfect one to answer this question. He's recently converted his 4-plex to condos. In short, he needed an attorney to write up CC&R’s and then worked with the local municipality to change the zoning.

In hindsight, I think he learned a valuable lesson. It would have been better to change to a single family attached than condo; because when trying to sell a single family attached is easier to get financed by a buyer than a condo.

Best of luck!
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0 votes 4 answers Share Flag
Mon Jul 5, 2010
Anna M Brocco answered:
What is your agent advising--If you did not sign a contract and exchanged no deposit money, ask your agent to cancel--if you do have an executed contract--signed by all parties and deposit money was exchanged, consider consulting with an attorney who specializes in real estate and see exactly what options you may have. ... more
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Wed May 6, 2015
Scott A. Nelson answered:
I've had good luck with Basement Technologies & their plans. They did a great job for my parents house in Malden.

Basement Technologies Inc
239 North Cary Street
Brockton, MA 02302-2353
(508) 584-4148

DISCLOSURE: I am in no way affiliated or compensated by them.
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0 votes 9 answers Share Flag
Fri May 15, 2015
James Deskins answered:
What about it?.............
0 votes 14 answers Share Flag
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