Harborside Blog

Archive for the 'Buyers' Category

That one thing you might be missing to set you above the rest

With over 90% of home buyers searching online for a new home your home must make a great first impression. The first impression is a lasting impression!  In a buyers market sellers compete with sellers.  If buyers are not impressed what they see online they will move on to the next listing. Ready, Set, Stage! works with you and your Realtor to put your home on the “must see” list for today’s home buyers. We offer a marketing plan and photos to assist with the sale of your home.

Short-Sale Comic from Inman News – Waiting for a Short-Sale…

Short Sales usually do take a long time and sometimes don’t close but if you are a buyer looking for a potential deal, short-sales are probably the best way to go – even better than a foreclosed home. If you are a buyer or seller, your best chance for success in closing on a short-sale is hiring a diligent and focused real estate broker with significant short-sale experience. My partner, Dick McKinley, has seen numerous short-sale transactions through to closing both as a listing agent and buyer’s agent. Contact Dick McKinley (617.763.0415/dick@harborsiderealty.com) if you would like to discuss buying or selling a home that is currently worth less than the mortgage debt on it.

Question: What is the Value of the Ability to Assign/Assume an FHA Loan?

Jack Guttentag, a UPenn/Wharton professor, wrote an interesting article in today’s Inman News online edition.  (See link to article below and Guttentag’s website www.mtgprofessor.com).  The article discusses the potential value of the ability of an owner to assign an FHA mortgage to a buyer in the future – provided interest rates rise from current levels.  Most conventional loans don’t permit assumption of a mortgage by another borrower.  Until I read the article, I didn’t realize that FHA loans offered such a benefit.  If rates rise to 7 or 8% five years from now, a seller with an assumable 5% FHA loan could offer a huge incentive to qualified buyers by throwing financing into the mix.  Take a look at Guttentag’s article.  It is a good read.    Inman News Article – FHA Loans Are Assumable

New 2009-2010 Federal Homebuyer Tax Credit

Great news for many home buyers.  On November 6th, President Obama approved an extended and expanded homebuyer tax credit.  First-time homebuyers (defined as those who have not owned a principal residence for 3 years prior to purchase and subject to income and other restrictions) can continue to take advantage of an $8,000 credit.  In addition, homebuyers that have used a home being sold as a primary residence consecutively for 5 of the previous 8 years may take advantage of a $6,500 credit (subject to income and other restrictions).   While the extension of the $8,000 tax credit was expected, the new $6,500 credit provides a nice benefit to those homeowners that have owned for many years but may wish to Read the rest of this entry »

All You Need to Know About a Property in 4 Easy Steps

If you see a property online or in the newspaper that you would like to learn more about, I suggest you do the following:

1.  Go to the Registry of Deeds website.

In Essex County, the domain is www.SalemDeeds.com.  Do an address search and learn how much the current owner paid for the property, when the owner purchased, how much is owed on the property, any foreclosure proceedings, judgments, etc..

2.  Visit the town assessor’s website.

In Marblehead, visit www.marblehead.com/assessors.  You can confirm the current assessed value, any building permits that have been applied for, square footage of both the home and the lot, deed references, last sales price, number of rooms, etc…

3.  Visit the building department and ask to see the file on the property.

You will learn a lot about a property here.  You may see copies of the plot plan, building permit applications, letters from concerned neighbors, notes from inspectors, etc…

4.  Call National Grid (if the house has gas service for heat or hot water).

Even if you are not the owner of the property, National Grid will give you information about average gas usage over the prior 12 month period.  While every owner/occupant may use different amounts of gas, it will give a rough idea on gas utility costs.