Realty Times - Mortgage Tax Deduction
The eliminaation of the mortgage interest deduction will hurt every homeowner....not just that have a mortgage. read the full article and leave uour opinion.
Thursday, December 2, 2010
Monday, November 29, 2010
Preventing Inspection Delays by RE/MAX Landmark Realtors-Cahill Consulting Group on Monday, November 29, 2010 at 11:10am
PREVENTING INSPECTION DELAYS
No matter how much you prepare, closings just seem to take longer these days, often up to sixty days from the date of the initial offer. A recent survey of REALTORS® reveals that ten to fourteen percent of pending sales don't get to closing, while another twenty percent experience unplanned delays before being finalized.
Delays fall into three major categories: financing, title research, and inspections. Getting estimates and negotiating repairs can really hold up a transaction, but there are ways to speed up the process.
One option is for sellers to procure a pre-listing inspection and make repairs before the first potential buyer sets foot in the home. However, this can be a costly expense for sellers, especially when buyers will almost certainly hire their own inspector after making an offer, and there can often be great differences between two inspection reports.
A better alternative is for the listing agent to walk through the home with the sellers, noting the age and the condition of major components of the home and securing estimates for potential repairs. Sellers may not have to fix the problems, but having an idea of the cost of repairs will help them price the home fairly, as well as reduce the time necessary for buyers to negotiate the costs. This is an excellent preventative and proactive step towards a successful closing.
PREVENTING INSPECTION DELAYS
No matter how much you prepare, closings just seem to take longer these days, often up to sixty days from the date of the initial offer. A recent survey of REALTORS® reveals that ten to fourteen percent of pending sales don't get to closing, while another twenty percent experience unplanned delays before being finalized.
Delays fall into three major categories: financing, title research, and inspections. Getting estimates and negotiating repairs can really hold up a transaction, but there are ways to speed up the process.
One option is for sellers to procure a pre-listing inspection and make repairs before the first potential buyer sets foot in the home. However, this can be a costly expense for sellers, especially when buyers will almost certainly hire their own inspector after making an offer, and there can often be great differences between two inspection reports.
A better alternative is for the listing agent to walk through the home with the sellers, noting the age and the condition of major components of the home and securing estimates for potential repairs. Sellers may not have to fix the problems, but having an idea of the cost of repairs will help them price the home fairly, as well as reduce the time necessary for buyers to negotiate the costs. This is an excellent preventative and proactive step towards a successful closing.
Monday, November 15, 2010
PRICING UNDER PRESSURE
Deciding on an asking price for your home is challenging enough these days, but you need specific pricing strategies for particular scenarios, especially if you're under pressure to move quickly or your home isn’t selling after being on the market for several months. Here are suggestions for both situations.
If you're facing a deadline due to job relocation or other reasons, then you need to price competitively, even more competitively than expected in today's market. You'll need to list at significantly less than your competition. Think 15% less. That may seem tough to stomach, but it’s better than continuing your monthly loan payments or the hassle of trying to find tenants to rent your home.
If your home has been listed for some time, but not generating interest, you'll need to lower your price. Of the three elements that sell a home - price, location, and condition - price is the one you'll have the most control over.
If home values have declined in your neighborhood, the price you originally listed at a few months ago may now be too high and out of line with comparable listings. Now would be the time to have your real estate agent prepare a new Comparative Market Analysis (CMA) and reevaluate your pricing strategy. If you've got to sell, and sell now, price it like you mean it.
Monday, August 30, 2010
Friday, August 27, 2010
Play Ball
A WHOLE NEW BALLGAME
According to a recent survey conducted by the National Association of REALTORS®, close to one third of existing home sales were either foreclosures or short sales (meaning sales in which the lender agreed to allow the home to sell for less than the amount outstanding on the mortgage). Indeed, it seems for now that these "distressed properties" have become the new "traditional" sales transaction.
This is why it is so important to seek the representation of a specially trained and qualified real estate professional. Sellers particularly need assistance in navigating these complex short sale transactions, and buyers need guidance if they are to take advantage of these delicate opportunities.
Obviously, real estate agents are among the biggest advocates for homeownership, and we strongly believe that any home lost to foreclosure is one too many. Regrettably, some circumstances arise where homeowners are simply unable to maintain their mortgage payments, and risk going into default. In those cases, a trusted agent's specialized knowledge can help secure a short sale and keep the sellers out of the grueling foreclosure process.
Aside from staying current on national and local laws that apply to short sales and foreclosures, realty professionals are trained in qualifying sellers for assistance, negotiating with lenders, protecting buyers, and limiting risk. Now more than ever, it makes sense for both sellers and buyers to seek professional representation.
According to a recent survey conducted by the National Association of REALTORS®, close to one third of existing home sales were either foreclosures or short sales (meaning sales in which the lender agreed to allow the home to sell for less than the amount outstanding on the mortgage). Indeed, it seems for now that these "distressed properties" have become the new "traditional" sales transaction.
This is why it is so important to seek the representation of a specially trained and qualified real estate professional. Sellers particularly need assistance in navigating these complex short sale transactions, and buyers need guidance if they are to take advantage of these delicate opportunities.
Obviously, real estate agents are among the biggest advocates for homeownership, and we strongly believe that any home lost to foreclosure is one too many. Regrettably, some circumstances arise where homeowners are simply unable to maintain their mortgage payments, and risk going into default. In those cases, a trusted agent's specialized knowledge can help secure a short sale and keep the sellers out of the grueling foreclosure process.
Aside from staying current on national and local laws that apply to short sales and foreclosures, realty professionals are trained in qualifying sellers for assistance, negotiating with lenders, protecting buyers, and limiting risk. Now more than ever, it makes sense for both sellers and buyers to seek professional representation.
Friday, April 23, 2010
Friday, April 9, 2010
Tuesday, March 2, 2010
New Smoke Detector Law goes into effect 4/1/2010
New State Smoke Detector Requirements
Notes from the MAR Legal Hotline
By:
Steve Ryan, MAR General Counsel
Michael McDonagh, MAR Associate Counsel
Anthony DeGregorio, MAR Legislative & Regulatory Counsel
March 2010
New State Smoke Detector Requirements:
Q. I heard that the rules regarding smoke detectors are changing. What are these changes and how do they impact me and my clients?
A. What you heard is true. On April 5, 2010,* a new regulation regarding the installation and maintenance of smoke detectors will
become effective. These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and
multi-family homes built (or most recently renovated) before 1975.
* Note: April 5, 2010 is the new effective date. The original effective date was January 1.
For homes sold on or after April 5, 2010: The regulations require two different types of smoke detectors to be in place depending
upon the location in the home. First, in zones within 20 feet of a kitchen or bathroom, smoke detectors using photoelectric only
technology will be required. Outside of the 20-foot kitchen & bath zone(s), the regulations require smoke detectors using both
ionization and photoelectric technology to be installed.* Compliance can be achieved by installing either dual technology
("combination units") or by installing separate ionization and photoelectric units. Again, all smoke detectors within 20 feet of a
kitchen or bath must be photoelectric ONLY.
* Note: The regulation was recently amended to provide an exemption from the ionization sensor requirement for
homes w/ low-voltage alarm systems (due to product availability problems).
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms
due to fumes given off from typical cooking activities or steam from a shower. Frequent false alarms often lead residents to disable
smoke detectors by removing their batteries. The intent of the new regulations is to make homes safer by preventing residents from
disabling smoke detectors that are triggered by typical cooking or bathing activities.
Q. What about battery-operated smoke detectors? Do they comply with the new regulations or, must the units be hard-wired?
A. The battery/hard-wire rules are not changing at the State level. Statute specifically provides that "… the head of the fire
department shall allow the installation of approved monitored battery powered smoke detectors." But do check with the local fire
departments, as some cities and towns do have certain rules set by local ordinance/by-law.
If your clients or customers have specific questions about how the regulations apply to their specific property, you should encourage them
to contact their legal counsel.
North Bristol County Association of REALTORS®
From: Board Office 03/02/10 09:17
To: Board Office
Notes from the MAR Legal Hotline
By:
Steve Ryan, MAR General Counsel
Michael McDonagh, MAR Associate Counsel
Anthony DeGregorio, MAR Legislative & Regulatory Counsel
March 2010
New State Smoke Detector Requirements:
Q. I heard that the rules regarding smoke detectors are changing. What are these changes and how do they impact me and my clients?
A. What you heard is true. On April 5, 2010,* a new regulation regarding the installation and maintenance of smoke detectors will
become effective. These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and
multi-family homes built (or most recently renovated) before 1975.
* Note: April 5, 2010 is the new effective date. The original effective date was January 1.
For homes sold on or after April 5, 2010: The regulations require two different types of smoke detectors to be in place depending
upon the location in the home. First, in zones within 20 feet of a kitchen or bathroom, smoke detectors using photoelectric only
technology will be required. Outside of the 20-foot kitchen & bath zone(s), the regulations require smoke detectors using both
ionization and photoelectric technology to be installed.* Compliance can be achieved by installing either dual technology
("combination units") or by installing separate ionization and photoelectric units. Again, all smoke detectors within 20 feet of a
kitchen or bath must be photoelectric ONLY.
* Note: The regulation was recently amended to provide an exemption from the ionization sensor requirement for
homes w/ low-voltage alarm systems (due to product availability problems).
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms
due to fumes given off from typical cooking activities or steam from a shower. Frequent false alarms often lead residents to disable
smoke detectors by removing their batteries. The intent of the new regulations is to make homes safer by preventing residents from
disabling smoke detectors that are triggered by typical cooking or bathing activities.
Q. What about battery-operated smoke detectors? Do they comply with the new regulations or, must the units be hard-wired?
A. The battery/hard-wire rules are not changing at the State level. Statute specifically provides that "… the head of the fire
department shall allow the installation of approved monitored battery powered smoke detectors." But do check with the local fire
departments, as some cities and towns do have certain rules set by local ordinance/by-law.
If your clients or customers have specific questions about how the regulations apply to their specific property, you should encourage them
to contact their legal counsel.
North Bristol County Association of REALTORS®
From: Board Office
To: Board Office
Thursday, February 4, 2010
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