The last visit to a property before a buyer closes is a walk-through. Most of the time, the property is empty and ready for sale. When there are problems, the solution is a holdback. A holdback is created at closing. It is a legal agreement between the buyer and the seller. The seller will get
The Downpayment Toward Equity Act proposes up to $25,000 in financial assistance to cover the upfront costs of a home purchase for first-time homeowners. Who is a first-time homeowner? Hint: Some “first-time homeowners” have actually owned a house or condo before. A first-time home buyer is anyone who hasn’t owned a primary residence in the
If you are buying a single-family or a two-family house, you will need to purchase a year of homeowner’s insurance before closing. That insurance is reviewed by your lender, so they can be confident that you are fully covered, regarding their interests in your home. At closing, you will be paying an additional 2-4 months
Junk data hurts buyers by creating distraction from understanding market value. Buyers need to know market value in order to negotiate for a fair price. Assessed value is not the way to figure fair market value. But, but, but…how can a property be worth more than what the town or city assesses it for? Don’t the
As of August 17, 2024, Realtors are no longer allowed to share information about what commission is being offered to buyer’s agents through the Multiple Listing Service. A court order from a class action lawsuit in Missouri abolished the sharing of real estate agent fees through the Multiple Listing Service. This change was meant to
There is a logic to the way the lenders choose who can borrow for a mortgage. Since 2014, mortgage loans have had standard guidelines that require that any mortgage borrower be able to prove that they can repay their loan. Lenders document income, but also debt. How you have been handling debt will affect your
Don’t take your good credit rating for granted. Good-to-excellent credit takes attention. It takes knowledge. It takes perseverance. It takes action. Monitoring and actively protecting one’s credit should be a regular part of their everyday life. One cannot assume that their credit is fine. They need to proactively protect and constantly observe and monitor their
The Boston Globe article about the transfer fee, last week, was pretty confusing. I think the R--®s like it that way. I wrote about similar transfer fee proposals just three weeks ago. Since then, I gave testimony to a committee at the State House in support of a transfer fee. Last week, a transfer fee
Corporations who manage large portfolios of rental property want us to believe that supply and demand will keep the rental market affordable. Even in an affluent state, like Massachusetts, this is not true. Rents rise far faster than income. Renters choose between spending more than a third of their income or moving. “The reality is
What can cause your pre-approved mortgage to fail, last minute, in 2022? Property tax and interest rates. If you are borrowing the full amount of your pre-approved mortgage, you need to check the total monthly cost of a property before you make an offer. Your lender pre-approved you based on a typical property tax and