By StanleyFeldstein March 17, 2014
I had Jason put in a deck for me. He and his crew worked quickly and efficiently and it came out beautifully. Exact to my specs and in the timeframe he stipulated. I'm already contracting him to do some more work for me this summer. Highly recommended! ...read more
By StanleyFeldstein March 17, 2014
I had Jason put in a deck for me. He and his crew worked quickly and efficiently and it came out beautifully. Exact to my specs and in the timeframe he stipulated. I'm already contracting him to do some more work for me this summer. Highly recommended! ...read more
By Live Good Be Happy a FRESH approach to Real Estate September 11, 2009
Bill is EXCEPTIONALLY well connected in social media circles and knows how to navigate them to bring the best result in exposure to his business and (therefore) his client's listings. Kudos to Bill for staying current with online trends so you can be one of the best of the best of the best. Mimi Osterdahl The Muljat Group Realtors Bellingham, Washington Founding President, Northwest Washington Women's Council of Realtors ...read more
Esther B. Blodgett, a Certified Public Bookkeeper, owner and founder of JEM Accounting&Bookkeeping was inducted into Cambridge Who's Who an exclusive professional networking organization. Mrs. Blodgett was recognized for demonstrating leadership, and providing excellent Client Care. Esther B. Blodgett is viewed as a business women who is down to earth, genuine, honest, and helpful. She strives to always provide her clients with Timely, Relevant, and Reliable Information. ...read more
By JEM Accounting & Bookkeeping Service November 26, 2009
Via Hopkinton Mass Real Estate Buying a Bank Owned Home In a recent article I wrote aboutbuying a foreclosed home or potential foreclosure property, I discussed the various ways in which you could obtain ownership of a foreclosure. Here is a quick summary of the three scenarios:A pre-foreclosure where you buy directly from the home owner before the bank takes over.At an auction where you may be in competition with other buyers.From a Real Estate company or the bank itself. This is known as an REO aka Real Estate owned.Here is what you need to know about scenario #3 ~ buying a bank owned home.The opportunity to buy a bank owned home is one that many buyers often consider due to the fact that there is a prevailing belief that you can buy them for 50 cents on the dollar or less. While as a general rule many bank owned properties do represent a good Real Estate value, you are more likely to be able to purchase one for around 5-20% less than the going rate for a similar comparable property.Buying a foreclosed home however, is not for the timid at heart and there are many things that buyers need to be aware of going into a REO transaction.One of the 1st things you should investigate when you become interested in an REO property is the present market value. This is something a skilled local buyer's agent can do to help you.A Realtor that knows the local inventory and recent sales data should be hired to help you with the transaction. While a banks goal is to get rid of their inventory as fast as they can, don't expect the bank to consider silly low ball offers especially when the home is 1st listed for sale.In my experience while working as a Massachusetts Realtor for the past 23 years, I have never seen a bank accept anything less than 10% under the asking price. In many cases the price has already been set aggressively to begin with. Like every other seller the banks goal is to maximize the price they receive for a property.What most people fail to understand is that banks have to demonstrate to shareholders, investors and auditors that they attempted to get the highest price possible.It is not uncommon for a bank to reduce the price of a home in their inventory after it has been on the market for a while. A bank after all is not in the business of holding Real Estate.Do not make the poor assumption that banks are desperate sellers and will do anything to clear out their properties. This is rarely the case!In order for a bank to consider accepting your offer you are going to want to make sure you have been pre-approved by a lender. Most banks will not even consider an offer without proper financial documentation. If you are making a cash offer with no financing contingency be prepared to show the bank proof that you have the funds in an account somewhere. Most banks will require this as well.Some banks may also ask you to get pre-approved through them as well although it can not be a requirement to do so due to RESPA laws. RESPA stands for Real Estate Settlement Procedures Act as is designed to protect consumers.Often times with a bank owned property patience is a virtue. In many cases the bank will take days to respond to your offer. Also remember that on weekends banks do not conduct business so you are losing a few days in the week. The process can be even longer if you find yourself competing withmultiple offerson the property. When you buy a bank owned property be prepared to be buying it "AS IS".Most banks will not make repairs to a property unless it would effect the buyers ability to finance the property. Some of the things that more than likely a bank would be willing to remedy could include:Termite or other insect problemsMold issuesPlumbing or heating system issuesElectrical issues especially if it involves a safety hazardSeptic systems ~ some states require a passing inspection in order to close, including MassachusettsStructural issuesWhile these are things many banks would consider remedying, don't assume that it would happen in all circumstances. Every bank is different in how they operate and make decisions. Do not expect a bank to make ticky tack repairs - it is not going to happen! You may be able to possibly get a credit for some repairs at closing but do not expect it.Most banks have their own contracts that they use. You will be expected to sign their standard form and in most cases you will not be able to make any changes to it! I have seen attorneys try and more often than not they are rebuffed.Massachusetts is different than many states in that we have a two part contract including an offer form and a purchase and sale agreement.The purchase and sale is a more detailed version of the terms and conditions found in the offer. With a bank owned home you will just sign the banks form and that will be considered the Purchase and sale.In most circumstances you will be given the opportunity to conduct inspections even though the property is being sold "as is".It is important that your Realtor makes sure that you have proper contingencies in place that cover your ability to inspect the property for such things as the structure, pests, mold, radon , water, and others.You will want the right to terminate the contract if these do not meet local or national standards. Be aware that the bank is going to want these inspections to be done immediately.Lastly, banks will prefer that the closing will be sooner rather than later. You will not see the same flexibility that you could possibly get with some traditional home sellers. As a rule of thumb, most banks will want the closing to take place in 6 weeks or less.One really important clause that you find in many bank owned contracts is the penalty if you do not close according to the stated contract date.In most cases there is a $100 dollar a day penalty for not closing on time! You better make sure your ducks are in order when buying one of these properties.One little known issue that most consumers would not think of but that has hit close to home with me is the lack of great representation of the part of Realtors working with bank owned homes. Honestly, I have seen some of the worst Real Estate agents representing banks as listing agents. The issue starts with the fact that banks have not divvied up the business well. There are far to many Realtors that have a stranglehold of all of a particular banks REO business.As an example I just completed a transaction working as a buyers agent on a bank owned property in whichthe Realtor did not return calls, changed the commission without notification, misrepresented something the bank did not agree to repair, did not check to see if the home was winterized properly, and did not attend any of the inspections.I never met the agent during the entire transaction!! She did not even bother to attend the closing. It was a nightmare throughout and the communication frankly SUCKED!! Most of my time during the process was complaining to her about not getting back to me with answers to simple questions.It got so bad during the process I had to call her broker owner to complain. He apologized sheepishly but made the excuse that she was too busy.She was the biggest Real Estate clown I have ever seen in twenty three years in the business. The perfect example of an agent that sullies our industry. A quick check revealed she had 31 bank owned properties!!There has been some talk about banks breaking up the monopoly that some Realtors have on the bank owned inventory but so far that has not happened.So while many banks owned properties can offer exceptional values there is quite a bit to know. Having professionals in your corner who can guide you and protect your interests is very important. I always recommend to my buyer clients that they use a good Real Estate attorney, especially when buying a bank owned home.______________________________________________________________________________________________________About the Author:The aboveReal Estate information onBuying a bank owned homewas provided by BillGassett, a Nationally recognized leader in his field. Bill can be reached via email atbillgassett@remaxexec.comor by phone at 508-435-5356. Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! For Metrowest Massachusetts Real Estate and homes seeMetrowest Mass Real Estate.Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at myMLS Property Finder Site.I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.Click here to viewBill Gassett's Real Estate profile.Subscribe in a readerSUBSCRIBE TO MY METROWEST HOMES BLOG via email.Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years. ...read more
By RE/MAX Executive Realty ~ Bill Gassett April 21, 2009
Via Milford Mass Real Estate Buying a Foreclosed Home or Potential Foreclosure Property Are you considering buying a foreclosed property? Why not after all there are plenty of them all around the country and they can typically be bought at a discount to the present market value. Buying a foreclosed home however, is not for the timid at heart and there are many things that buyers need to consider. If you have ever watched a late night infomercial you would think buying a foreclosed home can be bought for 50 cents on the dollar and immediately re-sold for a boat load on money. Don't plan on it! Foreclosed homes generally can be purchased anywhere from 5%-20% below the current market value. Along with the chance for immediate equity comes a lot more risk.As a buyer of a foreclosed home you need to prepare yourself for a significant amount of due diligence. As a twenty three year veteran to the Real Estate industry, I would highly recommend having an attorney represent your interests. One of the 1st things an attorney will do is a title search to see if there are any liens or other liabilities on the property. Things like unpaid taxes, mechanics lines, or court judgments are all possible land mines. The sooner you determine the legal status of the property the better as this will help determine if it is worth it to put in an offer. The last thing you want to have happen is to think you just bought a home for $400,000 but then find out there is $75,000 worth of liens on the property. Having your financing already lined up is a very important consideration as well because these kind of transactions tend to move very swiftly. Unlike a traditional Real Estate transaction everything is "buyer beware".You will be buying a home in many cases in "as is" condition. In many cases a person who has lost their home because of financial difficulties probably has not had the funds to keep up with the maintenance. There could be any number of problems that are not readily apparent. Issues with some of the more expensive components of a home such as heating, plumbing and electrical systems are all possible. Don't be surprised if there has been vandalism by the previous home owner or other vandals either. I have gone in plenty of foreclosed homes where the owner has taken out their anger on the home. I have been in homes where the entire kitchen was removed. Some of the other more common issues today is the copper plumbing being taken out of a home. I know that may sound crazy but it happens! Still interested in buying a foreclosed home? Here are the three scenarios when buying one: A pre-foreclosure where you buy directly from the home owner before the bank takes over. At an auction where you may be in competition with other buyers. From a Real Estate company or the bank itself. This is known as an REO aka Real Estate owned. In a pre-foreclosure you get to do all your various due diligence including any home inspections and a title search to make sure there are no liens. In a pre-foreclosure the owner signs over the deed to you and you take title to the property. In this scenario you acquire the mortgage a must bring it current giving the bank any missed payments. Buying at an auction typically carries the most risk but also can come with the greatest reward.Auctions are handled differently from state to state. Some are held right at the property and others at the local court house. Many times with an auction you are not allowed to inspect the property prior to the scheduled auction date. These types of sales tend to bring out more "investor" types as these properties can be bought on many occasions for a price that could warrant a "flip" where the buyer turns around and re-sells the property. A buyer going to an auction will need to come up with a good size deposit and will be expected to show they have the ability to complete the purchase. The REO scenario is usually the least risky as the bank has acquired the property and has wiped out the liens through purchase. Once a home is Real Estate owned many banks will list these homes with a Realtor. The buyer gets clear title, is most often allowed to inspect the home, and is allowed to have a mortgage contingency. A few other very important considerations in the foreclosure process in the "pre-foreclosure period" and the "redemption period". The pre-foreclosure period is the time between a previous owner's notification of default and the point when the property can be sold by the lender. This time period is also when the existing owner can make good on the note and keep their home, or sell it themselves. So the shorter the pre-foreclosure period, the more advantageous it is for the new buyer. The redemption period is the time when the previous owner is allowed to buy back the home after the lender has sold it. Again, the shorter this time period, the better it is for the buyer. Some states have no redemption period, making it an optimal situation for someone to purchase. These time periods vary depending on the State the property is located in. Knowing the exact redemption period is critical because you could end up losing time and money if the previous owner ends up taking back the home. Most of your efficiency as a buyer depends on whether the state in which the property is purchased uses mortgages or deeds of trust for real estate transactions. When a state uses mortgages, it means they also conduct their foreclosure proceedings through the courts. These transactions tend to take longer and have a range of potential problems. When a state uses deeds of trust, the foreclosures are non-judicial and tend to resolve quicker and with far less head aches. In Massachusetts the primary means on foreclosure is non judicial (no court action).If the deed of trust, however, does not contain a power of sale language,(language in the mortgage that allows the mortgagee to sell the property) the lender may seek judicial foreclosure. As few as 75 days may pass from the time a property owner receives a notice of default until the property is sold at a public foreclosure auction sale. As you can see there is quite a bit to know when buying a foreclosed home. In addition to having a good attorney a knowledgeable local Realtor can be very important as well in helping to determine the market value. If you are a Massachusetts home owner and have come across this article and may be potentially facing a foreclosure there are options to avoid this potential situation. See thisavoiding Massachusetts foreclosureresource. There are other options to avoid a foreclosure including a short sale which I have been successfully doing in the Metrowest massachusetts area. Here are a few articles worth reading: Foreclosure avoiding it through a short sale or loan modification Short sales and deed in lieu of foreclosure Massachusetts Short Sale Realtor ______________________________________________________________________________________________________ About the Author:The aboveReal Estate information onBuying a foreclosed homewas provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email atbillgassett@remaxexec.comor by phone at 508-435-5356. Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! For Metrowest Massachusetts Real Estate and homes seeMetrowest MA Real Estate.Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at myMLS Property Finder Site. I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA. Click here to viewBill Gassett's Real Estate profile. Subscribe in a reader SUBSCRIBE TO MY METROWEST HOMES BLOG via email. Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years. ...read more
By RE/MAX Executive Realty ~ Bill Gassett March 26, 2009
The key roles of individuals who serve in construction management project positions include project management planning, cost management, contract administration, CM professional practice, and time management. If you are seeking a career in this field, keep in mind that there are several ways to train... ...read more
Construction managers are responsible for dealing with the various design, planning and execution of construction projects. In most situations hands-on experience is the best precursor for this position, however, a degree in construction management can greatly enhance your work performance. ...read more