Do you live in a haunted house? Don’t blame the listing agent. It’s not required to disclose such facts under Massachusetts Law. According to The Massachusetts Association of REALTORS®, the law is as follows:
Chapter 294 of the Acts of 1998
AN ACT FURTHER REGULATING THE DISCLOSURE OF CERTAIN INFORMATION IN
REAL ESTATE TRANSACTIONS.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Chapter 93 of the General Laws is hereby amended by adding the following section:-
Section 108. The fact or suspicion that real property may be or is psychologically impacted shall not be deemed to be a material fact required to be disclosed in a real estate transaction, except as provided in this section. “Psychologically impacted” shall mean an impact being the result of facts or suspicions including, but not limited to, the following:
(a) that an occupant of real property is now or has been suspected to be infected with Human Immunodeficiency Virus or with Acquired Immune Deficiency Syndrome or any other disease which reasonable medical evidence suggests to be highly unlikely to be transmitted through the occupying of a dwelling;
(b) that the real property was the site of a felony, suicide or homicide; and
(c) that the real property has been the site of an alleged parapsychological or supernatural phenomenon.
No cause of action shall arise or be maintained against a seller or lessor of real property or a real estate broker or salesman, by statute or at common law, for failure to disclose to a buyer or tenant that the real property is or was psychologically impacted.
Notwithstanding the foregoing, the provisions of this section shall not authorize a seller, lessor or real estate broker or salesman to make any misrepresentation of fact or false statement.
SECTION 2. The provisions of this act shall apply only to transactions entered into after the effective date of this act.
As you can defer from the law above, the original purpose of the law was to protect people with HIV from being discriminated against but other sections were included to address issues. Basically, these things are left in the hands of agents on a case by case basis.
So do you have a “Stigmatization” issue you want to share? Was it disclosed. Interested in hearing everyone’s thoughts.
Not every REALTOR® likes to do Short Sales or Foreclosures. As a matter of fact, a lot of us shy away from them. But why? Truth be told, short sales & foreclosures kick back a little bit of equity to a buyer in exchange for time and frustration. What do I mean? Lets take a look at the different processes.
Short Sales
Short Sales are intriguing because the home buyer knows that the house is going to sell below market value and is a great way to obtain some great value. For those who aren’t familiar with the details a short sale occurs when a homeowner cannot afford to make mortgage payments. In lieu of foreclosure, the seller will put their home on the market, usually for less than the current market value, and hope to recoup most of the loan amount for the bank. Banks will take a short sale in most cases because the cost of foreclosure, the legal process, and holding the property, is much more. While anyone can conduct a short sale, the bank must approve the sale.
While buyers approach short sales like moths to a flame, the shocker is the actual process. As early as a couple of years ago, most banks were not prepared for the shear volume of people that could not afford to pay their loans. Add disorganization to the mix for some banks and paperwork got backed up. Once a seller accepts an offer on a short sale, the process of getting the bank to approve the sale could take weeks or even months in some cases. This harms the buyer because of all the uncertainty. Unless you’re living at home, your apartment leaves or living situation may kick you out sooner rather than later. In addition to getting a sale approved, the bank will send various paperwork back and forth to confirm all aspects of the agreement. If the property is a condominium things get more complicated and additional paperwork arises when dealing with an association.
Is equity worth the time and potential heartbreak if you don’t get the sale approved? It depends. With property values shifting or staying stagnant, it all depends on the current market. A sale the team produced a few weeks ago was put under agreement in November and sold in April. The buyer purchased the property as an investment so it timing wasn’t that critical. Each situation is different but the idea is that saving money may or may not be worthwhile, especially when the goal of buying is to actually buy.
Forclosures
Well during a Foreclosure Sale the bank already owns the property so it will be easier to purchase, right? Not necessarily. A Foreclosure does take away some of the pains of a short sale but easier is not the right word. To encourage first time home buyers, the bank is require to wait a short period of time before allowing investors to purchase the home. This rule is Massachusetts specific but there may be similar programs out there. Because the investing bank owns the property directly, and the foreclosure itself costs money, the bank will usually not hire a lawyer and the purchase & sales agreement will be non-negotiable. This can become problematic for buyers if there are issues with the property. First time home buyers are also required to actually occupy the property for a designated period if time to fit under the Massachusetts Housing Associations guidelines. Foreclosures are very strict on deadlines and to get things changed may take more of an effort. As always we recommend an attorney for every transaction, but lawyers are key to dealing with Short Sales & Foreclosures.
Summary
1) Time is Money
2) Short Sales & Foreclosures aren’t necessarily a better value
3) Always consult an attorney
4) the Trading of Equity for Time
5) Patience
Like this:
As we move into the full swing of nice weather, I just can’t help but think of all the things I said I was going to do last summer and didn’t make it. Let’s refresh that list. Here’s my top choices.
1) A Day/Evening in the North End
I can’t get enough of the North End. Maybe it’s because I have Italian roots but I can’t get enough of the place. The cool part about the area is that there’s more than just delicious Italian food. But let’s not kid ourselves, that’s the best part. If you’re looking for a nice daytime activity, check out Michele Topor’s Boston Food Tours. The tour lasts a few hours and you will learn some awesome things about one of Boston’s greatest neighborhoods. During the tour, guests will walk around to restaurants, shops, bakeries, and fine liquor stores and engage in some great living history. Speaking of walking, my best clients make a day out of walking to the North End, from Belmont. As far as restaurants go, Yelp will be able to help you. But if you time in right and get hungry before the rush, Giacamo’s is my pick. Small, traditional, cash only, and the best sauce in town keeps me coming back. Sitting right on Hanover Street, make sure you get there before 4:45 PM! Also make sure you stop in an outside cafe for after dinner drinks and Biscottis. But if you’re me, you’re heading to Modern Pastry for an old fashion cannoli.
2) The Aquarium
The New England Aquarium always has specials to get people out, but in my opinion it’s always a good time to go. As far as time of day, go on a weekday. You’ll clash with some camps or schools but it’s far less crowded than a Saturday. While the Penguins are always the big attraction (Sea Lions/Seals a close second), I love checking out each individual exhibits, especially the ones that are local to New England. Parking can be expensive and tickets are $22.95 per adult, but the day can be a lot of fun. If you’re planning ahead, the North End is in walking distance.
3) Museum of Science
Whether it’s the IMAX Theatre, traveling exhibits, or just the regular sights, the Museum of Science has something for everyone. I’m a Dinosaur fan so there’s something for me, but when I get adventurous the technology wing and lazer shows always keep me entertained. Prices are relative to the Aquarium at $22.00 per adult but It will keep you busy for hours.
4) Duck Tours
I’m ashamed to say I’ve never been on a Duck Tour. Boston is known for Duck Tours and I’ve never been on one. The tour stops at Boston’s finest landmarks including The Boston Public Gardens, Trinity Church, Cheers, The Boston Common, The State House, Beacon Hill, Faneuil Hall, & More. It’s definitely on my priority list to take one of these. Tickets are a little more expensive at $32.99 per Adult but you’re in an amphibious vehicle so I say its well worth the price.
5) Aziz Ansari
The young comedian and Parks & Recreation star is coming to Boston to do four shows on May 17th & 18th and I’m going to try and make this one. If you’ve caught an episode of Parks and Recreation there is no further information needed. He’s performing at the Wilbur Theatre
6) Brewery Tours
We’re lucky to have two amazing breweries in Boston if you’re a beer fanatic like myself. Harpoon Brewery & Samuel Adams. Both have hit the mainstream but brew up quality beers. Check out the links for their tours. I’m sad to say I haven’t done this either but will be making a point to over the next couple of months.
I know there’s so much more to do in the city so I fully expect some awesome comments and different ideas for outings. I didn’t include some of the great restaurants, shows, and venues so I hope you’ll help me complete this list.
Thanks!
Mike DelRose Jr.
Want to find out the value of your home without having to talk with me? Not so fast. There is value to going through a trusted REALTOR®, I promise. We run into this problem all the time on listing presentations because as we expect, people do their research. But what happens when the information they research isn’t correct? The associated chart, from Zillow, shows that the accuracy of the ever-so-popular “Zestimate” is only within 5% of the actual value 36.3% of the time. That’s a startling statistic.
Why Zestimate’s won’t reveal your homes true value
This is not a knock on Zillow by any means. The site is chalk-full of information for buyers and sellers alike. Many REALTORS® take issue with the real estate company but for very different reasons. And in all fairness, Zillow produced this chart as a disclaimer.
Moral of the story, Zillow is a national provider of real estate information, but they can’t do it all. This blog post is strictly for potential sellers or those simply educating themselves on the market. We offer other sorts of tools such as market snapshot, this tool featured on our homepage allows the user to see comparable properties in close proximity to your home but again, does not replace a professional giving you an opinion of value.
To better serve our growing and more tech-savvy client base, we are working diligently to integrate WordPress as our premiere blogging software.
Mike Sr. just got back from Denver on Saturday and we’re bringing a whole lot of new ideas to our marketplace. One of those ideas, is utilizing WordPress to better deliver new listing entries as well as bringing our subscribers.tu
Stay tuned as we integrate some of these new features.
INSPIRATION FOR TODAY:
“There is a law in psychology that if you form a picture in your mind of what you would like to be, and you keep and hold that picture there long enough, you will soon become exactly as you have been thinking.”
- William James (1842-1910)
YOU CAN’T HAVE IT BOTH WAYS!
Walk into a totally dark room. What do you see? “Absolutely nothing,” you say. Now, turn on the light. Where did the darkness go? Really – where is it now? Hopefully you will agree that darkness cannot exist in the face of light.
During a lifetime, we experience many types of “darkness.” It may appear in the form of discouragement, fear, hopelessness, grief, ignorance, or poverty. Yet, in every case, there is a “light” in which such darkness cannot exist.
Fear, for example, cannot exist in the face of courage. Education denies ignorance any chance of survival. Grief disappears in the presence of peace-of-mind. Discouragement ceases when hope prevails. Wealth denies poverty its chance.
No matter what form darkness takes, it cannot exist when faced with its opposite. That also means we have the ability to send darkness on its way at any point in time. No matter how overwhelming the darkness appears, it is our thoughts and our minds that ultimately control the outcome. How powerful is that?
In the words of several favorite authors: “Think you can, think you can’t, either way you’re right.” “Your life is what your thoughts make of it.” “We are what we think about all day long.” Finally, in the words of Tom Bodett, from one of his Motel 6 commercials: “We’ll leave the light on for you!”
Corporate responsibility in America has come a long way over the years and RE/MAX International is no different. RE/MAX supports two fantastic organizations; The Susan G. Komen for the Cure & The Children’s Miracle Network. Fortunately for these organizations, technology plays a huge role. And with help from a program called Social Vibe, I can now add a sponsorship to the Children’s Miracle network right on the home page for our blog.
While the Susan G. Komen organization is not yet associated with Social Vibe, we will remain as contributors to their fundraising efforts as well.
Please help us and our charity efforts by clicking on the Social Vibe banner at the bottom of our blog and visiting sponsors sites.
It seems that there is a significant amount of confusion when it comes to purchasing a short sale. There are many misconceptions when it comes to this type of transaction, so below I have provided some information to potential buyers
It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale? A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to
INSPIRATION FOR TODAY:
“Trouble creates a capacity to handle it.”
~ Oliver Wendell Holmes, Jr. “What one has to do usually can be done.”
~ Eleanor Roosevelt
A BLUE RIBBON EFFORT!
Have you ever surprised yourself with a moment of creativity or lucidity, just when you were sure you didn’t have it in you? Last fall there was a garden club show, and one of the members who always performed well was considering not entering. She had just returned from vacation the day before to discover that unwelcome pests had ravished most everything in her garden.
Trying to back out, she explained that there was nothing in her yard but weeds, but a friend insisted, “I’m sure you’ll find something.” Lacking inspiration, she headed out to the yard with her tools and bucket anyway. She worked, recalling the words of her mother. “You will not always have the things you would like, but you can always make do with what you have.”
She discovered a vine with little blue flowers crawling up the trellis. She realized how pretty the bright yellow dandelions were. Wild daisies and pansies appeared in unexpected places, “sown” by bird droppings.
She headed back to the house and began her arrangement, hiding a coffee can pot inside a sewing basket. She then rushed over to meet the submission deadline. Glad that everyone else had already deposited their entries, she sneaked in her less-than-blue-ribbon quality candidate. She didn’t even stick around for the judging.
When she returned to pick up her contestant, she was shocked to discover a blue ribbon pinned to it, with a note that read, “This entry gets the blue ribbon because it meets all the test requirements for proportion, suitability of container to the contents and beauty, and also is very original.”
So she did “make do” with what she had, although she thought she didn’t have a chance. So remember that your own strength and creativity are always there, you just never know just how much you’ve got until you are called upon to put it to use!
