selling your home

11 Must-Haves When Selling Your Home

11 Must-Haves When Selling Your Home

Below are my 11 must-haves when selling your house faster/for more money in the current market.

1. Make your house easy to show. Accompanied showings or 24 hours notice are will discourage most of your potential buyers who will view other houses they can see easily when it is convenient for them.

2. Price it right. This may sound counter intuitive, but a house priced fairly will sell for more money than an overpriced home. You may think, “We’ll aim high and negotiate down if we need to,” but this does not happen. In reality buyers don’t even bid on an overpriced house. After changing the price a time or two to what it should have been, your house is “stale” and your largest pool of buyers have already looked at it and ruled it out. More times than not, when you finally do sell, it will be for below what your original “fair price” would have been.

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Seller Credits Explained … Can You Pay for Buyer’s  Closing Costs?

Seller Credits Explained … Can You Pay for Buyer’s Closing Costs?

In general, most underwriting guidelines allow for the seller to pay a buyer’s closing costs. However, no matter what you negotiate, the amount of the credit at the closing table cannot exceed the buyer’s actual costs.

The following guidelines currently apply:

Conventional financing:

  • 90.01% + 3% credit
  • 90% or less 6% credit

FHA financing

  • 6% credit

VA financing

  • 4% credit

 

A seller should not give money back to the buyer at closing for repairs, decorating allowance, new carpet, etc. A closing cost credit is the only way for the seller to give money to the buyer without affecting the purchase price.

If a concession falls outside of these parameters, then the underwriter will subtract the dollar figure from the purchase price and run the loan to value ratio. If the ratio now exceeds the threshold for the loan program, the buyer may need PMI or not qualify for the loan program.

If you have a relocation customer whose company is paying their closing costs, then the amount of the seller concession will be limited. The buyer can not be reimbursed twice.

Closing costs are all of the buyer’s one-time fees associated with obtaining their mortgage. It does include escrows and pre-paids.

Allowable Costs:

Points Tax Service Fee

Appraisal Underwriting & Processing Fees

Credit Report Municipal Lien

Attorney’s Fee Plot Plan

Title search Recording & Courier Fees

Flood Certification First year’s insurance binder

Title Insurance Tax, Insurance & PMI escrows

For More Detailed Information feel free to call or email Tom Coburn, William Raveis Mortgage Broker, mobile: 508-380-7975  email: tom.coburn@raveis.com

Pros and Cons of Living in Sudbury, Massachusetts

Pros and Cons of Living in Sudbury, Massachusetts

Sudbury is a gorgeous town with lovely homes and an excellent school system. It is best suited for people who like a little more rural feel but want their entertainment, shopping and services nearby. I’ve lived in town for 20 years and based on my experiences the people are very friendly. The community protects open space, has wonderful active/passive recreation opportunities and feels like a world away from Boston, yet is close to the Mass Pike and has multiple train stations nearby.

 

Pros:
1. Easy access to Mass Pike, Rt 128 and Rt 495.
2. Most people don’t want to take time out of their day to drive to the next town to grocery shop or to grab some lunch …
Restaurants in town: Foodies will love the many, varied fare and price points, some deliver, plenty of parking.
Shopping in town: Many small boutique, specialty stores in town but no big box stores. Those are nearby in Natick, Framingham and Marlborough. The shopping mecca of the Natick Collection/Shopper’s World is less than 15 minutes away.
Grocery Stores in town: Sudbury Farms and Shaws, Whole Foods and Stop & Shop in Wayland, Trader Joe’s nearby in Framingham.
3. Excellent police force, extremely low crime rate.
4. Lots of local concerts, sporting events, theaters & amenities
5. Excellent library facility includes on-line reservations & downloads of e-books
6. Commuter rail stations nearby: For South Station closest is Framingham.
For North Station closest is Acton. For Green Line closest is Riverside in Newton. Express bus to Logan airport in Framingham.
7. Although the school system is highly ranked (Boston Magazine ranks it high and the schools have earned recognition multiple times in U.S. News & World Report for college readiness), it doesn’t come across as the pressure-cooker that Lexington and Brookline are. Many parents I have talked with say it delivers “as advertised”.
10. Lots of great community organizations – both civic and social
11. A medium-density population with large lot sizes… ¾ to 1 acre minimum zoning, smaller lots grandfathered, up to 5 acre zoning in historic wayside inn district
12. Schools belong to the Metco program, exposing the kids to diversity.
13. Gleaming new/renovated schools built when State assistance was high.
14. Low town debt load and high bond rating.
15. Home to many fitness centers, yoga studios, hair and nail salons, and larger organized indoor/outdoor sporting facilities.
16. Summer farmer’s markets, CSA’s (Community Supported Agriculture) with different levels of commitment, community gardens and the Sudbury Grange with it’s educational programs.
17. A wide choices of houses of worship nearby in almost any religion you practice
18. Oldest continuously-running Town Meeting
19. Robust senior center with many programs, activities and opportunities for active seniors.

Cons:
1. No commuter rail station/public transportation to speak of in town.
2. Housing tends toward larger size homes and prices are high.
3. There definitely is a lack of walk-ability here.
4. High taxes
5. No town curbside trash pickup. You can pay for pick up or use the transfer/recycling station.
6. There is a lack of socioeconomic diversity.
7. There are restrictions on livestock ownership.

Our mosquito situation is no better or worse than any town outside of Boston. In the interest of conservation we don’t always spray for mosquitoes, but when conditions are extreme in all of eastern Massachusetts we have sprayed for them. That being said, you don’t want to buy a house with a swamp or a pond in your back yard.

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