The Greater Boston Real Estate Voice: A Blog Dedicated to All Things Boston Real Estate

Thinking of Selling Your Boston Condo

Thinking of Selling Your Boston Condo

If you are thinking of selling your condo in Boston, I want to give you some items of value when thinking about selling your condo.

Condos in Boston have long been a part of the pathway to homeownership for many Bostonians seeking to purchase their first home. Condos in Boston usually provide the least expensive way to access a market that would be restricted otherwise. Condo markets have become the place where many single buyers and people looking to downsize from a larger homes migrate to.

In cities like Boston and other major metropolitan areas in the United States, you have high prices on single family homes  coupled with rental market rates which are really high.   When rents are high and prices are high it can be difficult to save enough money to close on your first place. 

Condos just due to their additional complexity beyond a single family home particularly around compounded issues like other co-owners, rules and regulations and shared condo budgets other owners give cause for a need to have additonal layers of approval when a buyer is planning to purhcase a condo with a mortgage.  The financing of condos is a little more complex than a single family home. 

Your Condo Will Sell, But will the Sale be Approved?

If you are thinking of selling your condo in Boston, then you will want to make sure that the condo will be approved for financing. Most people don't realize that when a buyer is thinking about purchasing a condo, there is a two step approval process. The two steps are the approval of the actual buyer and their finance and the second step is the approval of the actual condo association and the property itself. This is more than the property just appraising out for the value the buyer is purchasing for. There is way more to it.

 

Benjamin Franklin on an Ounce of Prevention is Worth a Pound of Cure When Selling Your Boston Condo

If you are planning to sell your condo in Boston, it may be best to ask the questions of the condo board/association/trustees before hand.  As an experienced realtor in Boston, I often get a condo questionnaire from a trusted lender. In this case, I pretty much always go to Thea Simolari of the Mortgage Network. I then ask for the condo questionnaire that would be issued by one of her morgtage investors. This condo questionnaire is then issued to the trustees of the condo.  Then I take the completed questionnaire  back to Thea and her dedicated condo underwriting team who can tell me if the condo will be approved or if there will be any stipulations. 

If you are buying a condo in Boston, you will want to make sure that your Realtor is experienced enough to know how to spot if there is an issue with  you being approved for a condo that you may want to look at. This will prevent you from wasting a lot of time. 

You may want to download a generic condo questionnaire which would be used by a lender to approve the property for a sale. I am happy to supply you with a condo questionnaire so you can evaluate what kinds of thinks can impact the sale of your condo from a lending perspective.

 

Find Out How Much Equity in Your Condo Now

 

The Kid in School Who Was Perpetually Late

You know the kids in school who were late all of the time. Whether it was for school or a social event they just could not seem to get their act together.  Well, that kid now owns a condo in your condo complex. Guess what, the kid who does not pay his condo feees on time will have an adverse effect on your ability to sell your condo. 

When a bank begins the underwriting process on a condo on behalf of a borrower who has your condo unit under agreement they will also want to flush out whether there are issues with the condo association. The delinquent condo fee payers can affect your ability to sell your unit. The bank sends a questionnaire to your condos trustees and they will be asked in wrinting if there are any units delinquent on their condo fees. If there are too many delinquent folks on their fees, the bank can deny the loan on your buyer because they may deem the risk too high. 

What Can Your Condo Association Do if You Have People Delinquent on Their Condo Fees?

In Massahusetts under MGL chapter 183 (the section of the law relating to condos), there is a provision where the condo association can begin the foreclosure process on the condo. This was created in order to have leverage so that the value of other unit owners condos would not be underminded by people who choose not invest their money in silly things like monthly condo fees. 

You will want to speak with a real estate about the process.  There is a process to how you apply the pressure, you can't just slip notes under the door. 

I have attorneys I have worked with over the years of selling condos. You may want to read my blog post on things you should find out about your condo before you buy.

If I have not scared you yet, and you are considering selling your condo in Boston and you want some advice or an opinion, please feel free to give me a call at 617-615-9435 or send me an email. My email address is: mike@mmahoney.com

You can also just go  online and check out the Boston's YourEquityFinder.com : What's Your Home Worth?

You can always check me out on https://plus.google.com/u/0/+MichaelMahoney

Michael Mahoney
www.RealtorMikeMahoney.com
617-615-9435

Thea Simolari from The Mortgage Network on What Not to Do When Applying for a Mortgage

Thea Simolari from The Mortgage Network on What Not to Do When Applying for a Mortgage

 

Thea Simolari - The Mortgage Network

On the call this week, I interview Thea on "What Not to Do When Applying for a Mortgage". There are so many things that can affect your abiltity to get a mortgage or not. Why leave it to chance. On the call, we speak about some of the things that can affect a mortgage lender's decision to grant or deny a mortgage. The video containing the teleconference with Thea is at the bottom of this post. 

Purchasing a home is an exciting time. You get all awakend by the thoughts of what furniture, artwork, paint, appliances to purchase in order to make your new house a home. The one thing I can tell you is that you don't want to splurge before you close on the loan to the new house. 

I know Bernie and Phyl are tempting you now with all the great credit offers, but now is not the time to take advantage of these promotions. Please wait until you your purchase your home.

There are so many factors in purchasing a house and your financial preparedness. Thea and I regularly host webinars on home buying in Boston. If you would like to be notified of our webinars and the schedule, please fill out the form below:

Like Santa, Banks are Checking on Who has Been Naughty and Who Has Been Nice

Banks not only check your credit at the beginning of the process, but also at the end. The banks pull credit twice. They are ensuring that you did not go out and take on more consumer debt which would impact your ability to make your required mortgage payments.  In addition to a credit check, the bank's underwriting department will be checking your employment. The underwriter for the  bank will check on your employment nearer to the time of the closing to ensure tha you are still employed and will be able to make due on your new mortgage obligation.  

What about Uncle Guido's Dough?

Another issue for a lot of home buyers is the topic of receiving a deposit as a gift. Receiving the gift is fine, in fact, if you don't want to receive the gift I am happy to give you my bank account deposit information. No really, the issue is that you need to be able to document the gift. What this means is that somestimes you will be asked to have the donor of the gift to write a gift letter. A gift letter is a letter that states that they are gifting you the money for the deposit on a home and it will define their relationship with you. 

 Download the Checklist for Applying for A Mortgage

It may be best to be in the know so that you do not make any rookie mistakes when undertaking your home purchase. You can get the report here:

Plan to Go Under the Microscope

As you can see from the three things I have written about the mortgage process is pretty invasive and you will come under a microscope.  You need to make sure you have the the right team. I would advise a local lender and not an Internet based lender. You need boots on the ground. I wrote about all the reason why you need a local lender here.

My advice to you is that if you are planning to make a purchase, you get the advice of a seasoned mortgage loan officer. You need to get the benefit of somone with experience in make loans of all different kinds in all different kinds of mortgage climates and economic times. There are nuances in every situation. You need to rely on the mortgage professional's expertise to close the loan. This is crititical.  

You can see the article I wrote on Activerain about why you need a local mortgage profesional

 

  

Thea can be reached on her web site which is TheaSimolari.com or via telephone at 617.699.7692

I can be reached on my cell phone @ 617-615-9435 or via email at mike@mmahoney.com. If you are looking for a home, you can conduct your search HomesinBostonMass.com

 

Thea Simolari | The Mortgage Network on Renting Versus Owning in Boston

Thea Simolari | The Mortgage Network on Renting Versus Owning in Boston

This week I had the chance to speak with Thea Simolari of The Mortgage Network. Thea Simolari is an experienced senior loan officer. I called Thea asked to put together a sample mortgage sheet for a property I am selling in West Roxbury at 11 Cheriton Road which is part of Boston, MA 02132. This gorgeous tow bedroom two bath condo is located in The Washington Grove Condominium Complex and your guessed it, it is at the intersection of Washington Street and Grove Street. 

A sample rate sheet will illustrate a couple of scenarios on purchasing this condo that I have for sale. Thea commplied with my request and created a rate sheet for the listing in West Roxbury.  After receiving the rate sheet on this particular condo, I did a quick search for rentals in West Roxbury.  My conclusion was that you should not rent if you plan to be in a place for a few years. 

 

Download: 11 Cheriton Road West Roxbury Mass Mortgage Rate Sheet by Thea Simolari of The Mortgage Network

 

 

 

 

 

 

 

 

Rentals in West Roxbury and Why You Should Buy a Condo in West Roxbury

Yesterday, I ended up doing a search to see what the typical rental might look like as far as monthly rental payment in West Roxbury. I conducted a search for West Roxbury Rentals with a three month look back. I found that in the last 3 months there were 29 two bedroom properties rented in West Roxbury.  These two bedroom homes were on average rented out at $1650 month. There were rentals in West Roxbury all the way up to $3000/month. 

After realizing that rents were really high in West Roxbury, I called Thea Simolari back and asked a few questions about different mortgage scenarios. After hearing some of the options, it was clear to me that you would be better off purchasing a condo in West Roxbury rather than renting the average West Roxbury apartment at $1650 month. 

What Does Renting Versus Owning Look Like by Thea Simolari

 After a quick conversation, I realized that in the overall scheme of things it would actually be wiser to purchase 11 Cheriton Road in West Roxbury at full price rather than renting an apartment in West Roxbury for $1650 a month.  Your net cost of owning a gorgeous condo rather paying for your landlord's lifestyle was $300/month less than renting. 

I have provided a sample of renting versus owning model on this West Roxbury Condo below. 

 

 

 

 

 

 

 

 

 

Listen to Thea Simolari on Renting Versus Owning
I have added a video below where I interview Thea on the rent versus own conundrum.

 

How Much Money Do I need to Purchase a Condo in Boston

After realizing that one of things that stop people from purchasing is the fear that they need a lot of money in order to purchase a home or condo, I asked Thea how much would someone need in their pocket in order to close on condo in Boston. In the model above, if you were to purchase this Boston condo, then you would need about $13,000 in order to close on the property. This would be your downpayment plus closing costs. 

 I have attached the rent versus own worksheet that was prepared on the condo located at 11 Cheriton Road in West Roxbury and you can download this sheet to help prepare you for a home purchase in Boston.

Download: Thea Simolari on Renting Versus Owning in Boston

Thea can prepare these sheets for you at anytime for any property. Each loan and each property is a little different, but when you have an experienced Boston loan officer in your court, you will have the home team advantage. 

You can see Thea Simolari's Web Site Here

If you like my West Roxbury Condo at 11 Cheriton Road, please reach out to me at 617.615-9435 or if you are looking for a home in West Roxbury or a condo in West Roxbury, please see all homes and condos in West Roxbury here. 

Current Mortgage Rates from Ms. Thea Simolari of the Mortgage Network

Download now or preview on posterous

Mortgage Rate Sheet -2-11-11All- TSimolari.pdf (72 KB)

Here are the current mortgage rates. You can download the PDF file which was just sent to me from Thea Simolari of The Mortgage Network.

 

Attached are the Current Rates.  Rates are inching up...good time to call your buyers that are on the fence....

 

Mortgage Network now has an FHA 5/1 ARM..very attractive!

3.5% down ...1/5  Caps

 

I am around this weekend if you have any questions

Best regards,

 

Thea Simolari

Snr Loan Officer

NMLS #20914

Certified Mortgage Planning Specialist

Mortgage Network

 

Cell 617-699-7692

efax 617-751-4706

http://www.theasimolari.com/

 

Posted via email from Realtor Mike's Mahoney's Blog

5 Factors That Decide Your Credit Score

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

If you would like to see how to improve your credit score, you should see the blog post with Thea Simolari of The Mortgage Network

 

For more on evaluating and understanding your credit score, visit www.myfico.com.

 

Today's Hot Mortgage Rates from Thea Simolari of The Mortgage Network

I wanted to share w/ you todays hot mortgage rates for the week of 1/13/2010.
These come to us from Thea Simolari of the Mortgage Network.

Below you can find this week's rate sheet.
Download Mortgage Rate Sheet -1-13-11All- TSimolari

If you would like to get a pre-approval from Thea, you can begin the process right here

If you want to do a home search to see what is available, you can use my free real estate search here

Have a GREAT Weekend!

Mike Mahoney and Thea Simolari

 

Why would you flush Money? What you need to know! Really...A GREAT Interview

 

Snowy Day Call....Looking to make a change in your life by becoming a homeowner and not a renter? You need to listen to this interview with Thea Simolari from the Mortgage Network.  Thea is an expert in the mortgage industry. Listen to her view and perspective on the state of the mortgage industry.

January 11 2011 Thea Simolari and Mike Mahoney Conference Call -

You need to listen to Thea's awesome explanation on why waiting does not make sense, and she has the numbers to back it. You can review the PDF below which is used in the discussion.

While listening to the call please pull up the PDF below so that you can see what Thea is speaking about.  Download Mortgage Analysis Rent vs Own

If you would like to get a pre-approval from Thea, you can begin the process right here

If you want to do a home search to see what is available, you can use my free real estate search here

Have a GREAT DAY!

Mike Mahoney and Thea Simolari

Mortgages| Current Rates They are the Lowest!

From one of my preferred mortgage partners. GREAT RATES.

Thea Simolari

Snr Loan Officer

NMLS # 20914

Mortgage Network

 

www.theasimolari.com

Cell 617-699-7692

Efax 617-751-4706

 

  

Mike Mahoney

Realtor/Partner

617-648-3983

The NorthCompass Group | Guiding You Home

Keller Williams Real Estate

http://www.NorthCompass.com

 

Read my blog @ http://www.TheGreaterBostonVoice.com

 

 

 

Download now or preview on posterous

Mortgage Rate Sheet -10-8-10All- TSimolari.pdf (71 KB)

Posted via email from Realtor Mike's Mahoney's Blog

Amazing Opportunities for Home Buyers Nationwide, but More Importantly Here in Boston

by Michael Mahoney (contributor: TheGreaterBostonVoice.com)
Keller Williams | Boston Area Real Estate Agent www.MMahoney.com
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The other day, I wrote about  The 7 GREAT reasons to buy a home today, and I would like to continue with some more great reasons why now is a GREAT time to buy a home.

The reason I chose to continue to write about this topic is not to be self serving, but more importantly to eliminate some of the confusion about the real estate market. Yes, according to the TV advertisement, each market is different and you should consult a Realtor (a popular commercial aired by The National Association of Realtors). Every market is different, however the facts cannot be denied in most markets. Here are the facts:

1. You can get a good deal.This is true. There is typically more inventory than there are buyers. This will put the buyer in the driver's seat. Again, each market will vary, however if you work with a good real estate agent, they will be able to show the absorption rates, list to sales price ratios, days on market, and comparative properties before you head out over the threshold.

2. Mortgages are Cheap. Mortgages are the cheapest they have been in history. I am told that you can get a mortgage for around 4.3%. WOW! When I bought my home it was over 8%, and that was good deal. I know other real estate agents who have been doing this longer than me, and they can remember when it was 18%. Don't take my word for it, check out Bankrate.com, or call a trusted mortgage colleague of mine Ms. Thea Simolari of The Mortgage Network.

3. You will save on taxes.Yes, you read that right. You can write off the mortgage interest which will typically reduce your overall tax burden and you will also be able to write off your real estate taxes. Have you tried to write off your rent? Hmmm...I bet your landlord writes these off. Interesting right? Call me...I will show you the details.

4. The Property Will be Yours. No more landlord or landlord lady telling you what to do, Mr. and Mrs. Tenant.

5. You will be able to get a better home. Since the prices are low and the inventory is plentiful, you may be able to skip over the fixer upper and by something real nice. I am not saying you need to buy a mansion, but your choices will be better in this market than in a seller's market. However, don't let me discourage you. If you would like to have a mansion in Boston, have a look at homes in Boston over 1 Million Dollars...Please call when you have your checkbook ready. Don't worry, I can send you bank owned, and fixer uppers too...Just fill out this form and I will add you to the list of wrecks to choose from so you can fix it up and cash in your equity soon. NPR said the recession is over. That is what I heard on Monday, so you will gain that equity much faster. Alleluia!

6. It offers some inflation protection. Real estate has historically stayed ahead of inflation.

7. It's a Forced Savings Plan: You're just paying yourself by building equity. As a forced monthly saving, it's a good discipline.

This is mostly a rehash of The 7 Great Reasons to Buy Real Estate Today from the other day, however, The Wall Street Journal just released 10 Reasons Why You Should Not Wait to Buy Real Estate. You can see this Wall Street Journal article here.

I  have a GREAT report which outlines all of 7 of the reasons you should buy now. It was published by Keller Williams Realty. Please Download 7 Great Reasons to Buy Now

 

  

I have a GREAT report which outlines all of 7 of the reasons you should buy now. It was published by Keller Williams Realty. Please Download 7 Great Reasons to Buy Now

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What not to Do After You Apply for a Mortgage: An Interview with Ms. Thea Simolari

What not to Do After You Apply for a Mortgage: An Interview with Ms. Thea Simolari

Good morning,

 

Today is June 25, 2010, and I had the opportunity to conduct an interview with Ms. Thea Simolar of The Mortgage Network a couple of weeks ago.

 

The topic du jour  was what not to do and what to do after you’ve applied for a mortgage loan.

 

Over the course of the time I’ve been in real estate, I’ve seen many things happen to buyers who make changes in either their employment, if financial status, or the creditworthiness.  These changes ultimately affected their ability to close on their mortgage loan.

 

During this a 15 minute interview, if you will learn the ins and outs of what not to do if you’re making a home purchase.

 

As always, if you have  questions about a mortgage or real estate related matter, please call me at 617 – 648 – 3983.

 

If you of mortgage questions, or need finance related advice regarding a property purchase or a refinance please contact Thea @ 617-699-7692.
You can always visit Thea Simolari's web site @ http://www.TheaSimolari.com

 Download 6 11 2010 Interview with Thea Simolari on the dos and donts of applying for a mortgage


 

 

Thank you,

Michael Mahoney
Your Greater Boston Real Estate Agent
Keller Williams Real Estate
Partner / The NorthCompass Group
617-648-3983
http://www.NorthCompass.com

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