Do not give up if your offer is turned down and another person’s offer is accepted.  In today’s real estate market, there are so many variables that can unravel the completion of a sale.  If this is the property of your dreams, don’t despair.  You can tell your realtor to keep your offer as a backup offer.  By doing so, you may still become the happy owner!

Some factors that end deals are financing availability, contract conditions, and lawyers.  Although there is a lot of hype about low interest loans, these loans are still governed by stringent bank and government requirements.  It is a big step from a letter of qualification to a commitment letter and mortgage funding.

The Purchase and Sale Agreement by definition is an agreement between the parties to certain terms of the sale.  One common element is the mortgage contingency clause.  It is not unusual for a buyer to have difficulty in meeting the time constraints on this clause.  A failure at this stage could result in the nullification of the deal.

Many times the terms that are drawn up in the P&S agreement become sticking points between the parties or between the parties’ lawyers.  Inspections and Title 5 certificates also come into play.  Many sales terminate at this stage as well.

As you can see, in sports and in real estate negotiation, it isn’t over until it’s over!  Being in a backup position can be a very advantageous and rewarding place to be.

By Carolyn Pantazelos, Realtor, MDM Realty Inc.

A Little Real Estate Etiquette!

 
Today I received a poem in my email from a customer that said in short: “Thank you for your time.” I was filled with appreciation at the little sentiment that truly made my day. As realtors, we are often called last minute by people wanting to us to re-arrange our schedules to show them a listing they are dying to see and have no other available time other than that exact hour! Sometimes we make the arrangement to rush over there just for them to let us know they are late, or they have a buyer’s agent (even though we asked if they were working with anyone), or they just plain don’t like the house. Yes, this is unfortunate and even as a 20-year veteran, I try to be sure I get this all straight up front, it still happens from time to time. I guess that is just part of this business, the unfortunate part. If you are buying, or looking at houses and don’t want to be faithful to one agent, you are not obliged to. However, a few simple suggestions should be helpful:

1. If you are already working with a buyer’s agent and he or she is unavailable, you should not take it upon yourself to schedule an appointment and fib to the listing agent that you do not have a buyer’s agent. In some cases a listing will disclose that a buyer’s agent MUST be present on the first showing in order to receive compensation. Besides that, he or she should be doing his or her job and you should NOT expect anyone else to do it for them. If you end up liking the house you may be paying his or her commission!
2. Do not expect agents (or anyone for that matter) to be available at the drop of a hat. We are not all sitting around with nothing to do. We have families too and other obligations that are scheduled and we cannot always accommodate a showing on 1 hours notice. Neither can a Seller.
3. I often times see people calling every listing agent in town because they do not want to commit to one buyers agent. I have asked many of these people why they feel that this is a good idea. Most of them think that if they buy direct from the listing agent that will get a better deal because the commission structure will change. This is simply untrue. In some instances a seller may have negotiated a lesser rate if sold by one agent but in most cases the contract is for a specific % regardless of one agent or two. You will be better served if you have representation and the seller is paying the fee so why not take advantage of that.
4. Last but not least if you call an agent and schedule an appointment, be on time. Showing up half an hour late is not only rude but perhaps the sellers were planning on coming home and have other obligations as well. If you end up not liking the house and move on to something and someone else it is ok to do so, but when that agent that you called and asked to do something for you calls you back to ask for feedback the least you can do is let them know you are not interested but that you appreciate their time!

This is dedicated to all my fellow Realtors out there!

Five acres of complete gated privacy with over 350 feet of direct waterfront. This 7,000 square foot home is stunningly beautiful and offers only the finest in details. The 15×15 marble inlaid foyer spills into a grand entry with gorgeous bridal staircase and Brazilian cherry floors.

Inside there is fireplaced dining, 2 options for Master bedrooms with first or second floor living, Media room, Chefs kitchen with granite and stainless, 1^st floor study, 2^nd floor office, 4.5 full baths, 3 car garage and an open concept for entertaining. Outside you have a 990+ square foot deck overlooking the water, Tennis Court, and barn. Property is equestrian friendly and can be viewed by Private Appointment Only.

Selling your house? How to get the most you can in the shortest amount of time.

Remember back in 2004 and 2005 when the market was so hot? Houses were selling in a day and you were lucky if you even got the chance to bid sometimes. Even if you did get a chance to make an offer, many properties had bidding wars and went for well over the asking price. At that time I logged what was my most historic bidding war on a house that sold for $60,000 over the asking price! I know, you are thinking, who in their right mind would ever do that? Well if you price your home at such an advantageous number people will still outbid each other. Case in point (a true story), I had a house listing in Natick this past year. The house valued out to around $620,000. We could have gone to market at $629,900 or $639,900 and had many showings that eventually would land us an offer around $610,000 or so. We figured that at that price it would take the average days on market which was (if memory serves correctly) close to 90 days. We decided to go to market at $599,900. The house got so much attention we had a HUGE turnout at the first showing/Open House and had 4 offers by that evening all competing and all over asking. The highest bid was $620,000 and we sold the property in one day. You too can do the same thing. Market your house at a price that is so attractive you will be best in show. Your buyers will let you know it, and you will definitely get an offer, maybe even several!

Ok, we all know that asbestos is bad for you. In fact, it can and does cause cancer. However, I continually hear people say that after such a long time, it’s no longer active etc… Well I’m not sure where people get their information from, but you really should heed caution here! Asbestos is a CANCER CAUSING material. It takes only one fiber embedded into your lungs to give you mesothelomia. Asbestos is in many things, not just found on basement pipes. It can be in vermiculite insulation, siding that looks like it has ridges, small vinyl-looking tiles that usually measure 9×9 and some roofing tiles as well. It is very important that you identify potential sources of asbestos while doing homeowner repairs and have a professional remove and properly dispose of the product. This is extremely important because there are legal ramifications for illegally removing of and disposing this hazardous product. And guess what? Your neighbors will rat you out if you do!

I recently had a listing in a 2 unit condo building where the downstairs owner had put trash bags in the windows and had removed all the asbestos herself, stuffed it into garbage bags and took it to her parents house to dispose of. The neighbors had a hunch and called the EPA who immediately sealed off the area and started a very intense legal process against this woman. She unfortunately also illegally dumped the material at her parents’ house so she involved them in this mess too. The ironic part is that she was a REALTOR who worked for a big franchise company. The cost of removal and clean up in the end is less money than the legal ramifications and legal fees. You can go to jail!! If you are getting your house ready for sale and you think it would be a good idea to remove the asbestos from the basement so as to not concern buyers, THINK AGAIN! You will only create airborne dust particles of asbestos, contaminate your own home, put your family at risk and get into a lot of legal trouble.  So next you see something that you think is suspect, call a professional or you might end up in the clink!

For more information go to www.epa.gov/asbestos/

You have to kiss a lot of frogs to find your Prince!

Buying a house is much like making any relationship commitment. I was 29 (almost 30 shhhh) by the time I found my Prince and decided to get married. Prior to that of course we all have many relationships that falter for one reason or another. In house hunting, it really is the same premise. Each and every house you see will have some flaw that causes you to have a negative feeling about a property. When buyer agents fill out their feedback forms or call the listing agent with feedback, it is 99% of the time somewhat negative or they would be calling with an offer. Only one person can buy your house, so if your house has certain features that you love, don’t be emotionally scarred or defensive when the 9 out of 10 people don’t like it. This is just human nature. Instead take the feedback and see if there is anything you can do to improve that particular flaw. For instance if a buyer says, “I didn’t like the busy road,” you cannot move the property, but perhaps keep the rear shades open and the front shades closed. Try to highlight the back yard and have music playing to detract from traffic noise. If the feedback is, “The house smells of cat litter,” that is a good time to clean up! All that being said, it is not meant as a personal attack against you or your family. Feedback is a critical factor to a home seller and listing agent. If you don’t know what’s wrong, you cannot fix it. Of course at a certain price any frog can be a Prince.

SUNDAY January 22, 2012, 11:30am-1:30pm

Dramatic 3,600+ square foot contemporary on an amazing 2 acre lot near the Country Club. This fantastic home has many options for in-law or au-pair situations. 4 bedrooms, 3.5 bathrooms, 3 car garage, large vaulted ceilings, huge open spaces and an incredibly gorgeous private mahogany screened porch. Master bedroom has an enormous walk in closet, beautiful views, large bathroom with 2 showers and double sinks. If you love nature look no further. You will even make it home in time to see the Patriots beat the Ravens!!!!!

I remember when my first daughter went to kindergarten. I was so very proud of each tiny accomplishment. Every water color was like a little Rembrandt. I would display them, like every other parent in the world, on my refrigerator or somewhere in the kitchen. But after awhile it can get a little overwhelming, especially if you are selling your house. Let’s remember: not everyone has kids, not everyone even thinks that they are adorable, and in fact, some people have a “kid allergy” and really find them annoying. When you are selling your home, if you overdo the kid thing it can overshadow the selling features of your home inside and out. So here are a few ideas to tone it down a bit and make your house more appealing to everyone, even those who don’t have kids.

Kitchens: Please, please, please don’t leave every school paper known to man attached to the kitchen cabinets because you have run out of space on the refrigerator. Instead, go to Michael’s or A.C. Moore and buy a lovely frame to display one nice piece at a time. File the rest away until you move or until you are ready to weed them out. DO NOT leave baby bottles and Cheerios on surfaces like kitchen counters and high chairs, it seems unkempt and can really be an unattractive eyesore to say the least. People like to see clean kitchens so they can picture themselves eating and cooking there. I know it’s hard, especially when you have a baby, to be as tidy as you would normally be, but please don’t look like an episode of Kitchen Confidential. Keeping your kitchen refrigerator, cabinets and counters clean will highlight your kitchens assets, not hide them.

Living Room/FamilyRoom: Toys, toys, toys and more toys! Yes, I know they seem to breed overnight.  It’s almost uncanny how it happens, but moms, you know what I mean here. Try to pack some away, and leave out only the most played-with and necessary pieces. You can unpack them all one by one in your new place and it will make them new again. Doing this will make your living spaces seem larger without all that clutter. Remember, adults need space too, so make it look spacious.

Bathrooms: Ok yes, rubber duckies are cute but please don’t have a complete duckie bathroom. Try to make small changes to shower curtains, bath mats and soap dispensers to make the bathroom seem more age-appropriate for all. If you use your bathroom to dispose of diapers please keep that area clean or consider a diaper genie. Plug-ins aren’t a bad idea either.

Yard Area: Swing sets are common and actually show what a nice and workable yard you have. But if you have a sandbox overfilled with toys and every rubber ball know to man in the back yard, it’s a bit much. Again, clear this stuff out and put it in bins in the garage, this will not only make the yard look bigger but it will show great garage storage space as well. Instead of a million toys in the yard add a few chairs and a chiminea to show how nice your yard is to hang out in.

All this being said, I love kids, I have two of my own but when you are selling your house you need to keep it low key. No one says, “oh I can actually picture myself having friends over here” in the middle of a toy store. You want them to buy, not fly!

MDM Realty proudly welcomes Sharon to our family and team. A lifelong Framingham resident Sharon knows the Metrowest market inside and out and has been working in the real estate industry for 10 years. Sharon’s knowledge of the local market and area is an asset to anyone who is looking to buy or sell a home in the Metrowest area. If you are looking for someone hyper local please feel free to give her a call or post a message here of Congratulations on her new position.

There are many types of easements that can be pertinent to any property you may own or be looking to purchase. I actually have a large easement on my own property so I am aware of how it affects your day to day life, basically not at all in my case.

I remember about 7 years ago selling a house to a young couple who knew there was an easement in the back yard. They really did not pay too much attention to the details and I was representing the seller so I did not talk to them directly. The property had a town sewer line easement that ran in the back of the house in a parallel line. It ran all the way down the street and through approximately 15 houses that had the opportunity to tie in to the sewer that way. Apparently right before the closing they started asking easement questions and they went through the roof when they thought that someone could arbitrarily come by at any moment and rip up their lawn.

Well in theory yes they could come and repair the sewer line if ever needed, and believe me, you would want them to as well, but the vision of total destruction is inaccurate. They would also be obliged to return it to its present state. They have lived there now for 7 years and no one has ever had to touch the easement.

I wish Verizon had given me that same courtesy when Fios was installed in my street! Some easements are used more than others and finding out about all the details of those easements is the best way to determine how it will, if at all, affect you.

Easements can be for many things, access to water sewer or utility lines is probably the most common, however an easement can be as simple as a path in your back yard that your neighbor has an easement to walk over to get to the neighboring parcel. The most important thing to remember about easements is always ask about the “W’s”… Who What When Where and Why.

Who created the easement, what purpose does it serve, when was it created and why did they create it in the first place. After you have answers to these questions consult your Attorney to be sure you have a complete understanding of the “W’s”. If your easement is a path to the nearby elementary school and heavily used, you may want to consider that when deciding if that house is right for you.

In my case I have a large gas line from the Tennessee Pipeline that runs perpendicular to my house. Every two years they mow the area, and every month they fly over in a helicopter to check the lines. It basically all goes unnoticed and has had no affect on my day to day life. If you are selling a home with an easement try to have all the information about the “W’s” handy so that prospective buyers can understand the scope of the easement. You want them to be comfortable with it and make an offer on your house not panic and ease on down the road!