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Archive for the 'Buyer Info' Category
House Hunting circa 1916
House Hunting ca. 1916
I came across this poem tonight in a 1916 book of verse, A Heap ‘o Livin’ by Edgar A. Guest. Guest wrote many of the verses that appear on Buzza mottos from the teens and ’20s.
The poem tickled my funny bone – the home buyers are dreaming of the newest in amenities circa 1916. Though the amenities on today’s house hunters’ wish lists may be different the sentiments seem very familiar.
House-Hunting by Edgar A. Guest
Time was when spring returned we went
To find another home to rent;
We wanted fresher, cleaner walls,
And bigger rooms and wider halls,
And open plumbing and the dome
That made the fashionable home.
But now with spring we want to sell,
And seek a finer place to dwell.
Our thoughts have turned from dens and domes;
We want the latest things in homes;
To life we’ll not be reconciled
Until we have a bathroom tiled.
A butler’s pantry we desire,
Although no butler do we hire;
Nell’s life will be one round of gloom
Without a closet for the broom,
And mine will dreary be and sour
Unless the bathroom has a shower.
For months and months we’ve sat and dreamed
Of paneled walls and ceilings beamed
And built-in cases for the books,
An attic room to be the cook’s.
No house will she consent to view
Unless it has a sun room, too.
There must be wash bowls here and there
To save much climbing of the stair;
A sleeping porch we both demand –
This fad has swept throughout the land –
And, Oh, ’twill give her heart a wrench
Not to possess a few doors, French.
I want to dig and walk around
At least full fifty feet of ground;
She wants the latest styles in tubs;
I want more room for trees and shrubs,
And a garage, with light and heat,
That can be entered from the street.
The trouble is the things we seek
Cannot be bought for ten-a-week.
And all the joys for which we sigh
Are just too rich for us to buy.
We have the taste to cut a dash;
The thing we’re lacking most is cash.
FHA Loan Limits Restored
FHA Loan Limits Restored
Congress has just restored the higher loan limits for FHA loans. The loan limits had rolled back as of October 1st but are now back to the higher levels that had been in place since January 2009.
This means the FHA loan limit for Middlesex and Suffolk counties is back up to $523,750, rather than $465,750, for single-family houses. In these counties, the limit for a two-family house is $670,500 and for a three-unit property is $810,450.
The bill did not increase the loan limits for Fannie Mae and Freddie Mac-backed mortgages.
Questions about mortgages? Contact Kevin Greeley of NEMoves Mortgage.
When Your Lender Says Jump…
… You say “how high?”
And then you do what you’re told and answer what’s asked.
There’s no doubt about it – getting a mortgage isn’t an easy process. That’s certainly true nowadays. In fact it’s always been true – aside from applying for the no-doc loans of yore you’ve always had to provide plenty of documentation to get a mortgage.
Think about it – the bank is lending you 100s of thousands of dollars – often many 100s of thousands. No matter how entitled you feel to that loan, how stellar your credit is, how large your bank account, or how long you’ve been paying the mortgage on the property you want to refinance – the bank is going to need to thoroughly document your current finances and your financial track record.
Lately I’ve been hearing from many lenders that they’re getting lots of push back from potential borrowers. Borrowers get aggravated when they’re asked for documentation or they fail to turn in necessary forms and documentation on a timely basis.
This is not what you want to do if you want a mortgage.
Your lender has to jump through far more hoops nowadays in order to get your loan approved. Underwriters are more reluctant to sign off on things, appraisals are problematic (topic for another post!), regulations change frequently – and the changes almost always make things even more difficult.
So when your lender asks you for documentation get him or her what is asked for – quickly. When you’re asked to sign and return documents do so – quickly.
Organize your records. Don’t bring piles of papers to your lender and expect him or her to organize your paperwork. Go through the list of what’s been requested and put together your papers in an orderly fashion. Spend as much time and care on this as you would a job application or a tax audit.
Documents that your lender will ask for may include:
- Tax returns
- W2 forms
- Pay stubs
- Bank statements
- Canceled rent checks that show punctual payments
Your lender needs to verify your income, assets and debts. Be prepared to document the source of all deposits into your accounts that appear on your bank statements. You’ll need information about all of your investments. Unless you’ve been employed at one job for a number of years you may be asked to provide explanations about job changes, etc. If you’re starting a new job you usually have to have received a paycheck before you can get a loan. If you don’t have a credit history in the US be prepared to be asked for alternative evidence of payments to creditors.
Your lender will tell you what’s needed. Get what’s asked for as quickly as you can and you’ll be that much closer to moving into your new home or getting that amazingly low interest rate when you refinance.
What Do I Need to Bring to the Closing?
What do I need to bring to my real estate closing?
If you’re buying or selling a house or a condo in Massachusetts you’re probably wondering what you need to bring to the closing.
The real estate ”closing” is sometimes referred to as “passing papers” – and no wonder – if there’s a mortgage involved there’ll be a lot of papers getting passed around the table. Nowadays, selling a house or condo in Massachusetts involves a great deal of paperwork. So come to the closing table with a limber wrist – you’ll be signing your name over and over. Here’s what else you need:
What Do I Need to Bring to the Closing When I’m Buying a House or Condo in Massachusetts?
Photo ID – you’ll need a photo ID – usually a driver’s license or passport. It’s not a bad idea to bring a second form of ID since every so often a lender asks for a 2nd form of identification
A Bank Check – Unless you’ve arranged in advance to wire the funds you need for the closing you’ll need to get a bank check (aka a treasurer’s check) for the money you need. This is not the same as a personal check from your checkbook.
Your attorney or her paralegal will tell you the amount you need a day or so before the closing. Ask how the bank should make out the check – typically you’ll be asked to have the bank make it out to you. At the closing you’ll sign the check over to the lender.
Your Checkbook – It’s not uncommon to need to write a small check at the closing – perhaps an adjustment is made on the settlement statement, a charge has been omitted, or the amount of your bank check was estimated. More and more often people aren’t carrying a checkbook so be sure to bring yours with you.
Your attorney or lender may require you to bring something else but these are the must-haves at every closing.
What Do I Need to Bring to the Closing When I’m Selling a Condominium or House in Massachusetts?
Your job as seller is much easier at the closing – you’ve only a few documents to sign. Here’s what you’ll need to bring:
Photo ID – a driver’s license or passport
Your Checkbook – Usually you’re getting the check, not writing one, when you’re selling your property. But just in case some small adjustment needs to be made it’s a good idea to have a check or your checkbook with you at the closing.
The Keys – You’ll be passing along the keys to the new owners. Don’t forget the mailbox key and the garage door clicker (or leave them in the house or condo).
Ask your attorney if there’s anything else you’re required to bring.
A Momentary Pause
Away Goes the Rabbit - and Back to Work We Go
Whether they celebrate the holiday or not, Easter provides an excused absence for Cambridge real estate agents – the last day until Memorial Day to grab a day off in the spring real estate market.
For buyers, it’s a bit frustrating because relatively few new properties are listed for sale the week before the holiday.
Not to worry – this week and next there’s likely to be plenty of new listings coming on the market to make up for the week off.
I’ll be back with my favorites from our Wednesday preview – it should be a long tour!
Cambridge Condo Styles
If you’ve decided to buy a condo in Cambridge MA you’ll want to think about what style of condo you prefer.
Cambridge condo styles include lofts, townhouses, luxury condos, condos in buildings, and units in converted two and three-family houses.
It’s often a good idea to look at several condo styles when you first go out with your agent to visit properties. You’ll fairly quickly determine which style of condo best suits your needs and preferences.
Cambridge Loft Condos
Cambridge Loft Condos
Cambridge has a number of condo complexes in converted industrial buildings. Many offer very finished spaces with kitchens outfitted with granite counters and high end appliances, new hardwood floors and finished walls and ceilings. In other lofts the space is more raw. Condo buyers who are looking for wide open layouts and soaring ceilings will want to look at Cambridge loft condos. In 2010 Cambridge lofts sold for $318,000 to $671,000.
Cambridge loft buildings include:
155 Brookline Street Cambridge MA
147 Sherman Street Cambridge MA
Cambridge Townhouses
There are many townhouse complexes scattered around Cambridge, most built in the last 35 years or so. Some associations are comprised of just two or three townhouses while other complexes have many more units. Rooms are laid out on two to four floors and many have garage parking on the first level. Often there will be some outdoor space – a private patio or small enclosed yard, a deck or two, perhaps a private roof deck. Townhouses offer some of the largest condos in Cambridge often with three bedrooms and two or more baths. In 2010 Cambridge townhouses sold for $329,000 to $1,435,000.
Cambridge townhouses include:
Valentine Place in Cambridgeport
Luxury Condos In Cambridge
Luxury Condos
Luxury is a bit hard to define – not everyone describes it in just the same way. There are a number of luxury buildings in Cambridge that offer high end amenities including concierge service, indoor pools, valet parking, etc. Several are located in East Cambridge near Lechmere and close to Boston, others are near or in Harvard Square. In 2010 the most expensive luxury condo in Cambridge sold for $4,250,000.
Luxury condos in Cambridge include:
130 Mount Auburn Street Cambridge MA
Condos In Buildings
When you’re thinking of buying a condo in Cambridge one of the first decisions to make is whether you prefer to live in a condo in a building or a condo in a house. Cambridge condo buildings range from wood buildings from the late 1800s with six to twelve units, to classic brick converted apartment buildings of the early 1900s, to modern buildings built from the 1970s to the present. Each has its particular charms. Some prefer the classic architectural details of the older buildings while other condo buyers seek the modern conveniences available in the newer buildings. In 2010 the median price for a Cambridge condo in a building with ten or more units was $395,000.
Here’s a small sample of Cambridge condo buildings of various vintages:
19 Chauncy Street Cambridge MA
88 Hancock Street Cambridge MA
Cambridge Condos In Converted Two and Three-Family Houses
Condos In Houses
A large share of the Cambridge condo inventory consists of condos in two-family and three-family houses. Some of these multi-family units remain in close to original condition while others have been thoroughly renovated, sometimes transformed into modern spaces that previous tenants would barely recognize.
Typically, the condos in three families, or triple deckers as we call them, are of equal size. Some two-families have units of equivalent size while others have a smaller unit on the first floor and a larger two-level unit on the second and third floor. Another layout is what’s referred to as “Philadelphia style” in which the first floor unit has a staircase leading to a room or two on the second floor. The median price for a Cambridge condo in a two or three unit association in 2010 was $470,000.
Cambridge Condo Styles was written by Elizabeth Bolton, a Cambridge real estate agent with Coldwell Banker. Would you like some help with your search for a condo in Cambridge? Give Liz a call at 617-504-1737 or send her an email.
Should I Buy A House Or A Condo In Cambridge?
Houses vs Condos In Cambridge
When you’re thinking about buying real estate in Cambridge MA or nearby one of the first things to consider is whether you want to buy a house or a condo.
Condominiums are a well established part of the real estate market in Cambridge. There are far more condos available than single family homes. How to decide to what’s right for you?
Prices of Condos vs Houses In Cambridge
In Cambridge price is often the most important factor that determines whether you’ll focus on condos or single families. The median single family home price in Cambridge last year was $860,750. By comparison, the median price for Cambridge condos was $425,000.
The condition and level of renovation you’re hoping to find in your new home will also influence whether you buy a house or a condo. At any price point you’re likely to get a more renovated condo than house.
Price aside, what else should you think about when deciding if a house or a condo is right for you? Much has to do with your disposition and what makes you happy when you come home.
Single family houses may be right if:
You’re the independent sort – you’d rather make your own decisions and make your own choices about how to spend your money
You want a yard – you’re more likely to find your own private yard with a house
You want more space – a house with a cellar, perhaps even an attic, will typically give you more room to spread out
You want more privacy – you’re happiest without neighbors above, below or beside you.
Condos may be the choice for you if:
You’d rather share the responsibilities of home ownership - Owning a condo isn’t the same as renting – there’s no landlord to call – but even in the smallest associations you have fellow owners to share upkeep and maintenance projects.
You don’t want to think about yard work, exterior maintenance, etc – In larger associations there will be a board of trustees, a management company, perhaps even full time staff. You won’t have to be involved in the day to day responsibilities at all.
You’re away from home a lot – If you travel or work long hours there’s a certain comfort in knowing that there are people back home who might notice if something is amiss.
Buying A Home In Cambridge
Is buying a home in Cambridge one of your New Year’s resolutions?
If it is, you’ll want to keep coming to back to Centers and Squares since we’ll be running a series of posts this month on what you need to know to make your Cambridge home buying process smooth and successful.
There’s so much to think about when you are starting your search for a house or condo:
- How do I get pre-approved for a mortgage?
- How much can I afford to spend for a house or condo?
- My lease ends in June (or August, or whenever) – when should I start to look for a place?
- Should I buy a house or a condominium?
- What kinds of condos are there in Cambridge?
- What happens during a home inspection?
- How much money do I have to put down?
- How long does it take to buy a house in Cambridge?
- What do condo fees cover?
- Do I need a lawyer to buy real estate in Cambridge?
- What will I get for the money in [fill in the blank] neighborhood?
- When do I get to move in?
and on, and on.
We’ll touch on all of these questions and more in the next few weeks. And if you’re moving to Cambridge from out of state we’ll answer your questions too – tell you about Cambridge neighborhoods, transportation, places to stay while you’re house hunting, where the best gyms, supermarkets, stores, etc are, and more.
If you have questions that you want addressed please feel free to leave a comment below.
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