Straight talk about Real Estate from Judy Moses, queen of no nonsense, tell it like it is, advice that you will really use when making the biggest purchase of your life.
Judy had 2 Brookline properties close yesterday so I thought I'd share the sale information.Plus, she has a gorgeous new listing in Jamaica Plain, pondside, totally renovated. It's a 3 bedroom condo for $519,000. Tell any family or friends who might be interested and watch the YouTube video below. Visit PathwayHome.com for more information or email Judy.
I thought I'd share the video of Judy's newest listing in Newton Highlands. It's a 2 bedroom condo in move-in condition. Lots of good stuff like central air and garage parking, plus it's just a stone's throw (I'm not exaggerating) to the Newton Highlands T, shops, restaurants. It's a truly great location.
This featured listing is a 2 bedroom, 2 bath condo at Newfield Woods in West Roxbury, right on the Chestnut Hill line. It has been meticulously maintained, has garage parking and an elevator for added convenience! Really pretty setting with easy access to shopping, restaurants, Medical area, Boston and major highways.
The home buying process can be either a smooth sail to your promised land or the Poseidon Adventure. The route it takes depends on the team of professionals you enlist to help you navigate your course.
Your dream team ideally will contain 5-7 housing professionals: A real estate agent, an attorney, a mortgage lender, a home inspector, a pest inspector, possibly a lead paint inspector and an insurance agent. With these key people in place, you should have your needs covered.
I recommend you recruit a Realtor to begin building out your team. I suggest you begin by asking for referrals. Have any of your family, friends or coworkers recently purchased a home? Did they use an agent? Were they happy with the service they received? I recommend you look specifically for a Realtor, and not simply a real estate agent. Agents are required to pass the state licensing exam, operate within the state laws and pay the state license fees. Realtors do all that and more: they must adhere to their own code of ethics, over and above the state requirements.
Once you have the name of a Realtor, I suggest you set up a preliminary meeting.
During this meeting, you will learn more about the agent and the home buying process. Hopefully, after the meeting, you will be able to determine whether this individual is one whom you can trust to help you achieve your home ownership dreams.
Some factors that you may want to consider: how long has the Realtor been in business? A more experienced Realtor will be unflappable if an issue arises during the process. Issues always arise; it comes down to getting them solved, and getting you moved!
Will the Realtor provide you with references? Is the Realtor trained to represent you as a Buyer's Agent? If so, the agent should have earned one of the following educational designations: 'ABR' - Accredited Buyer Representative or 'CBR' - Certified Buyer Representative. How will the agent assist you in the process? How will the agent be paid for her services? Typically, the seller will pay the agent from the proceeds of the sale, so you will not incur out of pocket expenses for your Agency representation.
Before you even begin looking at properties, a seasoned Realtor will suggest that you speak with a mortgage lender. The Realtors know that savvy homeowners will require a prequalification or preapproval letter from a lender before they accept any offer and remove their property from the open market. So, it pays to get this out of the way before you start your search. An added benefit is that the mortgage representative has access to the most recent rates and closing costs, and can translate this to a monthly housing cost for you. I suggest you ask the Realtor for recommendations of reputable, experienced mortgage representatives who offers competitive rates.
In order for any documents regarding real estate to be legally binding in Massachusetts, they must be in writing. Thus, it is a good idea to have an attorney selected in advance to help manage and explain the contracts. It is important that you select an attorney who specializes in real estate. Your lender will be using an attorney to handle the closing. You may choose to use this same attorney to help you with the Offer to Purchase Real Estate and the Purchase and Sales Agreement. Again, your Realtor can make a recommendation based on the attorneys that are approved by your lender.
If you use a Buyer's Agent (and I recommend that you do), the agent can give you the names of home inspectors once you identify a property. Agents who represent the seller can not recommend home inspectors to you. You may also want to ask for recommendations from friends who have recently purchased homes.
These inspectors must be members of licensed. Be sure you know how they charge (by the job or the hour?) and when and how you can expect to receive their written report. You may want the inspector to place radon canisters in the property to test for the presence of radon as well. It is an additional cost, but one well spent.
It is a good idea to schedule a pest inspection during the time the home inspection is in progress. You should hire a licensed pest inspector. Again, referrals are the way to go. Usually, if termites occur within a year of the inspection, the company will treat your property free of charge. .
If you are concerned about the presence of lead based paints (you are purchasing a home built before 1978, you have a child under 6, or you are purchasing rental property), you should enlist the services of a licensed lead inspector.
Before the closing, the lender will require that you produce an insurance binder, so you will need to connect with an insurance agent. Again, ask for referrals. If you are purchasing a condominium, I recommend you use the company that carries the master insurance policy. That company will know where the condominium policy coverage ends and where your personal policy needs to begin coverage. For example, in the event of a fire, who must replace the inside walls: the unit owner or the condominium association?
If you assemble this team of experienced professionals based on referrals from family, friends and your Realtor, you will be well on your way to making home ownership a reality!
Send us a picture of your kids or your pets in their Halloween costumes. Winners will receive prizes! Email JudyMoses@JudyMoses.com. Write Halloween Costume Contest in the subject line.
Entries are due by November 3rd. Winners will be chosen on November 7th.
You'll find Judy's shoot-from-the- hip, tell-it-like-it-is approach to real estate is refreshing. Plus, she's been in the business for 20 years and has been through the 'cycles' before. Her talk is backed up by years of experience.
When you make a decision to buy a property, whether it is a primary home, a vacation home, or an investment property…does the real estate agent represent you in the transaction?
Agents do not automatically represent consumers who call them to see property. The agents do, however, have an obligation by Federal and State Law to review the options of representation available to you at your first meeting to discuss a particular property.
If you visit an open house, you will see a sign prominently displayed to inform you that the agent represents the seller, not you. You are considered the 'customer'. The seller is the 'client'. The agent must be honest to you, and disclose any known, material defects of the property. However, the agent's fiduciary duties rest with the seller.
What are fiduciary duties? They are the same obligations that attorneys owe their clients. If you choose to have an agent represent you, that agent owes you the duties of obedience to lawful instruction, undivided loyalty, disclosure of material defects, confidentiality, full accounting for funds and reasonable care. Your interests become paramount to the agent. The fiduciary responsibility remains after the transaction ends - after you have found a property.
What does this mean to you, and how do you choose the form of representation that suits you? That will be clear as we discuss your agency options in MA real estate.
When you meet a real estate agent, the agent should give you a form that describes agency representation available to you. The agent should discuss the options so you can make an informed decision.
You can choose to be unrepresented. That means you are considered a customer, and the agent's only responsibility is to be honest and disclose any known defects of the property. If the agent is the listing agent, then the agent represents the seller. The agent can not help you negotiate against the seller, her client, so…keep your cards folded! Nothing is confidential. Actually, the agent has an obligation to tell the seller anything she knows that could help her client negotiate against you.
If the agent is 'showing you around' and does not represent a seller, the agent still does not represent you. The agent is simply considered a 'facilitator' -she represents neither party. She must present properties honestly and accurately but, she can't assist either party in the negotiations.
You can choose to have an agent represent you as a client. The agent will owe you the fiduciary responsibilities mentioned above. When you find a property, the agent will prepare a market analysis and provide you with information to help you determine a negotiating strategy. Since the agent represents you, the agent's purpose is to help negotiate the best price and terms for you.
If your buyer's agent works for the firm that holds the listing you are buying - that agents is your designated agent. This means that the firm has designated another agent to represent the seller. There are two clients in one firm - each represented by an agent in the firm.
If your buyer agent also holds the listing you want to buy, the agent becomes a dual agent - she represents both clients in the transaction. In this position, the agent cannot fully satisfy all fiduciary obligations. For example, the agent can't help the parties negotiate against each other.
If you are in a designated or dual agency situation, you will be informed in writing by the agent involved.
At Pathway Home Realty Group, Inc., we act as 'single' agents. We represent both buyers and sellers, but never in the same transaction. We never act as designated or dual agents. Our clients receive 100% representation, all the time. Instead of being represented by only one agent, all agents in the firm represent our clients.
We have chosen this path because it gives our clients the benefits of all our knowledge and it ensures confidentiality. An agent will never inadvertently disclose confidential information about a client that will later be used against her in a negotiation(for example, that a client has a job transfer or divorce and MUST sell her home.)
At Pathway Home Realty Group, we know it's your move. Call us to receive the representation you deserve!
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