Mortgage Contingency

Most of us aren't paying cash for our homes these days.   We need to secure a mortgage from a lender.    In order to secure the mortgage, you must have a purchase and sales agreement on a home.    For that reason, we have come to accept  a "mortgage contingency clause" as reasonable part of the purchase agreement.   

What exactly does this mean?  

The mortgage contingency clause protects the Buyer's deposit while the Lender researches the Buyer's qualifications and the home's value supported by an appraisal.   This process can take a few weeks.   Normally, during this time the home is "off the market."   

After review, the Lender will either issue a "commitment" or a "denial"....

The commitment, formal and in writing, means both Buyer and Seller can breathe easy and  can move ahead with the purchase of the home..... 

If one receives a "denial", the Buyer MUST provide a "letter of denial" from the Lender, and then ask for a release of his funds.  The home goes back up for sale.

Because of the mortgage contingency clause, most Buyer's will seek out a "pre-approval" from a lender prior to offering on a home.     This way they know in advance that they are likely to secure financing and exactly what their purchasing power is...  and, the Savy Seller will request to see a "pre-approval" on the Buyer before accepting an offer on their home; taking it off the market while the formal process works itself out.

This "pre-approval" process is the reason we don't see that many denials. 

Need a lender referral or help with purchasing a home?       cal@alandcal.com

Check out this home for sale! 96 Bent St., Franklin, MA 439,900

Regardless of Whether or not we get Weather!

Not to jump on the OMG the sky is falling, "we might have a hurricane band wagon", it probably does make sense to take a few minutes each year to inspect parts of our property and around it that we don't necessarily think of.  

These might include your roof shingles, chimney, gutters and downspouts, tree limbs, utility lines, drains and pipes, doors & windows, (latches and seals).  

.....If all those are looking good... then, okay, run out for that milk and bread!   

Here are a few good tips offered by House logic..

http://www.houselogic.com/news/articles/look-three-ways-prepare-severe-weather-events/


and ... to keep an eye on "Earl"

http://www.nhc.noaa.gov/graphics_at2.shtml?5day  

A Preview of my 1st "Commuter" OH, tonight, Thurs 8/26 5-7 pm. 90 Qunicy Shore Drive, Quincy, MA

   

30 Days Late? - Don't Wait! Pick up the Phone!

It could happen to any of us in these tough economic times.   All it takes is being laid off or receiving an unexpected medical bill....

The very stressful and emotional situation of falling behind on a mortgage payment by just 30 days can and may start the forclosure process to begin on your home!  '

For many, there is help out there....  It's a matter of knowing where to turn and what to say....

For those that have equity in their home, and can't work out a modification, get it on the market!    If you don't have equity and can't work out a modification, a "short sale"  may be the solution.    In either case, Pick Up The Phone..... call a Realtor and get that home on the market pronto.

Call your lender .. discuss the situation, see if you can work something out.    Speak to the loss mitigation department, take notes and names.   It can be tough dealing with these folks.    They are overwhelmed too.   Be persistant...  you may have to call several times.

Call a non-profit counselor.   Try 888-995 HOPE or the Hud.gov website.    They can help ..   This is what they are there for!      Pick Up The Phone!

I know it's a tough situation and for most and an embarrassing one.... no one buys a house with the intention of falling behind...   but, it's happening all around us.     

Do not hesitate to reach out!    It just doesn't make sense to put your lender in the driver's seat here!    

Investigate.   You may have options.     The key is to act quickly!

Info for those of you who heat by oil... A new MA Law

This seems kind of ridiculous given the scope of what's happening in the Gulf.... but I get it.... and guess it's a good idea .....

In a nut shell....

.....A new MA law designed to prevent leaks from tanks and pipes connected to your furnace requires an upgrade to your oil heating system equipment by September 30, 2011.  

There are two major provisions:

• an installation of either an oil safety valve or an oil supply line with protective sleeve on systems that don't currently have them
• insurance companies to offer coverage for leaks from oil heating systems

So, what exactly does it mean?

         If you heat by oil, you'll probably need the upgrade..... can't do it yourself....   needs to be done by a licensed professional....

And..., what's it going to cost?

        A conversation with my "go to" oil burner tech, Rich Palmieri, (Palmieri Mechanical.. 508 958-0523)..  reveals that,  it won't be a major expense to have this done.... ball parking.... up to $350 or so, depending on your system...

A good idea considering the cost to cleaning up a leak if one should happen..... 

hmmmmm.............don't you love that they are always looking out for the little guys??  

for more info... check out    http://www.mass.gov/dep/cleanup/laws/hhsl.htm  

Metro-West / Boston... A beautiful place to live!

I've been selling real estate in the area for the past 24 years... all the while, thinking that I knew the area so very well...

Last year, my friend, Dee and I decided to rent a couple of kayaks to check out the Charles River.   Of course we were hooked...  
Found a couple of kayaks to call our own, we decided this year that we would attempt to paddle the entire river...  Now, what we find is something really special!   Right here in our own back yards is an unbelievable escape from the stress of our day to day lives....    you can get on the river anywhere from Hopkinton to Franklin, to Norfolk, Millis, Medfield, Dover, or Natick all the way to Boston..  The experience is something like being in the woods of NH or ME ... a blood pressure lowering experience for sure!...

.... uninterrupted nature, beautiful scenery, amazing wildlife, and pieces history that tug your imagination at every river bend....  Imagine as after you pass thru Rocky Narrows... before you get to the train bridge... King Philip's watchful eye on you from his lookout high above!

We live in such a beautiful area with the ocean, the mountains and city life all within a short reach...  here is another breathtaking reason for living here where we do...

I urge you to check out the Charles by kayak or canoe....    you can rent from Trish at "The Charles" on Medfield/Millis 109 line (508) 734-0052...  or Charles River Canoe and Kayak....   Natick, Newton, Boston....   I'm sure there are other places too.....these are easy to get to ... 

Get ready for a new look at the Metro West / Boston area!  

I'm around all weekend...if you have any real estate needs, give me a call....