Lisa Coates Residential Home Sales Specialist

Buying a Distressed or Foreclosed Home in Boston

For many buying buying your first home is a very challenging experience. You ask advice from friends, colleagues and relatives. Everyone seems to have an opinion. Some say focus on New Construction, others say find an established Condo with low condo fees still others may offer up advice to buy a distressed or foreclosed home.

Today we're going to focus on buying a distressed or foreclosed home. What to expect when you decide you want to take advantage of the low sales price.

• If the property is bank owned, it is NOT advised to put in a low ball offer. The bank has taken the time to hire at least 3 very experienced local agents to provide them with a Brokers Price Opinion based on the size, location and condition of the home. They then hired a highly qualified listing agent to market and sell the property. By placing a "low ball offer" you are disqualifying yourself and the risk of losing the property to a much more savvy buyer.
• Unlike buying a "Short Sale" or "Owner Occupied Home" that has been treated with love and attention, these homes are usually the result of a lengthy process which started in most cases a year ago with a Notice of Default and then escalated to an foreclosure and eviction. The former owner may or may-not have had the funds to do some of the required maintenance on the property and if they did had time to remove any improvements before they left the home.
• Since it is the winter, most of these properties will not have heat or running water - if you decide to place an offer and it is accepted it is your responsibility to have the property dewinterized and winterize for the home inspection
• If the property is priced to sell - expect to go into a bidding war and remember the person with the least amount to finance and strongest pre-approval will usually win. Next to first in line who is usually the "Cash Buyer" So, if you have only 3% to put down and ask for a closing cost credit - even with a full price offer. In the banks eyes this is a "Weak Offer"
• Properties being sold under $50,000 will not qualify for a mortgage, if you are considering this type of property you will most likely have to buy with cash. And I suggest going to the bank BEFORE making the offer to find out if you qualify for a personal loan. Again, if the bank reads it's subject to financing they will most likely move to the next offer without this contingency.
• Don't expect the bank to provide any information about the property, they have never occupied it and therefore do not know about the roof, pipes, if the appliances work or neighborhood.
  
• In most cases the bank will not consider a "203K Mortgage" when reviewing offers, please consult with your buyers agent if you are planning this type of financing. It's a long and arduous process and the bank usually wants the property off their books as quickly as possible.
• If your offer is accepted and you preform a home inspection - do not assume the bank will preform any maintenance to the property if flaws are found. Most properties listed and sold by the bank are done so with "As Is Condition" clause.
  
• If you plan to occupy the property after you purchase it, please plan in advance to home shopping and budget how much you can spend to make this property yours. I suggest at least $50,000 unless you're lucky enough to find a "Mint Condition Property" but in most cases these homes need More than Paint, and cleaning. Discuss your plans with your buyers agent so they can help with the selection of appropriate homes that will fit your budget

Distressed Condos

This is another subject When considering the purchase of a distressed or foreclosed condo. It's important to know the financial stability of the condo complex. If you're a first time buyer seeking MA Housing or FHA financing, the following must be in place for your bank to consider the purchase

• Is the owner occupancy at least 51%
• Has the complex been FHA approved?
• Does the complex have at least 20% of the annual operating expenses in the reserve?

If the complex is not at least 51% owner occupied wheather it's a distressed, foreclosure or resale, this can be a challenge for FHA and MA Housing. Consult your mortgage broker for more information.

For more information or representation when buying a distressed or foreclosure in or around the Boston area. Feel free to contact me direct.

Reasons to Buy in Lexington MA

Lexington Massachusetts is one of my favorite towns. As one of the largest in area Lexington borders Woburn, Burlington, Winchester, Arlington, Waltham, Lincoln and Bedford. At the time this article was written January 20, 2011. Lexington has had over 135 real estate transactions in the past 6 months. This represents apx. 33% more sales than Burlington and Woburn.

Lexington is renowned for it's public school system which includes 6 elementary, 2 middle and high school. It's been ranked 304th in the nation by Newsweek.

This small town has strong roots in American History with one of the most predominant landmarks located in the town center known for the Battle Green, where the battle was fought and the statue of the Minute Man sits now.

Lexington is also home of the 900 acre Minute Man Park and the National Heritage Museum, which exhibit American History and Popular Culture.

Locals enjoy shopping at Wilson Farms opened in 1884 and is still a thriving local farm stand patronized by many residents from all over Massachusetts for its fresh fruits, vegetable's, cheeses and breads.

In addition to these fun facts Lexington's home values are remained strong through these turbuliant times.

I invite you to searh for homes currently available in Lexington at Irresistiblerealestate.com

Lexington Market Report July 20, 2010 - January 20, 2011

Single Family Homes and Condos Currently on the Market 97

Lowest Price $189,000

Average Price $982,374

Median Price $799,000

Highest Price $2,689,000

Single Family Homes and Condos Currently Under Contract 33

Lowest Price $225,000

Average Price $875,412

Median Price $725,000

Highest Price $3,500,000

Single Family Homes and Condos Sold 171

Lowest Price $215,000

Average Price $749,449

Median Price $699,000

Highest Price $2, 650,000

If your considering moving to Lexington, don't leave this decision to chance. Contact me at 781-518-1280 or email Lisaknowsre@gmail.com and put my experience to work for you.

Homes for Sale in Burlington Massachusetts

Burlington is one of those towns that is a shoppers paradise with one of the largest Simons Malls in Massachusetts that offers residents the convenience of a short commute to obtain those last minute items for the home, special occasion or Black Friday indulges.

More than that Burlington has a Starbucks, several Dunkin Donuts and various options for acquiring your groceries like Rouche Bros, Shawa and the newly opened Market Basket on the Middlexex Turnpike. Retailers didn't just think of the everyday items you may need but also those large ticket items so they invited some of the most popular auto dealerships. Included in this list Honda, Audi, Porche, Kia and not far away in Woburn Toyota, Cadillac and Nissan plus numerous smaller muliti brand dealerships including foreign car sales, service and repair shops.

For the commuter you can't ask for more Burlington is strategically located on I95/ 128 and intersects Rt 3 North to I495 and points north to New Hampshire. Thinking of location Burlington is located only 12 miles northwest of Boston and borders Wilmington, Woburn, Lexington, Bedford is about a hour to Rhode Island, a half hour to New Hampshire and around 20 mins to Boston

Burlington offers 6 public schools and one hgh school a technical school and a few private schools. It is also home to Northeastern University and Bay State College.

Burlington is also home to some big names in business like Oracle, Nokia, TD bank, SunGaurd, Sap, AG and Lahey Hospital and Medical Center.

Although Burlington boarders Lexington to the West the home prices are substacially lower which make this town especailly attractive to people that like to live close to work or in a subrban atomosphere.

Home Sales Burlington July 19, 2010 - January 19, 2011

This report included Single Family - Mulitfamily and Condo's

Total Number of the above properties availabe January 19, 2011 56

Lowest Priced Property $149,000

Median Price $384,999

Average Price $463,331

Highest Priced $1,174,900

Number of Properties with accepted offers as of January 19, 2011 16

Lowest Priced Property with offer $134,900

Median Priced $374,900

Average Price $428,050

Highest Priced $784,900

Since July 19, 2010 Homes Sold 90

Lowest Price $134,000

Median Price $387,750

Average Price $401,905

Highest Price $780,000

Average time on Market for Sold Homes 94 Days

As you can see Burlington has a limited number of available properties. Don't leave the purchase or sale of your new home to chance. Contact a area specialist like myself. CLick any Image for Instant Access to MLS or Visit Irresistiblerealestate.com

Homes for Sale in Arlington Massachusetts

Considering moving to Arlington? This quaint town is located just 6 miles northwest of Boston and boarders Cambridge, Winchester, Somerville, Medford. Lexington and Belmont. Just minute to Harvard University, MIT and the Minuteman Bike Trail have made this town a Top Pick for many frugal home buyers that desire being close to the City while at the same time the feel of a small suburban town. Each summer local farmers and craftsmen bring their wares to the town center on Wednesday for the famous "Arlington Farmers Market" an event that shouldn't be missed.

Arlington Market Report July 18, 2010 - January 18, 2011

Singlefamily - Multifamily and Condos 95

Average Days on Market 129

Median Home Price $399,900

Average Home Price $462,974

Currently Under Agreement 35 Properties

Average Time on Market for Pending Properties 115 Days

Homes Sold in the Last 6 Months 253

Lowest Price Home Sold $123,000

Highest Priced Home Sold $975,000

Median Sales Price $480,000

Average Sales Price $489,650

For more information feel free to contact me direct or visit my site to view all the Wonderful Homes for Sale in Arlington.

Home Buying in Woburn Massachusetts

As of this morning January 17, 2011 the housing market in Woburn is very strong with a stable supply of homes for sale and suave buyers attracted to the small town located less than 15 miles from Boston. You can find anything you want from Single Family Fixer Uppers starting at $89,000 to Move In Condition Perfect for 1st Time Buyers at $249,000. If doing your own maintenance isn't for you this quaint town offers 1 Bedroom condos $129,000 - $150,000 that are NOT SHORT SALES and 2 Bedroom Condos start at just $155,000.

If New Construction is your taste Woburn shouldn't be over looked we have some of the nicest homes around starting at only $449,000.

Seeking a Investment? Why not consider buying in Woburn? Multifamily homes in this town start at $249,000.

Located just off of both I95 and I93 with neighboring town like Burlington, Winchester, Stoneham, Reading, and Wilimington. Woburn offers you a new Commuter Rail Station, Logan Express, cute Main Street with amenities like shoe repair, international dining, a new sports club,

Thinking of relocating, downsizing or selling in your home in Woburn? Here are some interesting statics

Currently Woburn Has 112 Single Family, Condo and Multifamily Homes for Sale

The Average time on market for these properties is 149 Days

At the same time 24 Homes Currently have Accepted Offers

And over the last 6 months 135 SOLD within 103 Days of being on the market at a average of 96% of List Price

So if your in the Market to Buy or Sell - Woburn is the RIGHT Choice.

Call or email me today, I'd love to introduce you to this great TOWN