Stacie Yellin's Real Estate Blog

Super low rates!

2010-07-01T10:21:00.000-07:00

Mortgage companies are reporting that they can now offer the lowest rates in history. 30 year fixed rate loans are in the 4's! According to Freddie Mac rates haven't been this low since 1971. This is a great incentive to lock in for low payments on a home purchase and a great time to refinance a current loan.
Surprisingly this hasn't yet sparked a home buying boom or re energized the economy. Investors are still pulling their money and putting it into stable investments like Treasury Bonds. The spring real estate market was up with tax incentives, but with the tax credits expired home sales took a dive in May. Part of the problem is that many people don't qualify for mortgages, lending rules have become much tighter. If you are a qualified buyer, now might be the best opportunity yet to get into a new home.
If you are interested in learning more about these low mortgage rates let me know and I can put you in touch with one of my trusted lenders.

FHA property condition issues

2010-03-02T19:07:00.000-08:00

Eric Heinrich of Mortgage Master recently sent this article to me, I think it could be helpful to many people thinking of buying or selling thier properties. If you are thinking of getting an FHA loan, it is important that you know this information. Here is the article:

With FHA loans becoming more and more common, and the warmer spring weather and recent rains, I thought it would be appropriate to provide some helpful information on FHA property condition issues.

HUD has minimum property condition standards that must be met before closing. They are primarily to do with health or safety issues from HUD’s standpoint

(i.e. Avocado Green or Harvest Gold appliances and shag rugs are acceptable to HUD, even if they might not be acceptable to anyone but Aunt Mabel.)(same for knob and tube wiring and houses running on fuses – if the utilities are functional – HUD is probably going to be okay with it)

Also – peeling paint – this is by far the most common one – peeling paint has to be fixed before closing, defined as scraped and bare wood primed, and scrapings cleaned up.

This becomes an issue when you have a seller that has priced a house to sell considering the peeling paint, the buyer has agreed to buy the house for an amount considering the peeling paint, and then the underwriter gets the loan and sees the pictures or reads the appraisers comments, and then requires the house be painted. (The only problems are, the seller doesn’t want to paint the house because they priced it accordingly, the buyers don’t want to paint the house because the paid accordingly, not to mention that the seller generally doesn’t want to have someone else working on their house, nor do the buyers get excited about painting a house they don’t own yet……ugghh.)

As long as everyone is prepared up front and realizes – hey - this is an FHA loan the paint is going to have to be dealt with – better to know beforehand than have it blow up. (maybe an agreement for a higher price and the paint be corrected before closing can be worked out between the parties? )
++++++++++++++

This was asked of me today:

” The one question we had would be, would water damage automatically disqualify us from buying it via FHA Loan? Is there a list of what fails an FHA loan that you know of? Any info would be extremely helpful.”

The short answer about water damage: It depends on the damage and cause. Old stains, but the source has been fixed – shouldn’t be an issue. Current leakage/new stains – could be an issue. It depends on what the appraiser says and writes.

--------
Ok now the longer typical Eric explanation and answers:

It depends on what the appraiser comments on, but generally the things to be aware of:

Other than septic – that’s Mass law, the septic has to pass. If not, it has to be repaired. (Escrow holdbacks for Title V, or for required sewer hookup can still be done, but they are reviewed on a case by case basis – on an exception basis, and exceptions are not necessarily easy. Check up front!)

FHA specific stuff…

- Peeling paint – will need to be scraped and primed before closing. Period.
(Escrow holdbacks for paint can be done on a case by case basis, but I would consider than an ISOLATED exception and only due to weather related issues (can’t paint below 50 degrees)(with spring pretty much here, expect that escrow holdbacks will no longer be approved for paint issues)

- Termite damage – even if 20 years old and inactive, if the appraiser notices it and comments on it, it will need to be treated and repaired before closing. Even if it was treated 20 years ago.

- Broken windows – need to be fixed before closing. (You can still get window panes replaced at Home Depot)(don’t forget to paint the glazing!)

- Missing railings – need to be replaced. (a couple 2X4’s up real quick can meet this )

- Roof – if the appraiser comments specifically that the roof needs repair, or has less than 2 years life left, it will need to be fixed before closing

- Utilities – heat water and electricity must be functional. Old systems are ok, as long as they work.

- Water damage – this is subjective, again based on the appraisers comment. Water stains themselves are not a deal killer, if they are older and from an isolated incident, or the leak that caused the stains has been corrected. Current water stains (usually from missing flashing) – could be an issue. It depends on what the appraiser says. (The big concern is that it could be/lead to a health or safety issue)

- Any mold or mildew like substances that the appraiser notices they will have to comment on, (this is the same for conventional FHA or VA loans). If that’s the case, expect a required mold inspection and remediation.

If any of the above exist, and the appraiser doesn’t specifically mention them as strictly cosmetic, and they show up in the photos, the underwriter can require the visible issues to be addressed.

If the above issues cannot be corrected before closing, a 203(k) rehab loan can be used instead of a regular FHA loan. (Plan for extra time for these. Lots of extra time. Fair warning!)

One of my very first loans that I ever wrote back in 1996 was an FHA loan on a house in February that had peeling paint, and minor termite damage, (trial by fire!) and I’ve been doing FHA loans ever since. They are perfectly good loans, as long as a few extra questions are asked up front so we know how to keep things running smoothly.

If I can assist in any way, please let me know.

Eric Heinrich, CRMS
NAMB Certified Residential Mortgage Specialist
Mortgage Master, Inc.
(617) 648-3951 Phone and Fax
eric@heinrichmortgage.com
www.mortgagemasterinc.com

MA LENDER LIC#MC2151
MLO/NMLS#21434

NOTE: Rates quoted are as of this moment and are subject to market fluctuation until locked in. To lock in you must speak to me directly. Rates will not be locked before receipt of a non-refundable deposit.

November Newsletter- what's happing in real estate this month

2009-11-24T13:37:00.000-08:00

To see my latest Newsletter click here:

'Click the Share button to create links to this email on popular social networking and bookmarking size like Facebook, Twitter, and Digg.'

Opportunities Abound for First-Time Homebuyers

2009-10-02T13:13:00.000-07:00

If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®’ 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.
As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – around 5 % for the typical, 30-year fixed-rate mortgage, combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.
First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.
Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.
The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.
For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.
State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits. For instance in Massachusetts we have Mass Housing. Mass Housing is a quasi public state agency that provides below market-rate mortgage financing for first time homebuyers, and other products (such as lead paint abatement and home improvement loans) for homeowners with moderate incomes. For further information: contact Mass Housing at (617) 854 1000 or on the web at www.masshousing.com.
For complete details on these first time home buyer programs available to Massachusetts residents, visit the Massachusetts Department of Housing and Community Development website.

Mortgage Loans
As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.
Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. At Prudential Unlimited Realty we offer FREE seminars monthly in both our Brookline and Boston offices. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.
The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.
I can be reached at 617.264.7900 x227. Prudential Unlimited Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Downsizing?

2009-08-04T12:27:00.000-07:00

Downsizing? I can help. Tired of paying gardeners? Too much space? Still want gracious living?
Let me help you get out of your old home and into a more compact and easier care space closer to the city.
Many people, as they get older and their kids discover their own lives, find that their old home is just more than they need. Keeping it up just takes too much effort and costs too much. There are lots of options besides senior group living or moving to Florida. Many people are moving back to their roots in Brookline and Boston. They just want to enjoy easy living in a condo with access to all of the activity in Coolidge corner and Boston, and huge cost savings.
I can help. My firm specializes in Brookline and the surrounding areas so I keep up with listings and I am personally familiar with what’s available on a daily basis. I have been inside of many available listings and can make as perfect a match for you as possible. I, of course, can help you negotiate the best deal possible, but I can do so much more.
The hardest part of moving is figuring out what to do with all of the stuff in the old house. I can hook you up with consignment shops to recycle furniture and closet items that don’t seem to work in your new place. I can give you some ideas as to what to do to your old house to make it salable at the highest possible price. I can even recommend contractors I have experience with.
I can help you sell your existing home myself or recommend a local broker to scour the marketplace for just the right family to live in your old castle and give it the care it needs.

Of course I don’t do this all by myself. I have a team of dedicated professionals in my office but I also have access to people used in my family real estate business for the past 30 years to consult with. I can do it all for you. In this age of online everything; let me show you what good old fashioned personal service feels like once again. Just give me a call at 617.308.7971. No obligation. I look forward to working with you.

Stacie Yellin
617.308.7971
Stacie@BuyandSellBostonHomes.com

Stacie Yellin awarded ABR designation

2009-05-04T13:58:00.000-07:00

FOR IMMEDIATE RELEASE

LOCAL REALTOR ACHIEVES NATIONAL RECOGNITION

Brookline, MA – Stacie Yellin with Prudential Unlimited has been awarded the Accredited Buyer’s Representation (ABR) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS (NAR).

Stacie Yellin joins more than 30,000 real estate professionals in North America who have earned the ABRâ designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

REBAC, founded in 1988, is the world's largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS, "The Voice for Real Estate," is the world's largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.

You may contact the Real Estate Buyer’s Agent Council by telephone, (800) 648-6224, by e-mail, [rebac@realtors.org], or by visiting the REBAC website, [www.REBAC.net].

Boston Ranked One of the Top 10 Housing Markets in the Country

2009-02-26T07:28:00.000-08:00

2/25/2009
Forbes Magazine reported that the Boston metropolitan housing market was one of the top 10 housing markets in the country. The ranking was based on data from the S&P/Case-Shiller Home Price Index, which measures home prices in 20 metro markets across the country.
Boston ranked number seven on the list, while New York City came in as number one. On the bottom of the list, Las Vegas was ranked as the worst housing market in the country. The article mentioned that Boston ranked high because of its slowing rate of price decline.
Click here to read the full story: http://www.forbes.com/2009/02/24/housing-cities-ten-lifestyle-real-estate_home_prices.html

Create an Action Plan for an Easy Move

2009-01-08T09:34:00.000-08:00

By Stacie Yellin
Prudential Unlimited Realty

The key to an easy move is careful planning. There are many action items that need to be taken prior to the move all the way up to the actual day the first box is loaded on the moving truck. Take time to write down and organize the decisions and activities that will need to be accomplished prior to the move such as securing a mover and changing your address. Ideally, you should try to break up the tasks over a two-month period. By doing so, you won’t overload your schedule, plus it can save you time and money. To get you started, consider using the checklist below as a guide.

Eight Weeks Prior
Get estimates from at least three professional movers. If you are going to do it yourself, get estimates on rental trucks.
Decide which furniture and household goods you’ll be taking, which needs to be disposed and which needs to be replaced.
If you will be moving to a new city, contact the Chamber of Commerce of that town for a new residence packet. Your sales professional may also have information.
Six Weeks Prior
Inventory your possessions besides furniture – kitchenware, decorative items, electronics, apparel and so on.
Complete a change of address form with the post office. This can be easily done online at www.MoversGuide.com for a minimal cost of $1. Make sure you notify organizations, credit cards companies, and publications to which you subscribe of your new address, too.
Obtain copies of all medical, dental, legal, accounting and veterinarian records.
If children are changing schools, arrange for transfer of educational records.
Itemize moving-related costs with the mover including packing, loading, special charges and insurance.
Four Weeks Prior
Make arrangements for packing your belongings. If you will be using professionals, schedule with the company for packing to take place a day or two before the move. If you will handle packing on your own, purchase adequate boxes, packing materials and tape.
Arrange for short-term or long-term storage if needed.
Make travel arrangements for pets including necessary medical records, immunizations, medication and so on.
Three Weeks Prior
Begin packing items you won’t need immediately or that will go into storage.
Contact utilities on both ends of the move to order termination or turn-on for occupancy date.
Confirm travel arrangements for family and pets.
Two Weeks Prior
Terminate newspaper and other delivery services.
If necessary, arrange and confirm new bank accounts and local services in your new neighborhood.
One Week Prior
Gather important papers, records, and valuables for protected shipment to new home or safe deposit box.
Obtain any prescription medications needed for the next few weeks.
Day Before or Actual Moving Day
Defrost refrigerator/freezer and give away all perishable food.
Keep a box marked “Last Box Packed/First Box Unpacked” for tools, flashlights, first aid kit and so on. On moving day, this should be the last box placed on the truck.
Pack items to carry with you such as valuables, financial records, personal papers and so on.
Give the movers a telephone number and address to reach you.
To be sure, a detailed action plan can get your move well down the road before you ever depart to your new destination.
Stacie Yellin can be reached at 617-264-7900 x227. Prudential Unlimited Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

First time home buyer tax credit

2008-12-08T12:08:00.000-08:00

Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First time Homebuyer Tax Credit is now available. But this special tax break ends in mid‐2009. A homebuyer tax credit has been available for first‐time homebuyers in Washington, D.C. for many years, and now first‐time homebuyers nationwide can take advantage of a similar benefit.
Am I Eligible?
First‐time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3‐year period before your purchase, and you have never taken advantage of the DC first‐time homebuyer credit, you qualify as a first‐time homebuyer.
How does it work?
Like all tax credits, it will directly reduce the total amount of taxes you owe. When you file your taxes, for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of the credit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes. With this credit, your tax liability could be lowered by $7,500—which means, you instead get a $5,500 tax REFUND check from IRS.
How big is the tax credit?
The tax credit is equal to 10% of the purchase price of your home up to $7,500. The full credit is
available for single individuals whose adjusted gross income is less than $75,000. If your adjusted gross income is greater than $75,000 and your home purchase qualifies you for the full credit, the credit phases out according to the dollar amount (or percentage if less than $7,500) in the chart below.

Want to take advantage of this? Let me help you find your first home. Call me today!
Stacie (617) 246-7900 x227
Stacie@BuyandSellBostonHomes.com

Mortgage Rates Approaching All-time lows

2008-12-04T12:14:00.000-08:00

It looks like the banks are finally reducing mortgage interest rates, albeit mainly on fixed rate products.
It seems that all it took was the promise of another $800 billion dollars to be infused into the banking system, and to buy up bad debt.
If you have clients thinking of purchasing or refinancing a property, interest rates on a 30-year fixed (as of the publication of today) are hovering around 5% on a standard 30 year conforming loan amount.
According to many leading economists, there is no telling how long the banks and other lending institutions will keep downward pressure on mortgage interest rates, due to the still pending and current debt losses that they are incurring on a daily basis due to current foreclosure rates.
Many think that it is a ‘temporary good faith gesture" toward the governing bodies and the Treasury to insure that a portion of their non-performing debts will be purchased under the new bail-out program.

Tips on moving with pets

2008-10-15T12:37:00.000-07:00

Tips on Moving with Pets

By Stacie Yellin
Prudential Unlimited Realty

When making your moving plans, don’t forget to include your beloved pets. Although they present a new set of challenges, it doesn’t have to add to your stress if you take the following steps before your big move.
Visit the vet
Schedule a pre-move visit with your veterinarian for a checkup and to make sure that all vaccinations are current. Use this time to get copies of your pet’s records, a recommendation for a veterinarian in your new location, and possibly a tranquilizer to give your pet during transportation.
Research laws in new area
Research the requirements regarding animals in your new locality. Nearly every state has laws regarding entry of dogs, cats, horses, birds and other pets. For example, most states require interstate health certificates for dogs and horses coming from another state. If you own an exotic animal such as a ferret or potbellied pig, check to see if it is allowed as a pet in your new city. Some states require an entry permit. You can obtain compliance information from the state veterinarian or other appropriate authority. It’s important to get this information well ahead of your move so that you can get any necessary examinations or documents.
Make sure your pet’s identity and rabies tags are current. You should also have a special travel identification tag just in case they become lost during the move. The tag should include the pet’s name, your name and new address, and an alternate contact.
Decide on transportation mode
Decide how you will be transporting your pet. Animals are not allowed on moving vans, so your choices are by car or air.
By car
If traveling by car, the American Animal Hospital Association suggests that you take your pet on short rides before the trip so that he can get accustomed to the movement. The day of the trip, don’t feed your pet for several hours before departure. It’s also a good idea to take him on a long walk before heading out.
Pack a travel kit to include food, food and water dishes, can opener, scooper, paper towels for clean ups, and plastic bags. You may also want to include a blanket to cover your car seats, plus treats and a favorite toy.
If you are traveling with birds or other small pets, such as a hamster, make sure they are in a stable cage with proper ventilation. A kennel for cat or dog may also be a good idea.
If your trip will require an overnight stay, find out well in advance of your trip whether pets are allowed at the lodging of your choice. The website www.petswelcome.com is a great place to search for lodging that accommodates pets.
By air
Traveling by air definitely requires preplanning. Each airline has its own policy regarding pet transportation. In addition, there are federal requirements you must follow. For example, dogs and cats must be at least eight weeks old and weaned for at least five days. In addition, cages and containers must meet certain standards.
You need to decide if your pet will accompany you in the cabin or be checked as baggage, or shipped separately by air freight.
Check with your airline to make sure that pets are allowed to travel in the cabin and obtain guidelines. The U.S. Federal Animal Welfare Act requires that pets traveling in the passenger cabin be in a carrier that can fit underneath the seat without blocking the main aisle. The container must remain stowed the entire flight.
If your pet will be transported as baggage or by freight, make shipping arrangements as far in advance as possible so that space can be reserved. It is recommended that you schedule a non-stop flight on a weekday. You also need to supply the air carrier written instructions for food and water.
Other precautions to take when transporting your pet by air include:
· Before traveling, get your pet accustomed to the kennel in which it will be shipped.
· Don’t give your pet solid food six hours prior to the flight. Providing water a few hours before the flight is advisable.
· Write your contact information on the container and make sure your pet is wearing a tag with the same information.
The Federal Aviation Administration (www.faa.gov) and Department of Transportation’s (http://airconsumer.ost.dot.gov) websites have valuable information regarding traveling with pets.
Transitioning to new home
Once you are in your new home there are some things you can do to help ease the transition for your pet. If you have a dog, take him for a walk immediately so that he can become familiar with the new area. Cats, on the other hand, have a tendency to run away searching for their old home. They should be kept indoors for several weeks until they become comfortable in the new home and familiar with its scents and noises.
Veterinarians also advise that you bring water from your old home, because a change in water sources can sometimes cause your pet to become sick.
Like humans, pets are can become stressed when change occurs. By planning ahead, you can help to make sure your pet has a smooth transition to its new environment.

Stacie Yellin can be reached at 617.264.7900x227. Prudential Unlimited Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Real Estate Tips For Sellers

2008-09-18T11:33:00.000-07:00

The Boston Globe had an article on the front page with the headline of “Buyers Market.” It seems that in the past year buyers are reverting to making “low ball” offers way below the market value, since it is a buyers market, hoping that they may get a deal. Sellers need to react to these offers in a calm sensible manner.

Sellers should not feel insulted by these offers. They should be happy to receive an offer on their home because that means that the buyer really likes the home otherwise they would not be making an offer in the first place.

The seller should remain calm and try to work with the buyer to find a price that works for both sides. In today’s market the seller should not simply say “NO” to anything.

The best way to negotiate is to find out more about the buyer. Do they really want the house or are they just trying to see if they can get a deal? Can they afford to pay more or is the offer they presented the best they can do? Are there other ways to close the gap between buyer and seller? The seller should re-examine the price of their home…is it comparable to other homes on the market right now?

The seller should respond with a reasonable counter offer and try to make the deal work. A lower offer can easily turn into an agreeable sale for both the seller and the buyer.

For more information about real estate or to get a free comparative market analysis of your home, please contact Stacie Yellin.