The Home Buyer’s Ultimate Guide to Multiple Offers

The home buyers ultimate guide to multiple offers

I recently wrote an article for sellers on handling competing contracts on their home.  So now this article will focus on multiple offers for a home buyer. The pre-spring real estate market has heated up.  Inventory is ultra low and prices seem to be on the rise in many Massachusetts communities as you get closer and closer to the Boston.  If the property is in good condition, in a desirable location and priced properly, many times you will see open houses packed and multiple … Continue reading...

Escrow Monies- What Happens To Your Deposit in a Real Estate Transaction?

Escrow-Web

Deposit Money is a good faith deposit, or earnest money deposit that is tendered on the purchase of real estate which is then kept in an escrow account.  You will sometimes hear your deposit called escrow monies as well. The term escrow monies are used because most likely your deposit money will be kept in an escrow account. Massachusetts is a two contract state, typically a contract to purchase is signed (often called the offer) with a good faith deposit of typically $500 to a … Continue reading...

The Power of the Pre-Approval Letter

The Power of a Mortgage Pre-approval letter

Get Your Pre-approval Letter First! You have been looking at homes for months, now you have found the perfect home.  It is time to put in an offer on the home you like, your agent tells you that you need to submit a mortgage pre-approval letter with your offer for it to be considered. You put the kids to bed and you sit at the computer and you get a pre-qualification letter that you print off the compute,  or dig out an old pre-qual letter. Yes, it may satisfy the home seller, but you … Continue reading...

10 Deadly Home Buying Pitfalls

Skull and Cross bones

Buying a home is a big deal.  There are many home buying pitfalls a buyer can make.  This article will discuss some of the bigger pitfalls that can make your home purchase less than perfect. These deadly pitfalls can cost you tons of money, cause lots of aggravation or both! Unfortunately many times a home buyer will rush forward in the excitement and emotion of buying a home, only to get extremely frustrated with the home buying process or find out they made a mistake later … Continue reading...

New Seniors Real Estate Specialist Designation (SRES)

Seniors Real Estate Specialist

I an your new SRES®.  I just completed training to become a Seniors Real Estate Specialist (SRES). By partnering with an SRES® (Seniors Real Estate Specialist) like me during your new home search, you'll gain the help and expertise of a REALTOR® specialized in meeting the needs of home buyers and sellers aged 50 plus. Not only do I have the experience of 13+ years in real estate, I have now have the education to help the 50+ community with their unique wants and needs when purchasing or … Continue reading...

What is TRID and What Should Home Buyers and Home Sellers Expect?

Time for a change with new TRID laws

What is TRID?   In short TRID is a new rule implemented by the Consumer Financial Protection Bureau.  TRID takes effect for any loans initiated after October 1st 2015.  The rule is intended to rid any inconsistencies by two federal acts that regulate the current mortgage qualification process.  TRID stands for TILA RESPA Integrated Disclusure.  Besides preventing inconsistencies between the Truth in Lending Act (TIL) and the Real Estate Settlement Procedures Act (RESPA), TRID is also meant to … Continue reading...

Another Lowell Condominium Sold by Kevin Vitali Your Lowell MA REALTOR

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Lowell MA first time home buyers! I recently closed on another Loft in Lowell.  These buyers came to me looking for an affordable loft in the Lowell Downtown Historic District.  They were attracted to the historic district due to the lifestyle in provide.  The Lowell Downtown offers easy access to restaurants, shopping and cultural events all minutes from your front door.  It is important when considering a condominium to purchase, not only to look at the condominium unit itself but also the … Continue reading...

Home for Sale in Reading MA- Closed!

home for Sale Reading MA

I just closed on a home for sale in Reading, Massachusetts located at 40 Catherine Drive for $574,900.  I represented the buyer as a buyer's agent. If you have been in the real estate market in Reading and the surrounding area, you know how quickly that market is moving.  Homes are coming off the market as quickly as they are coming on.  Inventory is light and most of the good homes are in bidding wars.  Its tough for home buyers in desirable communities like Reading, Melrose, Wakefiled and … Continue reading...

5 Tips to be the Bid the Winning Bid in a Multiple Offer Situations

Young couple looking at their new house

As the local real estate market in Massachusetts heats up, it not unusual for home buyers to be in a Multiple Offer situation.   If you find yourself in a multiple offer situation, at best it is frustrating and many times all reason goes out the window.   As home sale inventory dries up, it may be impossible for you to avoid competing with other home buyers.  Here are 5 tips to make your bid the winning bid! 5 Tips to be the Bid the Winning Bid in a Multiple Offer Situations 1) Get your … Continue reading...

Lien Holder Approval- What does it mean?

Massachusett Short Sales- What is Lien Holder Approval

With 15-20% of the homes for sale being short sales, many times you will see under disclosures, "sale subject to lien holder approval".  What does lien holder approval mean? Lien Holder Approval Lien Holder Approval means that the seller must, get an "ok" from the lien holder to sell the property for the terms and conditions set forth in the contract.  While yes, the seller owns the home and can choose any offer they like, they may need to ask their lender for approval to sell their home for … Continue reading...