Lauren Davis
REALTY EXECUTIVES Boston West | 508-254-0449 | Lauren@LaurensListings.com


Posted by Lauren Davis on 3/29/2017

Before you even start the home search, research is key. There are a few areas that you should look closely at in every home that you’re touring in order to make an informed decision about each property and your future in it. 


Check The Foundation


When you’re walking around the home, note creaky floors, cracks in the walls, and water drainage issues. Maybe you won’t even be able to see if the foundation has any cracks in it or not with your own two eyes. A certified home inspector will, however, be able to tell you what is happening on the property. Cracks in the foundation or major foundational damage can be incredibly costly to you as a homeowner. You’re going to want to know about these issues ahead of time. 


Do Some Investigating


Taking a walk around your desired neighborhood can give you a lot of valuable information. You may be able to talk to neighbors who will give you a bit of information about a property. Even wandering around the neighborhood or attending yard sales can help you to see what’s going on, if you can see yourself living there, and if there are any major issues that you should be aware of. 


Be Likable


Sellers prefer to sell a home to a buyer who they like. if you see that you have something in common with the seller like the fact that you’re both veterans, you should send a letter along with your offer to let the seller know your connection. It’s also helpful to send an offer letter that lets the seller know how much you love the house and that you can see yourself living in the home. It never hurts to add a personal touch to a home offer.  


Keep Your Options Open


Just because a home doesn’t consist of the modern decor you picture yourself living in, doesn’t mean it can’t be changed. If a home happens to be older with less present-day decor in it, be sure to keep an open mind as to the potential that the home has for you.


Make A Strategic Offer


We know that prices that end in 9 are a bit more attractive to the psyche than prices that end in a flat zero. If the asking price for a home is $310,000, you may be tempted to offer $320,000 to shell out the competition, but you may be better off offering an odd number like $312,000. Sometimes a small difference makes a big impact in the eyes of the buyer. Work with your realtor to see if a home you’re interested in has any other offers. Your agent can help you to find a good price point for your offer as well.





Posted by Lauren Davis on 3/8/2017

There’s numerous reasons why the name on a title to a home may not be the same as the name that’s on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, you’ll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. It’s important to agree on the home arrangement that you’re considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a person’s name isn’t on the mortgage, it doesn’t release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if there’s a lapse in payments. If you want to keep living in the house, you’ll have to keep making payments on the home. If you can’t make the mortgage payments, you’ll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home you’re living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that you’re legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you aren’t legally entitled to pay, giving away your rights to tax benefits. If you’re married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, it’s good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, it’s good to understand all the implications of home mortgages and titles.




Tags: mortgage   buying a home  
Categories: Uncategorized  


Posted by Lauren Davis on 11/30/2016

After a thorough review of the real estate market, you've found your dream home. Now, you just need to submit a fair offer that the home seller will accept. Regardless of whether you're shopping for a home in a buyers' market or a sellers' market, you'll want to avoid the risk of submitting a "lowball" offer, i.e. an offer that a home seller will turn down immediately. Remember, if you want to land your ideal home, you'll likely need to submit an offer that is attractive to a home seller. And if you know what it takes to minimize the dangers of submitting a lowball proposal, you'll be better equipped to secure your dream house quickly. Making a fair offer on a home is simple – here are three tips to ensure you can avoid the dangers of submitting a lowball offer: 1. Review the Real Estate Market. As a diligent homebuyer, you've probably checked out dozens of residences in your search for the perfect home. Along the way, you might have even noticed that home prices vary depending on the size and condition of a residence. The real estate market remains in a constant state of flux, and what a home is worth today is unlikely what it is going to be worth in five years. However, a homebuyer who evaluates real estate market trends as well as prices of similar homes in a particular area should have no trouble submitting a fair offer on his or her dream house. 2. Evaluate the Condition of the Home. Keep in mind that the condition of the home may impact its short- and long-term value. Thus, you should try to submit an offer that accounts for the overall condition of a residence. For instance, a home's old furnace may need to be replaced in the near future, and doing so could prove to be both costly and time-consuming. But if you consider the cost of a new furnace installation in your proposal, you may be able to justify submitting an offer that is below a home seller's initial asking price. Or, in some cases, you may be able to convince the home seller to repair or replace this furnace to seal the deal. 3. Understand Your Budget. You've been pre-approved for a mortgage and know your budget for a new home. When you submit an offer, you should keep your budget in mind and ensure you'll be able to make the mortgage payments if a home seller accepts your proposal. A homebuyer who understands his or her budget can explore residences within a set price range. And ultimately, this homebuyer will be able to eliminate the chance of submitting a lowball offer on a house that he or she may be unable to afford down the line. When in doubt, don't be afraid to discuss your options with your real estate agent, too. This professional can offer insights into how much similar homes in an area have sold for recently, along with other housing market resources and tips to help you secure a house at a fair price. Avoid the dangers of submitting a lowball offer on a home, and you'll be better equipped to land your dream residence without delay.





Posted by Lauren Davis on 4/27/2016

Businesspeople imitating see, hear, speak no evil conceptThe country’s long history of racism and racial discrimination effected many aspects of life in the U.S. and the world of real estate was no exception to this. In the past, real estate agents would practice things such as “steering” and “blockbusting.” In both cases real estate agents played a part in segregating different communities by race.  Whether by steering, suggesting clients look in certain neighborhoods based on their race, or blockbusting, convincing homeowners to sell their homes quickly and at low prices by instilling the fear that minorities would soon be taking over the area, their practices did not have their clients’, or the general populations, best interests at heart. In fact, ‘steering’ and ‘blockbusting’ allowed agents to reap many fiscal rewards of racism. Modern day real estate agents have a very high standard of ethics and laws in place in regard to discrimination for these very reasons. These standards make the content an agent can provide his or her clients with limited at times. There is certain information your agent can not and should not provide. An agent cannot and should not attest to the specifics of a certain neighborhood. The agent shouldn’t tell a client the area is perfect for single persons or on the other hand describe a neighborhood as family-friendly. Your agent can suggest you speak with some of the homeowners in the neighborhood in order to get a better grasp on the neighborhood’s atmosphere. Similarly, If you want to know if the area you’re looking in has a good school system, an agent can point you in the direction of where this information and data is readily available, perhaps online, and allow you to do your own research and make your own assumptions. An agent, generally, cannot provide you with his or her personal experience or opinion on these sensitive topics. This is not detrimental to you as a buyer or a seller. As a seller you are ensured your agent is showing any and all interested buyers, and as a buyer you know your agent is showing you the optimal number of homes and neighborhoods based on your desires not your race. As your real estate agent I’d be happy to point you in the right direction of any information you may be seeking while abiding by all of the highest moral standards of my profession. It is my job to have your best interests in mind.





Posted by Lauren Davis on 4/6/2016

If you are a seller, you need to know how buyers think. A study by the National Association of Realtors asked buyers who they are, why they need to buy, and what would make them buy. Here is just a few highlights from that study which provides detailed insight into the home buyer's experience with this important transaction. Here are highlights from that report.

  • Sixty-six percent of recent home buyers were married couples—the highest share since 2001.
  • For forty-two percent of home buyers, the first step in the home-buying process was looking online for properties. While fourteen percent of home buyers first looked online for information on the complete home buying process.
  • The use of the Internet in the home search process rose slightly to ninety-two percent.
  • The typical home buyer searched for 12 weeks and viewed 10 homes.
  • Eighty-eight percent of buyers purchased their home through a real estate agent or broker. This share steadily increased from sixty-nine percent in 2001.
  • Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
  • Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
  • The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.