Archive for November, 2011

Open House – New Construction

Join me for my open house at 343 South Rd  Bedford MA Saturday 11/26 and Sunday 11/27  – click here for more info

If you are unable to attend (doing that holiday shopping) – give me a call at 978-376-3978 to arrange a more convenient day and time

Possible to Close by Year End

Here are 2 listings that you could be moved into for the new year.

For those who like to live near the water – look out over the lake every morning – watch swimmers in the summer, boats in the spring, ice fishing in the winter, and just relaxing walks around the lake in the fall.  Great condo alternative.

Owner financing is an option

For those looking for a condo, near the highway but also near walking trails

Seller will contribute $2500 towards closing costs


Personal Finance Tips

Not sure about you but I am always looking for tips on how to better save or spend my money.  Here is a great link with some ideas from 49 personal finance bloggers.  You decide for yourself.

Mortgage Limits

On Thursday November 17th, the House voted 292-121 to restore the elevated conforming limits for FHA jumbo mortgages (but not those guaranteed by Fannie Mae and Freddie Mac) through 2013.  The Senate is expected to give a final vote over the coming days.

The limits were raised in 2008 and expired on October 1st, reverting back to $625,500 from $728,750 in the more expensive neighborhoods.

FHA Acting Commissioner Carole Galante, in an appearance before the Senate Banking Committee on Thursday, effectively indicated that the Obama Administration felt the loan limits need to expire as a first step for private capital to   return to the marketplace.

During her appearance, Galante said: “We understand the FHA is playing a somewhat outsized role and we continue to support the limits being returned Oct. 1. The market is fragile and there are reasonable people who may want to see us stay in the business, and we will implement whatever Congress decides on the matter,” Galante said. “Our traditional mission is to help first-time low- and moderate-income borrowers, and that continues to be the core of our mission. When the loans were higher, it was a very, very small percentage of the work FHA does.”

First Time Home Buyers

Each year NAR (National Association of Realtors) publishes its Profile of Home Buyers & Sellers.  In 2010 the reality was that the homebuyer’s credit ended and lenders tightened their lending standards.  The following article in “Daily Real Estate News” produced by Inman News:

If you are interested in getting a full copy of the Profile, feel free to contact me at or by phone at 978-376-3978

Merrimack Valley Housing Authority Home Buyer Training

This is a great opportunity for anyone who is a first time homebuyer.  This comes from the MVHP (Merrimack Valley Housing Partnership) website:

Classes in English: New classes begin every month. Each series consists of four evening sessions.  Classes are held Tuesday & Wednesday evenings from 6:30 p.m. – 9:00 p.m.  (See schedule below.)

Classes in Spanish: We have classes in Spanish on Saturdays. These seminars consist of two Saturday sessions. Classes begin at 8:00 a.m. and end at 1:00 p.m. To register, please call 978-459-8490.

 The next series in Spanish will be on Saturday December 10 and Saturday December 17.

Las próximas clases en Español seran Sabado 10 y 17 de Diciembre.

Classes in Khmer: We do classes in cooperation with the Cambodian Mutual Assistance Association. To register, please call Ronnie Mouth at 978-454-6200. These classes consist of two Saturday sessions which begin at 9:30 a.m. and end at 2:00 p.m.

2011 Schedule of Classes in English

November 8, 9, 15, 16

November 29, 30, December 6, 7

2012 Schedule of Classes in English

January 3, 4, 10, 11

January 24, 25, 31, February 1

February 14, 15, 21, 22

March 13, 14, 20, 21

April 3, 4, 10, 11

May 1, 2, 8, 9

May 29, 30, June 5, 6

June 19, 20, 26, 27

July 17, 18, 24, 25

September 4, 5, 11, 12

September 25, 26, October 2, 3

October 16, 17, 23, 24

November 6, 7, 13, 14

November 27, 28, December 4, 5


Middlesex Community College – Rooms 113 & 114
East Merrimack Street, Downtown Lowell, MA

If using Google Maps or Mapquest for directions, use 33 Kearney Square as the destination.

Middlesex Community College is a red brick, round building. It is located diagonally across the street from the Lowell Memorial Auditorium.

What you should know about backup real estate offers – A Reprint

The following is a reprint of an article on Inman News.

Sellers should think twice before accepting additional bids

By Dian Hymer
Inman News™

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Buyers who lose out in a multiple-offer competition or who make an offer a little too late may be offered the opportunity to be in a backup position. A backup offer is one that’s accepted subject to the collapse of an already accepted offer.

The seller can accept multiple backup offers, in which case they are ranked: backup offer No. 1, backup offer No. 2, and so forth. It’s rare in the current market for there to be more than one backup offer.

If you’re offered backup position, should you accept it? Buyers are often reluctant to accept a backup offer because they feel it will strengthen the resolve of the buyers in primary position to move forward with the deal if they hit a rough patch, such as a previously unknown inspection issue. And, in fact, this can happen.

Recently, buyers went into contract to buy a home in Oakland, Calif. The sellers provided many reports and disclosures on the condition of the property. However, someone inspecting for the buyers had a different opinion about the condition of the roof, gutters and downspouts, and said it would cost an extra $13,000 to fix.

Two days after the first contract was accepted, another buyer made an offer that was accepted in backup position. The backup offer was for a higher price than the primary offer. Rather than lose the house to the backup buyers, the first buyers removed their inspection contingency despite the new information they received about the condition of the roof.

Some buyers fear that if they accept backup position they will halt their search effort until they know for sure that they can’t have the home they want. This is a factor you can control. If you accept backup position, don’t slow down your quest to find a home to buy.

HOUSE HUNTING TIP: Make sure there is a provision in the backup position clause in the contract that says the buyers can withdraw at any time up until they are notified that the primary offer has collapsed and their offer has been elevated to the primary position.

It’s usually worthwhile to accept a backup position because there is a high fallout rate in the current market. Just don’t sit around waiting for the first deal to fall apart.

From the sellers’ perspective, it’s usually a good idea to counter an offer for backup position if there is more than one offer. Keep in mind that most buyers would rather be in primary position. Some won’t accept backup for the reasons mentioned above, or they may have another house in mind if they don’t get yours.

To entice a buyer to accept backup position, you may have to accept an offer with a lower price than the primary offer. Don’t expect a buyer to accept a counteroffer from you for backup position that also includes a price increase. Make sure you tidy up the offer as if it were a primary offer. There won’t be a chance to change the terms if the primary deal falls apart.

Don’t accept any offer just to have a backup offer. If you have a backup offer and the first contract fails, your home goes to the backup buyer without going back on the market. This can be a benefit to both buyers and sellers. The backup buyer doesn’t have to face multiple offers again, and the sellers don’t have to go through the hassle of finding another buyer.

Sellers who don’t like a potential backup offer because of a very low price might be better off not countering the offer for backup position.

THE CLOSING: Sellers should feel comfortable with a prospective backup offer; they may have to live with it.

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