Posted by Competitive Edge Real Estate Services on 6/18/2019

In a high competition market, you may be tempted to do whatever you can to entice the seller to accept your offer. Buyers write offer letters, provide large down payments, or waive the inspection. Sometimes, this strategy includes removing contingencies from your contract. 


Beware. Removing contingencies can easily become a nightmare for you as a buyer. Certain contingencies should be kept no matter how much you think you should waive them for enticement. 


The Home Inspection Contingency


This contingency is basically universally recommended by realtors everywhere. This contingency allows you to get a licensed home inspector who will check the property. The inspection typically should be done about 7 days from the time you sign the purchase agreement for the home. 


Following the inspection, you as the buyer can request that the seller make certain repairs. The seller can either make the repairs or provide a counter offer. If youíre not satisfied or cannot reach an agreement, you can back out of the deal and still get your money back. 


Without this contingency, youíll never know whatís wrong with the home until you move in it. Itís a huge risk to take to move into a home without understanding all of its moving parts. Is the roof stable? Has the basement flooded? Will the appliances last? There are plenty of questions that you might have about a home that can be answered simply through an inspection. 


Financing Contingency


This is an important contingency. Your offer on the property will depend on being able to get the financing you need to purchase the home. With this protection in place, in the event that you canít get a loan, youíll get your deposit on the home back. Be sure that the clause specifies the number of days that would be recommended by your lender to have the mortgage approved.   


Appraisal Contingency


This could be the most important contingency of all. This protection could possibly save you thousands of dollars of a headache. Once an offer is accepted on a home, youíre far from done. The lender will typically order an appraisal. If the appraisal comes in lower than the offer you made on the home and agreed to pay, you may have some problems. 


The lender will only lend you what the house is worth. If the appraisal comes in lower, youíll need to make up for tens of thousands of dollars out of pocket. Make sure you have an appraisal contingency included in your contracts!  


As you buy a home, remember how important contingencies can be in the process.            




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Posted by Competitive Edge Real Estate Services on 6/14/2019

Lovingly maintained home in move in condition just waiting for your personal touches. This home offers a convenient location with easy access to routes 38, 62, 93, Silver Lake and commuter rail. Cabinet packed kitchen is open to large dining area. Entertainment sized 23 x 15 living room has seen its share of playoff games with the entire family and will fit most large pieces of furniture. Walk out finished basement features family room/play room with built in bar area. Beautiful private yard with mature plantings is great for summer fun. This home has updated windows, roof and heating system and is on town sewer. Includes a 13 month home warranty.

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Posted by Competitive Edge Real Estate Services on 6/12/2019

Terrific location for this fantastic renovated Split Entry home located within minutes of commuter rail! New Gray/Charcoal Gray kitchen cabinets with sparkling quartz counters, stainless appliances, cabinet packed island perfect for entertaining & large dining area w/recessed lighting opening up to P.T. deck overlooking landscaped yard with beautiful mature plantings. Awesome oversized quartz vanity, new tile in large main bath. Updated gleaming hardwood floors, new carpet in bedrooms & front/back family room, new interior paint throughout, new lighting. Lower level family room offers fireplace, ceiling fan, quick access to one car garage, new updated tiled half bath. Central air, shed and new driveway and more! Nothing to do but unpack and hang the artwork! Any and all offers due June 18th 4 pm.

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Posted by Competitive Edge Real Estate Services on 6/11/2019

A multifamily home is defined as a building that has more than one unit. Each unit has its own separate kitchen, bathrooms, and utilities. These types of homes can be rented, owned, or be an investment property where a landlord collects rent.


A multi-family home is a more economical way of living. Because there is less privacy and tenants or owners are living in proximity to others, the cost is usually less. If you live in a multifamily home, you may not be responsible for things like exterior maintenance or landscaping and lawn care. The landlord may hire an outside company to take care of these tasks. 


Multifamily Home Designs


Multifamily homes come in a variety of designs. You may pass by houses that more than one family lives in and donít even realize. Types of multifamily dwellings include:


Duplex

Condominiums

Apartments

Townhouses


These designs could have anywhere from two families to hundreds of families living in them. Duplexes, condos, and townhomes tend to have owners rather than renters. Apartments are usually seen as a property type that is leased. Some properties are stand alone while others are part of a complex. Your choice of where to dwell or invest in a multifamily unit all depends on preference. 


How Costly Are Multifamily Properties?


For those who donít like to deal with yard work or maintenance, living in a multifamily unit could be a great choice. You may have to pay monthly HOA fees or other maintenance costs, but everything is taken care of for you. These fees may even cover maintenance inside of your unit. 


If you are investing in a multifamily unit, the costs can get a bit more tricky. While you will know the cost of the mortgage and insurance, the monthly expenses to maintain the property are always unpredictable. These costs all depend on what in the property is under warranty and how old the property is. Older homes will need things like new furnaces and roof replacements. It can be tricky to know exactly how much to charge for rent to actually make a profit as a landlord. 


Keep in mind that if people are renting from you, youíll need to replace things like appliances, carpets, and flooring each time a tenant moves out, and a new one moves in. It can also be challenging to deal with tenant problems on a day-to-day basis. Be sure you know what you are getting yourself into if you decide to invest in a multifamily home. 


Overall, multifamily homes can be a great housing option for many families because of the simplicity and cost-effectiveness.               





Posted by Competitive Edge Real Estate Services on 6/7/2019

Oversized 40' Cape situated on great corner lot Tewksbury/Wilmington line! Some tlc & updates needed, loaded with potential. This home features four bedrooms, fireplace in spacious living room, dining room, sunny kitchen. All hardwoods under current carpet! Warm & inviting entry through a 22' sunroom, lined with windows & tiled floor, slider to rear yard, fenced yard, large shed w/power. All offers due Tuesday 5pm. Please allow at least 48hrs for offer acceptance.

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