Permits Save Time, Money, and Stress!

Happy New Year! You may have read my recent RealtyTimes post

"Pay Now or Pay Later..." about my New Year's Day water heater melt-down and how much more it costs to fix/replace appliances and systems after they break than it does to be proactive do things before you have to.

After the water was cleaned up and the new water-heater was installed, I realized that another issue with doing this without planning ahead is that the the contractor most likely did not have time to apply for a permit which is required whenever a gas appliance is installed, even when it is a replacement. So I called the contractor and was told "oh, we were going to do that." I'm not totally convinced that they really were but in any case I am waiting to hear from the plumbing inspector to schedule a time when he can check it out and issue the permit.

Having had this experience personally, it seemed like a good time to re-publish the post I wrote for RealtyTimes last Spring:

Whether you're doing some renovating or adding an addition or deck, replacing appliances or systems, make sure the contractor pulls a permit and that the inspector from the town signs off after the work is done. It's very easy to find out if one is needed; towns have the information about permits on their web sites or you can call the building inspector. Most people don't think about it. They assume that their contractor will take care of everything and especially because most include the cost of a permit in their quote.

Unfortunately, contractors often do not follow through with applying for the permit(s) and scheduling the inspection after. Whether it's a lack of time, or someone just forgets to do their job, the bottom line is that permits are important for your protection, protection of the town, and the protection of future owners. 

When you sell your house, if a home inspector sees a problem and there is no permit on file, even though it's not your fault, it raises suspicion that will ultimately cost you; buyers will question what else is wrong or missing and start looking for reasons to reduce the price! This has happened to many of my clients who paid top dollar to reputable contractors who never followed through on the permit.

Advice to homeowners and sellers: ask the contractor when the inspector from the town will be coming by to sign off on the work done. If they can't answer, make sure you follow up with the contractor. Or, you can call the inspector yourself then you know it will be done. It will save you money and stress. Enjoy your new home improvements!

 ---------------------------------------------------

About the author: Marilyn Messenger, CRS has been representing buyers and sellers west of Boston for 23 years. Having attended 100s of home inspections, she knows first-hand how important building permits are to the home buying and selling process. You can reach Marilyn at 508-596-3501 or visit www.MarilynMessenger.com for
buyer and seller information, free home searches, and market conditions reports for Wayland, Sudbury, and the towns west of Boston.

Home Buying: 2 Ways to Buy a House

There are 2 ways to buy a house:

1.        On your own/unrepresented
2.      With a buyer agent/broker on your side to represent your interests throughout the buying process.

Unrepresented/on your own: You look at public websites like Zillow, Trulia, or Realtor.com that collect listings from a number of sources and post them online with descriptions, photos, etc.

When you find a house that you like the looks of, you contact the agent shown on the listing. That agent is the listing agent; the person who is legally bound to get the most money and best terms for the seller. The listing agent will be happy to show you the house, ask you questions about your finances and other personal information to make sure you are a qualified buyer, and write an offer for you.

The listing agent’s job is to “sell” the house, not to help you make good decisions! The listing agent is not allowed to give you advice. Everything you say will be used to help get the best deal for the seller.

You will be on your own without a professional to help you with these and other tasks:

•        Search for properties.
•         Decide how much to offer using public information that is often incorrect and/or not complete.
•         Decide about contingency dates.
•        Review and understand all of the forms and disclosures.
•         Manage the negotiations.
•              Find an experienced home inspect.
•              Decide how to handle any home inspection issues that come up.
•       Manage additional negotiations that may result from inspection issues.
•        Find an attorney, mortgage broker, insurance agent.
•        Deal with possible appraisal issues.
•       Monitor contingency dates to make sure you don’t jeopardize your deposit. 
•             Remember to request extensions if needed.
•       Verify information that may include zoning or conservation issues/restrictions, permits for work done, Title V/septic information
•        Keep all parties are informed.
•         Make sure you have everything ready for closing.
•       And handle anything else that may come up throughout the buying process.
•       Repeat the process if your first deal doesn't work out.

Or, you can have your own buyer agent/broker to work on your behalf to represent your interests and get you the best price and terms. Your agent will help with the following and more...

•       Explain the home-buying process and be there for you from beginning to end to guide you every step way through closing.
•       Provide you with all of the information you need so that you understand your housing options in the current, local market.
•       Provide a market analysis to help you decide on the offer price.
•       Recommend area professionals, i.e. a home inspector, real estate attorney, mortgage and insurance representatives to help you.
•       Attend the home inspection with you and any follow-up inspections that may result.
•       Help you address any issues from the home inspection and,
•       Renegotiate inspection issues on your behalf.'
•             Preview listings for you and sort out the ones that fit your criteria to save you time and make the process more efficient.
•             Direct you to the right parties to verify information about zoning, conservation, Title V, etc.
•       Track all of the paperwork.
•             Keep all parties in the loop; communications are key to success.
•       Make sure deadlines are met.
•        Help protect your deposits.
•       Accompany you to the final walk-through.
•       Negotiate any last minute issues from the walk-through
•       Prepare you for closing.
•      Attend the closing.

     Always work on your behalf to represent your best interest.
-----------------------------------------

"Marilyn recently helped us purchase our first home and we couldn't have been happier with her patience, wisdom, and guidance. We found Marilyn to be extremely knowledgeable of the local market and she kept the process stress free by answering calls, texts, and e-mails at all hours. We were thrilled with Marilyn and highly recommend her to all prospective home buyers without reservation."

Elisabeth and Conor

“I contacted Marilyn when I wanted to move to the area. She was able to quickly provide me with appropriate listings for my needs and see me through to the purchase. Marilyn is terrific, knows her business and this area!” 

Bonnie P.

More...

Messenger has been practicing buyer agency in Wayland, Sudbury, Maynard, Stow, and the towns west of Boston since 1993. She is an Accredited Buyer Representative (ABR) and a member of the Real Estate Buyer Agency Council. Contact Marilyn

Lower Anxieties/Improve Marketability

One of the anxiety highpoints during the sale of a home is waiting for the buyer’s home inspection report.  Most sellers willingly disclose what they know about their home to any potential buyers.  The concern stems from the inspector finding something that they’re totally unaware of and that it will either cost them a lot of money to correct or the buyer will simply use it to void the contract.

If the inspection does reveal some unknown problem with the home, it’s probably as big a surprise to the buyer who is not as emotionally or financially invested as the seller.  It is human nature to fear what you don’t understand and when a report identifies defects, they may simply opt-out of the home.

The solution to the situation may be for the seller to have the home inspected prior to putting it on the market.  There is still a risk of becoming surprised by an unknown defect which at that point, would have to be disclosed to potential buyers or repaired by the seller.  The advantage is that it creates a baseline to compare discrepancies that may arise when a future buyer has the home inspected.

If the seller’s inspection report is made available during the marketing process, it could give buyers a sense of confidence about the home even though they may still choose to have the home checked by their own inspector.

The cost of the inspection, possibly $500, keeps some sellers from taking this initiative when selling their home.  In an effort to minimize their expenses, they forego getting valuable, disinterested 3rd party advice that could help sell their home.  On a $175,000 home, the fee for the inspection will probably be less than 3/10 of one percent of the sales price.

Another option to the seller to increase marketability of the property and bolster buyer confidence in the home would be to offer a home protection plan.  Generally, the seller doesn’t incur cost for this coverage until the home is sold and there may even be some coverage for the seller during the listing period.  The benefit to the buyer is avoiding unanticipated expenses for specific items that are covered during their first year of ownership.

Contact me for recommendations of home inspectors or home protection plans.
-------------------------------------
Thinking about buying or selling a home? View homes for sale and see the latest market condition reports for Wayland, Sudbury, Concord, Stow, and Maynard at www.marilynmessenger.com.

Wayland Housing Market Update - What's It Mean to You?

Happy First-time Homeowners in Wayland!

June Closed Sales: There were 18 closed single-family home sales during June in Wayland compared with 23 in June 2012. Sale prices ranged from $390,000 to $1,220; the median sale price was $669,500, up from $507,000. The average sale price was $731,972, also up from June 2012 when it was $594,000.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in June were made in April and May at the peak of the Spring market. Summer is a different market.

New listings in June: the number of single-family homes that came on the market in Wayland during June was almost the same as in June 2012 – 23; 22 in June 2012. Of the 23, there are only 9 that are fully active. 2 have accepted offers with contingencies waiting to clear, 10 are under agreement, 3 have already closed, and one of the listings has expired.

Current: As in most places, there are fewer homes on the market than last year at this time (8/1); there are 64 single-family homes for sale compared with 79 on 9/1/2012. List prices range from $219,900 for a 5 room house with 2 bedrooms and 2 bathroom to $11,800,000 luxury estate with 28 rooms including with a guest house, and barn on 11+ acres surrounded by conservation land. See the listings at www.WaylandHomeSales.com

The current median list price in Wayland is $822.000; last year on 8/1 the median list price in Wayland was $735,500. As in Sudbury, the price range with the most choices is one million to 1.499 million – there are 13 for sale. The average time on the market for these properties is 140 days; some of these sellers may be ready to make a deal and buyer, you have less competition - everything is on sale in August!

Condominiums (townhouses and garden-apartment style): There were 4 closed sales of condominiums in Wayland during June; there were 10 in June 2012. Sale prices were higher this year. The median sale price in June 2013 was $500,000 up from $456,250 in June 2012.

Current: there are 16 units for sale in Wayland compared with 34 last year at this time. List prices range from $279,900 for 3 bedrooms, 1 bath half-duplex, to $1,199,000 for a 3 bedroom, 3.5 bath luxury townhome at The Field. The median price for a condominium in Wayland is $662,450 up from $665,000 on 8/1/2012.

What's it mean to you?Price is key even in a hot market. Homes sellers who price their houses correctly are getting offers, multiple offers in some cases, and are selling quickly, sometimes for over asking; while those who were overly optimistic and went on the market too high are taking longer and they are reducing their prices. There were 23 price changes on 21 properties in Wayland during June. The average change was -4.26%.

People who are serious about buying are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices mean more equity in your property. Maybe you've been trying to refinance or take out an equity line to do some updates but your house wouldn't appraise. Mortgage interest rates are still historically low and this may be your window of opportunity. This is also a good time to consider a vacation home or income property. Prices are going up everywhere so why wait?

-------------------------------------------------------------
Want to know more, call Marilyn at 508-596-3501.

Connect on Google+.

Tips for Success in A Sellers' Market

By now you've heard it's a "sellers' market"! There are fewer homes for sale everywhere including Wayland, Sudbury, Concord, and the towns west of Boston. Sellers are getting multiple offers for their homes, some in just a few days, and we're seeing sale prices higher than asking again. All good, right? Of course, everyone has been waiting for the market to turn!

Well, maybe not everyone! Some of you who thought you would wait until the Spring to get moving are now finding yourselves in unchartered waters and it's a bit overwhelming.

Here are a few tips to you succeed:

1. Buyers and Sellers: Be prepared; get pre-approved for a mortgage before you look at houses. Sellers, you are most likely going to buy another home. Before you put your house up for sale, know what you can afford to buy.

2. Sellers - make sure you have a somewhere to stay in case you sell before you find a new home. Can you stay with relatives or friends? How about a short-term rental? That is going to be difficult to find in the suburbs, especially if you have children and or pets. Check out your options before you list your house.

3. Sellers - make sure your home looks its best, make all necessary repairs, and above all price it right! When the media tells you it's a "sellers' market" it's easy to think you don't have to fix things and that you should ask a higher price. Home buyers in any market expect your house to be updated and with all systems working, especially when they're paying higher prices. Even in a bidding war, they won't overpay! As busy as the market is, I'm still seeing price reductions and expired listings that did not sell.
houses.

4. Buyers - don't waive the mortgage contingency unless you're paying cash or are 100% your mortgage positive that your loan will be approved including the lender appraisal. If you're going to waive the home inspection make sure you really understand the condition of the house. Even if it means having to wait for another house; it's not worth losing your deposit or finding out after you move in that the house needs repairs you can't afford. Common sense should alway prevail.

5. Buyers and Sellers - Contract with an experienced and well-educated Realtor who understands how to negotiate the ins and outs of the current market and can make sure you have all the information you need to make the decisions that are right for you. In this faster-paced market, stress is high and every detail matters. Your agent needs to be there for you from beginning to end and every step in between to ensure the process ends in success!

More at www.marilynmessenger.com - easy home search, market reports for Wayland, Sudbury, Maynard, Stow, and Acton MA; expert advice from an experienced broker.