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Massachusetts Home Buyer Guide

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What MA Home Buyers Should Know About Underground Oil Tanks?

Jan 4, 2014 11:45:00 AM

Massachusetts home buyers should inquire about whether a home has an underground oil tank because of the potential environmental problems the tank may cause, if a leak occurs. 

Massachusetts underground oil tankIt isn't common for an underground oil tank to still be in use; however, over the years old underground oil tanks have been abandoned rather than removed when heating systems have been upgraded.

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

What Massachusetts Home Buyers Should Know About Proposition 2 1/2

Dec 27, 2013 8:45:00 AM

Massachusetts home buyers will want to take into consideration the total cost of purchasing a home. Besides the price of a home and the cost of borrowing, as well as other costs, home buyers will want to consider real estate taxes in the city or town they plan to buy a home in. 

Local real estate tax rates vary throughout Massachusetts; however, there are some limitations to a city's or town's ability to raise property taxes. 

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

Eight Tips For MA Home Buyers to Protect Their New Homes From Fires

Nov 5, 2013 6:54:00 PM

Massachusetts home buyers should know home inspectors do not check smoke detectors and carbon monoxide detectors during a home inspection; however, state law requires home sellers have smoke detectors and carbon monoxide detectors checked by their local fire department before the sale of their home.

Despite the comfort of knowing that the local fire department has inspected smoke detectors and carbon monoxide detectors for code violations before they purchased their home, new home buyers – now homeowners – can further protect themselves by considering the following fire safety tips at home.

No one thinks a fire at home will happen to them, yet according to data from the Massachusetts Fire Incident Reporting System, there were 31,229 fires reported in Massachusetts during 2012 that caused 39 civilian deaths, 322 civilian injuries, 531 fire service injuries and an estimated $257 million in property damage.

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Topics: Home-buying Tips, Real Estate Misc., Homeowner Tips

12 Mortgage Mistakes MA First-time Home Buyers Should Avoid

Oct 19, 2013 7:52:00 AM

Massachusetts first-time home buyers, and really any home buyer, should keep in mind that certain personal and financial moves may hurt their chances of, or disqualify them from, obtianing a mortgage loan or delay their closing. Several seemingly innocent financial or personal changes by a borrower during the loan process may have unintended consequences. The following are 12 things a potential home buyer should not do when seeking a mortgage. 

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Topics: Home-buying Tips, Mortgages 101, Mortgage Rates & News

What Does Broom Swept Condition Mean to Massachusetts Home Buyers?

Sep 19, 2013 9:43:00 AM

Many Buyers assume that when they purchase a property, it will be delivered clean and move-in ready. That is not always the case.

In Massachusetts, properties are sold “as-is.” Unless there is specific language to the contrary in a contract / offer to purchase or a purchase and sale agreement, a buyer purchases a property in the condition that it is in at the time the contract is signed, wear and tear notwithstanding. There is nothing that requires a seller to remove trash and debris and/or clean the property prior to the closing. The condition of the property at the time of closing needs to be agreed upon in advance.

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Topics: Home-buying Tips, Real Estate Law, Homeowner Tips

Boston Renters See Higher Rents, Weigh First-time Home Buyer Options

Aug 13, 2013 4:43:00 PM

If the do-nothing landlord and the noisy neighbors weren't incentive enough, three straight years of rising rents in Boston have many renters weighing their first-time home buyer options.

For three straight years, rents in five of Boston’s student populated neighborhoods are rising while the vacancy rate has fallen below 2 percent, the Boston Business Journal reported July 19, 2013. Rental Beast, a Somerville-based real estate market tracker, compiled the data.

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Topics: Real Estate Market, Home-buying Tips, Boston

Gas Tax to Increase Demand For MA Homes Near Public Transportation

Aug 2, 2013 9:34:00 AM

Many Massachusetts home buyers already desire homes close to public transportation, but the Bay State's gas tax hike that went into effect July 31, 2013 may increase the popularity of such homes.  

According to a study released March 20, 2013 by the American Public Transportation Association (APTA) and the National Association of Realtors (NAR), Boston real estate values during the last recession performed 129 percent better on average if they were located near public transportation with high-frequency service.

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Topics: Home-buying Tips, Real Estate Misc., National Association of Realtors

MA Home Buyers Should Carefully Weigh Pros/Cons of Escalation Clause

Jul 18, 2013 2:59:00 PM

This current Massachusetts real estate market has seen a significant increase in demand in home buyers looking to purchase over the past year. At the same time the number of homeowners willing to sell has plummeted, causing a dramatic decrease in inventory.

Many factors play a role in the condition of any real estate market, including, but not limited to, the economy, interest rates and employment; however, the most important factor is supply vs. demand. 

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

Don't Waive That Home Inspection Massachusetts Home Buyers

Jun 17, 2013 9:30:00 AM

A recent Boston Real Estate Now blog post on the competitiveness of the real estate market in the Greater Boston Area indicated that "roughly 15 percent" of Greater Boston home buyers "waived the inspection contingency" in their offer to purchase.

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Topics: Home-buying Tips

What MA Inspectors Are Not Required to Check at a Home Inspection

Jun 4, 2013 10:17:00 AM

A home inspection is serious business. 

As much as some sellers and real estate agents want to play down the home inspection, it is one of the most important steps of buying a home. Aside from the obvious reasons of wanting to know about major defects, a home inspection is a time to learn. A good home inspector will thoroughly answer home buyers' questions and educate home buyers, especially first-time home buyers, about maintaining a home in general and specifically their soon-to-be home.

With the above in mind, it is important that Massachusetts home buyers understand what a home inspector will check and what the limitations are for a home inspection.

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Topics: Home-buying Tips, Real Estate Misc.

As Home Prices Increase, Massachusetts Home Buyers Act Quickly

May 18, 2013 6:25:00 AM

Eighteen months ago Massachusetts home buyers did not need be too concerned with whether a home for sale they visited would be available to make an offer on the next day or even the next week. How times have changed. 

A new home listing in Holliston, MA that a Buyers Brokers Only, LLC client wanted to see yesterday went under agreement in about three hours on Thursday. Not three days, but it went under agreement in about three hours. Stories like the one above have frustrated home buyers in Massachusetts over the past few months.

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Topics: Real Estate Market, Home-buying Tips, Massachusetts Association of Realtors

What Do Home Buyers Really Want? Home Builders Release Study.

May 12, 2013 10:26:00 AM

The National Association of Home Builders (NAHB) publishing arm recently released a study of what home buyers want in a home. 

"The housing downturn of the last few years affected not only the number of new homes that are built each year, but also the characteristics, features and size of the ones that do get built.  Builders and other industry professionals now have an opportunity to find out what home buyers really want and will not give up in  today’s market, as well as which features they are ready to leave behind in light of current economic realities," according to the NAHB study released February 19, 2013. 

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Topics: Home-buying Tips, Real Estate Misc., Homeowner Tips, New Construction

   

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