A Guide for the First-Time Home Buyer
The purchase of your first home is one of the most important decisions you will make in your lifetime. It will quite likely be the best investment you every make as well.
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A Massachusetts Consumers Guide To Buying & Selling A Home in Massachusetts
The purchase or sale of a home is one of the largest transactions that an individual makes during a lifetime. Following years of planning and saving, a buyer begins the process of finding the home of the buyer's dreams. The search can provide a challenge and an opportunity. The assistance of a qualified real estate agent can transform complex negotiations into a most rewarding endeavor for buyer and seller. This pamphlet is provided as a consumer service to the home buying and selling public and demonstrates the Massachusetts REALTORS'® commitment to promoting home ownership opportunities for all citizens of the Commonwealth.
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Accredited Buyer Representative
Why should you look for the ABR designation before looking for a home? These three letters after a REALTOR's® name tell you that you will be working with buyer representative who is committed to your best interests. The ABR Designation is awarded by REBAC to those REALTORS® who have have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER'S AGENT Council).
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Board of Registration of Home Inspectors
The Board of Registration of Home Inspectors is charged with evaluating the qualifications of applicants and granting licensure to those who qualify. It establishes rules and regulations to ensure the integrity and competence of licensees. The Board protects the public health and welfare through regulation of the profession in accordance with the state statutes and board regulations.
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Board of Registration of Real Estate Brokers and Salespersons
You may engage the services of a broker to represent you exclusively as a buyer of real property. In this case, the broker represents you and is accountable to you. She must obey your instructions and keep confidential anything you tell her that may affect your purchase of real property. In negotiating for the best prices and terms, she must put your interests first.
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Buying a Home
Even if you're sure you have excellent credit, it's wise to double-check at the outset. Straightening out any errors or disputed items now will avoid troublesome holdups down the road when you're waiting for mortgage approval.
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Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.
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FHA Mortgage Insurance and Benefits
REALTORS® and the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), have been partners in creating homeownership opportunities for more than 70 years. Since FHA was created in 1934, it has helped more than 34 million families become homeowners, many by working with their REALTORS® to achieve their dream of homeownership.
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Flipping Houses
The profit is there to be made by even the novice, but planning is essential. Investors who go into projects blindly are probably going to lose. Cost must be accurately projected at the beginning of the project. The number one rule of remodeling and renovation is that there will always be surprises. Actual costs are so hard to estimate that Russ Berget, who has over 30 years experience fixing and flipping in the Denver area, says the he still comes in over budget almost every time.
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Foreclosures
List of foreclosure auctions for Massachusetts and New Hampshire.
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Free Credit Report
The Fair and Accurate Credit Transactions Act (FACT Act) was signed into law in December 2003. The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all of the information in their credit file from each of the three national credit reporting companies once every 12 months through a Central Source.
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Free Advanced Home Search System
Complete HASSLE-FREE access to the New Hampshire real estate and Massachusetts real estate Multiply Listing Service (MLS) Systems, with full property sheets and property addresses.
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Home Buyers Toolkit
Initially, you should prepare a list of your housing 'needs' and 'wants'. In addition, identify communities that fit the criteria for where you want to live. Be sure to consider access to public transportation, shopping and health care facilities, the importance of quality schools and other community services, like recreational or cultural venues that might be important to your family. Once you identify the area (s) you will be searching for your new home, it is advisable to find a REALTOR® who is familiar with those areas.
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How To Avoid Predatory Lending
This brochure will help consumers learn about the risks of predatory loans and how to avoid them. REALTORS® can provide information about predatory lending, refer clients to reputable housing counseling organizations, and encourage families to make informed decisions about how to finance their homes.
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Mortgage Calculators
Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
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Property Transfer Lead Paint Notification
Under Massachusetts and federal law, this notification package must be given to prospective purchasers of homes built before 1978. This package must be given in full to meet state and federal requirements. It may be copied, as long as the type size is not made smaller. Every seller and any real estate agent involved in the sale must give this package before the signing of a purchase and sale agreement, a lease with an option to purchase, or, under state law, a memorandum of agreement used in foreclosure sales.
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Questions to Ask When Choosing a Real Estate Agent
How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.
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Shopping For A Mortgage
These days there are more options to consider than just the traditional 30 year mortgage. As housing prices in Massachusetts and New Hampshire have risen since the early 90's, so has the burden of paying for a home. In response to these new challenges mortgage lenders have developed alternatives to the mortgages of the past.
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Specialty Mortgages: Risks and Rewards
Specialty mortgages often begin with a low introductory interest rate or payment plan—a “teaser”—but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees. Some lenders will lend you 100% or more of the home’s value, but these mortgages also present a big financial risk if the value of the house goes down. It’s in your best interest to learn the “ins and outs” of these packages before deciding if the loan you’re considering is right for you.
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Things Buyers Should Know when Dealing with a Real Estate Agent
If a broker accepts money from you for any reason, that broker must immediately deposit the payment in an escrow account, a separate bank account which is maintained specifically as a depository for funds belonging to others. The money must be kept in this separate account until the transaction is successfully completed or is terminated. It is illegal for a broker to mingle your funds with his own.
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Traditional Mortgages: Understanding Your Options
When shopping for a mortgage, consumers have more choices than ever before. Many lenders now offer specialty mortgages that help make homeownership more affordable but have risks that consumers should fully consider (see our brochure on specialty mortgages). But for most consumers, the traditional fixed-rate mortgage and adjustable-rate mortgage (ARM) continue to be excellent options. However, even these traditional financing options require a number of important decisions. Should you get a 15- or 30-year loan? Should you get a fixed-rate mortgage to lock in today’s interest rates for the term of the loan—or take an adjustable-rate loan with a lower current rate and payment, but with the risk of rate and payment increases in the years ahead?
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Types of Agency Representation
Whether you are the buyer or seller you can choose to have the advice, assistance and representation of your own agent who works for you. DO NOT assume that a real estate agent works solely for you unless you have an agreement for that relationship.
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5 Reasons You Need a REALTOR
A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.
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6 Creative Ways to Afford a Home
If your income and savings are making homebuying a challenge, consider these options.
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10 Questions to Ask Your Condo Board
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.
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10 Questions to Ask Your Lender
Be sure you find a loan that fits your needs with these comprehensive questions.
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10 Things to Take the Trauma Out of Homebuying
Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality.
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