Check it out, don't have time for a full posting, but I wanted to get this on the blog before I headed out. It's great to see that Dorchester has it's own Bicycling Advocacy group! Yay!
Visit Dot Bike Today!
Monday, March 3, 2008
Friday, February 22, 2008
Procuring Cause
Oh boy! This is a fun one. I am writing about this because it has finally reared its ugly head in our office this week.
I'm not going to go into length about what procuring cause is or who is right or wrong, but I am going to give buyers out there some advice. If you want information about procuring cause, Google it, there are boat loads of information about it online.
Here are my tips:
1. Hire a buyer agent. And I mean hire them, not just sign the MA agency disclosure. This is done by signing a contract that outlines how the agent will be compensated, what their duties to the buyer are and how long the contract is good for. There may be some other stuff too that varies from brokerage to brokerage. The old adage 'you get what you pay for' holds true for agency.
Ethical buyer agents hired under contract are loyal to you, because you are loyal to them. Period!
2. If you don't want to hire an agent exclusively and want to make an offer on a property, do it with the agent that showed you the property and gave you the information. This would eliminate most procuring cause situations, and save everyone some heartache.
3. If you are using another agent, let any and all other agents you encounter know that you are using another agent and sign in with their name at open houses.
I give you this advice from the perspective of being a buyer's agent. I first cut my teeth in the real estate industry by working for the largest exclusive buyer agency in Massachusetts back in the early 2000's. Because buyer agency was pretty new at the time, most didn't understand it, and even now some still don't. I spent quite a bit of time explaining it to folks then and it seems there is still some education needed out there.
I'm not going to go into length about what procuring cause is or who is right or wrong, but I am going to give buyers out there some advice. If you want information about procuring cause, Google it, there are boat loads of information about it online.
Here are my tips:
1. Hire a buyer agent. And I mean hire them, not just sign the MA agency disclosure. This is done by signing a contract that outlines how the agent will be compensated, what their duties to the buyer are and how long the contract is good for. There may be some other stuff too that varies from brokerage to brokerage. The old adage 'you get what you pay for' holds true for agency.
Ethical buyer agents hired under contract are loyal to you, because you are loyal to them. Period!
2. If you don't want to hire an agent exclusively and want to make an offer on a property, do it with the agent that showed you the property and gave you the information. This would eliminate most procuring cause situations, and save everyone some heartache.
3. If you are using another agent, let any and all other agents you encounter know that you are using another agent and sign in with their name at open houses.
I give you this advice from the perspective of being a buyer's agent. I first cut my teeth in the real estate industry by working for the largest exclusive buyer agency in Massachusetts back in the early 2000's. Because buyer agency was pretty new at the time, most didn't understand it, and even now some still don't. I spent quite a bit of time explaining it to folks then and it seems there is still some education needed out there.
Wednesday, February 20, 2008
Q&A from IRS.gov -Foreclosures and Debt Forgiveness
Lots of questions from homeowners are pouring in about short sales and foreclosures. Here are some answers straight from the horses mouth, the IRS.
Questions and Answers on Home Foreclosure and Debt Cancellation
Update Feb. 4, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in 2007, 2008 or 2009. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home. More information on claiming this exclusion will be available soon.
The questions and answers, below, are based on the law prior to the passage of the Mortgage Forgiveness Debt Relief Act of 2007.
1. What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.
2. Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:
Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you.You are insolvent when your total debts are more than the fair market value of your total assets.Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Certain farm debts:If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.The rules applicable to farmers are complex and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Non-recourse loans:A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral.That is, the lender cannot pursue you personally in case of default.Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income.However, it may result in other tax consequences, as discussed in Question 3 below.
3. I lost my home through foreclosure. Are there tax consequences?
There are two possible consequences you must consider:
Taxable cancellation of debt income.(Note: As stated above, cancellation of debt income is not taxable in the case of non-recourse loans.)
A reportable gain from the disposition of the home (because foreclosures are treated like sales for tax purposes).(Note: Often some or all of the gain from the sale of a personal residence qualifies for exclusion from income.)
Use the following steps to compute the income to be reported from a foreclosure:
Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)
1. Enter the total amount of the debt immediately prior to the foreclosure.___________2. Enter the fair market value of the property from Form 1099-C, box 7. ___________3. Subtract line 2 from line 1.If less than zero, enter zero.___________
The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.
Step 2 – Figuring Gain from Foreclosure4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________6. Subtract line 5 from line 4. If less than zero, enter zero.
The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.
4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
No. Losses from the sale or foreclosure of personal property are not deductible.
5. Can you provide examples?
A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. At the time of the foreclosure, the borrower is insolvent, with liabilities (mortgage, credit cards, car loans and other debts) totaling $250,000 and assets totaling $230,000.
The borrower figures income from the foreclosure as follows:
Use the following steps to compute the income to be reported from a foreclosure:
Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)
1. Enter the total amount of the debt immediately prior to the foreclosure.___$220,000__2. Enter the fair market value of the property from Form 1099-C, box 7. ___$200,000__3. Subtract line 2 from line 1.If less than zero, enter zero.___$20,000__
The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.
Step 2 – Figuring Gain from Foreclosure
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__
The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.
In this situation, the borrower has a tax-free home-sale gain of $30,000 ($200,000 minus $170,000), because they owned and lived in their home as a principal residence for at least two years. Ordinarily, the borrower would also have taxable debt-forgiveness income of $20,000 ($220,000 minus $200,000). But since the borrower’s liabilities exceed assets by $20,000 ($250,000 minus $230,000) there is no tax on the canceled debt.
Other examples can be found in IRS Publication 544, Sales and Other Dispositions of Assets, under the section “Foreclosures and Repossessions”.
6. I don’t agree with the information on the Form 1099-C. What should I do?
Contact the lender. The lender should issue a corrected form if the information is determined to be incorrect. Retain all records related to the purchase of your home and all related debt.
7. I received a notice from the IRS on this. What should I do?
The IRS urges borrowers with questions to call the phone number shown on the notice. The IRS also urges borrowers who wind up owing additional tax and are unable to pay it in full to use the installment agreement form, normally included with the notice, to request a payment agreement with the agency.
8. Where else can I go to get tax help?
If you are having difficulty resolving a tax problem (such as one involving an IRS bill, letter or notice) through normal IRS channels, the Taxpayer Advocate Service may be able to help. For more information, you can also call the TAS toll-free case intake line at 1-877-777-4778, TTY/TDD 1-800-829-4059.
In some cases, you may qualify for free or low-cost assistance from a Low Income Taxpayer Clinic (LITC). LITCs are independent organizations that represent low income taxpayers in tax disputes with the IRS. Find information on an LITCs in your area.
Questions and Answers on Home Foreclosure and Debt Cancellation
Update Feb. 4, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in 2007, 2008 or 2009. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home. More information on claiming this exclusion will be available soon.
The questions and answers, below, are based on the law prior to the passage of the Mortgage Forgiveness Debt Relief Act of 2007.
1. What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.
2. Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:
Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you.You are insolvent when your total debts are more than the fair market value of your total assets.Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Certain farm debts:If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.The rules applicable to farmers are complex and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Non-recourse loans:A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral.That is, the lender cannot pursue you personally in case of default.Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income.However, it may result in other tax consequences, as discussed in Question 3 below.
3. I lost my home through foreclosure. Are there tax consequences?
There are two possible consequences you must consider:
Taxable cancellation of debt income.(Note: As stated above, cancellation of debt income is not taxable in the case of non-recourse loans.)
A reportable gain from the disposition of the home (because foreclosures are treated like sales for tax purposes).(Note: Often some or all of the gain from the sale of a personal residence qualifies for exclusion from income.)
Use the following steps to compute the income to be reported from a foreclosure:
Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)
1. Enter the total amount of the debt immediately prior to the foreclosure.___________2. Enter the fair market value of the property from Form 1099-C, box 7. ___________3. Subtract line 2 from line 1.If less than zero, enter zero.___________
The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.
Step 2 – Figuring Gain from Foreclosure4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________6. Subtract line 5 from line 4. If less than zero, enter zero.
The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.
4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
No. Losses from the sale or foreclosure of personal property are not deductible.
5. Can you provide examples?
A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. At the time of the foreclosure, the borrower is insolvent, with liabilities (mortgage, credit cards, car loans and other debts) totaling $250,000 and assets totaling $230,000.
The borrower figures income from the foreclosure as follows:
Use the following steps to compute the income to be reported from a foreclosure:
Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)
1. Enter the total amount of the debt immediately prior to the foreclosure.___$220,000__2. Enter the fair market value of the property from Form 1099-C, box 7. ___$200,000__3. Subtract line 2 from line 1.If less than zero, enter zero.___$20,000__
The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.
Step 2 – Figuring Gain from Foreclosure
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__
The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.
In this situation, the borrower has a tax-free home-sale gain of $30,000 ($200,000 minus $170,000), because they owned and lived in their home as a principal residence for at least two years. Ordinarily, the borrower would also have taxable debt-forgiveness income of $20,000 ($220,000 minus $200,000). But since the borrower’s liabilities exceed assets by $20,000 ($250,000 minus $230,000) there is no tax on the canceled debt.
Other examples can be found in IRS Publication 544, Sales and Other Dispositions of Assets, under the section “Foreclosures and Repossessions”.
6. I don’t agree with the information on the Form 1099-C. What should I do?
Contact the lender. The lender should issue a corrected form if the information is determined to be incorrect. Retain all records related to the purchase of your home and all related debt.
7. I received a notice from the IRS on this. What should I do?
The IRS urges borrowers with questions to call the phone number shown on the notice. The IRS also urges borrowers who wind up owing additional tax and are unable to pay it in full to use the installment agreement form, normally included with the notice, to request a payment agreement with the agency.
8. Where else can I go to get tax help?
If you are having difficulty resolving a tax problem (such as one involving an IRS bill, letter or notice) through normal IRS channels, the Taxpayer Advocate Service may be able to help. For more information, you can also call the TAS toll-free case intake line at 1-877-777-4778, TTY/TDD 1-800-829-4059.
In some cases, you may qualify for free or low-cost assistance from a Low Income Taxpayer Clinic (LITC). LITCs are independent organizations that represent low income taxpayers in tax disputes with the IRS. Find information on an LITCs in your area.
Tuesday, February 19, 2008
Busy, busy, busy
So I think the spring market is here. I was wondering when we would see it pick up and I think the past two weeks have been indicators for us that it is here. We have had two properties receive multiple offers and buyers are starting to come out of the woodwork. So much so, I think this might be the end of my mini ski-trips. Just when I bit the bullet and purchased new skis so I wouldn't have to deal with renting. There's always next winter.
We also have had several sellers come to us for market evaluations and listings, hoping to get their place sold during the peak of the market. I do think that this sping will be different than the previous 7 or 8 springs, in that there is much more inventory on the market and very little of it is inspiring. Developments have slowed way down and nicer units are being held onto by owners hoping to ride out this down cycle of the market. This is leaving less desirable units on the market with languishing market times and reducing prices. The one caveat to that is spectacular properties that are head and shoulders above their competition are selling. They are selling fast and usually with multiple offers. The point I guess I'm trying to make is, as a buyer, if you come across a property that is better than the others in the same price range, I would seriously consider an offer.
Again, as most who know me, my favortie saying is "It's all about price." Anything, given the right price will sell. That is a very large reason why I love real estate. It is one of the purest forms of market economics.
We also have had several sellers come to us for market evaluations and listings, hoping to get their place sold during the peak of the market. I do think that this sping will be different than the previous 7 or 8 springs, in that there is much more inventory on the market and very little of it is inspiring. Developments have slowed way down and nicer units are being held onto by owners hoping to ride out this down cycle of the market. This is leaving less desirable units on the market with languishing market times and reducing prices. The one caveat to that is spectacular properties that are head and shoulders above their competition are selling. They are selling fast and usually with multiple offers. The point I guess I'm trying to make is, as a buyer, if you come across a property that is better than the others in the same price range, I would seriously consider an offer.
Again, as most who know me, my favortie saying is "It's all about price." Anything, given the right price will sell. That is a very large reason why I love real estate. It is one of the purest forms of market economics.
Friday, February 15, 2008
Market Snapshot - Dorchester Condos
Here are some telling market statistics in the condo market. I compared what many consider the height of the market with today. I'll let you make your own conclusion regarding where the market is going. One thing to note is that if you are selling, you best be sure your condo is the best condo in its price range. There is a lot of competition out there…
2/15/2005 | 2/15/2008 | ||||
Price Range | Number of listings | Avg. Days | vs. today | Number of listings | Avg. Days |
Under $50,000 | - | - | - | - | |
$50,000 - $99,999 | - | - | 9 | 208 | |
$100,000 - $149,999 | 4 | 121 | 22 | 102 | |
$150,000 - $199,999 | 21 | 76 | 78 | 139 | |
$200,000 - $249,999 | 31 | 70 | 71 | 98 | |
$250,000 - $299,999 | 59 | 107 | 69 | 124 | |
$300,000 - $349,999 | 30 | 86 | 44 | 145 | |
$350,000 - $399,999 | 19 | 89 | 21 | 152 | |
$400,000 - $449,999 | 5 | 61 | 8 | 226 | |
$450,000 - $499,999 | - | - | 8 | 136 | |
$500,000 - $599,999 | - | - | 2 | 68 | |
$600,000 - $699,999 | - | - | 3 | 95 | |
$700,000 - $799,999 | - | - | 1 | 135 | |
$800,000 - $899,999 | - | - | - | - | |
$900,000 - $999,999 | - | - | - | - | |
$1,000,000 - $1,499,999 | - | - | - | - | |
$1,500,000 - $1,999,999 | - | - | - | - | |
$2,000,000 - $2,499,999 | - | - | - | - | |
$2,500,000 - $2,999,999 | - | - | - | - | |
$3,000,000 - $3,999,999 | - | - | - | - | |
$4,000,000 - $4,999,999 | - | - | - | - | |
$5,000,000 - $9,999,999 | - | - | - | - | |
Over $10,000,000 | - | - | - | - | |
Total Properties | 169 | Avg. 90 | 336 | Avg. 129 | |
Lowest Price: | $130,000 | Lowest Price: | $57,500 | ||
Median Price: | $269,995 | Median Price: | $239,900 | ||
Highest Price: | $449,000 | Highest Price: | $739,000 | ||
Average Price: | $277,755 | Average Price: | $256,041 | ||
Total Market Volume: | $46,940,695 | Total Market Volume: | $86,286,004 | ||
Tuesday, February 5, 2008
Thank you
Just a quick thanks to those at the polling stations today. I voted at Dorchester House this afternoon and I just wanted to say thank you to the election volunteers and workers that spent the day doing a pretty mindless task with enthusiasm.
Thanks!
Thanks!
The Monday after...
Ok, our Pats didn't do so well on Sunday and the mood in Boston pretty much matches our weather; cold, grey and rainy. What I also noticed is that we hit a new low on our website. We had the fewest amount of hits to our site since we started tracking. I am guessing that most were nursing hangovers and trying to forget the loss.
And now that it is Tuesday, there is a new 'Super' event to watch. I will be voting later on today at Dorcheser House and I'm sure I won't be able to escape the punditry on TV tonight. Hopefully, this will take the sting away from Sunday.
Go Vote!!!!!
And now that it is Tuesday, there is a new 'Super' event to watch. I will be voting later on today at Dorcheser House and I'm sure I won't be able to escape the punditry on TV tonight. Hopefully, this will take the sting away from Sunday.
Go Vote!!!!!
Sunday, February 3, 2008
Tuesday, January 29, 2008
Stuff on the internet
Our world is becoming smaller via the internet. There are so many resources out there to help us get through our daily lives that I have a hard time remembering what it was like 15-20 years ago. The transparancy of information is certainly staggering. For example we have been interviewing several candidates to join us as new agents and one of the first thing we do is visit their Facebook.com page. It can be revealing... And there are some other sites that can be useful to you as home hunters.
This week I have spent some time on Apartmentratings.com. This website, if it catches on could serve as a background check on landlords. Personally, I think it is great. Tenants go through a vigorous screening process and it seems silly that they do not get the same opportunity to screen their future landlords. Afterall, this is someone that has a key to your home.
In the past I have also visited Rottenneighbor.com. This site isn't quite up and running yet (I had some issues loading pages) but it promises to provide information that isn't public record and an ethical real estate agent wouldn't touch with a 30 foot pole. I'm not saying that the information is illegal or anything, just that it gets us agents/brokers into a grey area that laywers and lawmakers would rather have us avoid.
Of course, I am sure there will be lawsuits regarding how this information is used and probably a few libel/slander suits. But I think if people are responsible and ethical, it can be a tremendous resource.
This week I have spent some time on Apartmentratings.com. This website, if it catches on could serve as a background check on landlords. Personally, I think it is great. Tenants go through a vigorous screening process and it seems silly that they do not get the same opportunity to screen their future landlords. Afterall, this is someone that has a key to your home.
In the past I have also visited Rottenneighbor.com. This site isn't quite up and running yet (I had some issues loading pages) but it promises to provide information that isn't public record and an ethical real estate agent wouldn't touch with a 30 foot pole. I'm not saying that the information is illegal or anything, just that it gets us agents/brokers into a grey area that laywers and lawmakers would rather have us avoid.
Of course, I am sure there will be lawsuits regarding how this information is used and probably a few libel/slander suits. But I think if people are responsible and ethical, it can be a tremendous resource.
Thursday, January 24, 2008
Tuesday, January 22, 2008
Registry of Deeds - Norfolk County where are you?
What's the first thing we do when we are listing a property or researching a property for a buyer? We visit the Registry of Deeds online. Several of the Massachusetts registries are online and available to anyone to puruse and inspect. Much of it is boring stuff. But it also can serve as a resource to investigate properties and people.
I recently found out that an owner of a foreclosure that had recently been ordered, had foreclosure initiated on the property 4 times. The first three times they had refinanced and evaded foreclosure. Finally the $150k property bought more than 10 years ago had a $330k mortgage on it. If the banks or attorneys had done their homework they would've known that the owner should not have been financed another time. Now the property is in foreclosure and ready to be filed with land court and sold through brokerage by the lender.
I can also see employers, nosey neighbors and investigators using the registry as a free source for background information and lenders should be checking the registry prior to any financing.
Currently there are several counties online in Massachusetts. We use them everyday in our search for properties, it might be worth checking out, especially if you own property. In addition to deeds, there are many other documents filed such as condo docs, notices, liens, assignments, etc...
I recently found out that an owner of a foreclosure that had recently been ordered, had foreclosure initiated on the property 4 times. The first three times they had refinanced and evaded foreclosure. Finally the $150k property bought more than 10 years ago had a $330k mortgage on it. If the banks or attorneys had done their homework they would've known that the owner should not have been financed another time. Now the property is in foreclosure and ready to be filed with land court and sold through brokerage by the lender.
I can also see employers, nosey neighbors and investigators using the registry as a free source for background information and lenders should be checking the registry prior to any financing.
Currently there are several counties online in Massachusetts. We use them everyday in our search for properties, it might be worth checking out, especially if you own property. In addition to deeds, there are many other documents filed such as condo docs, notices, liens, assignments, etc...
Saturday, January 19, 2008
Open Houes-Sunday
This week's open houses are on the schedule and we are ready for you to visit.
Check them out at:
12 Victoria Street #1, Dorchester 12-2 PM
22 Upland Ave., Dorchester 12-2 PM
Check them out at:
12 Victoria Street #1, Dorchester 12-2 PM
22 Upland Ave., Dorchester 12-2 PM
Thursday, January 17, 2008
We want you!
Just In Boston Properties is looking for a licensed real estate agent to help our office grow. Our office is a small boutique agency with ties to developers, investors and landlords throughout Dorchester and South Boston. We specialize in all of Dorchester's Real Estate- Investments, Developments, Condos, Multi Families, Single Families, Apartments and Property Management. Just In Boston Properties is based in the Savin Hill area of Dorchester, just a few blocks from the Savin Hill T station. We are a service driven boutique real estate agency offering high end customer service and services to a moderately priced market.
The ideal candidate will have:
A current Massachusetts Real Estate License
A reliable and clean car
Knowledge of Microsoft Office
Cell phone-preferably a smart phone or Blackberry
The desire to hustle and make money
Please email or fax resume, Attention: Justin or Nadine 617-830-0053
nadine@justinboston.com or justin@justinboston.com
The ideal candidate will have:
A current Massachusetts Real Estate License
A reliable and clean car
Knowledge of Microsoft Office
Cell phone-preferably a smart phone or Blackberry
The desire to hustle and make money
Please email or fax resume, Attention: Justin or Nadine 617-830-0053
nadine@justinboston.com or justin@justinboston.com
Monday, January 14, 2008
More snow!
Well the holidays are over and we are getting back into the swing of things. Personally, I had the flu for about a week and am finally feeling human again. The office is in need of a serious vacuuming and we are putting together our 2008 plan. I promise to regualrly update the blog with interesting tid-bits and coerce my fellow agents to participate too. Happy new year!
Friday, December 21, 2007
Holiday Hours
Just In Boston Properties will be closed Saturday Decemeber, 22nd through Wednesday December, 26th. We hope you have a great weekend and if you really need to get in touch with us, please leave a message on our voice mail. We will be checking it intermittently through out the weekend.
Happy Holidays!
Happy Holidays!
Happy Holidays
Happy holidays from Just In Boston Properties! We have had a blast the past week both personally and professionally. Our mini ski-trip was blessed with 2 feet of powder and plenty of wood for the fire. Sorry, we were too busy having fun, we forgot to take plenty of pictures.
But Tuesday was back to reality as we returned from Vermont and had to pull our office together for our first annual holiday party. It was so much fun and I hope we can make it even better next year. Thanks to everyone who came and we hope to see you again soon!
We were able to snap two pics in the middle of hosting....
Saturday, December 15, 2007
Let it snow, let it snow....
It's that type of year in Real Estate where we can manage to take a day off, or two, or three. Quite frankly, there is not much going on between now and New Year's with everyone more focused on the holidays. We sold a big chunk of inventory over the past few weeks and as a result we are going to take a hard-earned mini vacation. (I can't remember the last day I took off, I think it might have been in October.) Plus we heard that Jay Peak is going to get dumped on with the storm coming on Sunday. So Justin, Dennis and I are heading up north to go skiing/boarding. We hope everyone has a safe weekend and has fun in the snow! We'll see you on Tuesday.
Wednesday, December 5, 2007
Ronan Park Dog Run
As some of you may know, I live on top of Meetinghouse Hill in Dorchester and I enjoy our lovely Ronan Park like many of area residents. The improvements to the park have been wonderful and we hope to continue the improvement of the park. Below is an open letter to members of the community to review the proposed dog park to be situated on an unused corner of the park. Many of the residents are in favor of the dog park and I think it will be a great addition to the area. Please see below....
Hello Dorchester Dog Owners and Friends-
Our dog park designer will be presenting plans for the proposed Ronan ParkDog Recreation Space at the next Meetinghouse Hill Civic Associationmeeting. The meeting starts at 7pm on Wednesday, December 19 and is held in the First Parish Church (the steeple-less church at the intersection of Church and Adams). The entrance is on the right side of the building. This is the annual holiday potluck meeting, so feel free to bring some tastytreats to share! Some of us have seen a sneak preview of the design plans, and they look fabulous! We hope that if you care about Ronan Park and the area you will be able to come and share your ideas. Apologies in advance if you receive duplicate copies of this email, I wanted to make sure I reachedeveryone. See you soon!
-Paige, RoDogRun
Hello Dorchester Dog Owners and Friends-
Our dog park designer will be presenting plans for the proposed Ronan ParkDog Recreation Space at the next Meetinghouse Hill Civic Associationmeeting. The meeting starts at 7pm on Wednesday, December 19 and is held in the First Parish Church (the steeple-less church at the intersection of Church and Adams). The entrance is on the right side of the building. This is the annual holiday potluck meeting, so feel free to bring some tastytreats to share! Some of us have seen a sneak preview of the design plans, and they look fabulous! We hope that if you care about Ronan Park and the area you will be able to come and share your ideas. Apologies in advance if you receive duplicate copies of this email, I wanted to make sure I reachedeveryone. See you soon!
-Paige, RoDogRun
Tuesday, December 4, 2007
It's cold outside
Well it looks like winter is upon us. I sold my old car last spring, and I just realized that I left my ice/snow brush in the trunk. Looks like I will be making a trip for a new one and let's add some ice-melt and a shovel to the list.
And to turn to less trivial topics, I would like to mention home heating. I just read that the cost of oil heat is expected to rise 39% this winter and natural gas about 10%. Ouch. One more reason to keep the thermostat down this winter. I like to focus on the fact that I am being 'green' by freezing my butt off, somehow it makes it more bearable.
What concerns me is renters and homeowners are going to face some tough choices this winter, add this to the mortgage mess and I think we are going to have a tough time this winter in the real estate market.
On the bright side, great information about heating assistance can be found on the Massachusetts DHCD website. There is good info there for renters and homeowners too. They have information about heating subsidies and low cost loans to help winterize your property and some general tips:
And to turn to less trivial topics, I would like to mention home heating. I just read that the cost of oil heat is expected to rise 39% this winter and natural gas about 10%. Ouch. One more reason to keep the thermostat down this winter. I like to focus on the fact that I am being 'green' by freezing my butt off, somehow it makes it more bearable.
What concerns me is renters and homeowners are going to face some tough choices this winter, add this to the mortgage mess and I think we are going to have a tough time this winter in the real estate market.
On the bright side, great information about heating assistance can be found on the Massachusetts DHCD website. There is good info there for renters and homeowners too. They have information about heating subsidies and low cost loans to help winterize your property and some general tips:
- Caulk and weatherstrip doors and windows that leak air.
- When the fireplace is not in use, keep the flue damper tightly closed.
- Set your thermostat as low as is comfortable and consider an automatic setback thermostat to save additional money.
- Clean or replace filters on furnaces every other month.
- Make sure that warm air registers, baseboard heaters and radiators are not blocked by furniture, carpeting, or drapes.
- Close your curtains and shades at night; open them during the day.
- Have your oil-fired heating system serviced annually and your gas-fired heating system serviced every three years.
Stay warm!
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