JUST SOLD – 2 Bedroom Foreclosure Home Just Sold in Leicester

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JUST SOLD by Best Option Real Estate with EXIT Realty Partners!  This 2 Bedroom  foreclosure home located at 180 Pleasant Street in Leicester Massachusetts SOLD for $82,500!  Congratulations to our buyers!

Sale Price:  $82,500
Number of Bedrooms:  2
Number of Baths:  3
Living Area:  1530 SQFT

If you are thinking about buying or selling real estate, we’d love to work with you!  Let Best Option Real Estate show you what we do to get homes sold fast and to negotiate the best price on your next home purchase.

If you are looking to buy or sell a home in Leicesterclick the link to get started or give us a call.  We are happy to help.

This was one of many sales made by Best Option Real Estate Team!

Call 508-444-2673

180pleasant

How to Assess the Real Cost of a Fixer-Upper House

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When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.

1. Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.

  • Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
  • Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

2. Price the cost of repairs and remodeling fixerupperbefore you make an offer

  • Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.
  • If you’re doing the work yourself, price the supplies.
  • Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

3. Check permit costs

  • Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home.
  • Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
  • Factor the time and aggravation of permits into your plans.

4. Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.

Don’t purchase a home that needs major structural work unless:

  • You’re getting it at a steep discount
  • You’re sure you’ve uncovered the extent of the problem
  • You know the problem can be fixed
  • You have a binding written estimate for the repairs

5. Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

If you’re planning to fund the repairs with a home equity or home improvement loan:

  • Get yourself pre-approved for both loans before you make an offer.
  • Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.
  • Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.

7. Include inspection contingencies in your offer

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

  • Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.
  • Radon, mold, lead-based paint
  • Septic and well
  • Pest

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

Visit houselogic.com for more articles like this.

Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

JUST SOLD – 4 Bedroom Foreclosure Just Sold in Worcester

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JUST SOLD by Best Option Real Estate with EXIT Realty Partners!  This 4 Bedroom  foreclosure home located at 22 Rob Roy Rd. in Worcester Massachusetts SOLD for $100,299!  Congratulations to our buyers!

Sale Price:  $100,299
Number of Bedrooms:  4
Number of Baths:  1.5
Living Area:  1463 SQFT

If you are thinking about buying or selling real estate, we’d love to work with you!  Let Best Option Real Estate show you what we do to get homes sold fast and to negotiate the best price on your next home purchase.

If you are looking to buy or sell a home in Worcesterclick the link to get started or give us a call.  We are happy to help.

This was one of many sales made by Best Option Real Estate Team!

Call 508-444-2673

4 Bedroom Foreclosure Worcester

Satisfaction Guaranteed

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Satisfaction Guaranteed
 
There is a peace of mind you feel when you read the words “Satisfaction Guaranteed” on any product.  Just the fact that someone believes in their service or product enough to guarantee it makes you feel better.  
 
I am happy to inform you that I am so passionate about my business that I, too, offer a satisfaction guarantee when working with buyers and sellers.
 
If you are unhappy with my services for any reason, I am happy to cancel our buyer or listing contract with 24 hour written notice – no questions asked.  I never want to trap anyone in a contract.  If you are not happy with me, you shouldn’t have to work with me.  That’s it.  And I can say in all of the years I’ve been doing real estate I have not had anyone cancel a contract because they were unhappy with the level of service they received.  
 
If you’re looking to buy or sell your next home, definitely check out my website and start your search today!  Licensed in MA & CT!  I look forward to working with you.  
508-444-2673 or BestOptionTeam@gmail.com
Charlton Real Estate

JUST LISTED! 3 Bedroom Single Family for Rent in Southbridge!!

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JUST LISTED by Best Option Real Estate with RE/MAX Professional Associates!  This lovely 3 bedroom single family located at 314 Pleasant Street Southbridge Massachusetts was JUST LISTED on June 20th, 2013 for $1300/month!

Rent:  $1300
Bedrooms:  3
Bathrooms:  1

If you are thinking about buying or selling real estate, we’d love to work with you!  Let Best Option Real Estate show you what we do to get homes sold fast and to negotiate the best price on your next home purchase.

If you are looking to buy or sell a home in Southbridge click the link to get started or give us a call.  We are happy to help.

For More Rentals Visit:  www.CentralMassRentals.com
508-444-2673

314 Pleasant

JUST SOLD 3 Bedroom Foreclosure in Worcester!

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JUST SOLD by Best Option Real Estate with RE/MAX Professional Associates!  This 3 Bedroom foreclosure home located at 2 Fielding Street Worcester Massachusetts SOLD on May 17, 2013 for $60,000!  Congratulations to our buyers!

Sale Price:  $60,000

Rooms: 6

Bedrooms:  3

Bathrooms:  3

2 Fielding

If you are thinking about buying or selling real estate, we’d love to work with you!  Let Best Option Real Estate show you what we do to get homes sold fast and to negotiate the best price on your next home purchase.

If you are looking to buy, sell or rent a home in Worcesterclick the link to get started or give us a call.  We are happy to help.

This was one of many sales made by Best Option Real Estate Team!

Call 508-444-2673!

*Available For Rent SOON*

http://www.CentralMassRentals.com

Why I’ll NEVER Recommend CitiMortgage!

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A few weeks ago I received a phone call from a man informing me that he was going to re-key a listing that I have on the market right now.  He said that he was hired by CitiMortgage and was unsure of why he had the request (he assumed foreclosure proceedings) but that he had to get out there and was going to take off my lockbox.  He requested I give him my lockbox code to make it easier, but I didn’t know him from anywhere and he certainly was not another licensed Realtor so I was not giving him the combo.  I did offer to meet him out there to see his work order and remove my own lockbox, but he said he’d hold off and call me back to schedule.  

Miniature House With Lock and ChainI discussed this strange call with my seller who let me know she is not behind on her taxes or mortgage payments.  There are no liens on the property.  There is basically NO reason why CitiMortgage should be going in and re-keying HER house!  She called them and they assured her they would not take any actions.  They told her they were from the preservation department and they received word that the house was vacant and that’s why they were going in to “secure” the property.  That weekend we had several showings setup and when my seller went to visit the house she found that it had been re-keyed!!!  Not only did they re-key it, they broke some windows in the process.  We were furious!  I had to cancel some showings and she had to have someone come in and change the locks back to her locks.  

Again, I reiterate that there was NO good reason for CitiMortgage to take action on my client’s house for sale.   It’s not a short sale, she’s not behind on mortgage payments or taxes.  This is why I will NEVER recommend CitiMortgage to anyone as long as I’m in real estate.