These days, selling a home can feel like hosting an auction. There are more buyers than sellers, and the inventory is at an all-time low. Although you may receive offers way over asking price, there are some things to pay close attention to in order to ensure a successful transaction.
You should negotiate terms into the offer to protect yourself as a seller.
Most buyers are going to need financing. The loan-to-value ratio scale that lenders use is based on the listing price OR the appraised price—whichever is lower. So the borrower may only be able to secure 80% of a value that doesn’t necessarily match their offer price.
Make sure your buyer understands they may be fully responsible for the difference out of pocket. Be transparent to make sure your closing happens without unfortunate surprises.
By now you might be familiar with the term “gig economy.” More and more people are becoming independent contractors and ultimately, small business owners. These individuals generally have their own tools and are responsible for their own tax obligations for their business.
We’re getting involved in the gig economy with regards to our remote closing process. We’re on the hunt for traveling notaries who can assist in these remote closings. Connect with us if you or someone you know is interested!
You can always contact Stiles Law by calling (781) 319-1900 or visit https://stiles-law.com. Contact firstname.lastname@example.org on the subject of notaries.
In the wake of the 2008 market crash, many real estate attorneys left the field to pursue other types of law. As a result, there’s still a gap that they left behind.
We know real estate law isn’t easy to break into, so we’ve created a real estate attorney in resident program to assist attorneys to find their way in. We know there are people out there who fit the bill. Schedule an appointment to discuss further!
We know buying and selling homes comes with heaps of seemingly endless paperwork. So let’s make it easier… what are the most important bits to focus on in that P&S?
It may seem obvious, but you’ll run into problems if your name or the addresses of the properties involved are incorrect on the P&S. Double check those as well as the agreed-upon purchase price. Building and structures provisions are important to consider as well as the bulletproof and unchangeable date of your closing.
Pay special attention to the Mortgage Contingency Clause too. If you are obtaining financing, this date is extremely crucial to keep in mind to get your mortgage commitment from your lender professional in order.
If you have any further questions about Purchase and Sale agreements, contact Stiles Law by calling (781) 319-1900.
Did you know it’s real estate tax abatement season in MA? You have until the end of January to challenge your town real estate taxes. If you feel the assessed value of your property (not to be confused with the appraised value) has gone up too significantly without valid reasoning within the last year, you can file an abatement to mitigate that cost.
But how do you do this? What do you need to know and research before deciding to go forward with this? What are the risks to consider?
What are your 2021 goals? How can we help you achieve them? Don’t be afraid to reach out for a quick consultation call at Calendly.com/mstiles if you’re interested in investing, mediation, estate planning, purchasing or selling. We look forward to providing you with even more exciting and valuable content in the upcoming year.