Note to Buyers: If there was ever a better time to lock in your rate, now would be a good time to do so. Historically rates inch up as the mercury rises. Be it supply and demand or just an attempt to slow things down as lenders become overwhelmed with work (just while staff is taking time off for summer vacations), nobody really knows. But one thing is certain, after being in the business of helping buyers purchase property, it never fails that rates take a slight hike come summer.

Located in the South End, one of Boston's most trendy and diverse neighborhoods, are The 1850 Lofts at 90 Wareham Street are now set to be auctioned off on June 28th. The units originally were listed between $350K to upwards of $800K.  Starting bids on the remaining unsold units are going to be ranging from $175K to $395K, or a 50% or more discount!

I previewed these units on the first day of the pre-auction open house and must say that they were nice.  The choice units being on the top floor where the ceilings are anything but average. Some have "bedrooms" in the towers that add a ton of character.

Bidders will be required to bring a $5K cashiers check to the auction and sign the P&S on the spot. Pre-approval for financing is must be completed with the developer's preferred lender and title company, Wells Fargo, who is offering a $750 closing cost credit.

As exciting and advantageous as the prospect of purchasing a unit such as these at auction is, there are many different facets to this procedure - including financing, inspections, bidding and documentation - that are very different from a standard purchase. For this reason, it is recommended, if not imperative that you have an experienced Buyer's agent to guide you. Not suggesting that I hold your hand, but trust me, you will appreciate the assistance. And it costs you nothing. The auctioneer/developer requires that your Buyer's Agent, yours truly, attend your first pre-auction preview of the units. I must also be present during and after your winning bid.

Preview

June 3 - June 27
Open House Daily

90 Wareham Street
Boston, MA 02118

Event

Sunday, June 28
Westin Boston
Waterfront

425 Summer Street
Boston, MA 02210
 

Call me to schedule an personal escort and showing: 617-230-2370

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.48%, up from 5.25% the week prior... Thats almost 3/4% pts higher than in mid May! Is this the market or supply and demand? A little of both. Like the cost of gasoline that seams to always go up just when we are about to embark on summer vacation travels, so goes interest rates.

http://www.zillow.com/Mortgage_Rates/

http://rismedia.com/2009-06-09/mortgage-rates-rise-for-second-straight-week/

Wells Fargo denies Short Sale request on the gounds that the seller's credit is too good.... Attorney negotiating on behalf of the seller today informs us that

I spoke with the investor this afternoon and had an unpleasant conversation with a very disagreeable gentleman. In short, the investor will not consider short sale at this time due to seller's credit status and the fact that there has yet to be a significant delinquency on the mortgage.

Go figure! Got good credit, forget it.

Though you have to look closely at the 3rd picture, just above the sink, is notification that this home has been winterized. This is the tale of one sellers need to sell, a listing I initially had as an overpriced market sale (and previously blogged as PU, a problem with cat urine) that later expired, relisted as short sale.. expired, and two years later foreclosed on. The sad thing is it really did not have to go down this way. In the end the home sold for almost $200K off the top. Had the seller only listened to two competent agents suggestions to get the price down, even if it meant taking a loss (going for a short sale), the seller, bank and investors could have made out so much better. In the end, the house that was once a home was disgraced by flyers posted at every turn that "This property has been winterized". Since this listing I have worked a number of short sales, sales where we had to get very aggressive with pricing to prevent a bad deal from getting worst.

I feel sorry for this seller. Her son when off to fight, I sat at her dining table and was fed until I was no longer hungry, but in the end, I was unable to help her realize that her home was just not worth what she needed to clear the note, and that we needed to peruse other options. God bless you D

BOSTON – March 16, 2009 – CHAPA and state officials unveiled a first-in-the-nation statewide clearinghouse program today aimed at taking back foreclosed properties throughout the state. Outside, in a New Bedford neighborhood deeply affected by foreclosures, CHAPA, along with Congressman Barney Frank, Governor Deval Patrick, Undersecretary Tina Brooks, New Bedford Mayor Scott Lang, and the New Bedford legislative delegation launched the new “Massachusetts Foreclosed Properties Initiative” today.

For more copy and past the following link:   http://www.chapa.org/?q=node/832

I recently came across the following on John A Keith's bostonreb.com blog that I though worth sharing

Your Real Estate agent is really old

Interesting statistic I just read: ... the median age for agents is 51 versus 32 for the median age of first-time buyers, there is a considerable gap between how each group communicates. Only 23 percent of the brokers surveyed reported having wireless e-mail. This means that 77 percent of the agents are unable to respond to their e-mails while they are out in the field.

That's insane.

What do you think? Do you think it's important for a real estate agent to be older - does age imply "wisdom" and/or "experience"? Would you use an agent who was the same age as you, or, younger, even if the person had three or four years' of experience?

The part about the wireless email is ridiculous. Certainly, it's not true in major US cities. But I don't doubt it's true, overall.

Actually, it might be a low percentage, even in cities such as Boston (but not New York). I see a lot of agents using regular cellphones, not Palms or BlackBerrys.

I would give up a couple of toes before I'd give up my BlackBerry.

Source: Get rich in a niche - By Bernice Ross, Inman News

Comment by Glenn | 01/14/08 at 12:22 pm

On of the basics of real estate is that it more about people than actual real estate.

When I am in the field with a client, I think my time should be devoted to that client and not answering my cellphone and responding to e-mails.

Maybe the e-mailer, text messenger needs to ask themselves, "If am a customer, would I want the full attention of the real estate agent?"

BTW, I will be 60 shortly. And yes, I do use technology more than some of my younger colleagues. No I don't use a crackberry, but do use a WIFI card for communication when out in the field while waiting for a client or after working with a client.

___________________________________________________________

I would have to agree with Glenn regarding the basics of a real estate professional, or for that matter any true professional.

Imagine for a moment you were negotiating the purchase of a new car, be it a mini-van or a high end Benz. And during this every time the sales agent's personal phone rang he or she picked it up and talked for 2, 3 or even 5 minutes. Or perhaps their crackberry as some have referred to them rang and they stopped to read the message. Now I ask, who or what in the case of the phone do you think the sales agent felt was more deserving of their time? You, a ready, willing and able buyer prepared to close a transaction at that very moment, or that phone?

Top producers in this or any business are not slaves to their phones.... though I do admit that I do program my client's phone numbers into my cell phone and give them priority over unknown numbers. A professional will let the caller go to voice mail informing the them that their call is very important, that you may be on the line or with another client and will return ALL calls between a given set of hours. And do follow through with this promise.

When I meet a client for the first time I like to demonstrate to them that they are at that moment "my only client" by taking my phone and "turning it off". Though if I am expecting an important call, I might put the phone into vibrate informing the client that if a certain caller calls that I might have to take a moment of their time. One always has fires that need to be put out.

In short, you do not need to be older to show respect, but but it does appear that one does need to be at least old enough to understand the differences.

Bart

Today is Thanksgiving and what a better time to discuss a topic that is near and dear to my NOSE:

The un-vented kitchen.

But before I delve too far, the following post is really aimed at the modern know-it-all builders/developers that are responsible for all the New construction and Condo conversions in and about Boston. And I ask any readers to feel free to post their agreement or disagreement with my thoughts regarding this most simple of kitchen design elements.

As a Real Estate professional now going on 5 yrs, I have noted that in almost every new construction or gut renovation property visited, that the developers have an aversion to venting the kitchen to the outside. The kitchens all boast the most sought after luxury finishes such as granite stone counter tops, stainless appliances and oak or cherry cabinets. Often the kitchens are stunning but functionally obsolete in my opinion as 9.9 out of 10 times, the range hood, which is more often than not a matching SS Microwave/vent unit is just screwed in place over the range un-vented.

Now with the passing of Thanksgiving and hours of roasting the bird, baking of pies and who knows what other artery clogging diet destruction culinary wonders, I wonder if today's buyers wished that the builder had taken the time to run a vent? Or is it that these buyers just do not cook at all? My feeling are 1) Buyers want homes that are tighter and more energy efficient, but 2) tighter homes become vessels for potentially unhealthy air, especially during the winter, and 3) the real question, would not a well vented kitchen be considered a strong selling point (healthy air, cleaner surfaces, fewer linger smells)?