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ActiveRain MasterMinds: Meet Your Outstanding Judges Panel for the first 6-month term..... - 01/28/11 06:34 AM
It's pretty cool being on a panel with the likes of Lenn and Carla. I am looking forward to the task, and will, from time to time, reach out to some of the stalwarts I have worked with on AcriveRain for guidance.
Elliott
www,topkinsandbevans.com
Via Ralph Gorgoglione - California Sunset Team - Los Angeles (Relocation Certified - EcoBroker - Keller Williams Realty):
ActiveRain MasterMinds: Meet Your Outstanding Judges Panel!!
OK, Teams.
Your deadline to post your team solution to this months ActiveRain MasterMinds real estate industry issue is slowly approaching.
It is due be February 1st. It should be posted by your team … (2 comments)
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Is there anything more local than doing an appraisal?---Don't ask the "brilliant" large lenders who bring in out of state appraisers to make sure they can prolong the underwriting process - 01/25/11 06:41 PM
This actually happened. A client of mine purchased two beautiful lots in the West of Boston suburb of Weston. Weston is probably the most exclusive bedroom community in Greater Boston, and there are homes there with price tags of over $20,000,000. My client's intention was to build the home of his dreams, and he planned on spending $10,000,000 on the project. He would contribute the two lots that he bought for cash, and then he was looking for a $7,000,000 construction loan, after putting $3,000,000 of his own money into the project.
The national lender involved, no names from me, required two appraisals … (5 comments)
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Adjustable versus fixed rate mortgages--I like ARMs if you are not living on a fixed income - 01/24/11 04:45 PM
My current mortgage interest rate, which is of the Jumbo variety, is 3.25%. That could change in November, 2011, but it is fixed at that rate until that date. When it does changes, it can only increase by one percent a year. That means, in effect, that I am guaranteed a 4.25% interest rate until November, 2013. This information is not furnished with any intention of bragging; it is just a statement of facts.
I had a chance, when I purchased my current hom, to accept a thirty year fixed rate at 6.25%. I could have afforded that rate, but I … (1 comments)
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Some Good and Bad News on the Mortgage Interest Deduction - 01/24/11 10:49 AM
This is a thoughtful presentation and makes sense. i know in my own situation, my current interest rate is 3.25%, because I have always been a believer in ARMS for people who have jobs. I may write a post about that later on.
Elliott
www. topkinsandbevans.com
Via John Mulkey, Housing Guru (TheHousingGuru.com):
Much has been said recently about the possibility of eliminating or modifying the amount of mortgage interest homeowners can deduct from their taxable income; however, new information has come to light that may alter the picture. Here’s some good and bad news on the mortgage interest deduction.
An article … (2 comments)
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Making Your Personal "Pitch"--There is a lot to be gained by having the opportunity to get before your potential customer or client - 01/23/11 01:32 PM
Earlier this week, a Realtor in my networking group called me for legal fees and expenses involved in converting a three familyinvestment property into a condominium. As a Massachusetts real estate attorney, this is an area in which I have experience and expertise. I have worked on more than 40 condominium conversation in my career, and I can prepare a set of documents and get them recorded in fifteen or fewer days. I also know that my fees, while not the lowest available, are in line for most people, so I am not reluctant to give out the fee information.
I … (0 comments)
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"Weekend Warriors"--If we are not willing to give up time with our families on Saturday and Sunday, perhaps the residential real estate profession is not for you - 01/23/11 07:46 AM
I got a phone call yesterday from a Realtor who was in the process of taking an offer on a condominium in Boston. He told me the Buyers were with him, and they had a few questions about where things went from there, and could I assist them with the purchase. When I answered the Realtors call, the first thing he said to me was "I hope I am not bothering you by calling on a Saturday". I answered the Buyers' questions, obtained the Buyers' email, sent out my introductory email and fully expect that I will be involved in this engagement, … (39 comments)
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Taking Charge of the FNMA-FHLMC Reigns--I have some concerns if the big banks take over, certainly based on their "subpar" performance for our industry in the past few years. - 01/22/11 08:14 AM
In an article entitled "Banks Want Pieces of Fannie-Freddie Pie", written by Louise Story, in the January 21, 2011 edition of the NEW YORK TIMES, the author suggested that the big banks, including Wells Fargo, Morgan Stanley and Goldman Sachs, are waiting in the wings to take over the dispensing of government guarantees of mortgage loans, a function still under the control of FNMA and FHLMC (the "Agencies") The current tenure of the Agencies ends on December 31, 2011, and President Obama is allegedly developing a plan for the Agencies which will be made public in the next month or two.
While I … (1 comments)
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Don't "Discount" the Value of a Good Real Estate Attorney - 01/20/11 10:30 PM
Phil Faranda is a talented writer and a top-flight Realtor in a competitive environment. Even though what he says may ultimately inure to my benefit, I thought you would want to hear these words from a seasoned professional, not just me.
Via J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY:
New York is an attorney state, and in our area they also prepare contracts. Having a good attorney is crucial, for many reasons, not the least of which is obvious: the other guys have one, and you don't bring a knife to a gunfight. Lawyers examine title, advocate, and draw up … (3 comments)
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Checking for Code and Other Violations at the Building Department at the Municipality involved--An Important Buyer's Agent function that can pay large dividends - 01/20/11 06:01 AM
I am really going out on the limb here, because I am not sure of the standard in my state, Massachusetts, let alone the standard in all the other jurisdictions which have AR Members. All I know is my client recently "dodged a bullet" in the sale of her Condominium because this type of checking was not conducted by the Buyer, the Buyer's Agent or the Buyer's attorney, and for all intents and purposes, it is now too late.
My situation did not involve a material flaw in a mulct-million dollar sale of a Boston condominium. My client owned the penthouse … (4 comments)
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Estoppel Certificates--A Useful Tool Not Only in the Commercial Context but for two and three family investment acquisitions as well - 01/19/11 06:03 AM
As a Massachusetts real estate attorney, my practice involves representing Buyers, Sellers and Lenders in real estate transactions. I am frequently involved in representing Lenders in commercial transactions and preparing documentation required to complete a commercial loan. When the Buyer is purchasing a Building with pre-existing Tenants, one of the standard documents which is required is an Estoppel Certificate from all Tenants.
The Estoppel Certificate is a document executed by the Tenant which affirms the existence of Lease, or other tenancy. indicates knowledge that the Tenant is aware the property is being sold to another owner, and indicates that the Tenant … (2 comments)
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Buyers are not only Liars; they can be devious, and successful at it, at least according to a recent Massachusetts Appeals Court decision - 01/18/11 05:10 PM
The Buyer in the recent Massachusetts Appeals Court Matter of ZANG v. NRT NEW ENGLAND INCORPORATED ("NRT") (77 Mass App. Ct 665 (2010) had a pretty good idea of what he wanted. He was involved in a purchase of a Boston, Massachusetts condominium, and he wanted the listing broker and sales agent (from the same firm, Cold well Banker Residential Brokerage "CBRB") to contribute some of their commission, so he could purchase the condominium at his price. When they refused to make a concession, and well after an Offer was submitted, he retained the services of a Buyer's Agent, made a … (3 comments)
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Selecting A Realtor to List Your Home--Some Comments from a Real Estate Attorney - 01/14/11 05:02 PM
I am not asked this question as much as I would think. But, once in a while I am asked what I would consider the important criteria for selecting a Realtor to list a client's home. Over the years, there are the truisms that exist today, just as much as they did in the Dark Ages, when I started practicng real estate law in Massachusetts:
1. Never work with a relative or family member. This may sound like bad advice, but my experience has proved that this is the number one sin. Your listing Realtor needs to give you does … (2 comments)
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Controlling An Agressive Buyer--There are real risks involved in not setting, and adhering to, deal expectations - 01/13/11 05:11 AM
While people do not not to admit it, we are still in a Buyer's market, if not in reality, then in the heads of most people with whom I have dealt lately. Buyer's continue to think they can push Sellers, if not on price, then on repair/closing cost credit requirements.
I have recently been involved in a protracted negotiation with respect to a commercial building, which my clients would purchase and then operate their medical practices thereupon in the currently vacant offices in a three unit building. The price is reasonable, and the rent structure is such that the current rents will cover … (10 comments)
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Dramatic Moments--Whether we create them, or react to them, they have a bearing on our professional reputations and careers - 01/12/11 04:30 PM
This set of circumstances arose in my law practive the other day. One of the religious corporations i represent was permitting a devloper to remove a condemned histroically protected building from its grounds. The purchase price was negligible, but my client had other concerns such as liaibility when removing the building and restoring the grounds to a presentable state after the building was removed. I have been in "friendly discussions" withe the attorney for the developer for more than a year. We were working together to develop a "game-plan" which would work for everyone. We were working on this, but it … (0 comments)
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The ActiveRain-Google Connection--A Little Experiment I tried on January 8, 2011 removed any doubt in my mind - 01/09/11 08:29 AM
I am a Massachusetts real estate attorney. I have been posting on AR for about two years, and I finally am starting to "get it". If you want to shower yourself on the first page of Google, make sure the title of you post is specific and includes "localism" if possible.
My post yesterday, which really did not draw a great number of hits on AR, was entitled "Decondominiumizing in Massachusetts". I know now that not everything I write on this site will be worthy of your looking at. After all, you have many, many thoughtful posts on other subjects, and … (7 comments)
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"De-Condominiumizing" a Condominium In Massachusetts--One Day you have three Units; the next day you have a stately historical townhouse - 01/08/11 07:46 AM
My clients have been recently facing a dilemma. Should they raise their three small daughters in the South End of Boston, or should they make the "trek" to the suburbs, A common question facing many urban couples. There were "pulls" and "tugs" on both sides. They loved the urban life; they have the financial wherewithal to absorb the cost of private school, which, unfortunatley, is almost always dictated by the gereral malaise in the the Boston City schools system. They lived in the first two floors of an upscale brownstone condominium; floors three and floor were occupied by single people with whom … (4 comments)
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Tax Abatement Strategy in Massachusetts--The window of opportunity is open for a short time; the possibilities for a marketing initiative still resonate - 01/07/11 05:27 AM
Like most good sales ideas that have happened to me, this marketing opportunity arose quite by accident. I am a Massachusetts real estate attorney with more than 40 years of experience in my profession. One of the things I have lately started to do for out-of-sate clients is manage their investment Unit condominiums for them. For a small monthly fee, i collect the rents, pay the common area fee, and four times a year, pay the real estate taxes.
Mssachusetts taxes work on a quarterly payment basis, with a June 30 fiscal year. Accordingly, the taxes which are payable on the … (1 comments)
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Dying Without a Will in Massachusetts--The laws, they are changing; the underlying premise stays the same - 01/02/11 07:24 AM
This is day 2 of 2011. Many of us have sat down and, systematically, started to develop goals and objectives for this year. This is a time-honored tradition, and most of us go through the exercise, either on a formal basis by writing things down, or by at least thinking about things that we MUST do this year.
If any of you reside in Massachusetts, one of the things that you "must do" this year is draw a Will. Amending an outdated Will you already have will be the subject of a future post.
My reasoning for this admonition is simple. The Massachusetts … (4 comments)
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Elliott S. Topkins Massachusetts Real Estate and Title Atty
Boston,
MA
More about me…
Topkins & Bevans-etopkins@topbev.com
Address: 10 Newbury Street, 4th Floor, Boston, MA , 02116
Office Phone: (617) 236-0104
Cell Phone: (617) 596-3184
Email Me
Realtor's Resource Blog is dedicated to furnishing current strategy and information to the Massachusetts real estate community of professionals and to out of state realtors and REO and relocation companies who need excellent representation in Massachusetts. My law firm, Topkins & Bevans, can cover the entire state of Massachusetts. I hope to use my 40 years of hands-on real estate experience to assist you and your Massachusetts Buyers and Sellers.
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