First Time Home Buyers - 03/30/08 09:01 PM
This post is designed for those potential buyers that have been looking but have yet to "pull the trigger".  While the media keeps everybody thinking that the economy is aweful, lets think about some important points.
1)If you are planning to buy  a home that you plan to live in for a while, it does not matter if the market is a little soft.
 2) Some commentators have talked about the "perfect storm".  This could be the perfect opportunity.  Prices are down adn interest rates are low.  If there any reason not to buy now?  I think not.
3) The bottom line is the … (3 comments)

Purchase and Sales Agreement - 03/29/08 09:50 PM
Let me start by saying that you should have your purchase and sales agreement reviewed by and attorney before you sign it.  I am going to give you some of the things that you should make sure are in the purchase and sale from a buyers perspective.  However, the list is not exhaustive, but merely a list of some of the things you should look for.
First of all, you need to make sure, if you are going to finance the purchase that there is a mortgage contingancy in the purchase and sales agreement.  This will say that if you can not … (0 comments)

Short Sale - 03/28/08 05:30 AM
In this market, a number of people find themselves "under water".  That is, the value of their home is less than the amount they owe on it.  This only becomes a problem if the owner has to sell or needs to refinance because of an upcoming adjustment in their interest rate.  In this situation, the homeowner is not going to be able to refinance because of the decreased value.  It is possible that the lender could re-write the deal.
If you are in this situation and the lender will not rewrite the deal, there are a number of options that you have … (2 comments)

Real Estate Closing Process - 03/25/08 05:29 AM
We in the industry often forget that a lot of people are new to the closing process. It is with that thought in mind that i write this. I will start at the beginng, with a buyer finding a house. When the buyer finds a house they like, the first step is to put in an offer. It is important that the offer be as specific as possible. Some courts have held that an offer that is accepted is binding even without a purchase and sales agreement. If the offer is accepted, the next step is a purchase and sales agreement. … (0 comments)

JP Morgan Purchases Bear Stern - 03/16/08 08:00 PM
So JP Morgan has purchased Bear Stern.  Think about late last week. The Fed pushed JP Morgan to be the conduit to allow Bear Stern not to fail.  This without any down side for JP Morgan.  Now, they purchase Bear Stern for 2 dollars a share.  At the same time the Fed lowers the Discount Rate 25 basis points.
We must say the Fed is trying as hard as they can to find new ways to counter this crisis.  Will they be successful? Only time will tell.  They are certianly trying some out of the box thinking.  Hopefully, the market can help … (0 comments)

Boston Red Sox and spring training - 03/14/08 08:10 AM
Regardless of the weather not cooperating here in the North East, Spring is definitely here.  the sox are playing in Florida and starting to make moves to get ready for the upcomming season.  In fact, yesterday they released Doug Marabelli.  At this time, that seems like a good move.  Cash is a good catcher right?
Is it really good to have a catcher just ot catch the knuckle ball?  No that is a waste of a valuable spot on the roster just to catch Wakefield.
I tell myslef this now, but I can also see myself watching an upcoming sox game and Wakefield … (1 comments)

Spring Training and the Boston Red Sox - 03/14/08 07:57 AM
Okay so the weather may not be cooperating here in the North East, but spring is definitely hear.  The Red Sox are playing and begining to make decisions to prepare them for the coming season. 
So the cut Maribelli yesterday.  that makes room for Kevin Cash.  I guess that is good for the future.  Can we really hold a spot because someone can catch the knuckle ball?  I say no right now but Im sure I will change my mind when I am watching pass ball arfter pass ball when Wakefield is pitching.
If that turns out to be the case I … (0 comments)

With Weather Like this can spring be far behind? - 03/07/08 09:33 AM
Okay so yesterday it was almost 60 degrees.  The sun is shinning today but its a little cooler.  Can spring be far behind?  And with spring comes more people into the market to purchase homes.  This happens every spring and there is nothing to indicate this year will be any different other than the doomsdayer and naaysayers.
Prices are down as are the rates.  What else could buyers possibly want? 
Hey, dont forget to turn your clocks head this weekend.  The sun will be going down even later.  Yet another reason that spring cant be far behind.
… (0 comments)

Election Day - 03/04/08 06:38 AM
Okay, so its election day in my state and three others.  Lets look at what we know.  Two people want to make sure we all have health care.  Well one says the other wont cover everybody.  we have a couple of people who want to end the war in Iraq and one that wants to keep it going. Oh and there is one guy who wont get out of the race until there is absoutely no mathematical chance he can win.
Thats about all we know.  Okay, so there may be a few minor points that I left out.  How about if … (0 comments)

A home more than a home? - 03/03/08 07:36 AM
When did a home become more than a place to live? When i was growing up, we lived in the same house till most of the kids had lft and my prents downsized. How did we get to this point where people are upgrading frequestly and moving from one houe to another? … (0 comments)

Politics and Business? - 03/01/08 09:06 PM
As difficult as this may be, I am interested in what people think about the upcoming election and what effect each candadite would have on the economy.  As different people have dropped out of the race, it has limited who we can vote for.
Wehter conservative or liberal, who do you think is best for our industry?
… (0 comments)

Let all of your contacts know what you do. - 03/01/08 08:14 PM
I had an interesting experience the other day.  Someone I do business with called me and asked me if I could refer them to a closing attorney that does comercial real estate.  This was an eye opening question.  I close both residential and commercial real estate.  Surely I tell all my contacts that as often as possible.  Or do I?
Apparently I dont.  Or at least I didnt.  It is up to you to let all your contacts know what you do and often.  THis is sometimes all the more important if you have a lot of contact with the person.  You … (11 comments)

Where is the purchase market going? - 03/01/08 07:33 PM
After having numerous conversations with a number of Realtors, Loan Officers, and others in the industry I have come to the "conclusion" that the purchase market is going to increase in the spring.  The realtors I speak to insist that there are a large number of buyers waiting to buy.  As I have written in the past, it is not possible to wait for the bottom of the market.
 ALthough I did have a coment who insisted that he could see the bottom of the market and would be the won who could make money because he had cash.  I wish him … (0 comments)

 

P. Timothy McDonald

Warwick, RI

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P. Timothy McDonald, Esq.

Address: Warwick, RI, 02886

Cell Phone: (401) 580-5038

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