Providence RI Real Estate Home Buying blog

Spring is Here in Cumberland Rhode Island!

Mark Corbett (The Buyer's Choice) — Thu, 18 Apr 2013 14:44:13 -0700

I justed came back from the Cumberland Library located at 1464 Diamond Hill Rd, Cumberland, RI 02864

What a wonderful place!

Staff is so friendly and helpful. If you like movies, they have great selection of dvds. The library is in a converted Monastery, and they just renovated the children's area. Here is some history about the building and Monastery Click Here!

Today was a special day they had chicks that hatched this week and were allowing children to play with them. They have so many great events! Click here for the Cumberland Library events.

Outside is a nice walking trail that you can jogg, walk or bring your pets to walk. It is a little wooded area but very easy path, also many areas to park your car very close to the path.

If you are looking for a home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Providence Gallery Night at RISD Museum

Mark Corbett (The Buyer's Choice) — Wed, 28 Nov 2012 17:24:38 -0800

Love this photo I took on the Providence Gallery Night, painted by Vincent Van Gogh Titled "View of Auvers-sur-Oise", 1890 Oil on canvas. It was photographed at the RISD Museum! It was so much FUN visting the different Galleries in Providence RI! If you are in the Providence RI on the third Thurs of the month I would go to this FREE event! The next gallery night resumes March 2013. Check out their website.

If you are looking for a home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Quote of the Day Walt Disney!

Mark Corbett (The Buyer's Choice) — Tue, 24 Apr 2012 19:29:36 -0700

"It's kind of fun to do the impossible."

-Walt Disney

Love that Quote! Found this picture I took back in 2000 when I went to Disney World with my brother and his wife and my parents. It was so much FUN!

If you are looking for a home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Great Deal At Providence Place Mall Rhode Island

Mark Corbett (The Buyer's Choice) — Mon, 23 Apr 2012 19:02:41 -0700

As a treat this past weekend I went to the Providence Place Mall in Providence, RI with my parents and went to the Indian restaurant at the food court for dinner. One of our past home buyer clients introduced us to Indian food, it has become one of our favorite foods. Providence was also having a small Water Fire. This is a site to see, along the river they light up fires and play classical music, from the windows on the other side of the food court gives you a good view of the city skyline and the water park where they light the fires.

On the way out, I saw a sign with a great deal, National Grid for Earth Day, is giving a great package of light bulbs and lamps only for $10, Of course I could not pass on this great deal. They are located on the third floor of the mall at a kiosk.

If you have excellent credit, and will be purchasing a $200,000-$1,500,000 or more home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947for a phone consultation!

My First Activerain Meetup Patriots Place MA Great Ideas Shared!

Mark Corbett (The Buyer's Choice) — Sun, 22 Apr 2012 00:30:02 -0700

I would like to shout out to my new meetup Activerain friends Lydie O Dickinson from Realty Executives, Ginny L. Gorman from Phillips Post Road Realty, and Christine M Smith, from Buyers Brokers Only, LLC. We had a blast at the Bar Louie in Foxboro Ma at the Patriots Place! If you never been to the Patriots Place in MA, you will need to go. The place has some nice shops and dining resturants and great sports bars. Bar Louie has an awesome outside patio at the top of the building. This was my first activerain meetup, it was a great experience and I look forward to attending future ones to network with fellow real estate professionals. We talked about the online raincamp that was held during the day. We all shared some great tips, If you went to a meet up in your area, comment below and let me know what some of your tips were. I talked about Instagram and the two companies instapost and postagram that will send a photo as a postcard. We talked about sending them to buyers that purchased as well as to properties that expired.

Massachusetts Home Buyer loses job is he protected with the mortgage contingency clause?

Mark Corbett (The Buyer's Choice) — Mon, 17 Oct 2011 12:55:57 -0700

Last week I attended a real estate class for my renewal of my Ma licensee. One of the topics the attorney covered was on MA offers and Purchase & Sales Agreement. One of the sections he discussed was on the mortgage contingency clause in the MA offer agreement.

The attorney proposed a question for the group of us, What would happen if the mortgage clause date went by without an extension and the buyer lost his job prior to closing on the property and the lender could not give the buyer a mortgage, would the buyer lose the deposit? The majority of the group thought that the buyer would get the deposit back, since it was out of the buyer’s control.

The attorney stated that the buyer would lose his deposit. He suggested that it is very important to keep track of the dates in the offer since the offer dates are of Time is of the Essence meaning that the dates are drop dead dates. If there was any concern with the buyer getting a mortgage than you would need to get an extension of the mortgage clause otherwise the mortgage clause is waived from the offer if it goes by the mortgage contingency clause date.

The "mortgage contingency clause" is a provision in the offer that protects the buyer being able to obtain a mortgage on the property, if the buyer is not able to get the financing terms that the buyer specified in the clause or is unable to get financing by the mortgage contingency clause date, the buyer can cancel the agreement and get his deposit back. If the seller and buyer agree, they can extend the mortgage contingency clause date to a future date, this is called an extension.

What's your thoughts on this?

Providence RI Photo Monday

Mark Corbett (The Buyer's Choice) — Mon, 27 Jun 2011 12:05:43 -0700

Here is a photo I took in Providence, Rhode Island of a house that someone famous lived in. Any idea?

Leave a comment and I will let you know.

If you have excellent credit, and will be purchasing a $200,000-$1,500,000 or more home or condoin the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Short sales from the buyer’s agent point of view on timing of inspections

Mark Corbett (The Buyer's Choice) — Mon, 11 Apr 2011 16:54:17 -0700

I ‘ve been reading many blog post on short sales and they all seem to be from the seller’s agent point of view. Many of them recommend if buyers are going to place an offer on a short sale that they need to complete all inspections prior to submitting the Purchase & Sales Agreement for lender’s approval for the short sale. Many of the blog posts make the comment that if buyers are not willing to do this and pay a small amount for the inspections, they should not consider short sales.

From the buyer’s agent point of view there are a couple of concerns with getting the inspections out of the way in the beginning of the sale.

What happens if the short sale does not get approved?
If the short sale does not get approved, the buyers would not be reimbursed for the cost of their inspections, depending on which inspection are performed can be over $1,000 dollars. (Structural, Termite, Private Septic, Well, Radon, Lead, & Mold/ Air Quality, Chimney Inspection, Oil Tank/Heating System Inspection, just to name a few.)

What happens if the condition of the property changes?
Short sales transactions typically take a very long time to close, 60, 90 days or even longer to close is not unheard of. The condition of the property may have changed significantly since the inspections were completed in the beginning.

The listing agent argument is, if the seller allows the buyer to do inspections after the approval from the lender and if there are issues with the inspections then they would have to go back to the lender to renegotiate it. If the lender does not agree to it and if the buyer walks, the sellers won’t have enough time to get another buyer and will be foreclosed on.

What happens if there are issues with the title or appraisal issues, or the seller can’t get the other liens taken care of or the lender won’t take care of the seller’s taxes or utilities? The sellers will be in the same situation, which none of it would be the buyers fault.

It is unfortunate that the sellers are in this financial hardship, but the listing agent and sellers have to understand that the buyers are not the one that got the sellers into this situation. Sellers need to know that majority of short sales do not close and to have the buyer spend money on inspections, title work, or appraisal report does not make any sense if the lender(s) won’t approve the sale.

If I was in the seller’s position, I would ask the listing agent if they would pay for a pre-home inspection of the property that I would disclose to the buyer. Whatever your inspector discloses to the buyer, the buyer would not be able to negotiate that later. This way you would feel comfortable about the buyers inspection after the lenders approval, since they should be no surprises. I would also consider a inspection credit in the P&S, just in case something should arise when the buyer does his inspections. I would also want the listing agent to continue market the property to have a list of backup buyers just in case the first buyer does not work out.

What I would not do is tell your listing agent to encourage buyers not to submit offers if they want to wait to do inspections after they get lender’s approval. By doing that you are greatly eliminating the buyers who are in the market. An offer in hand is better than no offer in hand. The short sale lender won’t start the file in motion unless they have a signed Purchase & Sales Agreement.

If you have excellent credit, and will be purchasing a $200,000-$1,500,000 or more home or condoin the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Should your local mls allow it’s members to display properties using IDX on your facebook pages and profiles that you manage?

Mark Corbett (The Buyer's Choice) — Fri, 04 Feb 2011 00:47:43 -0800

This all started after hearing about a company called facebook/themlsapp located in Boston, Massachusetts from my tech friend, Chris Smith, Tech Savvy Agent, on his weekly Technology show. Shout out to Chris, Thanks allot!

He discussed this company that created this awesome facebook application that would allow your fans and friends the ability to search for properties on facebook without leaving your page or profile. When I heard about this new application, I couldn’t believe it! Allowing your friends and fans of your business page access to search all your local listings and they did not need to leave the facebook platform. I thought to myself this would allow you to connect with them through a medium that they want to converse on. Why try to get buyers over to your website when you have a group of friends surfing daily on facebook that would easily want this tool. I could see huge benefits of this tool, allowing friends of friends sharing listings with other facebook friends. What a benefit of being able to connect with you if they saw a listing on your page or profile.

I immediately contacted my local mls to be able to get this hook up, and the responds I received was …at the present time Rhode Island Statewide MLS does not authorize it, stating that the IDX policy is only for IDX websites which facebook is not, and we are waiting for NAR’s approval.

Mike Letendre, Chief Information Officer of RI MLS stated in an email “…RIAR/MLS executive staff requested a position on this subject directly from NAR. Their response is outlined below... "A proposal to amend the IDX policy to permit display of IDX listings was considered but not adopted by the NAR Multiple Listing Issues and Policies Committee at the last meeting. The issue will be considered by a special work group next month, and any resulting recommendation will be considered at the Midyear meeting. So the short answer for not is that IDX display on social media sites is not currently authorized under the IDX policy."Acknowledging NAR's statement, State-Wide MLS will support this position until the model rules are officially modified by NAR to permit the display of IDX listing content via social media applications. Of note, said position would not preclude you from displaying those properties listed by you on your own social media page(s)..."

I’m baffled on this one. Facebook being the destination of choice for many onliners, including myself, you would think this is a no brainer, but welcome to Bizarro World, “for those that not familiar with Superman, is a fictional planet in the DC comics universe where backward versions of Superman, Lois Lane and their children live.”

My local Rhode Island MLS at the present time is not allowing it’s members to display properties using the idx feed on their facebook pages/profiles that mls member manage and control. What is the difference if it is on the member’s websites or a different platform, as long as it is controlled an maintained by a mls member and the Facebook Application developer signs an IDX agreement that he will abide by the policies an rules.

What’s your opinion on my RI MLS members NOT being able to use idx property search on their facebook pages and profiles that they manage and control?

The funny thing is that my local mls is allowing idx data to be displayed on mobile application. From their definition would not that be considered not an “idx website” too. Where does it state in the idx policy that a mobile platform can be used? I can’t see why this can't be determined at the local level & let the members decide? If it is acceptable for the mobile application why can it be used on the facebook platform? If our members want to be able to do this, it is clearly in the local mls discretion to allow it. Other Mls systems are allowing it such as MA MLS Pin, NH, CT, SC that I’m aware of.

If your MLS is allowing it leave me a comment. Would love to hear your thoughts and inputs. If you’re a RI Realtor email them and voice your opinion that their delay in making a decison on this issue will effect your future business. Feel free to re blog or tweet this blog.

Happy New Year 2011 from Rhode Island

Mark Corbett (The Buyer's Choice) — Thu, 30 Dec 2010 15:31:12 -0800

Wishing all my clients past and present and friends a safe, healthy and prosperous 2011!!!

Mark Corbett, member of Corbett Team!

The Buyer's Choice 1614 Lonsdale Ave Lincoln RI 02865

If you have excellent credit, and will be purchasing a $200,000-$1,500,000 or more home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Great Videos Especially for Rhode Island or Massachusetts First time Home Buyers

Mark Corbett (The Buyer's Choice) — Thu, 11 Nov 2010 14:23:17 -0800

First time home buyers Rhode Island or Massachusetts.

Hud has produced three short and easy to understand videos on the steps of purchasing a home, shopping for a loan and what to expect when you close on the property.

If you are planning on buying a home in Rhode Island or Southern Massachusetts or anywhere in the USA. I would recommend taking a look at these videos, especially if you are a first time home buyer or haven't purchased a home in awhile.

The first video "Shopping for your home", discusses the process of shopping for your home and important key things to do or look for. You will learn on assessing how much of a home you can afford, working with a real estate agent and what happens once you find the home you want to buy.

The second video "Shopping for your loan", discusses the new good faith estimate (GFE) which is a form that spells out the terms of a loan offer which will allow you to shop for the best loan. You will learn why this is a very important loan document that the lender must provide to you and what you should look at in this document when you compare other loans

You will learn how long an interest rate is available for a particular loan and how to identify key loan terms and costs of a particular loan offer. HUD suggests consumers shop and compare GFEs from multiple mortgage brokers and/or lenders in order to get the best loan for their situation.

Get a free copy to review at good faith estimate (GFE)

On their website they have a very good consumer booket called "Shopping for your Home Loan Hud's Settlement Cost Booklet" on page 6 they mention using an exclusive buyer agent if you want someone to represent only your interest. Exclusive Buyer Agent works in a company of only buyer agents, the company takes no listings.

The last video, "Closing the deal", discusses the closing process including how to make sure the loan you were offered closely matches what you will encounter at the settlement table. HUD will discuss the HUD-1 Settlement Statement and demonstrate ways you can compare your actual costs with those reflected on their Good Faith Estimate.

Get a free copy to review at HUD-1 Settlement Statement

If you would like further information on purchasing a RI or Southern MA home feel free to visit my website at The Buyer's Choice and download any of our 24 Free home buying and home selling reports.

If you have excellent credit, and will be purchasing a $200,000-$1,500,000 or more home or condoin the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me at 401-265-5947 for a phone consultation!

Waterfire Providence RI

Mark Corbett (The Buyer's Choice) — Sat, 02 Oct 2010 04:02:30 -0700

Providence WaterFire photo

Boston MA Rain Camp event feature speaker Ben Kinney Bellingham WA

Mark Corbett (The Buyer's Choice) — Thu, 29 Jul 2010 23:17:07 -0700

I was so happy to be able to attend my first Raincamp hosted by activerain. The feature speaker was Ben Kinney, Keller Williams Western Realty, from Washington State. He services buyers and sellers moving to and out of the Bellingham Wa areas. He was the 2008 Realtor Magazines annual "30 under 30", RIS Media "Power Team" report, WCAR Realtor of the Year and Quarter.

He is also the "go to guy" to the social media for real estate agents. He did not hold back on anything. He gave us what he is personally doing to get business from social media websites, such as twitter.com, activerain, and facebook. I personally liked that he was an active real estate agent using what he was preaching us. He was a natural speaker. I felt like he spoke directly to me as he would be talking to one of his friends making it a very relaxed and comfortable experience.

I left the event with full of great ideas, but more than that I left with action plans that I can actual take action on that will see results and also made some new friends along the way. Also to be able to network and connect face to face with agents that I see on activerain was well worth attending and a treat.

Thank you Ben, and Activerain for putting on a wonderful event! Ben, if you're ever in Rhode Island or Massachusetts you make sure to look your new RI friend up and also make sure you make time to go fishing this summer!

Here is a picture of Ben, my mother Kathleen and myself.

If you have excellent credit, and will be purchasing a $400,000-$1,500,000 or more home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call me on my Iphone at 401-265-5947 to schedule a free consultation!

Happy Birthday! Is it time to renew your MA license?

Mark Corbett (The Buyer's Choice) — Fri, 30 Oct 2009 16:48:38 -0700

On Wednesday October 28, 2009 I took my continuing education for my Massachusetts license. Massachusetts requires all real estate sales and brokers to complete 12 hours of continuing education to renew their MA license. In Ma you must complete this requirement, which must be completed 24 months before your renewal date, which falls on your birthday. My birthday is Nov 10, so my time to complete this requirement was quickly approaching. I took the classes from the American Real Estate Academy www.area-school.com

The instructor was Peter Certo who’s been in the real estate industry in MA & RI and teaching for a number of years. He was very informative in teaching the courses. I like how he brought in real world examples in his teaching from being an active agent.

This was an all day event. The classes that were taught were “Residential Mortgage Loan Market and Credit Today”, “Foreclosures”, “Condominiums, Cooperatives and Timeshares”, “Section 1031 Like-Kind Exchanges”, Leisure Homes, Second Homes & Age Restricted Housing”, and “National Economic Trends and the Real Estate Professional”

I enjoyed the classes from the American Real Estate Academy and when I need to renew my license again, I will surely return to their school.

Happy Halloween from Indy

Mark Corbett (The Buyer's Choice) — Mon, 26 Oct 2009 00:46:26 -0700

Have a Safe and Enjoyable Halloween, Don't eat too much candy.

This photo was taken for the Halloween Party I attended this past Friday at Glad Works a full service Ad Agency in Pawtucket Rhode Island

Rhode Island to charge you new $100 per year fee to work as independent contractor

Mark Corbett (The Buyer's Choice) — Tue, 20 Oct 2009 12:06:03 -0700

Received this email from Rhode Island Association of Realtor regarding a bill the RI state house wants to pass. Which I agree with the Realtors that it should NOT pass. What do you think?

Here is the email below from the RI Association of Realtors:

Rhode Island now has an unemployment rate of 13%, the third highest in the country. So why do some legislators want to charge you $100 per year just for the “privilege” of working?

S 1025 and H 6330 would require anyone who works as an independent contractor to pay a a new fee of $100 per year to register with the RI Dept. of Labor and Training. If you receive a 1099 tax form instead of a W-2, odds are this legislation will affect you. Here are just some of the professions that could be affected: mortgage brokers, lawyers, real estate salespeople, appraisers, auto dealers, hair dresser, home inspectors, travel agents, insurance agents, financial planners, psychologists, eye doctors, and other health care workers.

The original purpose of this S 1025 and H 6330 was to crack down on companies and workers who wrongly work under the table and don’t pay taxes. However, this legislation also hurts law-abiding workers like you by charging you $100 per year just to work. Neither Massachusetts nor Connecticut charges its workers a fee like this.

What can you do? Take five minutes to contact your state representative, state senator and Governor Carcieri’s office right away and tell them that you oppose the $100/year fee for independent contractors.

Your legislators will be back in session on October 28^th. Act now.

Contact your Sentor and Representatives.

http://www.rilin.state.ri.us/House/

http://www.rilin.state.ri.us/Senate/

Contact the Governor

http://www.governor.ri.gov/contact/

FREE First Time Home Buying Workshop Panera Bread 5 New London Avenue, Cranston, 02920 7pm

Mark Corbett (The Buyer's Choice) — Sun, 03 May 2009 17:46:22 -0700

FREE First Time Home Buying Workshop!

Stop Throwing Money Away on RENT!

Workshop will be conducted by

Mark Corbett from The Buyer's Choice a company that specializes in representing Buyers exclusively. The workshop will focus on the secrets that all buyer should know about when purchasing a home and the benefits of using a company that only represents buyers.

www.thebuyerschoice.com

Bobby Kayrouz from Primary Residential Mortgage, Inc. will be talking about the benefits for first time home buyer using FHA loans and the first time homebuyer's $8,000 tax credit.

www.primaryresidentialmortgage.com

Workshop will be held at Panera Bread

5 New London Avenue, Cranston, 02920

Time 7pm-8pm Date: Thursday, May 7, 2009

Pre Register is a must to attend.

(401) 725-5608 or e-mailing Mark@thebuyerschoice.com

All pre-registers will receive a 63 page Home Buying E-Book and a complimentary pass to our Tour of Homes EVENT where you will see Mark in action, he will select 6 GREAT properties where we will spend 20 min at each property. You can leave or return at anytime on the tour. By attending the event you will get a certified exclusive buyer's agent point of view! You may choose to attend a Northern RI or Northern MA Tour, which will be held during an upcoming weekend.

What exactly does a short sale mean?

Mark Corbett (The Buyer's Choice) — Fri, 27 Feb 2009 03:27:09 -0800

A friend of mine who is a past client asked me last week what exactly does a short sale mean?

It's not hard to hear the news or media use the word short sale, or pre foreclosure. There are three steps in the foreclosure process, which are Pre foreclosure, Auction, and Foreclosed Property, which is also called REO or Real Estate Owned, or Banked Owned Property.

Pre foreclosure, that's the step before the bank is going to foreclose on the property, which the owner still owns the property, but is behind in their mortgage, so the bank starts the foreclosure process. Then you have the foreclosure auction that's when the banks auctions the property off to the highest bidder. This is not necessary the 1st mortgage that is foreclosing. That's why it is important to know who is foreclosing, so you don't get stuck with the other liens on the property. Lastly you have the foreclosed property that's when the bank owns the property.

A short sale can happen in the pre foreclosure stage. Not all pre foreclosures are short sales. If the seller is in pre foreclosure and can sell the house, which can pay off all the debt of the property such as the mortgage(s) and liens, or if the seller can come up with the funds to pay off all debt, then the seller does not need to do a short sale.

A short sale is when the seller still owns the property, however for the seller to sell the property they need the bank's approval of the sale, since the seller is upside down in the property. The house is worth less in the current market than what is owned on the property, they need the bank to forgive that shortage for the sale to go through, since the seller does not have the funds and the property is worth less than what is owed on it.

I personally do not like short sales for buyers. Typically banks before they will consider doing a short sale with an owner they will want to see that the property has been exposed to the market fully and this takes time. Also success rates for short sales for closing are not high, which means that the buyer can wait a long time and the bank does not approve the short sale. The buyers gets to start the home buying process over again. Pre-foreclosure and auctions I would stay away from unless you have a the right professionals lined up to work with and know how to purchase them correctly, especially a real estate attorney that can run the title to make sure who is foreclosing and if there are any liens on the property, as well as if the buyer has the patience for it.

If your going to buy a foreclosed property I would purchase it at the time when the bank owns the property, they will usually list it with a listing agent. You are buying the property "as is" condition with no warranties of any kind, but now the bank owns the property. I would still highly recommend having a real estate attorney do a title search to make sure you are getting a clear and marketable title as well as you want the attorney to issue you an owners title insurances policy. I would also recommend having a qualified home inspector inspect the property too.

If you have excellent credit, and will be purchasing a $300,000-$1,500,000 or more home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call us at 401-725-5608 for a phone consultation!

Photo of Gondola in downtown Providence, Rhode Island at Water Place Park

Mark Corbett (The Buyer's Choice) — Wed, 25 Feb 2009 02:11:48 -0800

Photo by Mark Corbett.

Here is a photo I took in the summer in Providence, Rhode Island of one of the gondola slowly going down the river. I not sure which one of the gondola it is. I have never been on one, since I am single and would feel funny since most people that ride them are in love. Someday I can see myself taking my girl friend on a romantic ride down the river.

Check out their website at http://www.gondolari.com/

A little trivia the gondola the "Cynthia Jacob" was constructed and shipped from Venice, Italy, in the spring of 1997 while the first one The "Cynthia Julia" was constructed in Manchester, Massachusetts in May, 1996 and completed in October, 1996 It's believed to be the first truly authentic Venetian gondola ever built in the United States

Photo of Waterfire downtown Providence, Rhode Island at Water Place Park

Mark Corbett (The Buyer's Choice) — Wed, 25 Feb 2009 01:49:42 -0800

Photo by Mark Corbett.

Here is a photo I took in the Summer in Providence, Rhode Island at the Water Place Park during one of the Waterfire events held in Providence RI.

I like this photo because the beauty of the city of Providence and the glow of the fire light shining on the river. I can hear the classical music playing in the background. If you have not seen a waterfire in Providence, it one of the many sight to see.

A little trivia the waterfire is an award winning sculpture by Barnaby Evans. It has 100 bonfires lighted in the river. He created the first waterfire in 1994 which was commissioned to celebrate the tenth anniversary of First Night Providence. Waterfire has had over 10 million visitors. Check out their website at http://www.waterfire.org/

First Time Home Buying Tax Credit Choices for 2008 and 2009

Mark Corbett (The Buyer's Choice) — Wed, 25 Feb 2009 00:56:24 -0800

I read an interesting article, "Stimulus plan has tax benefits but check the fine print" by Michelle Singletary personal finance columnist for The Washington Post, which appeared in the Rhode Island, Providence Journal on Monday, February 23, 2009.

In her article she writes about the new $8,000 first time home buying tax credit. She states that it does not replace the $7,500 tax credit, which was passed as part of last year's Housing and Economic Recovery Act. She writes that there are two first time home buying tax credit now. The one they can use depends on when they have purchased their home.

She states that you do not qualify for the $8,000 first time home buying tax credit if you purchase your home on or after April 8, 2008, and by Dec. 31, 2008. She writes that you can take the $7,500 tax credit, but you have to pay that back, since it not really a tax credit but a 15 year, interest free loan from the IRS. She also comments that she did not like the $7,500 tax credit, "...I've never liked the $7,500 credit because of the lengthy loan feature. Repayment for the $7,500 begins the second tax year after you take the credit. So if you claim the credit on your 2008 tax return, you have to begin paying back the money in 2010..."

My opinion on the $7,500 tax credit I agree with her that it is a 15 year loan interest free and has a lengthy loan feature, however if I purchased in 2008, I would still consider using the $7,500 since I would not be eligible for the $8,000 tax credit. Even though the new $8,000 tax credit is better and it is a true credit, as you don't have to repay it as long you don't sell the property in 36 months. The $7,500 Tax credit comes out to be $500 per year over 15 years. As long as you understand that the "tax credit" is really a loan secured by the house and it must be repaid under most circumstances, it is probably worth considering. Using this money as an interest free loan for upgrades to the house that would increase the values of the property would be a good use of the money, rather than borrowing the money to do that. If you spend it on a vacation or purchase consumer goods, you may not want to use $7,500 tax credit program. If you are disciplined an can take the money an put it in a high- yield savings account or CDs for 15 years, that might be a good way to go too.

She also comments that the new $8,000 first time home tax credit for qualifying home purchases made from January 1, 2009 to December 1, 2009 not the last day of the year. I agree with her that it is strange that they cut if off on the 1^st.

She also comments that "...If your status is married filing separately, you can't get the full $8,000 or $7,500 credit, Instead, you get $4,000 of the 8,000 credit and $3,750 of the $7,500 credit. People filing as single are eligible for the full credit..." which I found very interesting. She recommends calling the IRS if your not sure which one you qualify for.

I would also recommend that you consult with a professional tax advisor regarding these tax credits, which they will be able to give you direct answers to your specific circumstances.

If you have excellent credit, and will be purchasing a $300,000-$1,500,000 or more home or condo in the Providence, Rhode Island area, or surrounding RI neighborhoods or Southern Massachusetts in the next 90 days and would like to be represented by the Corbett TEAM of Certified Exclusive Buyer Agents (Trained in "Negotiation" for representing ONLY BUYERS 100% of the time!)"Call us at 401-725-5608 for a phone consultation!

Photo of Statue of Roger Williams Founder of Rhode Island

Mark Corbett (The Buyer's Choice) — Fri, 13 Feb 2009 01:04:37 -0800

Here is a photo I took in the Summer in Providence, Rhode Island. The Statue of Roger Williams located at the Prospect Terrace Park.

The statue is overlooking the city of Providence. The park is located at 60 Congdon Street in the College Hill neighborhood of Providence, Rhode Island. I like this photo because it looks like he is blessing the city of Providence. A little trivia his remains were moved there in 1939

Rhode Island Short Sales and Foreclosure properties?

Mark Corbett (The Buyer's Choice) — Fri, 16 Jan 2009 23:03:39 -0800

The Rhode Island Association of Realtors, which I'm a member had it second panel forum discussing strategies in a tough market called, "RI Surviving Tough Times Part II forum panel." On the panel were Allen Gammons of Prudential Gammons Realty, Jo Anne Samborsky of Keller Williams Realty, James Caruolo Esq., Steve Tetzner of Homestar Mortgage and Karl Martone of RE/MAX Properties, who is also our President Elect for the Rhode Island Association of Realtors.

The two points that I received from the panel is it is a great time for buyer! What great opportunities are available and that communication is very important and that agents need to go back to the basics.

I was not able to attend the second forum, but was able to watch the video which is posted on their website.

http://www.rirealtors.org/NewsAndEvents/NewsArticle.asp?newsID=582

Here are some of the comments I found interesting, and my point of view.

One of the discussions was about short sale properties. Short sale properties are properties that are still owned by the seller, however for the seller to sell the property they need the bank's approval of the sale, since the seller is upside down in the property. The house is worth less in the current market than what is owned on the property, they need the bank to forgive that shortage for the sale to go through, since the seller does not have the funds.

The panel agreed that short sale properties are a long time consuming process and the banks are not equipped to respond quickly, and the panel do not see the time frame changing anytime soon. I would have to agree with them on this statement, since I explain to my client that with short sales you have to be very patient since bank are taking months to respond. A member of our National Association of Exclusive Buyer Agent has had as long as 60 to 90 days to hear a response from a seller's bank which is typical. He stated that in 2008 out of his 15 short sale transactions he has had only 1 closed.

The attorney on the panel gave some interesting statistics of foreclosed properties in Rhode Island area. James Caruolo Esq.said "... Second quarter of this year of 2008 from Realty Trac 1,700 foreclosures in the state of Rhode Island. Third quarter of this year of 2008 from Realty Trac were 2,100 that's on top of the 1,700 a 3 month period of time. In January, of this year 2009, foreclosure 782..." I found this to be incredible numbers. I would have to agree with the panel that there are great opportunities for buyers. I would add that buyer who purchase these kind of properties have to be patient and willing to buy a property in "as is" condition with no warranties.

The panel felt that opportunity right now is the most positive thing about this market. James Caruolo Esq., commented that, "Crisis for some people some people should not have bought properties they were in but he said that it is a huge opportunity for people to go out and buy these properties and buyers to meet Realtors who are ready to do the hard work and get the properties sold..."

Because of the way the banks are acting with short sale and many do not close, as a buyers agent I inform my buyers that before you get involved in a short sale, why not see if there are other properties that meet your needs that are either already owned by the bank or is owned by a seller who is not in a short sale situation. If they do want to do a short sale, I recommend that they get a real estate attorney involved that understands how to protect them legally in a short sale, since this is not a typical transaction and our association at this time does not have an addendum to protect buyers who enter into a short sale. The Corbett Team does have a short sale addendum that one of our NAEBA members provided us, but we still recommend that and attorney who specializes in short sales look it over for the client needs.

One of the points the panel made was that the property needs to have a paper trail of documentation for the bank to show them of the time the property has been marketed and to show the bank this documentation and what you as the listing agent has done to market the property. Allen Gammons of Prudential Gammons Realty said, "that the bank wants to see that the property has been properly marketed, advertised, and the history of the property with its price reductions, and feedback from the agents showing the property, which Karl had also said. They want to see a track record and history, before they approve the sale." So when he takes the short sale listing he markets the property at the same time starts the process with the attorney or facilitator who will be negotiating with the lender. Attorney stated that banks want to see that the property has a track record for the property with time on the market before they agree to anything. The bank will also do an affordable criteria, to make sure that the seller meets the requirements for a short sale.

One of the things we do as the Corbett team when a clients want to submit an offer on a short sale is to email a list of questions to the listing agent to help the buyer before writing an offer, to help them make their decision. One of the questions we ask is, "How close to foreclosure is this property?" We have learned this from one of our NAEBA member who does many short sale sales, the closer it is to foreclosure the better it is for the buyer.

The attorney on the panel stated that the bank will send out an affiliation letter for the seller's to sign stating they are not afflicated with the buyers or they are related. He recommends that Realtors, do not become involved in the sale if they are, since you maybe involved in a fraudulent sale and get sued by the lender. If you suspect it, just ask the seller the question, if it is, step away from the transaction, but DO NOT violate your seller's confidences by telling the lender, just get yourself out of the situation.

One of the audiences questions were about buyers who want to get out of the short sale because it taking to long what should they do? James Caruolo Esq., commented that if an agreement has been signed by seller and buyer on both sides, they would not be able to get out until the agreement has taken its course. He suggested that buyer agents take control by "...putting in an end date, don't necessary have to put in time of the essences You can put in wording that basically puts the seller as well as their lender on notice that if the transaction does not take place by a certain date that the contract becomes void unless an extension is authorized and executed by both parties. That way you don't have a situation were your buyer is locked in..."

One of the recommendation to the agents in the audience was that it my be a good time to start meeting the appraisal at the property and provide the appraiser with current comparables to support the contract price.

Another question from the audience was if you have an accepted offer from the buyer and seller and after you get another offer does this need to be sent to the bank too? Karl, stated, "...You are still negotiating with the seller, the seller still owns the property, sign a release with the seller..." Karl also stated, "...that you need to track the property, because what the seller at one time will reject an offer later on he may take a lesser offer. It also has to do with timing.. If agreement has been sign by both it's pending subject to approval by lender. Communicate with the listing agent on a daily bases..." Alan stated, "... it is in the seller's interest to keep marketing the property, he explained that he had a property with a signed offer, and two backups and after a couple of month, the first buyer bought something else and the other buyers were gone. He continues marketing the property and informs the buyers that there is signed contract, but we are accepting backups.."

Do you submit multiple offers to lenders? The attorney said that it depends on what your seller and lender agree upon. The listing agent with authorization needs to clarify with the lender if they want them to submit multiple purchase and sales agreements/offers to them. If that's the case, he would suggest be honest and up front with buyers. This is subject to approval with the lender and all offers will be sent to the lender. The comment from an audience member stated that it's the seller that should make the decision which offer is sent to the lender. The Attorney, commented that in Rhode Island not all agents use a two step process, like Massachusetts with an offer form and then Purchase and sales agreement, and if the seller signs a Purchase and Sales agreement with a buyer they are under agreement to sell to the buyer. The seller would have sell to the buyer regardless of the lender acceptance of the short sale unless it is stated in the agreement.

I agree with him in that it is very important that the agreement is subject to approval from a lender in a short sale or your seller will be on the hook to sell the property to the buyer. I do not agree with the attorney regarding the Massachusetts's offer form that he insinuated that it would not be binding as a Rhode Island Purchase and sales agreement. There was a law suit in Massachusetts regarding if an offer is binding that stated otherwise McCarthy vs. Tobin http://masscases.com/cases/app/44/44massappct274.html

In my opinion I feel that an offer signed by both buyer and seller can be legally binding, it has all the elements of a legally binding contract.

Karl stated that you need to know who you are dealing with, and in this process the lender want the seller to provide them all offers/ agreements then you need to follow their rules. If second offer comes in higher, then first sign agreement is still good as long as it last. He feels that it is still case by case and depends on what the lender wants. This has not happened to him as of yet.

Alan commented that a lender will not start the process for a short sale until they have a signed purchase and sales agreement with deposit pre-qualification letter and a legitimate buyer. He also said that the bank do verify the pre-qualification letters.

Foreclosures are a diffent process. As I mentioned before I prefer foreclosed properties, because the bank has an incentive to get them off their books and it costing the bank money to own the property. I enjoyed watching the video, which was very informative and hope that they have many of these programs.

Mark Corbett and friends participate in the Somerville Jingle Bell 5k Race

Mark Corbett (The Buyer's Choice) — Wed, 17 Dec 2008 14:25:23 -0800

"Jingle bells, Jingle bells, Jingle all the way..." That's what I heard while running in my first 5k race this past Sunday on December 14, 2008 which was held in Somerville, Ma called the "Somerville Jingle Bell Run" which was put on by http://www.baevents.com/jinglebell/

There were 4,200 register runners and walkers. My good friend Jim West, told me about the race and I'm glad he did. This race was so much fun especially doing it with my good friends.

The race started off down Holland St. Many of the racers were dressed in holiday costumes. While I was jogging, girls dressed up as reindeers and a guy dress as Santa past me by. And then I saw a Gingerbread Man. I thought to myself. Run as fast as you can Mr. Gingerbread Man. Many runners were in Christmas colors, too. I have to confess I was not. I then turned on to Broadway, and took a right on North Street. Then we took a left on Powerhouse Rd. with a steep hill, which was challenging. I then took a right on Cedar St. and right onto the Bike Path. Over all the race was on easy terrain. After finishing the race they gave everyone a finish metal. They also gave us a nice tee sheet, just for participating in the race.

My friend Brian Salisbury who was also in the race with his wife Jody showed me a neat website that allows you to see the elevation of your run at www.mapmyrun.com

The last time I did a 5k race was when I was back in Lincoln High School in RI.

Here are my results of the race.

Place Divpl Tot Div Guntime Nettime Pace Name Ag S Race# City/state

3132 39/41 CLY03 48:07 44:53 14:27 Mark Corbett 35 M 998 Lincoln RI

Here is the link to the race results. www.coolrunning.com/results/08/ma/Dec14_Somerv_set1.shtml

I looking forward to doing another one with my friends this coming year, maybe the 5k for Saint Patrick Day http://www.baevents.com/rasnaheireann/ which will be at Davis Square - Somerville, Massachusetts 11:00 A.M. - March 15, 2009

My friend Jim wants us to set a goal to do 12 races this coming year. I will have to think about that! After the race my friends and I decided to go to Ryles for a well-deserved brunch. http://www.ryles.com/

Picture of my Friends at the Starting of the Race!

If purchasing a Rhode Island luxury home should I get a pre-approval letter from a lender?

Mark Corbett (The Buyer's Choice) — Sat, 13 Dec 2008 11:20:46 -0800

As a certified exclusive buyer agent and trained in negotiating I recommend that buyers purchasing Rhode Island luxury homes still get a lender to issue them a Pre-approval letter. Buyers purchasing RI luxury homes usually ask why, since they can get a letter from their accountant, financial planner or attorney. The message a letter from one of these professionals informs the seller that you have MONEY and can go up in price, even if the letter does not give a dollar amount. Even though you are looking in this price range there is no reason to let the seller know the maximum amount you qualify for. Most buyers submit with an offer a pre-approval and when the listing agent sees something different, it can send a red flag announcing you're wealthy. Do you think a seller that knows this will want to negotiate with you?

A pre-approval letter builds a wall around a buyer who has weak financially issues, and the seller will not know this, and will only be told that they are Pre-approved for the amount that they are offering, which make them a strong buyer. The buyer has taken the further step to be lender approved rather then just qualified. It's only the house that needs to get so called "approved" with inspections and appraisal. The weak financially buyer is leveraging the power of the lender. Just like the Pre-approval can shield a buyers weak financially issues it can also shield a buyer who is purchasing a luxury home.

One of the advantages of doing this tactic is that it does not tip the seller in thinking you have the ability to increase your offer. With each offer the pre-approval can be customized for the amount that you are offering. If the offer is rejected a new pre-approval letter can be submit with your counter offer and by doing this will not show your hand to the seller.

Just because you qualify to spend more does not mean that you should overpay for a Rhode Island luxury property. As a certified exclusive buyer agent the advantages of using certified exclusive buyer agent is our negotiating skills and confidentiality that we give to all our clients and knowing that our company only represents Buyers 100% of the time and our goal is to negotiate the price down and terms in the buyer's favor.