buying a home: REFINANCING REPRESENTS REALTOR OPPORTUNITY! - 12/10/12 02:50 AM
REFINANCING REPRESENTS REALTOR OPPORTUNITY!
I had a great call today!  A house I sold to my buyer last year just appraised for $60K more than what they paid when they bought it!
I received this wonderful call from my favorite banker who told me, "here's a great marketing opportunity for you!"  Turns out I have been doing a good job for my buyers (who knew?!).  They are receiving appraisals both on the initial purchase, and subsequent refinancing, in excess of the price negotiated for their homes.
I must admit: I don't often check in with my buyers post-closing to see if … (0 comments)

buying a home: New HUD Forms...the Top change in the Mortgage Industry for 2013 - 12/07/12 08:57 PM
Recently I attended a symposium at the Federal Reserve in Boston.  The focus was a forecast of economic trends in 2013, and how these will affect the real estate industry.  I am writing a series of blogs from the information shared by the panel of speakers.
THE TOP 5 CHANGES IN THE MORTGAGE INDUSTRY FOR 2013
#1: New HUD Forms at real estate closings:
Among the 400 new rules imposed by the Dodd-Frank Act, are mandated changes to the HUD document signed by buyers and sellers at closing.
The old HUD was a 2-page (legal sized) document.  It was deemed too … (26 comments)

buying a home: Qualified Residential Mortgages...Changes Affecting Lending in 2013 - 12/06/12 09:15 PM
Recently I attended a symposium at the Federal Reserve in Boston.  The focus was a forecast of economic trends in 2013, and how these will affect the real estate industry.  I am writing a series of blogs from the information shared by the panel of speakers.
THE TOP 5 CHANGES IN THE MORTGAGE INDUSTRY FOR 2013 #2: Qualified Residential Mortgage I blogged about QRMs last year (http://actvra.in/8cq) after I attended this symposium to hear trends for 2012.  A QRM is a loan with a minimum of 20% down and a debt-to-income ratio that does not exceed 36%.
As the banks adopt … (18 comments)

buying a home: Beat the Clock for Buyers and Sellers - the implications of the Dodd/Frank Act - 04/13/11 01:16 AM
Buyers and Sellers!  You have 12 months to beat the clock!
Buyers! If the Dodd-Frank Act goes into full effect next April, you will have to put 20% down in order to make a home purchase, unless you finance through FHA, or you can find a lender who will hold your mortgage in-house.  Starting next April, you will hear the term "QRM"-Qualified Residential Mortgage.  No loan will make the QRM standards unless the buyer puts 20% down and has a minimum credit rating of 740!
Sellers! Imagine if the only buyers who can purchase your home are those with 20% to … (6 comments)

buying a home: Home Ownership - the 5 Benefits! - 02/22/11 03:08 AM
Here are 5 benefits to owning your own home:

1.  Investment - often the largest purchase a person will make and historically real estate increasesin value.
2.  Keeps your cost of living under control - while economic conditions can drive up the cost of rent, a fixed mortgage freezes your monthly ownership expense.
3.  Reduces your tax burden - mortgage interest, real estate taxes, and loan points are all deductible expenses.
4.  Provides a source of credit - equity loans can help with college tuition, remodeling, or other necessary expenses.
5.  Allows debt consolidation - refinancing at today's low interest … (4 comments)

buying a home: Is it an Open House, or a Job Interview? - 11/17/10 02:04 AM
It is pretty typical to meet buyers at open houses, but I wonder how many agents realize that these encounters are really job interviews? 
Next week my buyers will close on their new home, and I think their story is worth telling.
I met my buyers at an open house back in February.  I could tell by their questions they were serious and qualified buyers.  I stayed in touch with them, but not aggressively.  What I didn't know was they were making a list of potential buyer agents from their open house interviews. Pretty smart!
In September, when they were ready … (23 comments)

buying a home: What's That on the Floor? Dealing with Asbestos in Floor Tile... - 07/29/10 05:56 AM
I sold a home recently that had a finished basement floor covered in linoleum squares.  The home inspector informed the buyer that the tiles might have asbestos.  It became an issue in the sale, but was resolved with the help of a professional contractor.  Here is some useful information in the event this type of flooring is present in a home you own or want to purchase.
Asbestos Tile
Do you own an older home with linoleum floor tiles?  Maybe you have a finished basement playroom tiled in linoleum squares?  Or perhaps you have an old floor in a bath or kitchen?  … (4 comments)

buying a home: There is No Perfect House! - 07/13/10 07:40 AM
Here is a revelation...there is no perfect house!  It wouldn't matter if you were the architect, builder, and interior designer...at the end of the day there would be something you would change.
House-hunting can be fun, but it can turn frustrating if you expect to find the perfect house.  Here's how you can increase your odds of success:
•1.       List Your Must-Have's - if you collect classic cars, you are going to require garage space.  Know which items are truly deal-breakers, and which items are just "nice to have".
•2.      Give Feedback - your realtor can help you much more effectively … (0 comments)

buying a home: A Story of Buyer Agency... - 04/12/10 02:28 AM

What I love about the real estate business...no 2 days are ever alike!  This blog is about the difficulties my buyer-client encountered and how I helped solve them.
The buyer chose to purchase an investor-owned condominium.  The investor bought the property out of foreclosure, did a carpet change and repaint, and quickly put it back on the market.  It was a good fit for my people, and a contract was executed. 
The unit had radiant electric heaters in 5 rooms.  A condition of the offer was that these be re-painted since they had turned brown.  I cautioned the buyer that … (9 comments)

 
Margo Otey (REMAX EXECUTIVE REALTY)

Margo Otey

Westborough, MA

More about me…

REMAX EXECUTIVE REALTY

Address: 77 Main St, Hopkinton, MA, 01748

Office: (508) 435-6700

Mobile: (508) 439-9717

Thoughts, issues, tips, advice, forecasting for the Metrowest real estate area.


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