Add Some Holiday Charm to Your Listings

Nobody wants to be the Grinch who stole Christmas but when you’re trying to sell a home, too much holiday spirit can turnoff some potential buyers. Buyers are there to look at the house and all of its wonderful features, not tippy-toe over the giant blow-up Santa impeding the front door or squint to see the roof over the nine reindeer poised upon it.

But before you stick a needle in your seller’s inflatable Santa, some real estate and staging professionals say home owners can still add a few decorations for the holidays when selling a home and don’t assume buyers won’t appreciate it too. Holiday decor can lighten moods and warm up interiors, so you don’t have to swear it off completely because you’re afraid of offending those who don’t celebrate, they say.

6 Principles to Holiday Staging

1. Don’t overdo the holiday cheer.When Santas start to outnumber the rooms in the house, you may want to start being more selective in what you display.

“If it is ‘cute,’ it stays packed,” says Joanne O’Donnell, president and CEO of Chic Home Interiors, who offers holiday staging services. “Cute is not a universal concept and the surest way to avoid trouble is to keep it simple and elegant.”

The same staging principles apply during the holidays: Don’t overwhelm the space with clutter.

“For every holiday decor item put on display, temporarily pack something you keep out all the time. That way you can avoid over-decorating,” says staging and real estate pro Tori Lynn Wallitsch with Alliance Real Estate and Ross Designs LLC in Omaha, Neb.

Instead of a large Christmas tree dominating the living room, you might opt to have a smaller tree display on a table top -- particularly if the space is small, suggests Lizotte. Your decor doesn’t have to be super-sized or scattered everywhere: Mix in small centerpieces on dining room tables, bookcases, bathroom sinks or end tables -- simple touches such as pine cones or ornaments in a glass bowl. (See 11 Inexpensive, Simple Holiday Decor Ideas).

You also might want to have home owners rethink hanging those Christmas stockings from the fireplace too.

“Whatever the season, when you are selling a home, you want buyers to notice and appreciate the permanent features of the home and if your fireplace is almost impossible to see because your highly personalized stockings are blocking the view, then buyers will not appreciate this focal point for what it is,” Wallitsch says. Instead, ask your sellers to hang the stockings on Christmas eve and remove them Christmas day.

2. Add splashes of holiday colors.How about some holiday red? Psychology research on color responses has shown that warm colors, such as red, can increase excitement and energy in those viewing it. Pops of seasonal colors -- such as red or green -- add festive cheer to a home too and can be as simple as just adding a red everyday throw to the sofa or adding poinsettias throughout the home.

It doesn’t have to be bold holiday statements: Add greenery to fireplace mantels or as a base for the dining room table centerpieces, O’Donnell says. Or another holiday favorite: Bows and ribbons can add splashes of color -- tie them around candles, wreaths, and basket handles throughout the house for extra pops of color. Don’t underestimate the power of neutral palettes too in your holiday decor, such as silvers and classic whites.

Try repeating colors from room to room and using similar ribbons, ornaments, patterns or decorative items that can add to the consistency of your holiday look, according to holiday decorating tips by WorldofChristmas.net.

But when bringing in holiday colors, be careful not to clash with your home’s current color scheme, O’Donnell says. For example, if turquoise is the room’s dominant color, you might want to hold off on adding bold holiday reds; try silver instead.

3. Stage for the senses.Get buyers in the mood with some holiday music and the smell of Christmas filling the home. Christmas music -- mixed with holiday scents -- has been shown to boost people’s attitudes in retail stores and increase their likelihood of wanting to visit them, according to research conducted in 2005 by Eric R. Spangenberg, Blanca Grohmann and David E. Sprott Journal of Business Research (Vol. 58, Issue 11).

Cunningham usually gives a holiday CD to her clients to use for showings -- it features mostly instrumental and soft holiday music.

For scents, O’Donnell recommends adding a pot of mulling spices or cider. The Smell of Christmas by Aromatique (candles, potpourri or oil) is a favorite of Cunningham’s or candles that smell like pine or fresh-baked cookies can create holiday season scents too, adds Valerie Torelli with Torelli Realty in Costa Mesa, Ca.

But if you’re going to include a holiday scent just don’t forget the music. The 2005 study showed that the presence of Christmas scent (Enchanted Christmas by Greenleaf in this case) with non-christmas music lowered buyers’ perceptions of the store and its merchandise. But when the Enchanted Christmas scent filled the air with Amy Grant’s “Home for Christmas” music playing in the background, participants had a favorable response and were more eager to buy.

4. Keep the tree simple, yet elegant.The Christmas tree will likely be your biggest decor piece so it needs to make a statement. Use a string of 100 lights for every foot of tree, suggests Cunningham. In other words, if you have a 7-foot tree, use at least 700 lights (she prefers the white twinkling ones).

Other tips:
•If your tree is larger than six feet, consider removing a piece or two of furniture so the space doesn’t feel crowded, Wallitsch says.
•Use ornaments all in one basic color palette with “show piece” ornaments mixed in that add extra style, O’Donnell says. As a general rule of thumb, use about 20 filler ornaments (such as one or two tone bulb ornaments) for every two feet of Christmas tree and then mix in those special “show piece” ornaments between the filler ornaments, using about 10 for every two feet of tree, according to interior design writer Coral Nafie who wrote about holiday decorating tips at About.com.
•Hang ornaments on the tips of branches as well as inside the tree to add depth, and mix in various size of ornaments.
•Make sure ornaments that are overly personal -- such as those marking milestones like “Our First Christmas” or “Baby’s First Christmas” -- are not in prominent locations on the tree or keep them packed up for next year, Wallitsch suggests.

5. Give a holiday impression from the curb.You needn’t be able to view your outdoor holiday lights from space, Clark Griswold, to show your holiday spirit. Twinkling clear, white lights (preferably non-blinking) tend to be the favorite among staging and real estate professionals for classy holiday curb appeal that adds a glow to your listings at night.

“The winter months are usually less than attractive outdoors and some well-placed and tasteful holiday lights or yard ornaments can go a long way to adding a festive and welcoming touch,” Wallitsch says. “Just remember that many potential buyers may either cruise by your home for sale during the day or schedule a showing during the day when outdoor lights are more likely to be an unsightly bunch of wires (such as icicle lights) rather than a cheerful display of color or white lights. Do your best to make your home show its best during the day and night.”

Here some holiday curb appeal tips:

•Add poinsettias: Plant several poinsettias in groups of three or five close together in the garden. “They really set off the first impression,” says Torelli.
•Hang a wreath on the front door (and make sure it’s clean!), suggests Cunningham.
•Have battery-operated candle lamps in each of the windows for extra glow and to show off all of those windows at night.
•Make the deck sparkle. For example, a weather-proof, tip-proof tree with lights or a simple strings of lights along the deck’s railing can go a long way in adding charm to your showings after dark, says Judy Jensen, Edina Realty in Eagan, Minn.

Then, consider adding the holidays to your marketing: Take a photo of the home at night as it twinkles from the holiday lights and create a special holiday flyer with information about the house.

“This is a great marketing tool we often use in the months of November and December to help sell the home,” adds Torelli with Torelli Realty in Costa Mesa, Calif.

6. Remove decor after the holidays.Jolenta Averill, broker-owner of Lake & City Homes in Madison, Wis., once showed a home in the middle of summer that still had a huge Santa Claus on its front porch and a Christmas tree lit in the living room.

But Christmas in July isn’t for everyone, so in general, wait to decorate for the holidays until after Thanksgiving and be sure your home owners remove all holiday decor promptly by New Year’s.

As Wallitsch tells her clients: “If you are feeling a little cheated this holiday season by not putting all of your beloved holiday treasures around your house, focus on the reason that you placed your home on the market and keep your eyes on that goal. Next year when you are comfortably settled into your new home, you can go all out with the holiday cheer.”

Melissa Dittmann Tracey is a contributing editor for REALTOR® magazine. She can be reached at mtracey@realtors.org.

Best MA Top Public High Schools Ranking in 2010

From the highest SAT scores to the top graduation rates, browse exclusive rankings of local districts in our expanded chart.

Check out the top public high schools chart for a look at student-teacher ratio, MCAS and SAT scores, and more.

Our rankings this year were computed by statistician George Recck, director of the Math Resource Center at Babson College. As in years past, we gathered the most recent available data on area schools by consulting school officials and websites, as well as the Massachusetts Department of Education. With this information, Recck calculated mean scores for each data category and then ranked schools based on their distance from the averages.

Boston Magazine, September 2010

Interested in properties in the North Shore Area of MA and/or want to know about the communities, feel free to contact me anytime.

Bring Out The Best in Basements

Basements are often dark and dingy or cluttered and chaotic. Find out how to brighten up that space and make it look livable.
By Kristine Hansen | September 2010

Basements can adopt a split personality. On the one hand, it’s a sweet storage space with minimal décor and a high tolerance for accumulating dust. Yet when it’s time to sell — especially in a competitive real estate market — or expand the home’s livable square footage, the basement needs a little dressing up. That’s when home owners and real estate pros can work together.

One approach is to think big and transform this below-ground level into higher-end living space, whether that's a family room, children’s play area, or guest bedroom. “I have seen people take a basement and turn it into a family room, put in nice carpeting, and even build a little room around the utilities,” says Chobee Hoy of Chobee Hoy Associates in Brookline, Mass. “Hanging pictures … anything that looks pretty.”

It might encourage a sale. Yet it might not up the asking price, says Hoy. Many times a basement is not included in a home’s total square footage of livable space. “The square-foot value is not as high as the second or third floors. Don't put in the fanciest bathroom you can, because you might not get your money back,” she says. “You might have trouble selling the house for what you think it will sell for.”

Still, buyers want more room for the asking price, and a basement provides that option.

“Sometimes if a buyer needs extra space, and that’s the only space that’s available, that’s attractive,” says Hoy. She’s seen photographers gravitate towards homes with sizeable basements simply because they make great darkrooms and studios.

A listing for a home that Steve St. Arnault, an associate with Newbury Properties in Quincy, Mass., is attempting to sell has a basement that could be a model for all the dark, damp basements out there. In fact, he says, “it’s a bright and sunny spot.” The home owners painted the exposed pipes a brilliant shade of copper. Travertine flooring is a step above concrete or cheap carpet. “They wanted to encourage resale,” he says. “They also added a master bedroom suite on the top floor and granite countertops in the kitchen.”

But for basements that need just a little decorating rescue, there's a lot of hope.

“Make the basement a place that you want to go to,” suggests Peter Jeswald, author of Basement Ideas That Work: Creative Design Solutions for Your Home (Taunton Press, 2007). “So often, basements are associated with low-quality, cheap hung ceilings, wood paneling, and inexpensive carpet on the floor. Treat it no differently than you would the first floor of your house.”

Home owners should start by upgrading the basement's entryway and gradually work their way through the space, with the end goal a lighter, brighter, and cleaner basement. If it’s down a dark, narrow stairwell, open up that stairwell or — at the very least — install brighter lighting. In lieu of opening up the staircase, which can be quite expensive, Jeswald suggests add a half wall or creating an open railing. “Make it so that you’re no longer traveling through a narrow door to this narrow, dim-lit stairway,” he says. “Long, narrow spaces accentuate the feeling of being depressed.”

But if the end goal isn't more square footage but simply a cleaner basement, there are many inexpensive approaches to consider, starting with a broom and dustpan.

“The best thing you can do is clean it up,” Hoy says. “Get rid of the cobwebs. Whitewash the walls. Do whatever you can to make sure it has a good smell.”

Eliminating moisture may require the installation of gutters or a French drain. “Vapor can migrate through the walls and come up through the floor,” says Jeswald. Installing a dehumidifier should eliminate this problem.

The No. 1 problem with basements is a lack of adequate lighting. While the natural-lighting flow can't be altered because the space is underground, plenty of lights will create a sense of open, airy space on a par with the rest of the house.

“You want to get light into the basement and then you want to spread it around, to penetrate the space,” Jeswald says. Adding a table lamp here and there is probably not going to be sufficient. Adding larger windows is the best bet.

Creating larger window wells adds light — and offers an additional safety feature. “Nowadays most window wells have a ladder,” Jeswald explains, “so not only are you adding light but you’re adding an element of safety, especially if it’s a bedroom or recreation space.”

If either or both of these fall outside of the budget — but increasing light remains a priority —there are other options that are more about cosmetic fix-ups. These include installing French doors, which help divide the space, or putting up opaque walls that allow sunlight to bounce around.

Artificial lighting should be a last resort, Jeswald says.

Even more inexpensive are these two tips he offers on how to deal with the infrastructure of piping and columns by integrating them into the design. Create a bookshelf by installing flat boards between two columns. Turn an awkward pole into a bistro table by featuring a flat surface that juts out from it.

“If your budget is limited,” says Jeswald, “integrate these two into the design.”

And don’t forget about any exterior entryway to the basement. Even if it's rarely used, it's still going to be examined by potential buyers. It also could discourage people from coming into the basement if it’s not attractive. “Sometimes the door leaving the basement isn’t very attractive and people don’t put a lot of thought into it, but they should,” says Hoy.

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Five Real Estate Scams You Need to Know About

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
By Melissa Dittmann Tracey | August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.


2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.


3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.


4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.


5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.


You can report instances of suspected mortgage fraud to Stopfraud.gov.

Most Affordable Popular Retirement Locations

The real estate downturn has turned some very popular retirement destinations into bargains.

To determine where the prices are most attractive, U.S. News & World Report examined price-to-income data for 384 metropolitan statistical areas. This expresses the relationship between owner income and home values.

Here are 10 retirement havens where homes are most affordable by this measure:

1. Bend, Ore.
2. Napa, Calif.
3. Fort Meyers, Fla.
4. Fayetteville, Ark.
5. Las Vegas
6. Sante Fe, N.M.
7. Punta Gorda, Fla.
8. Phoenix
9. Santa Cruz, Calif.
10. Burlington, Vt.

Source: U.S. News & World Report, Luke Mullins (07/08/2010)

Would you like to know prices with locations in MA and NH? Log on to my website.

MA GOVERNOR PLEDGES $189.9 MILLION IN RESOURCES TO CREATE, PRESERVE 1,786 NEW RENTAL HOMES

Funding to support 32 affordable developments in 19 communities will yield an estimated 2,400 construction jobs.

BOSTON – Monday, June 21, 2010 – As part of the Patrick-Murray Administration's ongoing commitment to boost affordable housing production, create jobs and foster economic growth, Governor Deval Patrick today pledged more than $189.9 million in resources leveraged from various affordable housing programs and private investment to support the construction of 32 rental developments in 19 communities across the state which will yield an estimated 2,400 construction jobs.
"By investing this targeted blend of public and private resources to spur housing development, we are creating jobs, boosting local businesses, strengthening communities and building a better, stronger Commonwealth," said Governor Patrick.

"Construction of these projects offers a solution for more affordable housing opportunities in communities across the state," said Lieutenant Governor Timothy Murray, chair of the Interagency Council for Housing and Homelessness. "These new construction projects will also deliver options to a wide array of incomes, including those who earn modest wages and those who are transitioning from the perils of homelessness to permanent, sustainable living."

When completed, the developments will create or preserve 1,786 units of new rental housing including 1,737 affordable units for low-and moderate income families. 290 of the affordable units will be targeted for families earning less than 30%.of the area median income. The following communities will benefit from these new developments: Boston (10 projects), Bourne, Cambridge, Chelmsford, Concord, Fall River, Fitchburg, Gloucester, Great Barrington, Hamilton, Haverhill, Lawrence (2 projects), Malden (3 projects), New Bedford, Northbridge, Somerville, Springfield (2 projects), Wareham and Worcester (detailed award sheet attached).

"This substantial investment will help put people back to work and help provide quality, affordable housing for those who are hurting the most. I'm grateful to the Patrick-Murray Administration for its continued commitment to working families across Massachusetts," said Senator John Kerry.

"This federal assistance will be used to reduce the large number of backlogged public housing construction and renovation projects throughout our region," said Congressman William Delahunt. "These additional funds will not only improve the quality of our affordable housing, it will provide a much needed boost to local contractors, plumbers and builders that are important to our local economy."

"During these difficult economic times, affordable housing is essential," said Congressman James McGovern. "I'm pleased with the projects in Fall River and Worcester announced today."

“This mix of federal and state resources will help provide affordable and secure housing to families in Lawrence, Haverhill, Concord and Chelmsford,” said Congresswoman Niki Tsongas. “In turn, these projects create construction jobs that boost the local economy and help put people back to work, making them an excellent investment in our communities.”

"The redevelopment of Malden Mills and the rehabilitation of Windsor House are big wins for Lawrence and the entire region. Hundreds of trades people will be put back to work and an entire area of the city will be revitalized with new housing options, which Massachusetts needs," said Senator Sue Tucker, Senate Chair of the Joint Committee on Housing.

"The state remains committed to providing safe and affordable housing throughout the Commonwealth," said Representative Kevin G. Honan, House Chair of the Joint Committee on Housing. "This funding is essential to preserving and producing affordable units for working families, seniors and those with disabilities. The construction of these 1,786 rental units will also put people back to work and help stimulate economic activity at a time when it is really needed."

Funding commitments include $10 million in federal low-income housing tax credits and $16.3 million in state low-income housing tax credits, which will be sold to syndicators to leverage an estimated $123.4 million in private investment for project financing. Another $66.5 million in finance subsidies will be issued by the Patrick-Murray Administration's Department of Housing and Community Development (DHCD) from state bond-funded affordable housing programs and federal HOME funds. DHCD administers funding from those programs to assist developers who produce housing for low- and moderate-income seniors, families, individuals and special needs residents across the state.

"Out of the 1,786 housing units supported through today's awards, 290 are targeted to low-income individuals and families," said DHCD Undersecretary Tina Brooks. "There is no better way to strengthen neighborhoods and put an end to homelessness than to create more permanent housing opportunities that are affordable to those on all income levels."

RENTAL AWARDS

•109 Mt. Pleasant (Boston): The Nuestra Communidad Development Corporation will use $898,000 in DHCD housing program subsidies to produce 7 units of supportive housing for formerly homeless families.
•Burbank Street Apartments (Boston): Fenway Community Development will use $879,019 from DHCD to preserve 36 rental units. 31 of those units will be affordable including 5 units targeted for low-income households.
•Cheriton Heights Senior Housing (Boston): AABA/The Community Builders will use $950,000 in federal low-income housing tax credits and another $2,430,824 in DHCD program subsidies to produce 70 rental units. 63 of those units will be affordable including 7 units set aside for low-income households.
•Hong Lok House (Boston): Rogerson Communities will receive $5,214,861 in DHCD program subsidies to produce 74 affordable rental units for the elderly with 36 units set aside for low-income households.
•Old Colony Phase I (Boston): Beacon Communities LLC will use $5,310,065 in state low-income housing tax credits and another $3,500,000 in DHCD program subsidies to preserve 116 affordable rental units with 72 of those units set aside for low-income households.
•Olmstead Green Rental Phase III (Boston): Lena New Boston will use $1,068,750 in federal low-income housing tax credits, $605,000 in state low-income housing tax credits and $3,643,845 in DHCD program subsidies to produce 50 affordable rental units with 10 units set aside for low-income households.
•Quincy Commons (Boston): Nuestra Communidad will use $4,250,000 in DHCD program subsidies to produce 40 affordable rental units for the elderly with 4 units set aside for low-income households.
•Washington-Beech HOPE VI Phase 2A (Boston): Trinity Financial will use $1,822,500 in federal low-income housing tax credits and $1,750,000 in DHCD program subsidies to preserve 50 affordable rental units including 5 units set aside for low-income households.
•Washington-Beech HOPE VI Phase 2B (Boston): Trinity Financial will use $1,900,000 in state low-income housing tax credits and $1,750,000 in DHCD program subsidies to preserve 56 affordable rental units including 6 units set aside for low-income households.
•West Fenway Apartments (Boston): Fenway Community Development will use $433,000 in DHCD program subsidies to preserve 48 units of affordable elderly rental housing including 4 units set aside for low-income households.
•Clay Pond Cove at Canal Bluffs (Bourne): The Housing Assistance Corporation will use $769,423 in federal low-income housing tax credits and $1,340,376 in state tax credits and $2,300,000 in DHCD programs subsidies to produce 45 affordable rental units including 5 units set aside for low-income households.
•Putnam Ave. Housing (Cambridge): Homeowners Rehab, Inc. will use $855,000 in federal low-income housing tax credits and $2,525,000 in DHCD program subsidies to produce 40 affordable rental units with 4 units set aside for low-income households.
•Residence at Highland Avenue (Chelmsford): CHOICE, Inc., will use $580,000 in DHCD program subsidies to produce 5 units of affordable housing with supportive services for formerly homeless families.
•Peter Bulkeley Terrace Renovation (Concord): The Concord Housing Authority will use $1,000,000 in DHCD program subsidies to preserve 24 affordable rental units for low- and moderate-income households
•Eagle Street (Fall River): Community Care Services will use $2,490,760 in DHCD program subsidies to preserve 17 affordable units for individual and family homelessness prevention. 8 of those units will be set aside for low-income households.
•Groop/Townveiw Assisted Living (Fitchburg): The Fitchburg Housing Authority and Winn Development will use $1,375,000 in state low-income housing tax credits and $4,850,000 in DHCD program subsidies to preserve 96 affordable rental units including 10 units set aside for low-income households.
•Central Grammar Apartments (Gloucester): The Community Builders will use $2,695,000 in DHCD program subsidies to preserve 80 rental units. 76 units of those units will be affordable including 9 units set aside for low-income households.
•Christian Hill Common (Great Barrington): Berkshire Housing Development Corporation will use $1,927,604 in DHCD program subsidies to preserve 40 affordable rental units for low- and moderate-income households.
•Firehouse Place (Hamilton): Harborlight Community Partners will use $475,000 in DHCD program subsidies to preserve 4 affordable units for low- and moderate-income households.
•Haverhill Safe Haven/Wadleigh House (Haverhill): The YMCA of the North Shore will use $2,000,000 in DHCD program subsidies to preserve 22 affordable single-room occupancy units including 6 units set aside for low-income households.
•Malden Mills Phase I (Lawrence): CSM North and Winn Development will use $1,200,000 in federal low-income housing tax credits as well as $3,500,000 in state tax credits and $2,300,000 in DHCD program subsidies to produce 75 rental units. 72 of those units will be affordable including 8 units set aside for low-income households.
•Windsor House (Lawrence): Commonwealth Land Trust will use $2,537,192 in DHCD program subsidies to preserve 70 affordable single-room occupancy units with supportive services.18 of those units will be set aside for low-income households.
•MM Homes (Malden): Housing Families, Inc. will use $1,607,200 in DHCD program subsidies to preserve 15 units of transitional and permanent housing for formerly homeless families.
•Salem Towers (Malden): Salem Towers Development LLC will use $2,460,782 in DHCD program subsidies to preserve 81 rental units. 80 of those units will be affordable for low- and moderate-income households.
•The Heritage (Malden): FCMH LLC and Peabody Properties will use $2,000,000 in DHCD program subsidies to preserve 176 rental units. 156 of those units will be affordable including 18 set aside for low- and moderate-income households.
•Harborview Towers (New Bedford): OMP Harborview Towers, LLC will use $2,800,000 in DHCD program subsidies to preserve 144 rental units. 140 of those units will be affordable for low- and moderate-income households.
•Linwood Mill Senior Housing (Northbridge): EA Fish Development will use $950,000 in federal low-income housing tax credits as well as $610,000 in state tax credits and $1,550,000 in DHCD program subsidies to produce 75 affordable rental units including 8 units set aside for low-income households.
•St. Polycarp Village Phase II (Somerville): The Somerville Community Development Corporation will use $619,875 in federal low-income housing tax credits and $2,072,658 in DHCD program subsidies to produce 29 affordable rental units including 3 units set aside for low-income households.
•City View Commons II (Springfield): First Resource Development Corporation will use $1,000,000 in federal low-income housing tax credits as well as $1,187,500 in state tax credits and $1,291,600 in DHCD program subsidies to preserve 120 affordable rental units including 12 units set aside for low-income households.
•Cumberland Homes Apartments Phase I (Springfield): Beacon Communities LLC will use $372,363 in federal low-income housing tax credits as well as $513,262 in state tax credits and $500,000 in DHCD program subsidies to preserve 38 rental units. 34 of those units will be affordable including 4 units set aside for low-income households.
•Depot Crossing (Wareham): South Shore Housing Development Corp will use $434,096 in federal low-income housing tax credits and $815,000 in DHCD program subsidies to preserve 32 affordable rental units for low-income households.
•Castle Hill Initiative (Worcester): Zu Development will use $1,000,000 in DHCD program subsidies to produce 10 rental units and make them all affordable for low- and moderate-income households.

Log onto Virtual Homes Real Estate to see MA and NH Real Estate Listings.

Ipswich, MA Short Sales - Buying a Home at Pre-Foreclosure

How to Buy a Ipswich, MA Short Sale

As a home buyer looking for value in the purchase of real estate you may consider a "short sale" as a viable option. The process of finding and buying a Ipswich MA short sale is not a typical real estate transaction. To have success, you must work with qualified professionals and understand the process. Utilize the services of Realtors, attorneys, accountants, mortgage lenders and home inspectors as they all provide expert advice.

What is a Short Sale?

Homeowners that have financial hardships may pursue a short sale prior to foreclosure. This process may be a preferable option to preserve their credit and limit their debt exposure. In New Hampshire, the laws governing foreclosures provide incentives for lenders to work with homeowners that can no longer afford their homes. The foreclosure process takes time and money and may prove to be more costly to the lender. Under the Home Affordable Alternatives Program (HAFA) offered in 2010 by the Treasury Department, lenders and homeowners have additional incentives to consider a short sale.

The first step to a successful transaction requires the negotiation of an acceptable contract with the Seller subject to lender approval with no guarantees that your offer will be approved. In order to prevent foreclosure, the Seller is under a timeline to "sell short" and must have an offer that meets lender guidelines for lender approval. Go to Ipswich, MA real estate to obtain information about Pepperell property. Follow these guidelines to improve your chances of a buying and closing on a short sale listing:

Are You a Qualified Buyer?

As a home buyer you must provide evidence that you qualify to purchase the property. The Seller is not likely to accept your offer without a valid credit approval as the lender will not grant approval. Obtain a credit approval from a reputable lender or if a cash buyer provide proof of funds. The approval must not contain conditions such as selling an existing property.

Pre-Qualify the Listing

Sellers selling short typically have a time-line they must meet to avoid foreclosure. If they have not communicated with their lender(s) and started the process, there may not be sufficient time to affect a sale. As your Realtor, I can pre-qualify a listing on your behalf. Information I will obtain includes:

•Is the seller's short sale package prepared for submission to the lender?
•How many liens are on the property? If more than one, what are they? Is there a plan to satisfy all the lien-holders?
If you pursue a property that is not "short sale ready" you may be restricted from buying other properties of interest. To search short sales and foreclosures available go to Ipswich MA Foreclosed Homes for Sale and select Ipswich Foreclosures under the quick search options.

Negotiating the Offer

The first step is to have your offer accepted by the Seller and you will be competing against other buyers. Some real estate agents market the property substantially below market value to entice buyers. Others price the property at the low end of fair market value. Price, terms and your qualifications will be the deciding factors for Seller acceptance. Sellers and lenders prefer offers with fewer contingencies.

1.Earnest Money - Sellers may be hesitant to accept your offer with a low deposit. Buyers can easily "walk away" from a contract with low deposits.
2.Home Inspection - be prepared to invest the time and money in the home inspection prior to lender approval. A seller may not want to take the risk of allowing the inspection after lender approval. If they do, they risk losing the buyer on the inspection issues and will not have time to sell the property prior to foreclosure.
3.Flexible Closing Date - once the lender approves the offer, they may require a "quick" closing. You must be prepared to meet their conditions if you want to consummate the sale.
Subsequent offers - the listing agent must submit all offers to the Seller. A contract with a higher sales price may have a better chance at being approved by the lender. The lender will give the Seller direction as to submitting additional offers. Also, be prepared to lock your interest rate thru closing so that your mortgage commitment will be valid.

Lender Approval

Lenders will do their "due diligence" to substantiate the value of the property and have no set formula to determine an acceptable price for the property. However, Freddie Mac (one of the largest secondary market lenders) has a target sales price of 88% of one or more broker price opinions (BOP).

Have realistic expectations of the time-frame for approval as it may take between 30-180 days and property values can change. If the lender and the Seller are participating in the HAFA program, these timelines will be streamlined for a quicker response.

If you are interested in pursuing an Ipswich MA short sale or other listings currently on the market, please contact Virtual Homes Real Estate at 800-8562479. You may also visit MA Foreclosures and Bank Owned Real Estate for Sale to view short sales and foreclosed inventory for sale in other towns and cities.