Oftentimes, buyers believe a real estate professional is a first-line of information about a home. When you work with a buyer's realtor, the person does not necessarily have the same familiarity with the home as the realtor for the seller, and he or she is interested in making the sale. Of course, realtors are obligated by law to disclose known problems...but what about those sneaking things even the seller of the house never knew were going on?
A home inspector can help with these seemingly small problems that can become costly once you own them, such as lead, mold and other structural issues homes may have. There may be moisture in the basement, cracks in the foundation, issues with wiring or house settling that has been structurally unsound. I can recommend a quality home inspector and set you up with a good buyer's representative realtor, then, I can help you negotiate the purchase and sale process and handle the closing--to bring you substantial savings. Give my office a call and we'll work together to keep your investment safe and save you money!
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Monday, October 10, 2011
Monday, October 3, 2011
To refi or not refi...
Rates are definitely at all-time lows. If you positioned yourself well and have equity in your home, you may be able to drastically reduce both the time in which you may pay off your mortgage, and also the ultimate cost of borrowing.
I have contacts in the mortgage industry who can help you lower your interst rates and payments, and maybe also the terms of your loan at the same time.
Give me a call and I will work with you to help you save money!
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
I have contacts in the mortgage industry who can help you lower your interst rates and payments, and maybe also the terms of your loan at the same time.
Give me a call and I will work with you to help you save money!
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Thursday, September 29, 2011
Moving Tips
Moving is a great time to go through old files, and to purge items you've stored but also never got around to using. There are many services available that will take donations of household goods in good condition, services that safely shred personal and financial documents and places that accept old magazines and books.
When you pack, color code boxes and keep important papers and documents in a single box.
Remember to change your address with utility companies, creditors and the post office.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
When you pack, color code boxes and keep important papers and documents in a single box.
Remember to change your address with utility companies, creditors and the post office.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Thursday, August 25, 2011
New RESPA/TILA Disclosure to Include Consumer Input
The Consumer Financial Protection Bureau drafted a new combined RESPA/TILA Disclosure form at the end of June. This will combine the Truth in Lending and Good Faith Estimate. The Bureau seeks to create forms that serve consumers and also are less confusing for lenders and brokers as they explain the forms to potential mortgage consumers. It’s good to hear that the new forms will include consumer input!
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Monday, August 1, 2011
Foreclosure Filings Decrease
In May, foreclosure filings decreased over 30% from May of 2011. Most industry analysts believe this is due to lack of lender action, rather than an actual decrease in defaults or an increase in a stable market. The Wall Street Journal reported a shortage of attorneys to handle foreclosures, which may contribute to this fall in foreclosure numbers. Even for homes already in the foreclosure process, there is a backlog. Courts are not tolerant of this lack of action by lenders, and threatened to dismiss the cases, essentially rendering lenders back to the beginning of the entire process.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Friday, July 8, 2011
Home Prices Take Double Dip
The home price index shows a double dip and continue a downward spiral. Standard & Poor takes into consideration the false rebound in 2009 from the homebuyer tax credit, and claims there has essentially been no recovery at all. Overall, prices have fallen greater than they did during the Depression. There are many, many homes on the market, demand is low and the foreclosure environment all contribute to the bleak prospect for housing recovery any time soon.
Of course, there are pockets where this does not hold true. Markets that did not over-inflate during the boom years maintain their value and remain consistent. Particular areas, neighborhoods and types of homes never suffered and continue to be successful.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Of course, there are pockets where this does not hold true. Markets that did not over-inflate during the boom years maintain their value and remain consistent. Particular areas, neighborhoods and types of homes never suffered and continue to be successful.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Monday, June 27, 2011
Possible Mortgage Restrictions Coming Up?
There is a federal proposal in the works that would not only require a 20% down-payment for a home purchase in order to qualify for the best mortgage rates, but also that would further restrict debt loads as part of the same qualification process. The impact of this is so great because it includes student loans as well as credit cards and car loans. It is estimated that a third of borrowers over the last year would not have qualified if these standards were in place already.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Critics of the proposed regulation include those who otherwise have no debt, but whose mortgage alone would constitute a higher percentage of income. The reasons behind these kinds of regulations include the securities created from mortgage loan debt. Mortgages that meet the requirements will be exempt from exclusion from mortgage-backed securities derivatives. Critics also claim that such regulations will hinder those who are able to buy homes with cash, who have larger down-payments, but carry other debt and those who might otherwise have circumstances that would support favorable borrowing.
Proponents site an inability to predict changes in earnings, medical or health issues and things like a couple deciding to have a child and forego a certain portion of their income so that one spouse might stay at home to care for the child. Since discretionary income expenditures are not easily predictable, as well, there will be less risk to banks if loans are more heavily scrutinized. Overall, the thought is that the buyers and banks will be better off with greater oversight in the long term.
Monday, June 13, 2011
Mortgage Abandonment as Financial Strategy?
CNN recently reported about a trend emerging in real estate, specifically in the mortgage arena. As people find themselves "underwater" with mortgage loans, they are exploring all options, including "walking away" from the mortgage and the home, even if they are capable of paying the debt. Many homeowners who face negative equity as the result of the burst of the housing bubble believe they will fair better with a short term credit hit than by remaining in what has become a poor investment.
While the nature of this blog is to report trends, news and information and not to judge the merits of the information or practices on which we report, in this instance, I must address the ethical nature of this kind of practice. As with almost any purchase, there is a loss of value upon ownership. Goods, whether tools or vehicles, become "used" and are most often worth less (if you go sell them) than they cost you. Now and again, a piece of fine art or other purchase might see a gain in value. However, vehicles are a perfect example of something you purchase that loses value, especially initially. You do not "walk away" from a vehicle loan just because the car is worth less than the purchase price. While paying on a car loan, you have use of the vehicle. While paying on a mortgage, you have use of the property and home. Thus, if you can afford the payment, just because your home lost value, does not mean you should abandon it. There are extenuating circumstances that might necessitate this kind of decision, yet overall, if it is merely about whether you "want" to pay versus whether you can pay, you might want to consider the moral obligation.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
While the nature of this blog is to report trends, news and information and not to judge the merits of the information or practices on which we report, in this instance, I must address the ethical nature of this kind of practice. As with almost any purchase, there is a loss of value upon ownership. Goods, whether tools or vehicles, become "used" and are most often worth less (if you go sell them) than they cost you. Now and again, a piece of fine art or other purchase might see a gain in value. However, vehicles are a perfect example of something you purchase that loses value, especially initially. You do not "walk away" from a vehicle loan just because the car is worth less than the purchase price. While paying on a car loan, you have use of the vehicle. While paying on a mortgage, you have use of the property and home. Thus, if you can afford the payment, just because your home lost value, does not mean you should abandon it. There are extenuating circumstances that might necessitate this kind of decision, yet overall, if it is merely about whether you "want" to pay versus whether you can pay, you might want to consider the moral obligation.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Thursday, June 2, 2011
Purchasing a Property After Foreclosure
News reports abound about what is happening with foreclosures. Industry newsletters, title insurance companies and regular newspapers are all covering the court decisions that have been made about the "bad" foreclosures of the past two years. These foreclosures have errors in the order in which documents were recorded and the courts essentially require that the procedure be re-performed to perfect it before the title to the property is clear.
Why is this important? Well, if you're buying a home from a bank, you might assume that the title is clear and marketable. You assume the bank did everything right when it foreclosed and that if it didn't, you're protected. However, without title insurance, the problem just becomes yours to fix. When buying a home, especially out of foreclosure, you're wise to hire an attorney to represent your personal interests so that he or she examines a title in detail and makes sure you're not inheriting something that a bank did wrong. Be sure to seriously consider title insurance, as well, so that if there is something on the title, you have insurance against the cost of fixing the problem.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Why is this important? Well, if you're buying a home from a bank, you might assume that the title is clear and marketable. You assume the bank did everything right when it foreclosed and that if it didn't, you're protected. However, without title insurance, the problem just becomes yours to fix. When buying a home, especially out of foreclosure, you're wise to hire an attorney to represent your personal interests so that he or she examines a title in detail and makes sure you're not inheriting something that a bank did wrong. Be sure to seriously consider title insurance, as well, so that if there is something on the title, you have insurance against the cost of fixing the problem.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Monday, May 16, 2011
Residential Property Values Fall 3%
While Zillow's valuations of properties are not as accurate as a bank or lender's appraisal, the valuations have helped consumers judge property worth since the company took their site online. Per a report by Zillow, the first quarter of 2011 showed home values experience the biggest drop since the real estate market plunge in 2008.
Sales prices of homes hit an all-time high in June of 2009. Since that time, values have fallen 29.5%. The only areas not experiencing this kind of pricing decline are Fort Myers, Florida, Champaign-Urbana, Illinois and Honolulu, Hawaii. Local areas vary widely as some areas have maintained values since that time.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Sales prices of homes hit an all-time high in June of 2009. Since that time, values have fallen 29.5%. The only areas not experiencing this kind of pricing decline are Fort Myers, Florida, Champaign-Urbana, Illinois and Honolulu, Hawaii. Local areas vary widely as some areas have maintained values since that time.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
Wednesday, May 4, 2011
Foreclosure Inventory
DSnews.com reports that foreclosure inventory is higher than historical norms at 2.2 million loans for the end of March, 2011. New foreclosures numbered 270,681 in March, which is up over 30% from February. While these numbers increased, the number of delinquencies has decreased by 11%. Loans in foreclosure are delinquent well over a year, on average.
For the full text of the article, see the DSnews website: http://www.dsnews.com/
Statements herein are provided for information purposes only and do not represent the advice of an attorney nor establish an attorney client relationship.
For the full text of the article, see the DSnews website: http://www.dsnews.com/
Statements herein are provided for information purposes only and do not represent the advice of an attorney nor establish an attorney client relationship.
Monday, April 25, 2011
Legal Documents to Consider When You Purchase a Home
In case you missed last summer's MSN Money article, "Three Documetns Everyone Needs," here is a recap. When buying a home, people consider things like paint colors for their vision of the new living room. They consider buying title insurance at the closing. Then, the mortgage comes along and not much thought is given to the attorney who handled the closing or to any other lawyer. Yet, if you purchase real estate, you likely need to make sure you have in place documents like a Health Care Proxy, a Durable Power of Attorney and a Will. You might also consider a Living Will and since real estate prompted this discussion, you might want to make sure you have a Homestead in place, as well.
Even if you completed these documents years in the past, you might wish to review them when a new home is purchased or sold. Sometimes a purchase or sale is undertaken because of a change in cirucmstances, so make sure that when you buy or sell a home, that you take the opportunity to examine your other legal documents.
For information about these documents and how they might apply to your individual situation, contact an attorney like Michael Riley.
Disclaimer: The information presented herein is offered for information purposes only and does not constitute legal advice nor does it establish an attorney/client relationship.
Even if you completed these documents years in the past, you might wish to review them when a new home is purchased or sold. Sometimes a purchase or sale is undertaken because of a change in cirucmstances, so make sure that when you buy or sell a home, that you take the opportunity to examine your other legal documents.
For information about these documents and how they might apply to your individual situation, contact an attorney like Michael Riley.
Disclaimer: The information presented herein is offered for information purposes only and does not constitute legal advice nor does it establish an attorney/client relationship.
Monday, April 4, 2011
Welcome to the Real Estate News Blog by Michael Riley
Welcome! This blog will provide updates with news from the real estate world pertinant to residents of Massachusetts. Join and follow this blog for links to news articles relating to the purchase and sale of real estate or for information about laws that affect the purchase and sale of real estate.
DISCLAIMER: Information provided on this blog is for information purposes only. The blog does not represent legal advice nor establish any attorney-client relationship. To speak with a real estate attorney, call my office at 508-405-0831.
DISCLAIMER: Information provided on this blog is for information purposes only. The blog does not represent legal advice nor establish any attorney-client relationship. To speak with a real estate attorney, call my office at 508-405-0831.
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