Maureen Harmonay - Coldwell Banker Residential Brokerage



Posted by Maureen Harmonay on 1/21/2020

Image by Shutterbug75 from Pixabay

With a mortgage, a buyer is applying for financing to purchase the property in its entirety. They're relying on their credit and assets for approval before assuming responsibility of the full property. In a land contract, you're cutting out the need for a formal lender and relying on the seller to approve or deny your application.

The seeming simplicity of the transaction may make some people discount the importance of negotiation. However, there are a few things to keep in mind so both the buyer and seller are comfortable with the terms of the agreement. 

Talk to the Seller 

With a land contract, you may be more beholden to the seller than you would be to a lender in a traditional mortgage. If the seller thinks of you as a tenant rather than an owner of the place, you'll need to discuss their exact involvement over the course of the contract.

Because the seller won't receive the full value of the property upon sale, their financial insecurity is entirely understandable. They may want to check up with you over the phone, in-person, or through a third-party. If you're uncomfortable with the level of oversight, you may need to speak up or find a different property. 

Make sure you understand your obligations during this time. Some buyers are treated as a renter of the property — until it comes time to make significant and costly repairs. If you're responsible for all upkeep, you may be able to negotiate more freedom in exchange for the additional expense. 

Think Through the Finances 

One of the starkest differences between a traditionally financed home and a land contract is the speed of repayments. Even if you do find a seller willing to extend the contract, it can still be a major strain on your finances. As you factor in your current assets and credit score, you should also consider the future.

If the final payment is large enough, it may still require a substantial loan. If your credit hasn't improved enough by the time the contract nears the end, it could be a significant blow to your savings. And if you can't meet the terms of the contract, the seller will get to keep the money you've already paid them (as well as the property). 

Negotiating a land contract means thinking through the repercussions of each clause. While the terms may seem looser than a standard mortgage, there may be strings attached that aren't as obvious at first glance. Ensure that you understand your financial and practical responsibilities before signing on the dotted line. 




Tags: Financing   loans   home loan   finance  
Categories: Uncategorized  


Posted by Maureen Harmonay on 1/20/2020


35 Lancaster County Road, Harvard, MA 01451

Condo

$429,900
Price

5
Rooms
2
Beds
2/1
Full/Half Baths
Pristine, meticulously cared for elegant end unit at the lovely Harvard Green complex, across from Harvard Park and the McCurdy track with walking trails, playground, and running oval, just 3 minutes from Rte. 2. There is nothing to do but move in! Most rooms are framed by crown molding, many have been newly painted, and the upstairs bedrooms were recently re-carpeted. There is a cute breakfast nook in the tastefully renovated kitchen, featuring a granite peninsula graced by pendant lighting, tile backsplash, resurfaced cabinets, quiet-close drawers, stainless appliances, and a natural gas cooking. Just open the door to access the private back porch and beautifully landscaped patio below. A large 2nd floor master bedroom has an ensuite bath with double granite vanity and tiled/glass shower. Need more space? No problem! The walk-up attic offers 800+ sq. ft. of potential living space and the basement has another 700+ sq. ft. This is a dog-friendly association--leashed dogs welcome.
Open House
Saturday
January 25 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 35 Lancaster County Road, Harvard, MA 01451    Get Directions

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Tags: Harvard   Real estate   Open House   01451   Condo  
Categories: Open House  


Posted by Maureen Harmonay on 1/14/2020

This Single-Family in Westminster, MA recently sold for $529,653. This Colonial,Contemporary style home was sold by Maureen Harmonay - Coldwell Banker Residential Brokerage.


136 East Road, Westminster, MA 01473

Single-Family

$519,000
Price
$529,653
Sale Price

8
Rooms
3
Beds
2/1
Full/Half Baths
Traditional home with stylish details—XL Mudroom connects the THREE CAR Garage to side entry in to the home. 8' Kitchen Island, picture frame molding in Dining Room. THREE full Bathrooms, including a tub/shower on the first floor. Master Bedroom has 2 closets and tile shower. Consistent with other homes built by The Normandin Group, standard features include central AC, hardwood/tile throughout the 1st floor/main stairs, and attractive selections for flooring, cabinets, countertops, hardware, lighting and more. This home sits nicely about 2 miles to Route 2 at exit 27 and the Wachusett Mountain ski area. Photos of this house are actual and were taken shortly before closing.

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Categories: Sold Homes  


Posted by Maureen Harmonay on 1/14/2020

Pursuing a house can be difficult, regardless of the current housing market's conditions. Thankfully, homebuyers who plan ahead may be better equipped than others to enjoy a quick, seamless and successful homebuying experience.

Ultimately, there are many reasons to prepare for buying a house, and these include:

1. You can determine where you want to live.

A homebuyer who knows where he or she wants to live can tailor a home search accordingly. As a result, this buyer can speed up the process of acquiring his or her dream residence.

When it comes to planning ahead to buy a home, it generally helps to know where you want to go. If you make a checklist of home must-haves and wants, you may be able to hone your home search to specific cities and towns. Then, you can pursue residences in these areas and find your dream house faster than ever before.

2. You can enter the housing market with a budget in hand.

You know that you want to buy a house, but you still have no idea how you will pay for a residence. Fortunately, if you plan ahead for the homebuying journey, you can get your finances in order and enter the real estate market with a budget at your disposal.

Generally, it is a good idea to get pre-approved for a mortgage prior to pursuing a residence. A mortgage provides you with a set limit that you can spend on a house. Thus, a mortgage can help you minimize the risk that you'll spend beyond your means to acquire your dream residence.

Obtaining a mortgage can be quick and easy too. Meet with banks and credit unions, and these financial institutions can teach you about a broad array of mortgage options. Next, you can choose a mortgage and kick off your home search.

3. You can find an expert real estate agent to help you along the homebuying journey.

If you plan to enter the housing market, you may want to hire an expert real estate agent sooner rather than later. With an expert real estate agent at your side, you can streamline the homebuying cycle.

A real estate agent knows exactly what it takes to purchase a superb residence at a price that fits your budget. He or she first will learn about your homebuying goals and provide insights into the local housing market. This housing market professional then can customize a home search to ensure that you can achieve your desired results.

Let's not forget about the comprehensive support that a real estate agent delivers throughout the homebuying journey, either. A real estate agent will set up home showings and offer homebuying recommendations at each stage of the homebuying journey. And if you discover your ideal residence, a real estate agent will help you put together a competitive offer.

There are many great reasons to plan ahead for the homebuying journey. And if you start planning today, you may be able to enjoy a stress-free homebuying experience.




Categories: Uncategorized  


Posted by Maureen Harmonay on 1/8/2020


35 Lancaster County Road, Harvard, MA 01451

Condo

$429,900
Price

5
Rooms
2
Beds
2/1
Full/Half Baths
Pristine, meticulously cared for elegant end unit at the lovely Harvard Green complex, across from Harvard Park and the McCurdy track with walking trails, playground, and running oval, just 3 minutes from Rte. 2. There is nothing to do but move in! Most rooms are framed by crown molding, many have been newly painted, and the upstairs bedrooms were recently re-carpeted. There is a cute breakfast nook in the tastefully renovated kitchen, featuring a granite peninsula graced by pendant lighting, tile backsplash, resurfaced cabinets, quiet-close drawers, stainless appliances, and a natural gas cooking. Just open the door to access the private back porch and beautifully landscaped patio below. A large 2nd floor master bedroom has an ensuite bath with double granite vanity and tiled/glass shower. Need more space? No problem! The walk-up attic offers 800+ sq. ft. of potential living space and the basement has another 700+ sq. ft. This is a dog-friendly association--leashed dogs welcome.
Open House
Sunday
January 12 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 35 Lancaster County Road, Harvard, MA 01451    Get Directions

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Tags: Harvard   Real estate   Open House   01451   Condo  
Categories: Open House  




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