Q & A Saturday – How Do I Sell a House in Probate?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “How Do I Sell a House in Probate?

What is Probate? - Selling your Massachusetts House in Probate

In this video Shaun discusses some of the basics of probate and how to sell a house in probate.

 

Some of the main points covered in this video are:

1)      What is probate

2)      What are some of the basic duties of the Personal Representative

3)      Formal and informal probates in Massachusetts

4)      Selling real estate that is in probate

5)      What is a “License to Sell” and when do you need one   

 

When someone passes away it is a very tough time for the family they leave behind.  There are of course the sad feelings of loss and remorse for losing your loved one, but there are also the pressures of dealing with their affairs.  After the immediate obligations of the funeral arrangements there are the longer term issues of finalizing their estate.  The probate process can be daunting and not something most people want to deal with.  The process can be broken down and doesn’t have to be that difficult but can have some hang-ups.  Check out some of the resources listed below and talk to a local probate attorney to help guide you through the process.

Do you need to sell a Massachusetts house in probate?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Our guest article about Demystifiying The Probate Process 

–          Our article about the Advantages of Selling a House As Is

–          Links to relevant laws and forms for MA Probates

–          MGL 190B the Universal Probate Code (clear you schedule and put on a pot of coffee! :) )

–          MA License To Sell form

–          Good NOLO article on the basics of MA Probate

 

 

 

(Image Credit: What is Probate via Probate Solicitors UK)

 

Q & A Saturday – What Houses do you buy in New Hampshire?

 Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “What Houses do you buy in New Hampshire?

Southern NH Map - Southern New Hampshire Real Estate

In this video Shaun discusses what types of houses in what areas and what conditions we buy in New Hampshire.

 

Some of the main points covered in this video are:

1)      What type of houses we buy in New Hampshire

2)      What areas of New Hampshire we like to buy in

3)      What is the condition of places we will buy (Hint: Like we said for Massachusetts that is pretty much ANY condition :) )

4)      What other areas do we work in 

 

This is a question that I am often asked by real estate agents and real estate wholesalers.  We buy all over Southern New Hampshire.  We are based out of Massachusetts so we do most of our work there but I grew up in Dracut, MA right on the NH border so I am familiar with that area.  While the Greater Boston area is our top area to look the Greater Lowell/Merrimack Valley (including Southern NH) is our 1A area.  We focus mostly on Hillsborough and Rockingham Counties but will look out to the Sea Coast as well, just less of a focus area.  More generally being out of Newton, MA distance does become a factor and like border towns and one town up from that the most.  In general we don’t actively look past Manchester, but as always that can be pushed a little for the right deal and we also can help you even when the project might not be a fit for us.

We have experience in many types of properties and look at most anything from small studio condos to 3 family buildings for both rentals or rehabs (and larger properties as rentals only).  We also have bought properties that have needed little to no work and ones that have needed full gut rehabs so any level of work is possible for us, and we can deal with any number of concerning issues (see some links below).

Do you need to sell your  New Hampshire (or Massachusetts) house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          All of our Articles and Videos on Selling a House As Is

–          Our specific article about the Advantages of Selling a House As Is

–          A look at a Hoarder House we tried to buy

–          Our Video on Selling a Fire Damaged House

–          Our Video on Selling a House with Mold

–          Our Video on Selling a House With a Failed Septic System

–          Our Market Trends page for Hillsborough County

–          Our Market Trends page for Rockingham County

–          Our page on Market Trends in MA and NH to get an idea of where we buy in Massachusetts as well

–          Also our video we just did on What We Buy in Massachusetts

 

 

 

 

(Image Credit: Southern New Hampshire Map via US Geological Survey)

 

 

 

Q & A Saturday – What Houses do you buy in Massachusetts?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “What Houses to you buy in Massachusetts?

Eastern MA Road Map - We Buy Massachusetts Real Estate In These Areas

In this video Shaun discusses what types of houses in what areas and what conditions we buy in Massachusetts.

 

Some of the main points covered in this video are:

1)      What type of houses we buy in Massachusetts

2)      What areas of Massachusetts we like to buy in

3)      The condition of places we will buy (Hint: pretty much ANY condition :) )

4)      What other areas do we work in 

 

This is a question that I am asked all the time by real estate agents and real estate wholesalers.  We buy all over Eastern Massachusetts (as well as Southern New Hampshire) and a bit farther out sometimes.  We are based in Newton, MA so the Greater Boston area is a preferred area for us but are highly interested in most places in the Eastern counties of MA, i.e. Middlesex, Essex, Norfolk, Suffolk, Plymouth and Bristol counties.  While we concentrate in these areas buy we will regularly out to Worcester and have done projects west of that in Sturbridge, Monson and Chicopee so if you have a property in central or western MA you can still get in touch with us for help.

We have experience in many types of properties and look at most anything from small studio condos to 3 family buildings for both rentals or rehabs (and larger properties as rentals only).  We also have bought properties that have needed little to no work and ones that have needed full gut rehabs so any level of work is possible for us, and we can deal with any number of concerning issues (see some links below).

Do you need to sell your Massachusetts (or New Hampshire) house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          All of our Articles and Videos on Selling a House As Is

–          Our specific article about the Advantages of Selling a House As Is

–          Our Video on Selling a Fire Damaged House

–          Our Video on Selling a House with Mold

–          Our Video on Selling a House With a Failed Septic System

–          Our page dealing Market Trends in MA and NH (over 130 articles looking at over 100 communities)

  

 

 

(Image Credit: Eastern Massachusetts Road Map via MarchAndMartin.com)

 

 

Q & A Saturday – Can I Sell a House with Mold?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Can I Sell a House with Mold?

Moldy House - Selling a Moldy House - MA and NH Real Estate

In this video Shaun discusses an overview of how to deal with mold issues when selling a house.

 

Some of the main points covered in this video are:

1)      When mold was discovered, roughly

2)      Different types of mold

3)      Measures you can take before even testing for mold

4)      Mold testing vs. mold remediation

5)      Prevention is the best solution

6)      What you have to do if you have a major mold problem

 

Mold has become a very sensitive issue over the last 20 or so years.  Prior to that you did not hear nearly as much talk about mold and the problems it can cause.  Like most things the pendulum has swung very far in the other direction.  While mold can cause dangerous health condition there are many kind of benign mold that do not cause problems but most people will want any known mold taken care of.  The best way to avoid and remove mold is to cut it off at the source.  Most mold issues come from moisture so make sure you have no plumbing leaks, no water penetration from the outside and proper ventilation throughout the house.  Most retail buyers will be very scared of mold if they test for it and an expensive remediation might be needed to have the sale go through (if it is truly necessary or not).  If you hope to sell your house “as is” make sure to identify any mold issues ahead of time and mitigate any minor issues (serious toxic mold issues should ALWAYS be handled by professionals).  If you want to sell a house with mold you might want to consider talking to investors like us that are not concerned with minor mold problems and will take care of those issues after purchase to save you the time and expense of dealing with the process.

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Our Video on If you can sell a house with a failed Septic System  

–          Our Video on How to Sell a Fire Damaged House

–          Our Video on Getting a Home Inspection

–          Our Articles and Videos about selling a house as is

 

 

 

(Image Credit: Moldy House in Flagler County via SERVPRO of Flagler County on YouTube)

 

Q & A Saturday – What do I have to Disclose?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “What do I have to Disclose?

Property Disclosure - Massachusetts Real Estate

In this video Shaun discusses does and does not have to be disclosed when selling real estate.

 

Some of the main points covered in this video are:

1)      What are the Massachusetts disclosure laws

2)      Different standards for Real Estate Agents

3)      The 2 things that must be disclosed by every seller

4)      Legal remedies if there are disclosure issues

 

When selling a home there can be a lot of liability if there are issues discovered with the property after the sale that were not disclosed.  Massachusetts actually has less stringent laws on this than many states.  We are a “caveat emptor” state – buyers beware.  However, while there are not many things that are required to be disclosed, only the presences of Lead Paint and if the home is serviced by a septic system (To find out more about selling a house with Septic Issues see our recent Q&A video on the subject), sellers still need to be truthful.  So you do not have to volunteer much info as a private seller you have to answer any questions about the property truthfully.  Also if you are working with a real estate agent THEY have to disclose anything they are aware of that could affect the buyer’s decision.  Even if you want to sell your house “As Is” you have to be truthful of any issues you are asked about.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Our Video on If you can sell a house with a failed Septic System  

–          Our Video on Getting a Home Inspection, since you need to find out issues on your own

–          Our Articles and Videos about selling a house as is

–          MA Laws regarding a Stigmatized House

–          Massachusetts Real Estate Law Blog Overview of MA Disclosure Law

 

 

 

 

(Image Credit: Property-Disclosure via real-life Real Estate)

 

Q & A Saturday – Should I Get a Home Inspection?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Should I Get a Home Inspection?

Inspection Clip Art - MA and NH Real Estate

In this video Shaun discusses some of the concerns with skipping a home inspection.

 

Some of the main points covered in this video are:

1)      Why people have been waiving home inspections

2)      Why this is not a good idea

3)      What to look for in an inspector

4)      Think NOT an alarmist!

5)      Advantages to selling to an investor that would waive the inspection and buy the house as is

 

Over the last few years it has been common to waive inspections to make offers look stronger and to compete with a lot of other buyers for limited inventory.  As the markets have weakened a little and there is more inventory that is not a great idea most of the time.  If you are very experienced in construction or building trades you might be able to adequately do your own inspection but most people need a more knowledgeable person to assist.  Unfortunately there are many bad inspectors out there that can be alarmists and scare a buyer off with minor things that they do not explain to their clients well.

Investors like us do usually waive inspection and would be very interested in buying your property and can buy it from you quickly with little hassle.  If you have a house you would like to sell schedule a consultation with us today to see how we can help you.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Massachusetts Consumer Fact Sheet for Home Inspectors

–          Good article explaining the process and Legal aspects of home inspection in MA

 

 

 

 

(Image Credit: quality-inspection-clip-art via cliparthut.com)

 

 

Q & A Saturday – How Do I Sell a Fire Damaged House?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “How Do I Sell a Fire Damaged House?

Small House On Fire - Selling a Fire Damaged House

In this video Shaun discusses some of the concerns and immediate actions to take if your house has a fire and how to go about selling it afterwards.

 

Some of the main points covered in this video are:

1)      Discussion on what to do during the fire

2)      What to do right after the fire

3)      Documentation you should be getting

4)      Brief overview of insurance and how it will usually work

5)      Option for fixing you fire damaged house

6)      Options for selling your house as is    

 

Having a fire can be one of the scariest and most difficult experiences you can have.  The physical, emotional and financial ramifications of a fire can be a lot to handle all at once.  There are a few things that can be done right away to ensure the safest and smoothest process possible if you ever have to deal with a fire.  After any dealing with everyone’s health and safety as well as immediate living situation how to deal with the house is the biggest issue you will have.   Often the fastest and easiest way to move on is to take the quick money and sell the place and start fresh.  Investors like us would be very interested in buying your fire damaged property and can buy it from you quickly with little hassle.  If you have a fire damaged house you would like to sell schedule a consultation with us today to see how we can help you.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Our recent video on selling a house with a failed septic system

–          Our recent video on condition requirements for selling a house with an FHA loan

–          Our recent article on selling a house to an FHA buyer

–          All of our articles and videos on selling a house “As Is”

 

 

 

 

(Image Credit: Small House on Fire via picturespider)

 

 

 

Selling a House to an FHA Buyer

Introduction:

In our recent Q&A Saturday video we discussed some qualifications needed for a property to be eligible for an FHA insured loan.  This is such a broad topic and with so many other issues involved we decided to write a more complete post discussing all the aspects involved with selling to a buyer that wants to use FHA financing.

FHA Logo - Real Estate Financing

What is FHA Financing?

First a quick discussion on what FHA financing is.  There is not actually an actual FHA loan per se.  What the FHA (Federal Housing Administration) does is insure loans made to buyers through this program and that meet the FHA’s lending guidelines.  One of the reasons for this is that the typical FHA borrower has some risk factors that would either keep them from getting a conventional mortgage or would make such a loan much more expensive.  Most lenders following Fannie Mae and Freddie Mac guidelines will start to impose “Risk Based Pricing” for lower down payments, credit scores under 740 and other things like if the property is a condo or a multifamily like a duplex or the around here the quintessential Boston Triple-decker.  For FHA no penalties for those types of properties (though condo complexes need to be FHA approved to qualify) and borrowers can put as little as a 3.5% down payment and minimum credit score of just 580.  That can even go as low as 500, but that does require 10% down.

So in a nut shell the FHA makes it possible for many people to finance a property that otherwise might have little to no chance of getting a mortgage loan.  In fact without some of these risk based penalties an FHA backed loan is often a lower rate than what is available from a conventional lender.

Why sell to an FHA borrower?

The simple answer is that it greatly expands your buyer pool.  You do not seek out an FHA buyer but by being accepting of people using an FHA loan you will be exposed to far more buyers than if you do not want to deal with those loans.

Now there are drawbacks to dealing with an FHA buyer.  First off since it is a government sponsored program there is a lot of extra paperwork and red tape and it typically takes longer for an FHA loan to close than a conventional one, it is a minor miracle if one ever closes in less than 45 days and don’t hold your breath for it to come in much less than 60.  There is also one particular situation that can really drag it out.  As mentioned above a condo complex must be FHA approved for a loan to be made on units in the complex.  The qualifications for that are not anything amazing, and honestly it would be almost impossible to get a conventional loan on a unit in a complex that doesn’t meet the FHA standards.  However for a conventional loan they just look at that data and say if they will do the loan or not while there is the formal FHA approval.  If the complex isn’t already approved it can be during the underwriting process.  A good loan officer with experience can sometimes turn these over in less than a month (Still expect that will basically add on to the time to do the loan) but we have personally had a sale hung up for over 6 months because of delays in getting this FHA approval.

In addition to being slow there can be additional costs associated with them.  On occasion they will require a 2nd appraisal and the seller has to pay for this.  This issue will come up much more often for an investor selling a property.  Also while it is common for buyers to ask for closing cost concessions from sellers it is almost a given for FHA.  If you have someone that can just barely get the minimum down payment if you don’t agree to pay their closing costs they likely just can’t buy the place for lack of funds, so it is less likely to be a negotiation point as it might be a necessity to have the purchase move forward.  Also one of the additional forms you have to fill out is an addendum that basically says that the buyer can back out of the deal and you cannot keep the deposit even if they have gotten to the point of waiving all the contingencies.

Finally the biggest issue is the mandated repairs required by the underwriters to meet the FHA property condition standards.  These size and scope of the repairs can be all over the place but if they are cited by the appraiser or requested by the underwriter they need to be done or the loan will not close.   The impetus falls on the seller to make these repairs or their sale will fall though.  If you are low on funds and had intended to sell you house “As Is” this can be a big issue if the work is of any size.

What Repairs does FHA Require?

We went over a lot of this in our video last weekend on “Does My House Qualify For FHA Financing?” but here is a recap and slightly expanded list of things that you should expect will always be required to be fixed prior to closing an FHA loan.

1)      Some major repairs that FHA will almost always require fixing

  1. Non functioning HVAC
  2. Leaking Roof
  3. Peeling Paint in Pre 1978 Houses (Lead issue)
  4. Non-Functional kitchen (Usually missing/damaged Stove)
  5. Bad Drainage (Water in basement, standing water around foundation, bad grading of yard, inadequate drainage from gutters…)
  6. In MA you will need a passing Title V report – See our recent video on “Can I Sell a House with a Failed Septic System
  7. Active pest infestations
  8. Bedrooms with insufficient egress
  9. Evident structural problems
  10. Dilapidated out-buildings (Think the rotted out shed that is about to fall over)
  11. Empty swimming pools

 

Now most of these things are not crazy requests and many will be issues with conventional financed buyers as well.  However many of these would not be issues or at least not to the extent that they are for FHA backed loans.

Some things such as the HVAC needs to be on during the appraisal and needs to function at that time and appear to not be past the end of its useful life.  If it works you are probably okay, but if has issues and looks something like this:

 Bad HVAC - FHA Financing Issues

Then you are going to have issues with FHA or conventional.

In contrast to that peeling paint is unlikely to ever come up as an issue for funding a conventional loan but will be a big issue for FHA.  Take a look at this ceiling:

Peeling Paint - FHA Financing Issues

This is actually the ceiling in the hallway right outside the bathroom in my own home.  We buy, sell and lease properties for a living and usually do extensive renovations on places often to the tune of $40K or more, yet my own home would not qualify for FHA financing without doing some of these minor repairs.

What other Repairs Might FHA Require?

Again this was discussed in the video last weekend.  There are many items that MAY be cited and need to be repaired, but are not always an issue.  Any of these items could be cited on the report and if they are they will need to be taken care of as well.

2)      Some minor repairs that might get cited

  1. Missing/damaged handrails
  2. Cracked glass in a window (Not a broken or boarded up window)
  3. Damaged or soiled floors (Not to extensive and not a safety/trip hazard)
  4. Damaged walls, like small random holes
  5. Ripped screens
  6. Peeling paint in post 1978 built houses
  7. Minor plumbing issues (Think leaky faucets, busted pipes will be an issue)
  8. Evidence of previous (non active) pest infestation
  9. Rotted/damaged counters and cabinets
  10. ANYTHING else they decide to put on there…

 

These are all items that could be cited but often do not come up as issues.  However it is often a matter of degree.  For example even though they do not often cite damage and extensive wear and tear in a kitchen if yours looks something like this:

Crappy Old Kitchen

You might have an issue.  This one could be borderline for being cited as an issue for a conventional loan as well.

Bullet point #10 above is the biggest issue with FHA repairs.  It is that you just do not know what other things they might say are an issue and will need to be fixed.  You can try to talk with them and try to get them to change the requirements but if they are not open minded they do not have to listen to you and there is no particular recourse for you.  The choice generally will come down to do all the repairs listed or lose the sale.

Conclusion:

If you feel the best way to sell your property is to a retail buyer then you should be willing to work with FHA buyers.  This group is a very sizable portion of buyers and if your goal is to maximize your sale price having the largest pool of potential buyers possible will be needed for that.

If you want to sell the place fast and with as few hassles as possible that is not going to be the experience with an FHA buyer.  While selling to any retail buyer that needs financing can be slow and lots of issues come up someone getting a conventional loan will likely close a bit faster and with far less issues. 

Another important point to consider is that when selling to an FHA buyer the repairs will be required and you must do them or the sale will fall through.  When selling to a conventional buyer they can request repairs but you do not have to do them, it is part of the negotiations.  If you want to sell your house “As Is” that is unlikely to happen with an FHA buyer and can be an issue for many conventional buyers as well, but it is possible.  Of course when selling to an investor that is the normal way.

In summary working with FHA borrowers is necessary to maximize exposure of your property but that exposure comes with a price.

 

 

Do you want the opposite of the FHA experience?  Do you need to sell your Massachusetts or New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

Q & A Saturday – Does My House Qualify For FHA Financing?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Does My House Qualify For FHA Financing?”

FHA HUD Logo - Massachusetts Real Estate

In this video Shaun discusses some of the many requirements for the condition of a property getting an FHA loan.

 

Some of the main points covered in this video are:

1)      What are some major repairs that FHA will almost always require fixing?

  1. None functioning HVAC
  2. Leaking Roof
  3. Peeling Paint in Pre 1978 Houses (Lead issue)
  4. Non-Functional kitchen (Usually missing/damaged Stove)
  5. Bad Drainage (Water in basement, standing water around foundation, bad grading of yard, inadequate drainage from gutters…)

2)      Other repairs that might not get cited, but have and will sometimes

  1. Missing/damaged handrails
  2. Cracked glass in a window (Not a broken or boarded up window)
  3. Damaged or soiled floors (Not to extensive and not a safety/trip hazard)
  4. Damaged walls, like small random holes
  5. Ripped screens
  6. Peeling paint in post 1978 built houses
  7. Minor plumbing issues (Think leaky faucets, busted pipes will be an issue)

3)      Other repairs can always be cited by the appraiser and there is not much you can do about it

 

FHA loans can be a great product for many homebuyers.  That can be especially true in pricey markets like we have in Eastern Massachusetts.  Low down payments, lower interest rates and lower credit qualifications make homes more assessable to people than they would be otherwise.  However it is a government program and that means that it is going to have a lot of Red Tape.  There are many hurdles that need to be overcome to qualify yourself as well that we didn’t get into here.  Qualifying the property is often the EASY part!  If you are buying with an FHA loan or selling to someone getting one expect there to be a lot of things that come up and don’t expect it to close in much under 60 days in most cases.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          FHA Loan overview

–          FHA Homepage on the HUD.gov website

–          Good article on FHA Seller Repairs

–          Out recent video on “Can I Sell a House with a Failed Septic System

 

 

 

(Image Credit: FHA-HUD Logo)

 

Q & A Saturday – Can I Sell a House with a Failed Septic System?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Can I Sell a House with a Failed Septic System?”

Failed Septic System - MA Real Estate

In this video Shaun gives a quick explanation so some of options you have to sell a house that has failed septic system.

 

Some of the main points covered in this video are:

1)      Can You Sell a House with a Failed Septic System?

2)      How many properties in MA are served by Septic

3)      What is Title V and what it means to you

4)      The costs of replacing a system

5)      Basic requirements and timeline for replacing a Septic System

6)      The options available to you to sell when Title V fails

 

 

Hopefully this gives you an idea of the issues involved with inspecting and replacing a septic system as well as the options available to a seller with a failed system.  There are a lot of nuances with each individual situation and system but I hope this gives you a good basic understanding to the process.  So it is possible to Sell Your Home As Is even with a failed septic system

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Massachusetts Title V FAQ’s

–          Title 5 Septic System Regulations: 310 CMR 15.00

–          The Massachusetts Real Estate Law Blog – Massachusetts Title V rules

 

If you need to sell your hosue with a failed septic system schedule a consultation to sell your house fast and easy today.

 

 

(Image Credit: Septic Mess from Amerifirst Home Mortgage)