Homes of Distinction Realty



Posted by Homes of Distinction Realty on 1/21/2018

The process of closing on a home can seem lengthy and complex if it’s your first time buying or selling a house. There are several costs and fees required to close on a home, and while it’s up to the individuals to decide who covers what costs, there are some conventions to follow.

In this article, we’re going to talk about closing costs for selling a house and signing on a mortgage. We’ll discuss who pays what, and whether there is room for negotiation within the various fees and expenses.

But first, let’s talk a little bit about what closing costs are and what to expect when you start the process of buying or selling a home.

Closing costs, simplified

If you’re just now entering the real estate market, the good news is you can often estimate your closing costs based on the value of the property in question. You can ask your real estate agent relatively early on in the process for a ballpark figure of your costs.

Closing costs will vary depending on the circumstances of your sale and the area you live in. In some cases, closing costs can be bundled into your mortgage, such as in “No Closing Cost Mortgages.” However, avoiding having to deal with closing costs often comes at the expense of a slightly higher interest rate.

If you are planning to buy a house and have recently applied for a mortgage, laws require that your lender sends you an estimate of your closing costs within a few days of your application.

Now that we know how closing costs work, let’s take a look at who plays what.

Buyer closing costs

In terms of the sheer number of closing costs, buyers tend to have the most to deal with. Fortunately, your real estate agent will help you navigate these costs and simplify the process.

They can range from two to five percent of the cost of the sale price of the home. However, be sure to check with your lender for the closest estimate of your closing costs. It’s a good idea to shop around for mortgage lenders based on interest rates as well as closing costs charged by the lender.

Here are some of the costs you might be asked to pay as a home buyer:

  • Appraisal fees

  • Attorney fees

  • Origination fees

  • Prepaid interest or discount points

  • Home inspection fee

  • Insurance and Escrow deposits

  • Recording fees

  • Underwriting fees

Seller Closing Costs

While the seller pays a larger amount of closing costs, sellers still have obligations at closing that can be just as expensive. The biggest expense for sellers is to pay the real estate commission. Commission usually falls in the vicinity of 6% of the sale price of the home. This covers the commission of both the seller’s and the buyer’s real estate agents. 


The main takeaway? Buyers and sellers both share the burden of closing costs. While the buyer has more expenses to take care of, the seller pays for the largest costs.





Posted by Homes of Distinction Realty on 1/14/2018

Keeping up with household chores and maintenance is difficult, especially when juggling them along with a full-time job or childcare. Luckily help is likely sitting right in your pocket or pocketbook.

Smartphone apps for organization and productivity have come a long way in a few short years. With features like scheduled reminders, syncing between devices, and sharing with family and friends, it has never been easier to use your phone to help you keep up with household tasks.

There is one problem, however--there are hundreds of apps to choose from.

How can you find the right app in the App Store (or Google Play for Android users) without wasting hours downloading and trying out each one?

We’ve done the legwork for you. In today’s article we’re going to cover the best productivity apps to help you out around the house with things like cleaning, maintenance, and everyday tasks.

1. Wunderlist

Wunderlist is a productivity app that lets you create, share, and sync between multiple devices. It’s good for people who bounce around between using their phone, iPad, or laptop, or even smart watches.

In Wunderlist you’re able to create deadlines and automatic reminders. This is great for remember things like bringing the garbage bin out, or cleaning tasks that you only do once a month or so, like cleaning windows.

Another great feature that Wunderlist uses are subtasks. Say you want to clean the bathroom on Tuesday. To make sure you remember everything, you can add subtasks for things like “clean the bathtub,” “scrub the toilet,” “mop the floor,” etc.

2. Chorma

Chorma is a great app to motivate everyone in the family involved in household maintenance. It lets you create rewards for each user. As users perform chores and check them off, they’ll earn points. Once they get a certain number of points, you’ll be notified and they can earn their reward.

Things like a new book or video game, or a trip out for ice cream are all great motivators for getting kids to complete chores.

3. Todoist

Todoist is much like Wunderlist in that it allows you to create, manage, sync and share tasks. However, it goes a step further when it comes to creating teams. If you live in a big household and want to split up chores, creating teams could prove to be helpful.

Todoist also incorporates a simplistic and elegant interface that is easy to navigate. Plus, at the end of the day you get to see how many tasks you completed.

4. Hours

Hours is first and foremost a time tracking app. If you’re the type of person who needs to constantly know where their time is going, Hours is the best app for you. Once you start a task, simply press the clock button and you’ll begin tracking time. This is a great app for people who work from home or anyone trying to control how much time they spend on each task.

A great feature incorporated within Hours are the detailed reports. They’ll tell you how much time you spend on each task in the form of simple charts and graphs. If you have a maintenance or home improvement project that you’re working on and want to spend at least an hour each evening, Hours will let you know if you’re meeting your goal.




Categories: Uncategorized  


Posted by Homes of Distinction Realty on 1/7/2018

Buying a vacation home is a significant accomplishment that can also be a source a joy for you and your family for years to come. However, owning a second home is also a responsibility that you’ll need to be prepared to take on.

In this article, we’re going to talk about some things you should ask yourself before buying a vacation home. It will help you solidify whether or not you’re making the best decision so you can enjoy your time in your new home away from home.

What do you love about the area?

Most people who buy a vacation home do so because they’ve fallen in love with the area. Maybe it’s where you can practice your passion for skiing, or maybe it has all of your favorite restaurants and places to relax. Regardless of the reason, you’re going to want to make sure that this is truly the place for you.

How much time will you spend there?

If your plan for your vacation home is to spend a couple weeks a year there and leave it vacant the rest of the year, it might not be the best investment. You could be better off staying in a hotel those few weeks a year.

However, if you’re buying a home with the intention of renting it out when you’re not staying there, having a vacation home can be a source of income. On top of that, if the house is in an up-and-coming area, you could be building a lot of equity that you can later take advantage of if you choose to sell.

Do you know all of the costs?

Do you ever feel overwhelmed with all of the bills and taxes you need to pay for your house? The same will be true of your vacation home. And, if you aren’t there enough, you’ll also have to pay someone to maintain the house and property while you’re away. Some costs to consider: closing costs when you purchase, property taxes, home insurance, heat, electricity, landscaping, cleaning, and trash removal.

Are you aware of the rules?

If you’re planning on renting out your property, it would be awful to find out that there’s a clause in your contract or with the homeowner’s association saying that you can’t rent it out. Similarly, some small properties have rules against parking RVs in the driveway, having structures (like sheds) in the yard, and even prohibit you from working on vehicles in the driveway. Make sure you know all the rules before you agree to buy the home.

Are you prepared for emergencies?

Whether it’s a flood, fire, avalanche, or burglary, you’ll want to make sure you’re ready. Insurance may be able to protect against some of these but there’s always a risk of serious damage.





Posted by Homes of Distinction Realty on 12/31/2017

Once you have gone through the pre-approval process and have narrowed down your home search, there’s a good chance you’ll soon find a place that you want to make an offer on. This can seem like a huge step for any first time homebuyer. Even seasoned home buyers feel butterflies when the time comes to make an offer on a home they love. Before you even start your home search, you should become educated on how to make a good offer in order to land the property that you really want. There’s so many factors that effect your offer including the surrounding properties and the current state of the market. Here are a few very important pieces of advice that you should heed in order to have a successful time securing a home and closing the deal. 

Craft A Persuasive Offer

In many areas there’s a low inventory of homes and a high number of those seeking to buy. This means that you’re not guaranteed to get a property that you have made an offer on. Lowball offers might not be at all competitive and even insulting to sellers in certain markets. Often, you may need to make an offer of more than the asking price if you’re in love with a home. By working with your real estate agent and doing the right research, you can craft an offer on a home that will be compelling for sellers.    

Decide On Your Contingencies 

Once an offer has been accepted, it’s time to get to work on those contingencies. Be especially mindful of financing contingencies. If something falls through in the process, you’ll want to be sure you can get the deposit you made back. Also keep in mind that sellers love reliable buyers who have already been preapproved.  

Home inspection contingencies are another area of importance. After you sign the purchase agreement and the inspection is complete, you’re allowed to ask the seller to make repairs or provide you with a counter offer. While this can be one of the more nerve-wracking aspects of home buying, it has many positives. Home inspections protect buyers from purchasing a home that they can’t live with in cases of extreme mold, termites and other environmental and structural issues. 

The appraisal contingency is also important. In order for you to qualify for a loan, the property must be appraised. The property must be valued at or above the purchase price. A loan will only be approved by a lender up to the appraised value. If your home loan is $400,000 but your home of choice is appraised at $390,000, you’ll have a problem.       

Your Finances Matter Until You Get To The Closing Table

Don’t go crazy with all kinds of purchases before you reach the closing table. Opening a new credit account at your favorite furniture store, for example, could lead to a disastrous surprise on closing day. Hold off on big purchases until after you secure your home. Also avoid making large transfers or deposits from your bank account. don’t do anything to negatively affect your credit score

  

Know What To Bring To The Closing

Don’t show up to the closing for your home purchase unprepared. You’ll need to have the following items: 


  • Photo ID
  • Checkbook
  • Cosigners 



Think Ahead


Be sure that you think of the future when you’re purchasing your home. You’ll need to have enough cash flow to pay for things like property taxes, home insurance, utility bills and even new furniture for your home. Plan your future mortgage payments accordingly. Some companies have payments that are monthly or bimonthly. 


While buying a home is a huge undertaking, with the right plans in place, the process will be as seamless as possible. With the right plans, the moving truck will be pulling into the driveway before you know it.      




Categories: Uncategorized  


Posted by Homes of Distinction Realty on 12/30/2017

This Single-Family in Stoughton, MA recently sold for $360,000. This Colonial,Gambrel style home was sold by - Homes of Distinction Realty.


872 Park St, Stoughton, MA 02072

Single-Family

$354,900
Price
$360,000
Sale Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Pride in ownership shows in this well cared for 3 bedroom home.Newer windows, heating system , garage doors, gutters and septic system. Newly painted with one and a half baths, one deck off kitchen and a screened in porch on second floor. This beautifully landscaped yard includes a two car garage and storage shed as well as a grape arbor. Home is conveniently located near rte 24 and Stoughton center. Heat can be converted to gas as there is gas connection in home for stove. Let this home be your family's new beginning. Seller says "this has been my family home for over 60 yrs. It's time for a new family to make new memories over the holidays. " Come, look and make an offer. Very motivated seller!

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Categories: Sold Homes