All professional fees are negotiated.
The seller decides what they are willing to pay the brokerage bringing the buyer.
The seller decides what they will pay the brokerage that will be listing the house.
How the compensation is distributed to the agents depends on the contract each agent has in place with their broker.
The agent has the discretion to accept or reject the sellers compensation plan.
In come cases....the buyer may be required to pay, in full, all of the compensation due their agent.
It is ALL compensation, as I mentioned is negotiated.
Now, there are prevailing practices. That however only establishes expectation and WILL influence how successful the program will be.
Buyers and seller demanded more options and choice. Now, they have it. Anything can happen.... more
The sellers’ agent is representing the sellers and has a fiduciary responsibility to them. There is more than likely an agreement in place between the sellers and their agent that covers the fees to be paid from the proceeds of the transaction and to whom. While it is not unheard of to also have the listing agent represent the buyers, this arrangement would put the listing agent in dual agency and all parties would need to acknowledge and agree to this arrangement and understand the implications of this situation.
You are entitled to and should want buyer representation. The jr. realtor will be entitled to a commission and may even be considered the procuring agent should you first view the property with them and then try to bring in another agent to represent you as your buyers’ agent. You should retain an agent that you feel comfortable with to represent you right from the start. A knowledgeable agent will be able to assist you with assessing the value of a particular property as well as negotiating on your behalf regarding price and other terms of your purchase contract. Don’t be pennywise and pound foolish. This is an important transaction – often the largest purchase most people will make. You want someone with your best interest in mind to represent you and guide you through this process.
Good luck.... more
The best thing to do is work directly with a lender. It's never too early to get their professional expertise on your team. A mortgage broker, mortgage banker, credit union are the 3 I suggest to my client in order to get a variety of options. Any of them can do conventional vs. FHA loans in a comparison table. Any loan with less than 20% down is going to charge Private Mortgage Insurance (PMI). This and any other cost associated with the loan will be on this table.
Once they have your income, credit, and asset statements, they can take your qualifications and give you interest rates for each scenario.
Remember that the less you put down, the more you are actually borrowing and the larger your monthly payment will be.
How do you find a good lender? Work with a real estate agent. They see many transactions and the lenders that get the job done well. Also ask parents, siblings, and friends who have people they work with. Finally, do no overlook your own finance relationships at banks and credit unions.... more
There are many questions that need to be answered. How many owners in an association, the health of the reserve fund and whether you plan on living in the property will dictate whether you can purchase with 5, 10 or 20% down.
This is not a neighborhood that my agents handle.... but I lived on Highgate adjacent to Farrington in my younger days. This is a largely student area and has a lot of student activities. I consider this a safe area, as are MOST in Boston. Boston is blessed with a low crime rate, and especially a low violent crime rate. We are a city, and anything can happen, but I love it here.... more
The North End is a vibrant part of Boston. Not only are there a high concentration of places to eat and shop but it is also one of the cities tourist areas. As far as a problem with noise, I have never had a problem there. The North End is one of my favorites places in the city.
Noise is relative I found the North End quieter then when I lived in Back Bay on Beacon Street.... more
If the seller or their Realtor knew for a fact that a home had been flooded this should have been disclosed as a material fact. However a Seller may elect to simply mark the Seller Property Disclosure "No Representation" which is why I've always counseled my buyers that this form is a worthless piece of paper and it's up to them to have a home thoroughly inspected. Buyers should never and I mean never depend on the seller or their agent for information, it' why Buyers are given a diligence period in which to thoroughly inspect a property. On the flip side I advise my sellers to always be honest as if their not there's a 99.9% chance that their going to be found out at which point the buyer no longer trusts them at all and the transaction is jeopardized and all they've managed to do is waste time and make enemies.
I believe all parties to a real estate transaction should practice the Golden Rule.... more
The Fort Hill area of Boston (which is what you're referring to) is a great place for kids and families with places such as the local playgrounds and what many call "Rapunzel Tower" (or Cochituate Standpipe) to enjoy and explore.
In terms of school info or crime rate, I would direct you to The Neighborhood Scout site (http://www.neighborhoodscout.com/ma/boston/roxbury/) to learn more about that type of information.
If you're looking for assistance to buy a home in that community or anywhere throughout Eastern MA, feel free to contact me directly through my website at www.GoHomeWithMichael.com
And good luck.
Michael Pallares, Boston-Based Realtor... more
Mold, as you probably already know, is a major health concern for home buyers and home sellers alike. Many organizations claim to remove mold from our homes with complete satisfaction. That's all well and good but I need more "confidence" in their removal and remediation systems.
That said, I would hire mold removal/remediation companies that are certified. Some organizations that offer certifications include the IICRC (the Institute of Inspection, Cleaning & Restoration); IAQA (the Indoor Air Quality Association); IMS Labs; and, the AIHA (the American Industrial Hygiene Association). Check with the service provider and see if they're certified with any or all of these organizations.
Perhaps then you can be more confident about your mold issues.
Michael A. Pallares
Coldwell Banker Residential Brokerage
(617) 899-3162... more
There are many programs out there to purchase a home and each has their own requirements. You should contact a mortgage broker for the correct answer. FHA minimum is 620. If you need a referral for a few mortgage brokers, let me know and I would be glad to recommend a few great people!
Thank you and good luck.... more
You should not have spent any money on the Inspections or Appraisal unless and until you had a Contract and a Loan approval; didn't your Realtor advise you of this?
I doubt that you have any recourse.
Good luck and may God bless... more
If the previous buyer shared the information with the realtor, yes, he or she does have to disclose that information. The realtor cannot disclose information that she or he was not made aware of.... more
Adler, the answer is no. On investment purchases all lenders are looking for a minimum 20% down payment. Why? Because anything under 20% would require mortgage insurance, and insurance company insure investment properties. I do know of one, which will depend in the lender you're going to uses this company. They allow a 15% down payment.
If you can swing a 15% down payment, I can certainly help you. Feel free to call me or email me if you'd like more information. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax... more
Beacon Hill and Back Bay have very expensive parking - either for rent or for sale. The South End has similar parking but less expensive. Dorchester has little or none - there is no need as many properties have their own off street parking.... more