Joe - your question is not clear. Most banks require the property be listed in the multiple listing service when they list the property with a real estate agent. Some banks also sell property in bulk directly to investors that have lots of cash and are able to take multiple properties off the banks books in one cash transaction.... more
I was just looking at the 2012 sales numbers for Newport and the current inventory as I prepare my annual sales report newsletter.
Condos are still a fairly strong buyers' market. There are 71 condo units for sale in Newport, which is about an 11-month inventory. Condo prices dropped nearly 12% last year from 2011 levels. The median sales price was $222,000. There are still lots of good condo buys in all price ranges. While financing a condo can be more difficult than a single-family, there are many good programs available locally.
If you'd like a copy of my 2012 sales report when it comes out in a few days, drop me a line at firstname.lastname@example.org.
Prudential Prime Properties... more
If I knew which condo, I could give you more information, but generally, the condo complex has to be approved for FHA related loans. There are alternatives for financing even if not approved and several local lenders have programs specifically for condo purchases. Let me know how to contact you and I'll give you some contacts to call.... more
Hi Beantown, While the mortgage contingency and the home inspection contingency are standard in the RI State Purchase and Sales Agreement, a short sale contingency addendum and sale of buyer's property addendum are examples of other contingency addendums you may see attached to a RI purchase and sales agreement.... more
Unfortunately the foreclosures will be coming for some time... My advice would be to buy if you find what you are looking for. The market is creeping up and there is evidence of this (very minor) upswing in values and listing prices. I would say that with interest rates being where they are and you find what you are looking for you shouldn't pass up the opportunity.
Best of Luck!
Erin Diaz, Broker ~ Owner... more
Many of the "foreclosure" sites want your information for lead generation purposes. Your best source of foreclosure properties is by working with a local foreclosure specialist who has their finger on the pulse of that part of the market. The MLS contains the most up to date information, unless you are attempting to buy homes that are preforeclosure but not yet listed as short sales. A local foreclosure expert will know what is available via the MLS and can set you up with email updates 24hrs a day.... more
This year, now that most construction has been completed on the base, the incoming America's Cup is generating a lot of service industry type jobs and will attract much more work with the sailing industry which includes everything from manufacturing to engineering and servicing. Unfortunately if the Federal Government cuts defense spending by much more we could see a contraction in our large defense industry here on the island. But the university is an excellent hedge that gives us an advantage over other navy driven economies in the country.
I hope by now you've found work! be it here or in MA. Best of luck with everything and if there's anything I can do to help you with your real estate needs please feel free to contact me.... more
Hi Kate, The Newport market does seem to be showing signs of shifting away from a strong buyer's market. Sellers are in a better position than they have been in the past few years and homes priced to sell are seeing multiple offers and selling in less than a week. I hope this answers your question, Amy... more
Dear Laura: Arthur Chapman's response is totally accurate and Raveis certainly has a great web site. Interestingly enough, in the past ( and I have been an agent since 1986) the condominium prices were the last to rise and the first to drop. We have not seen this cycle during this downturn. My educated guess is that the second home buyer often likes a condominium and this trend has stabilized prices for condominiums. The most important rule other than location is the better the condtion the higher the price and or/ speed of sale.... more
Pending means just that, the contract is pending... waiting on something to happen. Pending could mean many things... contingencies on both parties side having to be met, timelines. I consider my properties sold when I cash the check, not a moment before.... more
What are the neighboring homes similar selling for? that's your answer! SHOCK! But seriously, pricing is EVERYTHING! Ask too much and no one will look at it. Ask too little, and you lose. Get a good agent to help you strike that balance and position yourself to sell for the most money in the shortest time possible.... more
I have a lot of experience in dealing with new construction. I'd really watch out for the actual measurements of the home and materials. Also, it's tough to negotiate on the price, but there are methods to better your position. DO NOT make an offer verbally and NEVER indicate that you really love the home. Even if it saves you $5, play the game as if it was the most expensive poker game you've ever been in - for it most likely IS! Please call me on my cell phone more more detailed no cost, no obligation advice. We're all in this together and I have a lot of experience and statistics that could help you through the process. Thank you.... more
My dad just had a similar problem - here is what happened.
He gave a mortgage through his attorney - the attorney also is a client of a certain title company and therefore had his own forms with the title company letterhead (and title policy numbers!). He provided my dad with the policy and later on my dad found out that he never sent it to the title company! In other words, he goofed! Low and behold, the title was not clear and now neither the attorney nor the title company will make good on it! Sure, he could sue....but that takes a lot of time and money.
Buyer beware. Don't gloss over real estate documents. Double check everything.... more