Dana Claflin - ERA Key Realty Services



Posted by Dana Claflin on 4/30/2020

Photo by Paul Brennan via Pixabay

If you’ve been renting and preparing to buy a new home, you’ve probably saved up your down payment and are in the process of getting pre-approved for your mortgage loan. If, on the other hand, you’ve been living in a home you own and paying on your mortgage, you may be ready to buy, but only if you can use the equity in your existing property. Logically, that would mean you have to sell your home first, which pays off your existing mortgage, then live somewhere temporarily while you shop for your new home. However, you have more options, and none of them require you to live in a third location.

Option 1: Contingent Purchase

Ask your real estate agent for in-depth information on contingent purchases in your area, since different cities and states can have conflicting rules. This means making an offer on a new home that is “contingent” on your accepting an offer on your current home. Basically, you will do the buying and selling parts of your real estate plan at the same time. While your agent is looking for new homes, they are also showing your home to buyers. You can use the same agent for both parts of the process, which is often cheaper, or you can use a buyers’ agent for the purchase and a sellers’ agent for the sale, which may help you get better deals. Not all sellers are willing to entertain contingent offers since that can put a crimp in their own moving plans, so make sure your agent is aware of your circumstances from the beginning.

Option 2: HELOC Loan

Home equity line of credit or HELOC is a particular type of home loan. These loans are usually second mortgages of some sort but allow you to withdraw the entire amount within a given time period. This means you can keep your current home, and use the HELOC loan to buy your new home. Then, when your current home sells, pay off the mortgage on that home, and get a new mortgage on your new home to pay of the HELOC loan as well. This can be risky, however, since HELOC loans are based on the equity value of your current home, which may not be as high as the market value. In addition, they can have variable interest rates, which, if your old home ends up not selling for an extended period of time, can really start to drain your savings. If you plan to go with this option, make sure your real estate agent knows the timelines you’re working with, and try to find an agent with a “sellers’ guarantee.”

Option 3: Contingent or Rent-Back Sale

A contingent sale is similar to a contingent purchase, but instead of closing relying on you finding a buyer, it relies on you finding a new home and that offer being accepted. These tend to be shorter-term agreements, such as 1 to 2 weeks, but can be longer, even up to several months, depending on your buyer. Be careful and try to have contingencies on only one side of your purchase, since if you end up with too many chained together (you are on contingency, as are your buyers, and their buyers and so on) if one person’s plan doesn’t work, the whole chain could fall through. Alternatively, if your buyer has a longer moving timeline, they might be interested in setting up a “rent-back” agreement. This allows you to sell your home and then rent it back from the new buyers for either a specific time period or for as long as it takes for you to find a new home. This is especially a good idea if your buyers are currently renters on a month-to-month agreement since both of you can move whenever is needed.

If you’re ready to buy a new home, but are worried about selling your current one first in order to afford it, you are not alone. Make sure you explain your situation to your real estate agent during your very first meeting. Once they know what kind of agreements will work for you, they can do a much better job of finding your dream home and helping you complete the purchase.




Categories: Home Sellers  


Posted by Dana Claflin on 4/23/2020

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 Photo by Gerd Altmann via Pixabay

When you find the perfect home, you will probably make some changes in the décor since not everyone has the same tastes in colors and textures. Painting the interior, changing carpets and flooring and updating fixtures such as the showers, sinks, tubs and toilets are all updates many people make when moving into a new house.

Curb Appeal

If the house had a plain front door, upgrade to a door with sidelites. If the door is plain white and another color matches your home, you might change to another color at the same time. Adding a decorative door makes your home look more inviting and adds more value to the property as a whole.

If your home does not have a porch or a decorative entryway, adding one also increases the value of your home and makes it more inviting to your guests. A porch also allows you to decorate for the holidays, gives you a place to put shoes and boots if they are muddy or dripping with snow and ice melt. And, it allows you to do one of the most relaxing activities on the planet: Porch sitting. Whether you sit on the porch with a good book or a good friend for an in-depth discussion, you will find yourself relaxed and less stressed.

It’s the Little Things Inside

If you want to make the interior more luxurious, change the crown molding and the baseboards. You can choose from many designs. The taller the crown molding, the more luxurious it looks. Most baseboards are just flat boards, but you can find them with a beveled cut or other cuts that make them more decorative.

If you plan on replacing the flooring, replace the baseboards at the same time. That way, you won’t have to worry about damaging them when you remove them since you are putting another type there. Painting the baseboards and crown molding before you install them makes the job much easier – if you plan on doing it yourself.

Look at some of the new generation vinyl now available if you are looking for something that looks great, but is easy to maintain. It looks like real tile or wood – depending on what you choose – and it is very easy to keep clean. And, when you are ready for different flooring, it’s easy to remove and replace. Vinyl is also waterproof, so you don’t have to worry if the kids spill something on it. If you install it without gluing it down – as a floating floor – it’s even easier to replace when you decide to change the flooring.

A little paint in the trendiest colors, new flooring, exterior paint, a new front door is sometimes all it takes to make an almost-perfect luxury home into the perfect luxury home.





Posted by Dana Claflin on 4/21/2020

Beautifully appointed in highly desirable neighborhood, this home stands proudly & will just make you smile! Can you imagine unwinding on your porch swing in such a picturesque setting?! Inside be greeted by handsome hardwood flooring flowing throughout. Attractive dining room w/crown molding & chair rail. Expansive kitchen offers Silestone, snack bar, SS appliances, pantry & radiant heated floor! Glass doors open to deck - complete w/outdoor speakers PLUS natural gas line for grill! – surrounded by wooded backdrop for privacy. Generous front to back living room w/gas FP for warmth & ambience. Lovely master bedroom w/tray ceiling, walk-in closet & lavish bath w/double sinks & jetted tub. Enjoy the convenience of 2nd floor laundry! Walk out basement framed for finishing! PLUS: 2 car HEATED garage! Central Air! BONUS: Backyard features fire pit w/stone seating & swing set can stay! Outdoor video cameras stay! Walk to Blackstone River & Canal State Park, schools, more! Beautiful!

More Info on this Property | New Listing Alerts





Posted by Dana Claflin on 4/21/2020

Beautifully appointed in highly desirable neighborhood, this home stands proudly & will just make you smile! Can you imagine unwinding on your porch swing in such a picturesque setting?! Inside be greeted by handsome hardwood flooring flowing throughout. Attractive dining room w/crown molding & chair rail. Expansive kitchen offers Silestone, snack bar, SS appliances, pantry & radiant heated floor! Glass doors open to deck - complete w/outdoor speakers PLUS natural gas line for grill! – surrounded by wooded backdrop for privacy. Generous front to back living room w/gas FP for warmth & ambience. Lovely master bedroom w/tray ceiling, walk-in closet & lavish bath w/double sinks & jetted tub. Enjoy the convenience of 2nd floor laundry! Walk out basement framed for finishing! PLUS: 2 car HEATED garage! Central Air! BONUS: Backyard features fire pit w/stone seating & swing set can stay! Outdoor video cameras stay! Walk to Blackstone River & Canal State Park, schools, more! Beautiful!

More Info on this Property | New Listing Alerts





Posted by Dana Claflin on 4/21/2020


93 Londonderry Way, Uxbridge, MA 01569

Single-Family

$439,500
Price

7
Rooms
4
Beds
2/1
Full/Half Baths
Beautifully appointed in highly desirable neighborhood, this home stands proudly & will just make you smile! Can you imagine unwinding on your porch swing in such a picturesque setting?! Inside be greeted by handsome hardwood flooring flowing throughout. Attractive dining room w/crown molding & chair rail. Expansive kitchen offers Silestone, snack bar, SS appliances, pantry & radiant heated floor! Glass doors open to deck - complete w/outdoor speakers PLUS natural gas line for grill! – surrounded by wooded backdrop for privacy. Generous front to back living room w/gas FP for warmth & ambience. Lovely master bedroom w/tray ceiling, walk-in closet & lavish bath w/double sinks & jetted tub. Enjoy the convenience of 2nd floor laundry! Walk out basement framed for finishing! PLUS: 2 car HEATED garage! Central Air! BONUS: Backyard features fire pit w/stone seating & swing set can stay! Outdoor video cameras stay! Walk to Blackstone River & Canal State Park, schools, more! Beautiful!
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No scheduled Open Houses

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