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Posted by MDM Realty, Inc on 4/7/2020

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

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

But first, letís 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 youíre 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 ďNo Closing Cost Mortgages.Ē 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, letís 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. Itís 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 sellerís and the buyerís 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 MDM Realty, Inc on 3/31/2020

Photo by TruthSeeker08 via Pixabay

Want to flip a property? You need a team of rock stars on your side. This isn't a one-man show; in general, real estate investors only prosper when they've made connections with real estate agents, lenders, contractors, and other investors at the top of their game, and it's even more crucial when you're flipping one or more properties. Wondering how to make that happen? It's simpler than you might think. 

1. Treat every professional relationship as a mutually-beneficial connection. 

Think beyond the golden rule and keep in mind that everyone who works for or with you is in this business to make money as well. Working with them to benefit you both is the only way to grow your network. It shouldn't need to be said, but here it is: Be kind. Be considerate. Realize that this relationship, whether it's an interaction with a real estate agent, a home inspection, or a contractor, could have huge long-term implications on your future as an investor. True rock stars aren't going to bend over backwards to work with you if they sense you're just out to get what you can out of them. 

2. Professionals who are great at their jobs aren't going to come flocking to you. 

In order to attract industry professionals who are great at their jobs, you need to be great at yours. Do your research, know what you're looking for, and don't be afraid to ask 'stupid' questions; your image will suffer much more for pretending more experience and knowledge than you have. Ask questions; look for recommendations everywhere you go, and as names rise to the top, hire the best to work with you on projects whenever possible. They're likely to be professional, not chummy, and that's a good thing. 

3. Give a little extra when possible.  

An excellent real estate agent can help you scout out the best possible properties to flip--and the best deals. Acknowledge that. If they find you an insanely great deal on a rehab property, consider shooting them a little extra beyond their commission for that property; although that $70,000 duplex might be worth $350,000 by the time you're done with it, your agent's commission will remain rather paltry for the work and digging they put in. By the same token, talk to your contractors their preferences for a project, and cater to their preferences if it's something you don't care that much about. Finding small ways to work in the preferences of others will give you a big step up in their estimation, which can make all the difference in future flips. 

 





Posted by MDM Realty, Inc on 3/28/2020

This Single-Family in Hopkinton, MA recently sold for $670,000. This Colonial style home was sold by - MDM Realty, Inc.


4 Teresa Rd, Hopkinton, MA 01748

Single-Family

$699,900
Price
$670,000
Sale Price

10
Rooms
5
Beds
3/1
Full/Half Baths
"Located in Hopkinton's highly sought-after Charlesview Estates. 5 bedroom, 3 1/2 bath Center Hall Colonial features an open floor plan that is great for entertaining. An updated, newer kitchen includes granite counters, stainless steel appliances, breakfast bar and lots of storage. Other major updates have been recently done: roof, heating, plumbing & electric. The 3 season sun room overlooks a huge, fenced, private back yard. Large living room, dining room, family room with fireplace, office, finished basement, two car, attached garage, and tons of storage throughout. Efficient natural gas heat and public sewer. Easy access to I-495/Mass Pike and walking distance to some of the highest rated schools in the state! Don't miss this move in ready home."

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Categories: Sold Homes  


Posted by MDM Realty, Inc on 3/24/2020


 Photo by rawpixel via Pixabay

Did you know buyers are willing to pay nearly 3.5 percent more for a home that features green or high-performance features? And while that may not sound like a lot, it factors out to be a whopping $8,750 for every $250,000. The key to getting the most for your green upgrades, however, lies in knowing exactly which ones tilt the scale in your favor. Here's a list of best green improvements homeowners should make this year to get the most ROI:

1. Replace Your Front Door

The reasons for replacing a dated and drafty front door are many:

  • It improves your home's energy efficiency.
  • It improves your home's security.
  • It increases your home's curb appeal. 

As far as green upgrades go, a new, Energy-Star Certified door can shave up to 10 percent off your utility bill. And if you opt for steel door replacement, you may see as much as a 101-percent ROI when it comes time to sell

2. Replace Your Garage Door

Replacing your existing garage door with a new garage door can earn you an ROI of up to 97.5 percent, says HomeAdvisor. Opt for one that's energy efficient and features double-layer doors with extra insulation to get the best return on your investment. 

3. Upgrade Your Windows

Energy-efficient replacement windows can net you an ROI of between 77 and 79 percent. And you'll get bonus points for using real wood. Window replacement has all the same benefits of door replacement -- keeping your family cozy and comfortable while lowering the costs of heating and cooling your home. Oh, and they look nice to prospective buyers, too. 

4. Replace Your Roof

If your roof functions well or is relatively new, replacing it won't help your ROI. But if you've spotted the telltale signs of roof failure, such as missing shingles or water stains on your interior ceiling, you'll want to replace that before listing your home for sale. Roof replacement that's both efficient and aesthetic carries an ROI of up to 80 percent. And while your contractor is up there, opt for a roofing material that's going to increase your home's energy efficiency, such as cool metal. Metal reflects the rays of the sun instead of absorbing them, and can increase your home's energy efficiency by leaps and bounds. 

If you're thinking of selling your home in the near future, consider boosting its efficiency before the day. You'll be able to list at a higher price point, and you'll be able to choose from a bigger pool of buyers than comparable homeowners in the area who haven't made the effort. 





Posted by MDM Realty, Inc on 3/17/2020

This Single-Family in Framingham, MA recently sold for $429,000. This Ranch style home was sold by - MDM Realty, Inc.


6 Hiram Rd, Framingham, MA 01701

Single-Family

$434,900
Price
$429,000
Sale Price

6
Rooms
3
Beds
1
Baths
Offer accepted open house cancelled. Welcome home to this sunsplashed 3 bedroom ranch home in an amazing Location. Located near The Sudbury line you have easy access to Rte 20, rte 9, Edgell rd to the pike making it a commuters dream. Large flat back yard big enough for the gardening, sports or to even add a pool. New windows, Newly renovated bathroom, Central Air conditioning, Upgraded insulation from Mass Save and a FULL walk out basement offering another 1,200 square feet of space to create additional living area. Beautiful Brick fireplace in the living room with hardwood floors all this and so much more. Come see for yourself why you should call this one Home

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Categories: Sold Homes