Buying or selling a home is a huge decision. Among other things, as a seller, you will want to make sure that you price it correctly. As a buyer, you may be concerned about offering the right amount—not so much that you no longer feel good about the transaction, but enough so that a seller is likely to accept your offer. Numerous factors go into the evaluation of a home. It may help to have a knowledgeable Arlington real estate attorney at your side during a transaction.
Serving the Needs of Buyers and SellersThe value of a particular home is based on many factors, but it is essential to estimate the value appropriately. You may use an automated value model to decide what to ask or offer for a particular home, and this model is supposed to work from linear and multiple regression and consider such factors as economic and environmental status. The report created from an automated value model is supposed to provide a recent sales history, market value, and a comparable sales analysis.
In many cases, banks and lenders rely only on the automated value model report. Sometimes tastes may change significantly, however, and it may be necessary to obtain a real estate appraisal from a human appraiser. For example, if the property is expensive and has unique features such as a great view or renovations or a particularly good location, the human appraiser may have a better sense of what people are willing to pay for the home.
There are numerous options available for mortgages. You may be able to choose a fixed rate mortgage, an adjustable rate mortgage, a convertible rate mortgage, an FHA loan, or many other types of mortgages. It is important to understand the commitment that you are making when you take out a mortgage, since it may affect how you sell your home. A real estate lawyer in Arlington can help answer any questions that you may have. For example, while some mortgages are assumable, you may have a due on sale provision in your contract that requires you to fully pay off your mortgage if you convey or sell your interest in the home.
Once you own a home, you may be interested in using the equity in your home for different purposes, such as making renovations, funding your child's education, or buying an investment property. There are numerous options available to people wishing to refinance as well, including a home equity loan, a cash out refinance, or a home equity line of credit. There are different advantages and disadvantages for each of these types of financing. For example, you may be able to do a cash out refinance, which allows you to replace your first mortgage with a loan that has a lower interest rate, but with this type of refinancing, you must pay closing costs again.
Retain an Experienced Real Estate Attorney in ArlingtonArlington was originally settled by colonists in 1635 as a village within the city of Cambridge's boundaries. It encompasses 5.5 square miles, and many acres are covered with bodies of water such as the Arlington Reservoir, Spy Pond, Hills Pond, and Mill Brook. If you are buying or selling property there, our Arlington real estate lawyers can advise you and represent you during this process. For a consultation with a property transaction lawyer at Pulgini & Norton, contact us online or call us at 781-843-2200.