For new home buyers looking to buy a home around Lexington or Arlington MA, an early step you will take is to speak to a lender and obtain a pre-approval letter. You might be surprised to learn that many people are “less than truthful” with lenders when discussing their financing options. I always ponder the reasoning behind this “less than truthful” approach! When you think about it, what’s the point? Just as a doctor or accountant cannot give you accurate advice without your truthful participation, neither can a lender. If you pick and choose who who you share your truths with, there is ONE place you should be totally straight up, and that’s with your lending officer.

1) Professional Advice – When you are speaking to a lender and looking to secure a loan, you will be asked for certain information required for a lending institution to loan you perhaps hundreds of thousands of dollars. To be less than truthful is not only illegal on an application, your lender will be unable to give you the useful information you truly need to make good decisions for yourself and your family. Lenders know the ever-changing guidelines, and they will let you know not only what you can afford, but if you do have extenuating circumstances, they can help you work through them legally. To not avail yourself to their advice, and to deceive a bank of full disclosure, is double folly. Lying on stated income loan application is fraud, and can result in penalties or foreclosure.

2) What’s your time worth? –  Sometimes people don’t provide all the right details to their lender because they don’t want to take the time to gather all their financial information, but if the truth comes out while your loan is trying to pass through operations you may have to start over or go through additional procedures to set things right. If your purchase involves relocation, selling of existing home, etc. this delay could blow up to giant proportions and affect many people in the process.

3) Better service – Even if it is slightly embarrassing, be willing to share your obstacles. Regardless of the circumstances, whether it is it immigration status, several personally owned businesses, poor credit rating, income that is not documented, an ex-spouse that has you financially entangled (just an example), you MUST tell your loan officer of these noteworthy circumstances so he or she can work around (and through) them. Waiting until your documentation is in operations for approval is not the time to suddenly be completely truthful. Last minute surprises lead to underwriting complications and delays, possibly causing you to miss critical deadlines – a costly problem you want to avoid!

4) Lower interest rate – We have found that clients who do a full pre-approval well in advance of writing an offer and applying for a loan, who leave nothing out, supply all materials requested by their lender, and have no “surprise” information appear later, have the smoothest experience getting a loan, at the best rate. They will always try to save you money if your circumstances allow. Even though it feels unnatural to share much of your private information with a stranger, it is the only way to get excellent and true advice when making one of life’s biggest investments.

I have heard of people “doctoring” pay stubs, providing statements with intentionally missing pages, lied about marriages, divorce in progress, sources of funds intended for deposits, and even who have receive suspiciously large sums of money right before closing. In many cases a good lender can work around the challenge once it’s identified, but “surprises” of this nature normally ended up costing the client time, money and aggravation.

Don’t take it personally when you are asked for private information and documentation by a lending officer. They do not ask for personal information unless it is (a) required by law or (b) the policy of the institution. Since the person working on your mortgage cannot change the rules, it is in your best interest to take time to develop some trust, and if you put in an application, do it completely and honestly from the beginning. If you cannot be completely truthful, this may not be a good time for you to buy a home! Your lender has your best interest in mind, and you don’t want to tie their hands when they are the link between you and buying your Dream Home. Pick a reputable lender and you will not be disappointed.

So, when you start the pre-approval process, and you are asked for your personal and financial information, give it straight and you will get better service and save money and time.

Join us at Arlington Town Day this Saturday, September 17, 2011. On this wonderful day celebrating Arlington, you will find us on the corner of Water Street and Mass. Ave. where you can browse through Arlington homes for sale, ask our agents questions about the Arlington real estate market, or just stop by and get a free tape measure, pen and other goodies!

We’re also excited to sponsor free pony rides behind the Robbins Library. We’ll take complimentary photos and upload them to our website. Check our homepage next week for a link to download and print your photos!

Eddie and Beth run an amazing shop in east Arlington, fixing/selling lawn and garden equipment. Snow blowers too!  They can fix ANYTHING and at fair prices. If you do your own lawn care, put them on your speed dial! 781-646-6190  Minuteman Repair, 111 Mass Ave, Arlington. Bonus: They pick up and deliver (Arlington & Lexington)

— here my lawnmower is on the “operating table” — now it works like NEW!

Have you attended Open Houses? If so, you know there’s a small art to it… here are 5 things you should know to get the most from Open Houses while avoiding any awkward moments! Common sense goes a long way, but you’ll see it’s not so common! Read on…

1) Always sign in and greet the Agent, but do not disclose your inner secrets! If you’re already working with an Agent, put their name down on the Registration sheet. The Agent will NOT contact you.  Listing Agents represent the Seller, so do not reveal your motivation, your trust fund, or how this is the best house you’ve ever seen – save that excitement for private conversations with your own Agent.

2) Be respectful when looking around. This is especially true regarding closets, bathroom vanity, drawers, etc. Think of how you would feel if strangers were going through YOUR house. Though rare, sometimes the sellers are even in the house, so be careful what you’re saying, as you might be overheard. Outside, keep your voice low, as neighbors could be listening to every word. You don’t want to the neighbors to know of your offer even before the sellers!

In the case of exercise equipment or musical instruments, it’s always a “hands off” policy. I have been  horrified to see Open House guests actually turning knobs on the boiler in the basement. This is strictly taboo!

If you are visiting with kids, keep an eagle eye on them. Children need EXTRA attention during Open Houses, where they may encounter things you would never let them touch at home. In the unfortunate event something gets broken, tell the Agent immediately.

3) DO ask questions. If you do not have an Agent, this is a perfect time to chat it up with the Agent, learn what you can about the neighborhood, the house, age of roof, etc. They are not likely to disclose anything about their Client’s motives for moving, etc., but they should share any factual information about the house.  LISTEN to what you hear others saying – their comments, criticism, insights might help you.

4) Take Notes, but not pictures. Pick up whatever material is available to you: listing sheet, floor plans, Sellers Statement of Property, pictures, etc. Do not take pictures with your camera. At one of my Open Houses someone took a video of their walk through the house, posted it on YouTube, and the seller found it – and called me in tears. The video was posted with the real, full address. Talk about poor judgement!

5) Give feedback to your own Agent soon after the Open House. If you have a Buyers Agent, you’ll want to give feedback while things are fresh in your mind. Keeping in touch weekly keeps both of you on your toes and connected about your favored criteria. The more your Buyers Agent knows about what you love and hate (strong words but true) helps them help you. I love hearing my Buyers describe their Dream Home – it helps me envision it so I can help find it for them.

GET ADVANCE NOTICE OF  THE WEEKEND OPEN HOUSES! PLAN YOUR WEEKEND AND SAVE TIME ::: CONTACT ME TODAY to START RECEIVING OPEN HOUSE UPDATES!

I believe in writing down goals, and buying a house or condo is one of life’s BIG GOALS. If you want to successfully buy your Dream Home, write down exactly what you would like to have in a house. Identify at least the following things:

• The TOWN or TOWNS you want to live in  (Arlington, Lexington, Medford, etc).
• The STYLE of house or condo you would like – could be Single Family and/or Condo
• Specify: TOWNHOUSE or TWO-FAMILY or BUILDING COMPLEX
• The NUMBER of BEDROOMS, BATHS (Full and half)
• Yard?  Y / N Basement? Finished or workspace or both?
• Fixer-Upper okay?   Small Projects ok?
• Distance from Public Transportation -  Living Area square footage  /  Lot square footage

Click HERE to download a Dream Home Criteria Worksheet. (Just click on #1 to open)

Get even more elaborate if you like! How many floors, amount of storage, how far from work, what school district, etc.

If you and a partner are buying a home together you should each fill one out – and compare them. Results may be surprising.
If you and your partner have very different views, this will help identify areas where your dream home does NOT overlap, and provide an opportunity to work things out before you get further along in an expensive purchase. After you have done this exercise you will find it easier to locate the home of your dreams. Trust me, I do this for a living!

So get started writing down the description of your Dream Home. And let me know how it goes!

Join us at Arlington Town Day this Saturday, September 25, 2010. On this wonderful day celebrating Arlington, you will find us on the corner of Water Street and Mass. Ave. where you can browse through Arlington homes for sale, ask our agents questions about the Arlington real estate market, or just stop by and get a free tape measure, pen and other goodies!

We’re also excited to sponsor free pony rides behind the Robbins Library. We’ll take complimentary photos and upload them to our website. Check the Bowes web site next week for a link to download and print your photos!  (( Bija will be at the Bowes Tent from 11-12:30am ))

Opportunity strikes in North Cambridge! Unit 9 at the lovely French School Condominiums has become available. The building itself has an interesting history, and has been well cared for through the years.  Built in 1900 and converted to condos in 1989, the French School Condominiums offer a blend of modern living splashed with yesterday’s charm. Originally built for the Notre Dame de Pitie School, it has also served as a convent, a manufacturing facility, and artists lofts.

Just off Mass Ave in North Cambridge, this attractive Mansard has 16 units, four on each floor, with a wide stair case running up the middle. Units range from under and over 1000′ feet, and have soaring 10′ ceilings, exposed brick, open floor plans and great views. From this spot you can easily reach Porter, Davis and Harvard Square, Arlington, th Alewife T, the Minuteman Bike Trail, as well as numerous restaurants and shops nearby.

Unit 9 is currently for sale at $389,000. It has two beds and two baths, a modern but not fully updated kitchen, lovely hardwoods, built in bookshelves, in-unit laundry, a deeded parking spot, and extra storage. For a true lifestyle statement, this beats out ordinary condos any day. The light just streams in the beautiful tall windows, framed with plantation shutters and surrounded by exposed brick. Open and airy, this unit could be decorated in numerous ways, or kept simple and serene.  The $307 condo fee includes heat, hot water, master insurance, snow removal and maintenance. Very affordable, especially combined with Cambridge’s low taxes.

The French School Condominiums is a stable community. Only 5 of the 16 units are currently rented. Here are the sales in the buildings in the past 5 years:

Unit 1:   11/30/2005    $385,000

Unit 1:   7/17/2009   $403,500

Unit 5:  4/30/2009   $415,000

Unit 16:  8/23/2005   $485,000

To schedule a showing, contact listing agent Bija Satterlee at (781) 354-4835, or email bsatterlee@bowesre.com. See it soon!

Are you considering buying a Condo? Understanding the pro’s and con’s of condo living can save you a lot of heartache! About 50% of home sales in Arlington are condominiums. Condo ownership offers you certain advantages over owning a single family home, but the differences should be understood so you can make the best choice for you.

When you buy a single family home, you are buying the land and the buildings upon it, and you normally own it “fee simple,” which is the most complete form of ownership. Single Family homes provide the maximum privacy of ownership, and simultaneously more responsibility for upkeep and maintenance. Condominium ownership gives you exclusive right to the interior space of your unit, and you are a co-owner of the rest of the property, land, building, fences, driveways, etc.

Single family home owners are usually free to renovate or landscape at will, whereas condo owners would need the approval and cooperation of other unit owners, especially if joint funds are to be used for improvements.  The two-family home style condos in Arlington are mostly managed by the owners of the units, and arrangements can be informal.  In the larger condo complexes a professional management company handles most of the affairs of finances, repairs, and landscaping, etc. As a Trustee, you would be able to vote, but there is less absolute power of decision than either a two-family condo or a single family. In return for less responsibility for the upkeep of the property, individual unit owners have less say over decisions made and actions taken. At certain points in your life this may be a great choice.

Two-Family Style Condos in ARLINGTON

The majority of condos in Arlington are in Two-Family style homes, the largest density of which are located in East Arlington. A typical layout of a unit may have five rooms, two bedrooms and one bath. The early 1900′s was a boom for building most of these homes, and they still have the special charm of that era. Gleaming woodwork, built-in cabinets, crown molding, hardwood floors, and in some cases glass doorknobs (my favorite). Variations on the theme include fireplaces, sunrooms, and front or rear decks. Over time many of these have been updated to have amenities like granite and stainless steel kitchens, gorgeous modern baths, overhead lighting, better insulation, replacement windows, gas fireplaces, central air conditioning, and walk-ups to a finished 3rd floor. I always wonder what those original builders would think if they came back today and saw what we’ve done with their work!

When Two-Family homes are turned into condos, one property turns into two. Legal documents are created establishing the Condo Trust, the Rules and Regulations, Master Deed, Unit Deeds, and detailed floorplans including common and private areas. These documents must be recorded at the Registry of Deeds when the properties get sold.

If you buy a condo, you should review the Master Deed, Unit Deed, Rules & Regulations, Budget, and if possible, minutes of recent meetings. Normally your attorney reviews these during the inspection period, while you are also learning about the house itself. You also want to know if any future assessments are planned for improvements, which will be levied on unit owners. Your Buyers Agent will help get answers to these questions.

Townhomes in Arlington

Another popular style of home is the Townhouse, or side-by-side condo. The layout provides a unit to have multiple levels of living area, from basement to second or third floor. Some recent builds (since the late 1990′s) have become some of Arlington’s most popular housing options. These could have 2500′ or more of finished living area, built to modern code standards, while maintaining yesterday’s charm. These townhouses range from the mid $400,000′s to the mid 5′s.

There are about 20 larger condo complexes in Arlington, which are managed professionally. Condo-living in a building or larger complex has the appeal of requiring less physical involvement in the upkeep, and are potentially more private (less involvement with your direct neighbor) than living in a Multi-Family style condo. A larger building condo may also have under-cover parking and elevators. These are advantages, and you do pay for them. Condo Fees are usually higher in building-style condominiums, and can range from $300 a month to as high as $800! Check the listing sheet!

As a rule of thumb, the interior living space of a “renovated condo” is higher than that of a single family home when compared dollar-for-dollar. Taking exmples straight from recent MLS sales in Arlington, here are photos of kitchens from properties that sold for around $300,000. See if you can guess which one belongs to the single family home, and which one belongs to the condo:

SINGLE FAMILY HOMES in Arlington

Depending on your stage in life maybe you are physically and financially ready to tackle landscaping, repairs, shoveling, and maintenance. Perhaps you need the room for a growing family. Many people forego the fancy condo updates in favor of the privacy of owning their own house. Over time you can make improvements that will add to your enjoyment and the value of the home. With some soul-searching and thorough property touring, I believe you will come to your own conclusion of which is right for you, a Single Family, or a Condo. There’s no right or wrong answer to this one, just where you think you’d like to call HOME.

Condos make a great alternative to renting, and are ideal for First Time Home Buyers. Once you outgrow your space there will be someone thrilled to buy your condo when you move up to your Single Family Home!

What other advantages or disadvantages do you expect from owning a condo? If you would like help exploring this topic, feel free to contact me for some help. I specialize in helping first time home buyers, who often find condos in Arlington the perfect choice.

Posted by Beth Daley May 25, 2010 – Boston Globe

Getting cities and towns to shift toward clean energy was such a cornerstone of Massachusetts’ 2008 energy legislation that the law is named The Green Communities Act.

Those that meet five clean energy goals are eligible for millions in local aid, under the law. But state officials didn’t expect many communities to make it right away because the rules were tough.

Yet (today) Governor Deval Patrick designated 35 cities and towns as the Commonwealth’s first official “Green Communities” making them eligible for $8.1 million in grants for local renewable power and energy efficiency projects.

“These pioneers are notable not only for their commitment to a cleaner, greener Massachusetts, but also for their diversity,” Patrick said in a statement.

Towns and cities had to adopt local zoning bylaws to encourage and speed up permitting for renewable energy projects. They had to agree to purchase only fuel-efficient vehicles for their municipal fleet wherever possible. And the communities had to require all new residential construction over 3,000 square feet, as well as all new commercial and industrial real estate construction, to save energy by adopting new building codes.

The communities are Acton, Arlington, Athol, Andover, Becket, Belchertown, Cambridge, Chelmsford, Easthampton, Greenfield, Hamilton, Hanover, Holyoke, Hopkinton, Kingston, Lancaster, Lenox, Lexington, Lincoln, Lowell, Mashpee, Medford, Melrose, Montague, Natick, Newton, Northampton, Palmer, Pittsfield, Salem, Springfield, Sudbury, Tyngsboro, Wenham, and Worcester.

The communities’ deadline for a piece of the $8 million will be on June 4; the grants will be awarded in late June.

The grants will help the communities “go further — saving energy costs for their residents, reducing the environmental impact of municipal operations, and validating the Commonwealth’s reputation as a national clean energy leader,” said Ian Bowles, Massachusetts Energy and Environmental Affairs Secretary.

Each community will also receive a Big Belly solar waste compactor to be delivered in time for the summer parks and beaches season.

Join us Wednesday March 24 to learn all about the Home Buying process, and essential information on getting a mortgage. Bija Satterlee, Realtor and ABR, will teach you how to buy a home in a step-by-step process, taking the mystery and scare out the process. Mike Tanionos, senior lender with Wells Fargo, will de-mystify the loan process, and explain options for various kinds of buyers, including folks with little money to put down, or those with less than stellar credit scores.

These Seminars are packed with information you need to buy your first home. Graduates often say they’re relieved to understand the process more clearly, and we find people who attend the seminars have a smoother experience buying their first home.

Register through email or by calling Bija at 781-645-0552. Cost is free, and seating is limited, so sign up today. Even if you are NOT trying to make the Tax Credit deadline (of signing a P&S by April 30 and closing by June 30), this is a great time to buy, while interest rates are still historically low.

Call or write today, and let’s get YOU into your Dream Home soon!