If you have been through the mortgage process in the last several years, then you know how tedious and time-consuming a process it can be. An increase in banking regulations, federal regulations and other stipulations has made buying a home more complicated than in years' past. Once the documents have been signed and the key put in a homeowner's hand, many think they have made it. However, many homeowners can hit a snag if they are unable to pay their mortgage payments.
A Massachusetts resident who is trying to purchase a home may upon reviewing their paperwork notice that they are paying several hundred dollars for title insurance on their home.
As the old saying goes, it's all about location, location, location. When considering purchasing residential real estate in Quincy, proximity to the waterfront, and potentially an ocean view, are naturally major factors in the decision process. However, a recent report may give many prospective buyers reason to think a little more carefully about that purchase.
Quincy residents all know that not making one's mortgage payments can lead to foreclosure. What they may not know is that Quincy is one of several cities in Massachusetts that practices the dubious, albeit legal, sale of tax liens to private companies. These companies are then free to move aggressively to foreclose upon owners of residential real estate who had no idea they were at risk.
During the Great Recession, many people in Massachusetts had their homes foreclosed upon. And while the results of the Great Recession are still being felt, Massachusetts residents may be encouraged to hear that as of June 2017, the number of foreclosure petitions went down over 18 percent when compared to the number of petitions in June 2016. In fact, it was the first yearly decrease the state saw since 2013.
Becoming a first-time homeowner in Quincy is very exciting, and for some is a major milestone in their lives. Other people in Quincy are into flipping houses -- that is, purchasing a home, renovating it and selling it, all within a short span of time. Still other homeowners in Quincy have lived in their house for many years and have decided to either upgrade to a larger home to provide space for a growing family, or conversely have decided to downsize once their children have flown the nest. In the end, however, there are many reasons why a person in Quincy may be interested in either buying or selling residential real estate.
For many in Massachusetts, buying a home is a major life dream. Building your dream castle from the ground up is not something everyone can or wants to do. Purchasing an existing home is more common. How do buyers and sellers find protection against potential risks?
The sale of residential real estate can be a stressful process for both buyers and sellers. Many steps need to be completed to prepare for a smooth closing.