Real Estate Quiz

Quick Quiz for Contractors and Real Estate Investors

Quick Quiz for Contractors & RE Investors:
1. Real Estate Investors, is the Market Up, Down or Leveling off?
2. What’s happening on January 1, 2014 that’ll impact Residential Borrowers?
3. What are the 14 items necessary for a Construction Contract in Massachusetts?

By the bye – Healthy, Wealthy and Wise (Happy too!)
I’ve been trying to stop eating and drinking in the evening and think I’ve finally got it nailed. Without realizing, I’ve been eating more between 8PM and midnight than the whole rest of the day. Although it’s a very tough habit to beat, the benefits are: It’s easier to swim my mile in the morning, my pants are a little loose and I’m feeling more Optimistic!
Next time, What’s this Gluten Free thing lately?

1. The Market? I’m tracking sales in Peabody, MA because it represents a great mix of Properties, Activity, a Good Location, Schools, etc
Before drawing conclusions on this MLS data I’ll share a thought that one of my Architectural Professors cautioned us with: “You can Interpolate but never, never Extrapolate!” Meaning, the Future is Tough to Predict. Or folks Make Plans and the Universe Laughs. However the trend I see, supported below, shows seasonal shift (increased buying in the Spring) but a continuation into last Summer and an overall increase in PRICE! So if you’d like to get on Roberta’s Search List to see Properties coming on the Market in your area or the occasional “Off-Market” Deal? You can email her at [email protected]
#Sales    DOM    Avg.Sale
Q42012    71    86.06    $318,018.
Q12013    55    105.35    $284,250.
Q22013    95    70.03    $328,767.
Q32013    114    46.75    $334,467.
*Q42013    54    50.04    $353,947.
*Please note we’re only 2 of 3 months into Q42013.

2. Residential Borrowing? Beginning next year, the next phase of the Frank/Dodd bill goes into effect. I’ve been hearing from the Mortgage Bankers Associations that only about 40% of the Borrowers, NOW able to Qualify for Mortgages will be Approved. Just when you thought it couldn’t get tougher to Borrow… Hey read that Bill yourself. It’s about like the Obama (Robbie often corrects me that it’s actually the Ted Kennedy Bill and WAS well intentioned to begin with.) Care bill which “You had to Pass to get to Read it.” Anyway Dodd/Frank is very far reaching and restrictive originally passed to Protect and Save consumers. To look into financing you can contact Mike Hurney [email protected] 781-405-1845 cell NMLS#43341

3. Contract? You can find a complete Contract in our Members Section provided by Attorney David Ceruolo (Contact info on a Banner on the HomePage), who is a specialist in Contract Law. He’s available, by Appointment, for a Consultation to help draft your Contracts ($99.00 for 30 minutes, More as agreed between you two)
Under MGL c. 142A for Home Improvement over $1000. a Contract is REQUIRED to have:

Agreement between Parties and any other Documents involved.
Names and Physical Addresses of ALL Parties involved.
Dates to Start and Finish.
Work Description and Materials used.
Amount of Compensation.
Schedule of Payments and Any Terms.
Signed by ALL.
Notice of any SubContractors, their Registrations, 3 Day Cancellation Rights and Warranties.
Any other Matters involved.
Provisions by the Laws of our Commonwealth.
Permits, by Whom and their Ramifications.
Prohibition of an Acceleration Payment Clause.
Signing of ALL Documents Prior to Starting Work.
Arbitration Clause.

Remember working from a Handshake? Also some of the Problems that seemed to be “misunderstood”:-(
Next I thought Rich was unique in having occasional Problems collecting that Last Payment but EVERY Contractor I’ve spoken to agrees. We’ll look at COLLECTIONS next time.

See you this Friday, December 6, 2013 7-8:30PM at Denny’s of Danvers.
Mike Hurney, Director, MassRealEstate.net PO Box 307, Marblehead, MA 01945 781-639-8616 office

PS Members please check your 2% Cashback Account at Home Depot, any Problem? [email protected]

PPS_Interesting article on the Enigma between the Economy and Oil Prices “Muddled Oil Picture” see below…

 

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