A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Continue reading this blog at: 20% is No Longer Needed!

It's finally spring and you're ready to find the right Wellesley MA area home for sale. We've put together some tips to help make your Wellesley MA home buying process go smoothly.

1. Find the Right Real Estate Professional. This is such an important step and will truly make the difference in the home you buy, your stress level and the money you ultimately spend.

2. Make sure you are Pre-Approved for a Mortgage. You've heard it said before, but it's true, you need to know how much you can afford. Unless you are buying in cash you'll need a financing source and you'll need to know how much that source is willing to finance.

3. Create a 'Must Have" List. This is your list of non-negotiable's and allows your agent to select only listings that meet the qualifications of this list, so that you're not looking at every home on the market and wasting your valuable time.

 4. Open yourself up to Suggestions. Share your must have list with your Real Estate Agent. They will be able to make suggestions that you may not have considered about the style or type of home/neighborhood you are looking at and could ultimately change your requirements or amenities list.

5. Make sure to check out the Neighborhood. Now that you've found your home, walk the neighborhood at different times of the day, and even at night. Talk to neighbors to find out about the people, what they like, dislike, recommendations etc. Make sure it would be a good fit for you and your family.

6. The Home Needs to be Inspected! You'll need to make sure that YOU walk through the home and do a total checklist of your own. But you aren't a professional inspector so make sure you hire one to go through the home, once that has been done make sure you follow through on all of their recommendations.

7. Submitting a Reasonable Offer. This is another reason why you need to work with a local Real Estate agent. Understanding the local housing market, the inventory of homes, home values and if a home may get multiple bids is all information that goes into the offer YOU will make.                                                                                                                                                        

8. Understand the Process & the Paperwork. Your agent should have gone through all of this with you in the beginning of your search, but don't hesitate to ask questions along the way. This can be an overwhelming process at times. Once you have found a home you will be advised to seek an Attorney to handle the legal aspects of the sale of the home.

9. Stick to Your Pre-determined Price. It's always tough to have your heart set on a home and lose it in a bidding war, but it is much worse to go above what you can afford! It is better to find a second home that you like "almost as much" as the first so that you have something to lean back on if the situation arises.                                                                                  

10. Don't expect the Sellers to make too many Improvements.Things like worn carpeting and countertops are figured into the sales price of the home upfront, so trying to get the homeowner to make more adjustments at the end can be difficult. Rely on your agent to know what is permissible and what isn't.

 For more Wellesley MA home buying tips check out our website at www.teamlynchrealestate.com. We've lived and worked in the Wellesley MA  area for 20+ years and would be happy to give you a tour of our town and all the great homes for sale. Give us a call any time!

Home Warranties are a service contract to complete future repairs/ or replacement on household appliances and systems. The interest in Home Warranties seem to go in cycles, but bottom line- they do help both the seller and buyer. Once misconception about Home Warranties is that they are only available for "single family" homes. Untrue- they can also be purchased to protect appliances and systems in condo's, townhomes, vacation homes, multi-family homes and rental properties.

What do Home Warranties typically cover? Most policies cover the cost to repair/ or replace the following:

*Furnaces

* Air Conditioning Systems

* Plumbing & Electrical Systems

* Dishwashers

* Ovens

* Garbage Disposals

* Refrigerators

* Water Heaters

and so much more.

Because these items are not typically covered in a Homeowners Insurance Policy, the cost to repair/replace even one item, more than pays for the cost of the warranty itself.  And having one in place gives your buyer an added level of protection and comfort knowing that if something should go wrong with any of these....that it will be covered.  This is another enhancement to the Homeowners Insurance Policies.

If you're a seller, you should know that research from the National Home Warranty Association estimates that, on average, listings with home warranties sell 50% faster than homes without warranties. And Business Week Magazine indicated that homes with home warranties sell at a premium of 3% in higher price.

Even better...these claims are extremely easy to use! Here are the simple steps you would take to file a claim:

* When a covered appliance or system fails, the home owner calls the Home Warranty company.

* The Home Warranty company then confirms that the failure is on a covered system or appliance.

* If the system is eligible, the home warranty company selects a pre-screened service provider from its roster and asks them to make an appointment with the homeowner.

* When the service provider arrives at the home they will diagnose the problem and call the Warranty company who will then authorize the claim.

* The homeowner usually pays a service fee to the contractor, and the Home Warranty company pays for the balance of the repair.

​For more information on Home Warranties or any of your Real Estate questions or needs, give us a call and we'll be happy to assist you!