Mass Real Estate Blog

Part of my job as a real estate attorney is helping my clients make informed decisions about refinancing.  Many people in adjustable-rate mortgages (ARMs) who are about to experience their first adjustment call me wanting to refinance.  In this current economic climate, with many leading interest rate indexes at historic lows, it actually may not make sense to refinance this year.  (Next year is another story.)

See this article on Boston.com, which I think sums things up nicely.  And, as usual, if you have any questions, feel free to e-mail me at jcohen@massrealestateblog.com or comment to this post.

Disclaimer

The new home buyer workshop referenced here has been changed from 10:00 a.m. to 1:00 p.m.  More details to follow.

While I’m not a mortgage broker, I am a real estate attorney, and I can safely say that the last two weeks have seen a lot of new refinance files come across my desk.  People (including me) are scrambling to lock in to lower interest rates and lower their monthly mortgage payments.

If you have questions, please feel free to e-mail (jcohen@massrealestateblog.com) or comment to this post.  I would be happy to refer a mortgage broker your way or answer any questions you may have.

And to those out there who are celebrating the holiday today, Merry Christmas!

Disclaimer

I have been asked to lead the attorney section of a new home buyer workshop on Saturday, January 31, 2008.  The workshop will run from 10:00 a.m. until noon.  The workshop will also have a mortgage broker and a real estate broker (Karen Nickel, of Coldwell Banker in Brookline).

These are always very useful for all involved.  If you’re interested, let me know via e-mail (jcohen@massrealestateblog.com).  RSVPs are mandatory to attend, but the workshop is *free*.

I’ll post more details as they become available, including short biographies of the people involved.  It will probably be in a conference room at the Marriott in Coolidge Corner.

Jeana spent about 15 minutes on Tuesday’s show explaining short sales (and letting us meet a prospective short seller).  Not that I watch that show or anything.

I promised you a discussion of short sales, so here it goes.  A short sale is a simple concept, and is becoming more prevalent in today’s market.  Here’s the one-sentence explanation:  a short sale occurs when a seller negotiates a sale of his residence for less than the dollar amount of the liens outstanding on the property.

More after the jump

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This question came in last week:

“I’m working with my broker to formulate an offer for a condo in Boston.  How much should I put down to “bind the offer”?  How about for signing the P&S?”

My answer, after the jump.

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Going on record.  You hear that a lot if you work in a real estate law firm in Massachusetts.  But it is an important concept, and should be something you should keep in mind when scheduling your closing.  I’m posting this now because people read my prior post on Closing Dates and naturally asked the question, “What about picking a time of day to close?”

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