Met with a Realtor, What’s next?

While it isn’t actually the hardest step of the home selling process, calling a real estate agent is often the most prolonged! It’s tough for many as they “know” what they need to get done, but it’s never easy hearing it. I feel the same way when I go to my Doctor! I know she is going to say I am overweight… I don’t need hear it!

So, what’s next? You have met with an agent and you want to move forward with the process.

Step 1: Selecting Your Agent - Let the agent know that you would like to work with them (If you haven’t already done so in the appointment). Real Estate Agents are a lot of things… But mind readers we are not!

Step 2: Choose Your Marketing Package - Generally, after you have acknowledged that you would like to move forward, you will select the marketing program and commission structure that work best for you (Here is an example of our Fee Structure).

Step 3: Sign the Listing Agreement – This is an important step as it solidifies the relationship between you and your Broker. At this point, the agent is contractually required to work for you and to always have your best interests at heart. They may also start spending some of your marketing budget with pre-marketing as well as hiring a stager for a staging consultation.

Step 4: Recalculate Your Net Proceeds - Once you have that, you will want to go over how much it costs to sell a house (Click here to see the breakdown of expenses...

The Best Real Estate Agents in Plymouth

Each year, we at the Chubb Homes Team meet with a lot of homeowners as well as potential home buyers who are thinking about Buying or Selling a home in Plymouth. If you don’t know where Plymouth, MA is, then you probably were not listening during American History Class! And because so many people know our thoughts and feelings on all things “Real Estate”, they often ask who are some of the other top Real Estate Agents and competitors we have in the Plymouth.

Since we are never ones to shy away from being blatantly honest with respect to competition and we want our customers to be the best informed… Here is a list of some other top Real Estate Agents in Plymouth who will also do an amazing job representing you in the purchase and/or sale of your Plymouth House. So for those that asked the question of "Who are the Best Real Estate Agents in Plymouth?, here is the answer! 

And yes… I guess we are a little crazy! We want to ensure that the clients who choose to work with us are the best-informed consumers out there! And in order to do that, we have no issues pointing out our competitors. We love what we do!

1. Shawn Costa
Shawn is a team member of the Seagate Properties Team and is one of Plymouth’s top agents. He is a lifelong resident on the South Shore and is an active member in the community.

2. Beth Tassinari
Having more than 30 years of experience in Real Estate, Beth is a broker/owner of the local Century 21 office. She is a second-generation real estate agent specializing in Residential sales.

3. Michael Mulligan
Michael who works with Coldwell Banker is one of Plymouth’s top agents helps both buyers and sellers with their Plymouth Real Estate...

Who Are the Best Real Estate Agents in the Back Bay?

Each year, we at the Chubb Homes Team meet with a lot of homeowners as well as potential home buyers who are thinking about Buying or Selling a home in the Back Bay, a Boston Neighborhood. And because so many people know our thoughts and feelings on all things “Real Estate”, they often ask who are some of the other top Real Estate Agents and competitors we have in the Back Bay.

Since we are never ones to shy away from being blatantly honest with respect to competition and we want our customers to be as informed as possible… Here is a list of some other top Real Estate Agents in the Back Bay who will also do an amazing job representing you in the purchase and/or sale of your Back Bay Home.

And yes… We are crazy. We have no issues pointing out our competitors. We love what we do and we want to ensure our clients are the best-informed clients out there!

1. Tracy Campion
Tracy Campion has been one of Boston’s top selling Real Estate Agents for closing in on decades. Tracy has been named as one of the most 50 Powerful Women in Boston and is ranked in REAL Trends as well as the Wall Street Journal.

2. Beth Dickerson
Beth has been selling real estate for nearly 30 years and is one of Boston’s top selling Real Estate Agents. She has received national acclaims and has represented some of Boston’s most prestigious residents and properties throughout Massachusetts.

3. Robert Cohen
If you know Back Bay Real Estate, then you would know that Rob is one of the more familiar names on the Back Bay Real Estate scene. With more than 20 years of market knowledge, he is considered one of the top agents...

How much does it cost to sell a house? This is a question we get a lot! Selling a home in Massachusetts does have some fixed costs, but many of them are variable based on the specific situation of the seller. Below is a breakdown on the expenses of selling a home.

Click here to get a copy of our Blank Seller Net Proceeds Sheet

Loan Payoff: The first expense to be calculated is the loan payoff and pay off any equity lines that a homeowner may have. This expense is a variable expense that changes with each homeowner. Some homeowners may not have a mortgage.

Real Estate Commissions: The Commission owed to Real Estate agents is broken down as two separate fees. Most people when selling their home consider them one, however this is incorrect as the fee is broken down with a portion going towards the Marketing Fee as well as the Co-Broker Fee. By law, the seller pays the total fee to the broker they have retained to represent them in the sale of the property who then in turns pays the other brokerage for their representation of the buyer.

The marketing fee is the portion of the commission that is paid to the seller’s broker. This fee compensates the brokerage representing the seller for their marketing expenses, negotiation expertise and time spent managing the transaction.

The Co-Broke fee is what is paid to the brokerage that is representing the buyer. This brokerage is being compensated for introducing the buyer to the property and managing the transaction.

It is against the law for a Real Estate Agent to say that the Standard Commission charged is X. It is also against the law for two agents to discuss commission structures charged to other competing agents in other brokerages.

Click here to see how the Chubb Homes Team Fee Structure works

...

Is buying a condo different then buying a Single Family home? Jeff & Jason discuss some need to know items when buying a condo.

The mortgage market is always constantly changing which is why it's so important to talk to Jeff and/or Jason about your real estate goals when buying a condo in Massachusetts.

Things to think of:
- The buildings Owner Occupancy Rate
- Investor Concentration
- A condo association budget and Reserve Account
- Condo Document Restrictions
- A condo association approved by FHA/Fannie Mae
- Adding the condo fee into the monthly payment obligations

In this video, Jeffrey and Jason breakdown the main points of consideration when buying a condo. Each transaction is always different, but these generalities are a great starting point.

Should you have any questions, then reach out to Jeffrey at 617-480-2600.

How long does it take to buy a house when you are getting a mortgage? This is a question that we hear quite often from clients who are looking to buy a home.

Each state is different, but here in Massachusetts the average is about 45 days from offer accepted to closing. It is important to remember that closing dates are always negotiable between a buyer and seller, however a bank does need a certain amount of time to process a loan in order to be able to close.

Jeffrey and Jason breakdown what happens throughout the transaction and what a buyer (or seller) can expect and when. Each transaction is always different, but these generalities are a great starting point.

How can I Make My Offer More Competitive? This is something that we hear often from home buyers who are looking to get a competitive edge when it comes to buying a home.

The Buyer Power Checklist empowers home buyers who are looking for an advantage when it comes to getting their offer accepted to buy a home. It is especially helpful to first time home buyers who have never gone through the process before.

The Buyer Power Checklist breaks down an offers buying power into three different categories. A buyer's offer will either be in the 'Low', 'Average' or 'High' Buying Power category.

Offering Seller Free Occupancy (A Seller Rent Back)

How can I Make My Offer More Competitive? Offering the seller free occupancy through a rent back is a great option for home buyers who have a little flexibility as to when they need to be in the house. A home buyer who is renting a home before has a distinct advantage on offering this competitive advantage.

A buyer should always ask a seller what their preferred closing date is. An idea is to offer them to close a couple days before they intend to close on their next house and rent them the house back at $1 for a short period of time.

How does it help? Well it makes the process a little less stressful for a seller. By closing a couple days before it guarantees that everything will stick to their timeline and that their closing will be seamless.

If you are financing, the agreement with the bank does say that...

A Pre-Commitment can make an offer to a homeowner more attractive and thereby increase the chances of getting your dream home!

In this video, Jeff & Jason talk about the power of the Pre-Commitment and what it could mean for you and the seller. While it is often very hard to compete with a Cash offer, an offer with a Pre-Commitment will give you a fighting chance.

If you are thinking about buying or selling a home, then Jeffrey Chubb of the Chubb Realty Group and Jason Bonarrigo of RMS Mortgage can help guide you through the process. Give Jeff a call at 617-480-2600 or send hi an email at [email protected] You can reach Jason at 617-413-5038 or by email at [email protected]

Transcript:

- Hi, I'm Jeff Chubb with the REN network, and today we're here with Jason Bonarrigo of RMS mortgage and we're talking about the pre-commitment. Now there's a difference between pre-qualification, pre-approval and then this pre-commitment. That's where we really want to dive in today. Ultimately, why should I get a pre-commitment? Who is it for? So, tell me what is a pre- commitment?

- Well, first of all, it's just a little bit more extensive than your normal pre-approval.

- Okay. Which is obviously just kind of not a quick certification, but we can do that pretty quickly. We can do that in 10 minutes sometimes or in 24 hours.

- And you're doing that? It's just, you?

- It's just me. No, exactly. Great point. So the difference between obviously the pre-approval and the pre-commitment is we're actually taking the time and we're sending it into the underwriting department to truly have it underwritten and stamped.

- Right.

Small Business Spotlight - The Cohasset Learning Studio

On this episode of the Business Spotlight on the REN Network, Jeffrey sits down to talk with Abigail Sullivan of the Cohasset Learning Studio.

Abigail discusses how she is making a difference in the community by helping kids learn how to read, write and do math. She is able to recognize any possible issues a child may have before they become an issue and work on closing the gap while it is easier and more natural for a child to learn.

Abigail offers private and semi-private tutoring, group classes and even zoom classes and tutoring.

Visit the Cohasset Learning Studio by clicking here. https://cohassetlearningstudio.com/

Transcript of Video:

- Hi, I'm Jeff Chubb with REN Network. On this week's business spotlight We're at the Cohasset Learning Studio with Abigail Sullivan talking about everything she does to help kids in the community. So Abigail, tell me. So how did the Cohasset Learning Studio, how did it start? I mean, how did you get here today?

- Well, I'm a former public school teacher and I'm adjunct faculty at a couple of colleges in Massachusetts. So I have a lot of experience in education and the theory and best practices and actually what's happening in the public schools and what isn't happening in the schools. After my first daughter was born I started my private practice in Cohasset and Hingham and supported kids working...

What's the difference between a Pre-Qualification, Pre-Approval and Pre-Commitment when it comes to buying a house?

What are the advantages/disadvantages of each?

How can my offer compete with a cash offer?

These are the questions that Jason & Jeff tackle today as they talk about the differences between each of these three types of pre-financing options. They also discuss how each of these will affect your competitiveness when it comes to buying a house. 

Transcript of Video:

- Hi, I'm Jeff Chubb with the REN Network and my team the Chubb Realty Group, we're brokered by EXP Realty. And today we're with Jason Bonarrigo of RMS Mortgage to talk about the different levels of pre-qualification, pre-approval, or pre-commitment. So Jason, take us away. What's the difference between the three?

- The loaded question.

- Yeah.

- So, I mean.

- 'Cause everybody says pre-approval,

- Pre-approval well that's,

- I'm pre-approved.

- That's what you need. You need a pre-approval and the difference is a pre-qualification is essentially, I'm showing my age here a little bit, but that's kind of old school. It's what we did in the beginning before the credit market really started contracting, over the past five to 10 years. Pre-qual was like, hey I'm just calling about this house. What's your rate? What's your name? Maybe verify a credit score or something, but we wouldn't collect any documents or anything. So, essentially everyone including yourself and realtors determined that essentially that wasn't really worth the paper it's written on, especially in a competitive market, right? So, essentially that's just all let's just call it off the board....

Getting a pre-approval is one of the most important steps when it comes to buying a home... And it should be one of the first steps! Getting a pre-approval is not difficult and can take as little as 10 to 12 minutes.

On this video, Jeff & Jason tackle why a Pre-Approval is so important, especially in today's market! Home buyers today often times need a pre-approval in order to just view a property! Let alone needing one to put in an offer and being competitive in today's market.

Transcript of Video:

- Hi, I'm Jeff Chubb with REN network and the CHUBB Realty group, which is brokered by XP Realty. And today we're with Jason Bonarrigo of RMS mortgage. And today we're gonna talk about why is it so darn important in order to get pre-approved. Jason?

- Well, it's everything right now. It's really tough competitive market. I mean, if you don't have a certified pre-approval letter most realtors aren't gonna talk to you, A. And B, you're just gonna be behind the eight ball. I mean, it's such a competitive market. I mean, I had one last week where there was 11, I think 11 to 12 offers on this house.

- We have three. Last week that were that way.

- Did you really?

- Yeah.

- I mean, it's crazy. You just have to be. And again, any good realtor where it's not going to waste their time because they know you're not serious or you haven't got serious yet. So, when they push it and say you gotta talk to your lender or they refer someone they're doing it for your best interest. So you're in the most competitive place to buy a home.

- And, you know, one of the effects, the long lasting effects of COVID is that people have kind of woken up to the aspect, well I don't necessarily want unqualified buyers in the house. So, even...

The pre-approval process can be simple. The first step of the pre-approval only takes ten to twelve minutes when doing it online through a secure mortgage application system. 

You will simply provide some answers to some questions including providing your social security number. These questions are around your current income and other assets that you currently have. 

Transcript of the Video:

- Hi, I'm Jeff Chubb with REN Network. And today we're with Jason Bonarrigo of RMS Mortgage. Jason.

- Jeff. Hey, how are you doing? Thanks for coming.

- I appreciate it, thanks for having me.

- So, today we're going to talk about specifically the pre-approval process.

- Yeah.

- I constantly am hearing from clients, it's just the reason why they're not doing is it's overwhelming. They feel that it is overwhelming, it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- And they don't actually end up taking the first step.

- No.

- And so, you know, tell me, so and I recently did the process, which was pretty seamless and easy.

- Right.

- But tell me, so what is that first step? So we make the introduction to the client and say, hey, it's Jason Bonarrigo, he's the greatest mortgage banker on the face of this earth, right?

- All the time, yeah.

- And at that point you kind of take it away. So, what happens?

- Yeah, obviously I just, you know I thank you for the referral. I reach out to the client and just ask them when the best time to chat is or whether it's over email or a text or obviously on the phone.

- Right.

- As well, I actually prefer it on the phone especially for that initial contact, because again, I get to make them feel comfortable and let...

Script of the Interview

- Hi, it's Jeff Chubb with REN network and the Chubb Realty Group brokered by eXp Realty, we're here with Jason Bonarrigo of RMS Mortgage today, and ultimately, Jason, did you wanna say hi? But really we're gonna have a nice conversation in regards to what happened in this crazy year in 2020 and ultimately what we see for 2021. So lots happened I think in a year--

- It's been crazy, it's been crazy. It's been good, but it's been good but--

- It's been crazy good.

- So I think we're really lucky in the aspect that both of our industries from COVID, having, I mean I thought it was gonna go completely in the opposite direction, when COVID hit and the world shut down--

- Scary times.

- Yeah, I don't know about you, but I remember saying to my wife, like, hey, it's time to batten down the--

- Pack up camp and go back to school.

- Here we go to 2008 all over again, you know,

- There was a worry for all of us, I think, I mean, in all seriousness, I mean we were all concerned about what was going to happen and obviously still are in the bigger picture of things with everyone's health, but that being said, in our businesses, you know, very lucky and knock on wood, but we've survived and we've thrived really, you know, and interest rates have been low and people are buying homes and selling homes, and it's obviously been ironically one of the busiest years in our business.

- Who would have thought, it just took a world epidemic where the world shuts down, in order for--

- Total production.

- To make our real estate market completely change and one of the, you know, there's been a lot of changes in my world, not necessarily from, I mean, we're still selling a lot of houses, right? But it's weird in the sense of it's not the city anymore, the city used to actually...

2019 is in the rearview. So what did the real estate market do?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for Cohasset, Hingham, Hull and Scituate.

Let’s start with the Cohasset market. Sales in Cohasset for 2019 were down 3.17% from 126 sales in 2018 to 122 sales in 2019. Not a huge movement in the number of houses, but none the less. Sales were down. The average sale price in Cohasset was down 3.17% as well year over year with an average sale price of $1,124,379 vs 1,161,208 in 2018. Inventory at the end of December in Cohasset is down 17.14% with 29 Single Family homes available to buyers to start the New Year.

Cohasset was the only town that we will be looking at that had depreciation in 2019.

In Hingham, sales were down 4.64% to 267 closed units in 2019. The average sales price was up 2.91% to $986,030. Inventory for the year ended down 21.15% with 41 Single family homes available to buyers looking to make a move in the beginning of the New Year.

Hull is the only market where the amount of sales increased year over year. In Hull, sales increased 15.33% to 158 Single Family homes selling 2019. The average sales price was up 5.86% to $521,170. Meanwhile the increase in sales put additional inventory pressure on the market with available Single-Family inventory down 47.37% to 20 Single Family homes available to start 2020.

In Scituate sales were down 1.38% to 286 Single Family homes sold in 2019. The average sale price was up 7.93% to $726,256. This is the highest percentage gain of the four towns in 2019. Inventory...

2019 is in the rearview. So what did the real estate market do in Massachusetts?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for some of the largest cities in the Bay State. We have the data we are sharing for all towns, so if you are specifically wondering how your town held up, then shoot me an email at [email protected]!

The Single-Family market in Massachusetts saw a .50% increase in the amount of homes sold to 52,999 units. The average sale price of $516,843 represented a 3.17% increase year over year. The biggest movement was related to inventory with the amount of Single-Family homes available to buyers decreasing 20.26% year over year to 6,993.

The Massachusetts condo market saw a decrease of .73% to 20,951 units sold. This was coupled with the 10.56% decrease in the number of condos available on the market year over year with 2,542 being available at the end of 2019. Prices for condos increased 4.13% to an average sale price of $521,744.

In Boston, both the Single Family and condo markets saw a decrease in the amount of sales, increase in the average sale price with a decrease in the amount of inventory available to buyers. The Single-Family market saw a 6.10% decrease in sales to 969 units sold in 2019 with an average sales price of $875,086. This accounts for a 5.73% increase in pricing. Inventory in 2019 decreased 28.43% to 73 Single-Family homes currently available.

The Boston condo market had 4,343 sales in 2019 which accounts for a 4.95% decrease in the amount of homes sold. Inventory in the condo market decreased 1.75% to 618 units with the average sales price for sold condos up 5% to $923,010.

In Cambridge, 567 condos sold in 2019 which represents...

How to Buy A home - Home Financing Questions - Part 1

What is a Fixed Rate Mortgage vs. an Adjustable Rate? or maybe “What will my rate be?” Or “What am I paying when I pay my mortgage payment?” or how about “What’s PMI and will my monthly payments change during the loan term?

Hi, I am Jeff Chubb with the Chubb Realty Group and today I am answering those questions!

-        So “What is the difference between a Fixed Rate and an Adjustable Rate?

For a fixed rate mortgage, the interest will stay the same throughout the life of the loan. The most common fixed rate mortgages are 15 and 30 year notes. An adjustable Rate Mortgage, otherwise known as an ARM means that the interest rate can change periodically. This means that the monthly payments can go up or down. Generally the initial interest rate is lower than of a comparable fixed-rate mortgage which is called the teaser rate. After that period ends, interest rates-and your monthly payments can go higher or lower.

Your expected utilization of a property will ultimately help drive this decision. I will however note that interest rates are at historical lows and the only real place for them to go… Is well UP.

-        So “What is my interest rate going to be?”

That is a tough question to answer depending how far out you are from the actual buying process. The farther out you are, the bigger the guess! When you are getting pre-approved, you do not want to worry about a bank’s interest rates. Banks rates vary daily and a bank may be competitive one day and less competitive the other.

When you have found a home and gone under agreement on that home, then that is when you would want...

How to Buy A home - Home Financing Questions - Part 2

Here are some recent questions that I received from people that are thinking about buying a home.

Hi, I am Jeff Chubb with the Chubb Realty Group and today I wanted to share with you some additional questions from prospective home buyers that I often here.

-        People often ask “What are the differences between a pre-approval and a pre-qualification.”

A pre-qualification is a quick conversation with your lender in talking about income, assets and the anticipated down payment. A buyer has not submitted any underlying paperwork to support this conversation and thereby a mortgage banker has not dug deep into the credit worthiness of a buyer.

A pre-approval is where a lender will verify the financial information needed and submit the loan to underwriting for a preliminary approval. A pre-approval takes a little more time and documentation, but offers a lot more certainty throughout the buying process.

Think of it this way, if you are looking to put an offer and it is a competitive offer situation, then the pre-qualification is not going to carry nearly the same weight as compared to the buyer who has a buyer that has actually been pre-approved. The pre-approved buyer will offer the home seller a little more certainty in what can be a very uncertain process. When you are a home seller and you are about to make a very serious decision, generally they are going to want to go in the direction of the most certainty.

-        Another great question we hear is “What type of closing...

How to Buy A home - Home Financing Questions - Part 1

Here are 3 Common Questions from people that are thinking about buying a home.

Hi, I am Jeff Chubb with the Chubb Realty Group and today I wanted to share with you some common questions from prospective home buyers.

-        The first question is “Do I really need to put 20% down to buy a home?”

And the answer is a resounding NO. There are programs available to home buyers in which they can put as little as 3.5% down. A buyer can always put more down, but this is the limit. Another not well-known fact is that this down payment can actually be gifted from a friend or family member. At the end of the day, the bank with these FHA type programs need to see at least 3.5% of owner equity in order to feel comfortable moving forward.

However, if you are a Veteran, the VA program will actually allow a buyer to buy a home with 0% down. This is only a program that is available to the men and woman currently or those that have served in our armed forces in the past.

-        The second question I often hear is “Do I need spectacular credit to get a mortgage?”

Like above, the answer to this question really varies by which mortgage program a buyer is evaluating. The FHA mortgage programs will lend to buyers putting 3.5% down with credit scores of 580 or higher.

If your credit score is below 580 however, you aren’t necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10% down payment if they want to qualify for a loan.

There are many benefits to these FHA loans....

The story of selling 560 Jerusalem Road, Cohasset

A case study that examines why it took the 6th agent to sell this home. 

 TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. TIRING HOUSE SALE PROCESS
3. REASONS HOUSES DO NOT SELL
4. STORY OF 560 JERUSALEM ROAD
5. SELLING HOUSE THE RIGHT WAY
6. FASTER WAY TO SELL YOUR HOUSE
7. REFERENCES FOR THE CASE STUDY 

1. EXECUTIVE SUMMARY

The homeowners of 560 Jerusalem Road in Cohasset failed to sell their home working with 5 different agents. They were able to accomplish their goals after working with their 6^th!

Some real estate markets favor sellers, some favor buyers. There are factors that dictate what type of market a community is in. Once you start to understand how your market works and the market conditions, you can do the extraordinary. Which is ultimately accomplishing your goals.

There are several factors that influence the time it will take when it comes to selling a house. There are some aspects of the house sale process that help sell properties faster and for top dollar.

This white paper sheds light on the notable problems house sellers face and the factors that may cause trouble.

An interesting case involving the sale of the house at 560 Jerusalem Road in Cohasset will be discussed in the middle of the document. Included will be important points that help sell properties faster and for top dollar.

   2. TIRING HOUSE SALE PROCESS

Selling a house is not an easy task. You will have to invest time and energy to the sales process in order to achieve your objectives

A number of challenges for house sellers have been identified in different research studies. Learning from these studies and other people’s successes as well as failures will increase your chances of a successful sale.

Traditionally, when people sell a property, they place ads online, beg friends to...