The Boston2.com Real Estate Blog

Worst Thing to Do When Missing a Mortgage Payment

Worst Thing to Do When Missing a Mortgage Payment

This game called life can sometimes lead to some challenging times where we may fall behind on our bills and make a late mortgage payment. This could be by accident or by circumstance. It’s important to understand the different stages of a late mortgage payment before talking about the worst thing that you can do if this should happen to you… Because you may just be in a grace period and not even know it!

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate and your options should you be behind on your mortgage, then don’t forget to click the subscribe and like button below. And if you want to talk Real Estate friend to friend… And confidentially might I add, then find my info in the description below!

Most people think that they are late on their mortgage on the second of the month. This is incorrect. Banks give you a 15 day grace period. Essentially there is no penalty for making a payment up until the 15th of each month. And as a heads up, the bank needs to be in receipt of the payment. You can’t have put it in the mail on the 14th.

On day 16 through 30 Days is when a borrower will normally incur a late charge. This fee is usually between 4 and 5% of your monthly payment. So if your payment is $2,000 then expect a fee of $100.

30 Days late is when the lender will report your late payment to the credit bureaus. This will negatively affect your credit score and will make it more difficult to borrow money whether that be for a new car, new couch or even to refinance.

At 45 Days late, the lender is required to assign someone to your case to inform you of your options. I talk about these options in the video above and will have the video at the end of this video as well.

60 Days late is when the compounding affect really starts adding up as they will charge you for a second late fee plus...

Flagship Wharf - Charlestown: Navy Yard

Welcome to Flagship Wharf, a 10-story luxury brick condo building with 201 luxury residences, a 516- car garage and 34,000 square feet of commercial space. Flagship Wharf was built in 1989 and is considered one of Boston’s most prestigious buildings which offers its residents many different amenities such as valet parking, a state-of-the-art fitness center and lending library. And then there is it’s amazing location which we are going to talk more about momentarily.

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button below. And if you are thinking about making a move in and around Boston and want to talk Real Estate friend to friend… Then find my info in the description below!

Flagship Wharf is located in the Navy Yard which is a neighborhood in Charlestown. The Charlestown Navy Yard was actually one of the original six yards that formed to support the US Navy and was one of the oldest ship building facilities for the military branch. Today the Navy Yard has been transformed to a residential community that attracts thousands of tourists while offering lavish apartments, condos and townhouses with awe inspiring waterfront views. (More about Flagship Wharf and the Navy Yard Below)

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Moving to Boston Suburbs: Town Guide - Peabody, MA

Moving to Boston Suburbs:  Peabody, MA

Moving to the Boston Suburbs and getting to know Peabody, the suburb located on the North Shore. In this video, we will talk about the different areas that make up Peabody and what this great town has to offer from restaurants to schools to greenspace. It’s all here!

Peabody is a town of a little under 55,000 residents according to the last census. Peabody has come a long way from its start as a farming community. Today it is a vibrant community which consists of the regions largest shopping mall, and industrial park that has attracted numerous medical and technology companies. Residents of Peabody will be quick to point out that Peabody is divided between West Peabody, South Peabody and Downtown Peabody. Downtown Peabody is kind of obvious… It’s their downtown and is actually located within close proximity to Salem. West Peabody has mostly become known as a middle to upper class suburb. It is here that you will find Brooksby Farm which is a 275-acre working farm and conservation area that has become a popular destination as well as some other great recreational areas.

Peabody Center is 2 miles from the center of Salem, 15 miles northeast of Boston and 18 miles west-southwest of Gloucester. Peabody is bordered by Middleton to the northwest, Danvers to the North, Salem to the East, Lynn to the South and Lynnfield to the Southwest. Boy… That’s is a mouthful. (More about Peabody Below)

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Most Expensive Towns in MA: South Shore

Most Expensive Towns in MA: Top 3 on the South Shore of Boston

There are a lot of Boston Suburbs. So many that we first split the areas around Boston by regions. We have the North Shore which is North of Boston, Metro West which is the suburbs to the West of Boston and the South Shore which are the suburbs in the South of the city.

Here are the three most expensive suburbs on the South Shore of Boston. Does the most expensive mean that they are the nicest? That is hard to say and really falls to personal opinion. But if you are looking for a nice suburb of Boston, want to be South of the city and have a nice budget… Then here is a short list that may make sense to start with.

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button below. And if you want to talk Real Estate mano ye mano… Then find my info in the description below!

Cohasset
The most expensive town on the South Shore is Cohasset. The highest price home that sold last year was $6.75m with an average sales price of $1.5m.

Cohasset is a small town of a little over 8,000 people and is located about 16 miles South of the city of Boston. Cohasset is surrounded by Hull in the North, Hingham in the West and Scituate in the South. What makes Cohasset so unique and desirable is the Atlantic Ocean that surrounds the town in the West.

Residents of Cohasset are quick to point out it’s like living on Cape Cod, but with the proximity of Boston. It is the best of both words. Cohasset has two beaches, one harbor that opens directly out to the Atlantic and a “Gold Coast” Coastline.

The community enjoys a commuter rail stop, but also enjoy the close proximity to the...

When to Start the Home Buying Process

When to Start the Home Buying Process

We get the question “When should I start the home buying process” all the time. It’s a great question and one that ultimately changes as the market conditions changes. So lets dig in on the question of When to Start the Home Buying Process.

Hey, it’s Jeff Chubb, welcome to the blog! To learn more about real estate then feel free to look around! And if you want to talk Real Estate mano ye mano… Then find my information below!

A lot has changed in the last couple years. At this point, I feel the mental image of me sitting on a porch rocking back and forth in my rocking chair talking about the “good ole days” pretty much sums it up. A couple years ago we could meet with a buyer and go over what they are looking for and turn to the market and find some options… Today that is not the case.

I was talking with a buyer today and she provided me three large towns as a target area… There were 7 houses for sale in all of the price ranges. Seven.

Being a buyer today takes more time, more patience and more preparation. If you are one of those buyers that just run out and start touring houses without coming up with a plan… Then get prepared for a world of frustration… and heart break!

So why is that we are seeing these market dynamics of an extreme seller’s market?

It is a great question and one that there is ultimately no single answer for.

Yes, you will hear about how we can’t build enough and how new build starts are low… But we are a rather mature market with little possibility of major development like you can see in some markets in the South.

I can’t stand the Covid excuse anymore... But this one isn’t really an excuse. Covid changed the way we live and utilize our houses. We have seen a shift back to where people value more space as where pre-covid we were seeing trends...

Moving to Boston: Neighborhood Guide - Back Bay: Boston, MA

The story of the Back Bay Continued...

The Back Bay is considered one of the crown jewels neighborhoods of Boston. It’s got it all from a premier location to one of the most beautiful city settings one could ask for…

When people think of Boston, they don’t know it, but they generally think of either Beacon Hill or the Back Bay. But the two neighborhoods are very different. The Back Bay used to be just that… a Bay. They started filling in the Bay in 1857 and was filled in 1882. This is important because the Bay it was built on is creating some problems for houses today… Big problems which we will talk about a little later…

What was once planned as only a Residential neighborhood would later be adjusted to allow Commercial property and now today holds some of Boston’s most iconic buildings. These include the Prudential Center, the John Hancock Tower and all of the world-renowned retail on Newbury Street.

Today a little more than 21,000 people call the Back Bay home. These lucky folks are drawn to this neighborhood because of its convenience as a centrally located neighborhood as well as its overall beauty… It’s like living in a Postcard each day with its picturesque tree lined streets and parks.

The Back Bay is different than a lot of other neighborhoods as it doesn’t have neighborhoods within the neighborhoods if you will. You have two sections of the Back Bay… Okay, it’s really three sections. You have the area that is closest to the Public Garden then the area down by Mass Avenue and then the third area is across from Mass Pike. And the affordability of the neighborhood goes in that order as well with the area by Public Gardens being the most premier areas and therefore the costliest.  And by the way… I use the term “affordability” very loosely…

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Moving to Boston: East Boston vs. South Boston - The Title Town Duel

Title Town Duel: East Boston vs. South Boston

Today we are going to witness an anticipated match against East vs. South. In the Red corner we have South Boston who is officially weighing in as the home to 32,000 residents. And in the Blue Corner, we have East Boston who is officially weighing in as the home to 40,000 residents. Ladies and gentlemen, boys and girls… LETS GET READY TO RUMBLE!

To choose the victor of the battle between East and South Boston, we will be looking at and comparing 7 different categories. These categories include Commuting Access, Affordability, Education, Culture & Environment, Green Space, Amenities and Crime Rates. Now, by law because I am a licensed professional... I am not allowed to say which neighborhood is better or which neighborhood is the winner… SO, that means it is up to YOU. You get to decide who the winner is… Put your vote for which neighborhood is the winner in the comment section below. The winning neighborhood will move on to the next round.

Now I am assuming that you know all about East Boston and South Boston. But if you are looking to learn more about these exceptional towns then at the end of this blog be sure to check out our in-depth analysis of each of these amazing Boston neighborhoods.

So... Let's get this competition going! 

Crime Rates

This one should be an easy comparison. As facts don’t lie… But again, because I am licensed… I am not allowed to spout out any crime stats. It’s absurd. This I know. But what I can do, is point to research done by someone else and talk about that… So here we go!

I utilized the website Areavibes.com. This website has a lot of information about different areas around the country and includes grades on things like Cost of Living or Amenities… Or Crime!

So according...

Breaking Lease When Buying a House

Can you Break a Lease when Buying a house?

Timing a lease ending date and a home purchase perfectly is tough… Real tough. You need to start the process early in today’s market… So what are your options?

The first question I generally get in this situation is “Can I break a lease if I buy a house?”. Now every lease is different, but I have not seen too many leases that give you an easy no penalty out. So generally speaking, the answer here is no… That is unless you get permission from your landlord.

Now breaking lease laws differ by state, so the options and consequences may look different depending on where you live. Even if you can’t legally end a lease, there may be a few other methods that could get you out of your lease.

Honesty is the best policy. And that is also the case when it comes to buying a house. The first thing you want to do is let your landlord or property manager know that you are looking for a new home. Larger buildings will generally have policies that relate to breaking a lease while smaller landlords may just ask for you to work with them in the process. Heck, if you are paying below market rent… Then the landlord may even be excited to get the apartment back and re-rent it!

The first thing you will want to do is look for a Home Buying Clause in your lease. Very few leases have these, but you may be one of the lucky few. If your lease includes a home buying clause, this means that you can terminate your lease early if you have bought a new home. This is provided that you give your landlord proper notice.

If you don’t have a Home Buying Clause, then you can try to buy your way out. Your lease may say that you can terminate your lease by paying an early termination fee. The cost of this fee can vary based on the terms laid out in the lease. Generally speaking, you can expect to pay a minimum of 1 to 2 months rent as a penalty for breaking the lease.

Remember...

The Final Walk Through - What it is. Why it's Important. When it is done.

The Final Walk Through

The Final Walk Through. Let’s talk about what it is. Why it is important. And when it happens.

Hey it’s Jeff Chubb, welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button. And if you want to talk Real Estate mano ye mano… Then find my info in the description below!

The final walk through is an essential step of the home buying and selling process.

So, what is it? The final walk through is just that. It is a time when a buyer walks through a property that they are purchasing to verify that they are receiving the property in the promised condition and there is no debris left behind.

When does it happen? The final walk through generally happens the day of or the day before closing. The reason that the final walk through happens so close to closing is that the buyer owns any and all issues that happen between the actual walk through and when they have closed.

Why is it important? This is an actual example that happened to me. We had a closing scheduled for Thursday. My client moved out of the house over the weekend with the last day of them being in the property on Sunday night with no issues and the property ready to be delivered in “broom swept” condition.

The buyer had scheduled the final walk through on Wednesday night. They showed up and started walking around the house when they noticed some water. They opened the basement door to find the basement literally full of water. Sometime between Sunday night and Wednesday night, a pipe burst in the second-floor bathroom. Traveled down from the second floor through the first floor and into the basement. If this was a car, the equivalent of this would be...

Neighborhood Guide - East Boston: Boston, MA

Getting to know East Boston: Boston, MA
Getting to know East Boston – From talking about the different neighborhoods that make up East Boston and what they have to offer from restaurants to schools to parks.

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3 Options A Divorcing Couple Has & the 7 Things You Must Know When Selling a House as part of a Divorce

3 Options A Divorcing Couple Has & the 7 Things You Must Know When Selling a House as part of a Divorce

The 3 Options when getting a Divorce and a house is involved:

  • If you do not want to sell, you have the option of possibly buying out your partner’s legal interest and keeping the home.

  • You could negotiate to occupy the home for a period of time. This would typically be an option if children are involved.

  • Sell the house and move on. This way, both parties receive a fair share that could be invested in new properties.

7 Must Knows When Getting a Divorce & Selling a House

  1. Pick an Agent who is objectively qualified in Divorce Sales

It is worth the time to find an agent who specializes in working with separating couples as this situation can present a unique set of challenges. In many cases when working with a divorcing couple, a real estate agent will double as a mediator. 

You need to find an agent that both can trust and feel comfortable with. An agent where neither person feels that the agent is on the other person’s “side”. It is always recommended to pick a fair and neutral Realtor rather than hiring a family friend or mutual acquaintance. Picking an agent where there is no connection will help build each individual's trust that their personal situation is not getting back to their personal sphere. 

It is always recommended that both parties be present for any listing interviews. It is important that the divorcing couple understand that their agent represents both of them equally. Oftentimes when one party selects the Real Estate...

Top 3 Reasons Selling House During a Divorce is Worth It

Top 3 Reasons Selling House During a Divorce is Worth It

Selling the marital home is often one of the first thoughts that come to mind during a divorce. It’s not only for emotional reasons that people sell but also for legal reasons. Undeniably, selling house during a divorce can be a very stressful experience, but it can be worth it. 

In this article, we’ll take a look at why people sell their houses during divorce, the benefits and best ways to do it, and the necessary help you need to make the entire process as painless as possible.

What if I don’t want to sell?

That’s a fair statement. You’ve made memories in your house, and for many, that’s hard to let go of. But, who gets the house in a divorce? Most couples who divorce go through one of three scenarios:

  1. First off, if you do not want to sell, you have the option of possibly buying out your partner’s legal interest and keep the home.

  2. Secondly, you could negotiate to occupy the home for a period of time. This would typically be an option if children are involved.

  3. Lastly, it may be necessary to sell and move on. This way, both parties receive a fair share that could be invested in new properties.

Deciding to sell your house is a very personal decision, but knowing the benefits of selling could help you make a decision. Let’s look at some of the reasons selling could be to your benefit.

  1. Legal Reasons Selling House During a Divorce is Worth it

Divorce can be peaceful and reasonable when the parties are capable of dealing with each other. Unfortunately, this is the exception....

Neighborhood Guide - South Boston: Boston, MA

NEIGHBORHOOD GUIDE - SOUTH BOSTON, MA

With its rich history and strong sense of community, South Boston is an evolving, vibrant neighborhood located in Boston, MA.

From the Departed to Good Will Hunting, South Boston (colloquially known as ‘Southie’) has been the setting of many well-known movies over the years. However, you’ll find that South Boston is quite different from the neighborhoods these movies have often portrayed.

This traditional community is one of the city's most storied and historically rich areas, but don’t make the mistake of thinking it’s stuck in the past! Over the past few years, South Boston has been changing and reinventing itself. The community has seen new life with the opening of new restaurants, hotels and markets all over, as well as new housing developments, from stunning condos to the refurbishment of many of the original Victorian-era style buildings.

Neighborhoods here are filled with life and character. And, with the influx of working professionals and families streaming into the area, it’s no secret that South Boston has become one of the city’s most sought-after areas.

Click Here to search all Homes For Sale in South Boston 

History of South Boston

Previously fertile farmland, the first formal settlement in South Boston dates back more than 350 years, with the Anglo-Saxon Protestant Puritans’ arrival in 1635. This piece of the neighborhood's history is quite ironic since South Boston would later become famous as a haven for Irish Catholic immigrants in the following centuries.

After being annexed in 1804, South Boston became a center of rapidly growing industrial development. As factories producing everything from glassworks to chemicals became...

Boston Neighborhoods - Where to Live?

Boston Neighborhoods – Where to Live?

The city of Boston has designated 23 Neighborhoods in the city. One of the best things about Boston is that all the neighborhoods have different personalities... And that there is literally a neighborhood for anyone and everyone in Boston!

To make things even more confusing... Unofficially, Boston has many overlapping neighborhoods... within larger towns. Take South Boston or otherwise known as “Southie” as an example. Boston recognizes the neighborhood of South Boston, however to residents it is broken up into two distinct parts. There is the East Side & West Side. But within the two sides, there is the neighborhood w/in the neighborhood. Take Andrew Square or City Point. Both are in Southie. Andrew Square is on the West Side of South Boston while the neighborhood of City Point is on the East Side. And both are two very distinct areas with very different personalities.

So where do we start? Let’s start with the Designated 23 Neighborhoods in the city and then be on the lookout for future videos that go more in depth for each neighborhood. So lets scratch the surface if you will…

The official neighborhoods of Boston are: Allston, Back Bay, Bay Village, Beacon Hill, Brighton, Charlestown, Chinatown, Dorchester, Downtown, East Boston, Fenway- Kenmare, Hyde Park, Jamaica Plain, Mattapan, Mission Hill, North End, Roslindale, Roxbury, South Boston. South End, West End and West Roxbury. Boy… Say that 5 times fast!

Keep in mind that Boston today looks A LOT different than a couple hundred years ago. Knowing this, Boston may make a little more sense when you see all the roads criss cross in chaos when looking at a map!

Much of what we know as Boston today was actually a Bay that would be later filled in. So geographically speaking when we say north End or South...

Steps to Buying a Home - The 18 Steps of Buying a Home for First Time Home Buyers

The Steps to Buying a Home - The 18 Steps of Buying a Home for First Time Home Buyers

In this episode, we discuss all the steps when it comes to buying a home. Wondering how to buy a house? Well, we have counted and there are 18 steps! Some bigger and more important than others, but all important to know when buying a new home. Whether you are a first time home buyer or a seasoned veteran, this video will give you a rundown on how to buy a home step by step. This is most likely your biggest investment… It can be exciting, but also scary… This video is to help alleviate some of that fear!

About this video: You have decided that you want to buy a new home so what is next? In this video we discuss how to buy a home and walk you through a step-by-step process on what happens and when. We go through it all from the beginning all the way to the end when you are handed the keys to your dream home!

Step 1 - Meet with Your Realtor
Step 2 - Commit to Working with one Another
Step 3 - Get Pre-Approved or Pre-Committed
Step 4 - Define Must Haves & Nice to Haves
Step 5 - Narrow Down your Intersted Areas
Step 6 - Tour Homes & Fall in Love with One
Step 7 - Write an Offer
Step 8 - Mutual Acceptance of the Offer
Step 9 - Initial Binding Deposit (Escrow)
Step 10 - Home Inspection & other Due Dilligence
Step 11 - Sign Mutually Agreeable Purchase & Sale Agreement 
Step 11b - Second Deposit Made (Escrow)
Step 12 - Applyling for the Mortgage
Step 13 - Appraisal of the Property
Step 14 - Final Loan Commitment
Step 15 - Final Walk Through
Step 16 - Closing
Step 17 - Go on Record
Step 18 - Move in!

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The Pros/Cons of a Home Sale Contingency for a Buyer

The good & the bad of a home Contingency For buyers.

Most buyers need to sell their existing home in order to purchase a new one. This is especially the case for home buyers that are looking to trade up. The home sale contingency gives buyers the time they need to sell and mitigates their risk to ensure they don't lose their deposit.

In doing this however, it is shouldering the burden of risk on the seller. By accepting a home sale contingency, the seller is losing marketing time and possibly other opportunities in selling their house. It essentially becomes a little of a gamble for the sellers. They are gambling that the buyers house will sell quickly. It’s also a process that the seller’s have very little control over. For instance, the seller can’t make a buyer stage their house a certain way to make it more attractive or force them to reduce the price. They are stuck in a holding pattern doing a little hoping and praying.  

The Pros for Homebuyers are:

  • Avoiding owning 2 Homes & paying 2 Mortgages
  • Being able to "lock'' in the next house so they don't end up homeless
  • No risk to the Buyer’s deposits should they not be able to sell their house.

The Cons for Homebuyers Are:

  • They will still need to move forward & pay for home inspections, Bank fees as well as appraisal fees. Should the deal fall apart, none of those costs are reimbursed to the buyer.
  • A buyer may potentially need to pay more for a property then compared to if they were to make an offer without the Home Sale Contingency. The reason for this is that the seller is taking on more risk of a buyer’s ability to perform. Therefore, they will want to be compensated for that risk.
  • Should it be a multiple offer situation then chances of winning the bid are greatly decreased unless the buyer pays far over and above the next competing offer.

In my opinion, I do...

What is A Home Sale Contingency?

What is A Home Sale Contingency?

A home sale contingency is a clause in an offer that states the execution of the offer is only if the buyers home goes under agreement and successfully closes.

These contingencies are often times used by buyers when they are planning on using proceeds from the sale of their home to purchase the next one.

So, how does it work? It’s important to remember that a home sale contingency can be structured in Many different ways. But let’s say the buyer needs to sell 123 Main Street. The Home Sale Contingency will be in the offer that the buyer extends to the seller. The offer will be like any other offer with regards to price, deposits, inspections. The difference is that the actual execution & closing on the property is all based on whether the buyer’s home at 123 Main Street goes under agreement and closes.

If the buyers house at 123 Main Street goes under agreement by a specified date, then the contract moves forward. If it does not sell, then the contract is terminated and the deposits are released back to the buyer.

If you couldn't tell, these clauses are here to protect the buyer, not the seller and are only applicable to home buyers who want or need to sell a home Before they Buy a new home.

There are two separate types of home sale contingencies that are used at different times. These contingencies are the:

Sale and Settlement Contingency and just the Settlement Contingency

So, what’s the difference between the two and when is each correctly used.

If you are a buyer & your home has already gone under Agreement then you will want to use the Settlement Contingency. Simply put, this contingency protects the buyer should their sale fall through for any reason. If the buyers home...

10% Over Asking Isn’t Enough?

10% Over Asking Isn’t Enough?

This is a crazy market. There is little doubt on that fact.

We are seeing shortages in all walks of our life… From chip shortages which are creating shortages in cars and electronics to shortages in lumber and now even Gasoline! So I guess it’s no surprise that it’s no different with Housing.

But is now offering 10% or more over a seller’s asking price not enough? Is 10% the new minimum for many homes for Sale in Boston?

This last weekend we put four offers in for our clients. They were great offers with relaxed home inspection contingency thresholds between $5,000 to $7,5000, flexible closing dates with Suitable Housing Clauses for the Sellers and all of them were 10% or more over asking price.

On one offer we went 20% over asking price. On this house there were 69 other competing offers. 70 offers in total! We did not win this bid…

Another offer we wrote was a cash offer that was 10% over asking price with a flexible closing date and a $7,500 home inspection contingency threshold. But here is the kicker… This house was directly next door to a sewage treatment plant. We lovingly started referring to this house as the “Poo House”. We confirmed that there were no health hazards living next to a sewer treatment plant. Our client was excited about this house and had no issues with the environment. We figured we had this one in the bag…. Cash offer over 10% above asking with a big home inspection threshold! I mean come on! But no, that wasn’t even enough to win the Poo House bid.

And we were not able to secure the other 2 offers either. So, we went 0 for 4 in getting offers accepted. With all the offers at least 10% above asking price and what would be considered very strong terms for the seller.

So why these stories? Because it is important that people...