Posted by Jeffrey Chubb on Monday, August 2, 2021 at 2:19 PMBy Jeffrey Chubb / August 2, 2021Comment
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...
Posted by Jeffrey Chubb on Thursday, April 29, 2021 at 4:09 PMBy Jeffrey Chubb / April 29, 2021Comment
Are Housing Prices Going Down in 2021?
I have heard many perspective buyers say they are waiting on the sidelines until prices go down. Or that prices are getting too expensive. It seems that timing the real estate market has become a new national past time…
But is the real estate market really going down in 2021 or heck even 2022?
It’s always important to remember that real estate is local. So, while the national market could continue to see gains, there could be some specific markets where home prices go down due to local issues. In this case we are talking about the National market.
So, will the market go down in 2021 or even 2022?
It’s not going to happen. And there are a multitude of reasons why.
Let’s first start with the imbalance of housing supply to demand. Demand is far outstripping supply. The level of demand will subside. This level of imbalance will not continue. It’s my belief that demand will decrease due to increased interest rates and/or buyer fatigue. But that decrease in demand will not turn into a slump.
Freddie Mac recently stated that the U.S housing market is 3.8 million single-family homes short of what is needed to meet the country’s demand.
Why the shortage? The chief economist at Freddie Mac is quoted as saying “That is what you get when you under build for 10 years”.
So, what does this have to do with prices? Even if demand subsides a bit, we will continue to see an imbalance in the supply and demand curve for housing due to underbuilding.
It’s true, we are building more houses. Last year single family home starts rose to 991,000 units. Which isn’t bad. That is actually the highest rate since 2007. But in order for home builders to meet long term demand, they need to be constructing between 1.1...
Posted by Jeffrey Chubb on Wednesday, March 3, 2021 at 9:41 AMBy Jeffrey Chubb / March 3, 2021Comment
Okay, Not Quite Lies… But Misconceptions about eXp Realty
There are so many misconceptions about eXp Realty. On both sides. Competing brokerages harp on non or even partial truths while eXp agents are sure to make certain things better or easier then they really are. I know this was the way it was before eXp came into the picture (think RE/MAX vs. Keller Williams), but feel that it has really gotten out of hand… The eXp Realty complaints I find are generally from agents that never joined the company. Working for eXp isn’t for everyone… Just like KW isn’t for everyone either.
Everyone should keep their opinion about competing brokerages to themselves. Seriously, shut up. A bunch of keyboard warriors… Speak your opinion when spoken to (For the record, if you are reading this then you googled a term and clicked my blog so therefore are asking for my opinion/experiences)!
You Will Join and Everyone Else You Know Will Join Under You
Call 100 eXp agents and I feel like 99 of them will tell you how easy it is to recruit. They will say that when you join, they will teach you how to recruit and everyone you know that is an agent will want to talk to you and will sign up under you (Side bar, when RE/MAX sells you a franchise they make it sound like you will open your doors and people will flock to you and beat down your door).
This isn’t true. Recruiting is hard. Shit. It’s cut throat. Money is involved so therefore people’s feelings can get hurt. I believe most eXp Realty Complaints come from this. It doesn’t matter how great the company is… Recruiting is a process and if you want to be successful... Then you...
Posted by Jeffrey Chubb on Wednesday, March 3, 2021 at 9:10 AMBy Jeffrey Chubb / March 3, 2021Comment
Why I joined eXp Realty
I got pitched eXp 83 times before I finally joined. Heck, I am sure I was one of those eXp Realty Negative Reviews! I was SO tired of the eXp Realty Pitch… It gets really annoying when people pressure you when you aren’t soliciting their opinion. I have mentioned this before, but really find this as one of the most annoying things about the company. That being said, again… I get it. This mindset has made a lot of people in this company multi multi multi-millionaires… That is How eXp Realty Works.
I joined eXp when I was ready to. I reached out to (what ended up being my sponsor) the agent with questions… My sponsor abruptly joined eXp. He was an independent agent with a large and VERY successful company. I was at his office a month earlier for a Mastermind. When he joined, it turned my head. And made me pick up the phone and call him to say “what the heck, I thought eXp Realty is Bad?”… That is when I think I had my first very real conversation about the eXp opportunity.
Revenue Share that my wife can inherit
I had been talked to… or maybe it was talked AT numerous times about the virtues of eXp. It’s amazing because no one ever took the time to learn what was important to me. If they had, then they probably would have been able to better articulate the virtues of eXp.
To understand me, you first need to understand that my father passed away when he was 50 years old. Whether right or wrong, this has been something that has hung over me for the better part of my life. One of my biggest fears is leaving this world and leaving my young family unsecure. While I do have life insurance, because my Dad died so young… It is VERY expensive.
Back to the agent I called. I asked him why he is leaving the Real Estate Bliss of being independent and going to eXp. That’s when the...
Posted by Jeffrey Chubb on Tuesday, March 2, 2021 at 5:51 PMBy Jeffrey Chubb / March 2, 2021Comment
Is eXp Realty Really Worth it – Why I Decided to Stay
I spent some time discussing the eXp Realty Negative Reviews and now its time to talk about why I ultimately stayed. I don’t like being the guy that focuses on the negative which is what I felt like so many were saying on my recent therapy session… I mean blog post, eXp Realty Bad Review – What I Don’t Like About eXp
I ended that article noting that I am still at the company and quite frankly it is for good reason. While there are not as many reasons as to why I am still at eXp Realty, I have come to the conclusion that these reasons far outweigh the negatives of eXp Realty. So back to the question of Is eXp Really Worth It?
I have always felt that where you work and for the reasons why are personal. I think it is absurd for people to get all wound up pounding their chest with a “my brokerage is better” attitude. That’s great. I am happy it works for you. But shut up and sell some real estate. Let’s improve the conversation by talking about how to continue to elevate the industry and provide more for our individual families.
To that end, here are the reasons why I have decided to stay at eXp Realty (for now! Because you never know when there will be another opportunity that comes along).
Lower Fees - $22k a Year
Agents ask How Much Does eXp Cost all the time. And the answer is… It depends. I am an Icon agent which means I “cap”. Long story short, that is me paying them $16,000 in fees. I also pay them about $5,000 in transaction fees. My last cost is the $85 per month in recurring fees. All in, I am at $22k a year as the team leader to operate a $40 to $50m a year business.
As I have said before, I am a high D personality and...
Posted by Jeffrey Chubb on Tuesday, March 2, 2021 at 3:03 PMBy Jeffrey Chubb / March 2, 2021Comment
What I don’t Like About eXp Realty
Anyone that says that their company has no negatives or that there are no areas of improvement are full of it… Every company has its positives and negatives and most importantly what works for me, doesn’t necessarily work for everyone else. This is the beauty of options! And as Real Estate Agents, we have a lot of them! So here are my eXp Realty Negative Reviews if you will…
Working for eXp Realty will require you to use Facebook Marketplace. This is the main way of communication in the company and is one of the things I do not like about eXp. This may be perfect for everyone else, but for me it is just one more platform for me to log onto and follow. I love email. I would prefer everything to be email. I am old school and have learned to deal with it.
How the Agent to Agent Referrals work on Workplace
One of my biggest eXp Realty Complaints is that I do not like the way referrals are handled in eXp. Being a top producer, I miss the way that RE/MAX agents would go about finding other RE/MAX agents for a referral. I found that many people would go on to the RE/MAX database and search for the top producers first which really benefited me from a referral standpoint. If you are not a top producer, then you may love this process!
At eXp, company referrals work a lot like they do in Facebook Referral Forums like Labcoat Agents. It becomes a mad dash and ultimately the first to respond (who often are not well qualified and rarely vetted) will get the referral lead. This rewards the idle agents that quite frankly are not busy.
Reputation of eXp in the Real Estate Community
With a quick glance at eXp Realty Reviews (which are mostly from other agents not at or who have never joined eXp) you will see some negativity. Oh, heck. You will see a LOT of negativity. Whether it is...
Posted by Jeffrey Chubb on Sunday, February 28, 2021 at 4:22 PMBy Jeffrey Chubb / February 28, 2021Comment
How to get rid of Private Mortgage Insurance (PMI)
Private Mortgage Insurance is required in most cases when getting a loan if you do not put more than 20% down on a home loan (i.e. have a 20% equity position in a property).
It is an insurance premium that is provided by a 3rd party for the bank which covers the loss up to that 20%. This insurance premium is what motivates a bank to lend and at the low rates to a borrower with less than 20% down.
In order to get rid of PMI, either the house needs to have appreciated to have a 20% equity position or the borrower needs to have paid down a portion of the principal balance to give the house that 20%. Appreciation can come from just regular market gains or from improvements to the property that a home owner has made.
There are three ways to remove PMI. You can either provide a new appraisal to the bank to show the new value, wait until you have paid down 78% from the original appraised value. Or refinance the property which really only makes sense if interest rates have not increased.
Bank’s don’t really want to remove this premium. So, you as a homeowner needs to nudge the bank in order to get them to do it.
At 78% of that original appraised value, a bank should automatically roll off the Mortgage Insurance Premium. Should. You will want to call them to verify if this is the case.
If you think the market has appreciated to give you that 20%, then the first thing you should do is call your Realtor to verify the market comps. Your Realtor can do this at no cost and this way you will have actual comps to provide to an appraiser.
Once you have figured out that you believe you have enough equity, then you will want to call your bank and talk with them about the process of hiring an appraiser. Do they have a certain...
Posted by Jeffrey Chubb on Wednesday, February 24, 2021 at 3:44 PMBy Jeffrey Chubb / February 24, 2021Comment
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 needs.
Posted by Jeffrey Chubb on Wednesday, February 24, 2021 at 1:17 PMBy Jeffrey Chubb / February 24, 2021Comment
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 in Boston.
Posted by Jeffrey Chubb on Tuesday, February 2, 2021 at 9:16 PMBy Jeffrey Chubb / February 2, 2021Comment
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]
- 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.
Posted by Jeffrey Chubb on Monday, February 1, 2021 at 4:45 PMBy Jeffrey Chubb / February 1, 2021Comment
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.
- 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 out of the...
Posted by Jeffrey Chubb on Friday, October 4, 2019 at 2:15 PMBy Jeffrey Chubb / October 4, 2019Comment
Thinking of selling your home? Renovating your kitchen or adding a spare room can seem like a good idea when it comes to home improvements, but there are some upgrades that end up costing you more than what you’ll get in return. If you plan on being in your home for a while, then you probably don’t mind losing out on a little money in order to get your dream home. When it’s time for you to sell, though, you want to get the best bang for your buck. You also want to keep in mind that just because you upgrade your home, doesn’t mean you’re guaranteed a profit when selling your home. It would be best to consult a realtor and plan how much money to spend on making home upgrades and how much money to spend on marketing your home. Here is a list of some home upgrades that could break the bank:
Major Kitchen Remodel
The kitchen is one of the focal (and selling) points of the home. (Everyone loves food!) Of course, it would make sense to remodel it to be up-to-date and trendy. However, this upgrade only has about a 60-65% return value. On average, you can expect to spend about $60,000 for new appliances, the...
Posted by Jeffrey Chubb on Friday, September 13, 2019 at 11:44 AMBy Jeffrey Chubb / September 13, 2019Comment
People looking to buy a house near Boston often pick one of the bustling communities near the town center. Milton MA is an established nautical suburb offering homeowners posh living within easy reach of premium amenities and urban benefits.
Niche gives the city an A rating saying the community is vibrant, diverse, and rates the schools with the highest ranking. Visitors and residents often enjoy the rich history, culture, fine dining, exquisite artwork, and a multitude of events while in the area.
This upscale suburb sits in Norfolk County. The population is around 25,000 residents according to the 2010 Census. The city holds just over 13.3 square miles with just about all of it being land. The town is in the middle of the Blue Hills and the Neponset River.
Affluent neighborhoods flank the city with Quincy on the south and eastern borders, Mattapan and Dorchester to the north, and the infamous Hyde Park area to the west. At one time, the city was part of Dorchester.
As an agricultural community, this town brings forth a rich culture and history. The Milton MA area was a first for creating several mills offering unique goods for travelers along with fresh vegetables, grains, and fruits. One of the most fascinating facts about this area is it is...
Posted by Jeffrey Chubb on Friday, August 23, 2019 at 12:19 PMBy Jeffrey Chubb / August 23, 2019Comment
Improvements to Make Before Selling your Massachusetts Home
One of the most asked questions is “Should I make improvements before selling my home”. The correct answer is maybe.
I wanted to share with you you today what improvements if any you should make when putting a Massachusetts house on the market.
The reason that the answer is ‘maybe’ is because each situation is different. For example, it most likely will not make any sense or return any value to refinish the hardwood floors for a house that will most likely be completely renovated.
So what should the golden rule be when it comes to making improvements before putting a home on the market in Massachusetts? You should only make an improvement if it will provide you a return over what you are investing or an improvement that will come up in a home inspection.
But even with possible Home Inspection Issues, I have to say that you must be careful. I can often times negotiate an amount less then what it would actually cost.
A recent example is a client of mine in Boston had a furnace that was at the end of its life and had asked if he should have it fixed. This process would end up costing my client in the $15k range and would not have offered any additional value to a buyer when the property is on the market. We were able to negotiate an amount of less than half and buying a home warranty.
The smaller stuff that you know about like broken window seals, loose cabinet doors or maybe plumbing or electrical issues are generally areas that you will want to address. Other areas that you will most likely...
Posted by Jeffrey Chubb on Wednesday, July 31, 2019 at 12:14 PMBy Jeffrey Chubb / July 31, 2019Comment
Are you looking to sell or buy a home? Keeping up with the property market can be frightening especially in such a crowded market space. For a buyer or seller, timing is decisive. It can be the difference between a great deal and an average transaction. Such timing is dependent on the quality of information someone has about the specific market.
Having the information is half the battle, harnessing the data into usable intelligence is the other half.
Valuable information on the property market is available on the following platforms.
Annual Real Estate Reports
Some of the top websites and research organizations feature annual and quarterly industry reports. An avid investor can subscribe to such data. They can cost a small fortune sometimes. However, such companies invite media to sample the information. You can get valuable insight from news related to such industry reports.
If a company releases a new report, earlier reports become cheaper, and they have roughly the same content. However, be careful about...
Posted by Jeffrey Chubb on Monday, July 15, 2019 at 11:16 AMBy Jeffrey Chubb / July 15, 20191 Comment
Whether you are buying your first house, or you are a seasoned property investor, contractors are one group of professionals you will contact at some point. Property owners call these experts for many things from new projects to expansions and upgrades. We talk about eight times when you know you can leave the job to a specialist to save you time, hassle, and maybe money in this post.
Custom jobs from built-in shelves to new home builds
Adding a stunning feature can help a property investor sell a house quickly after buying to make it easy to flip. Custom shelves or an organizer for walk-in closets are small yet significant features in many buyer's opinions. Knowing the type of heating system, and whether it may be necessary to upgrade to propane heat or natural gas is paramount. When you have a busy schedule, hiring a specialty contractor is an affordable way to get quality work in your time frame. Contract firms can do small jobs like these, or they can oversee the construction of a new home or business. A project manager is the person who oversees the various specialists and organizes the team to complete the assignment efficiently.
Posted by Jeffrey Chubb on Saturday, June 15, 2019 at 12:11 PMBy Jeffrey Chubb / June 15, 2019Comment
Alternative Properties in Real Estate
Alternative properties are not something a lot of people even realize are an official part of the real estate market. The words themselves sound like a marginal or miscellaneous aspect of the commodities market. Upon searching for alternative properties on the web you will find many similar blogs and articles that tackle the subject, but not in-depth. Many give broad and similar strokes that offer little information. This is due to the fact that alternative properties vary greatly in cost and ROI.
Amongst the more surprising to see listed on several of these blogs, billboards are a legitimate piece of the real estate market. Certainly, of no interest to someone who needs a roof over their head, or office space, they can be a lucrative investment.
Average Buy-In: Varies greatly, between several hundred dollars and millions of dollars, depending heavily on location, size, and condition of the billboard.
Average ROI: $1800.00/mo. (For one billboard)
A hot ticket in the current alternative properties market is ...
Posted by Jeffrey Chubb on Wednesday, May 29, 2019 at 4:12 PMBy Jeffrey Chubb / May 29, 2019Comment
4 Not-So-Obvious Things To Check When House Hunting
One of the most important purchases in life is buying a house. But even though picking a new home is exciting, it can be a daunting and anxious process. Often you will get over excited and end up thinking with the heart instead of the head.
Well, the exhilaration is a natural feeling that can plunge you into a serious time and money sink if you’re not taking everything into consideration.. With a real estate agent on your side, the process of picking the right house which suits your needs is simplified.
Of course, you contemplate several factors in making the decision. The features most people narrow down first are the size of the house, the location, the neighborhood, and the condition of the house itself.
As there are many aspects to cover, it’s easy to overlook checking into some not-so-obvious features that could adversely impact your stay in the house. These house hunting tips will help you gain a clear eye when scrutinizing homes for sale.