Article 1 (Is Real Estate a Career for You?) Article 2 (Ending The Mortgage Nightmare Of Building A Dream House) Article 3 (How to Improve Your Chances!) Article 4 (Q&A with Michael Merrill)

Is Real Estate a Career for You? By Sara Rosenfeld, Sr. Vice President, Brookline Office of Hunneman-Coldwell Banker Did you pick up this magazine and seriously start reading all of the ads and looking at the pictures of the property when you have no plans on moving? Do you find the articles in this magazine interesting and seek out other publications that give you information about Real Estate Market? Can you resist driving or walking by an OPEN HOUSE sign on Sunday without stopping in to look at the property? have you been surfing the World Wide Web and spending time looking at Real Estate Web sites? D you enjoy hearing about the Real Estate market trends and find yourself speaking to people about their real estate experience? maybe your "interests" in real estate could be the foundation to a very successful real estate career/ How do you know if that is a possibility for you? Everyday, I speak to a variety of people who are considering a career in Real Estate and are getting many of their questions answered about this fun, challenging, and stimulating field. Deciding whether is a career for you requires a personal investigation which should include meeting many different people working in the real estate world and completing informational interviews. Listening to how other people started in their careers and where their interests have taken them is one of the most valuable tools in any job search, but it is critical when it comes to finding out what a job selling or renting real estate is all about! The hob is not what it appears to be from the outside! First of all, there are many different people of all ages, educational backgrounds, and different career paths that find themselves in real estate. Those who are happy and successful in their real estate career share a love of looking at real estate, working with people, being out and about during the day and night, being involved with negotiations, putting together the right property with buyers or tenants, do not mind working long hours and sometimes seven days a week, having work days that are always different and changing throughout the day, can deal with tremendous excitement and also manage through tremendous disappointment and challenges, have good stamina, good driving and directional skills, good memory, good communication skills, entrepreneurial tendencies, positive attitude, and self confidence. Many people looking at this career think that is an easy way to make money. That is the biggest misconception! The job is difficult, but rewarding! There is much more that real estate professionals do than show property. In order to be successful, you need to be able to handle many different tasks at once plus manage your time, something that is always a challenge! You need to be constantly aware of the variables that affect the market. Interest rates, local politics, environmental issue, legal issues, local inventories, trends in the local, states and national markets are just some of the things we need to keep up on with the latest information! Metro Boston has some of the most educated consumers in the world and keeping one step ahead of them is a big challenge! Real Estate sales and rentals are strictly commission jobs. You are only paid when the job is finished! Having the financial backing to start any new business and be self-employed is one of the biggest challenges all entrepreneurs face. Many people suggest that when you start a real estate career, you need to do it full time with about six months worth of living expensed saved. Other professionals argue you can do this job part time while you are still working a "regular" job. I personally believe that in order to complete your job training, keep up with the market, and best service your clients and customers, you need to work at this career full time with 100% attention to creating your business and being the best you can be! I would be happy to speak with you if you are interested in finding out more about a career in real estate. (617) 731-2447.

Ending The Mortgage Nightmare Of Building A Dream House By Rick Fedele Building a dream house has often meant dealing with nightmarish mortgages. Most construction loans set a higher interest rate than conventional loans (typically prime rate, plus 1 percent). Starting from scratch can cost a lot more than settling with an already-built home. But there is financial relief available for those with the ambition of building a home to meet their needs and specifications. "Easy Build" home construction mortgages offer the opportunity to lock in an interest rate and secure permanent financing at the time of application. Other construction mortgages don't lock the permanent rate until one to two months prior to completion of construction -- a process that can often take six months or more. Unlike other plans, "Easy Build" mortgages are also competitive with conventional mortgages. Although, as with most mortgages, a 20 percent down payment is required, it can be paid in increments prior to the completion of construction instead of at the closing. Loan options range from one, three, five or 10-year adjustables to 15 and 30-year fixed loans. The "Easy Build" mortgage takes the gamble out of building a new home because, by locking the rate up front, individual home builders can plan accordingly. By knowing their rate and monthly payment, home builders have the flexibility to add a two-car garage, farmer's porch, deck -- or whatever added features they desire -- confident that they can afford it. If interest rates should fall by the completion of construction, refinancing is a fairly easy option. There are numerous difficulties and headaches that anyone building a home from the basement up will have to face. But, with the right plan, securing a mortgage won't be one of them. Richard Fedele is President of Summit Funding, a Boston-based mortgage company with offices at 376 Boylston Street. Summit is an affiliate of Pacific Guarantee Mortgage Company (PGM), based in Greenbrae, California. PGM is the largest mortgage broker in the United States with a full line of loans and an annual volume of in excess of $1.8 billion. PGM has more than 40 offices and 135 loan originators throughout the country, and brokers its loans to a network of more than 200 nationwide lenders. For additional information, please call 617/859-0900.

How to Improve Your Chances! By Jay McHugh of RE/Max Affiliates As the colder weather and the holidayís approach, Realtors typically see a decline of buyers and sellers in the market. The reasons are many and obvious. For instance, many buyers make it a point to close before the holidays and are settled in for the winter. Further, many homes do not look as attractive to buyers to make a sound decision on and the weather may impede showings during the inclement weather. The truth is that there are fewer customers during this time. Yet, we all know that there are still buyers and sellers looking to buy and sell real estate. Nevertheless, this is an excellent opportunity for buyers to review their needs and for sellers to improve their homes for the upcoming spring market. Regarding the buyer who has waited patiently for the perfect house to come on the market, he or she may pensively wonder ìwhy havenít I found my house yet?î Unfortunately, buying a home is not like anything else we do. We would appreciate that buying a home would be as easy as buying a suit. Find the size and the style, the color, and the right price range, and you are off to the register. Unfortunate with real estate, the supply of homes may not be in your favor when you are looking to buy a home. Therefore, you have to settle for what is on the market currently. Hence, reviewing your likes and dislikes during the quiet time when your dream house is waiting to be listed, certainly is a prudent strategy for a buyer. Another important item during this waiting period is for buyers not to get down on themselves since this is negative energy. Oh yes one can kick themselves for not buying this or that when it was available at an earlier time. Moreover, the interest rates may have jumped up considerably and the buying power may have eroded for the buyer for procrastinating. Yet, these and other thoughts will only burden you prior to other homes coming on the market and in retrospect you will realize that this is only counterproductive. We must stay positive about the search. The reason is that a buyer can not control the availability of the housing market. They wait for something to come on the market or they must engage in a contract with a builder. Therefore, during these times buyers should improve their knowledge of the home buying process so that when a home does come on the market they will be ready. One easy way to enhance your knowledge is to scrutinize your savings and debt income ratios with a loan officer. For instance, interest rates may have gone up and you may believe your purchase price is reduced. Remember, however, your savings have for the most part increased and your debts may have decreased in this time. Thus, a new loan program that rewards buyers with large down payments and low debt ratios may have come about and this will allow you to still purchase in the new price range you want. Another useful strategy is to become familiar with the different mechanics of a home. For example, research the library for information that publishes the difference between warm air heating systems and hot water heating systems. Know the life expectancy of an asphalt shingle roof. Have estimates of replacement windows and bathrooms. The important thing to remember is that the more you know about the aspects of a home, the more comfortable and confident you will be when a home comes on the market. The following are some suggestions to follow during the quiet period of new listings: 1) Research what has sold in the last 12 months 2) Research the neighborhoods that you find interesting 3) Visit areas that are appealing to you at different times 4) Read real estate articles for tips and knowledge 5)Ask many questions to your realtor, they are there to help you. When selling your home during this quiet period, there are many things a seller can do to enhance his/her home for sale. Selling a home during this quiet time can be difficult but there are steps to improve your chances. With the cold weather a non-controllable force, sellers must be prepared to address the weather issue. Often the importance of keeping the outside clean, neat and free of debris can be overlooked. This is not the time to give in to the weather. For example, many buyers would rather drive by homes for sale during cold weather and stay in a warm cat than make an appointment with their Realtor. Therefore, by keeping a favorable presentation on the outside you will not lose potential customers. In addition, your home certainly will stand out above your competition and buyers will admire you and your home for your work. Another sagacious recommendation is to prepare your home for the upcoming spring market. As mentioned earlier, business is still done in the colder months. And as Realtors we donít stop work during the winter. But improving your home with a fresh coat of interior paint and cleaning the bathroom fixtures is a wise improvement in any event. The following are other suggestions to ease the burden of selling your home: 1)Keep lights bright and in good working order 2)Remove useless furniture that wastes space 3) Review your competitive price with your Realtor 4) Stay calm and do not panic As the winter months approach it is important to work closely with your Realtor. Ask questions and review the weaknesses of your home. Buyers and sellers need to stay patient but watchful of the market. Lastly may you have a safe and enjoyable holiday season!

Q&A with Michael Merrill of Merrill & McGeary, a real estate attorney. Q: Several months ago, I signed a purchase and sale agreement to purchase a small multi-family property. I obtained financing and the closing was scheduled. but he did not have a smoke detector compliance certificate. The Bank's attorney would not allow the closing to go forward and the purchase was not completed. My attorney told the Seller I still wanted to purchase the property and he had an obligation to obtain this certificate. I called him to schedule the closing and he told me had a new offer from another Buyer to purchase the building for fifteen thousand dollars more. he said he would not sell me the building unless I paid the higher price. What are my rights? B.T. Boston, MA A: This situation occurs in periods when the real estate market is overheated. Prices rise rapidly over a period of just a few months and, as a result, some sellers try to find ways not to honor purchase and sale agreements that require them to sell their property for less than fair market value. Of course, this is one of the reasons the law requires written contracts which bind the Seller and Buyer to the transaction and impose obligations on both parties. It is impossible to advise you without having reviewed the particular agreement in your case. Assuming, however, that a standard purchase and sale agreement was adopted with the usual modifications, the Seller would have an obligation to use his best efforts to obtain the smoke detector compliance certificate and the closing would be extended for thirty days. At that point, if the seller obtained the certificate, he would be obligated to sell you the property on the terms and conditions of your original agreement. If the Seller refuses to do so, you may have the right to sue him for damages and for an order of specific performance, requiring him to sell the property to you at the original price. While the lawsuit is pending, you may request the Court to issue an order of lis pendens, which is the notice of a pending lawsuit involving title to the property. Once you record such a notice with the Registry of Deeds, all third parties are on notice of your lawsuit, and the Seller is prevented from transferring title to the Property free of your claim. Obviously, you must consult an attorney to determine your rights under your agreement. Michael W. Merrill Q: I live in a small Condominium and we do not have a management company. I'm not sure where I can go for advice when the owners have questions. can you make any suggestions? For example, one of our unit owners has not paid common charges and is complaining about water leak into his unit. I hired a contractor to fix the leak, but apparently the repair was not done properly. What should I do? L.R. Brookline, MA A: Unfortunately, there are only a few sources where condominium associations can obtain good information about how to govern their condominiums. The best of these is the Community Associations Institute (CAI). This is a national organization which assists condominiums, cooperatives and homeowners' associations with such issues. The New England Regional Chapter is at 70 Walnut Street, Wellesley, MA 02181 (781-239-8193). While you may consult CAI for advice from time to time, it is not intended to serve as your sole source of support and advice. Therefore, I recommend you either link up with a property manager who has condominium expertise, or obtain a referral to an attorney who represents condominium associations who you could consult on a more regular basis. I am sure you could arrange a mutually satisfactory fee arrangement with either. As for your immediate problem, the collection action should be handled independently from the water leak repair. The water leak does not allow the owner to withhold payment of common charges. I recommend you consult a condominium attorney who will advise you as to the best strategy to employ. Michael W. Merrill