Blog :: 10-2010

"Windhill Realty believes in improving the lives of local residents and making their community a better place to live."

Announced Kevin Wallace, President-Elect as he introduced us as the winner of the community Service Award. The award was presented at the Annual North Shore Association of Realtors® Awards Banquet held at Danversport Yacht Club last Thursday. The Windhill team was thrilled when announced as the winner.  

This award is presented annually to the office that demonstrates extraordinary commitment to community service through volunteerism and civic and charitable contributions improving the lives of local residents and making their community a better place to live. "If I was going to get an award, this is the one I would want to get." could be heard among the congratulations we received from our peers. All of us here at Windhill couldn't agree more. This is an award we will proudly display!

The celebration included a networking reception, election of officers, introduction to the 2011 leadership team, live music, dinner and entertainment. The evening was highlighted with the presentation of NSAR's industry awards.  Although only part of our team was able to attend the awards banquet, the entire team is responsible for us receiving this award. Everyone does their part. "Everyone on our team has such a strong commitment to the community. When they announced us as the winners and read the long list of causes we support, I felt so proud to be part of your team. It's because of you that we received this award," said Shawn Cayer, broker/owner to us at this week's sales meeting. And he means it. See the photos...

Tales from the Real Estate Crypt #2

Short Sales - the LONG & Short of it!

We hear a lot about short sales these days. In the real estate biz we joke about the term, "SHORT SALE". "Short" sales should really be termed "LONG" sales since the process can take years! That's right, years! Kidding aside, the term "short" is used because the amount of money the lender who technically owns the house will receive ends up being less (SHORTer) than the orginal loan amount because of declining value. 

This week's nightmare tells of a short sale that took over a year. The agent brought five (that's right! 5!)  ready, willing and able buyers to the table with offers and although the offers met market value, the bank declined all five offers. Back to square one for those sellers! UGH!

I found this great list of short sale problems for buyers on Equifax.com. These warnings are for real folks. My best advice: work with a reputable advisor who knows the area. Frequently, short sales and foreclosures are listed with (way) out of town agencies who have a relationship with the bank. Find a local professional and GET BUYER REPRESENTATION.  It doesn't cost you anything. You deserve to have someone on your side of the woods. It will probably still be frustrating, but it doesn't have to be so scary.

Short Sale - Buyer Beware

  1. Existing liens can kill the deal. When you buy a foreclosure, typically the lender has settled, or paid off, all existing liens attached to the property. You should be buying the foreclosed property lien-free. But a short sale property has not gone through the process of cleansing the liens from the title, so beware. You'll be asked to take title subject to the liens, meaning that you will now be responsible for them. So plan your budget accordingly and try to get everything paid off at the closing.
  2. Unknown liens can be expensive land mines. A bigger problem is the presence of unknown liens attached to a short sale title. An attorney recently shared a story about a short sale where a $45,000 tax lien cropped up after all the other issues had been worked out and the lender had accepted a price. This sudden $45,000 shortfall almost killed the deal. Ultimately, the lender accepted less, and the deal closed.
  3. More than one lender means double trouble. It's bad enough negotiating with one lender. But if the homeowner has taken out a second or third mortgage, you'll have a bunch of lenders standing in line, each of whom has to agree to the short sale.
  4. You might wait six months, only to find out your offer wasn't approved. Lenders don't appear to be in any hurry to accept a short sale offer. Why? Once the short sale offer is approved, the lender has to write off the missing principal as a loss. For a primary lender who might have some or most of the loan repaid, this might not be that big of a write-off. But a second or third lender will be left with nothing and have no incentive to approve the deal. Any of these lenders, or all of them, might kill your deal.
  5. You might have to pay more than you agreed or risk losing the deal. You might find out after months of working on the deal that one of the lenders requires more money to close. Everyone in the deal will look to the buyer for the cash. You have to decide what you're willing to spend to make the deal happen. At some point, the short sale might not be worth it.
  6. Unforeseen issues can crop up at any time and delay or kill the deal. The longer it takes to approve a short sale, the more issues can arise that will delay or kill the deal. If you're buying a short sale, you should absolutely hire your own attorney (not the lender's closing attorney), who can represent your interests in the deal and provide you with cover should you decide not to move forward with the purchase.

There are a lot of secrets lurking in the short sale woods. Work with someone you can trust. Contact me! Contact a Windhill Advisor! We are all here to help.

Downtown Ipswich Trick or Treat, Saturday October 30th 2-4pm. Visit us! 16 Market Street, Ipswich

Tales from the Real Estate Crypt...Read if you Dare.

I've received some interesting Tales for our Real Estate Crypt.  

Thank you for scaring me half to death! I plan to share them all with you.

 

B E W A R E . . .

 

 

Let's begin with one of the most common nightmares...the dreaded and commonly misunderstood septic system. It's a mystery to most, even to those who own one. For some it's become a huge nightmare.

 

This is the story I hear over and over again. If you have a septic system or you're considering buying a house with one you should read this.

 

House goes on the market, priced right, buyer comes along right away, makes an offer, negotiating happens and the contract is finalized. Seller and buyer are excited and ready to move forward. Seller never tested for Title V. They just didn't know! Test for Title V happens. The system fails. This triggers a percolation test and septic design process that can take 2-3 months, or longer! Then there's still the actual installation! If you were the buyer, what would you do? Could you wait? Do you have a house to sell that's also under contract bound by dates? Where will you live in the interim? Would you just walk away and buy a different house? If you're the seller, you could lose a good buyer. If the buyer needs to get a mortgage to buy your house (not paying cash!) you will have to escrow one and a half times the estimated cost for the system if it's not installed by the closing date. Can you afford to do that? If your house has been vacant for any length of time, you may have another set of problems to contend with. What a nightmare.

 

If you are even thinking of selling your house, understand the process before you make any decisions. We have some well-versed professionals who have had a lot of experience with this. Many homes on the North Shore rely on septic systems and being one of the busiest real estate offices on the North Shore, we see a lot of scenarios. Do you know that a failed Title V test starts the clock ticking and you then have 2 years to correct it? Do you know about voluntary testing? Do you know about the latest design technology? We certainly don't claim to be septic experts. We just want to educate you about the process. Get the facts before it's too late. It doesn't have to be scary.

 

Night falls. Haunted music fills the air. The moon is full and bright; so bright it's reflecting off the "candy cane" sticking out of the "tomb" in your new front yard. Oh wait, that's the raised septic system.

 

Wake up! Wake up! It was just a nightmare. 

  

  

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Just Released! The Windhill Wire - October Edition

The October Newsletter just went out. Get full details on our new listings!  See what homes in your neighborhood are actually selling for! Find out who's making a difference in our community. Click here!  

Want to stay connected to the action, find out first about new listings, be informed about your "back yard" real estate market? Find us on FACEBOOK/WINDHILL REALTY and become a fan.

Got a real estate horror story to share? Maybe a haunted house to tell us about? Your story could be featured in our October special edition of  Tales from the Real Estate Crypt. Don't let that scare you! Stay tuned.

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What's Going on in Your Neighborhood? Ipswich Sales - Last 3 Months!

Address #BR #BA List $ Sale $ DOM
Single Family          
53 Jeffreys Neck Rd, Ipswich, MA 2 1 $120,000 $120,000 126
20 Lakemans Lane, Ipswich, MA LAND   $199,000 $160,000 164
5 Lowes Lane, Ipswich, MA 4 1.5 $219,900 $219,900 117
203 High St, Ipswich, MA 4 1.5 $225,000 $234,475 56
3 Sawyer St, Ipswich, MA 1 1.5 $248,000 $229,700 987
8 Currier Park, Ipswich, MA 2 1 $249,900 $250,000 237
95 Linebrook Rd, Ipswich, MA 4 2 $292,050 $275,000 543
14 Brownville Ave, Ipswich, MA 3 1.5 $319,900 $315,000 70
108 Central St, Ipswich, MA 3 2.5 $349,000 $349,000 139
60 East St. #2, Ipswich, MA 3 2 $349,900 $347,500 108
4 Randall Rd, Ipswich, MA 4 1.5 $409,000 $390,000 60
1 Hickory Ln, Ipswich, MA 4 2.5 $534,900 $544,000 37
4 Alamo Rd, Ipswich, MA 2 2 $699,000 $637,000 51
192 Country Club Wy, Ipswich, MA 4 2.5 $729,000 $700,000 295
42 Southpoint Ln, Ipswich, MA 2 2.5 $745,000 $680,000 140
7 Southpoint Ln, Ipswich, MA 3 2.5 $759,900 $729,900 2
46 Skytop Rd, Ipswich, MA 3 2.5 $925,000 $880,000 134
37 Leslie Rd, Ipswich, MA 3 1.5 $329,900 $340,000 71
12 Hodges Way, Ipswich 3 1 $340,000 $309,000 126
316 Linebrook Rd, Ipswich, MA 3 1 $364,900 $360,000 80
223 Linebrook Rd, Ipswich, MA 4 2 $369,900 $360,000 107
156 Topsfield Rd, Ipswich, MA 2 2 $379,900 $379,900 107
7 Juniper St, Ipswich, MA 4 2 $389,900 $360,000 116
21 James Rd, Ipswich, MA  3 2.5 $399,000 $378,000 87
11 Hodgkins Dr, Ipswich, MA 4 1.5 $399,500 $394,000 99
10 Newbury Rd, Ipswich, MA 3 2.5 $489,900 $485,000 39
6 Fille St, Ipswich, MA 4 2.5 $509,900 $485,000 135
1 Hood Farm Rd, Ipswich, MA 3 2.5 $599,000 $594,000 23
91 Pineswamp Rd, Ipswich, MA 4 2.5 $624,900 $607,500 50
191 County Rd, Ipswich, MA 4 5.5 $829,900 $800,000 89
15 The Fairways, Ipswich, MA 4 4.5 $949,000 $899,000 141
           
Condominium          
500-201 Colonial Dr, Ipswich, MA 1 1 $135,000 $130,000 125
200-202 Colonial Dr, Ipswich, MA 2 1 $169,500 $162,000 81
200-102 Colonial Dr, Ipswich, MA 2 1 $172,000 $165,000 61
7 Manning St #2, Ipswich, MA 2 1 $229,000 $225,000 5
21 Fairview Ave #1, Ipswich, MA 2 1 $235,000 $230,000 89
400-57 Colonial Dr, Ipswich, MA 2 2.5 $235,000 $220,000 40
7 Manning St. #2, Ipswich, MA 2 1 $235,000 $230,000 1
401-3 Colonial Dr, Ipswich, MA 2 2.5 $249,900 $240,000 135
401-11 Colonial Dr, Ipswich, MA 3 2.5 $310,000 $306,000 371
100-6 Central St, Ipswich, MA 3 2.5 $325,000 $297,000 147
70 River Point Dr #22, Ipswich, MA 2 2.5 $359,900 $367,402 229
64 River Point Dr #19, Ipswich, MA 3 2.5 $387,900 $417,060 273
23 South Main St, #8, Ipswich, MA 1 1 $189,000 $188,000 211
400-15 Colonial Dr, Ipswich, MA 2 2.5 $249,000 $233,000 76
60 East St. #1, Ipswich, MA 2 2 $364,900 $365,000 208
           
Land          
5 Barnside Dr, Ipswich, MA 3.25 acres $229,000 $188,000 344
           
Multi Family          
17 Estes St, Ipswich, MA 2 Unit 4/4 $319,000 $303,000 55
44 Brownville Ave, Ipswich, MA 2 Unit 5/5 $369,900 $344,500 234
68-70 High St, Ipswich, MA 3 Unit 6/6/2 $409,000 $379,000 253

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

What's Going on in Your Neighborhood? Hamilton Sales - Last 3 Months!

Address #BR #BA List $ Sale $
Single Family        
49 Bridge St, Hamilton, MA 2 1 $224,900 $225,000
34 Durham Ave, Hamilton, MA 3 1 $279,900 $295,000
46 Moynihan Rd, Hamilton, MA 3 2 $359,900 $340,000
107 School St, Hamilton, MA 4 2 $479,000 $440,000
61 Plum St, Hamilton, MA 3 1.5 $499,000 $460,000
16 Arlington St, Hamilton, MA 4 2 $499,000 $468,000
18 Ricker Cir, Hamilton, MA 4 2+2 $579,000 $586,500
46 Rock Maple Ave, Hamilton, MA 4 3 $599,000 $582,000
9 Bittersweet Ln, Hamilton, MA 5 2.5 $649,900 $600,000
776 Bay Rd, Hamilton, MA 5 2.5 $1,050,000 $940,000
95 Rockmaple Ave, Hamilton, MA 4 4.5 $1,200,000 $1,041,500
34 Autumn Ln, Hamilton, MA 5 4.5 $1,650,000 $1,350,000
17 Durham Ave, Hamilton, MA 3 1 $89,900 $126,000
25 Home St, Hamilton, MA 3 1.5 $259,000 $254,000
22 Bradford St, Hamilton, MA 3 1 $370,000 $337,500
3 Smithwood Terr, Hamilton, MA 4 2.5 $448,000 $430,000
90 Homestead Cir, Hamilton, MA 3 3.5 $495,000 $517,900
         
Multi Family        
217 Asbury St, Hamilton, MA 2 Unit 4-May $449,000 $430,000

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

What's Going on in Your Neighborhood? Wenham Sales - Last 3 Months!

Address #BR #BA List $ Sale $
         
Single Family        
67 Maple St., Wenham, MA 2 1 $269,900 $262,500
99 Larch Row, Wenham, MA 3 3.5 $360,000 $430,000
17 Conrad Cir, Wenham, MA 4 2 $499,000 $500,000
15R Cherry St, Wenham, MA 4 2 $499,999 $489,900
00 Arbor St, Wenham, MA 4 2.5 $500,000 $490,000
29 Burnham Rd, Wenham, MA 4 2.5 $545,000 $515,000
23 William Fairfield, Wenham, MA 4 2.5 $579,000 $579,000
34 William Fairfield, Wenham, MA 4 2 $747,000 $728,000
188 Cherry St, Wenham, MA 4 2.5 $1,200,000 $1,115,000
         
Condominium        
201 Old Country Rd #201 2 1.5 $264,000 $255,000
412 Old Country Rd #412 2 2 $369,000 $359,000

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

What's Going on in Your Neighborhood? Topsfield Sales - Last 3 Months!

Address #BR #BA List $ Sale $
Single Family        
3 Pine St, Topsfield, MA 3 1.5 $300,000 $280,000
8 Arrowhead Rd, Topsfield, MA 3 1.5 $365,000 $350,000
7 Meetinghouse Ln, Topsfield, MA 4 2.5 $369,000 $370,000
23 Bare Hill Rd, Topsfield, MA 4 1.5 $429,900 $409,000
65 Wenham Rd, Topsfield, MA 3 1.5 $429,900 $435,500
36 East St, Topsfield, MA 4 2.5 $499,000 $470,000
24 Brookside Rd, Topsfield, MA 4 2.5 $499,000 $480,000
3 Comstock Ln, Topsfield, MA 4 2.5 $549,000 $534,000
8 Millbrook Ln, Topsfield, MA 4 2.5 $799,900 $762,000
18 Coppermine Rd, Topsfield, MA 4 3+2 $1,200,000 $1,000,000
389 Boston St, Topsfield, MA 4 2 $399,900 $399,900
116 Perkins Row, Topsfield, MA 5 3 $439,000 $405,000
5 Brook Rd, Topsfield, MA 4 3 $549,000 $535,000
12 Wilmor, Topsfield, MA 4 2.5 $559,900 $538,500
27 Perkins Row, Topsfield, MA 4 2.5 $599,000 $550,000
         
Condominiums        
58 Great Hill Ln, Topsfield, MA 2 2 $430,000 $420,000
37 Main St #4, Topsfield, MA 2 1.5 $199,999 $195,000
5 Great Hill Rd #5, Topsfield, MA 1 2 $320,000 $310,000
         
Multi Family        
10 Grove St, Topsfield, MA 2 unit 6/4 $470,000 $428,500

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

What's Going on in Your Neighborhood? Rowley Sales - Last 3 Months!

Address #BR #BA List $ Sale $
Single Family        
12 Haverhill St, Rowley, MA 2 1.5 $184,750 $169,000
200 Leslie Rd, Rowley, MA 3 2.5 $329,900 $315,000
55 Main St, Rowley, MA 3 2.5 $369,900 $362,000
37 Bennett Hill Rd, Rowley, MA 4 3.5 $429,900 $420,000
51 Bennett Hill Rd, Rowley, MA 4 2 $499,900 $489,000
149 Cross St, Rowley, MA 3 1.5 $309,000 $307,000
22 Bradford, Rowley, MA 2 1.5 $329,000 $319,000
8 Arrowhead Cir, Rowley, MA 3 2.5 $499,000 $505,000
104 Leslie Rd, Rowley, MA 4 3.5 $599,999 $569,000
         
Condominium        
545 Newburyport Tpk#8, Rowley, MA 2 2.5 $439,000 $427,000
545 Newburyport Tpk#1, Rowley, MA 2 2.5 $438,500 $425,000
         
Multi-Family        
48 Kittery Ave, Rowley, MA 2 Unit 6/6 $449,000 $435,000

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

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What's Going on in Your Neighborhood? Danvers Sales - Last 3 Months!

Address #BR #BA List $ Sale $
Single Family        
249 Maple St, Danvers, MA 2 1 $148,900 $139,000
28 Chestnut St, Danvers, MA 3 1 $159,900 $139,900
210 Maple St, Danvers, MA 3 1 $209,000 $215,100
6 Cornell Rd, Danvers, MA 3 1.5 $264,000 $260,000
3 Bradley Rd, Danvers, MA 2 1 $269,000 $265,000
65 Collins St Danvers, MA 3 1 $272,900 $245,000
9 Foster St, Danvers, MA 3 1 $277,000 $260,000
167 Pine St, Danvers, MA 3 1.5 $279,900 $265,000
18 Sherwood Ave, Danvers, MA 3 1 $289,000 $289,000
120 Centre St, Danvers, MA 4 1.5 $299,900 $397,000
27 Robert Rd, Danvers, MA 2 1 $299,900 $293,500
123 Forest St, Danvers, MA 3 1 $319,900 $310,000
391 Maple St Danvers, MA 4 1 $325,000 $303,500
6 Northfield Way, Danvers, MA 3 1.5 $339,000 $300,000
24 Bayberry Rd, Danvers, MA 3 1.5 $344,900 $337,500
9 Forest St, Danvers, MA 3 2 $345,000 $329,000
8 Beaver Park Rd Danvers, MA 3 1.5 $349,000 $349,000
10 Mello Pky, Danvers, MA 4 2 $349,900 $350,000
37 Columbia Rd, Danvers, MA 3 1 $355,000 $330,000
50 Princeton St, Danvers, MA 3 1 $362,900 $357,000
311 Maple St, Danvers, MA 3 1.5 $364,000 $350,000
21 Riverside St Danvers, MA 3 2.5 $367,500 $367,500
11 Cheever St, Danvers, MA 4 2 $369,900 $362,000
10 Wenham St, Danvers, MA 5 2 $374,900 $355,000
3 Erie Ln, Danvers, MA 4 2.5 $397,784 $380,000
7 Orranita Cir, Danvers, MA 4 1.5 $399,900 $385,000
54 Pine St, Danvers, MA 3 2 $399,900 $377,500
21 Delaware Ave Danvers, MA 3 2 $399,900 $385,000
10 Barbara Rd, Danvers, MA 3 2.5 $419,900 $392,500
170 Old Burley St Danvers, MA 5 2 $449,000 $425,000
24 Cabot Rd, Danvers, MA 4 2 $449,000 $419,000
1 Naumkeag Row, Danvers, MA 3 3 $460,000 $465,000
21 West St Danvers, MA 4 2.5 $495,000 $500,000
18 Buxton Rd Danvers, MA 4 3 $519,900 $490,000
31 Mohawk St, Danvers, MA 5 2+3 $529,000 $507,500
35 Sherwood Ave, Danvers, MA 5 2.5 $529,900 $540,000
5 Prentiss Rd, Danvers, MA 4 3+2 $649,000 $627,500
         
Condominium        
12 Central Ave #10 Danvers, MA 2 1 $153,500 $150,000
23 Carriage Way #23 Danvers, MA 2 2+2 $290,500 $258,000
35 Collins St #84 Danvers, MA 2 2 $292,500 $290,000
62 Purchase St A2, Danvers, MA 1 1 $99,000 $85,000
38 High St #4, Danvers, MA 2 1 $189,900 $185,000
52 Purchase St B5, Danvers, MA 2 1 $154,900 $145,000
14 Williams St #15, Danvers, MA 2 1.5 $229,900 $227,500
211A Pine St, Danvers, MA 2 1.5 $260,000 $252,000
22 Collins St #33, Danvers, MA 2 1.5 $259,000 $249,900
57 Village Post Rd, Danvers, MA 2 2.5 $269,900 $262,500
9 Park St #1, Danvers, MA 2 1.5 $284,900 $284,900
21 Abington Rd, Danvers, MA 2 1.5 $315,000 $300,000
         
MultiFamily        
32 Braman St Danvers, MA 3 Unit 3/6 $449,900 $415,000
2 Kent St, Danvers, MA 2 Unit 5/5 $324,900 $295,000
21 Brookside Ave, Danvers, MA 3 Unit 5/6/3 $370,000 $374,000
20 Central Ave, Danvers, MA 2 Unit 3/6 $299,900 $285,000
139 Locust St, Danvers, MA 3 Unit 7/5/4 $569,900 $550,000
         
Land        
107 Burley St, Danvers 0.42 acres $215,000 $190,000

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.