2022 Real Estate Observations (Boston, Belmont: days on market, 2013, transfer)

[yesmaybe]

https://www.redfin.com/MA/Belmont/28...8/home/8457291

Nothing will ever surprise me in terms of prices here, but 2.4 for a ranch in Belmont seems a bit steep. It claims it's 3400 sqft but it doesn't look like it to me. It's been on the market since June so they are obviously having trouble finding a buyer.

[msRB311]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Belmont/28...8/home/8457291

Nothing will ever surprise me in terms of prices here, but 2.4 for a ranch in Belmont seems a bit steep. It claims it's 3400 sqft but it doesn't look like it to me. It's been on the market since June so they are obviously having trouble finding a buyer.

Omg. I mean it's a nice house, kind of has a west coast vibe to it but 2.4 million for that ?? Why? No. Just no.

It's also had a price drop. It initially was listed for almost 2.8. I mean it's Belmont not chestnut hill.

[MikePRU]

Originally Posted by id77

What's the norm at P&S? Wiring into escrow?

The majority of people IME pay the second deposit with a personal check. Less frequently, I've seen people wire in the funds. One thing that's picking up in popularity is there are a lot of companies that a brokerage can sign on with that give them the ability to initiate an EFT for the deposit funds. It's kind of like getting a payment request from Zelle. My office uses a company called EarnNest but there's another one called DepositLink. There are still a lot of offices that don't offer this convenience which is absolutely shocking to me.

Originally Posted by yesmaybe

https://www.redfin.com/MA/Belmont/28...8/home/8457291

Nothing will ever surprise me in terms of prices here, but 2.4 for a ranch in Belmont seems a bit steep. It claims it's 3400 sqft but it doesn't look like it to me. It's been on the market since June so they are obviously having trouble finding a buyer.

Yeah. That seems way over priced to me. It's a nice house on a nice sized lot in a nice town but this is Belmont not Brookline.

[matrix5k]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Belmont/28...8/home/8457291

Nothing will ever surprise me in terms of prices here, but 2.4 for a ranch in Belmont seems a bit steep. It claims it's 3400 sqft but it doesn't look like it to me. It's been on the market since June so they are obviously having trouble finding a buyer.

Looks like a 700-800k house.

[massnative71]

Originally Posted by MikePRU

The majority of people IME pay the second deposit with a personal check. Less frequently, I've seen people wire in the funds. One thing that's picking up in popularity is there are a lot of companies that a brokerage can sign on with that give them the ability to initiate an EFT for the deposit funds. It's kind of like getting a payment request from Zelle. My office uses a company called EarnNest but there's another one called DepositLink. There are still a lot of offices that don't offer this convenience which is absolutely shocking to me.

I imagine the cashier's check thing is reserved for borrowers with iffy credit or are otherwise poorly qualified.

[Saguarogirl507]

Originally Posted by johngolf

I bought and sold several homes in MA and for only my first purchase and my last sale was I ever at the closing. For the rest of them, my lawyer went. Cheap money to protect myself. I understand in some states attorney's are not needed. I am not a big fan of attorney's nor real estate agents but if push comes to shove in a deal, I would rather have an attorney on my side rather then standing alone saying "but my real estate agent told me so and so". As Ronald Regan said: "Trust but verify".

I always thought that the buyer had to be at the closing in person but that the seller did not have to. Am I mistaken? It would be great if I can close remotely on my new condo in MA. I do have an attorney.

[CaseyB]

Originally Posted by Saguarogirl507

I always thought that the buyer had to be at the closing in person but that the seller did not have to. Am I mistaken? It would be great if I can close remotely on my new condo in MA. I do have an attorney.

No, you don't have to be present at the closing. Notify your attorney.

[MikePRU]

Originally Posted by matrix5k

Looks like a 700-800k house.

I think that price is way too low. In Needham, that would probably be a $1.9M house depending on where in town it's located. Belmont values are in the same neighborhood as Needham so I don't think it's as low as you're saying but the price is also way too high IMO.

Originally Posted by massnative71

I imagine the cashier's check thing is reserved for borrowers with iffy credit or are otherwise poorly qualified.

If the first check bounced I would insist on the second check being bank certified. These checks are received so far in advance of the closing that there's really no point in having a more secure check than a personal check.

Originally Posted by Saguarogirl507

I always thought that the buyer had to be at the closing in person but that the seller did not have to. Am I mistaken? It would be great if I can close remotely on my new condo in MA. I do have an attorney.

You don't have to be there in person. This being said, MA never got their posterior in gear and approved a virtual notary system. So, you still need to wet sign everything. Your attorney should be able to get you the paperwork in advance so you can get it signed and notarized locally and then you can FedEx it back to MA. Still if you're able to, it's always better to come into town for the closing. You'll want to make sure the property in acceptable condition during the final walk through.

[Saguarogirl507]

Originally Posted by MikePRU

You don't have to be there in person. This being said, MA never got their posterior in gear and approved a virtual notary system. So, you still need to wet sign everything. Your attorney should be able to get you the paperwork in advance so you can get it signed and notarized locally and then you can FedEx it back to MA. Still if you're able to, it's always better to come into town for the closing. You'll want to make sure the property in acceptable condition during the final walk through.

Thanks for that info. We are hoping to be there for the closing in November, barring any unforeseen circumstances.

[BostonMike7]

Originally Posted by id77

Or both. When I did the housing dance, I gave an earnest money check at offer (usually was $1,000-$3,000, depending on property). If the offer was accepted, that check was cashed and followed by a cashier's check for 5% of the agreed price due by P&S.

When we bought it was personal check for the $1K and then personal check for 5% at the P&S signing. At the closing, i brought a bank certified check for the remaining balance to make 20%