John Colby
Colby Realty | 978-249-5871 | [email protected]


Posted by John Colby on 8/8/2021


Real estate transactions have so many steps and moving parts they can feel unending. Your hard work and patience will pay off when you reach your closing dayóas long as there are no unforeseen issues. Unfortunately, there are some common reasons that a closing can be delayed. While you cannot predict everything, you can familiarize yourself with some of the typical problems that can occur in order to prepare for them. Here are some of the most common reasons closing can be delayed:

The Buyerís Mortgage Is Not Approved

Mortgage approval issues are the most common cause of home transactions being delayed or even terminated. During the approval process, a lender will observe your financial situation to monitor for any risky credit behavior. If they find something, it could either cause them to change the mortgage terms or deny the request outright. To avoid this, buyers should get full preapproval from their lender well before making an offer on a home but they should also avoid borrowing more money or opening new credit accounts until closing.

The Appraisal Is Too Low

Your mortgage lender requires an appraisal on the home to figure out its value. They then compare this appraisal with the listing price. If the appraisal comes back lower than the price of the home, you might have to negotiate with the seller to make up the difference. This can cause delays even if the buyer or seller can come to a quick agreement. The lender might require certain repairs to the property or a second appraisal done.

The Inspection Found Something Serious

Even if you take care of home inspections well in advance, thereís always the chance something will come up in a final walkthrough. You may also face a situation where the initial inspection found something serious, but the repairs are causing the delay. There are also some specific types of inspection (termite, mold or radon, to name a few) that lenders might require before granting final approval for the mortgage. Any delays in checking these boxes will push back your closing date.

Thereís a Claim on the Title

You must acquire a title report as part of the escrow process. If the report shows anything negative on the title ó either true or in erroróthe issues must be resolved before the sale can move forward. Itís common for homeowners to be completely unaware of title issues until they sell, which can cause delays and frustration. Getting a title insurance policy will help you in case there are any liens or claims to the property, but correcting the issue can still take time.

The Buyer Backs Out

Sometimes people simply change their minds. Unfortunately, this can mean a sudden cancellation of the entire transaction in the event a buyer walks away. A common part of real estate contracts is to have the buyer put down a deposit known as earnest money that shows their intent to follow through with the purchase. This gives the seller some extra monetary protection if the buyer leaves. However, it wonít make up for any lost time or effort.

Not every problem can be prevented but the more you know about potential issues before they arise, the better. Always go over contracts carefully and do things like appraisals and inspections as early as possible to prevent the more common.





Posted by John Colby on 8/3/2021

This Land in Royalston, MA recently sold for $82,500. This style home was sold by John Colby - Colby Realty.


Lot 6 Brown Rd, Royalston, MA 01368

Land

$82,500
Price
$82,500
Sale Price

32.55
Acres
Residential
Land Type
32.555 Acres on Brown Rd near Lawrence Brook ! Generally level land with a very Gentle Uphill slope to the Rear (East) . A longer driveway of approxiamately 820 feet will make a very quiet homesite at a great elevation...Great soil drainage conditions. Owner will provide perc test.






Tags: Royalston   Real Estate   Land   01368  
Categories: Sold Homes  


Posted by John Colby on 8/3/2021

This Single-Family in Royalston, MA recently sold for $412,500. This Colonial style home was sold by John Colby - Colby Realty.


23 The Common, Royalston, MA 01368

Single-Family

$439,900
Price
$412,500
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
High speed internet is on the way to the Common @ Royalston ! You will love the unspoiled Royalston Common described as one of the Finest Examples of a Village Green in New England ! This 9 room home w/4-5 bedrooms has recently been substantially updated. Wallpapering has been removed and walls freshly repainted ! The wood floors have been stripped and refinished. Home has been professionally insulated throughout to enable Energy Efficient Heating complemented with Central Air Conditioning for your year round comfort. Gorgeous backyard with fruit trees ! Enjoy the Private Screen Porch & Side Porch ! ....Being a "Right to Farm Community" makes this property the perfect place for a small organic farm with 1.75 acres of open sunshine facing fields. A detached 2 car Garage makes a great workshop for your future projects. The Sought After Village School is an integral part of the Royalston Community as well as a newer K-6 Elementary School.

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Categories: Sold Homes  


Posted by John Colby on 8/1/2021


Property is an increasingly valuable asset no matter where you live, making real estate investment more popular than ever. While it can be a big commitment, investing in real estate is quite accessible and affordable depending on the level of involvement you are interested in. It doesnít require being an expert in the stock market, but there are many real estate investment opportunities available.

Here are some of the simplest ways to invest in real estate today:

Home Ownership

Buying and owning property is one of the best investments you can make. The more time and energy you spend in improving and upgrading that property over time, the more potential value you can add to it. In some highly desirable areas, even just simple upkeep of your property can be enough to keep its value climbing. If you own your home, investing can benefit you in the short term just as much as in the long term: by upgrading your living space, youíre improving your own quality of life and adding value. Renovation, replacement and updating of key features in the home are popular ways to invest.

Rental Property

Owning rental property will generate income and give you a great asset to maintain and develop. If you have great DIY skills and will manage tenants, rental investment can be incredibly lucrative and easy. One very common way to generate rental income is by purchasing a multi-unit property and living in one unit yourself. By renting out the others, you can easily cover your own bills and create extra pocket money for yourself. This also means you are close by if any issues arise ó if you own the property, itís your responsibility, even if somebody else is living in it. Therefore, a willingness to do maintenance work yourself is crucial, otherwise you might spend all of your would-be profits hiring outside help when something needs fixing or updating.

Flipping

Flipping a house means purchasing a low-value property and improving it intending to sell at a profit. Itís a shorter-term strategy, which requires all the upgrades to be done quickly and within budget. When successful, flipping can be incredibly profitable. However, it requires significant knowledge of the real estate market and considerable capital to to cover any losses if you canít sell the property quickly enough. Working with a real estate agent or anybody with industry savvy is key to making flipping homes a worthy investment.

Real Estate Crowdfunding

For people who want to invest with no handiwork, investing through an online real estate investment platform might be a good fit. These online platforms connect investors to companies or specific projects so that individuals can pool their money to invest in larger commercial or residential deals all over the world. Compared to purchasing a property, it requires less startup capital, but youíll only be buying a portion of the profits. This can be a risky but easy way to invest, especially since you can diversify your investments across multiple properties or projects no matter where they are.

Investing in real estate is unique because it provides many different ways to participate. However, as with any investment, make sure you carefully consider the risks involved in order to determine which type is right for you.





Posted by John Colby on 7/25/2021

A few short decades ago, the home was merely a space where people resided. They would gather at the end of a long day of work or school, have an evening meal and go to bed. Most daily activities took place away from the home, so therefore, houses did not need to have luxurious amenities or innovative features.

Today, however, the home is the epicenter of our lives. If you are trying to decide between purchasing an existing residential home or building a new construction property, then you may want to think about your personal needs and lifestyle. New residential construction offers you many more opportunities to personalize your living space.

These are just a few reasons why a new construction home will best suit your lifestyle:

You Can Include Features That Align With Your Passions and Interests

It can be exhausting to look for an existing home that has everything you need and want for your personal lifestyle. When you decide to build a new home, you can work with the builder to select the features that you need and opt out of the ones that would be superfluous. For example, if you are interested in having a smart, cohesive home, then your builder can provide you with information about the smart technology features that can be incorporated into the home as it is built.

You Can Create a Functional Space for Your Family

Every family is unique, and each family requires a different kind of space in order to work, play and live together. By investing in a new construction home, you can create the exact type of space that your family needs in order to thrive. For instance, you could add a home office that would allow you to work remotely in peace and privacy. Or, you may consider adding a bonus room upstairs so that your kids can practice their instruments without disturbing the rest of the household. The opportunities are endless with new construction, and you can design the home to fit your family rather than trying to force your family to fit into an existing property.

You Can Ensure That Your Home is a Place That You Want to Be

Far too often, people look for every excuse in the book in order to escape their homes. But your home shouldn't be a place that you want to leave. It should be a haven from the rest of the world, and it should be your most favorite spot. When you build a new construction house, you can create a home that will be inviting, useful and cohesive. Ultimately, you will begin to enjoy every moment that you spend within the walls of your home.

In order to make the most out of your new construction home, you will want to search for a builder who understands the need for flexibility. A qualified, experienced and understanding builder will ensure that you get the home that you have been dreaming about.







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