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Due to the rise in home values in recent years, many first time home-buyers and novice investors have a hard time coming up with all the necessary funds to purchase a home. They may qualify for a mortgage but now they have to come to closing with several thousand dollars to take ownership. This is difficult with rent prices, student loans and other responsibilities that make it difficult to save. One strategy seller’s and buyer’s implore to get the property under agreement is to have the seller pay the buyer’s closing costs. 

Many homebuyers look to FHA financing which requires 3.5 percent down to close. On a $400,000 home, this means, they must come to the table with $14,000 just for the down payment, excluding attorney fees, pre-paids etc. If you are purchasing a multifamily, this number jumps to 5 percent or $20,000 and to avoid Private Mortgage Insurance (PMI) requires 20 percent or $80,000. Please bare in mind these numbers are just the down payment. This can be extremely overwhelming and discouraging for first time homebuyers. One way to ease this burden is to negotiate buyer credits in which the seller will cover some or all of the closing costs associated with a borrower’s home loan. This option makes a home more attractive to buyers because they are required to come up with less at closing. The seller can then ask for full asking price offers and cover buyer closing costs.

With this strategy, a specific amount of the seller’s proceeds, is used to cover the buyer’s closing costs, pre-paid items and settlement costs etc. This number is not unlimited, rather for an FHA mortgage, the credit cannot exceed 6 percent and for most conventional mortgages cannot exceed 3 percent of the purchase price. Generally, we advise you give a dollar amount of how much is needed and whatever is unused, comes back to the seller. 

Although it sounds terrible for a seller to “give away” money, sometimes offering a credit is needed to get them the most money for their home in the end if there aren’t that many offers on the table. A seller can provide a buyer credit for a specific dollar amount but require the buyer to increase the sale price by said amount to cover their own closing cost. Essentially, the buyer is financing their closing costs over the duration of their mortgage and the seller will net the same amount at closing.

To learn more about how this process can benefit you as the seller or buyer, please contact our office at contact@mandrellco.com and one of our agents will be in touch to explain the process with greater clarity.

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Roslindale Real Estate Is on FIRE! Here’s What’s Selling…

Are you in the market to buy, rent or sell property in Roslindale? Before you make a move, understanding the local market condition can make all the difference. We’ve outlined below exactly what’s happening with Single Family, Multifamily, and condos in the area. All these number reflect what’s taken place over the last 6 months. 

Single Family Listings

Total Homes SOLD: 72

Average Living Area by Square Feet:   1,897.04

Average Listing Price:    $488,750

Average DOM (Days on Market): 40.15                                 

Average Sales Price:  $491,923   

Condominium Listings

Total Condos SOLD: 97

Average Living Area by Square Feet:   1,196.04

Average Listing Price:    $372,240

Average DOM (Days on Market): 25.15                                 

Average Sales Price:  $374,938

Multifamily Listings

Total Multifamily Buildings SOLD: 26

Average Living Area by Square Feet:   2,808.04

Average Listing Price:    $583,240

Average DOM (Days on Market): 65.15                                 

Average Sales Price:  $588,327  

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641,  for custom reports or questions about the data provided.

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FREE Landlord Tenant Forms


My name is Liz Newcombe and I am a licensed Realtor, and fellow resident in the Greater Boston area. Are you in need of landlord real estate forms? If so, you can receive the list of forms below by texting “FREEFORMS” to 44222. The system respond with a text asking for your email address. Once you’ve replied, you will receive a download link within seconds! That is my gift to you!

The landlord forms package will include:

  • Tenant Application
  • Move In/ Move Out checklist
  • Standard Tenant Lease
  • Month to Month Rental Agreement
  • Pet Agreement
  • Monthly Income & Expense Recorder
  • Extension of Lease
  • Notice to Vacate
  • Notice of Overdue Rent
  • 30 Notice to Terminate
  • & a few other great forms

If you have an apartment for rent, I would love to assist you in finding and placing the ideal tenant. As a Realtor specializing in your rental market, I work directly with the most qualified tenants around. I would love to visit your rental, take some pictures to begin showing it to my very interested client base, as soon as possible.

When you list your rental with The Mandrell Company, we will handle your tenant’s application, credit checks, employment verification, criminal background checks, lease agreements and more. The best part about listing your rental with us is that there is absolutely no charge to you for our services!

Please contact me if this is something you may be interested in or if you have any questions. I look forward to hearing from you.


Elizabeth Newcombe

Liz@MandrellCo.com or 617-297-8641

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Sell It Yourself – 4 FSBO Negotiation Strategies

So you’ve decided to sell your home? Congratulations! The sale of real estate is often the largest transaction(s) people make throughout their lives. Considering this fact, below are some quick steps to make sure you negotiate your sale correctly and come out on top!

4 Negotiation Tips For FSBO’s

1. Stand Firm, low ball offers are coming:
To sell your home yourself you must understand the mindset of your potential buyer. Almost every real estate transaction nowadays is completed on some sort of local state MLS system. Most buyers who are looking for property OFF MLS (FSBO) are often looking for a “deal.” These buyers are under the impression that homes on the MLS are sold at market value (or above) and they attempt to search FSBO listings looking for an opportunity to score a home under market. While selling your home, you will probably receive many aggressive offers from investors and buyers trying to undercut you. Stand your ground and accept only what you know the home is worth.

2. Talk to your buyer’s mortgage lender:
So you’ve received an offer and the price is exactly what you’re looking for! Congrats, but before you accept that offer make sure you contact the buyer’s lender and ask a few questions. How well qualified is the buyer? Do they need to sell another home before they can buy mine? How much money are they putting down and who holds the earnest money deposit? How long will it take to close on their loan? As a seller you should definitely educate yourself on some common mortgage products. Why is that important? Here in the Boston area, we have a large stock of older homes. FHA, Mass Housing and a few other mortgage products can be denied if your home is found to have asbestos, lead paint, peeling paint, or a variety of other common problems found in the Boston area.

3. Be ready to renegotiate after home inspection:
You’ve found the perfect buyer, her lending checks out at the bank, and you’ve accepted her offer. Now your buyer is going to schedule a home inspector to come out and inspect the property. Remember that the inspector is being paid by the buyer and isn’t looking out for your best interest. The inspectors job is to come into your home and inform their client of everything thats wrong or could become a problem on the future. Everything on the inspectors list are items the buyer will then used to renegotiate the price you’ve already agreed to. This is where it gets emotional for most home sellers. You’ve put a ton of work into your home over the years and now these people are tearing into every little thing you think is perfectly fine. You have to keep your cool and consider which are legit repair items and which items are BS. The buyer could walk away (forcing you to put the home back on the market) if you don’t come to an agreement after the inspection.

4. Make sure you understand the home buying/ selling time line:
This is very important! In Massachusetts (Boston area) the typical home sale takes about 45-60 days from the time you and the buyer have an accepted offer. Why does this matter so much? I’ll give you a hypothetical. It’s February 1st and you’ve just accepted a new job out of state which starts on May 1st. You’ve given yourself 3 months to sell your home and move to your new location. You put your home up FSBO immediately and start trying to find a buyer. In the excitement of this life changing event, you’ve failed to execute 3 critical steps. A: You didn’t have your home reviewed by a professional and will probably have a few surprises when the home inspector comes. B: You didn’t consider the time of year and the state of the real estate market in your decision to sell. C: You’ve priced your home without consulting a professional and learning what similar homes are selling for in the area.

Considering these oversights, you put your home on the market and don’t get any serious calls for the 1st 2 weeks. You’ve only had a ton of window shoppers and a couple low ball (verbal) offers. Finally on week 6 you receive a reasonable offer and you accept. 10 days later the buyer is coming back to you with a laundry list of complains and things they want fixed. With only 6 weeks until you start your new job you have some tough decisions to make. You finally accept $20-30k less than what you wanted because you’re running of time. 3 weeks later the buyers are denied by their mortgage lender and inform you they cannot move forward with the transaction. Now what?

This scenario isn’t to scare you, but to make you aware of some of the things that can go wrong during a real estate transaction. Fully understanding the home selling timeline can help you avoid scenarios like the one above. I’ve attached a PDF cheat sheet of the home selling process below. Feel free to take it with you as you go through the home selling journey. Good luck!


Selling Your Home Timeline – TMC – Click to Download

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