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John Parlatore's Advice

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  • 11 Contributions
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  • 5 Helpful

John Parlatore wrote:

how do I find my home market value

Answer
Frank,To elaborate on what Rhonda said, you could also hire a professional appraiser to conduct a formal appraisal of your property. This will cost you, of course. I do not charge to perform a market analysis, but I cannot speak for all other Realtors. Good luck!--John
April 13 2010
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how can I get an appraisal of my property?

Answer
Paul,You can call a professional appraiser to have an appraisal done. If you are hoping to determine the current market value of your home, you could have a Realtor put together a current market analysis for you as well. An appraisal will cost you a few hundred dollars at least, I provide complimentary market analysis. Good luck!
April 06 2010
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Is the housing market in Newburyport looking UP?

Answer
Honestly the housing market in Newburyport has remained somewhat insulated against tough real estate conditions. Newburyport has remained a "destination" town and has not been rocked by the wave of foreclosures (both past and those still to come) It does vary from property to property on some level, but all in all, still a pretty strong market. Activity is not what it was four years ago, but neither is the inventory. Financing is the biggest obstacle as of late, but this also seems to be loosening up a bit. Accurate pricing is the key...
March 17 2010
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What is the process for Buying a short sale. What are the stuff i have to look for.

Answer
Awesome post Yuval... just about covers everything! It helps immensely if the Realtors on both sides of the transaction are familiar with the process as well. Good luck!John
March 08 2010
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how should I calculate the square footage of my home?

Answer
Leslie,There are several ways to do this, and I find that sometimes using data from each is most accurate.If your home has a fairly regularly shaped footprint, multiply length (L) x width (W) and then apply this number to each finished living level.The data should also be available from the "field card" which is available at your local town hall or sometimes online. Finally, if your home has an irregularly shaped footprint, you will need to break the outline into squares and rectangles and calculate each and add them all up (be sure to allow for overlaps etc. Remember that if a portion of the living area is below grade, you may have to disclose this.Also, there are other contributing factors such as home style, if you live in a cape style house, sometimes the 2nd level sq/ft can be calculated based on the measurements starting at the knee walls if there are any... In other words, take a look at the field card, they tend to be close, and fine tune from there if necessary!
February 19 2010
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Hi John,Can you please let me know when the 30y fixed rate is 4.5% or less. My phone# 781-391-2428

Answer
Gilbert,Will do. Interest rates have fluctuated over the past few weeks, and are currently 5.24% 30 yr fixed (bankrate.com) national average. Mr M1 is right though, depending on your situation, you may be able to do better.
March 05 2009
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How do I find an annual history for the last 10 years of home appreciation in Newburyport, MA?

Answer
Hey Rob, I know the property in question (my office is in Newburyport) As far as a resource to track market data, the warren group provides pretty concise trends and history. www.the warrengroup.com If you are not working with a Realtor, feel free to give me a call if you have any questions.Good Luck!--John
February 06 2009
(1)

Another short sale question

Response
This scenario is becoming more and more common. First of all, was the property an approved short sale? If so, the price of $499k is the price that the bank has agreed to based on a net sheet showing exactly what the bank will take away at that price. The comission needs to be accounted for in the listing agent's dealings with the bank (net sheet) If the property was not an approved short sale, but advertised as a short sale, all that means is that at the current price ($499k) that would be a short sale subject to the bank's approval. Finally, if you have submitted an offer, through the listing broker, she will have procuring cause (a series of events producing the sale of a property) if the offer is accepted. If the offer is refused, you have the option to hire a buyer's agent to work for you, and start the process again. I hope this is helpful, I am in the middle of one myself on the listing side. Give me a call if you have any questions, and good luck.--John
January 27 2009
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Who sets the price on a Short sale is it the lender or the seller?

Answer
With a short sale, the bank will issue an approval letter once all of the "hardship" information has been reviewed by the loss mitigation department. As you can imagine, they are quite busy, and this can take  a while. Once the bank has reviewed the short sale request and more importantly the "net sheet" or HUD draft showing what they will take after, offer price, back taxes, unpaid condo fees (if applicable) and muni leins if any and most importantly Realtor fees... The approval letter will not be open ended, and if a P&S has been signed by the bank appointed attorney, and you are scheduled to close before the deadline set by the bank, there should be no reason to raise the price. If you cannot close by the deadline, then an extension will need to be agreed upon, or back to square one...
January 14 2009
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How can I get a realiable quote on what my house is worth from this web site??

Answer
This website provides an estimate or "zestimate" based on public records, and sales activity in your area. As far as an accurate representation of what the market will bear for your home, you should contact several Realtors in your area to provide a market analysis. Another option is to hire an appraiser to conduct a professional appraisal of your property. I can't stress enough to my clients, this figure isn't necassarily what your home is worth because this can be a deflating revelation. The value given is what the market today will bear given current market conditions. I hope this helps. If you are located in Essex County MA or Rockingham County NH I would be happy to help.
January 05 2009
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