BOSTON HOMES BLOG

December data are down

— By: Marilyn Jackson

December home sales data reflect a slow market with soft prices, according to Timothy M. Warren Jr., CEO of the Warren Group, which publishes Banker & Tradesman. Its report was released Jan. 24. Home sales of single-family homes across the state dropped 5 percent in December in a year-over-year comparison, while condo sales dropped 15.75 [...]

City collects $9.4 million from non-profits

— By: Marilyn Jackson

The city has collected $9.4 million from non-profit, tax-exempt organizations for the first half of fiscal year 2012, a 24 percent increase from fiscal year 2011, Mayor Thomas M. Menino stated in a press release Friday. The city had requested $10.8 million. Guidelines for the PILOT or payment in lieu of taxes program were revised [...]

— By: Linda Goodspeed

Relocation assistance might be available

 

Q:

In a recent column you said homeowners who do a short sale could get $1,500 to help them relocate. How can you qualify for this $1,500? How can I find out more information about this program?

A:

The $1,500 in relocation assistance is part of the Obama administration’s expansion of the Making Home Affordable Program.

Essentially, the expanded program is intended to help facilitate more short sales. A short sale enables a homeowner to sell a property for less than what he/she owes on it. A short sale presumably is more desirable than letting the home fall into foreclosure.

But short sales have been very difficult to do. Lenders often balk at them because they sometimes question whether a borrower is truly deserving of a short sale, question the value of the property, what to do about other lien holders, etc.

It is hoped the expanded program will make lenders more willing to do a short sale by offering them some incentives and some new guidelines for short sale transactions.

The program, however, is voluntary. Lenders have been given incentives to participate, but the decision about whether or not a homeowner can do a short sale rests with the lender.

One of the criteria for doing a short sale is that the homeowner must not be able to qualify for a loan modification.

To find out whether you may be able to do a short sale of your home – and qualify for the $1,500 in relocation expenses – you first need to contact your lender and/or servicer. They are the ones who must sign off on the short sale.

Also, check the Making Home Affordable website: www.makinghomeaffordable.gov. It is an excellent resource for mortgage holders of all stripes, whether you’re at risk or at peace.

Q:

Property values in my town have fallen dramatically, yet my property taxes and assessment have not. How can I get my property tax assessment lowered more in line with its current value? 

A:

Towns have established time lines and specific deadlines for grieving assessments. You need to act within these deadlines. If you miss them, you miss your chance to question your assessment.

Next, get a copy of your property assessment. Look it over carefully for errors, such as too many bedrooms, wrong square footage, etc.

Get recent sales data for three to four comparable homes in your neighborhood so that you can compare the lower sales prices of these homes to your higher (unfair) assessment.

Finally, be sure to continue paying your taxes during the grievance period.

 

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