Author Archives: Liz

Check the Date on a Smoke Alarm

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As real estate agents it’s our responsibility to make sure the property that our clients are selling is going to pass the Smoke Alarm Inspection. So, don’t forget to check the alarms to make sure you have the right ones near the kitchen and bathroom. Remember any smoke alarms that are within in 20 feet of the kitchen or bathroom with a bath tub or shower must be photoelectric smoke alarms. The alarms are not over 10 years old. Many students ask us where do we find the date the smoke alarm was manufactured.

Click on the image below to download the flyer.

infographic_2016_fpw_custom2

Update to Smoke Alarms Requirement on Dec 1, 2016

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smokealarmWe hope you had a wonderful Thanksgiving with family and friends. We just wanted to let you know that on Dec 1st new regulations require owners of single or multi-family homes built prior to 1975 to replace expired and non-working smoke detectors with new ones equipped with a ten year sealed battery. Fire departments will be checking for compliance when they conduct smoke alarm inspections.

We always tell all of our students to check with the local fire department to make sure they understand what is required for the property to pass the smoke alarm inspection. The fire marshal has created a consumer fact sheet for smoke alarm and carbon monoxide detectors which you can find by clicking here

Real Estate Proration for the closing

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On July 18th, 2014 Jane from ABC Realty meets her first time home buyer clients Jane and Fred Smith at the attorney\’s office for the closing of 25 Maple St. Jane remembers that she was able to negotiate a great sales price for her clients. The property was listed for $150,000. and it was on the market for over 150 days. After comparing the other sold properties in the area. Jane realized the property was over priced. She helped her client negotiate a sales price of $140,000. When filling out the offer the Buyers place a $10,000 earnest money deposit and their financing is 90% of the purchase price with 4 points. Your clients tell you that they locked in an interest rate of 9.5%. During the closing the attorney goes over the closing statement with your clients. The Sellers have not yet paid the real estate taxes of $1700 and the additional property assessment of $1540. The Sellers also have a mortgage that need to pay at the time of closing, $83,760 with an interest rate of 7%.

At the time of closing the items that will appear on the closing settlement statement are:

  1. Proration of real estate taxes: (The Seller has not paid the real estate taxes.)
    1. Taxes per day:

      2. $$$1700 \, unpaid \, taxes \div 360 \, days = $4.72$$

    1. How many days the Seller lived in the property

      2. $$6 \, months * 30 \, days = 180 \, days$$
      $$180 \, days + 18 \, days \, in \, July = 198 \, days$$

    1. The Seller’s Debit and the Buyer’s Credit

      2. $$$198 \, days * $4.72 \, per \, day = $934.56$$

    1. Prorate the addition property assessment:
      1. Additional property assessment per day

        2. $$$1540 \, unpaid \, property \, assessment \div 360 \, days = $4.28 \, per \, day$$

      2. How many days the Seller lived in the property

        3. $$6 \, months * 30 \, days = 180 \, days$$
        $$180 \, days + 18 \, days \, in \, July = 198 \, days$$

      3. The Seller\’s Debit and the Buyer\’s Credit

        4. $$198 \, days * $4.28 \,per \, day = $847$$

Referred Insurance Companies for a Surety Bond in Massachusetts

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Many of our Broker Prelicense students have asked us for referrals to Insurance Agents that can help them with the surety bond that they need.  As you know all Massachusetts Real Estate Brokers must have a $5000 surety bond before taking the test and while they hold an active Broker license.

Many of our students were running into problems not being able to find an nsurance company or agent that could help them.  So, a few months ago we sent out an email asking for referrals to insurance agents or companies that our students would recommend.  We would like to thank everyone for getting back to us.

Below you will find the list of insurance agents that have been referred to us from our students.  Please let us know if you have any problems with any of the agents listed below.

Referred Insurance Agents and Companies:
Chris Russo
Russo Insurance
Medway, MA
Phone: 508-533-3000
Fax: 508-533-5333
Gaudette Insurance
68 Worcester Street
North Grafton, MA 01536
Phone: 508-839-6022
Fax: 508-839-4416
Richard R. Green Insurance Agency, Inc.
32 Somers Road
Hampden, MA 01036
Phone: 413-566-0028
Fax: 413-566-0090
Nicholas Gennetti
Cochrane and Porter Insurance Agency
981 Worcester Street
Wellesley, MA 02482
Mancuso and Nowak
252 Boston Turnpike
Shrewsbury, MA 01545
Phone: 508-756-4310
Fax: 508-752-6712
Brown and Brown Insurance
3 Hollis St
PO Box 1497
Pepperell, MA 01463
Phone 978-433-7228
Fax: 866-848-6097
Heidi Pafumi
BKaye Insurance
44 Harkness Ave
East Longmeadow MA
Phone: 4136874339
Email: Hpafumi@bkaye.com
Barbara Christopherson
Account Executive, Commercial Lines Ins.
Thomas Woods Insurance Agency, Inc.
20 Park Ave., PO Box 2940
Worcester, MA  01613-2940
Tel. 508-755-5944 ext 110
Fax 508-755-6412
John Dustin or Carly Longo
JED Insurance & Financial
30 Mechanic St #5
Foxborough, MA 02035
Phone: 508-543-1067
J.R. Tallman & Co., Inc
P.O. Box 469
12 Court Street
Taunton, MA 02780
Phone: 508-824-4051
Fax: 508-822-7654
Nicholas Stoddard
Liberty Mutual Insurance
11 Village Hill Rd., Suite 103
Northampton, MA 01060
Direct: 1-413-582-7059
Toll Free: 1-866-583-5306
Fax: 1-413-582-7947

Gambling with your real estate license

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I just finished talking to one of our students. She needed a copy of her Continuing Education Certificate, because her entire office is being audited by the Board of Licensure. That’s right its not a typo. On Monday the office was notified that every agent in her office has to send in their Continuing Education Certificate.

 

So, while I was talking with her I could hear the stress in her voice and she only needed a new certificate showing she finished the classes. I could only image the stress and anxiety an agent is feeling that has not completed the 12 hours of continuing education and stated that it was complete when they sent in their renewal.

 

As agents we already have enough stress and anxiety in our day to day lives. We really do not need to be adding anymore. While on the phone I thought to myself, “How can I help relieve the stress some of the agents are going through about this audit?” I quickly created a $50 off coupon (Coupon Code: EE75) that she could share with everyone in the office that needs to take the 12 hours of continuing education. So, if you have not completed your continuing education for your license renewal don’t delay. You or your office could receive an audit letter from the Board of Licensure. Go ahead and register online today.

 

Each of our online continuing education classes are a 2 hour video presentation with no tests or quizzes. Our program also keeps track of your time, so you can pick up where you left off when you log back in.

 

Please feel free to share this offer with agents in your office. We always appreciate and value the referrals we receive from our students.

 

Visit us at http://baystateacademy.net

 

Coupon Code: EE75
*Cannot be combined with other offers Expires 05/30/2013

Melt Away Your Clients Fears

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Real Estate agents are so dedicated to their clients.  No matter what the weather predication is.   We’re out there going from one appointment to the next.  I remember at one of my showing a few years ago, when we had 15 feet of snow everywhere.  My clients and I had to almost swim through the snow to reach the front door.  The property was bank owned and no one had come by to shovel the walk way.  Lucky enough it was the last home on our tour.  It all worked out because they fell in love with the inside.  It’s always a great feeling when you see your clients become really excited about a property.  They wanted to talk a little bit more about the property and write up an offer.  The inside of the house was as cold as an ice-box, so I decided to take them to a local coffee shop to warm up and relax before writing up the offer.  I always remember how relaxed my clients became while sitting in the corner couch of the cafe.  Not only did the cup of hot chocolate and latte help regain the feeling in our hands and feet.  The warmth also helped melt away all their concerns and fears about putting the offer. With the cold weather on our heals I thought I would share a few spots that you might like to take your clients.

 

Boston:

South Shore:

Worcester:

Pioneer Valley: