About Reading

Reading is a great place to live, just ask anyone who lives here! Noted for its award winning school system and outstanding services provided by the town, Reading is a community of excellence. There is a safe, small-town feel in Reading. With welcoming neighborhoods where people know and care for each other, the town offers its residents many choices for recreational and cultural activities, both within the community and as a part of the Greater Boston region.

Reading has a stable and progressive community that thoughtfully plans for its future. The community values and preserves its rich history and open spaces while actively supporting smart growth and a vibrant downtown. Reading has a strong sense of community and a long tradition of civic engagement and volunteerism.

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Reading Homes For Sale

Deciding to buy or sell a home is a big step in life. In order to make sure it's a step in the right direction, choose the person best qualified to handle your real estate needs: Karen Herrick of RE/MAX Leading Edge is a buyers broker and a top producer in Reading. Karen is your Realtor of choice for real estate needs in Reading Massachusetts

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Key financing tips for foreign buyers.....

 

Boston becomes more global every day.  Look around and you will see more international families relocating to the area for work or college and deciding that purchasing is the way to go.

As with all loans - working with an experienced lender is key - but in addition there are some potential pitfalls to be aware of and plan for early in the process....

Today I'll share some tips from my own clients' experiences as well as some sage and timely advice from Wall St Journal, columnist Robun A. Friedman

Everyone is working harder these days to fullfill all the requirements to get a great mortgage, but foreign buyers should take note of these 5 recommendations to ensure a less stressful experience.

1) Be prepared to verify all of your assets and employment in the US and abroad.  This can take time.  In today's low inventory markets you are competing wth buyers who may be cash or 30 clsoing buyers.  Having a global bank can help.   If your mortgage application is through the same bank that holds your overseas assets then they may be able to verify assets for you.  If you are using a MA lender - a global bank may be able to easy the verification prcess just becasue it is a normal part of their business.

2) Interview potential lenders early and be very direct about your foreign national status. Some lenders may not be comfortable working with visa holders so the advice to get your pre-approval early in the process goes double for foreign nationals holding visa's.   Ask your lender of they have some experience in this area before you commit.   The good news, says Friedman, is that "green card holders are trated exactly like U.S. citizens" when they apply for their mortgage.

3) Be ready for the US credit check.  Credit scores are a key component of the US loan application process, but your credit record overseas will likey not translate.  Here again - working with a lender that has experience with foreign nationals can help an applicant overcome what is typically a thin or non-existent credit history in the US.  

4) Expect higher down payment requirements.   Today an American citizen can choose from a range of down payments programs typically from 3% to 20%.  Because of the previously mentioned lack of US credit scores - lenders may insist that foreign nationals bring in higher down payments in the range of 25% or more of the purchase price. 

5) Make sure all of your international docuemntation is current up to an beyond the proposed closing.   This includes passports and your employment and visa documentation.  Take care that none of these critical documents will expire during the closing process and build in extra time for unexpected delays.

On the bright side with overall transaction volumes down, lenders have plenty of bandwidth for you and many of the items above like strong pre-approvals and big down payments can only help you in this competitive buying environement.

What to do after you see a great home on-line......3 Key Steps.


 

PURCHASING A HOME

When buying a home, it’s important to think carefully about your offering price—but also your offering terms. Most purchase offers define both. And in some cases, terms and conditions can represent thousands of dollars in additional value for buyers—or additional costs.

Terms may include inspections, requests for specific property repairs, or timing considerations, such as a conditional purchase clause (if, for example, you must first find a buyer for your current home).

DETERMINING A PRICE

Some buyers mistakenly believe there is a predetermined formula for offers—that offering prices should be X percent lower than the seller’s asking price or the amount they are really willing to pay.

In practice, your offer price actually depends more upon the basic laws of supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.

HOW TO MAKE AN OFFER

The process varies by state. In most cases, you complete an offer that your representative presents on your behalf. The owner, in turn, may accept the offer, reject it, or make a counteroffer.

Because counteroffers are common (any change in terms can be considered a “counteroffer”), it’s important that you remain in close contact with your representative during the negotiation process so that any proposed changes can be quickly reviewed.

INSPECTIONS

Inspections are common in residential realty transactions. Depending on your needs and where you live, they may include:

  • mold inspections
  • “green” issues, including energy efficiency and eco-friendliness
  • surveys to determine boundaries
  • appraisals to determine value for lenders
  • title reviews
  • structural inspections

Structural inspections are particularly important. During these examinations, an inspector evaluates the property for any material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.

For a single-family home, these inspections often require two or three hours. You should plan to attend too. This is an important opportunity to examine the property’s mechanics (plumbing, wiring, etc.) and structure, ask the inspector questions, and learn far more about the property than is possible with an informal walk-through.