My Story: Why a Mechanical Engineer Got Involved in Massachusetts Real Estate Law

by Jack Morrison on December 16, 2011

Everyone has a story, right? I’d like to share how (and why) I—a guy with a Mechanical Engineering background—got involved in Massachusetts real estate law.

After I graduated from college back in the 80s, I moved down to Connecticut with a college roommate where we started buying investment property. We’d move in, renovate, and eventually sell the property to turn a profit. The money, and the business, were good (at first anyway). My day job in the aerospace and sales fields eventually took me back up to Massachusetts, which is where my personal and professional life took a turn I wasn’t expecting.

See, I had bought an investment property but had problems keeping tenants. Constant vacancies were affecting my bottom line. Normally, you think of investors making a boatload of money. Unfortunately that’s not always the case. As hard as I tried to turn it around and get resources to help me, I never found anything helpful for people in my situation. Why does it end up that people always talk about success and rarely talk about the taboo topic of failure?

Anyway, I ended up losing the property to a foreclosure. After I went through the foreclosure, a totally foreign topic to me, I knew I wanted to get involved in real estate. To explore all the areas I could get into, I met with a commercial agent, residential agent, appraiser, management company, and finally a real estate attorney. And the attorney made the most sense of them all and resonated with me.

I went through law school, graduated, passed the bar, and started from square 1 trying to build my practice. Since then I’ve worked with clients across the spectrum—with both landlords and tenants, home buyers and sellers. I make sure each party understands their rights and I enjoy breaking down legal topics into easily understandable concepts based on how they apply to each individual’s situation.

Because I understand the practical end of real estate (I experienced both the ups and downs) and I know the legal end, I know where my clients are coming from. This is not only my specialty, it’s what I enjoy.

If you need a Clinton or Worcester real estate lawyer, I’d love to be of assistance. Call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Massachusetts Home Buyers Series: Biggest Blunders of Home Buying #4 – Get a Home Inspection

by Jack Morrison on November 23, 2011

We are currently in Week 4 of our monthly November series, “The Biggest Blunders of Home Buying” based on my popular free ebook for Massachusetts home buyers. I wrote this because I see first-time buyers making the same mistakes over and over. Our monthly series schedule is as follows:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

If you missed one of the previous articles, feel free to check them out. Now on to our next topic: get a home inspection.

Biggest Blunder #4: Get a Home Inspection

I really wish I didn’t have to include this as one of my 5 biggest blunders. Getting a home inspection seems pretty obvious, right? I’m glad you think so. But you wouldn’t believe how many first-time buyers come to me due to problems they experience because they waived their right to a home inspection.

I have one rule about this: never, never, never, never NEVER buy a home without having it inspected.

If you’ve made an offer and are looking for a home inspector, you need to find a trusted professional who has an eye for detail, professional accreditation and relevant experience. This article by MSN Real Estate, 4 tips for finding the best home inspector, goes into an interesting explanation about why you shouldn’t always hire the first person your real estate agent recommends to you.

For my Worcester legal real estate clients, I recommend that they use a home inspection as a negotiating tool. I help them leverage this to make sure they achieve their goals.

If you’d like more tips and must-do action items, get my ebook, “How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time)” on the homepage of my Worcester real estate lawyer website.

Or, if you have questions for a Worcester real estate lawyer, I’d love to be of assistance. Call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Massachusetts Home Buyers Series: Biggest Blunders of Home Buying #3 – Get It In Writing

by Jack Morrison on November 17, 2011

Real estate matters can get complicated. But I have one simple rule that applies across the board with no exception: GET IT IN WRITING. Unfortunately, many people fail to stick to this rule and unforeseen challenges inevitably pop up.

Before we delve into this topic, I wanted to let you know that I’m bringing you this monthly November series, “The Biggest Blunders of Home Buying” based on my popular free ebook for Massachusetts home buyers. I wrote this because I see first-time buyers making the same mistakes over and over. Our monthly series schedule is as follows:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

If you missed one of the previous articles, feel free to check them out. Now on to our next topic: get everything in writing.

Biggest Blunder #3: Get Everything In Writing
First-time homebuyers are trusting people. Often, they believe and trust what a seller or their agent says. But legally, all transfers of real estate must be in writing to be enforceable. This is called the Statute of Fraud, and it prevents oral agreements from being enforced where the transfer of land is involved.

Bottom line, you must be specific as to what you want—and what you don’t want—when it comes to buying your first home. Don’t only get specific verbally; put it in writing. If you want all of the seller’s possessions removed from the premises prior to closing, put it in writing. You might feel silly or feel like you are pointing out something obvious, but why take the chance?

For more tips and must-do action items, get my ebook, “How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time)” on the homepage of my Worcester real estate lawyer website.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Massachusetts Home Buyers Series: Biggest Blunders of Home Buying – Buy the Location, Not the House

by Jack Morrison on November 13, 2011

This week we continue with our Worcester real estate series, “The 5 Biggest Blunders When Buying Your First Home.” This series is based on my popular free ebook for Massachusetts home buyers, which I wrote because I see first-time buyers making the same mistakes over and over. Here is our monthly series schedule:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

Now, this next topic is important so let’s get to it: Buy the Neighborhood or Location, Not the House.

Biggest Blunder #1: Buy the Neighborhood or Location, Not the House
Location, location, location. This is not the first time you’ve heard this, and it won’t be the last. The most common blunder first-time home buyers make is looking at the house first, then the neighborhood or location second. This is a big mistake. Let’s discuss why.

Buying a home today is not like buying a home 50 years ago. You are not going to buy a house and stay in it the rest of your life. In fact, did you know that the average homeowner changes homes every 5-7 years? This is a concept your grandparents (and maybe your parents) may not understand. But times have changed. This is your FIRST home…not your last. You are allowed to grow out of the first home.

So one piece of advice that I offer my clients consistently, is to buy what you need now. Look for things that other people who are in your position in 5-7 years will look for too.

Despite all the warnings out there, another mistake I see home buyers make frequently is that they try and buy the best house in a lousy neighborhood. Do it the other way around: buy a lousy house in a great neighborhood.  Now, when I say lousy, I’m referring to cosmetic problems (not foundational or structural problems) that can be remedied with a little TLC.

If you’re interested in buying a condo, you have to check out this section in my ebook where I go into detail about one of the most important aspects of a condo: the management.

The last word I want to leave you with, is that this house can’t be all things: the bachelor pad, the 4-kid house, and the retirement home. It won’t accommodate all phases of your life.

You can get my ebook, How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time) on the homepage of my Worcester real estate lawyer website.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

 

Massachusetts Homebuyers Series: Biggest Blunders of Home Buying – Finance First, Look Later

by Jack Morrison on November 3, 2011

As a Worcester Real Estate attorney, I’m in the position to see the multiple and varied mistakes that first-time homebuyers often make. I even wrote a free ebook for my potential buyers about it because I see these mistakes being made over and over. Throughout the week of November,  I’ll highlight several of the topics in this ebook, “The 5 Biggest Blunders When Buying Your First Home.” Our series will include important topics such as:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

Now, let’s dive right in to the first topic: Finance First, Look Later.

Biggest Blunder #1: Finance First, Look Later

One of the first mistakes I often see from first-time home buyers is that they get really excited about purchasing their new home and they dive right in to looking at homes online and scheduling showings in-person. But overlooking financing first is a big oversight.

If you’ve never undergone the process of applying for a mortgage before, you’ll be surprised to learn that the process is very involved and takes so long. You’ll have to gather many things together first for the mortgage officer, including verification of employment, bank statements, pay stubs and proof of deposit funds on loans.

It’s important to finance first because it’s a waste of your time to look for homes that are out of your budget. And conversely, you might be looking at homes that might not meet all your needs because you’re looking in too low of a range.

For more information on this important topic, check out my free ebook that includes a helpful checklist, “The Top 10 Questions You Must Ask Every Mortgage Officer” when looking to get a loan.

You can get my ebook, How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time) on the homepage of my Worcester real estate lawyer website.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Fixed or Variable: Which Mortgage is Best for You?

by Jack Morrison on November 3, 2011

While preparing to buy a home, you have many choices to make: condo or townhome…two bedrooms or three… in-town location or suburb…the list can go on and on.

One of the decisions you have to make when it comes to financing your purchase is deciding between a fixed mortgage or an adjustable rate mortgage. We’ve listed out a few advantages and disadvantages to each.

Fixed Mortgage:

  • The obvious pro, or advantage, is that the fixed mortgage rate remains constant over the term of your mortgage. And in 2011, interest rates are as low as they have been in a number of years.
  • Most of the time, it’s in your best interest to consider a fixed rate over a variable mortgage.
  • If you’re the type of person who wants to know what your payments are going to be for the entire 30 years, this is the way to go.
  • The only variation in a fixed rate mortgage occurs when your insurance or taxes go up or down.

Adjustable Rate Mortgage (ARM):

  • In general, ARMs are less expensive on a monthly basis for the term of the loan.
  • Some are 3-, 4-, 5- and 7-year fixed interest rates. After this time period, the rate fluctuates annually or semi-annually, depending on the terms and conditions of the note.
  • An ARM is a good option if you know you’ll only be in your house for 3-5 years. This occurs frequently with people whose jobs require them to move.
  • The disadvantage of course, is that if you stay in the house longer than you anticipated you may be paying a much higher monthly bill than if you had initially decided on a fixed mortgage.

We hope this brings some clarification to helping you make your decision. One last tip: did you know if you make one extra monthly payment per year on a 30-year mortgage starting at the beginning of your mortgage term, it reduces the length of time you have to pay back your loan from 30 to 22 years? Just food for thought.

If you have questions for a Worcester real estate attorney, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Thinking of Buying a House? Just Do It!

by Jack Morrison on November 2, 2011

It’s time for a change. If you’ve had that inkling for some now telling you to do something different, go ahead. Listen.

If you’re living at home or in an apartment, now is the best time to enter the real estate market due to unprecedented interest rates and the abundance of quality inventory (homes).

So how do you get started? First, make sure your mindset is realistic. What do I mean by that? You must look at your immediate needs and concerns. One mistake buyers often make is that they look for a house that meets all of their life needs rolled into one—bachelor (or bachelorette) pad, honeymoon suite, family home and retirement home.

Not Your Grandparents’ Real Estate market
Years ago you could look for the house that had it all. Our grandparents (and possibly parents) lived in the same house through their empty nester or retirement years. Times have changed.

If you’re looking for your first home, try a condo. Condos often provide access to major metropolitan areas. With a family, you may not want that. You might also be close to an area with a good nightlife, dining and other amenities that young professionals would find desirable.

Tailor your search to your needs right now. Although your first home may be smaller, it’s good enough for your needs at this stage. The average American changes homes every 5-7 years. Look for something short-term as opposed to “the last house I’ll ever get into.”

Free Ebook: “How to Avoid The 5 Biggest Blunders When Buying Your First Home”
Interested in hearing more? Resetting expectations is just one of the subjects I cover in my free ebook, “How to Avoid The 5 Biggest Blunders When Buying Your First Home…(It Will Save You Thousands of Dollars And Hours of Time).”

To get your free ebook today, visit http://massrealestateclosinglawyer.com/. Submit your name and email address and the ebook will be emailed to you.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

Sellers: What Sets Your Home Apart?

by Jack Morrison on November 2, 2011

If you decide to sell your house in this competitive landscape, you have to stop and ask yourself: what sets my house apart from all the other houses on the market? Then go to work.

Let’s talk about how to determine your home’s differentiator in two easy steps:

  1. Find out who the 3 biggest real estate agents are in your area.
    Look in any Sunday newspaper and see who’s advertising the most, who has the most open houses and who does the most volume. Determine who these professionals are and obtain their information. You can also visit specific offices to see who the top agents are.
  1. Set up an appointment and ask them questions as to what sells a house.
    Find out how these agents show the houses. Looking at the expertise of these top real estate salespeople will guide you to make your house the best it possibly can be when it hits the market.

These agents have their pulse on the ever-changing home buying and selling landscape. They have figured out the secrets to getting houses sold. At least you can get professional expertise as to what you should consider to make your home more attractive to potential buyers. Landscaping, remodeling, painting and other costs that may be above your income level at this time may be worth reconsidering.

For more good tips, read this article about 7 Ways to Sell Your House Faster.

If you’re looking to find out who the top real estate agents are in the Clinton, MA or Worcester, MA area, call Melanie in my office or email Jack at Jack@JackMorrison.com and we’ll give you some name.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

 

When’s the Best Time to Buy or Sell?

by Jack Morrison on October 5, 2011

Everywhere you look the media is telling you that now is the best time to buy a house. That’s good for buyers—but where does that leave Americans who are selling houses? When you look at the dynamics of buying and selling with the economic cycles, it seems impossible to be in sync with the times.

What I tell my Worcester real estate clients is that the best time to buy or sell is when the changes in your life dictate that you need a bigger or smaller house.

Over the course of time, real estate has generally been a good investment for most people. However, if you talk to someone within the past 5 years they’ll tell you they lost their shirt as prices have come down 20-30% for most in Massachusetts. These people aren’t happy that the prices they’ve paid have declined so much.

When you look at the housing market in real estate, you’re only really affected if you plan on buying or selling a property. If you’re not going to make a change in the foreseeable future, you’re not as impacted.

But if your kids are becoming school age and you need a better school district or if you’re now an empty nester with a too-big house to maintain, buying or selling would be a good option for you. Don’t listen to critics regarding the optimal time to buy and sell. Even though many look at real estate from the investment side of things, look at it as your home and where you’ll spend a large portion of your life.

My last word on this subject; if a change arises in your life that requires a change in your housing status, then do what you can to respond to those changes.

If you have questions for a Worcester real estate lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

September Foreclosure Series: My Home Was Foreclosed—When Do I Have to Move Out?

by Jack Morrison on September 30, 2011

As September comes to an end, we’re wrapping up our Massachusetts foreclosure series with a very important answer to a frequently asked question: after my home is foreclosed, when do I have to move out? As a Worcester real estate and bankruptcy attorney, I think it’s important to answer questions that come up frequently from clients who are going through a foreclosure and need assistance and guidance from an attorney.

If you missed any of our other topics in this series, catch them here:

After a Foreclosure, When Do I Have to Move Out?
As we mentioned in last week’s blog post, a foreclosure auction eliminates the homeowner’s cure rights to save the house. After the auction has occurred and a written memorandum to a prospective buyer at the auction is signed, the homeowner no longer owns the property.

But that fact alone does not give the bank the right to go in and physically remove the homeowner from the property. In other words, the only way a person can be physically removed from the premises is if they voluntarily move out or if a court order is obtained to get them out.

At the conclusion of the auction, as we have mentioned in previous blogs, the bank ONLY has the right to enter a portion of your property to conduct the sale. Neither the lender nor the buyers have the right to come into your home unless you allow them to do so. (Don’t do this.) The significance of an auction is to transfer the ownership from homeowner to lender and in turn to a prospective buyer. That completes the foreclosure. The previous homeowner (now called an occupant) no longer owns the property.

How does the Bank get the occupant out of the property after a foreclosure auction?

This can legally be done one of two ways: 

1. The occupant voluntarily leaves the property:
After the foreclosure auction and before an eviction, the occupant can pack up their stuff and leave. They no longer own the house. The bank has the legal responsibility for the property.

However, there is a better way for the occupant. It’s called “Keys for Cash.” After a foreclosure auction, the bank hires a real estate agent to put the house back on the market to sell. If the occupants (former homeowners) are still in the property, the Keys for Cash program means the bank will give the homeowner $2,000-$3,000 in cash. This is used in exchange for a few things: leaving the property, taking everything out and leaving the house in a clean, broom-swept condition. It becomes a win-win for both properties as the property gets vacated and the homeowner has cash to rent an apartment.

2. The bank gets a court order to get them out:
If the occupant doesn’t move out, the bank has to file an action in housing or superior court to get the former homeowners out of their home. This takes 4-6 weeks and runs the bank $5,000 or more depending upon how many physical possessions the homeowner has when the court order is issued. The advantage to the homeowner in this case is a little more time to stay in the premises. The disadvantage is that if you’re forced to move, the bank will not give you money to leave.

Which of the two situations is better? It depends upon what the former homeowner is looking for. If the former homeowner has found an apartment and needs money to move, then option 1 is better. If the former homeowner needs more time, then having the bank go through the legal eviction process give them more time to move, option 2 is better.

If you have questions for a Worcester real estate and bankruptcy lawyer, call me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you.  

← Previous Entries