The art of negotiation has changed a bit because of this new economy. Buyers on Cape Cod are getting exceptional deals these days. Sellers notice this and are trying their best to keep as much money as possible in their pockets. One way Seller’s are trying to do this is by selling their properties “as-is”.

It’s very important to consider the "as-is" connotation….especially, if you’re marketing the property this way. The first thing that comes to a Buyer’s mind is, "What's wrong with it?" "What is the seller hiding?". That's just not a good way to start a transaction.

Most Seller’s, however, don’t get to the “as-is” stage until days of long negotiations have brought them down to their bottom monetary line. I hear it all the time from sellers, "I’ve come down enough. The Buyer’s are getting one hell of a deal. At this point, I'm selling my house as-is". Well, Mr. Seller, what if the buyer accepts the as-is provision, but the appraiser says the front porch handrail needs to be replaced, or that it needs a new roof? What if the buyer's mortgage company won't lend on the property unless there is a clear termite and moisture inspection and your home needs a rotted board replaced in order to get a clearance? Believe it or not, both mortgage AND insurance companies are demanding such upgrades. I have seen it happen several time now in the Provincetown, Truro and Wellfleet markets. Do you REALLY want to kill an entire sale over relatively inexpensive repairs?

It’s also very important to keep in mind that, In most cases, if you truly MUST sell strictly "as-is", you’ll be limiting your buyer pool to cash buyers, rehab loan buyers and private investor funded buyers. In this economy, you want to keep your buyer pool as large as possible, so, if you truly want to sell, it’s imperative that you consider being more flexible so you can work with VA, FHA and conventional buyers. To limit your liability for repairs, you can cap the amount you are willing to spend; just keep in mind that if the buyer can't come up with additional funds for necessary repairs, you could lose the deal.

Although, the economy has wreaked havoc on the real estate market throughout the nation, a lot of buyers are seeing this as an opportunity to buy something they might not otherwise be able to afford. Now is definitely the time to take advantage of some remarkable opportunities and acquire great properties that will become valuable income producers while appreciating over the coming years.

If you already have a great home that you use as your primary residence, you can still take advantage of all the great real estate opportunities out there....buy a second home! You can take advantage of great tax deductions and have a wonderful vacation retreat and/or income producing property!

The IRS allows for up to 2 residences for a taxpayer to deduct mortgage interest. The requirement states that the second home must have a sleeping space, toilet and a place to cook. In addition, the second home must be at least 50 miles from the primary residence. (Note about the 50 mile rule - say you commute 45 miles to work each day, a second home could be a "crash pad" near your employer but 50 miles from your home). Also of note is what qualifies as a second home: house, townhouse, condominium, boat, RV, mobile home...even trailers.

Can you rent your second home and still take the mortgage interest and property tax deductions? Yes! As long as you use it for 14 days or 10% of the time it is rented, whichever is greater. Another benefit: if you rent your second home out for 15 days or less and for fair market value, the rental income is not taxable. Of course, I would advise that you speak to a qualified accountant to answer any questions or concerns you may have regarding a second home.

Outer Cape Cod in the towns of Provincetown, Truro, Wellfleet and Eastham as well as the Islands of Nantucket and Martha's Vinyard are primarly second home markets. In my opinion, these towns offer the most beautiful beaches and natural landscapes of all the resort towns. Come on out here and call me, Deb Camuso to take a look at these beautiful places and see all of the amazing real estate opportunites!

Functional Obsolescence, with regards to real estate, occurs when there is a loss of building utility. This can occur with a home that is too lavish or improved for a neighborhood, or on the other end of the spectrum, a home that is much smaller or under-improved for an area. Functional obsolescence can also occur when a property no longer meets the basic needs and wants of a certain society; such as a 2 bedroom, 1 bathroom home or a home heated with a wood stove. Functional obsolescence can be curable or incurable depending on how difficult it is to overcome the obsolescence.

Stylistic Obsolescence is a home which does not conform stylistically to the neighborhood or incorporates some sort of material that is no longer manufactured or utilized. It can be a contemporary home in a traditional neighborhood or a home with a type of exterior that is no longer used. Stylistic obsolescence is almost always curable, but it is not always economically feasible to do so.

Economic Obsolescence is rarely curable. This occurs normally with older properties and is usually out of the control of the owner. Economic obsolescence can occur when commercial zoning encroaches onto residential or when a road widening diminishes the front yard of a home.

It's important to understand obsolescence and the effect it can have on the value of your property. Call me, Deb Camuso, for a complimentary market analysis of your property in the towns of Provincetown, Truro, Wellfleet and Eastham in Cape Cod Massachusetts. There is a natural market demand right now for certain properties. I would love to talk with you about how you can capitalize on this current market. I’ll show you what properties similar to yours are selling for and what competition you’re up against.

The U.S. Department of Housing & Urban Development approved (some time ago) two updated forms that are CENTRAL to the real estate transaction. They are the Good Faith Estimate and the HUD-1 Settlement Statement and they went into effect on January 1, 2010

The new forms (and accompanying rules) are intended to help home buyers (who are obtaining mortgages) to better understand and compare their mortgage options. In theory, this will allow them to obtain better loan terms, lower interest rates, and lower settlement charges (closing costs).

The new Good Faith Estimate (GFE) is now a standard form across all lenders. In the past a borrower would receive a GFE with a different format from each lender that they visited --- each having a slightly different set of disclosed loan terms, or vocabulary for referencing such terms. Now, a buyer can compare two proposed mortgage scenarios from two different lenders and be able to quickly and easily compare the exact same terms from each. I see this as a huge improvement for the financing process (for buyers), as in the past there has often been much confusion about how to determine which proposed loan program is better than the other.

But there's more! Beyond a buyer's (borrower's) loan terms and closing costs being easier to comparison shop, and easier to understand . . . there is also more accountability on the lender to make sure that those terms and costs stay intact through to closing.

Some of the costs CANNOT change from the Good Faith Estimate, others can only change by a certain percentage, and others that can change without limit. This is a big improvement from current HUD guidelines whereby there was no guarantee that any of the closing costs or loan terms from a Good Faith Estimate would be carried through to closing.

Having been selling property on Outer Cape Cod - Provincetown, Truro and Wellfleet, Massachusetts - for nearly a decade now, I have experienced such major issues with lenders. With these new chnages, I believe the financing process will be much easier for buyers to navigate as we move through 2010!

Call me,Deb Camuso and let me help guide you through the buying process!

It's that time of year....winter...and I must say that it has been incredibly cold on the Outer Cape. A majority of the homes in the towns of Provincetown, Truro, Wellfleet and Eastham are used seasonly....ususally April through November. Many home owners feel comfortable vacating their properties during the winter months and simply leaving the heat on low. However, I can't stress enough that this is a bad idea. Crazy things can happen.....winter storms winds can damage windows, heavy snow accumulation can leak through warped chimney flashing, rodents and other pests find ways to get into insulation......the list goes on. So here's my advice for all of you homeowners out there with seasonal, summer properties.

Ways to Protect Your Properties from the Cold

1. Turn off exterior water spigots. There is usually a main shut off inside the home.
2. Drain any and all exterior pipes and hoses.
3. Remove and store any window a/c units.
4. Get your HVAC system serviced and tuned-up.
5. If you have old windows, get a window insulation kit from a local home store.
6. Insulate you pipes - if they are warm to the touch, they are ready for pipe insulation
7. Store all outdoor furniture, grills, hoses in a shed or garage
8. Make sure the chimney is swept and fireplace debris removed
9. Seal foundation cracks, no matter how small. A field mouse can get into a hold as small as a dime!
10. Check smoke detectors and make sure to have a carbon monoxide detector.
11. Hire a local property manager to check on the house on a weekly basis to ensure all is safe and sound.

It will cost a little bit of money, but will save you tons in the long run. Be smart and take care of your real estate investment. Your can rest assured during your winter months and you can come back in June with no headaches.