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Sandpiper Sports Pub

Located in Eastham just off Rt 6, this is a place I have driven by a million times and never noticed…until now.  Great atmosphere and delicious clam chowder. It certainly had the flavor of a “locals” pub, but my guess is that they do plenty of seasonal business as well. Just out of curiosity I checked their Facebook page and it had a couple of good reviews.

Next time you are on Cape Cod down towards Easthampton, stop in and check it out.

Subject to HUD Guidelines 24 CFR 206.125

What does “Subject to HUD Guidelines 24 CFR 206.125” mean?

Every once in awhile, in a listing description of a foreclosure, you will see the verbiage, “Subject to HUD Guidelines 24 CFR 206.125.” This means the property was financed with a Reverse Mortgage and there will be restrictions based on that fact.

Lets step back a moment.
What is a reverse mortgage you ask….good question! A reverse mortgage is a type of financing offered to people who are 62 years old or older, own there own home and have equity built up in that home. The mortgage is set up so the homeowner can access the equity in the home on an ongoing basis. Essentially, the lender will pay out an amount equal to the equity in the home (or whatever amount they agree to loan). That is the simplified version. For a more in depth explanation take a look at our blog post on Reverse Mortgages.

Ok, back to the language, “Subject to HUD Guidelines 24 CFR 206.125” and how it might affect a Buyer. because it is was subject to a reverse mortgage the seller will have certain restriction in how the property is acquired, marketed and sold.

Some of the restrictions are as follows:

The property must sold at the appraised value or the value of the balance of the loan. So the price you see on the listing sheet may very well be the price they need to get. There are other stipulations as well.

The property will be sold “AS IS”. No repairs will be completed and if the house has not been cleaned out it very may well stay that way. The Buyer will have to accept the condition at the time of closing. The Buyer also can not do any repairs prior to closing including termite treatments. This is important because we sometimes see the lender ask for repairs prior to closing if the Buyer is using an FHA loan to purchase the property.

The utilities can not be turned on at the sellers expense per HUD guidelines. Utilities can be turned on during an inspection period (10 days) at the Buyers cost and they also must be shut off on completion of the inspection period.

Generally the Seller will require 30 days for a cash closing and 60 for a financed one although the property may close sooner…or later if extensions are agreed upon. You never know with banks.

The Buyer is not allowed to occupy the house prior to closing.

This is just a summary of the rules and restrictions.
For a full description of the process and restrictions go HERE.

Reverse Mortgage Explanation

Reverse Mortgage Explanation

What is a Reverse Mortgage?

We are starting to hear and see more ads for reverse mortgages and touting the benefits of them.Reverse Mortgage Loans, Budget, Finances on Cape Cod

Reverse Mortgages essentially pay the mortgagee rather than the other way around. The amount that the lender is willing to lend is determined by the amount of equity available in the home the mortgagee owns. That is the simplified version.

Here are a few more details:

Q: How do I qualify?
A: Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. Co-ops do not qualify. Other qualifications: You must own the home, be at least 62 years old, and have enough equity in your home for the lender to lend on.

Q: I have an existing mortgage. Can I qualify?
A: The answer is you may, but the reverse mortgage must be the first lien on the property. So, the first mortgage must be paid off whether it is with the reverse mortgage or by other means.

Q: What about my government assistance?
A: There are some types of assistance it may affect. To be safe, you should contact the local Area Agency on Aging or a Medicaid expert.

Q: What types of payment plans are available?
A: You can choose from several: lump sum, fixed monthly, access as a line of credit or a combination of these.

Often times there is a restriction in how much can be accessed within the first 12 months.

Q: Can I buy a car with the proceeds?
A: You can! Proceeds can be used for most anything: renovations to your home, paying bills, simply to supplement your income, pay off credit cards, etc, etc.

A reverse mortgage may not be your best option though so make sure you do your research. They are expensive up front and eat up the equity in your home which could be an issue down the road.

Contact your lender to discuss what would be best for you. If you need the name of someone we can certainly suggest someone. Call us any time at 508-258-9010.

Redesigned Website for OnCapeRealEstate.com

Redesigned Website for OnCapeRealEstate.com

Cape Cod Real Estate website

We have just launched a redesigned website for Team OnCapeRealEstate!  We loved the original site, but after 6 years we felt like it deserved a new look.

We decided to go with a full width home page and add a nice shell background to the rest of the site.  The site is designed to be a little more “open” but have some interesting features and movement.

We also added an expanded client review page and additional search pages that allows people to search for waterfront and foreclosures for every town on Cape Cod.

Our aim was to make a site that is easy for people to find the property they are interested in…plain and simple!  The new site will also allow us to easily make changes along the way.

Take a look and see what you think!

Winter Storm Lexi hits Harwich

Snow started around 12:30pm.

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