North Reading Massachusetts Real Estate Agents Lisa Giannetto Santilli-LisaSantilli.com



348 PARK STREET, North Reading, MA 01864

Commercial

$1,100
Price

0
Buildings
Commercial Condo
Type of Comm.
Great opportunity to LEASE this bright, sunny, freshly painted office space at Park Place, a professional office condominium complex. Conveniently located overlooking courtyard/green space, the unit offers a reception area (9' x 17'), large office or conference room (13' x 12'), another office (12' x 11'), and kitchenette.. Ample parking and easy access to Rte. 93. Monthly rent is $1,100/mo plus electric. Unit is located on the 2nd floor of a 2 story building. Available Now!
Open House
No scheduled Open Houses

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Photo by Paul Brennan via Pixabay

If you’ve been renting and preparing to buy a new home, you’ve probably saved up your down payment and are in the process of getting pre-approved for your mortgage loan. If, on the other hand, you’ve been living in a home you own and paying on your mortgage, you may be ready to buy, but only if you can use the equity in your existing property. Logically, that would mean you have to sell your home first, which pays off your existing mortgage, then live somewhere temporarily while you shop for your new home. However, you have more options, and none of them require you to live in a third location.

Option 1: Contingent Purchase

Ask your real estate agent for in-depth information on contingent purchases in your area, since different cities and states can have conflicting rules. This means making an offer on a new home that is “contingent” on your accepting an offer on your current home. Basically, you will do the buying and selling parts of your real estate plan at the same time. While your agent is looking for new homes, they are also showing your home to buyers. You can use the same agent for both parts of the process, which is often cheaper, or you can use a buyers’ agent for the purchase and a sellers’ agent for the sale, which may help you get better deals. Not all sellers are willing to entertain contingent offers since that can put a crimp in their own moving plans, so make sure your agent is aware of your circumstances from the beginning.

Option 2: HELOC Loan

Home equity line of credit or HELOC is a particular type of home loan. These loans are usually second mortgages of some sort but allow you to withdraw the entire amount within a given time period. This means you can keep your current home, and use the HELOC loan to buy your new home. Then, when your current home sells, pay off the mortgage on that home, and get a new mortgage on your new home to pay of the HELOC loan as well. This can be risky, however, since HELOC loans are based on the equity value of your current home, which may not be as high as the market value. In addition, they can have variable interest rates, which, if your old home ends up not selling for an extended period of time, can really start to drain your savings. If you plan to go with this option, make sure your real estate agent knows the timelines you’re working with, and try to find an agent with a “sellers’ guarantee.”

Option 3: Contingent or Rent-Back Sale

A contingent sale is similar to a contingent purchase, but instead of closing relying on you finding a buyer, it relies on you finding a new home and that offer being accepted. These tend to be shorter-term agreements, such as 1 to 2 weeks, but can be longer, even up to several months, depending on your buyer. Be careful and try to have contingencies on only one side of your purchase, since if you end up with too many chained together (you are on contingency, as are your buyers, and their buyers and so on) if one person’s plan doesn’t work, the whole chain could fall through. Alternatively, if your buyer has a longer moving timeline, they might be interested in setting up a “rent-back” agreement. This allows you to sell your home and then rent it back from the new buyers for either a specific time period or for as long as it takes for you to find a new home. This is especially a good idea if your buyers are currently renters on a month-to-month agreement since both of you can move whenever is needed.

If you’re ready to buy a new home, but are worried about selling your current one first in order to afford it, you are not alone. Make sure you explain your situation to your real estate agent during your very first meeting. Once they know what kind of agreements will work for you, they can do a much better job of finding your dream home and helping you complete the purchase.


After you buy a house, it may be only a few weeks before your closing date arrives. At this point, you and the home seller will finalize your transaction. And if everything goes according to plan, you'll own a new home.

Getting to closing day, however, sometimes can be difficult. Lucky for you, we're here to help ensure you can enjoy a quick, seamless home closing.

Now, let's take a look at three steps to close on a home.

1. Complete Your Mortgage Application

A mortgage is a must-have for a homebuyer to close on a residence. Fortunately, it often can be simple to obtain a mortgage that matches or exceeds your expectations.

Consult with several local banks and credit unions. By doing so, you can learn about all of your mortgage options and select a mortgage that corresponds to your finances.

After you complete a mortgage application, a bank or credit union can provide you with mortgage options. Then, you can make an informed decision about which mortgage suits you perfectly.

2. Perform a Home Inspection and Appraisal

A home inspection is paramount, as this assessment will enable you to identify any underlying home problems and address them before closing day arrives.

During a home inspection, a property expert will assess your residence both inside and out. This expert also will provide an inspection report that details his or her findings.

Review the results of a home inspection report closely – you'll be glad you did. If you assess a home inspection report, you can review a home inspector's findings and determine whether you still want to purchase a house.

If you accept the inspection results and decide to move forward with a home purchase, an appraisal may follow.

Like a home inspection, an appraisal requires a property expert to visit your home. This expert will evaluate your home's interior and exterior, as well as comparable houses in your city or town. Following a home appraisal, you will receive a property valuation.

Oftentimes, a property valuation may match or exceed the price that you intend to pay for a house. If it does not, there may be instances in which you can still walk away from a home sale or ask the seller to lower a house's asking price.

3. Buy Home Insurance

Home insurance safeguards your residence and personal belongings against loss, damage or destruction. As such, it is essential to purchase home insurance before you close on a house. Because with home insurance in place, you'll be good to go to protect your house and personal belongings against myriad disasters.

The closing process can be long and complicated. But if you work with a real estate agent, you can receive plenty of support leading up to closing day. In fact, this housing market professional is happy to provide tips to ensure you can streamline the closing process.

Get ready for closing day – follow the aforementioned steps, and you can speed up the process of acquiring your dream house.


This Single-Family in North Reading, MA recently sold for $820,500. This Colonial style home was sold by Lisa Giannetto Santilli - Classified Realty Group.


11 BOXWOOD ROAD, North Reading, MA 01864

Single-Family

$799,900
Price
$820,500
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
METICULOUS CLASSIC CENTER ENTRANCE COLONIAL perched at the end of a cul de sac in the heart of Chestnut Village near the Lynnfield town line. First floor features a formal living room and dining room along with an OPEN CONCEPT, EXPANSIVE kitchen and family room w/cathedral ceiling, gas fireplace and a PALLADIAN WINDOW as well as a HOME OFFICE & mudroom. The second floor hosts 4 bedrooms including the MASTER BR w/SOARING CATHEDRAL CEILINGS, walk-in closet, and SPA-LIKE MASTER BATH! Additional highlights include two large decks, a lower level playroom, a lush 1+ acre lot, 2nd floor laundry & more! This home borders conservation land and offers privacy while remaining part of a neighborhood. Chestnut Village in a popular neighborhood in the Batchelder school district and is super convenient to highways and all the shops & restaurants at nearby Market Street.

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This Condo in North Reading, MA recently sold for $380,080. This Garden,Mid-Rise style home was sold by Lisa Giannetto Santilli - Classified Realty Group.


220 Martins Landing, North Reading, MA 01864

Condo

$365,000
Price
$380,080
Sale Price

4
Rooms
1
Beds
1
Baths
Stop by to see why this is the premier address for your next home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

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