New Home Heating Oil Law Now In Effect.

As of September 30, 2011, owners of 1-4-unit residences on Martha's Vineyard that are heated with oil will now have to install either an oil safety valve or an oil supply line with a protective sleeve on their heating equipment. Installation of these devices is mandatory and must be performed by a licensed oil burner technician. Technicians are employed by companies that deliver home heating oil, or they are self-employed. It is important to note that heating oil systems installed on or after January 1, 1990 are most likely already in compliance because state fire codes implemented these requirements on new installations at that time.

For those who need to install this equipment, state officials estimate that the typical cost of installing either an oil safety valve or an oil supply line with a protective sleeve ranges from $150 to $350 (including labor, parts, and local permit fees). While it is an expense that is not insignificant, the cost to clean up an oil leak on Martha's Vineyard can run in the tens of thousands of dollars.

It is important for home owners to remember that this rule applies to all home owners, regardless of whether they are selling their home or not. In the case of a home sale on Martha's Vineyard, an oil leak can delay a sale for months. The Massachusetts Department of Environmental Protection (DEP) has an excellent, easy-to-understand document that explains this new rule. The document can be found on MAR’s website in the Bay State REALTOR® section under Law and Ethics, or from DEP direct at www.mass.gov/dep/cleanup/laws/hhsl.htm

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WSJ rates Dukes County at #7 in a list of 10 American Ghost Towns of the 21st Century

BARRON'S ranks Martha's Vineyard at #5 in a list of 15 Best Places For Second Homes

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Fed Says No to Yield-Spread Premiums

Compensation to mortgage brokers can no longer be based on the loan’s interest rate or other terms, except on the amount of credit extended, according to a Federal Reserve rule that took effect April 1. The rule seeks to curb risky loans by prohibiting yield-spread premiums, which critics say gave originators an incentive to steer borrowers into higher-cost mortgages during the housing boom. It also prohibits originators from charging borrowers a fee if they’re already being compensated by the lender who is providing the money. The National Association of Mortgage Brokers and the National Association of Independent Housing Professionals are reportedly looking into filing lawsuits to prevent the rule’s implementation. More: www.federalreserve.gov (Aug. 16, 2010, release)
(Source: Realtor.org Five To Watch by Robert Freedman)
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The NEW Massachusetts Homestead Act went into law on March 16, 2011; it completely rewrites Chapter 188, § 1-10 providing home owners more modern protection.

Here are some of the important changes to the new Homestead Declaration Law:
• Existing homesteads remain valid.
• There is an automatic $125,000 homestead; no recordation of a homestead declaration is needed for this protection.
• Homeowners receive a $500,000 homestead protection by recording a homestead declaration; all owners must sign to gain the protection. There is a one-time $35.00 recording fee.
• All owners must occupy or intend to occupy the home as principal residence.
• Owners who are elderly or disabled should file a homestead under section 2 of the new law to gain maximum protection.
• Under new law, both spouses can record a homestead.
• Property held in trust can be homesteaded.
• Every homeowner who has refinanced his/her mortgage in the last several years should record a new homestead declaration since many refinancing mortgages contained a waiver of homestead rights.
• If a married couple has divorced or separated, each should re-examine whether a new homestead declaration is needed.
• As under prior law, homestead declarations are subject to mortgages executed by all owners.

There are other changes in the new law and to learn more please go to my page on the Homestead Exemption.

FHA Extends 'ANTI-FLIPPING WAIVER'

To Help Stabilize Housing Market

The In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's 'Anti-Flipping Rule.'

Martha's Vineyard Home Buyer Videos

The U.S. Department of Housing and Urban Development (HUD) partnered with the National Association of Realtors® (NAR) to produce three consumer information videos about the home buying process: Shopping for Your Home; Shopping for Your Loan; and Closing the Deal.

A Former Client tells me why he believes the decision to hire an Exclusive Buyer Agent on Martha’s Vineyard is a ‘No Brainer’.

Dear Peter,

As an Island homeowner, I find that friends often ask about our home buying experience with the hope that we will provide guidance to facilitate their search. My first and only recommendation: Hire an Exclusive Buyer Agent. They will represent you throughout the process from start to finish. Although I am not a real estate professional, I feel the lessons learned and the experience gained during my own home purchase with you by my side provided me the unique perspective to offer advice to others seeking the Martha's Vineyard lifestyle experience.

While I sense more people today contract for the services of Exclusive Buyer Agents than in the past, many home buyers still just don't think about it or don't believe they can actually have someone passionately represent their best interests at all times. This was certainly my friend's mindset. In part, I think it is because people believe it will be more costly. They think there has got to be a catch. I thought you might be interested in how I describe the benefits of your type of service to my friends. (Read More)