All Entries in the "Real Estate" Category
Housing Momentum Remained Strong in July
Governor Gina M. Raimondo today joined with representatives of Rhode Island Housing and Rhode Island College to launch Ocean State Grad Grant, a new program designed to encourage recent college graduates to make their home in Rhode Island.
“Rhode Island Housing’s Ocean State Grad Grant program takes an innovative approach to keeping young professionals here in Rhode Island,” said Governor Raimondo. “Sparking a comeback for Rhode Island’s economy is my top priority, and this program is a creative solution to one of the greatest challenges we face: making sure our children have access to opportunities for living and working in Rhode Island.”
The Ocean State Grad Grant program, administered by Rhode Island Housing, awards grants for mortgage down payments to recent college graduates. Grants equivalent to 3.5 percent of the home’s purchase price, up to $7,000, are available for qualified recent graduates buying their first home in Rhode Island.
“Making housing affordable for the newest members of our workforce is an important part of Rhode Island Housing’s Housing Momentum Remained Strong in July mission to build a bridge to the middle class for more Rhode Islanders,” said Barbara Fields, Executive Director of Rhode Island Housing. “We expect demand for homeownership among Millennials to increase in the coming years. The Ocean State Grad Grant program encourages young professionals to lay down roots in Rhode Island, where they can contribute their talents to the local economy and be active members of our communities.”
Rhode Island ranks 42nd of 50 states in percentage growth between 2000 and 2013 in the number of residents aged 25 to 34 with at least a 4-year degree, according to a Rhode Island Housing analysis of U.S. Census data.
According to the Joint Center for Housing Studies of Harvard University’s The State of the Nation’s Housing 2015 report, “Although members of the millennial generation are starting to find their footing in the job market and helping to propel rental demand, many of these young adults are saddled with rent burdens and student loan payments that will slow their transition to homeownership.”
Despite these challenges, Millennials have a strong interest in homeownership. According to a 2015 survey by the Urban Land Institute, 70 percent of Millennials anticipate owning a home by 2020.
“Rhode Island College has nearly 40,000 alums who are Rhode Island citizens,” Dr. Nancy Carriuolo, President of Rhode Island College. “However, buying a new home has become increasingly difficult for recent college and university graduates, many of whom are struggling with debt. We salute Governor Raimondo for providing the leadership for this innovative program that will create proud homeowners, increase the numbers of college educated citizens, and contribute to our economy.”
Today’s launch event for the Ocean State Grad Grant program was held in front of Alex + Ani Hall at Rhode Island College. The event kicked off a statewide radio and online advertising campaign to help make potential first-time homebuyers aware of the program.
The program is open to first-time homebuyers who have recently graduated from an accredited institution with an associate, bachelor’s, master’s or doctoral degree within 36 months prior to closing on their mortgage. Graduates may have earned a degree from any institution for higher education recognized by the U.S. Department of Education’s Database of Accredited Postsecondary Institutions and Programs.
“I grew up in Rhode Island, I love living here, and I want our talented recent college graduates to choose to live here as well,” said Travis Escobar, President of the Millennial Professional Group of Rhode Island and a 2013 graduate of Rhode Island College. “As a recent graduate, an Ocean State Grad Grant could help make it possible for myself and many millennials to build a career and start a family here in Rhode Island.” In order to be eligible, the property must be purchased using a Rhode Island Housing-funded first mortgage from a Participating Lender or through the Rhode Island Housing Loan Center. Borrowers may also qualify for an additional grant through Rhode Island Housing to help with closing costs.
The Ocean State Grad Grant is designed as a forgivable second mortgage. If the buyer sells their home within the first 5 years after closing on the loan, a portion of the second mortgage would have to be repaid, based on 20 percent per year. Rhode Island Housing has allocated $350,000 for the program.
To apply for the program, contact one of Rhode Island Housing’s Participating Lenders or a Rhode Island Housing Mortgage Spet. Learn more on the program’s website, http://www.gradgrant.org, about Rhode Island Housing Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.
The Randall Family of Companies Name One of 12 RI Companies on the 2015 Inc. 5000 List
Inc. magazine has ranked The Randall Family of Companies number 3860 on its 34th annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. The company’s ranking rose by nearly one thousand since first making the list last year, when it ranked number 4846.
The list, which represents the most comprehensive look at the most important segment of the economy—America’s independent entrepreneurs, includes 18 businesses from the Providence-Fall River- New Bedford metropolitan area, of which The Randall Family of Companies ranked among the top ten for sales growth from 2012 through 2014 and top four in revenue in 2014. The company was one of only 12 Rhode Island companies in the ranking.
The 2015 Inc. 5000 is ranked according to percentage revenue growth when comparing 2011 to 2014. Revenue for The Randall Family of Companies, which is comprised of Randall, REALTORS in Rhode Island and Connecticut, Kinlin Grover Real Estate on Cape Cod, and Page Taft Real Estate in Connecticut, grew by 78 percent during that time period. The company’s sales volume was more than $1.2 billion in 2014.
“We’re thrilled to rank on the Inc. 5000 list for the second year in a row. As a company, we’ve aggressively targeted growth opportunities and this ranking shows the results of our efforts. Our success is owed to the hard work of our agents and the companies who have chosen to merge with us due to a shared philosophy of putting the customer first,” commented Douglas Randall, CEO of The Randall Family of Companies.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/ inc5000.
“The story of this year’s Inc. 5000 is the story of great leadership. In an incredibly competitive business landscape, it takes something extraordinary to take your company to the top,” says Inc. President and Editor-In-Chief Eric Schurenberg.
The annual Inc. 5000 event honoring all the companies on the list will be held from October 21 through 23, 2015 in Orlando.
Plan to Replace Cesspools Within One Year After Closing in 2016 and Beyond
Are you planning on putting your home on the market this fall or are you planning to buy a home next year? There’s an important new law that will take effect on January 1, 2016 that will require property owners with cesspools to replace them with a septic system, denitrification system, or other type of onsite wastewater treatment system – or connect to sewer – within one year of the sale of real estate. The legislation requires that an inspection be conducted by a system inspector before the closing occurs. The buyer or the seller must hire a registered inspector to make this determination so plan on addressing this negotiation issue if you sell or buy after December 31st of this year.
The law requires the removal of cesspools from nearly all types of uses. Only transfers between current spouses; full siblings; and parents and children are exempt, as well as transfers to a revocable or irrevocable trust where at least one of the designated beneficiaries “is of the first degree of relationship to the grantor.”
Compliance costs can range from a low of about $15,000 to as much as $60,000 if a denitrification system or other alternative technology is required. During the sale, the current owner can negotiate with the buyer about who will pay the costs and arrange for the design and construction.
Some, but not all, towns and cities currently offer some form of low interest loan program if needed. It’s important to check with the town or city hall in the municipality in which the property is located because in some areas, private lenders may offer the only options for loans.
If the cesspool replacement can’t occur until after the closing, some lenders may allow the closing to take place, depending on the type of loan. Keep in mind however, that if the seller agrees to pay the costs, many lenders are increasingly reluctant to hold funds in escrow to ensure that repairs occur after closing. If the buyer agrees to assume the work, they will need to have the funds available or qualify for an additional loan to pay for the work. In that case, the property has to have enough equity to secure the loan. The buyer should check with his or her lender as soon as possible in the transaction process to determine not only loan availability, but monthly home costs and affordability.
Need more information? Contact the Rhode Island Department of Environmental Management Wastewater Division at 401-222-6800.
Source: RI Association of REALTORS
Credit Problems not a Home Ownership Deal Breaker. Pre-Property Solutions Revives Home Ownership Dreams.
NEWPORT, RI – “I really didn’t think I could buy a home,” is a common chorus of many home seekers with credit problems. According to USA Today, 77 million Americans with debit in collections owe an average of $5,200 which includes credit card bills, child support, medical bills, utility bills, parking tickets or membership fees.
Chris Prefontaine, Managing Director of Pre-Property Solutions and a 24 year veteran in the real estate industry, notes, “The bad credit as a home purchase deal killer is a dangerous myth. It can keep good people who have run into a bump in the road from having hope and from working to turn their financial situation around. The truth is that most people can clean up their credit over time and qualify for a conventional mortgage. We see it every day.”
Pre-Property Solutions starts by connecting bankrupt buyers to a third party credit repair consultant who works with the buyer to repair their credit situation. Typically, the buyer is able to qualify for a conventional mortgage within 9 months to 5 years.
In addition, Pre-Property Solutions offers an alternative “rent to own” program. The enhanced program helps home seekers with poor credit, no credit and/or a limited amount to invest. The “rent to own” program is straight-forward. The buyer works with Pre-Property Solutions to determine the best down payment up front and over time.
During the credit repair process, depending upon the property, sometimes a portion of the monthly lease payment is credited to the purchase. If not, a Down Payment Assistance Program (DPA) is available to further assist the buyer. The DPAP outlines that the Lessee/Optionee has the right to put down additional funds towards their down payment and receive credit against the purchase price.
The rent to own program hinges on the fact that Pre-Property Solutions is a private real estate investor who buys and sells houses. All properties are either owned by Pre Holdings or the company has a purchase contract and/or option with the owner of the property, which Pre Holdings may assign to third parties or retains. Pre Holdings is not a real estate brokerage and does not provide realtor services to the public, or to any of the parties to which it has contractual relationships.
Pre-Property Solutions in some instances even pays cash for the home and can close in about a week if that best suits all parties. The goal is to create a win-win purchase that is good for everyone.
Pre-Property Solutions are not loan brokers, bankers, real estate agents or selling homes for someone else. The company are the owners or have a legal equitable interest in the property.
Pre-Property Solutions donates $100 of every home sale to the Franciscan Hospital for Children in Boston in the name of Nick Prefontaine, the son of Chris Prefontaine, who continues to benefit from their great work and who works in the business with Chris.
Pre-Property Solutions are members of the Newport County Chamber of Commerce and Better Business Bureau. The company maintains an A+ rating with the Better Business Bureau.
Pre-Property Solutions maintains two offices, one at 580 Thames Street, Newport, RI and another at 360 Church Street, Suite 230, Northborough, MA.
For more information about the Pre-Property Solutions and the “Rent to Own” program, call 855 667 7336 or visit www.prepropertysolutions.com.
