Central Ohio Real Estate Cafe'

You have heard it a thousand times...Now is a great time to buy over and over.  You know they are right and you are ready to take the plunge.  Finally you have the right job and your credit is in good shape.  So what is holding your back?  More often than not it is the down payment money. The current Columbus financial market is requiring 3.5% for FHA and 5% for conventional.  It is important to understand that you will need to save money.  However, there are still options out there to assist you with Down Payment.  In this post we will explore three ways that you can get down payment money to help you purchase that dream home.

Look To Those Who Can Help

Here in the Columbus Area we are fortunate to have several programs that can assist with down payment money.  The resources are limited so they are usually first come first served.  Most require that you meet specific income guidelines and that you participate in a home buyer's education course.  A few local organizations that provide down payment assistance include The Columbus Housing Partnership, Homes on the Hill and Mid Ohio Regional Planning Commission (MORPC).   

Recently, the Ohio Housing Finance Authority announced the availability of a program that will allow qualified buyers the opportunity to use some of the $8000 tax credit money towards down payment and closing cost. 

Ask Your Rich Uncle

Uncle Sam will allow you to use up to $10,000 of your IRA funds as a down payment.  If you are married and both of you are first time home owners you could potentially take up to $20,000 from your accounts.  There are details that may even allow you to use these funds, without penalty, even it this is not your first home.  As always, do your research and check with your tax accountant for details on your specific situation.

Borrow From Your Self

What better creditor than yourself?  If you have a retirement plan with your company you may consider borrowing against your 401K.  Unlike tapping into your IRA, this will be money you will need to pay back; however, the interest payments on the loan will be going back to your 401K.  There are down sides to borrowing from your 401K, so do your homework.  Just as with your IRA you will need to check with your accountant for advice on your personal finances. 

Now is the time to buy and if you have questions regarding down payment of any other real estate questions call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

For more down payment info:

$8000 Dollar Tax Credit = Down Payment Assistance Hurry Limited Funds!!!

How Does HUD's $100 Down Program Work?

Having buyer's remorse is quite natural for many folks and often shows up in a variety of places including purchasing a home. The anxiety of committing to a mortgage long term for a family home or even investment property can be unnerving and sometimes even downright frightening.  Although a little concern is to be expected it is imperative to that you not let fear cripple you into not taking action.  Taking no action can not only lead to your missing out on that "perfect" property, you have been looking for,  it could cause you to miss out on much more than that.

A decision to walk away from a pending deal could cause you any earnest money you have put in place to secure your bid on the property. In the Columbus area, the seller can tie up your earnest money for up to 2 years if you decide to back out of the transaction for reasons not covered in the contract. 

The following are a few of the contingencies that may permit you to get all or some of your earnest money back, if you decide to walk away and if the contingencies are listed in the original contract.

•·         Running into financing issues and not being able to get the financing you were hoping to qualify for is an example of a contingency for buying a home. Although the Columbus Board of Realtors contract lists financing as a standard possible contingency, listing it specifically will better insure that, you will not lose your earnest money deposit should your financing go south or obtaining what you feel is acceptable financing becomes impossible.

•·         Not selling your current Columbus area home can be another escape from a contract.  This too needs to be specifically listed as a part of the sales contract.  You must clearly state that the sale of your existing home must be final prior to closing on your new home.

•·         Other good clauses to have in your offer are ones that provide contingencies for the appraisal, title, or inspection which can serve as protection, for you, in case you decide you need to back out of the deal.  If the inspection comes back with undesirable issues, the title is not clean or the appraisal comes back less than the price you are planning to pay, you can have a legitimate reason to exit the purchase agreement.

Although a little buyer's remorse is quite natural there are times when the desire to get out of the contract are real and if you do not have proper contingencies in place can prove to be a costly venture.

Contact me at 614-273-6406 or Vanessa.simmons@realliving.com to help you to properly prepare a sales contract that will include appropriate contingencies to help protect your best interest

KEYWORDS: Columbus Area real estate

LINKS:

Earnest money:  http://www.teachmefinance.com/Financial_Terms/earnest_money.html

contingency for buying a home: http://homebuying.about.com/od/buyingahome/qt/01408_RelContin.htm

Closing on your new home: http://www.amortgagepro.com/01home/closing.htm

See HUD Buyers Remorse:  I Won the HUD Bid But....(I don't want the house)

Other than the fact we are in a difficult market here in the Columbus area as with much of the country there often are other factors that can  prevent homes from selling.  Believe it or not there are a couple of quick and easy fixes that can be done to enhance your homes sellability. 

Often times when folks think of selling they may do a little research online and determine that it is cheaper to go it alone and make the decision to stick a sign in the yard and post their home on a few sites.  They fail to fully understand that in this market it is often imperative to partner with a professional who can help you with the right help to help sell your home.  A couple of easy fixes include:

Spruce Up

Spruce up and keep it neat and clean are the first tips most agents will share with you. Noting will derail a real estate transaction quicker than a messy unkempt home.  It can be difficult and inconvenient to live in a property and sell at the same time, especially when there are children involved.  However, dollar for dollar nothing you can do will compare to the return that a little elbow grease and extra effort do for your bottom line.  There are tips that you can use that will help you to learn ways to clean your home quickly for those unexpected times that you will get the call to show your home in 30 minutes or less.

Good Images are Key

Newspapers and print materials used to be the primary place folks went when they wanted to began their home search.  Cost and space limitation generally limit newspaper and magazines listings to one photo.  The photo is usually small and may not highlight some of the best features of the home. 

Today most folks began that search online.  A full 80% of today's buyers start their online.  Research shows that the average buyers expect to see an abundance of online images.  The more the better and virtual tours are a plus.  There are lots of tips to help you if you aren't experienced at getting good room images that can highlight your home's assets but if necessary work with your agent to bring in a professional that can capture your home in a way that will enhance its marketability.  Basically, it is imperative that for your home to get maximum exposure, to the greatest number of buyers, your home needs to be online in as many places as possible.

In this market there are lots of potholes in the sales process.  You need to partner with a Realtor® who can help you maneuver around the potholes and assist you through a smooth transaction from start to finish.  Call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

LINKS:

Help to help sell your home:  http://www.statefarm.com/learning/life_stages/learning_lifestages_sellinghome.asp

Ways to clean your home fast:  http://www.ehow.com/how_2312344_clean-house-faster.html

Room Images: http://www.ehow.com/how_4516889_take-photos-house-sale.html

Mark Your Calendar-Affordable Housing Super Sunday Open House

Affordable Housing Super Sunday Open House will occur Sunday April 19^th, 2009.

This event is sponsored by the Columbus Board of Realtors and will feature over 200 affordably priced ($125,000) homes all over the central Ohio area.  If you spot by to visit any participation home on 4/19/2009 you can register to win one of the following exciting prizes:

Whirlpool Stainless Steel Smooth Top 
Electric Range & 25 cu ft Side-by-Side                   
Refrigerator with water & ice Dispenser
courtesy Dominion Homes & Whirlpool

Wii Gaming Systems courtesy Perma View
(ANDERSON Replacement Windows) &                                
Tim Moffitt & Nancy Garrabrant, National
City Bank now a part of PNC

Wii Fit System courtesy First American
Title Insurance Company

This has become an annual event for the Columbus Board and gives the community an opportunity to see some great affordable homes.  Mark your calendars for Affordable Housing Super Sunday Open House Sunday April 19^th, 2009.  A full listing of the homes that will be featured will be available in the Sunday April 19th, Columbus Dispatch and Columbusdispatch.com

If you need additional information or have any Columbus area real estate needs please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

Other upcoming events: April is Fair Housing Month

In honor of Fair Housing Month the Columbus Urban League is sponsoring a "Buying Time" Workshop presented by National Speaker Mildred Wilkins President/Founder of Hom Ownership Matters. 

Who should attend:  Anyone who is experiencing a hardship that has or will prevent them from maintaining a current status on their mortgage payments. 

The work shop will be free to the public and will focus on practical ways to handle foreclosure prevention and intervention.  The focus will be arming the consumer with information and tools that will allow them to "Buy Time" by blocking their lenders foreclosure actions.    Buying time can allow You to have:

Time to Work through Negotiations for Loan Modifications

Time to secure and close a reverse mortgage

Time to recover from an injury and return to work         

Time to find a job and return to employment

Time to complete a short sale

This is a pre-foreclosure strategy workshop.  If foreclosure has already been initiated or completed this workshop may not be helpful to keep you out of foreclosure but may prepare you for what to expect. 

Do not miss this valuable opportunity to learn self help tools that may allow you to save your home.

Contact The Columbus Urban League or register by contacting Linda Stallworth at (614) 257-6300 to sign up for the course.

Need more information or need assistance with Columbus area real estate Call me at (614) 273-6406 or email me at Vanessa.simmons@realliving.com

One of the surest signs of spring right up there with the time change and warmer weather is the return of Garage/Tag Sales.  Here are a few tips to help insure that you declutter while having the best sale ever just remember: HOM AD.

•·         Have everything clearly priced and affordable.  Garage/Tag sale shoppers are looking for a bargain keep that in mind as you determine prices.  Label items individually or decide on an easy pricing system.  Some chose to color code with stickers i.e..Blue items .25, Red .50 or Yellow items $1.00.

•·         Organize early.  Its best begin organizing weeks prior to your sell.  Start boxing up items for the sale.  Use the 1 year rule and ask yourself:  Have I used it, worn it or looked for it in the past 12 months.  It the answer is no it goes.  Provide original packing and instructions if possible. Pricing items early as you identify and pack them away will only help save time later.

•·         Make plenty of signs leading traffic to your Columbus area sale.  If they cannot find you they will not come.  Be mindful of rules but where possible post signs and attach balloons, streamers or what every will make your sign eye catching to passing motorist.

•·         Advertise your sale in local newspapers and online.  Advertising is the key element to whether or not you have a successful sale.  Ideally you want to have your ad run in local papers in the morning of your sale to catch those who start their day with a look through the paper.  There are numerous sites that where you can aadvertise your sale for free, one such site is Garage Sale Tracker and Craig's List.  Contact me if you would like to advertise your sale on my blog or website.

•·         Donate leftovers.  Make yourself a promise that no unsold items will be returned to your house. After your sale, box up all items and take them to a drop off box for charity.  You will be doing a good deed for others and keeping your commitment to declutter.

With these tips, you're well on your way to having your best garage sale ever.

Want more money saving ideas like this one?  See:

Drab Kitchen Make-Over...On a Budget

Your House Smells!!!

Quick-N -Easy Fix for Beat Up Woodwork....

Ready to buy or sell Columbus area real estate call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com