Central Ohio Real Estate Cafe'

If you are a first time home buyer and you are sitting on the fence I urge you to jump down and get moving run don't walk to a phone and call a Realtor to get you into your new home.  With record low interest rates and the abundance of down payment programs available in the Columbus Area there are only a few obstacles to keep you from your dream house.

First, know how long you plan to be in the area.  If your job requires you to move frequently and you are unable to commit to an area for at least 3 years this may not be your time to buy.

Second, be prepared by having some savings on hand.  Although there are many programs to help with down payment assistance you may still need money for inspection, warranties, moving, utility deposits and misalliance closing costs.

Next, Contact a lender to find out exactly where you stand financially and how much you home can afford.  Working with your lender will help you better understand what the bottom line costs will be for your new home.

Finally, find a Realtor® who can guide you through the process and help you find your dream home.  The first time purchase can be daunting and overwhelming.  Professional Real Estate Agents are experienced in helping you maneuver through the process to your new home. 

With all of these obstacles addressed you are on your way to owning your piece of the American Dream.  For more information on buying or selling Columbus area real estate call Vanessa at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

For More Feeds on Buying see:

Three Ways to Roundup a Down Payment for your new Columbus Area Home

Why the Stimulus Makes this a Fantastic Time to buy Real Estate

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

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)

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

With the recent rise in new constructions it is a great time to review some new construction basics regarding warranty.  Contractor Problems are one of the largest numbers of complaints received by the Better Business Bureau.  These types of stats makes it important that you are knowledgeable and informed about how to insure that your Columbus area home remains the dream that you fell in love with, and does not become your worst nightmare.  Listed below are a few things to pay attention to in order to make sure your contractor doesn't end up as your complaint:

Understand what your Warranty Covers

Basically there are two types of warranties.  The first is called an express warranty, and is given to the buyer by the contractor.  The usual time frame for this warranty lasts between one to ten years, with one year being standard and the most common.  Everything from minor cosmetic flows to major defects is generally covered.

An implied warranty that lasts seven to ten years and basically states that the residence has to be habitable.  This is the second type of warranty and the specifics can varies depending on the state you live in.  To have your defect covered by this warranty, you have to be able to prove that it's a health or safety hazard.   If you have concerns in this area it is advised that you seek an attorney that can interpret the legal process and remedy...

Not All Defects are ‘Defects'

Not all defects are reasons to sound the alarm.  There are specific rules that determine whether or not a defect qualifies as something that must be addressed.   An example would be a small crack in the interior of your new Columbus area would be considered to be a normal defect.  Cracks that would need to be repaired are those longer than 3/16 of an inch, according to the National Association of Home Builders'® guidelines for performance.  Although pesky, hammer marks or nail pops only count if you can see them from more than six feet away.

Document Document Document  

After a real defect has been identified, document everything.  Keep a log and take photos.  Ideally this will be smoothly worked out by your builder but if it is not you will need your documentation should you decide to pursue other actions.  For added peace of mind, you may want to hire an independent inspector or structural engineer, to give your house a full examination prior to closing and moving in.

Buying Brand New Columbus Area Home can be enjoyable when you work with a REALTOR® like me who has the knowledge and experience to guide you through the process.  Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

Implied warranty - http://www.legalmatch.com/law-library/article/implied-warranty-real-estate-contract-lawyers.html

 National Association of Home Builders - http://www.nahb.org/

Contractor - http://en.wikipedia.org/wiki/General_contractor

For More Home Buying Tips See:

First Time Buyer... Please Read...

There are great incentives for first-time Columbus area real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won't last-exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Columbus Area real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it's only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

OHFA

The Ohio Finance Authority has decided that as of March 30^th, 2009 buyers who qualify can use their $8000 stimulus tax incentive to help with down payment and closing costs.  This will allow more Columbus area buyers the opportunity to take advantage of the outstanding inventory of homes available.  This program is scheduled to run through November 2009, however, funds are limited so don't miss out.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. This week there has already been signs that home sales are on the rise.  That's great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Columbus area real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that may never happen again-Do not miss this golden opportunity to grow your personal net value. 

If you're interested in taking advantage of the 2009 stimulus plan or have any other real estate concerns, I can help.  Call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com for more information.

LINKS:

Big tax break on income taxes: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit

Mortgage financing: http://mortgage.freedomblogging.com/2009/02/18/obama-mortgage-rescue-promises-75-billion-in-aid/6767/

Ohio Finance Authority:  http://www.centralohiorealestatecafe.com/post/1002788/-8000-dollar-tax-credit-down-payment-assistance-hurry-limited-funds

Stimulus plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

If you missed the Lady Bucks Last night you missed quite a game.  It was a small crowd of only 4824 in Downtown Columbus's Nationwide Arena (Home of the Columbus Blue Jackets), the arena's capacity for basketball is 19,500. 

Never the less it was a game to remember.  In this round two of the NCAA Tournament the Bucks played awesome defense and was able to break away from Mississippi State, in the closing minutes to pull out a 64-58 victory.  Now the Lady Buckeyes are in the Sweet 16 for the second time in the the 7 years Coach` Jim Foster has been with OSU. 

California Bound..... Game day will be Saturday at either 9 or 11:30 p.m.

 Go BUCKS!!!!

 Girls Basketball... Like Watching Paint Dry..... 

What an exciting time to be a 1^st Time home buyer.  Everything is on sale and your rich Uncle Sam is going to give you a tax credit of $8000 dollars as an incentive to stop renting and go out and buy your dream home.. However, before you rush off to take advantage of that credit take a second to review the tips and advice here.

Do Your Homework

When you are looking through homes they all look great just ask anyone who has done a home search,   Often after you close and move in things still look pretty good and then you start to notice the "little" things. You start to question how you could have totally over looked this and that.   There may be things that you knew to be on the lookout for but somehow were missed each time you walked through. This is why it is so important to have your Central Ohio home thoroughly inspected by a professional home inspector.

Avoid Last Minute Surprises

Issues with Title can not only cause you heartburn on closing day they can totally derail the transaction and cause you to be without a home.  I was recently made aware of a situation where a couple sold their home and had to move out so that the new owners could move in.  The couple had title issues with their new home and was forced to find somewhere else to live until the title issues were resolved.  Title is not the sexiest part of the home buying and selling process to think or talk about but it is a vital part and by working with your agent you can find a reputable title company that can help you avoid any last minute surprise during the home closing process.

Don't be a Victim of Rookie Mistakes

Outside of the typical problems that will likely be uncovered by a good home inspection there are a few typical first time buyer mistakes that you will want to avoid, a few of which include:

•·         Underestimating the cost of fixing up an older home.

•·         Failing to negotiate better terms and conditions.

•·         The full impact of a long commute and how to decide how far is too far.

You want your home buying experience to be exhilarating, fun and exciting and it will be providing you work with professionals that can help you avoid costly mistakes.

Whether you need a recommendation for a professional lender, home inspector or contractor for your Central Ohio property, I can help.  Call me at (614)273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

$8000 Stimulus Plan:  http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

Professional home inspector:  http://www.ashi.org/

Home closing process:  http://homebuying.about.com/od/buyingahome/qt/101107_homclose.htm

First time buyer mistakes: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer12

With so much information and incentives to I thought this would be a great time to explore the top 3 reasons why someone might be thinking they should wait and not try to .

•1.        No Money - There are many down payment programs that can help you with purchasing a home including bond money  .  HUD has a $100 Down Payment Program that can be used by any buyer.  Call your real estate professional and lender so that they can help you identify down payment options that can help you to

•2.       Worried about the Economy - There are real reasons to worry about the economy but you need a place to live.  You can continue to Rent and help build the wealth of other or you can build your own.  Bad economic times for others has created a perfect time for you to

•3.       Poor Credit - Ask any lender and or real estate pro and they are likely to tell you that obtaining a loan today is more difficult than it was a few years ago.  Many will also agree that this is not necessarily a bad thing.  If you believe you have credit challenges contact your real estate agent they can help you find a lender that can work with you to develop a plan to help you improve your ability to

Still have doubts or questions about buying in today's market give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

Beware that fake websites are popping up with the intent of gathering your contact information.  An example of such a web site is bailout.hud-gov.us/ .  Please note that this is not a HUD site, even though it has official looking photos and an official 'government looking' seal. 

Paging through this site even shows that they include a consumer alert tab that warns of fraudulent websites.  There is absolutely no connection to HUD.  Their disclosure page reveals that they are, "....a for profit business....."  Consumers beware.

If you are looking for assistance with Central Ohio Real Estate including HUD properties, please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

For More Information on HUD Properties Please See:

How To Purchase A HUD Home...

How Does HUD's $100 Down Program Work?

Hey Good Neighbor...

I Won the HUD Bid But....(I don't want the house)

A few months ago my I had a client that was 3 days away from closing his HUD property when we realized that all the copper was stripped from the property.  HUD made the decision to issue a credit to my client versus replacing the plumbing.  My client decided to walk from the deal.  After filling out the appropriate form and waiting 3 weeks, I was notified by HUD that I could return my clients earnest money.

This was an example of successfully getting Earnest money back from HUD.  .

HUD does offer some great deals and opportunities but like any other government entity it can be slow and cumbersome.  It is important to work with an experienced Agent who knows the process and can assist you in getting your bid and paperwork correctly submitted to better insure a smooth closing.  Changes can be made.......At a cost!

If you change your mind on the purchase without an acceptable reason you could forfeit all or a portion of your earnest money.

                                                HUD Cancellations/Extensions

HUD automatically cancels contracts that do not close on the date indicated on the original contract.  Extensions are granted on a case by case basis but must be requested I writing, on the correct form, at least 5 days prior to closing.  The fees for a one time extensions are as follows:

                                                $150 .00 for properties $25,000 or less

                                                $225.00 for properties $25,001 -$50,000

                                                $375.00 for properties $50,001+

For more information on HUD homes see:  How To Purchase A HUD Home... OR How Does HUD's $100 Down Program Work? OR Hey Good Neighbor...

If you are looking to purchase a HUD property or have other real estate questions please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com