Central Ohio Real Estate Cafe'

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

The following information was obtained from a Countrywide Loan Officer.  I have confirmed this with several lenders.  This is One of Two New OHFA Programs that offers Columbus, Central Ohio and the rest of Ohio options for down payment assistance and incentives to help folks get excited about home ownership in 2009....

Homebuyer Tax Credit Advantage Program

Effective Date: March 30, 2009

The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.

The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.

Principal and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.

The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.

There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.

Lenders may charge a special processing fee of $75.

All loans must be recorded as second mortgages using OHFA note and mortgage documents.

Borrowers must have a minimum 600 credit score.

Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.

Program will run until 11/2009 or until funds are exhausted.

OHFA website:  http://www.ohiohome.org/

Call me for more details or if you are ready to take advantage of this exciting NEW program for Columbus and Central Ohio Buyers. (614)273-6406 or email vanessa.simmons@realliving.com

Absolutely Not-providing you have realistic goals and know what you are doing flipping homes can still be a profitable endeavor in 2009.  This does not mean you need to be a financial genius.   The truth is that the majority of folks flipping homes are every day Joes and Janes like you and me.  Being a  rocket scientist, is not a requirement but you do need to be much smarter than you used to be to be able to make money flipping a Central Ohio property in 2009.

Think Conservative

Not in the political sense but as a general practice from start to finish.  With Market conditions being what they are there is little room for error. Purchasing as low as you can, holding down costs of home repairs and improvements, selling at a reasonable price and keeping your focus on getting rid of the property quickly is essential in having a successful flip in 2009.

Keep Realistic Expectations

Unlike times past, in today's market it may be unrealistic to think that you will be able to move a property a few weeks after completion.  Of course working with your Realtor you should be able to get comps and information that can help you gage probable selling time frame. Being able to obtain manageable financing rates will be key should you need to float payments until the property sells.

Greed is Not Good

No matter how tempting it is to price a  property flip at the highest amount that the community will afford, it must be resisted.  In today's slow market that would most likely be a recipe for disaster.  The only thing you will succeed in is prolonging the sell of the property.  In and Out as cost effectively and quickly as possible is the key.  Granted this may not be as quickly as in days past but it still needs to be the motto by which you operated.   Making a profit is the ultimate goal for your Central Ohio Flip, however, margins are likely to be a little tighter in today's market.

 Reflections from the Past

Flipping properties 2,4, 5 even 10 years ago was not a whole lot different than it is today.  Then as now property flipping was a high stakes game of reward and risk profitable only to those who understood and respected the rules and limits.  A few years ago one could error and bounce back today the consequences of mistakes can be much harder to recover from.

Ready to make a profit flipping a Central Ohio Property or have other real estate needs, give me a call at 614-273-6406 or email me at vanessa.simmons@realliving.com.

For More Home Buying/Selling Tips See:

Should Your Central Ohio Investment Property be a Fixer Upper?

Drab Kitchen Make-Over...On a Budget

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

Showcase The Bathroom In Your Home For Sale

Are you a teacher, firefighter, law enforcement officer or emergency medical technician if so than HUD may have the deal of a lifetime for you?

Research shows that professionals who work in the above mentioned areas tend to have a stabilizing effect on neighborhoods.  HUD rewards these tireless individuals with the opportunity to acquire specific properties for up to 50% of the appraised value.

Program Highlights:

•·         Homes can be purchased with FHA, VA, Conventional and Cash.

•·         Down Payment is only $100.00

•·         Closing costs can be financed

•·         Owner/Occupant

•·         Owner must reside in property for a min of 36 months

•·         Regular HUD earnest money requirements still apply

More good news is that this program is available in several states.  If you know a teacher, firefighter, law enforcement officer or emergency medical technicians outside of Ohio, let them know about this program.  For more details on this exciting opportunity CLICK HERE

Need More Information on HUD Properties... check out:

 How To Purchase A HUD Home...  AND  How Does HUD's $100 Down Program Work?

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

The information below was obtained by a loan officer with Countrywide Bank FSB.  It is a list of the major changes that they are making on Conventional Loans both conforming and non-conforming in the Central Ohio Area.  The source was unable to say whether or not Countrywide will be implementing these new guidelines throughout all their service areas but since our market has been tagged as "restricted" and or "soft" these changes will go into effect for all loans locked after March 19^th, 2009

1)        Minimum credit scores now with loans over 80% loan to value will be 700 and no              longer 620

2)        2nd homes  will now require 20% down on conforming loans

3)        Debt Ratio's - MAXIMUM is 41% for loans over 80%, regardless of Automated Underwriting system and MI companies will NOT insure them so they have to be at 41% even or below

4)        Reserves -  minimum 2 months of reserves are now required and can be more based on the Automated Underwriting System

5)        Cash out refinances - MAXIMUM is 80% cash out and loans that were done originally as 80-15-5 or 80-10-10 where the borrower wants to refinance both loans into 1, that is considered  'CASH OUT' and maximum is 80% loan to value

6)        CONDO'S -  MINIMUM 15% DOWN WITH SCORES OVER 700 & CONDO HAS TO BE FNMA ELIGIBLE

7)        Interest Only Loans- Maximum financing is 80%

For awhile treated like the ugly duckling this is going to make FHA EVEN MORE ATTRACTIVE AND ELIGIBLE FOR BORROWERS OVER 80% LTV WITH SCORES UNDER 700..

It will be interesting to keep watch to see if others follow suit with Countrywide..

For more information on Central Ohio Market Conditions see:  Should I Stay or Should I GO?

If you are looking to purchase or sell a home in the Central Ohio Area please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

We all know the toll that the foreclosure crisis has played on the economy and the housing market.  There has even been much reported on foreclosures impact on pets, but what about the children?

In a recent report conducted and published by First Focus , it is estimated that 1.95 million children will be affected by foreclosure over the next two years.  The report reveals some startling revelations about the impact foreclosure has on the success of school aged children:

•1.       Each time a child moves to a new school it takes an average of 6 weeks for them to adjust.

•2.       Children who move 2 times in a year are half as likely as their peers to read proficiently.

•3.       Children of foreclosure have a higher chance of being held back a grade.

•4.       Excessive Mobility reduces the chances of graduation by 50%.

Also affecting the class room, this study finds that children, who are forced from their homes, are more likely to display behavior problems and aggressive behavior.  Children are just one more compelling reason to get a handle on the escalating problem of foreclosure.  The long term societal implications are staggering.

To see the full report of how foreclosures impact children in Ohio and other states CLICK HERE

For foreclosure options please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

With everyone talking about foreclosures and with how much they have been in the news lately, it's easy to get worried about the future of your Central Ohio home. The silver lining here is that you often have plenty of warning from your lender before they foreclose your property.

Ohio has judicial foreclosure which basically means that your lender will have to go through the courts system to implement the foreclosure. Currently the system is so bogged down that it is taking 8-10 months to complete the entire process.

The Foreclosure Act is when the lender takes legal action to repossess your home if you default on the loan.

The process begins when you miss the first payment. Your lender will call make efforts to reach you to arrange to get the loan current. It's very important to talk to your lender at this point. If you're having trouble making the payment due to a temporary problem, your lender may be able to offer options like Forbearance on your loan for a month or two.

With a second missed payment or a failure to meet the arrangements made from the first missed payment, the lender will begin to call you more often demanding that you catch up on the loan. Typically by this point, your mailbox will be overflowing with letters from the lender telling you to become current or they will take appropriate legal action.

If you continue to fall behind on your mortgage, and remain unable to catch up on you payments, you'll receive a different kind of letter from your lender. You will receive a Notice of Acceleration from the lender telling you to become current on your payments by a certain date, or the entire amount of the loan will become due and payable. If you are unable to pay up, the lender will begin the judicial foreclosure process on your Central Ohio home.

Remember, lenders do not want to be in the real estate business and would prefer working with you to avoid the whole foreclosure process and keep you in your home. The key is to stay in contact with the lender and diligently work with them to avoid foreclosure.

With it taking so long to process the foreclosure you have quite a bit of time to try to come up with a way to become current to stay in your home or pursue sale options to help you avoid a foreclosure on your credit.

This is an area I specialize in so if you have more questions please feel free to contact me at 614-273-6406 or email me at Vanessa.simmons@realliving.com. Subscribe to my blog to automatically receive free real estate advice and tips.


LINKS:
Foreclosure: http://credit.about.com/od/df/g/foreclosure.htm
Forbearance: http://www.allbusiness.com/glossaries/forbearance/4951290-1.html
Notice of Acceleration: http://dtbfinancial.com/glossary.html
Judicial Foreclosure: http://www.investorwords.com/2677/judicial_foreclosure.html

Everyone knows what HUGE pain short salescan be, however; most real estate agents will agree that they are an unavoidable part of the Central Ohio landscape.  The more  the process is understood the greater likelyhood there is for a smoother transaction.  As a buyer's agent it is important have a clear picture, with as much information as possible.  This will allow agents to better understand how to effectively work through short sales process minimizing buyer frustration. 

Buyers' agents play a large role in the successful competition of short sales.  Going into the transaction with the right expectations is a key element to successfully completing a short sale.

I suggest you Don't Make a Short Sale Offer on any Central Ohio home, until you get answers to following 10 questions from the listing agent:

•1.       Has the seller completed all the paperwork for the short sale?

•2.       Are there currently any offers on the property?

•3.       Have there been any offers on this property?

•4.       Has the BPO/Appraisal been completed

•5.       Do you know if the lender will pay any seller concessions?

•6.       How will multiple offers be handled?

•7.       How many mortgages are on the property?

•8.       Has a negotiator been assigned?

•9.       Have you worked with the lender before?  If yes are they responsive?

•10.   Is there anything else you can share with me that will better insure my client successfully getting this home?

Once armed with the answers to these questions agent and buyer will better be able to determine how to set correct expectations for short sale success...  It does no one any good to lose a potential buyer due to frustration or not having an understanding the process.

If you need help with short sales or any other type residential real estate in Central Ohio, please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

 

If you are like me, I start thinking spring in mid February, but here in Central Ohio we are still have plenty of winter days left. Any Central Ohio real estate agent will tell you that it's harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers.

The good news is that most of the buyers who are looking at houses in the winter aren't just killing time. They're serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.

There are a few things you can do to make a good impression on home buyers this winter:

· Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your Central Ohio real estate appear more inviting and well maintained. Be sure to place a mat for visitors to wipe their feet on.
· Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
· For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air freshener's and perfumes, so skip spraying those when expecting someone to look at your house.
· Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a Crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your Central Ohio real estate agent before leaving these snacks so he or she knows they're for the buyers.
· Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.

You can make your home seem more inviting this winter by using these proven techniques.

Ready to sell your home? Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Pickerington, Central Ohio, Columbus, Gahanna, Canal Winchester, Worthington, Renyldsburg,OHIO real estate

LINKS:
Ice melt: http://www.ecos.com/pages/icemelt.html
Furnace: http://www.buyfurnace.org/
Jazz music: http://www.allaboutjazz.com/ 

Neglected and abandoned properties are not only an eye sore they can be havens for rodents and vagrants.  Properties allowed to go uncared for has a tremendously negative impact on surrounding property values in neighborhoods.

CNN reported  about a new website, called Lender Offender, which allows anyone to post pictures along with addresses of the neglected and abandoned, lender owned homes.  Several lenders who own these properties have taken care of the problems just to avoid the embarrassment.  Please use this site and pass it along.

If we get lucky this could have a side benefit of forcing the lender-offenders to move more quickly to move these properties versus locking the banks into long term maintenance programs.

If you are looking for Central Ohio Real Estate help please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com