Toby Boyce

Donna,
I don't understand what you mean by "it is priced to make a clean break"?

The price of the home is determined by the sales around you, not how much you owe on the home currently.

Why isn't it selling?
1. Price - with the amount of inventory this is an easy answer.
2. Product - Even if the house is priced "right" to comparables, but needs more work or doesn't show well.
3. Placement - Know your competition. If you are $300k and other local $300k homes have granite counter-tops, you better as well.
4. Promotion - Is it getting in the hands of the right person? - Sun May 18 2008, 19:53

Cindy has given you some very good advise. I'll say "ditto" and add a couple of points.

1. Since the original homeowners still OWN the home until the title is transferred, then you cannot get into the property until the title has transferred. There is currently no set time for the sheriff to file these liens (legislation is currently pending that would change that).

2. Most Delaware County properties are 10% down day of sale and balance due in 30 days. Though you do have to look at the rules because some do have a higher number.

3. As to the loan, you could consider a 203K loan which is an FHA based loan that can allow you to loan up to a percentage of the finished properties value. The other side would be to work with banks that portfolio loans and they might take on the risk.

4. One thing I would strongly suggest is to hire a title company to research the property's title. The taxes will stay with the property -- so if the previous owner has back taxes, they become your responsibility.

Good luck! - Sun May 18 2008, 19:47

Vickie,
We need to know more to be able to help you out here. Is this a short-sale?

I'm assuming there is some type of distress in the situation, or you wouldn't be asking. Basically, it depends on the type of distress and what the terms of the sale where. In whatever legal documents you were served, there should be an answer to this question. - Tue Dec 4 2007, 06:35

The majority of homes in Ohio will close without the buyer or seller directly hiring a real estate attorney to represent them. However, they will also be closed by title companies (that have hired an attorney), with the money coming from a bank (that has an attorney) and real estate agents (with contracts that have been written by attornies)

If it is a cash deal being closed outside of a title company then the answer is easy -- YES!

However, if there is both a closing company and a mortgage, then it comes down to your comfort level. I always suggest an attorney, but have had very few actually use one. The average is only about $300 (in Ohio) to review the contract and documents and make sure that you are being represented well at closing. - Tue Dec 4 2007, 06:32

Our MLS - the same one Maureen uses - has just added a new section to the MLS form. It has "square foot" which is auto-populated by the auditor's Web site, and then there is now a "livable square foot" section that will allow for additional living area to be included in the listing. - Sat Jul 7 2007, 06:18