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Home Buying in 45244 : Real Estate Advice

  • All14
  • Local Info0
  • Home Buying9
  • Home Selling3
  • Market Conditions0

Activity 147
Sat Apr 9, 2011
Tracy Tomer answered:
Many are moving inside the "loop" with rising gas prices. I am 46 and bought a 1st floor bed and 1st floor bath home 7 years ago because of the gas prices and traffic jams. I bought within the loop in Blue Ash near Ronald Reagan. There are a lot of really great things going on in the city areas...just depends on where you want to be.
RE/MAX Preferred Group
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Thu Mar 10, 2011
Dallas Texas answered:
If you want determine the trends recommend to walk the new construction sites.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Sat Feb 19, 2011
Trent Warner answered:
Here are the highlights of the program, see the attachment
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Tue Feb 8, 2011
Trent Warner answered:
Here is an article I have found to explain this approach.
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Thu Feb 3, 2011
Trent Warner answered:
Are you co-signing for the family member or are you the primary borrower?
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Tue Feb 8, 2011
Trent Warner answered:
I guess no buyers are viewing virtual tours.
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Wed Jun 6, 2012
Anna M Brocco answered:
In order to determine the loan product that best suits your needs, financials, etc., do visit with any qualified loan officer(s)--then go from there--a rehab loan may need consideration, again, your loan officer will best advise. ... more
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Tue Apr 12, 2011
Tony McMahon answered:
Best thing to do is to contact a local Real Estate attorney . To get the correct advice
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Tue Jan 11, 2011
Kelly Gibbs answered:
Selecting the right professionals to work with you on your building project is essential to the project's success. You can never be too prepared. You are making a large financial commitment, so get as much information as possible from the professionals and take your time comparing the pros and cons of each.

Interview Questions:

•How long have they been in business?
•What are their professional qualifications and credentials?
•Do they belong to any professional organizations? Contact any organization of which they are a member for confirmation.
•Do they have all required licenses and are they insured? Ask for copies of these documents for verification.
•Will they give you a list of references from current and past clients whom you may contact? When speaking with the references, ask about the quality of the work, if the agreed-upon timeline was followed, and if they would use them again.
•Have they worked in the area before? Are they familiar with local building codes?
•Are they able to meet your deadline?
•How many projects, other than yours, will they be working on? You want to hire someone who will be focused on your project, not someone who will only spend short bursts of time on it due to other commitments.
•Will they be using subcontractors and, if so, are the subcontractors insured? Ask to see insurance verification.
•Do they have enough staff to handle your project? You want to be sure that they are focused on your project, not on answering phones and ordering supplies.
•What is their estimated fee? How do they establish fees? Although the fee is a factor in your decision, it should not be the most important one. An estimate that seems low may indicate a shoddy work style. If the estimate is high, ask if they are willing to work with you to make it more affordable and confirm that their estimate includes all aspects of the project from start to finish.
•How do they handle it if costs above their estimate arise during the project? Ask for examples of how they have handled these situations in the past.
•Are their estimates usually on target?
•Have they ever been sued? If so, ask for details.
•How detailed and clear are their contracts? Ask for a sample contract to review.
•How organized are their worksites? Visit a current worksite or speak with past clients to confirm details.
•What is their warranty? Ask for a sample copy.
•How will you be assured that payments to subcontractors/suppliers will be made? Make sure they provide written verification of payment.
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Thu Dec 30, 2010
Shirley Soforic Realtor® (317) 846-7751 answered:
It definitely depends on the expertise you have in buying an as is property. If your financing is lined up, and if the home will qualify for a loan, and you have knowledge or someone who can help you. If there is time, have an inspection before the auction. A few hundred dollars for an inspection, can save you thousands in headaches. ... more
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Thu Dec 16, 2010
Sheri Mapes answered:
Hi Trent,

Great question! I would say its a good idea to look at school report cards and to look at other properties in the immediate area around a house of interest to see what values are there now. Also, looking at some history of values over the past 5-10 years is a good idea to understand future value. Take future value and what the price of the home is today and do the math. Then compare in the 2 different areas buyer is looking at. Of course, I would not recommend to look at the super inflated market values around 2005-2007 as future value...these were too much, too quickly.

Sheri Mapes the Cincy House Expert
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Thu Feb 3, 2011
Gene Hacker answered:
There are no guarantees. If there would see a lot more buyers.
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Sun Dec 12, 2010
James Gordon ABR SFR SRS answered:
Kelly as an ABR I have had some additional training in these matters. The rise in interest rates will reduce the loan amount that a potential buyer will qualify for. With 3000.00 gross ans assuming 2500.00 for taxes and 500.00 for insurance a buyer at 4.5% with no other debt should qualify to borrow 116,443. When the interst rate goes to 5.5% that drops to 103,916, and ay 6.0% to 98,487. These numbers are rough and I always have a local loan officer qualify a buyer before we get serious about house hunting.
You may not remember but in the past people lined up at banks to be able to put in applications for OHFA money as it was released. My first home loan was at 8.75%, we held off buying until intersest rates dropped below 9%. If you go back to the Carter era home loans ran as high as 18%. Imagine putting a home on your Mastercard or Visa. There are stratagies to sell homes when rates run that high and people still buy and sell homes.
Life happens!
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Wed Dec 8, 2010
Elizabeth Herbert answered:
I understand that they want to make sure that the Buyer can afford the house BUT I also think they need to be more realistic about what the houses are worth-ESPECIALLY if the property has been sitting unoccupied forever, regardless of how many mortgages are on the property. ... more
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Sat Dec 4, 2010
Jim Basquette CRS, CNE answered:
Fixer-upper properties are easy to find in this market. Most of the foreclosure homes need work whether they are short sale or bank owned. Usually these sellers do not want or cannot afford to fix these homes up before selling.

If a buyer is considering one of these, be sure you are aware of the fix-up costs to bring it up to the condition of comparable (other than condition) homes in the area. Be sure that after fix-up costs and purchase price you do not have more invested than if you bought a home already on good condition.

I get a lot of calls from buyers saying they want to buy a foreclosure. I don't think anyone necessarily wants to buy a foreclosure, they want a "good deal". Foreclosure does not equal "good deal" any more than other home on the market. You need to compare on a case by case basis.
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Wed Dec 1, 2010
Gene Hacker answered:
I read that as well.

A common argument I hear lately is that as interest rates rise...prices will have to fall to offset.

But this argument doesn't really acknowledge the fact that affordability is at a historic is more likely that affordability will fall off the its historic highs. ... more
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Thu Dec 23, 2010
Jim Basquette CRS, CNE answered:
I like the fact that buyers can buy at a time when rates are low, prices are low and selection is high. Unfortunately many buyers are waiting for the market to bottom and may miss the opportunity. ... more
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Sat Nov 27, 2010
Scott Godzyk answered:
I think the most important things is the buyer ready, willing and able to purchase and obtain a mortgage. They need to be able to find a property at or below market value, if it fits their needs and wants, by all means now is a great time to purchase a new home.

Please see my blog with tips and advice on getting a mortgage in todays makret, i would love it if you could dd your opinion if there is anything you would add.
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Fri Nov 26, 2010
James Deskins answered:
Please specify. "Co-ops" have different meanings in real estate. The are a couple of things that are "co-ops" that are completely different from each other.
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Thu Nov 25, 2010
James Gordon ABR SFR SRS answered:
Mike I have 2 shorts that are being negotiated with owner occupants currently. I have also had Realtors® cancel showing appointments or request proof on lender letterhead that we are able to perform in a normal transation timeline.
I believe that there are Realtors® out there that have been burned by Short Sale listings being priced to far below neighborhood value for the lender to accept. On some Short Sale listings the first contact that the Realtor® has with the lender is when they try to shove a purchase contract for less than half the outstanding balance through their system.
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