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Akron : Real Estate Advice

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  • Local Info18
  • Home Buying66
  • Home Selling10
  • Market Conditions8

Activity 143
Wed Mar 31, 2010
Elizabeth Newcomb answered:
If you visit this website, http://tax.ohio.gov/online_services/thefinder.stm, you can look up the tax rate for any tax district in Ohio.

Hope this helps!
0 votes 1 answer Share Flag
Mon Mar 24, 2014
Home Buyer 44320 answered:
I would definitely be interested, but it would really depend where the properties are located in West Akron.
0 votes 6 answers Share Flag
Fri Feb 12, 2010
Harold Sharpe answered:
Hi Darius,
I dont know if it works the same in OHIO as it does in California.
If it does, you request the county tax assessors office to re assess the property.
It usually takes a few months to 6 months to be done and the following year they MAY drop it.
Contact your local tax assessor and ask the question.
If that doesnt work contact a CPA and ask.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

http://www.socalhomesrealestate.com
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0 votes 7 answers Share Flag
Wed Feb 3, 2010
Dianne Hicks answered:
Darius
Here in California the answer is NO, the property is not considered available. It can be listed to accept backup offers but if you have a signed offer by the seller then it should be moved to a backup status. This is a question you should ask your Realtor, has the property been removed from active status in the MLS?

Good Luck!
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Tue Feb 2, 2010
Mark Ryan-Mark Ryan Group answered:
Depends on what you and your agent put into the contract... Agents view this situation differently. While the seller can only sell the house one time... BUT if there is nothing in the contract stating that the seller will / can only submit ONE offer to the lender then yea... it could still go to another buyer...

Hope this helps.
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Tue Feb 2, 2010
Dianne Hicks answered:
Cj,
You really should go meet with a lender and they will tell you exactly what you can afford. The factors vary and that way you are not guessing and you will need the pre approval letter anyway. They can tell you all your options.

Good Luck!!!
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Wed Jan 27, 2010
Elizabeth Campbell answered:
I have one in Alliance that is open for land contract or possibly lease with option.....very nice home, 3 BR's, 1 bath, formal dining, double lot & 2 car garage. Please contact me if you'd like to see it....Thanks, Beth Campbell of Another Listing, LLC Please visit our website for more info. ... more
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Wed Nov 18, 2009
Don Tepper answered:
Sure. Lots of ways.

I'm not a lawyer or accountant, so this isn't legal or accounting advice. For that, you'd need a lawyer or accountant, accordingly.

One potential problem you may run into--and a mortgage broker can help you with this--is what the house will appraise for. Not what it's actually worth; let's say you're correct and it's really worth about $180,000. Some lenders and programs may take a look at what your uncle purchased the home for and what he put into it. So they may want to be conservative and say it's worth something under $92,400. This happens to investors frequently. If your uncle can document that the renovation was $25,000, that'll help. But be prepared for some skepticism that the house is worth much more than $67,400.

The next question is who is financing it. It'll be very difficult to do a 5% down loan unless you go FHA. And they'll be particularly strict about the appraisal. But that's probably your best option. (Check with a good mortgage broker.) If you're a veteran, you can do no down, and there are some programs designed for rural areas with good deals, too.

If you want to avoid PMI, you'll have to borrow less than 80% of the appraised value. That is, either you'll need 20% down, or 20% equity. Now, based on your figures, if the house appraises for $180,000 and you only want to borrow, say, $90,000, then that shouldn't be a problem. You'll have plenty of equity. But....a real big but....that means the appraisal has to come in close to the real value, not your uncle's purchase price plus improvements. Again, a good mortgage broker can guide you on that one. And there's also a "seasoning" issue--your uncle will have had to own the property for a certain period of time (for some programs, it's 91 days or more) before it can be resold with a newer appraisal possible.

Be sure to involve both an accountant (for the first time homebuyer issues) and a good mortgage broker (to attempt to get an appraisal which shows the equity in the property) as you move forward.

Hope that helps.
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0 votes 5 answers Share Flag
Mon Oct 18, 2010
Keane Ng answered:
You mean you intend to sell and provide financing to your buyer?

If you're new to this, it's definitely a unique scenario and is often only done between parties who have a personal relationship of some kind.

That said, there are companies who specifically handle the servicing of owner-financing. They collect the payments in your behalf, keep a small fee for the payment servicing and pay the rest to you. They will make sure statements go to the homeowner, payments are made on time, assessing any fees related to the loan and potentially reporting the loan to the homeowners credit.

I'm not sure who handles the foreclosure process if it goes that far. I'm curious to see what other answers you receive here. Good luck!
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0 votes 2 answers Share Flag
Mon Nov 2, 2009
CCC answered:
It is because the lending guidelings have changed. In the past there were ZERO down payment on conventional mortgage but now those are not that easy to find or qualify.

There is a part that a most conventional mortgages require and it is call Mortgage Insurance. Without MI (mortgage insurance) most lender will not finance anyone.

http://www.mgic.com/

http://www.rmic.com/Pages/default.aspx

http://www.ugcorp.com/

These are Mortgage Insurance Companies. This companies covers a part of the mortgage to the lender and it is paid by the buyer in a monthly basis.
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Mon Nov 2, 2009
Alice Keife answered:
If you are working with a Buyers Agent then he/she can give you comparables with adjustments for the differences in square footage and ameneties as well as advice on what to offer.
0 votes 5 answers Share Flag
Mon Oct 19, 2009
Mark Ryan-Mark Ryan Group answered:
Danscar,

If the offer was accepted as written with no "counter offer" then yes you are obligated to continue... If you really do not want to and there is a good reason I would talk with your Realtor and have them approach the seller / agent and ask to be released. You likely will loose any earnest money you put up... If they will not release you or even before doing that I would suggest you talk with a REAL ESTATE attorney...

This is a legal contract with REAL consequences for breach of contract...

Hope that helps!
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0 votes 8 answers Share Flag
Mon Oct 18, 2010
Don French answered:
Hi Cj - Minimum 2 years for FHA so long as there are 3 established trade lines of credit still open and current with no late pays after the bankruptcy; 4 years for a conventional "conforming" bank loan. There will be other underwriting factors, too, such as whether your previous mortgage was an insured or FHA loan; if FHA you may be looking at 10 years. The lending guidelines change frequently so check back in 2 years. It isn't the credit scores that are your issue, it's the losses that lenders experienced that the underwriting guidelines wont let them repeat, so you are prohibited from using conventional lending programs for awhile. And there are almost no institutional investors looking to do the non-conforming creative financing they did previously that contributed to the current "mortgage crisis". Good luck! ... more
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Wed Oct 21, 2009
Cece Fox answered:
there is no set value for brick versus brick clad. total overall value is determined by sales of similar homes in your area as well as the quality of the exterior siding and overall appeal. while brick is usually highly desired, brick clad, when done seemlessly, enhances the exterior appeal that will usually also attract the same buyers. ... more
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Fri Aug 21, 2009
James Gordon ABR SFR SRS answered:
Cindy get your Realtor® to go with you on the first visit. Sometimes we can get things by playing one builder off another. I closed on a market home a couple of months ago that the builder broke the basement floor to put in a half bath in the lower level for free. We ended up with a finished lower level with a half bath at no extra cost. They were holding us asking for an extra 5000.00 until I let them know with my clients permission that we were walking lots with another builder. ... more
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Fri Aug 21, 2009
Bill Eckler answered:
Cindy,

A local real estate professional may be able to provide you with the information you are seeking as well as representing your best interests through the buying process. Even with "new construction" there can be numerous pitfalls that a skilled agent can help you get through in addition to knowing how to best save you money based on the builder's past promotional activity.

Good luck
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Mon Aug 17, 2009
Mark Ryan-Mark Ryan Group answered:
Cindy,

There is no reason AT ALL that a new build would be any higher than an existing home... either you are being taken advantage of, or just mistaken on the difference... what amount are you being told the closing costs would be?

Also, some lenders quote things different that others... appraisal, title fees, etc... some quote your escrow fees as part of the costs when they really are not... that kind of thing...

Hope this helps! If you want more help I can even go over your good faith estimate with you.
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0 votes 4 answers Share Flag
Fri Jan 15, 2010
Ken answered:
Hi Joe-

Yes, this has always been a very stable area and the homes are great back there. Akron in general is pretty stable compared to the rest of the country. We don't see the steep increases in property value, so there's very little downside. Shoot me an email or call if you have any other questions about the area. Happy to hel p anytime.

Ken
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Sat Aug 29, 2009
Mike Lewis answered:
I would personally stay away from a lease to buy situation. Repairs are negotiated in the lease to buy contract. I have never seen a lease to buy be beneficial to a buyer. Good luck and procede with caution.

http://www.dawnsellssandiego.com
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