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Akron : Real Estate Advice

  • All208
  • Local Info18
  • Home Buying66
  • Home Selling10
  • Market Conditions8

Activity 143
Mon Aug 3, 2009
tom roberts answered:
Tue Aug 11, 2009
Mike Walker answered:
I'd recommend calling the local police department or sheriff's office.
0 votes 2 answers Share Flag
Sat Jun 20, 2009
Don Tepper answered:
Maybe.

(How's that for an answer?)

If your town does assessments (not appraisals, assessments) at supposedly fair market value, and the house sells for 20% less than the assessment (and the transaction was arm's length), then next year's assessment should reflect the lower price.

It's important, first, that the transaction be arm's length. Sometimes parents sell homes to their children for less than market value. Or other situations arise that suggest that the sale price does not reflect actual value. In those cases, the assessment won't/shouldn't drop to the actual sales price.

Even if it was arm's length, depending on your town's policies, it might or might not drop the assessment all the way. It still might contend that some circumstances existed that caused the sales price to not reflect the true value. In that case, if you wish, you might appeal the assessment.

But let's say that the town actually does drop the assessment by 20%. The question, then, is whether next year the town will raise (or lower) the tax rate. A lot of towns (and cities and counties) are raising the tax rate to account for such drops. Example: Let's say the tax rate is $1 for every $100 of assessed value. So on a $100,000 house you'd pay $1,000 in taxes. But with the soft housing market, the value of the home falls to $80,000. The taxes paid would decline to $800. But, town-wide, that's a huge cut in revenues. So the town next year might raise the rate to $1.10 for every $100 of assessed value. In this example, your taxes would be $880--still a drop from $1,000, but not the 20% drop you were hoping for.

So your answer really depends on what the town does: First, with your actual assessment and, second, with the applicable tax rate.

Hope that helps.
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0 votes 3 answers Share Flag
Wed Oct 8, 2014
Lindsey M. Bishop answered:
Are you referring to Coventry Township located in Summit county or Coventry located in Cleveland Heights?

Covernty Township Info:

Coventry Township is located in southern Summit County. At its creation, it bordered the following townships:

Portage Township - north
Springfield Township - east
Green Township - southeast
Franklin Township - southwest
Norton Township - west
However, due to annexations, it currently borders the following township and cities:

Akron - north
Springfield Township - east
Green - southeast
New Franklin - southwest
Barberton - west
Several populated places are located in the original bounds of Coventry Township:

Part of the city of Akron, the county seat of Summit County, in the north
Part of the city of Barberton, in the west
The census-designated place of Portage Lakes, in the center

Hope this helps!

Lindsey :-)
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0 votes 9 answers Share Flag
Mon Jun 15, 2009
Akronite answered:
By the way, I forgot to mention that renting out is not allowed in the by-laws of the development.
0 votes 5 answers Share Flag
Tue Jan 28, 2014
Art Hotes answered:
Ask a REALTOR. Short Sales are very common in the MLS these days (unfortunately)!

Art Hotes ~ RE/MAX Classic
0 votes 8 answers Share Flag
Tue Mar 31, 2009
Realtynovice asked:
it, one by a bank and one by a private party. We want to refinance at a lower rate so I went to the recorder's office to get a copy of the legal discription and discovered that the ban...
0 votes 0 Answers Share Flag
Thu Apr 2, 2009
Don French answered:
The problem you described happens occasionally. If the private party lender wont release the mortgage, you likely have grounds for a claim against your title insurance company and the former seller if he agreed by contract to sell you the property by "General Warranty Deed, free from all liens and encumbrances" (typical contract language). If the seller breached the contract, you have a claim. I'd try to work with the escrow agent as the agent requested but if that does not result in a solution to remove the lien, you may have to file quiet title action to clear the title. Unfortunately you'll have legal costs to do this. My question to you is, Did you purchase the home 'subject to' the existing mortgages, in other words, you did NOT get a general warranty deed but instead you are (or were) obligated to make the mortgage payments yourself? If so, you might want to start shopping for an experienced real estate attorney because you may have invited yourself into a problem where the private party lender is in control and you have little recourse except to pay him - and it will be his word against yours of whether or not he has been paid in full. If he's not honest or has poor records of payments, he might find a way to get paid twice. Good luck! ... more
0 votes 3 answers Share Flag
Fri Jul 10, 2009
Elizabeth Campbell answered:
Prepaid expenses are anything you pay before closing such as the cost of a home inspection, any fees paid to lender for credit reports, etc., cost of appraisal if paid by you, or the 1st year's insurance premium. "not to exceed" is normal language, but their language may get them out of "prepaid" expenses, and hold them just to costs at the closing table. Hope that helps....check out my web site! Thanks, Beth Campbell ... more
0 votes 2 answers Share Flag
Sun Mar 11, 2012
Keith Manson- Metro Milwaukee Wisconsin answered:
It sounds like you are talking about country wide as the bank owning the property. You do not have to get the loan from country wide but they may make you apply through them before accepting any offer. Another way to look at it, is if there are multiple offers on the property and the other buyer is going through the lender and everything else is the same, which offer do you think they will accept? ... more
0 votes 11 answers Share Flag
Wed Apr 8, 2009
Dana Schuster answered:
You will need a down payment 3.5% with FHA & at least 20% conventional. you will need a steady income sufficient to meet mortgage,taxes insurance & maintenance & a 2 yr.work history. also a good credit score. You should start by sitting down with a reputable local mortgage lender to get yourself pre-qualified. then contact a local agent who can guide you through the process and look out for your interests. ... more
0 votes 6 answers Share Flag
Fri May 7, 2010
Jeannine Dyer answered:
Hi Kimberly,
If your interested in selling the home, Bill and I would be interested in speaking with you. Would you consider a lease option to purchase?
0 votes 2 answers Share Flag
Fri Mar 27, 2009
David M. Childress answered:
There was a story like this in the Beacon Journal last week. Look for it on Ohio.com. They were given 10 days notice to leave, but this was after foreclosure had taken place. You have several months because the sale has not taken place and it takes time after that before an eviction. You should look now as you have no rights at the current time. They are trying to change this in Columbus but that will take a while. If you have any questions you may call me for more. Good luck to you and this is a shame for renters and shame on the landlord that took your money and has known about this for months.!! ... more
0 votes 5 answers Share Flag
Sun Apr 11, 2010
tom roberts answered:
Greg I think you answered your own ? alway think resale.

Regards;

tjroberts@remax.net
(Licensed in the state of Ohio.)
... more
0 votes 7 answers Share Flag
Tue Jun 10, 2014
Anita Cundari answered:
I have experience as a listing and selling agent for Homesteps homes. When Homesteps receives a property to sell a real estate agent handles all the preservation on the property. The real estate agent will do a Broker's Price Opinion to determine a listing price. The real estate agent will also recommend any necessary repairs in order to make the home more desirable. Homesteps will not make all recommended repairs and their homes are sold "AS IS." ... more
0 votes 49 answers Share Flag
Sun Dec 21, 2008
The Hagley Group answered:
Hi!

I used to live in the area.....you coiuld try contacting Human Resources at the major companies. Get an e-mail address, send the flyer over, and ask them to post it. Sounds like a good opp for a relocating executive. ... more
0 votes 3 answers Share Flag
Fri Sep 2, 2016
Don French answered:
The problems you are having are not unusual and you should have been advised of your risks if you have a buyer's agent (the listing agent has no obligation to help you). HUD repos usually have their appraiser's estimate of repairs online before you bid; these are guidelines and usually you'll find a lot more repairs needed than what they find. If you did not view the appraisal file online you need to do that; it's in a PDF format that you can download. The repairs and the amount needed for them for a 203K loan are part of the FHA case number; you should research this before you spend any more money or time unnecessarily. It is correct that you will still need a contractor to give you an estimate and FHA will have a case reviewer analyze what was found and FHA will monitor the progress of the repairs. Hopefully this property will work out for you and likewise hopefully you have a seasoned buyer's agent, but if things don't work out and you'd like to work with someone experienced, I can help. Don French 330-327-1188 ... more
0 votes 17 answers Share Flag
Sun Feb 13, 2011
Cindy answered:
that is impossible to answer without more information.
0 votes 2 answers Share Flag
Mon Sep 15, 2008
Keith Sorem answered:
RN
Hello....is anyone home?
The market has shifted.
My suggestion is not to take my word for it. Please consult with your REALTOR.
Most markets are buyer's markets. We ALL need to become accustomed to dealing with FHA...unless you'd prefer not to sell.

Just my opinion. (Disciiamer).
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0 votes 8 answers Share Flag
Tue Sep 2, 2008
Art Hotes answered:
First of all, your intended split must create at least (2) minimum-sized lots... with minimum frontage and minimum Sq.Ft. or acreage.

Then, you will need to have your property surveyed for the split. After that, you need to have your lot split recorded and a new parcel ID number assigned to the additionally created lot.

I hope this helps.

Art Hotes ~ RE/MAX Classic

PS: For more in-depth answers, call your local zoning department.
... more
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