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General Area in Akron : Real Estate Advice

  • All210
  • Local Info18
  • Home Buying68
  • Home Selling10
  • Market Conditions8

Activity 8
Tue Nov 20, 2012
Ken Woods answered:
Stefan, Look up at the top of this page in the green section and you will see rental information as well as clicking on local info, this web site gives you a lot of resources. Just so your aware I an a full service realtor that can represent your best interest in the purchase of the Berkley house, and I also have a full staff for rental management services. Best of luck in your purchase
www.KenWoods.kwrealty.com
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Thu May 12, 2011
answered:
Hi Pam,
I know a very good agent...his name is Dominic Fonte (Cutler), and you can reach him at 330-418-1535. If you have any questions, you can reach me at jpick@crefco.com. I am a lender who specializes in FHA and USDA government loans.

Joshua Pick
216-236-7266
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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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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 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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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...
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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
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Thu Apr 2, 2009
David M. Childress answered:
First, it has been shown that the county has made some serious errors this tax season and many are challenging their new values. When pricing a home, Realtors and appraisers do take into account the tax value in determining a selling price, but that is not the only factor. Email me for more info if you like, as I am local and full time. ... more
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