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Home Buying in Cincinnati : Real Estate Advice

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  • Home Buying208
  • Home Selling81
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Activity 146
Sat Nov 20, 2010
Jim Basquette CRS, CNE answered:
You won't know and price is just part of the affordability equation. Affordability in Cincinnati has never been better.
Comparing Cincinnati’s affordability index (higher is better) of 257 vs.172 for the nation means that local buyers have 49% more buying power than the average national buyer! The affordibility indes takes into account 1.) median priced home price, 2.) mortgage payment and 3.) median annual income for the area.

Waiting for Bottom?
If you’re one of the would-be homebuyers telling your REALTOR® you want to buy…but are waiting for
home prices to hit bottom, you might want to rethink your strategy. In theory, it seems like a good idea
to “go for the low,” but history has shown it’s next to impossible to do. Even experienced stock market
investors have difficulty recognizing when a market has bottomed out.

You may recall the U.S stock market’s dramatic 54% decline. The Dow Jones Industrial average had
fallen from an Oct. 2007 high of 14,164 to a March 2009 low of 6,547. At the low, buyers could have
bought stocks at bargain prices, but many waited for prices “to go lower.” Instead, just 3 months after
the big dip, the Dow Industrials gained 34%. Today, it’s trading even higher at 11,181 … up 70% from
the market low. Buyers who waited regret their decision to not buy when they had the opportunity.
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0 votes 15 answers Share Flag
Thu Nov 18, 2010
Heath Coker answered:
Unless you have signed something that binds you to one agent, you should be free to choose. Be careful if you have signed anything. You don't want to be bound to more than one commission.

I am not a lawyer, but, if you've signed an agreement, the terms of the first agreement will dictate what your obligations are. If you have only spoken to agents, then you probably don't have any obligation to anyone.
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Sat Nov 20, 2010
Phil Rotondo answered:
How many years have you been a buyer's agent?
How many homes have you closed this year?
What is your area of expertise?
Will you assist me in finding financing?
Are you available on weekends? ... more
0 votes 10 answers Share Flag
Thu Nov 11, 2010
Norma Palazzolo answered:
Buyers can request any information they want. As a Realtor we must be very careful about the information that we provide so that we do not violate Fair Housing laws. Give them sources for the information and let them discover on their own what they wish to know. ... more
0 votes 9 answers Share Flag
Thu Nov 18, 2010
Jim Basquette CRS, CNE answered:
Probably the best was is to have a Realtor who is a buyer's agent, put together a search on the MLS. Search options there are better than you can get elsewhere and all the homes in the area are there. You can have the results emailed to you or just view them on a website made just for you. You just need to specify where you are looking, price range, how many bedrooms, baths and other amenities you want. ... more
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Wed Oct 13, 2010
Trent Warner asked:
0 votes 0 Answers Share Flag
Thu Oct 14, 2010
Jon Hegreness answered:
I sold a house representing the seller. Months after the buyer called me requesting the combination to a floor safe found in a closet while replacing carpet. Neither myself or the seller ever knew it was there and did not have a combination or way to get one. After informing the buyer of this she was furious. Days later I received a letter from an attorney stating that if I didn't turn over the combination their client would sue me for it. I left a message for the attorney basically laughing at them and the absurdity of the situation and never heard another word about any of it. I actually thought it would be fun to go to court over. People can be so unrealistic. ... more
0 votes 2 answers Share Flag
Wed Oct 13, 2010
Barbara Kachenko answered:
Do your homework make sure you know the SOLDS in the area that compare to the home you would like to offer on. Don't be unreasonable If they are priced correctly and motivated to sell then they will work with you, assist with closing costs etc. ... more
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Tue Oct 12, 2010
Wayne Weaver answered:
I would first think about the current market, as well as the projected market in the purchasing area. A local agent should be well qualified to help with a current market report. Look at the past year's sales and expireds to ensure you are well aware of the market values of the area.
Good luck!
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0 votes 0 Answers Share Flag
Sun Sep 19, 2010
James Gordon ABR SFR SRS answered:
Harve It is going to be hard to find someone purchase your home, and do repairs on it, and rent it back to you for less than the monthly rental that you are paying now. In fact knowing that you can not 1000.00 a month for a rental puts you out of the market for many homes. You may have to compromise what your whishes in a home and decide what is most important. Pets and parking sound like a must. Look for a rental in a price range you can afford. Land Contract or Lease Option do not sound like a viable alternative because in most cases the seller wants you to bring some money to the table and it sounds like you have none. ... more
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Thu Jul 29, 2010
Jim Basquette CRS, CNE answered:
Venus,
Go to the link below and click on Ohio, to sign up and look at all the revitalization areas in Cincinnati and sign up for the lottery to win a home. The lottery talkes place 5 days after each home is listed. You can even sign up, to have homes emailed to you as they become available. As of today, there are no properties available, but new ones become available on Wednesdays (no guarantee they will be new ones every week)

As a school teacher, you can only bid on homes in the area servrd by your school board and the home must be your sole residence for 3 years.

You can get a mortgage at any lender you want.

Let me know if you have additional questions at Jim@JimSellsHomes.com

Jim
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0 votes 4 answers Share Flag
Thu Oct 7, 2010
Don Tepper answered:
Depends.

Is the non-occupant co-borrower ONLY on the mortgage. Or (as is often required) is he/she on the deed, too?

The mortgage is the IOU promising to repay the loan. The deed represents actual ownership.

For a complete answer see a lawyer. I'm not a lawyer, so this isn't legal advice. However:

If the co-borrower is ONLY on the mortgage--not on the deed--then the co-borrower has no rights of ownership, since no ownership is involved. He/she can't demand to live there. He/she can't sell the property. His/her only role is to pay the mortgage is you don't.

If the co-borrower is ALSO on the deed, that's a different story. And here a lawyer can best define your rights and the co-borrower's rights. Can the co-borrower move in? Well, it's party his/her home, too. Can he/she sell it? No more so than a single owner in a jointly owned property can. You'd have to agree to it, as well. On top of that, it depends on whether the two of you have an agreement--such as an equity-sharing agreement or a lease agreement. If you had an equity-sharing agreement, that'd define occupancy and maintenance requirements, as well as under what conditions the property can be sold and the division of the proceeds. And that would define your rights and the co-borrower's rights.

So--is the co-borrower just on the mortgage, or his he/she on the deed, too? And for detailed, accurate answers, consult with a real estate attorney.

Hope that helps.
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0 votes 5 answers Share Flag
Mon May 24, 2010
Don Tepper answered:
If it's going to go to auction, there's a public notice process that's involved. The trustee is required to comply with that process. Usually, it'll involve multiple publications (often in the newspaper classified section) of a notice that the property will be sold at auction. It specifies the date and location--often the courthouse steps. It will also specify any terms and conditions of the auction. Very often, for instance, you're required to have a cashier's check equal to 10% of the successful bid on the property--or maybe a set figure, such as $20,000.

You do as much due diligence beforehand. That means checking out the property, at least from the outside, and trying your best to determine its value. You want to know the maximum you should offer. Then you show up at the auction and bid. If you're successful, usually you have a limited period of time, such as 30 days, to pay the remainder you owe.

The details will vary from jurisdiction to jurisdiction--number of times a notice must be published, the amount of the check you must have, the day of the week and location of the auction, and the amount of time you have afterwards to make full payment

Generally, bidding at auction isn't for inexperienced folks. So, do a lot of research and attend some auctions as an observer before even considering bidding for real.

Hope that helps.
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Thu May 6, 2010
James Gordon ABR SFR SRS answered:
Kris my understanding is that the timeline starts when the deed from the sherriff sale is recorded.
0 votes 0 Answers Share Flag
Sat Mar 27, 2010
Justin T. Sexton answered:
Rural Development loans are only for owner occupied properties and they are still available in areas such as Ross, Seven Mile, Trenton, Monroe, Lebanon, Morrow, Mainville, Batavia. These areas will be reevaluated later this year after the census is completed because guidelines are based on old population results. There are also income guidelines that you must meet in order to qualify for RD programs.

Please feel free to contact me if you have any more questions.

Justin Sexton
Keller Williams Associate Partners
513-907-1822
justinTsexton@gmail.com
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0 votes 6 answers Share Flag
Tue Feb 23, 2010
Kurt Lamping answered:
I am in the same boat. IMy parents and I are researching the financial liability involved with buying a condo in Bonita Bay. I would hope that there is not a huge assesment attached.
0 votes 1 answer Share Flag
Thu Jan 28, 2010
Julie asked:
According to FHA guidelines, I cannot use the second income. We chose FHA due to the 3.5 down and the locked-in interest rate. We( my husband cannot be on the loan due to a company t...
0 votes 1 answer Share Flag
Thu Mar 24, 2011
Dan Chase answered:
The general rule of thumb is yearly income x 3 = safe gettable mortgage.

$80k x 3 = $240k.

Your debt, your fico score, your exact circumstances will change the numbers some.
0 votes 2 answers Share Flag
Sun Dec 27, 2009
Pat & Steve Pribisko answered:
You only qualify for the great rates & terms that are currently available if you are buying or refinancing your principal residence. Currenly, your principal residence is where you live with your friend. ... more
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Mon Mar 15, 2010
Karen Dulle answered:
Take any issue you have first to the agent's broker, and then, if needed go your local board of realtors. In Cincinnati, that is the CABR 761.8800.
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