Columbus Ohio Job Growth Will Offset Foreclosures’ Impact

November 30th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, Columbus Seller Info, The Good No Comments

The Columbus Gross Domestic Product, or GDP (which is a measure of the value of goods and services) is projected to grow 2.5% this next year.  The national GDP is projected to grow 1.9%.  This will offset the impact of upcoming foreclosures in the real estate home market, and adds to Forbes Magazine (Columbus is listed as the 3rd most stable real estate market in the nation) and other media sources reaffirming the Columbus economy and housing market as stable.

Other Ohio cities are struggling…. Lima Ohio is projected to see a 1% loss in GDP, and both Cincinnati and Springfield are looking at a 1/2% loss in GDP for 2008.

For more details on the report specifics from Global Insight, click here.

Seven Reasons to List Your Home During the Holidays

November 18th, 2007 Cartoons, Columbus Seller Info, The Good 1 Comment

1. Many people start new jobs at the beginning of the year. Relocating buyers need to see your home now in order to buy and make their move….

2. Some people need to buy before the end of the year for tax reasons.

3. Your home will have that ‘warm and cozy feeling’ when it’s decorated for the holidays.

4. People shopping for a home during this time are serious buyers– the lookers are busy preparing for the holidays.

5. Serious buyers have fewer homes to choose from (since many homes go off the market for the holidays)– less competition means more money for you!

6. Sell now for more money and arrange a delayed closing…. you can celebrate the New Year in style.

7. Become a serious buyer yourself, and take advantage of this great buyer’s market while it is still so strong…. 

The ‘Subprime - Short Sale - Bank-Owned’ Primer

November 4th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, Columbus Seller Info, The Bad 1 Comment

Here’s a short and sweet summary of links and info to fill you in on the many issues the title words conjure up:

First off, if you’re caught in an adjustable subprime loan that is strangling you with upward spiraling house payments, check into FHA’s recent option to refinance called FHA Secure.  If a subprime borrower has a good payment history and at least 3% home equity, you can get a safe FHA loan with fixed payments. Even if you’re in default on your loan now, but were making payments before your adjustable loan reset to a higher interest rate, you can qualify. Special note: this is a temporary program (for now) with an application deadline date of 12/31/08– so let all those you know in this fix to move on this option.  There is also an option in Ohio sponsored by OHFA– the Ohio Housing Financing Agency.

If you’re a buyer that can’t find financing since the lenders have tightened their loan approval guidelines, click here.  There are new programs available (not all banks offer them) that can get you the money you need.

If you think that it’s the ‘end of the world as we know it’ and the real estate industry is imploding into oblivion, click here.  The media mavens who report all the real estate hoopla are talking about less than 1% of the total market.  Yes, it’s an issue, but let’s get a little perspective!  If you’re a numbers person, here’s statistics on the foreclosure numbers in the Columbus and central Ohio area as of September 2007…..

Trying to avoid foreclosure? Don’t ignore it– do something about it. Visit the HUD website to find a counseling agency near you. There are a number of agencies in Columbus Ohio; The Ohio Housing Finance Agency is one of them.  Another great resource is the Homeownership Preservation Foundation– they offer FREE advice and support.

Are you a victim of predatory lending? Call the Office of Attorney General Marc Dann at 800–282–0515… they want to know about it. The Ohio Division of Financial Institutions also registers complaints; call 866–278–0003.

Think you want to buy a bank-owned home?  You may want to think again… it’s a long and winding road.  Click here and here to see the experiences of others……

Need a little humor on the subject?  Click here to read about people who tried to get a loan and shouldn’t…….

The ‘short sale’ home situation is a unique animal…. which can kick the owner hard long after the sale.  Click here for more details. (A lender told me about a brand new surprise for owners. A couple had given their FHA deed-in-lieu-of-foreclosure to the bank and a year later wanted to get a new home loan.  However, the lender had filed a CAIVERS report on the couple months after the fact… which meant they could not get an FHA or VA loan for a period of 3 years! Please, talk to a knowledgeable lender or realtor early in the process….)

Curious about how and why the foreclosure crisis has developed?  Read earlier posts dated in March and August that gives some background…..

The Subprime - Short Sale - Bank-Owned Primer

November 4th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, Columbus Seller Info, The Bad No Comments

Heres a short and sweet summary of links and info to fill you in on the many issues the title words conjure up:

First off, if youre caught in an adjustable subprime loan that is strangling you with upward spiraling house payments, check into FHAs recent option to refinance called FHA Secure. If a subprime borrower has a good payment history and at least 3% home equity, you can get a safe FHA loan with fixed payments. Even if youre in default on your loan now, but were making payments before your adjustable loan reset to a higher interest rate, you can qualify. Special note: this is a temporary program (for now) with an application deadline date of 12/31/08 so let all those you know in this fix to move on this option. There is also an option in Ohio sponsored by OHFA the Ohio Housing Financing Agency.

If youre a buyer that cant find financing since the lenders have tightened their loan approval guidelines, click here. There are new programs available (not all banks offer them) that can get you the money you need.

If you think that its the end of the world as we know it and the real estate industry is imploding into oblivion, click here. The media mavens who report all the real estate hoopla are talking about less than 1% of the total market. Yes, its an issue, but lets get a little perspective! If youre a numbers person, heres statistics on the foreclosure numbers in the Columbus and central Ohio area as of September 2007..

Trying to avoid foreclosure? Dont ignore it do something about it. Visit the HUD website to find a counseling agency near you. There are a number of agencies in Columbus Ohio; The Ohio Housing Finance Agency is one of them. Another great resource is the Homeownership Preservation Foundation they offer FREE advice and support.

Are you a victim of predatory lending? Call the Office of Attorney General Marc Dann at 8002820515 they want to know about it. The Ohio Division of Financial Institutions also registers complaints; call 8662780003.

Think you want to buy a bank-owned home? You may want to think again its a long and winding road. Click here and here to see the experiences of others

Need a little humor on the subject? Click here to read about people who tried to get a loan and shouldnt.

The short sale home situation is a unique animal. which can kick the owner hard long after the sale. Click here for more details. (A lender told me about a brand new surprise for owners. A couple had given their FHA deed-in-lieu-of-foreclosure to the bank and a year later wanted to get a new home loan. However, the lender had filed a CAIVERS report on the couple months after the fact which meant they could not get an FHA or VA loan for a period of 3 years! Please, talk to a knowledgeable lender or realtor early in the process.)

Curious about how and why the foreclosure crisis has developed? Read earlier posts dated in March and August that gives some background..