About Stark County, OH

You've all heard about the Tax Credit of up to $8,000 when you buy a home and have not owned a home in the last 3 years (definition of a first time homebuyer). If you are one of those buyers thinking you can relax because you have lots of time, well the clock is ticking. You must be closed on your home by November 30, 2009. Under normal circumstances you would have some more time. But what has been "normal" in our real estate markets and the economy for the last couple years? Right, nothing. Lenders today need more time to process loans for even the most qualified buyers because of the added regulations and appraisal requirements. That coupled with the fact that all of you are about to realize you don't have much time will bring an overwhelming number of loans to be closed at the last minute.

Rumor has it that the Tax Credit will be extended and even expanded. In my humble opinion, I believe it will be at least extended. But I don't know that I'd bet on it. We all hope Congress will act and keep the momentum that has started going. In other parts of the country $8000 may not seem like a lot, but here in Northeast Ohio, that makes a real difference on whether or not hard-working folks can buy a home. And if the sellers of the homes they buy can now make a move up, they can take advantage of our still incredibly low interest rates.

There is plenty of inventory, plenty of good homes out there for you to choose from. Take advantage of this opportunity.

Hello activerain and others who may follow my blogs! In case you haven't noticed, I've been away for a loooong time. I've gone through some happy and not so happy times in the past 4 months.

The worst thing that has happened to me is the loss of my dog Annabelle. You may have read my previous blogs from when she first became ill. I stopped writing because it was becoming a burden- between taking her to the vet several times a day, working, trying to get ready for the baby, morning sickness in the last trimester, and the remodeling we had going on at home.

After 2 weeks of treating all of Annabelle's symptoms we had to say goodbye. Everyday a new symptom developed that required a new medication, sadly we just couldn't let her suffer any longer. My poor doggy.... she was just laying there everyday looking at me with those sad eyes and was moaning and groaning all day long. The steriods made her rapidly gain weight, but everything inside her was moving around so when you pet her back all you felt was bones. When she rolled over her belly was protruding. She had big bruises on her legs and chests from all the bloodwork being done and her blood had stopped clotting. Part of me was hoping she might pass at home so we wouldn't have to make the decision. I will never forget that day, May 2nd... at least we let her go with a full belly, she had steak for dinner and breakfast and we fed her full of one of her favorites- popcorn.

In loving memory of Annabelle.

Living less than an hour from "Amish Country", we here in Canton, Ohio see the words "Amish built", "Amish cooking", "Amish made" quite a bit. Those billboards and ads certainly tempt us that our tummies are going to be so satisfied after a meal, and that a handmade Amish quilt is going to hold some exceptional value above and beyond what we could purchase elsewhere. I have to agree, I certainly DO love Amish cooking, and I myself have a handmade Amish quilt.

Coming from a family owned business, we had many Amish and Mennonite Customers, and developed some great friendships over the years. When my family travels thru Wilmot, Ohio, I still recall one of my "favorite" clients, Mr. Wayne Miller. Next time we pass thru, I certainly have to make sure to pay Wayne a call. Wayne does not have any electricity in his home, nor a telephone, but he did have one across the street in his barn/machine shop. He used to tell me to "let the phone ring a long time" because he had to cross the busy highway if he heard the phone ringing!

I'm just wondering if this term is being used loosely, and perhaps being USED AND ABUSED by many. A client recently told me that she had "Amish builders" put a roof on her home. I think most consumers are lead to believe that the word "Amish" always means quality work. The client did not ask for any references, and did not get any guarantees or warranties in writing. She was not given a phone number to contact anyone (Amish don't have phones, right??) She was not given an address as an alternative. In my clients case, these "Amish builders" 9 years later have left her with a bad roof job that is going to need replaced, and now are nowhere to be found. I've seen some "Amish built" homes that certainly cannot compare in quality to other local builders, and recall a home with a hideous vinyl siding job.

It angers me that some people may use this term as a slick sales tool to take advantage of unsuspecting customers. Being in the real estate business, I'm actually surprised I haven't heard of an "Amish Realtor" yet - I know they are out there! I myself have heard my Mom say that a friend chose a contractor because they were "Amish". For all I know, the guys couldn't be further from the Amish religion or culture. And certainly no offense, but just because you are Amish, does that mean that your work/craftsmanship is far superior to all others? Does that mean that everyone else that is not Amish is in some way inferior in their trade?

I guess the bottom line is as with any product or service, be sure to get the details of what work is going to be performed, what materials, that building codes are going to be followed, and no corners will be cut. Find out the name of the company, their credentials, their background. Ask for a list of prior jobs that they have performed.

A Short Sale is another way to stop foreclosures. Be sure to read Stopping or Preventing Foreclosure in Canton, Perry, Plain, Jackson or Stark County Part 1 and Part two.

The first step is to create a short sale package to present to the bank. All packages must have the following items:

1. Since the Real Estate Agent will be talking to the bank for the homeowner, the agent will need an Authorization to Negotiate. This is a form that states that I as the Real Estate Agent will be negotiating on behalf of the homeowners. This form should have the homeowner's name,address, Account number, social security number, date of birth, and any other relevant information. This is faxed to the bank.

2. Hardship Letter - The homeowner needs to write a letter stating what happened that caused them to be in this situation. The situation could have been a loss of a job or a family member, illness, death, divorce etc.

3. The bank will also want two months of bank statement, W2, 1099, Tax Return. The point is to show the bank that you are unable to pay the mortgage.

4. Financial Report - How is the money spent that you do have.

5. Photos of the house - Exterior and interior.

6. New Comps of the neighborhood. What is active, pending and what has sold.

7. Repair estimates.

8. Any headlines or articles about Real Estate in the area.

If you are facing foreclosure, please email me at Dwilson@cutlerhomes.com or call me Deborah Wilson at 330-904-4545. I can help.

In Part One - Preventing and /or Stopping Foreclosure, I shared President Obama's Making Homes Affordable Program. A program designed to keep Americans in their homes. If you did not see it, you can read it here now.

In Part Two, we will focus on eight strategies that will prevent or stop foreclosure. Strategies you can use right now whether you live in Massillon, Plain, Perry, North Canton or Jackson Twp.

But what happened? Let's face it, we're all probably a couple of paychecks away from calamity if a hardship were to happen.

People fall into financial hardships in a number of different ways. Below are some of the reasons why this happens.

Health issues: This is one of the tragedies of not having health insurance or inadequate health insurance, combined with expensive medical bills, can drive homeowners into financial hardship very quickly and cause them to get behind on their house payments and or real estate taxes. This is especially true for the self employed.

Death: Death of a spouse or a loved one. The spouse or heirs cannot or will not pay the mortgage. Once the estate is settled, the bank is forced to take the property back.

Predatory lending or borrowing: Allowing people to borrow when they clearly demonstrated they didn't have enough income to handle increased payment amounts.

Divorce/Separation: A couple separates or divorces and the other person can not make the payments on their own for a prolonged period of time.

Job loss or transfer: Due to the economic climate or global competition may employees are their jobs or businesses. It could be due to downsizing, consolidation, mergers, or just outsourcing jobs overseas.

Two house payments: Having two house payments due to one of the properties not selling fast enough due to a declining market.

4 Ways to Avoid Foreclosures in Canton OH

1. Workout arrangement: (Forbearance) Most lenders will work with a homeowner to work a repayment plan that is affordable to them.

2. Spread out missed payments: (Repayment Plan) The lenders might let the homeowner resume monthly payment

after being behind for a few month, as long as they include an additional amount to make up the difference.include back payments and re-amortize the loan.

3. Changing the terms of the loan: (Loan Modification) If there is an adjustable rate mortgage, the lenders might freeze the current rate so homeowner can keep making current payments, or the lender might extend the term of the loan to reduce the payments.

4. Add back payments to the loan: (Refinance) If there is enough equity in the property and sellers meet the lending guidelines, the lender might increase the loan balance to

4 Ways to Stop Foreclosure for your Stark County home.

1. Reinstatment of Loan: The lender may consider giving the homeowner some additionaltime to bring payments current and pay lender's cost of filing for a foreclosure, to stop the process.

2. Sell the property. if there is enough equity in the property to pay off the mortgage and cover all expenses. Hire a Real Estate agent to market it aggressively. Incentives for buyers to buy it, and agents to sell it.

3. A short sale is a loss mitigation solution. A pre-foreclosure solution. A short sale is when what you owe is greater than the value of the property. It is called a short sale because the bank will be shorted the money it is owed on the mortgage.

A short sale is sold by the homeowner before a foreclosure takes place. Anyone two-three months behind in their mortgage payments is a candidate for a short sale. There are only two reasons why a owner would not be eligible for a short sale - The homeowner filed for bankruptcy or the house is already in foreclosure and the house is scheduled for auction.

4. Deed-in-lieu of Foreclosure: Sometimes when the owner has had a hard time selling the property through a Realtor, ever on a Short Sale,the lender might allow them to deed the property back to the bank as long as there are no other liens against the property. This way the bank doesn't run up more legal and holding cost.

In Part Three, we will focus on the Short Sale process.