Dennis Foley

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Our Communities

Community Type School District Priced From Cheshire Woods Single Family Big Walnut $550,000 Estates at Medallion Single Family Westerville $600,000 Francisco Glen Patio Home Columbus $350,000 Jefferson Village Patio Home Gahanna $400,000 Homestead at Highland Lakes Detached Condominium Olentangy $300,000 Homestead at Scioto Reserve Detached Condominium Buckeye Valley $325,000 Keller Pines Single Family Big Walnut $610,000 Liberty Village Single Family Olentangy $450,000 Lindsey Woods Patio Home Worthington $475,000 Mansard Estates Single Family Olentangy $500,000 Nelson Farms Single Family Olentangy $500,000 New Albany Links Single Family New Albany $500,000 Preserve at Seldom Seen Single Family Olentangy $550,000 Regency at Highland Lakes Detached Condominium Olentangy $350,000 River Highlands Detached Condominium Columbus $445,000 Seldom Seen Acres Attached Condominium Olentangy $300,000 Tartan Ridge Single Family Dublin TBD Tidewater at New Albany Single Family New Albany $600,000 Villas at Northstar Attached Condominium Olentangy $274,000 Villas at Walnut Grove Attached Condominium Olentangy $394,000 Walnut Grove Estates Single Family Olentangy $550,000 Woods at Havens Run Single Family Gahanna $500,000 Woods at Labrador Single Family Dublin $550,000 Romanelli and Hughes knows that location is important to our clients. That's why we continue to choose convenient locations close to the things you want and need. Click on the map above for Driving Directions or on the Community name above for more details about that location. CALL 614-679-9030 FOR DISCOUNT PRICING. POSTED WITH PERMISSION

The Time is Now to Profit from Foreclosure ...NEW SEMINAR WILL BE HELD IN OCTOBER 2008...IN WESTERVILLE. INQUIRY TODAY

A "Perfect Storm" of events has made investing in foreclosure properties better than ever - and now's the time for you to profit...

Columbus, Ohio - FIRST-TIME HOMEBUYERS AND INVESTORS CAN ENJOY BIG PROFITS ..... WITH A SUB-PRIME LENDING CRISIS, Balloon payments coming to term, borrowers losing equity in high-value homes, and a home market turned upside down by recent events, there are right now literally thousands of under-valued properties in Central Ohio -- ready to be purchased far below market value and sold high.

According to RealtyTrac, foreclosure filings for October zoomed 94% from one year ago, and November also surged 68% from last year as states that once enjoyed a white-hot housing market are now seeing the greatest number of loan failures.

The current rise in foreclosures is an incredible opportunity for you to achieve instant equity in a home purchase or the privileged life you've always dreamed about.... not years from now, but months from now. Our seminar will reveal the specific foreclosure buying and investing strategies that have been used again and again by homebuyers and investors with inside knowledge.

If your plan is "buy low, sell high," you'd better learn how to buy right now!

WHY SHOULD I ATTEND?

Walk away from this seminar and you will be well on your way to profiting from foreclosures. Why is the profit potential so great?

• Properties are sold below market value
• Lower or NO down-payment, smaller mortgage, lower monthly payments
• Instant Equity and fast returns

REGISTER and LEARN:

• How to Find Foreclosure Opportunities in Columbus and surrounding suburbs: Take advantage of the hot investing opportunities in your area before anyone else does
• Credit and Credit Card Repair: Be in good financial standing so you can make money at every stage of the investing process
• The Phases of Foreclosure Following the Foreclosure Clock: When to make a move and how to capitalize at every stage of the process
• How to Capitalize without Harm: Part of the Foreclosure investment process includes finding ways for sellers to move on without shame
• What to Do Once You Have the Property: Do you live there, renovate, or sell immediately? Learn what's best for your specific situation
• Goal Setting: How to set realistic goals and attain them every time

FOR MORE INFORMATION AND TO GET DATES AND LOCATION PLEASE VISIT www.Foreclosure-Seminar.info

Buyers pursue short sales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask your agent to call the listing agent to find out if the home is a short sale.

Because you might want to think twice about making an offer on a pre-foreclosure, short sale home. It's not as simple as you may believe, and very few can close in 30 days or less.

What is a Short Sale?

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.

Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

• Basics of Short Sales
• What is a Foreclosure?
• 11 Reasons NOT to Buy a Short Sale

Check the Public Records

Do your research before making an offer to purchase. Your agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.

If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.

• Determine Your Type of Marketplace
• What is a Title Policy?
• Chain-of-Title Definition

Hire an Agent with Short Sale Experience

It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent.

An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

• Finding Real Estate Agents
• Rules for Working With Agents
• Fiduciary Agent Relationships

Prepare the Seller for Lender Demands

A lender is not going to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven.

A seller I know once demanded that the buyer slip the seller $1,000 to be given the right to purchase the seller's property. We said no. This is fraud. The lender legally pursued that seller. Do not be lured by sellers who suggest this practice. In a short sale, the seller receives no money because the lender is losing money.

• Tax Consequences for Home Offices
• Handling Mortgage Loan Adjustments
• How Sellers Can get Free Credit Report

Submit Documentation & Purchase Offer to Lender

Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. Also, send the lender a copy of your earnest money deposit. Do not be astonished if the lender asks you to increase it.

In addition, the lender will want to see that you have your own loan available and you are preapproved. Send a preapproval letter to the lender. It will help if your agent sends a list of comparable sales that support the price you are offering to pay for the home.

• Computing Mortgage Interest
• Understanding Option ARM Loans
• Definition of Negative Amortization

Give the Lender a Deadline

Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. If the lender is under no pressure to make a decision, the paperwork will sit on an underling's desk.

Some lenders submit short sales to committee, but most can make a decision within two to three weeks, providing you have submitted the offer to the individual in decision-making capacity. Get a name and phone number for the appropriate contact at the lender. Don't send an offer blindly to a department.

• Protecting Your Good Faith Deposit
• Purchase Offer Negotiation Tips
• Writing Buyer's Market Offers

Expect Commission Negotiations

Regardless of the commission the seller has agreed to pay, the lender is actually the entity paying the commission. The reason is the seller is not receiving any money with which to pay a commission. Since the lender is losing money, the lender will likely negotiate the commission directly with the listing broker, who will then share the commission with your agent.

If you have signed a buyer's broker agreement with your agent, ask if the agent will waive the difference due or you might have to pay it out of your pocket. Some brokers feel it is unfair to penalize the agent, but the lender is calling the shots.

• Who Pays the Real Estate Commission?
• How to Negotiate Real Estate Commissions
• Buyer's Broker Agreements

Reserve the Right to Conduct Inspections

Generally, the lender will not pay for customary items that a seller would pay. These include home protection plans for the buyer, buyer credits of any kind and pest / termite inspections. A buyer will be asked to purchase the property "as is," which means no repairs.

It is extremely important that a buyer obtain a home inspection and pay for other types of inspections such as pest, roof, sewers, septic tanks, chimney or fireplace inspections. Do not waive your right to obtain these inspections and make your offer contingent on approving them.

Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

• Laid-off, fired or quit job
• Inability to continue working due to medical conditions
• Excessive debt and mounting bill obligations
• Squabbles with co-owner, divorce
• Job transfer to another state

Negotiating Directly with Sellers in Foreclosure

Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:

1. Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas in states where trust deeds are used, trustee sales give a seller about four months before she needs to vacate.

2. Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

3. Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

4. Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.

Buying a Home at the Trustee's Sale

Check with your local county office to find out how sales in your area are handled, but common threads among most of them are:

• No loan contingency
• Sealed bids
• Proof of financial qualifications
• Sizeable earnest money deposits
• Purchase property "as is"

Sometimes buyers are not allowed to inspect the house before making an offer. The problem with buying a house sight unseen is you can't calculate how much it will cost to improve the structure or bring it up to habitable standards. Nor do you know if the occupant will retaliate and destroy the interior. On top of that, you may need to evict the tenant or owner from the premises after you receive title, and eviction processes can be costly.

Interested in a FREE list of available foreclosures? Visit www.BankOwnedDeals.com