Jason Opland

An arm's length transaction is one in which the buyers and sellers act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party.

This concept frequently comes into play in real estate when determining the fair market value of a piece of property for tax valuation purposes. The price for the property must be obtained through a potential buyer and seller operating through an arm's length transaction, otherwise, the agreed-upon price will likely differ from the actual fair market value of the property.

What is an ARM's Length Transaction (in Real Estate)? the rest of the story including the role ARM's Length Transactions play in Short Sales.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

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In a recent segment entitled Expert Tips for Distressed Homeowners, the Today Show discussed the fact that one forecast estimates more than 2 million more homes may be lost to foreclosure in 2010. This has some experts questioning if a mortgage modification program, put in place by the Obama Administration has actually made things worse.

The program entitled the Home Affordability Modification Program (or HAMP) was put int place in February of 2009 with the goal of spending $75B to help 3 to 4 million distressed homeowners. To date, 760,000 homeowners have applied, however, only 31,000 have been granted permanent modifications or just 5% of the goal!

This failure is attributably to two factors, first the program focuses on reducing the mortgage interest rate and not the principal amount of the loan. With over 40% of home being underwater in some markets, that is the balance owed on the loan exceeds the market value of the home, homeowners simply have no desire to hold on to and continue making payments over leveraged assets. Secondly, many homeowners can no longer afford their payments even if they are granted modifications this due to job losses and reduced incomes. That said, the fundamental flaw in the program is it's failure to address the issue of principal reduction as homeowners simply do not wish to hold on to a property which is worth less than they owe on it and the fact that the program is optional and lenders are not required to participate. Many homeowners also find the program to be extremely disfunctional and complicated as there is a singificant amount of paperwork involved and the banks frequently mismanage this documentation and will weeks later request it be resubmitted. Furthermore, many homeowners realize that there are significant opportunities available in the real estate market at this time and if they opt to do a short sale they can be eligible for a new loan in as little as 18-24 months. The short sale process itself, including the time associated with identifying a buyer often takes as long as 6-9 months and thus homeowners end up living rent free during this time which helps them save enough money to begin to get back on their feet.

Many homeowners fail to realize applying for a loan modification will adversely affect your credit score and thus if you apply for a loan modification and like the overwhelming majority of applicants are denied, or if you receive an approval but the modification only entails a interest rate reduction (less than 1% of modification include a principal reduction) the damage has already been done to your credit.

The best solution for homeowners is to speak with a Realtor who specializes in working with homeowners in distress about their unique situation and the options that are available to them.

If you're facing foreclosure you're facing some very important decisions. We want you know you're not alone and we are here to help with any questions you may have to assist you in making the best decisions for your situation. There is no charge for this service and we are happy to help! We offer confidential and professional real estate advice.

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

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Renewable market optimistic as prices continue to stabilize

(Dec. 22, 2009) The month of November saw home sales soar 59.5 percent from this time last year with 1,839 listings purchased! Not since 2005 have November numbers been so high.

"Historically low interest rates and the tax credits for homebuyers put first time homebuyers in an ideal position to take advantage of the market," said Gary Parsons, President of the Columbus Board of REALTORS®. "And with the expansion of the tax credit, we expect to see more renewable buyers enter the market in 2010."

When the$8000 tax credit was renewed in October, it was expanded to include a $6500 tax credit for homeowners who wish to purchase a new residence. Those renewable buyers, or current homeowners who wish to purchase a new house, have been slow to return to the market but Parsons notes that as prices continue to stabilize, more renewable buyers will find new homes.

The stabilization of home prices was reflected in the average home price of $145,589, an increase of 1.5 percent compared to November 2008.

To date, 2009 home sales are at 18,771, up 10.9 percent year-over-year. Homes spent an average of 92 days on the market, down 3.2 percent from this time last year and 1.1 percent lower than October's average.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

A condominium building should embrace the community it is located in. The Short North is known for its vibrant lifestyle that is full of culture and a never-ending list of things to do. Taking this idea to heart, the developer assembled some of Columbus' most creative minds to create a masterpiece that fuses historic architectural elements with modern design aspects that include a soaring tower of glass and steel. This coupled with interiors that are equally breathtaking and amenities that include a roof-top pool with sun terrace, and gourmet kitchens that are customizable, it is clear that JBH Holdings has delivered sheer perfection to the Short North. The results are nothing short of awe inspiring and dramatic.

Some of The Jackson's amenities include; gourmet kitchens with cutting edge designs and the very latest in appliances, lavishly styled bathrooms, large walk-in closets, floor to ceiling windows, state of the art onsite fitness center, indoor scured parking, private balconies and terraces, a rooftop piazzas including an outdoor fireplace, and a pool overlooking the city!And if all this wasn't enough the Jackson on High was also recently FHA approved and 100% Tax Abated! Meaning buyers can get all of this with a low down payment and reduced monthly payment as they will not be responsible for any property taxes for 10 years! On a $300,000 unit the tax savings on the abatement is equal to approximately $57,000 or $475 per month!

The Jackson on High Current Inventory List

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

Real Estate Developer Brad Howe, with JBH Holdings, announced today that The Jackson on High project has reached a major milestone by receiving a 100% real estate tax abatement for 10 years. Columbus' City Council returned the unanimous approval for the tax abatement during the December 14 evening session. The measure would make The Jackson on High the only existing condominium project in The Short North to receive a full 100% abatement. The Jackson falls within the newly created CRA (Community Reinvestment Area) named "High and Second Community Reinvestment Area - ORD1685-2009"."

JBH Holdings applauds the tremendous support we have received from City Council, Mayor Coleman and the City of Columbus Department of Development." Brad Howe stated. "From the very start, Columbus has embraced The Jackson on High and shared in its vision and we believe the achievement of this incredible tax abatement showcases the belief people have in JBH Holdings and its ability to deliver on its promises of high-end luxury at a reasonable price.

"The 100% tax abatement, equal to about 1.9 % of the purchase price per year, would be a major savings to the consumer. For example, a condominium purchased for $300,000 would receive an estimated tax savings of $57,000 over the life of the abatement, or $475 per month. Savings would increase or decrease depending on the condominium's purchase price and changes in the property tax rates."

From the very start we decided never to put profits above the consumer," Howe continued. "While some would introduce an amazing product to Columbus and then strip it down to increase profits, JBH Holdings has remained committed to the consumer by keeping quality high and delivering on promises. We believe promises made are promises kept and this mantra has registered well with City of Columbus officials and the Greater Columbus marketplace."

The 100% tax abatement comes on the heels of The Jackson on High receiving FHA approval. "Although the real estate marketplace has begun to show some signs of recovery, it is clear that incentives like the 100% tax abatement will be a major enticement to motivate consumers to sign on the dotted line. This coupled with what an amazing condominium product The Jackson on High is, located in the exciting Short North, and you pretty much have an irresistible urban living option."

More about JBH Holdings

After having established a solid reputation within the real estate investment industry, long time business partners Bradley Howe and John Bonner decided to join forces and created JBH Holdings, LLC. Focusing on identifying and securing development opportunities that offer its investors optimal ROI, JBH Holdings adheres to a strict community and social responsibility in developing real estate offerings that retain value and offer thoughtfully planned dynamic architecture that transcend temporary design fads. For JBH Holdings it is these guiding principles that manage to secure the organization consistent success with each project they undertake.

The Jackson on High, the latest undertaking by JBH Holdings, is an eight-story urban condominium development designed to offer 44 high-end residential condominiums, 4,600 square feet of commercial retail space and 91 parking spaces in an attached garage to Columbus' popular Short North Arts and Entertainment District. The building will offer a rooftop pool overlooking downtown and High Street and provide many other features that are firsts in the area. Construction began September 7, 2008. The project, referred to by many as iconic will be the anchor to the northern entrance of the Short North.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington