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Akron, OH

Want to Buy a Real Estate Short Sale?

11-10-09
linda hale
linda hale: Real Estate Agent in West Akron, OH

Want to Buy a Real Estate Short Sale?

When lenders agree to do a Short Sale in Real Estate, it means the lender is accepting less than the total amount due on a mortgage or note.

This can be great for a buyer looking for a deal but comes with its share of problems as well.

  1. First of all, not all lenders agree to accept Short Sales and not all buyers will qualify. (Your pre-approval letter will go a long way here.)
  2. Just because it's a short sale does not necessarily mean it's a good deal. You still have to do your "due diligence." Check comparable sales in your market. Don't' go by list prices. You need to see what similar homes have sold for in the neighborhood.
  3. It is important in any real estate transaction to have proper representation. Remember, the listing agent represents the seller. Real estate commissions are generally paid by the seller so why not have a professional on your side - especially on a Short Sale.
  4. Make sure you make your offer contingent on the Short Sale being approved by the lender within a reasonable time frame. --You don't want to wait around for weeks to find out that the lender won't approve your offer --but you don't want your offer to "die on the table" before the lender has had a chance to read it either.
  5. There is a good chance there will be more than 1 offer presented to the lender so make sure you do your homework and send a qualified offer. Low ball offers may sound great, but a well thought out offer will have a better chance of being accepted.
  6. ALWAYS perform a professional home inspection. Even though the Short Sale lender will probably require an "as is" sale - you still need to know what repairs will be required and how much more it will cost to maintain the home. It may save you $1000's in the long run.

Just a note: I am a REALTOR®, not an attorney, cpa or financial specialist. Writing or accepting an offer on a home is a potentially binding contract and buying a short sale takes extra care and diligence. When in doubt ALWAYS consult the appropriate professional.

Akron Ohio and Summit County Ohio Events Calendar

 Akron Ohio Homes for Sale David M. Childress: Real Estate Agent in Akron, OH

World War 1 ended at the 11th hour on the 11th Day of the 11thmonth in 1918. Germany signed an armistice agreement with the Allies in a railroad car just outside Compiegne, France on November 11, 1918. Check out the listing of community events, click on the link for additional information about the event.

Thank you Veterans for your service to our great country!

God Bless America!


Arts / Theatre / Music
11/9/2009
Monday Morning Painting Group
Fine Art Services/Peninsula Art Academy
11/9/2009
UA Symphony Orchestra
School of Music
11/10/2009
Philip-Lorca diCorcia Lecture
Akron Art Museum
11/10/2009
Cuyahoga Photographic Society
Cuyahoga Valley National Park
11/10/2009
Enameling with Carol Adams
Fine Art Services/Peninsula Art Academy
11/10/2009
Blues and Rock School!
Fine Art Services/Peninsula Art Academy
11/10/2009
Composers Forum
School of Music
11/10/2009
The Bedtime Snack (featured event)
Mountain Rose Concerts
11/11/2009
Dear Gabby
Akron Public Schools - Firestone High School
11/12/2009
Dear Gabby
Akron Public Schools - Firestone High School
11/12/2009
Thursday Movies @ Main
Akron-Summit County Public Library
11/12/2009
Weaving Without a Loom w/Adams
Fine Art Services/Peninsula Art Academy
11/12/2009
Cuyahoga Valley Contra Dance
Cuyahoga Valley National Park
11/12/2009
Global Lens Film Series
Akron Art Museum
11/12/2009
The Life of Young Abe Lincoln
Stow-Munroe Falls Public Library
11/12/2009
Blues @ the Library
Twinsburg Public Library
11/12/2009
The Goat or, Who is Sylvia?
Weathervane Playhouse
11/12/2009
For Better - a wireless comedy
Actors' Summit
11/12/2009
Rachel Roberts
Akron Civic Theatre
11/13/2009
"Whomp the House" Tour
Akron-Summit County Public Library
11/13/2009
The Goat or, Who is Sylvia?
Weathervane Playhouse
11/13/2009
For Better - a wireless comedy
Actors' Summit
11/14/2009
T
Weathervane Playhouse
11/14/2009
Verdi e Puccini
Akron Symphony
11/14/2009
For Better - a wireless comedy
Actors' Summit
11/14/2009
The Goat or, Who is Sylvia?
Weathervane Playhouse
11/15/2009
Global Lens Film Series
Akron Art Museum
11/15/2009
Rock Star Band
Cuyahoga Falls Library
11/15/2009
For Better - a wireless comedy
Actors' Summit
11/15/2009
Just Plain Folk Show (featured event)
Mountain Rose Concerts
11/15/2009
Global Lens Film Series
Akron Art Museum
11/15/2009
FolkNite at PAA
Fine Art Services/Peninsula Art Academy
11/17/2009
Enameling with Carol Adams
Fine Art Services/Peninsula Art Academy
11/17/2009
Rob Zombie
Akron Civic Theatre
11/17/2009
Spinning w/Cris Welch
Fine Art Services/Peninsula Art Academy

Business Events
11/9/2009
Monday Networking Group
Green Chamber of Commerce
11/10/2009
YPN Speaker Series
Greater Akron Chamber
11/12/2009
Economic Outlook 2010
Greater Akron Chamber
11/13/2009
Friday Networking Group
Green Chamber of Commerce
11/16/2009
Monday Networking Group
Green Chamber of Commerce
11/17/2009
Joe Gingo Gives Keynote
Sales & Marketing Executives Int'l (SMEI Akron)

Children Activities
11/12/2009
Magic Lunchbox Story Time
Firestone Park Branch Library

Education
11/9/2009
Introduction to Word 2003
Twinsburg Public Library
11/10/2009
Excel 07-Vlookups, Pivot Table
University of Akron
11/10/2009
Introduction to the Internet
Twinsburg Public Library
11/10/2009
Caring Hearts Support Group
Summa Barberton Hospital
11/10/2009
Diabetes CARE Lecture Series
Summa Barberton Hospital
11/11/2009
Home Inspection Startup
University of Akron
11/11/2009
Waldorf School Tour
Spring Garden Waldorf School
11/12/2009
Social Networking Part 1
Twinsburg Public Library
11/12/2009
Introduction to Word 2007
Twinsburg Public Library
11/12/2009
Miller South Open House
Akron Public Schools - Miller South School for the Visual and Performing Arts
11/13/2009
Learning About Coyotes
Cuyahoga Valley National Park
11/14/2009
Enrichment Day
Akron Zoo
11/14/2009
Underground Railroad
Cuyahoga Valley National Park
11/14/2009
Journey to Jupiter
Cuyahoga Valley National Park
11/16/2009
Conflict Management Workshop
University of Akron
11/16/2009
Intermediate Word 2003
Twinsburg Public Library
11/16/2009
InDesign - CS4 Advanced
University of Akron
11/16/2009
Test Prep: Teen Career Aid
Firestone Park Branch Library
11/16/2009
NASA Image Unveiling
Barberton Public Library
11/17/2009
Social Networking Part 2
Twinsburg Public Library
11/17/2009
Intermediate Word 2003
Twinsburg Public Library
11/17/2009
Healthy Heart Lecture Series
Summa Barberton Hospital

Festival
11/14/2009
Park Place Pop-ins
Cuyahoga Valley National Park

Fundraiser / Benefit
11/9/2009
PTP Wine Tasting
Progress Through Preservation
11/9/2009
Folk n Comedy Benefit
Summit County Songwriters Circle
11/14/2009
Holiday Craft Bazaar
Bailey Road Christian Church
11/14/2009
Rummage Sale
Humane Society of Greater Akron
11/14/2009
Poker/Euchre Tournaments (featured event)
Cystic Fibrosis Foundation
11/14/2009
St Martha Silent/Live Auction
Saint Martha Parish
11/14/2009
Rollergirls "Flair Affair!" (featured event)
Rubber City Rollergirls
11/17/2009
Relay For Life of Twins-Maced
American Cancer Society

Health
11/9/2009
Yoga with Thia
Twinsburg Public Library
11/10/2009
FREE Hearing Screening
South Pointe Hospital, a Cleveland Clinic hospital
11/10/2009
Caring Hearts Support Group
Summa Barberton Hospital
11/10/2009
Reverse Heart Disease
Stow-Munroe Falls Public Library
11/10/2009
Diabetes CARE Lecture Series
Summa Barberton Hospital
11/11/2009
Coping with the Holidays
Hospice & Palliative Care of VNS, Center for Loss and Hope
11/12/2009
Author: Save $ on Healthcare
Barberton Public Library
11/13/2009
Kids and Holiday Grief
Hospice & Palliative Care of VNS, Center for Loss and Hope
11/14/2009
Heartsavers CPR Course
South Pointe Hospital, a Cleveland Clinic hospital
11/17/2009
Memory Screening Day
Akron General & Hospice of VNS
11/17/2009
Healthy Heart Lecture Series
Summa Barberton Hospital

Lecture / Workshop
11/9/2009
Basic QuickBooks Lessons 1 & 2
Small Business Development Center at the Summit Medina Business Alliance
11/10/2009
Human Trafficking Workshop
Battered Women's Shelter/Rape Crisis Center
11/11/2009
Physician Lecture Series
Stewart's Caring Place
11/12/2009
Tea Leaves/Coffee Grounds
Theosophical Society in Akron
11/14/2009
Computer Class: InternetSafety
Barberton Public Library
11/16/2009
Basic QuickBooks Lessons 3 & 4
Small Business Development Center at the Summit Medina Business Alliance

Literary
11/12/2009
Adult Book Discussion
Firestone Park Branch Library
11/16/2009
Teen Book Club
Twinsburg Public Library

Membership Meetings
11/17/2009
SMFCC Membership Luncheon
Stow-Munroe Falls Chamber of Commerce

Religious
11/13/2009
Cross Talk - Champion Series
The Chapel
11/14/2009
Strength For Our Journey
The Chapel
11/15/2009
Pre-Cana Days
Loyola of the Lakes Jesuit Retreat House

Special Events / Holiday
11/10/2009
Veterans Celebration
Hospice & Palliative Care of Visiting Nurse Service
11/12/2009
Family Fun Fest
Akron Public Schools - Perkins Middle School
11/13/2009
Holiday Open House
Hatties Cafe and Gifts
11/13/2009
Annual Holiday Wine-Tasting
Cuyahoga Valley National Park
11/14/2009
Wreath Making Workshop
Summit County Historical Society
11/14/2009
Holiday Open House
Hatties cafe and Gifts

Sports & Recreation
11/13/2009
Wii Bowling
Firestone Park Branch Library
11/15/2009
Hiking in Cuyahoga Valley
Cuyahoga Valley National Park

Other
11/10/2009
PS2 Gaming Session
Barberton Public Library
11/10/2009
PARF Club Meeting
Pioneer Amateur Radio Fellowship
11/12/2009
Summit Lake Legal Aid Clinic
Community Legal Aid Services
11/15/2009
Hudson Exotic Bird Show (featured event)
NE Ohio Bird Show
11/17/2009
Anime Club
Barberton Public Library

Home Buyer Tax Credit FAQ's

 Akron Ohio Homes for Sale David M. Childress: Real Estate Agent in Akron, OH

This list of the most asked questions has been provided to us Akron Ohio Realtors to assist our clients in understanding the changes and time limits on the recent legislation passed and signed by the President on Friday, November 6, 2009. You may contact me or any Realtor in your area for any further questions or concerns you may have. Good luck in your home search!

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

PORTAGE LAKES, OHIO Lakefront Market Report for October 2009

Caren Wallace-Portage Lakes Real Estate Agent: Real Estate Sales Person in Akron, OH

sunrise

******OCTOBER 2009 PORTAGE LAKES, OHIO LAKEFRONT MARKET REPORT*****

Active Listings.........................55

Lowest Price............................$75,000

Highest Price...........................$1,180,000

Average Days on Market..........156 days

Average Price per SF................$133

Contingent Listings..................2

Average Days on Market..........164

Pending Listings.......................8

Lowest Price............................$104,000

Highest Price...........................$375,000

Average Days on Market...........48

Average Price per SF................$114

Sold Listings............................5

Lowest Price............................$80,000

Highest Price...........................$435,000

Average Days on Market..........103

Average Price per SF...............$121

At 5 sales per month we have an inventory of Portage Lakes lakefront homes of

11 months. What this means for buyers is a great selection and sellers who are

motivated. It is a great time to buy a lakefront home in Portage Lakes, Ohio.

We have so many different homes to choose from for all economic groups.

There is no time like the present, with mortgage ineterst rates still at or around

5% fixed for 30 years! Consult a Realtor today to get into the Portage Lakes

lifestyle!

Call or email me for a list of Portage Lakes Lakefront homes for sale!

Caren@CarenWallace.com

Halloween Parties in Portage Lakes for" Big Kids!"

Caren Wallace-Portage Lakes Real Estate Agent: Real Estate Sales Person in Akron, OH

Veronica Krug and the Back Alley Gatorz

Look for Veronica Krug and the Back Alley Gatorz at the Innfield Lounge at

861 Wooster Road West in Barberton on Friday night for a Halloween Party

with prizes for best costume and good food and cheap drinks! Come on out

for a great night with Veronica and the Back Alley Gatorz!! Come in costume and

join in the Halloween fun!

Highway 61 Band

Halloween Night ,Saturday, will be a fun night with Highway 61 at Club Maxx at Dietz's

on Rt. 619 in Portage Lakes, Ohio. Highway 61 delivers R & B with gusto and you will

have a great time dancing to their tunes! Club Maxx offers a large dance floor and

is on West Reservoir in Portage Lakes. We will all be in costume to frighten and scare

you. hahahahahahahaha!