Dan's Cincinnati Ohio Real Estate Blog

1st Post on Home Buyer Seminar Strategies

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Fri, 09 Oct 2009 11:52:04 -0500

Welcome to the Home Buyer Seminar Strategies group!

The purpose of this group is to help those who are actively using or want to build their business through teaching Home Buyer Seminars or as I call them "classes". If you've taught home buyer seminars before, please share your ideas, strategies and success stories with the group. If you've never taught a home buyer seminar before, please post any questions for others to answer.

Having taught home buyer classes for the past 20 years, in future posts, I'll share what's worked for me and would love to learn other ways to improve my class.

Cincinnati, 1st-Time Home Buyer Class - Tuesday, Oct. 13th

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Wed, 07 Oct 2009 00:38:05 -0500

If you're planning to start your home search, NOW is the time to start your learning process! So before you start looking, get 'educated' in the home buying & mortgage process - from start to finish.

Over 1,500 people before you have gained 'insider secrets' and learned valuable money & time-saving strategies with the knowledge they gained from the classes. Today's real estate transactions are becoming more complex and, if you're not aware of the pitfalls, it can become a difficult, frustrating and money-draining experience. Even if you already own a home, chances are, part of the process has changed.

The money and time-saving strategies you'll learn in this class will reduce your stress while ensuring you avoid many costly buyer mistakes. This class is designed to build your confidence and arm you with the knowledge to become an informed consumer, so that YOU can make the best decisions for your situation.

You will learn first hand from two of the area's top consultants, with 24 and 20 years of experience, respectively, on how to approach your real estate transaction to your advantage. Understanding the natural chain of events will greatly enhance your negotiating strengths and allow you to be in control of your situation - not some 'salesperson'.

You may be unsure of where to start, feeling overwhelmed, worried about committing the largest amount of cash you've probably ever invested in one item...2 hours later, you'll leave feeling confident, knowing exactly how to begin your home search and with simple, fill-in-the-blank forms to guide your smooth, hassle-free, home buying process. Many attendees have commented that our class will save you time, money and worry, even if you've owned a home before. Whether this is your first time entering the home buying marketplace or it's been a few years, you are probably a little nervous wondering where you'll end up living and in what kind of home. That's OK! You are embarking upon one of the most important investments of your lifetime - a new home.

Class Date: Tuesday, October 13th

Class Time: 7:00 - 9:00pm

For more details and to register, go to: www.HomeBuyingClass.com

Mortgage Modifications Gone Bad...

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Tue, 15 Sep 2009 11:58:51 -0500

Story after story talks about how homeowners, who are attempting to modify their adjustable interest rate home loans to lower their payments, are now watching their monthly payments skyrocket.

Please don't get an adjustable rate mortgage (A.R.M.)!

I just read a story about a couple in AZ with a $550,000 home and they are trying to get a loan modification, because their interest rate is going to adjust (UP) to over $1,000 more per month. Most Americans cannot afford a jump in monthly payment like that.

When you are looking to purchase a home, only apply for a fixed interest rate mortgage. An ARM will only hurt you in the long run. If you have to get an ARM to buy a home, don't buy it! ARMs are only a viable option for very few homeowners, yet during the years of 2003 - 2007 in a hot seller's market, many people got ARMs, because that was the only way to afford the home they wanted.

Now I'm not here to place blame. There's enough to go around for everyone, but the fact of the matter is if you can't comfortably qualify for a 30 year fixed rate mortgage on a home that you want, then you need to move down in price. The Financial Peace University Guy, Dave Ramsey, even talks about only taking out a 15 year mortgage.

You also need to remember that your total mortgage payment of PITI (principal, interest, property taxes & homeowners insurance) will go up from time to time, because even though your principal and interest are fixed, your taxes & insurance will increase over time.

So, when deciding on how much home you want to buy, make sure that you review your housing goals, stay within a comfort range for your monthly payment and don't buy a home that will keep you home all the time, because you won't have any money left over to enjoy life.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Are you a first-time home buyer? Attend our Free First-Time Home & Condo Buyer Class. For details and upcoming class dates, go to: http://www.HomeBuyingClass.com

Are you ready to find your dream home? Contact me for a Free Home Buyer Consultation at: (513) 615-1890 or dan@danweis.com No cost...No obligation...No sales pressure!

Craigslist Ad Strategies That Get Your Phone To RING!!!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Mon, 16 Feb 2009 16:28:59 -0600

I know that some agents are having great success advertising their listings in craigslist while others aren't.

I've just started building time into promoting my listings each week into craigslist and I'd love to hear what everyone else is doing...ideas that have worked for them.

I'm looking for ideas that have PROVEN results for you. As I test different strategies, I'll let you know what works for me, but I don't have any yet from the weekend postings.

Are you just entering text and some photos?

Are you using the postlets template?

Are you getting any leads by leaving out info or do you share everything?

Please take a moment and share what's working for you.

Thanks, Dan

Craigslist Ad Strategies That Get Your Phone To RING!!!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Mon, 16 Feb 2009 16:26:52 -0600

I know that some agents are having great success advertising their listings in craigslist while others aren't.

I've just started building time into promoting my listings each week into craigslist and I'd love to hear what everyone else is doing...ideas that have worked for them.

I'm looking for ideas that have PROVEN results for you. As I test different strategies, I'll let you know what works for me, but I don't have any yet from the weekend postings.

Are you just entering text and some photos?

Are you using the postlets template?

Are you getting any leads by leaving out info or do you share everything?

Please take a moment and share what's working for you.

Thanks, Dan

Cincinnati Home Buying Tip: Don't Buy A Home & Get A Tax Bill Surprise!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Tue, 27 Jan 2009 14:09:21 -0600

Are you planning to buy a home in Cincinnati, Ohio in the near future?

If so, when viewing properties, make sure you do a double take at the property tax amount. You need to confirm that the tax bill amount is accurate with your local county auditor's web site.

Then you need to take it one step further and check to see if a Homestead Exemption discount has been deducted from the tax bill amount. (In the state of Ohio, a person 65 years of age or older may qualify for the discount.) You see, Multiple Listing Service (MLS) property sheets can show the wrong tax amount. If the listing agent didn't check to see if the sellers qualifies for the Homestead Exemption discount, they may enter the lower tax figure on the MLS sheet. Then you assume that's the correct tax amount. In 6 months, when the next tax bill comes out and it's several hundred dollars higher, you get very upset.

So when you are deciding on a property to purchase and you want to figure out what the monthly payment will be, make sure you find out the correct annual tax amount.

2009 is a great time to buy - Lots of Properties For Sale...Low Interest Rates...Favorable Pricing!

Are you a first-time home buyer? Attend our Free Home & Condo Buyer Tele-Class. For details and upcoming class dates, go to: http://www.HomeBuyingClass.com

Are you ready to find your dream home? Contact me for a Free Home Buyer Consultation at: (513) 615-1890 or dan@danweis.com No cost...No obligation...No sales pressure!

Which Facebook Strategies Are Working For You Right Now?

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Tue, 23 Dec 2008 00:58:13 -0600

I'm excited about the number of subscribers to FACEBOOK Tips (over 500 so far).

I'm now spending more late evening time focused on designing my Facebook strategy as I'll be teaching a class at the office to other agents next month.

I'd like to know, at this point in time, which strategies on Facebook are paying off for you.

I see that some people have hundreds or thousands of "friends".

I'm going to test a different approach. I'm only inviting some family and friends as well as more importantly, all of my active and inactive clients and service providers, like lender, inspector, insurance agt, etc.

I think the real benefit to being on FACEBOOK is to build and nurture relationships with people you've helped. The more you know and care about them, the more business you should receive (If done right) over time.

What some may not realize is that your 'friends' have friends on their pages, who they may refer to you or their friend may indirectly reach out to you based on what you write or how you interact with others.

This is not a get rich quick scenario.

You may have not kept in touch with many clients and it'll take awhile to hopefully revive their trust.

I'm looking for a way to have my Realtor friends, et al to be my friends on a group page, but not on my Friends list, where I'm focused on my clients. If you know how to do that, please share to all of us.

Please take a moment and post any successful Facebook strategies that are working for you.

To your continued success in 2009!

Dan Weis

Cincinnati Home Buyer Tip: Beware of Winter-Time Fees on Lender-Owned Properties!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Mon, 27 Oct 2008 13:29:21 -0500

If you're planning to purchase a lender-owned property, be aware of the additional fees you'll end up paying.

As we approach the season of overnight temperatures often reaching 32 degrees and below, one of the things consumers need to be aware of when they make an offer on a lender's foreclosed property is to read the fine print. There are many listings that now state in the remarks that the "BUYER" is responsible, at their own expense, of having the property's plumbing de-winterized for their inspections and then re-winterizing it when the inspections are completed. I've heard cost estimates of $250 - $300 for that service. Consumers should also make sure that all of the utilities have been turned back on, so that the inspections can be finished in a timely fashion. Don't assume it's been done by the other party...double check by calling the utility company.

This is just one of the 'unknowing' charges you may end up paying for when buying a foreclosure property. There are a lot of great values in the market right now. If you're interested in taking advantage of this buyer's market, I'd love the opportunity to help you find one of these properties. Just contact me at dan@danweis.com or 513-615-1890.

Are you a first-time home buyer? Attend our Free Home & Condo Buyer Tele-Class. For details and upcoming class dates, go to: http://www.HomeBuyingClass.com

848 Bay Harbor Drive, Maineville, Ohio 45039

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Mon, 21 Apr 2008 12:28:55 -0500

848 Bay Harbor Drive, Maineville, Ohio 45039

NEW price: $129,900

For more photos and details, go to: http://www.CincinnatiRealEstateHelp.com and click on "Dan's Listings".

848 Bay Harbor Drive, Maineville, Ohio 45039
List price: $129,900
by Dan Weis, Realtor, Cincinnati, Ohio
Cincinnati, Ohio Real Estate

This 2 bedroom, 2.5 bath, stone & vinyl, 2-story condo shows very well. It's located in the Sunrise Landing subdivision of Hamilton Township and is in the Little Miami School District. Some of its special features include: 1st floor living room with a walkout to the wood deck...a dining room with chandelier...an equipped kitchen with a refrigerator, over/range, dishwasher, microwave, etc,...wall-to-wall carpeting...family room with wood-burning fireplace in the finished lower level...each bedroom on the second floor has its own full bathroom and walk-in closet. The resort-style surroundings of the Sunrise Landing community include: a beautiful lake, 2 clubhouses, 2 swimming pools, and tennis courts. The entire neigborhood has sidewalks. The monthly condo fee is $225. and the monthly HOA fee is $56. It's a great location and is conveniently located about 5 minutes from the I-71 at St.Rt. 48 interchange. For more details or to view this home, please contact Dan Weis of RE/MAX Unlimited Realtors at 513-615-1890 or e-mail: dan@danweis.com.

Cincinnati Home Buying Tip: Short-Sale Listings Abound!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 10 Apr 2008 16:46:46 -0500

As I continue showing homes and condos in our current real estate market, I'm finding up 50% of the properties are listed as foreclosures or short-sales.

What does this mean to you, the buyer?

Timing, for one thing, can be widely varied.

In many foreclosures, where the lender has already purchased the home, the normal time frame from accepted offer to closing is usually 30 - 45 days. With foreclosures, you're also buying them in 'as-is' condition, even though you can have inspections to see if you still want the property. Fannie Mae also requires the buyer to pay around $125 for changing the locks through their approved contractor. Even though we're out of winter time, many properties are still winterized and lender are requiring the buyer to pay for that expense too - around $250 - $300.

In short-sale listings, nobody knows in the beginning when an actual closing can take place. I wrote an offer this weekend, where the listing agent told me that the lender may take up to 45 days before approving the short sale amount. That's not uncommon right now. It can even be longer than that too.

A 'short-sale' is where the homeowner is in a financial distress situation and in order to sell the property, must sell it for less than the outstanding mortgage that's on the property. The homeowner must show that they don't have the ability to continue paying the mortgage or that they don't have the assets necessary to cover the difference between a sale price and mortgage amount.

So, if you don't have a lot of time to make a move, most short-sale properties are not going to work for you. The other thing is you're in limbo from looking at other homes, because you have a signed agreement with the seller that is subject to the lender approving the short-sale amount.

Now is a great time for home buyers to invest in real estate, because interest rates are good and housing inventory is high.

But do be aware that there are sometimes price points of properties, where the inventory is low and it may be tougher to negotiate if you get in a multiple offer situation. I've had that happen twice in the past couple of weeks. With many homes in foreclosure or short-sale situations, they are usually not in very good condition and will take some TLC & cash on your part to fix up.

If you have any questions on these types of properties, give me a call or drop me an email.

At your service, Dan

Cincinnati Home Buying Tip: Put Spending Habits In A Deep Freeze!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 03 Apr 2008 16:48:02 -0500

Put Your Spending Habits In A Deep Freeze!

Once you apply for a mortgage, put your spending habits into a deep freeze for the next 30 - 45 days, just until you close on your new home.

An important factor you need to know about during your mortgage approval process is your active credit situation. DON'T make any major purchases...credit or cash or lease a car or apply for a new credit card. Don't buy an item to put it layaway. You need to freeze your spending habits except for normal purchases, like food and gas, etc.

It used to be that mortgage lenders would only check your credit history once when you appled for a mortgage. Now they will check it 2 or 3 times and the last time could be the day of or day before your real estate closing. So don't do anything without checking with your mortgage consultant. You don't want your credit score to go down or have your cash reserves and other assets change until after your closing.
At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Cincinnati Home Buying Tip: Even If All Your Ducks...

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 27 Mar 2008 15:19:55 -0500

Even if all your ducks are in a row...

When you apply for your mortgage pre-approval, understand that it's just the beginning of the paperwork and the watching of your ongoing credit.

Once you find a home and write an accepted offer, that's when the mortgage approval process really gets in full swing. During the normal 3 - 4 weeks of having your credit, assets, debts and property appraisal reviewed, there will be times where your mortgage consultant will ask you for additional documentation.

You may be thinking to yourself or saying out loud, "Why didn't they ask for this earlier?" or "Why do they need this document?"

You need to understand that since the mortgage industry has turned 180 degrees on its head, many changes have been implemented and they continue to happen on a daily basis.

What an underwriter didn't need yesterday, they now need today. (An underwriter is the person who reviews your entire loan file and approves or denies it....not your loan officer.)

There are other outside forces like the government, Fannie Mae, Freddie Mac, private mortgage insurance
companies and others, who are causing all of these changes. What paperwork your mortgage consultant may not have needed at the beginning of your mortgage pre-approval, they now are asking for...all because of the changing of the guidelines. They are double-checking and triple-checking credit and everyone is C.Y.A. themselves.

It's outside the control of your mortgage consultant, so please don't give them a hard time. This is just the
way the market is right now and for the foreseeable future.

You could have an 800+ credit score, make a great income and have lots of money in the bank....and you'd still be going through all of the same hoops today, just like everyone else.

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Are you a first-time home buyer? Attend our Free Home & Condo Buyer Tele-Class. For details and upcoming class dates, go to: http://www.HomeBuyingClass.com

Are you ready to find your dream home? Contact me for a Free Home Buyer Consultation at: (513) 615-1890 or dan@danweis.com No cost...No obligation...No sales pressure!

Cincinnati Home Buying Tip #17 - Home Warranties Can Give Peace of Mind!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 20 Mar 2008 17:15:58 -0500

When purchasing a property, is it worth getting a 1-year home warranty plan?

I say "Definitely, YES"!

Prior to a few years ago, home warranties were available for purchase, but weren't always selected, because sellers wouldn't always offer them. Now, in the Cincinnati Area Board of Realtors purchase agreements, home warranties are included in the paperwork and negotiated into an offer with the buyer having the option to ask a seller to purchase one on their behalf or the buyer can purchase a policy themselves.

What's often covered in a home warranty plan?

heating system
air conditioning system
plumbing system
water heater
electrical system
kitchen appliances

It's important to read the policy to make sure you know exactly what's covered and what's not covered? Most plans don't cover roofing systems and basement foundations.

When I write up an offer for my clients, we ask the seller to purchase a policy for the buyer to have coverage for one year after the closing. Most of the time the seller will oblige. There are also times when a seller has already activated a home warranty policy on their property when it's first listed and they get seller coverage too.

There are several, national home warranty companies in the market. The cost for a 1-year warranty can range from $375 - $435. There is also a service call fee ranging from $55 - $100 for each time a company-approved contractor handles a claim.

It's important to review the home warranty plan's fine print, because you aren't getting a blank check for anything that breaks to be replaced. There are limitations on all policies - you're looking at repairs and replacements of covered items that break down due to normal wear and tear. The best thing you as a consumer can do is keep the mechanical systems in your property maintained and serviced, so that if a covered part does break down, it should be repaired or replaced.

I believe that for the most part, home warranty plans are effective and worth the investment. They can help protect you from unexpected repair expenses that can be very costly.

It's even becoming more common for homeowners to extend the policy beyond the first year, at the company's option. Some lenders even have partnerships with home warranty companies to offer them to homeowners for an ongoing monthly premium.

So when you make an offer on a property, make sure that a home warranty plan is written into your offer.
At your service,

Dan

Cincinnati Home Buying #16 - Constantly Changing Mortgage Rules!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Fri, 14 Mar 2008 01:30:27 -0500

Be Aware Of Constantly Changing Mortgage Rules!

Once you find a home that you want to call your own, the next important step is to make sure that your mortgage process is moving forward smoothly.

It's just as important for you as well as your mortgage consultant to stay on top of things during the mortgage underwriting process.

In this day of constant changes in the mortgage industry, no home loan is immune from possible delays. FHA, VA, Fannie Mae and Freddie Mac are going through continuous changes in their guidelines and rules that you end up having to abide by.

What does this mean to you?

When you have your initial mortgage consultation, make sure that whatever you haven't brought to the meeting, you get to your lender as soon as possible. There will be times when your mortgage consultant will have to ask you for additional documentation on something...that's just how the industry is right now. Please don't get upset, just know that someone somewhere is trying appease a new regulation that has probably just changed for everyone.

While a couple of years ago, when just about anyone could get a mortgage, now the mortgage industry is going through a 180 degree change. They're having to be extremely rigid in the rules they have to follow. Hopefully, over the time, the restrictions will loosen up a little bit and make the mortgage lending process less stressful and go more smoothly.

In the meantime, just keep asking your mortgage consultant if there's any additional documents they need at this time. I would ask them once a week, so that you don't have to go through any last-minute hoops to get your mortgage approved.

If you know of any impactful changes to your job, credit history or finances, make sure your lender knows right away. While you're going through the mortgage process, don't make any major purchases that require you to use a credit card or pay using lots of cash. Wait until after the closing. You don't want your credit score or money reserves to go down.

It's best to be pro-active in this market and have an open dialogue with your mortgage consultant.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class - March 19th!

Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Cincinnati Home Buying #15 - What To Know About FSBOs!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 28 Feb 2008 13:29:49 -0600

What is a FSBO?

It's an acronym for: For Sale By Owner and it's pronounced (fizz-bo)
As a new home buyer, it's important to understand the possible reasons that a seller is selling their property on their own as a FSBO. Here's a few:

They may have little or no equity in the home and need to save money.
They may have had a bad experience with a Realtor in the past.
They may have sold property as a FSBO before and are doing it again.
They may have plenty of time to sell or aren't motivated to sell.
They try on their own at first, since their new home will take 6 months to build.
They have a relative in the business, who's helping them behind the scenes for free.

Now as a buyer, it's important to have your buyer's agent approach the FSBO for information about their home. Your agent will also be able to find out if the FSBO is willing to compensate your buyer's agent (most FSBOs are willing to pay a buyer's agent's fee).

As a Realtor, I understand a seller's position of wanting to sell their property on their own. They have every right to do that. But you need to know that by attempting to deal directly with a FSBO without a buyer's agent, you don't have any representation assisting you in the transaction and helping you negotiate through the entire process.

I believe that having an experienced buyer's agent can save time, money or aggravation. There are so many pieces to the real estate puzzle in today's market that need to be solved before it can hopefully come together. There's also a lot of emotion involved on both sides of the transaction. Most buyers don't want to negotiate directly with a seller, because they don't want to be put in a potential, confrontational situation. The seller may also not have the appropriate state-mandated disclosure forms that are part of a transaction.

When you decide to hire a buyer's agent, it's important to find out how they handle FSBOs. Some agents won't work with FSBOs and so you're missing part of the market. They won't even tell you about them. In some cases, FSBOs can be as much as much as 10% to 15% of an area's inventory, but they aren't always easily identifiable, because they may only have a hand-made sign in the front yard and aren't doing any other advertising.

In closing, I look at FSBOs just like any other seller in the marketplace. They are just representing themselves. If they have a property that you want, then I'll do everything I can to help you get it.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class - March 5th!

Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Cincinnati Home Buying #14 - Your Lender's Expertise Is Critical!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Sat, 16 Feb 2008 18:04:17 -0600

As the real estate and mortgage markets continue to recover, we are seeing more and more restrictions on lending to try and right the ship. One monster that started to surface way back in July of 2007 was the "Declining Markets" guidance sent out by FannieMae (Federal National Mortgage Association). In short, FNMA began to notice in their massive data base that there are areas of the country that are seeing consistent declines in market value, yet they don't have a standard industry definition of what constitutes a declining market.

So what does this all mean?

Well, if your lender receives this message when underwriting your conventional mortgage loan and you are not putting any money down, you will be penalized. (An FHA loan is another option.) The lender must immediately lower the highest acceptable loan-to-value ratio by 5%. So, your 100% loan just became a 95% loan, no matter how you slice it. You may be out of luck when looking at conventional financing. One action that you can take to avoid the surprise of this scary, but protective rule is to have your lender run your file through the automated system before even making an offer. This way you will know up front if you will be dealing with this issue on this property regardless of sale price.
In the past, an appraiser had a little lead way in determining value. The appraiser may have been able to go slightly out of area or scope of time, but Not any more. While the following are always considered the best practice, they are now considered the ONLY practice.

These guidelines are not intended to be all inclusive and may differ depending on the lender. They should be viewed as the minimum requirements used to set the market value by using data for comparable properties:

Must be within a 3 to 6 month period, with similar features such as square footage.
Must provide days on market for the subject property and comparable sales used.
Must be within close proximity of the subject property, looking at neighborhood character as well.
Must be within a one mile radius of the subject.
Must provide one current listing or pending sale from the Multiple Listing Service to help support value.

If any of these guidelines cannot be positively addressed or supported in the appraisal, the appraiser needs to provide a detailed written explanation of the circumstances.

There are a few other solutions. For example, FHA and VA do not have an issue with properties located in declining market areas. They leave the determination to those is the field that they trust, the lender and the appraiser.

The bottom line is that while this rule may cause some headaches, but it does not mean that houses can not be sold. It does mean that you need to make sure your lender is up to speed on these changes to assure a smooth transaction.

Getting pre-approved with a mortgage professional before you start looking at properties is more important than ever, because you need to decide which mortgage program will work best for you.

You also need to understand that mortgage guidelines can change even during your loan underwriting process, so don't be surprised if you are asked to provide additional information.

This post was co-authored by Dan Weis and Rick Pilger.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Cincinnati Home Buying Tip #13 - "Is This The One?"

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 07 Feb 2008 10:35:09 -0600

As you look at different homes, you're always wondering "is this going to be the one"?

"Is this the home that I'll fall in love with and live in for many years?"

Whether you've looked at 5, 10, 20 or more homes, you'll always wonder if you're picking the right property for you.

One of the ways to help you compare is to set up a rating system. On a scale of one to ten, how do you rate each home?

I always tell clients anything less than a 5 means 'run away'. If you pick the numbers 6 or 7, it means that the property is ok or nice, but if someone else bought it tomorrow, you wouldn't be upset. If you rate a home an 8 or 9, that's one you should seriously consider making an offer on.

Also, it's okay if your spouse, significant other or friend disagrees with you by putting a different number value on the property. You each have your own opinions and you need to talk out what's the most important to each of you. All properties have pros and cons to varying degrees, so don't let that stop you.

By the way, I haven't seen a 10 yet. You may think the home you're choosing is a 10 and that's fine, but no home is perfect.

Another factor you need to consider is there's more than one home that's 'right' for you, because if you're looking at homes right now or you decide to look at homes a year from now, the same homes are not going to be for sale on the market. (At least, not usually unless there's something seriously wrong with them.)

So you need to consider the criteria that's important to you as you go through different homes and see what best matches what you want in a home.

I've told clients that many times the right home will "smack them in the face" when they pull up out front or walk inside. You'll know it in your gut when it's the right one for you. You'll go "WOW"...this is it!

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Home Buying Tip # 12 - 3 Focus Points When Viewing Properties!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Fri, 01 Feb 2008 01:20:32 -0600

When you begin your home/condo search, here are 3 things you need to be focused on when viewing properties:

Functionality of Floor Plan - Does the floor plan flow or is it choppy? Does it meet your needs? When you walk through a home, it's important initially get a feel for the home, because emotion plays a big part when house-hunting. It's easy to get distracted by the seller's furnishings if the home is occupied, so you need to do your best and visualize the property with how you would furnish it. Is the floor plan bright & open or seem dark with narrow hallways? If you have large furniture or a lot of it, will the furniture fit in the rooms?
Cosmetic Conditions - Would you need to repaint... re-carpet... replace cabinets or counter tops...etc? As you approach the front door, how does the exterior look? Is the landscaping maintained? Any cracked window panes or failed window seals? Is there a lot of wallpaper that may need to come down? Look at what things you feel you could reasonably handle yourself versus having to hire a contractor to take care of.
Big-Ticket Items - What are the ages of the roof... furnace... water heater... appliances... etc? It's important to get a rough idea of how old different mechanical systems in the home are. You'll never know how long an item will last, but knowing if it's on its last leg and can go at any time will help you in figuring out how soon you'd have to save some money to replace it. One of the reasons for a home inspection is to make you aware of any defective items. If an item is defective, then you can request the seller to correct it (they can say 'yes or no'). If an item is just older, but is still working fine, then you need to understand that the seller is under no obligation to replace it. That's why it's important when walking through a property to do your best to determine the ages of the mechanical systems, so that will help you when deciding on an asking price for an offer.

Focusing on these 3 points will help you during your home/condo search. It's also important to make detailed notes to yourself as you go through each home, because that will make it easier for you to remember things about the property when it's time to make an offer on it.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

Are you ready to find your dream home? Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Home Buying Tip #11 - The Appraiser's Role In The Home Buying Process!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 24 Jan 2008 14:52:20 -0600

The appraiser's role in the home buying process is to determine a value of the property for their client, the lender.

No, not for you, the buyer, but the appraiser is looking out for the lender's interests in the value of the property, because if something goes wrong and you can't make the payments any longer, then the lender needs to know that they have a salable property.

In the early 2000s, it was easier for appraisers to value properties, because home values kept rising. Though they did need to be careful not to over-value. Now, appraisers need to figure out if an area is rising, stable or declining in value.

Appraisers have guidelines they need to follow to provide lenders with an accurate picture of the property and in the current marketplace of increased foreclosures and short sales, appraisers are being required to follow more stringent guidelines.

If the appraiser determines that there are repair, defect or improvement issues attached to the property, they may need to be addressed by the owner or buyer of the property before a sale can be completed.

It's extremely rare that you'd ever see or talk with an appraiser. They are expected to give an un-biased, third-party opinion as to the value of the property. Now in the event the appraised value of the property comes in below the agreed-upon sale price, then your agent may be able to offer information about other sales that could make a difference in the final outcome of the appraisal, but normally it won't sway the appraiser, because they have access to the same information as most agents and they do a lot of research too.

So when you're ready to make an offer on a property, understand that the lender's appraiser doesn't come into the picture until after you have an accepted agreement with the seller. Prior to writing your offer, you need to have your buyer's agent prepare a C.M.A. (Comparable Market Analysis), that will show you where values of comparable properties normally within a one mile radius have been in the last 6 - 12 months. That should help you select an asking price based on those recent sales as well as the condition, location and motivation of the seller.

If you're looking at a 3 bedroom ranch home on a slab with a 1-car garage, then you shouldn't be comparing that to 3 & 4 bedroom 2-story homes with full basements & 2-car garages in the same neighborhood. You need to find homes that are as closely similar to yours as possible.

Also, If you want to buy a condominium, the appraiser and lender may also want to review the condo documents as well.

I hope this sheds some light on the role of an appraiser.

Home Buying Tip #10: Insights To Selecting Homeowner's Insurance!

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 17 Jan 2008 11:05:42 -0600

The other day I asked one of my Preferred Service Team Professionals, Karen Bastian of American Family Insurance, the following question: "What are some things a buyer needs to know about making a decision on which homeowner's insurance policy to purchase for their new home?" Here's what Karen said:

"There are several things to consider when purchasing a homeowner's insurance policy.

First we'll look at the dwelling coverage, which is insuring the structure itself and anything permanently attached to the structure (such as kitchen cabinets). It's very important to make sure the policy is covering your house for replacement cost. There's software we go through to determine how much it would cost to rebuild your house if you had a total loss. You want to make sure they'll be able to rebuild your house just as it is. This is also why it's important to review your policy every year or two with your agent so you can continue to monitor the policy and it's coverages to make sure you're never underinsured.

Replacement cost is also an important factor when it comes to your contents. The contents are everything you own in the house that isn't attached: your furniture, clothing, electronics, dishes etc. In the event of a loss, when you have replacement cost, depreciation is not factored in. For example, if lightning strikes your TV, you would just go buy a similar new TV. We also strongly recommend that you take an inventory of your contents. If you were to have a major loss, there's no way you'd remember everything you need to replace. You can make a written list, take pictures or a video. It just needs to be enough to jog your memory. Keep the list or pictures off premises with a family member or a safe deposit box. It wouldn't do you any good if the list burned up in the same fire that destroyed your contents.

Another coverage that's part of your policy is called "loss of use". This means that if your home is uninhabitable due to a covered peril, your additional living expenses would be covered. The important thing here is to make sure the policy gives you a 12 month time limit to repair or rebuild without a dollar limit. Some companies impose a dollar limit but there are times when it takes awhile to rebuild so you could potentially run out of coverage.

Many people don't realize that their homeowners policy also includes liability coverage. This certainly covers any guests who may be injured on your property but it also covers you and your family wherever you are. For example, if you're on the other side of town at your child's ball game and they injure someone during the game, the liability part of your policy will provide coverage.

These are just a few of the basic things you need to know when purchasing a homeowner's insurance policy. Please feel free to contact me with any questions you may have."

Karen Bastian Agency, LLC American Family Insurance
3476 Irwin Simpson Rd, Ste 112
Mason, OH 45040
(513) 459-3063
kbastian@amfam.com

Cincinnati Home Buying Tip #9

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 10 Jan 2008 10:07:06 -0600

Watch Out For Homestead Tax Reduction!

The state of Ohio has expanded the Homestead Exemption program to reduce property taxes for all qualifying senior citizens and permanently disabled homeowners, who are at least 65 years of age.

What does this mean to you, the home buyer?

When you're planning to make an offer on a property and you're determining what your monthly payment will be, you need to make sure that the property taxes that are being quoted on the Multiple Listing Service information sheet don't include the Homestead Exemption as a credit. Unless you're 65 or older, you won't be getting that credit and your tax bill will be higher.

So you or your Realtor can check the county auditor's web site and review the property's tax bill to see whether or not there's a Homestead Exemption amount listed on it.

For example, if the semi-annual tax amount is $1,200, but there's a $200 Homestead Exemption credit, that means if you're under 65 years of age, you'd be paying $1,400 every six months instead of the $1,200. That's an extra $33.33 per month you'd be paying.

So don't get a surprise at the closing table or when your tax bill comes out with a higher amount than you thought!

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Cincinnati Home Buying Tip #8

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 03 Jan 2008 16:24:28 -0600

When deciding on whether you want to purchase a house or condo, you really do have four choices in your decision-making.

Your choices are:

Doing nothing

Yes, no one can force you to buy a home. While most people will greatly benefit from owning real estate, there are a few people, who at certain points in their lives, should continue to rent and not put a financial burden on themselves.
Doing it on your own

This is also an option, but why would you do it? If you needed surgery, would you operate on yourself? If you were going to court, would you represent yourself? Usually not. Then work with a real estate professional, who knows the real estate business inside and out. They can save you time and money in the home buying process.
Using a typical salesperson

The problem with many agents is they don't have the experience and knowledge needed to help you. Do you know up to 25% of area agents sold one or ZERO homes in the past 12 months? Do you know the qualifications of the agent you're working with? There are others who are only in the real estate business to make a FAST BUCK and they really don't care about you. They'll do and say what they can to get you to buy quicker. Then they're out of your life forever.
Teaming up with a real estate consultant

A real estate consultant is still a salesperson, but their business philosophy is based on serving your best interests. They look at doing what's right for you. They explain the pros and cons of each situation - so you can make an informed decision. They aren't afraid to share why you shouldn't buy a certain property.

Selecting the wrong real estate agent can cost you BIG, so make sure you have an experienced real estate consultant working for you.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Have You Seen "The Big Idea"?

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Tue, 01 Jan 2008 16:48:45 -0600

I was switching channels recently one night and saw a show that surprisingly refreshing.

It's called "The Big Idea with Donny Deutsch"!

It's on Monday through Friday nights at 10:00pm EST on CNBC.

Donny interviews ordinary people, who have come up with a great ideas and turned them into a million dollar or more successful business. He normally has 3 - 5 different people on each night.

He has also successful people like Warren Buffett, Bill Gates and Donald Trump among others.

What I get out of the show is listening to the different philosophies and disciplines other successful people have and then see how I can utilize them in my real estate business.

In this day and age, it's refreshing to watch a TV show, where someone is helping share the knowledge of other successful people in all types of endeavors.

Just think if your children watched shows like this instead of the garbage that's on TV!

Is A Condo A Good Fit For You?

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 27 Dec 2007 17:29:06 -0600

I'm often asked the pros & cons of condo living.

There's really no "one size fits all" answer!

I can share some insight with you, because my wife, Amy, and I owned a condo before we had children. We actually moved 4 times in 10 years. Yes, it must have been an occupational hazard. Our first home was a starter Cape Cod. Then we fell in love with a new condo community near Sharon Woods - close where I grew up. Next, our son came and we moved to a 2-story. Finally, after wanting a kid-friendly backyard, we moved to a neighborhood with lots of kids. It's been 10 years here, because we don't want to move our kids. Now that doesn't mean I'm not planning my next move. :)

Now, back to my insights on the pros and cons of condo living:

PROs

condos are great for exterior, maintenance-free living
condo fee normally covers landscaping, mowing, snow
removal, decks, patios, roofs, community features, etc
if you often work a lot of hours or travel a lot and don't
spend much time at home, a condo is a great option
condos are more affordable than houses in many areas
many condo communities come with a pool, clubhouse,
tennis and other amenities

CONs

make sure condo association is financially solvent and
monthly fees cover maintenance and future reserves -
every owner is jointly responsible
make sure you agree with the association rules and that
they are being enforced - you'll need board approval before
making any exterior changes to your condo
if you have large or many pets, there may be restrictions
on their size or how many you can have in a condo
proximity to your neighbors depending on how your condo
is situated - common walls or shared/divided patios or decks

These are just some of the things to consider when buying a condo.

You also want to make sure that the type of mortgage financing you're approved for is offered for the condo community you're considering. If it's a new community or a community where there's a large percentage of renters vs. owners occupying the condos, then you may need to look at alternative financing.

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

6878 Pelicans Run Court Maineville Ohio 45039

Dan Weis - Cincinnati Real Estate (RE/MAX Unlimited) — Thu, 27 Dec 2007 16:56:15 -0600

6878 Pelicans Run Court Maineville, OH 45039

For more photos, go to: http://www.CincinnatiRealEstateHelp.com and click on "Buying" and then go to "Dan's Listings".

6878 Pelicans Run Court Maineville, Ohio 45039
$179,000
by Dan Weis, Realtor, Cincinnati, Ohio
Cincinnati, Ohio Real Estate

This 3 bedroom, 2.5 baths, vinyl & stone, 2-story home is nestled in on a cul-de-sac lot with a fenced back yard. It's located in the Sunrise Landing subdivision in Maineville and Hamilton Township and is in the Little Miami School District. This resort-style community has many special features that differentiates it from other surrounding neighborhoods. The amenities include a fishing lake with docks, 2 swimming pools, 2 clubhouses, tennis courts, sidewalks, etc.

Some of its special features include: an equipped kitchen with pantry and separate breakfast area...formal living room with a gas fireplace...formal dining room with changelier...full basement with lower level family room with parquet flooring...lots of storage in unfinished area of basement...master bathroom with double vanity, privacy window, walk-in closet, shower and additional storage....2-car-attached garage...landscaped patio area and level back yard. It's a great location and is convenient to I-71 and much more. For more details or to view this home, please contact Dan Weis of RE/MAX Unlimited Realtors at 513-615-1890 or e-mail: dan@danweis.com.

Dan Weis, Realtor, Cincinnati, Ohio Real Estate
http://www.CincinnatiRealEstateHelp.com/