Central Ohio Real Estate

First Time Home Buyer's Tax Credit 2.0

Vanessa V. Simmons~Realtor (Real Living HER) — Sat, 14 Nov 2009 13:09:31 -0600

First Time Home Buyer's Tax Credit 2.0

The extension of the 2009 First Time buyers tax credit not only gives procrastinators a little more time to take advantage of the up to $8K tax credit, the extension also offers some exciting new benefits.

Military Benefits:

Members of the Armed Services, intelligence, and foreign services, who are on active duty and spend a minimum of 90 days outside of the US in 2009, will get an additional year to buy their homes, up to May 1^st, 2011.

Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence, and Foreign Service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business

Move up Buyer Benefits:

For sellers who have lived in their homes, as a primary residence, for a minimum of five consecutive years, there is a brand new $6500 tax credit for the purchase of a new or existing home that is in contract between Nov. 7^th 2009 and April 30^th, 2010 and closed by July 2010.

The general sense seems to be that this will be it for this tax credit. When the deadline for the first credit was approaching there, were many folks left panicked thinking they had missed an awesome opportunity. Do not be left on the sidelines call me at 614-273-6406 or email me at vanessa.simmons@realliving.com and let us make sure you find your dreams home in time to take advantage of this credit.

How Can You Afford a New Central Ohio Home?... Learn to Budget

Vanessa V. Simmons~Realtor (Real Living HER) — Wed, 30 Sep 2009 07:18:26 -0500

Many people go through life one paycheck to the next and never bother to figure out where their money is going. It's important to know where your money is going and what you can afford if you are thinking about buying a new Central Ohio home.

Here's how to start up a monthly budget that will keep you in the know about where your money is running off to each month.

•· Find a program you're comfortable using. Your computer probably came with a spreadsheet program. If you are not used to using one open it up and become familiar with the program. It's a great tool to use to create a budget. If by chance your computer doesn't have a spreadsheet program, you can use an online program like Budget Pulse, or other useful online budget systems such as Mvelopes.

•· Enter your absolute monthly expenses such as car loans, utilities including cell phone bills, and credit card expenses.

•· Enter your monthly bills that can vary such as food, gasoline, entertainment. These expenses can be changed to help improve your bottom line, but make sure you give them fair limits so you don't cut yourself short on necessities such as food or transportation costs.

•· Make sure you figure in some savings for vacations and other unexpected expenses that may pop up throughout the year. Trimming your budget so severely that you have no extra money to cover you when something breaks down, or an extra bill comes in is a sure method for disaster and will make you new life in a Central Ohio home miserable instead of the happy time it should be.

Once you realize where your money is going, it's easier to see if you are spending frivolously or strapped to your limits. It is the best way to determine if your dreams of a new Central Ohio home are realistic or not.

If you have any questions about your ability to afford a new home, I can help. Call me today at (614) 273-6406 or email me at Vanessa.simmons@realliving.com

Budget Pulse: https://www.budgetpulse.com/

Mvelopes: http://debtproofliving.mvelopes.com/

Hurry ............Less than 90 days to take advantage of the 8K tax credit

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 31 Aug 2009 12:11:54 -0500

If you have your eye on a short sale as a first time buyer you may be running out of time to take advantage of the $8000.00 tax credit.

The 2009 First-Time Homebuyers Tax Credit

If you're a first-time homebuyer, you're still in luck but may be running out of time. A while back Congress passed a tax credit for first-time homebuyers, which gives an opportunity to earn up to $8,000 when purchasing a home. Read on to find out how this credit works and whether or not you qualify for it.

What Constitutes a First-Time Homebuyer?

You may be classified as a first-time homebuyer and not even know it. Obviously, if you haven't previously owned a home you fall into the category of first-time homebuyer. But did you know that if you haven't owned a principal residence (a location where you spend more than 50% of your time) in the past 3 years you also constitute what we call a first-time homebuyer? It's important to note that if you're married, both you and your spouse qualify for this tax credit if neither of you have owned a principal residence in the past 3 years. If either of you have, you don't jointly qualify. If you're unmarried, you can jointly purchase a home with somebody if one of you qualifies as a first-time homebuyer. The catch is that you have to allocate the credit amount to the individual who qualifies. This sometimes happens if a parent decides to jointly purchase a home with a son or daughter. Remember, you still qualify for this tax credit even if you have a vacation home or rental property that isn't used as a primary residence.

How Can I Earn a Partial Tax Credit?

If your individual income is between $75,000 and $95,000 or if your joint income is between $150,000 and $170,000, then you are in what we call the phase-out area. This is the income bracket where you will receive a partial tax credit, but not a full one.

Here's an example of how you can determine your partial tax credit. Let's say as a single individual you have a modified adjusted gross income of $79,000. Your income exceeds $75,000 by $4,000. Dividing $4,000 by $20,000 (the difference between $75,000 and $95,000) gives you 0.2. When you subtract 0.2 from 1.0, the result is 0.8. Then multiply $8,000 by 0.8 to get $6,400. $6,400 is your partial tax credit. For additional information, contact your tax advisor, or check out the following phase out charts:

Is There a Repayment Process?

The best part about this credit is that there's no repayment as long as you don't sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale. But this only applies to homes purchased in 2009, and it's the biggest difference between the 2008 tax credit of $7,500 and this year's credit of $8,000. Last year's credit acted as more of an interest-free loan.

How Do I Claim the Tax Credit?

You can easily claim the tax credit on your federal income tax return. Start by completing the IRS Form 5405 to determine your tax credit amount, then claim this amount on Line 69 of your 1040 income tax return. Be sure that you qualify for the credit before filling in these forms.

Can I Claim the Credit on My 2008 Tax Return?

It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return. The NAR and industry partners tried to get the credit made available at closing but the IRS balked. In addition, it was explained that even if a system could be devised, it would delay closings by several weeks. Make sure to contact your tax advisor for details on the process.

Can I Receive the 2009 Credit If I've Already Filed for the 2008 Credit on my 2008 Returns?

Yes, you may be able to file an amended 2008 tax return with a 1040X form. Make sure to work with your tax advisor to execute a successful return.

I reproduced this information from the Real Living Site.

For more details call me at 614-273-6406 or email me at vanessa.simmons@realliving.com. Please do not let this opportunity pass by you it could be gone just like the Cash for Clunkers so don't miss out contact Vanessa today.

Central Ohio Home Sales July 2009 Update

Vanessa V. Simmons~Realtor (Real Living HER) — Fri, 21 Aug 2009 12:56:08 -0500

July 2009 Home Sales Statistics Posted: 8/21/2009 Columbus Board of REALTORS®
Home prices, sales, inventory continue positive trends
Key indicators point to increased stability in central Ohio market

(Aug. 21, 2009) Home sales and inventory levels remained steady in July, as more than 2,000 homes were sold, and sales were off by only 2.9 percent compared to 2008 levels, the Columbus Board of REALTORS® said today.

"Pricing, inventory, and supply levels all show that we are coming out of the bloated housing market we saw a year ago," said Gary Parsons, president of the Columbus Board of REALTORS®.

"These key factors in real estate are all remaining consistent and balanced - signs that the central Ohio housing market continues to head in the right direction."

At $167,039, July's average sales price was only off 4 percent compared to the same month in 2008.

Total inventory and new listings both fell by double digits, indicating a housing market that is more balanced than last summer.

With 14,880 listings on the market, inventory is down 16 percent from the more than 17,000 homes which were for sale this time last year; new listings were also down 16.2 percent in July compared to 2008.

The month's supply number for July continued to remain favorable at 7.23, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory.

A market is typically considered balanced with around a 6.5 to 7 month supply.

"It appears the end of summer and early fall are going to remain strong in central Ohio as sellers take advantage of favorable pricing and incentives like the $8,000 first-time homebuyer tax credit," Parsons said.

"With just 101 days left until the tax credit expires, we encourage those fence sitters to act now."

Why Is A Final Walk-Through Inspection of Your New Columbus Area Home So Important?

Vanessa V. Simmons~Realtor (Real Living HER) — Fri, 14 Aug 2009 19:58:44 -0500

It's almost time for the closing on the Columbus area home you're buying and you can't wait. You go to the property for the final walk-through inspection. You're so busy thinking about where the furniture is going to go and what color you'll paint the walls, you breeze right through the house.

It's after closing and moving day has arrived. Your movers have already packed up your old house and are waiting for you to show up and unlock the door at your new Columbus area home. You enter the house only to find that the repair the sellers were supposed to make were not finished.

You may wonder if you have any recourse with the seller. Most likely not. Unfortunately, your last chance to object to the condition of the house passed at the final walk-through inspection.

You need to be sure to check several things at the final walk-through, including the state of any repairs you negotiated in your contract.

•· Check all the lights. Turn the lights on and off, this will also signal any underlying electrical issues.

•· Check for leaks by running water from all the faucets, and looking underneath all the sinks for any moisture. Check the seal on the toilets by flushing each one at least once.

•· If there are any appliances that are part of the sale, turn them all on and off. Test the oven by turning it on and waiting a few minutes for it to warm up. If the refrigerator has an ice maker, then it should work at the time of closing. The garbage disposal should be in good working order as well.

•· Make sure all the doors work, and open and close smoothly. Open and close all the windows.

•· Turn on the furnace and the air conditioning before you leave your new home. Wait long enough to be sure that each is working properly.

When you hire me as your real estate agent, I'll be by your side guiding you every step of the way, including the final walk-through inspection. Call me today at 614-273-6406, or email me at Vanessa.simmons@realliving.com.

KEYWORD: Columbus area real estate agent

LINKS:

Final walk-through: http://www.moneyinstructor.com/doc/walkthrough.asp

Electrical issues: http://www.ehow.com/how_117508_troubleshoot-electrical-problems.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

Furnace: http://www.dummies.com/how-to/content/how-to-audit-your-homes-heating-and-cooling-systems.html

Sales continue to increase as Central Ohio market balances

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 23 Jul 2009 09:23:35 -0500

This article is reporduced with the permission of The Columbus Board of Realtors

More than 2,000 homes changed hands in June, the highest number in
10 months, as the market reached its most balanced levels in nearly three
years, the Columbus Board of REALTORS® said today.

Month's supply - the figure that best illustrates the relationship between supply
and demand in the housing market - is at its lowest point since August 2006.

The month's supply number for June was 7.12, meaning that if no new homes
were added to the market, it would take slightly more than seven months to
sell all remaining inventory.

"This new low is something to be proud of, because it means central Ohio is
not seeing the volatility in supply and pricing that much of the rest of the country
is experiencing," said Gary Parsons, president of the Columbus Board of REALTORS®.

"A market is typically considered balanced with around a 6.5 to 7 month's supply,
so this is a case where we like to see numbers decreasing," said Parsons.

New listings were also down by 13.2 percent compared to last June.

June marked the highest number of homes sold in a single month since August.
There were 2,092 homes sold in June, a 15.6 percent increase over May but down
6.7 percent from June 2008.

"More than 1,600 homes went into contract in June, more than any other month
since last August, which is a promising sign for the second half of summer sales
and the central Ohio market," said Parsons.

"We are continuing to see more homes sell; more go into contract, and fewer
entering the market which is good news for buyers and sellers - things work best
with a balanced market."

The average sales price was $169,270 in June, the highest in nearly a year, but
still off by 6.2 percent compared to June 2008.

"I expect that with only 130 days left to take advantage of the $8,000 first-time
homebuyer tax credit, we're going to be busy heading into late summer and
early fall," said Parsons.

6 Great Reasons First-Time Central Ohio Home Buyers Should Purchase Now

Vanessa V. Simmons~Realtor (Real Living HER) — Wed, 08 Jul 2009 16:26:12 -0500

Although the housing market has had its fair share of ups and down, many home buyers, particularly first-time home buyers, are reaping the benefits. If you're thinking about purchasing a Central Ohio home, there are many good reasons to make your move today. Here are six of them:

•1. Low interest rates - Right now, interest rates are lower than ever before. This means you can get an extremely affordable loan and save big on interest payments.

•2. Cheaper home prices - Not only are interest rates low, but homes all around are cheaper. Since the market is packed with homes for sale, selling has become harder. As a result, prices have fallen significantly, allowing you to get a more expensive home for less money.

•3. Potential tax credits - As a first-time buyer, you could be eligible for thousands of dollars in tax credits. Best of all, you do not have to pay it back, as opposed to previous years. There is one local Lender that is allowing borrowers to use part of the 8K upfront for down payment assistance. Contact me for more information on this.

•4. Less competition - Many people no longer have the money to purchase homes, so fewer people are visiting model homes and open houses. This is great news for you. If you're ready to buy a Central Ohio home, you don't have to worry about floods of people bidding up the price on the property.

•5. Huge inventory - With new homes constantly being built, not to mention an array of existing homes, you can take your pick from a wide variety of available properties.

•6. Big bargaining power - Because so many people are trying to sell their homes, they're more willing to be flexible. As a buyer, you could greatly benefit and may be able to save on closing costs, upgrades, repairs and more. Work with a skilled real estate agent who can negotiate a great contract for you.

If you have the funds to step out and purchase one of the many Central Ohio homes for sale, now is the best time to take advantage of all the possibilities. I'm ready, willing and able to negotiate the best price and terms for you. Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Central Ohio home

LINKS:

Interest payments: link to the page on your website with interest rate information or link to - http://www.mortgage101.com/rates/

Tax credits

http://www.irs.gov/newsroom/article/0,,id=204672,00.html

Closing costs

http://financialplan.about.com/cs/mortgagesloans/l/aaclosingcosts.htm

12.9% Increase in Central Ohio Home Sales in May 2009

Vanessa V. Simmons~Realtor (Real Living HER) — Fri, 26 Jun 2009 14:11:48 -0500

It is amazing to see that May 2009 home sales here in Central Ohio have increased almost 13% over April 2009 making this the 4^th straight month of home sales price increases. May 2009 sales were only slightly higher than May 2008, however, at $168,576 home prices are at their highest point of the year.

Homes on average sold for $231 more than during May 2008, indicating that competition among consumers, particularly first-time buyers using the $8,000 tax credit, is continuing to drive the markets' recovery.

Central Ohio inventory levels continue to decrease given the fact that New Listing were down 24.6% in May 09 compared to May of 08. Since the basic principle of supply and demand influence home prices this is great news for home sellers.

With only 156 days left to take advantage of the $8000 dollar tax credit anyone looking to buy really needs to jump in now to take advantage of the best prices and inventories.

If you want to take advantage of the Central Ohio Housing Market please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

The Peace of Mind Program Can Get You into the Home of Your Dreams

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 18 Jun 2009 11:16:58 -0500

You're found the perfect home. It has the right number of bedrooms, great living spaces, and boasts prime proximity to everything you need. With so many great incentives now is the time to buy, but you have reservations about plunging into such an important financial commitment in the midst of economic uncertainty. If you find yourself in this situation, then Real Living's free Peace of Mind Program may be just what you need.

The Peace of Mind Program gives you the opportunity to take advantage of some of the lowest interest rates today, while ensuring your financial peace of mind tomorrow. Life can be unexpected at times, and Real Living wants to protect you and your home from unforeseen financial curve balls like involuntary unemployment. For a brief overview of the program's terms and conditions, click here. The best part is that the Peace of Mind Program is free! There are no hidden costs and fees associated with it.

Now is the time to take advantage of tax credits and low interest rates and with this program you can confidently move forward to making your home ownership dreams a reality. Call me at 614-273-6406 or email me vanessa.simmons@realliving.com to learn more about this program or to answer any other questions you have about real estate.

The four Most Important things to Remember With Short Sales

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 15 Jun 2009 10:07:22 -0500

Purchasing a short sale can be nerve wrecking and exciting. Many are lured in by the wonderful thought of getting a great deal on a house. However, it is important to remember, before getting too caught up that there are many "Got Chas" that without proper knowledge and guidance can derail your plan to short sale success.

The 4 Key things to remember when purchasing a short sale are:

1. Work with a Pro

Buying a short sale requires knowledge of the process and good negotiation skills. Just as with a regular sale your agent will coordinate all the elements, however, short sales come with a few other steps that an experienced agent can assist you with to help keep that dream from becoming a nightmare. This is not the time to go it alone.

2. Don't Delay

Finding the right Columbus area short sale, sometimes means your favorite property may also be someone else's favorite. That's why, your agent will be a valuable tool in assisting you in doing the research to help you quickly bid on the property.

3. Know what you are Buying

Most bad short sales experiences result from buyers how miss this important step. There are many surprises that may pop up, so it's important that your work with an agent that is experienced in finding out everything they can about the property, including whether or not the home has any liens on it and how with the liens be satisfied. Although this can be a bit of a roadblock, you may be able to negotiate.

4. "AS IS" may or May not Be As Is

Oft times, when buying short sales, the home is sold as is. However again with an experienced agent there may be areas were negotiating some fixes are possible. Ultimately, it will be up to the buyer to decide if they are willing to renovate or update the home as needed, if nothing will be done by the bank or sellers. If so, your agent and lender may be able to suggest some avenues to assist you in getting things repaired, even if it is just cosmetic work.

If you're interested in getting short sale property at a great price, give me a call today at 614-273-6406. I specialize in guiding people through the short sale process, and I'm happy to answer all your questions.

KEYWORD: Columbus area foreclosures

LINKS

Bid on property

http://www.ehow.com/how_2063972_bid-foreclosure-sale.html

Liens

http://www.wisegeek.com/what-is-a-lien.htm

Cosmetic work

http://www.cooperator.com/articles/1082/1/Proper-Cosmetic-Improvements/Page1.html

City Wide Open House

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 08 Jun 2009 14:10:52 -0500

Mark your calender for Sunday June 14th1-4

Come out to the Open House Extravaganza -Sponsored by the Columbus Board of Realtors.

Homes from $29,900 to over $800K will be held Open for your to view.

For a complete list of the homes and times CLICK HERE

With home prices increasing and inventories decreasing, here in Central Ohio, now is the time to make the move to your dream home.

For more information on this event or for other real estate help call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com

$8000 Dollar Tax Credit CANNOT Be used for Down Payment...:-(

Vanessa V. Simmons~Realtor (Real Living HER) — Tue, 19 May 2009 13:07:01 -0500

There has been lots of discussion and articles this week indicating HUD would allow buyers to use their future tax credit of 8000.00 as a DOWN PAYMENT but as indicated below, the Fed's reversed that decision, therefore, buyers would not be able to get an advance on their tax credit for down payment. The concern was this was no different then the "seller down payment assistance program" that was eliminated as of 1/1/09..

For more Info CLICK HERE

Stay tuned I am checking with OFHA to see how that will affect the programs they are currently offering.

Why the Stimulus Makes this a Fantastic Time to buy Real Estate

Ready...Set ....Buy

Vanessa V. Simmons~Realtor (Real Living HER) — Wed, 13 May 2009 07:02:12 -0500

If you are a first time home buyer and you are sitting on the fence I urge you to jump down and get moving run don't walk to a phone and call a Realtor to get you into your new home. With record low interest rates and the abundance of down payment programs available in the Columbus Area there are only a few obstacles to keep you from your dream house.

First, know how long you plan to be in the area. If your job requires you to move frequently and you are unable to commit to an area for at least 3 years this may not be your time to buy.

Second, be prepared by having some savings on hand. Although there are many programs to help with down payment assistance you may still need money for inspection, warranties, moving, utility deposits and misalliance closing costs.

Next, Contact a lender to find out exactly where you stand financially and how much you home can afford. Working with your lender will help you better understand what the bottom line costs will be for your new home.

Finally, find a Realtor® who can guide you through the process and help you find your dream home. The first time purchase can be daunting and overwhelming. Professional Real Estate Agents are experienced in helping you maneuver through the process to your new home.

With all of these obstacles addressed you are on your way to owning your piece of the American Dream. For more information on buying or selling Columbus area real estate call Vanessa at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

For More Feeds on Buying see:

Three Ways to Roundup a Down Payment for your new Columbus Area Home

Why the Stimulus Makes this a Fantastic Time to buy Real Estate

$8000 Dollar Tax Credit = Down Payment Assistance Hurry Limited Funds!!!

What's in a Name Countrywide?

Vanessa V. Simmons~Realtor (Real Living HER) — Sun, 03 May 2009 20:04:00 -0500

Those of us who work with short sales only need to mention "Countrywide" and instantly delays and slow processes are understood. Often the mere mention of "Countrywide" will harness sympathy and compassion. The name has sparked frustration from sellers, buyers and agents across the country. So it should come as no surprise that many of us are anxiously waiting to see if the Bank of America (BofA) acquisition and name change will bring about real change.

When I recently read that Countrywide President David Sambol was given a 20 Million dollar retention bonus, by BofA I was more than a little disappointed and far less optimistic about the company's commitment to real change.

To convince folks like me that the new Bank of America Home Loans is open for business and has shed the tarnish of Countrywide Home Loans, the company has launched a huge marketing campaign. I, for one, sincerely hope that the unrevealed dollar amount, being spent on the rebranding campaign, includes some substantive change and not just in name only...

Three Ways to Roundup a Down Payment for your new Columbus Area Home

Vanessa V. Simmons~Realtor (Real Living HER) — Sun, 26 Apr 2009 14:47:31 -0500

You have heard it a thousand times...Now is a great time to buy over and over. You know they are right and you are ready to take the plunge. Finally you have the right job and your credit is in good shape. So what is holding your back? More often than not it is the down payment money. The current Columbus financial market is requiring 3.5% for FHA and 5% for conventional. It is important to understand that you will need to save money. However, there are still options out there to assist you with Down Payment. In this post we will explore three ways that you can get down payment money to help you purchase that dream home.

Look To Those Who Can Help

Here in the Columbus Area we are fortunate to have several programs that can assist with down payment money. The resources are limited so they are usually first come first served. Most require that you meet specific income guidelines and that you participate in a home buyer's education course. A few local organizations that provide down payment assistance include The Columbus Housing Partnership, Homes on the Hill and Mid Ohio Regional Planning Commission (MORPC).

Recently, the Ohio Housing Finance Authority announced the availability of a program that will allow qualified buyers the opportunity to use some of the $8000 tax credit money towards down payment and closing cost.

Ask Your Rich Uncle

Uncle Sam will allow you to use up to $10,000 of your IRA funds as a down payment. If you are married and both of you are first time home owners you could potentially take up to $20,000 from your accounts. There are details that may even allow you to use these funds, without penalty, even it this is not your first home. As always, do your research and check with your tax accountant for details on your specific situation.

Borrow From Your Self

What better creditor than yourself? If you have a retirement plan with your company you may consider borrowing against your 401K. Unlike tapping into your IRA, this will be money you will need to pay back; however, the interest payments on the loan will be going back to your 401K. There are down sides to borrowing from your 401K, so do your homework. Just as with your IRA you will need to check with your accountant for advice on your personal finances.

Now is the time to buy and if you have questions regarding down payment of any other real estate questions call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

For more down payment info:

$8000 Dollar Tax Credit = Down Payment Assistance Hurry Limited Funds!!!

How Does HUD's $100 Down Program Work?

Buyer's Remorse regarding Purchase of Your New Home

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 16 Apr 2009 11:37:00 -0500

Having buyer's remorse is quite natural for many folks and often shows up in a variety of places including purchasing a home. The anxiety of committing to a mortgage long term for a family home or even investment property can be unnerving and sometimes even downright frightening. Although a little concern is to be expected it is imperative to that you not let fear cripple you into not taking action. Taking no action can not only lead to your missing out on that "perfect" property, you have been looking for, it could cause you to miss out on much more than that.

A decision to walk away from a pending deal could cause you any earnest money you have put in place to secure your bid on the property. In the Columbus area, the seller can tie up your earnest money for up to 2 years if you decide to back out of the transaction for reasons not covered in the contract.

The following are a few of the contingencies that may permit you to get all or some of your earnest money back, if you decide to walk away and if the contingencies are listed in the original contract.

•· Running into financing issues and not being able to get the financing you were hoping to qualify for is an example of a contingency for buying a home. Although the Columbus Board of Realtors contract lists financing as a standard possible contingency, listing it specifically will better insure that, you will not lose your earnest money deposit should your financing go south or obtaining what you feel is acceptable financing becomes impossible.

•· Not selling your current Columbus area home can be another escape from a contract. This too needs to be specifically listed as a part of the sales contract. You must clearly state that the sale of your existing home must be final prior to closing on your new home.

•· Other good clauses to have in your offer are ones that provide contingencies for the appraisal, title, or inspection which can serve as protection, for you, in case you decide you need to back out of the deal. If the inspection comes back with undesirable issues, the title is not clean or the appraisal comes back less than the price you are planning to pay, you can have a legitimate reason to exit the purchase agreement.

Although a little buyer's remorse is quite natural there are times when the desire to get out of the contract are real and if you do not have proper contingencies in place can prove to be a costly venture.

Contact me at 614-273-6406 or Vanessa.simmons@realliving.com to help you to properly prepare a sales contract that will include appropriate contingencies to help protect your best interest

KEYWORDS: Columbus Area real estate

LINKS:

Earnest money: http://www.teachmefinance.com/Financial_Terms/earnest_money.html

contingency for buying a home: http://homebuying.about.com/od/buyingahome/qt/01408_RelContin.htm

Closing on your new home: http://www.amortgagepro.com/01home/closing.htm

See HUD Buyers Remorse: I Won the HUD Bid But....(I don't want the house)

Why is My Home Not Selling

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 09 Apr 2009 07:50:36 -0500

Other than the fact we are in a difficult market here in the Columbus area as with much of the country there often are other factors that can prevent homes from selling. Believe it or not there are a couple of quick and easy fixes that can be done to enhance your homes sellability.

Often times when folks think of selling they may do a little research online and determine that it is cheaper to go it alone and make the decision to stick a sign in the yard and post their home on a few sites. They fail to fully understand that in this market it is often imperative to partner with a professional who can help you with the right help to help sell your home. A couple of easy fixes include:

Spruce Up

Spruce up and keep it neat and clean are the first tips most agents will share with you. Noting will derail a real estate transaction quicker than a messy unkempt home. It can be difficult and inconvenient to live in a property and sell at the same time, especially when there are children involved. However, dollar for dollar nothing you can do will compare to the return that a little elbow grease and extra effort do for your bottom line. There are tips that you can use that will help you to learn ways to clean your home quickly for those unexpected times that you will get the call to show your home in 30 minutes or less.

Good Images are Key

Newspapers and print materials used to be the primary place folks went when they wanted to began their home search. Cost and space limitation generally limit newspaper and magazines listings to one photo. The photo is usually small and may not highlight some of the best features of the home.

Today most folks began that search online. A full 80% of today's buyers start their online. Research shows that the average buyers expect to see an abundance of online images. The more the better and virtual tours are a plus. There are lots of tips to help you if you aren't experienced at getting good room images that can highlight your home's assets but if necessary work with your agent to bring in a professional that can capture your home in a way that will enhance its marketability. Basically, it is imperative that for your home to get maximum exposure, to the greatest number of buyers, your home needs to be online in as many places as possible.

In this market there are lots of potholes in the sales process. You need to partner with a Realtor® who can help you maneuver around the potholes and assist you through a smooth transaction from start to finish. Call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

LINKS:

Help to help sell your home: http://www.statefarm.com/learning/life_stages/learning_lifestages_sellinghome.asp

Ways to clean your home fast: http://www.ehow.com/how_2312344_clean-house-faster.html

Room Images: http://www.ehow.com/how_4516889_take-photos-house-sale.html

Affordable Housing Super Sunday Open House

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 06 Apr 2009 15:57:50 -0500

Mark Your Calendar-Affordable Housing Super Sunday Open House

Affordable Housing Super Sunday Open House will occur Sunday April 19^th, 2009.

This event is sponsored by the Columbus Board of Realtors and will feature over 200 affordably priced ($125,000) homes all over the central Ohio area. If you spot by to visit any participation home on 4/19/2009 you can register to win one of the following exciting prizes:

Whirlpool Stainless Steel Smooth Top
Electric Range & 25 cu ft Side-by-Side
Refrigerator with water & ice Dispenser
courtesy Dominion Homes & Whirlpool

Wii Gaming Systems courtesy Perma View
(ANDERSON Replacement Windows) &
Tim Moffitt & Nancy Garrabrant, National
City Bank now a part of PNC

Wii Fit System courtesy First American
Title Insurance Company

This has become an annual event for the Columbus Board and gives the community an opportunity to see some great affordable homes. Mark your calendars for Affordable Housing Super Sunday Open House Sunday April 19^th, 2009. A full listing of the homes that will be featured will be available in the Sunday April 19th, Columbus Dispatch and Columbusdispatch.com

If you need additional information or have any Columbus area real estate needs please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

Other upcoming events: April is Fair Housing Month

April is Fair Housing Month

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 02 Apr 2009 09:56:19 -0500

In honor of Fair Housing Month the Columbus Urban League is sponsoring a "Buying Time" Workshop presented by National Speaker Mildred Wilkins President/Founder of Hom Ownership Matters.

Who should attend: Anyone who is experiencing a hardship that has or will prevent them from maintaining a current status on their mortgage payments.

The work shop will be free to the public and will focus on practical ways to handle foreclosure prevention and intervention. The focus will be arming the consumer with information and tools that will allow them to "Buy Time" by blocking their lenders foreclosure actions. Buying time can allow You to have:

Time to Work through Negotiations for Loan Modifications

Time to secure and close a reverse mortgage

Time to recover from an injury and return to work

Time to find a job and return to employment

Time to complete a short sale

This is a pre-foreclosure strategy workshop. If foreclosure has already been initiated or completed this workshop may not be helpful to keep you out of foreclosure but may prepare you for what to expect.

Do not miss this valuable opportunity to learn self help tools that may allow you to save your home.

Contact The Columbus Urban League or register by contacting Linda Stallworth at (614) 257-6300 to sign up for the course.

Need more information or need assistance with Columbus area real estate Call me at (614) 273-6406 or email me at Vanessa.simmons@realliving.com

Declutter While Having the Best Garage/Tag Sale Ever

Vanessa V. Simmons~Realtor (Real Living HER) — Thu, 02 Apr 2009 08:50:33 -0500

One of the surest signs of spring right up there with the time change and warmer weather is the return of Garage/Tag Sales. Here are a few tips to help insure that you declutter while having the best sale ever just remember: HOM AD.

•· Have everything clearly priced and affordable. Garage/Tag sale shoppers are looking for a bargain keep that in mind as you determine prices. Label items individually or decide on an easy pricing system. Some chose to color code with stickers i.e..Blue items .25, Red .50 or Yellow items $1.00.

•· Organize early. Its best begin organizing weeks prior to your sell. Start boxing up items for the sale. Use the 1 year rule and ask yourself: Have I used it, worn it or looked for it in the past 12 months. It the answer is no it goes. Provide original packing and instructions if possible. Pricing items early as you identify and pack them away will only help save time later.

•· Make plenty of signs leading traffic to your Columbus area sale. If they cannot find you they will not come. Be mindful of rules but where possible post signs and attach balloons, streamers or what every will make your sign eye catching to passing motorist.

•· Advertise your sale in local newspapers and online. Advertising is the key element to whether or not you have a successful sale. Ideally you want to have your ad run in local papers in the morning of your sale to catch those who start their day with a look through the paper. There are numerous sites that where you can aadvertise your sale for free, one such site is Garage Sale Tracker and Craig's List. Contact me if you would like to advertise your sale on my blog or website.

•· Donate leftovers. Make yourself a promise that no unsold items will be returned to your house. After your sale, box up all items and take them to a drop off box for charity. You will be doing a good deed for others and keeping your commitment to declutter.

With these tips, you're well on your way to having your best garage sale ever.

Want more money saving ideas like this one? See:

Drab Kitchen Make-Over...On a Budget

Your House Smells!!!

Quick-N -Easy Fix for Beat Up Woodwork....

Ready to buy or sell Columbus area real estate call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com

New Construction Still Requires Attention

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 30 Mar 2009 07:26:11 -0500

With the recent rise in new constructions it is a great time to review some new construction basics regarding warranty. Contractor Problems are one of the largest numbers of complaints received by the Better Business Bureau. These types of stats makes it important that you are knowledgeable and informed about how to insure that your Columbus area home remains the dream that you fell in love with, and does not become your worst nightmare. Listed below are a few things to pay attention to in order to make sure your contractor doesn't end up as your complaint:

Understand what your Warranty Covers

Basically there are two types of warranties. The first is called an express warranty, and is given to the buyer by the contractor. The usual time frame for this warranty lasts between one to ten years, with one year being standard and the most common. Everything from minor cosmetic flows to major defects is generally covered.

An implied warranty that lasts seven to ten years and basically states that the residence has to be habitable. This is the second type of warranty and the specifics can varies depending on the state you live in. To have your defect covered by this warranty, you have to be able to prove that it's a health or safety hazard. If you have concerns in this area it is advised that you seek an attorney that can interpret the legal process and remedy...

Not All Defects are ‘Defects'

Not all defects are reasons to sound the alarm. There are specific rules that determine whether or not a defect qualifies as something that must be addressed. An example would be a small crack in the interior of your new Columbus area would be considered to be a normal defect. Cracks that would need to be repaired are those longer than 3/16 of an inch, according to the National Association of Home Builders'® guidelines for performance. Although pesky, hammer marks or nail pops only count if you can see them from more than six feet away.

Document Document Document

After a real defect has been identified, document everything. Keep a log and take photos. Ideally this will be smoothly worked out by your builder but if it is not you will need your documentation should you decide to pursue other actions. For added peace of mind, you may want to hire an independent inspector or structural engineer, to give your house a full examination prior to closing and moving in.

Buying Brand New Columbus Area Home can be enjoyable when you work with a REALTOR® like me who has the knowledge and experience to guide you through the process. Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

Implied warranty - http://www.legalmatch.com/law-library/article/implied-warranty-real-estate-contract-lawyers.html

National Association of Home Builders - http://www.nahb.org/

Contractor - http://en.wikipedia.org/wiki/General_contractor

For More Home Buying Tips See:

First Time Buyer... Please Read...

Why the Stimulus Makes this a Fantastic Time to buy Real Estate

Vanessa V. Simmons~Realtor (Real Living HER) — Fri, 27 Mar 2009 07:00:35 -0500

There are great incentives for first-time Columbus area real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won't last-exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Columbus Area real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it's only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

OHFA

The Ohio Finance Authority has decided that as of March 30^th, 2009 buyers who qualify can use their $8000 stimulus tax incentive to help with down payment and closing costs. This will allow more Columbus area buyers the opportunity to take advantage of the outstanding inventory of homes available. This program is scheduled to run through November 2009, however, funds are limited so don't miss out.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. This week there has already been signs that home sales are on the rise. That's great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Columbus area real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that may never happen again-Do not miss this golden opportunity to grow your personal net value.

If you're interested in taking advantage of the 2009 stimulus plan or have any other real estate concerns, I can help. Call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com for more information.

LINKS:

Big tax break on income taxes: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit

Mortgage financing: http://mortgage.freedomblogging.com/2009/02/18/obama-mortgage-rescue-promises-75-billion-in-aid/6767/

Ohio Finance Authority: http://www.centralohiorealestatecafe.com/post/1002788/-8000-dollar-tax-credit-down-payment-assistance-hurry-limited-funds

Stimulus plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

$8000 Dollar Tax Credit = Down Payment Assistance Hurry Limited Funds!!!

Vanessa V. Simmons~Realtor (Real Living HER) — Wed, 25 Mar 2009 22:52:54 -0500

The following information was obtained from a Countrywide Loan Officer. I have confirmed this with several lenders. This is One of Two New OHFA Programs that offers Columbus, Central Ohio and the rest of Ohio options for down payment assistance and incentives to help folks get excited about home ownership in 2009....

Homebuyer Tax Credit Advantage Program

Effective Date: March 30, 2009

The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.

The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.

Principal and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.

The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.

There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.

Lenders may charge a special processing fee of $75.

All loans must be recorded as second mortgages using OHFA note and mortgage documents.

Borrowers must have a minimum 600 credit score.

Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.

Program will run until 11/2009 or until funds are exhausted.

OHFA website: http://www.ohiohome.org/

Call me for more details or if you are ready to take advantage of this exciting NEW program for Columbus and Central Ohio Buyers. (614)273-6406 or email vanessa.simmons@realliving.com

Sweet 16...The Ohio State Universtity Lady Buckeyes

Vanessa V. Simmons~Realtor (Real Living HER) — Tue, 24 Mar 2009 07:17:04 -0500

If you missed the Lady Bucks Last night you missed quite a game. It was a small crowd of only 4824 in Downtown Columbus's Nationwide Arena (Home of the Columbus Blue Jackets), the arena's capacity for basketball is 19,500.

Never the less it was a game to remember. In this round two of the NCAA Tournament the Bucks played awesome defense and was able to break away from Mississippi State, in the closing minutes to pull out a 64-58 victory. Now the Lady Buckeyes are in the Sweet 16 for the second time in the the 7 years Coach` Jim Foster has been with OSU.

California Bound..... Game day will be Saturday at either 9 or 11:30 p.m.

Go BUCKS!!!!

Girls Basketball... Like Watching Paint Dry.....

First Time Buyer... Please Read...

Vanessa V. Simmons~Realtor (Real Living HER) — Mon, 23 Mar 2009 06:29:51 -0500

What an exciting time to be a 1^st Time home buyer. Everything is on sale and your rich Uncle Sam is going to give you a tax credit of $8000 dollars as an incentive to stop renting and go out and buy your dream home.. However, before you rush off to take advantage of that credit take a second to review the tips and advice here.

Do Your Homework

When you are looking through homes they all look great just ask anyone who has done a home search, Often after you close and move in things still look pretty good and then you start to notice the "little" things. You start to question how you could have totally over looked this and that. There may be things that you knew to be on the lookout for but somehow were missed each time you walked through. This is why it is so important to have your Central Ohio home thoroughly inspected by a professional home inspector.

Avoid Last Minute Surprises

Issues with Title can not only cause you heartburn on closing day they can totally derail the transaction and cause you to be without a home. I was recently made aware of a situation where a couple sold their home and had to move out so that the new owners could move in. The couple had title issues with their new home and was forced to find somewhere else to live until the title issues were resolved. Title is not the sexiest part of the home buying and selling process to think or talk about but it is a vital part and by working with your agent you can find a reputable title company that can help you avoid any last minute surprise during the home closing process.

Don't be a Victim of Rookie Mistakes

Outside of the typical problems that will likely be uncovered by a good home inspection there are a few typical first time buyer mistakes that you will want to avoid, a few of which include:

•· Underestimating the cost of fixing up an older home.

•· Failing to negotiate better terms and conditions.

•· The full impact of a long commute and how to decide how far is too far.

You want your home buying experience to be exhilarating, fun and exciting and it will be providing you work with professionals that can help you avoid costly mistakes.

Whether you need a recommendation for a professional lender, home inspector or contractor for your Central Ohio property, I can help. Call me at (614)273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

$8000 Stimulus Plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

Professional home inspector: http://www.ashi.org/

Home closing process: http://homebuying.about.com/od/buyingahome/qt/101107_homclose.htm

First time buyer mistakes: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer12