I was asked "Are you a Realtor?" by my granddaughter's tutor. It is always nice meeting a new client. This new client is looking to buy her first home and her lease will terminate this summer. The following is the first email that I sent to help answer some of her questions.
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The first step in your search to become a property owner is to be Pre Approved for a loan. Your monthly mortgage payment usually will include escrow in property tax, escrow in property insurance and your loan payment. The fact is that interest rates are very good right now and your dollar can buy more. First time buyer programs like People's Bank Grant Money are limited and there are only a few banking institutions and Mortgage Brokers that have qualified for Grant Money. FHA is still offering the best rates and Mortgage Brokers shop all the banking institutions for their client's best rate and loan. I have a very good Mortgage Broker that I can recommend if you want to pursue that direction. The lender owned or lender approved short sale properties will usually accept 3% in Seller concessions. Law limits Selling Concessions up to 6% for closing cost and escrows on 100% loans. You can also add 3% Seller Down Payment Assistance to the 6% Selling Concessions in certain loans for 100% loan.
I believe it is not too early to start your search with your lease ending this summer. You still have to establish your property requirements and the limit of updating you are willing to accept. When you start viewing properties you will narrow your requirements and these limits.
The steps in purchasing a property are:
1. Loan Pe Approval
2. find your property
3. make your offer
4. counter to an accepted contract
5. Earnest Money presented to make the contract good (MIN 30 days to close)
6. start the loan preparation & appraisal - contingency to purchase
7. inspection of property & negotiate repairs - contingency to purchase
8. BIG DAY closing date.
You will need time to prepare your new home for your move if your purchasing a property that requires TLC.
This is an example of the good investment properties that have great value right now. The attached property is in Finneytown and is banked owned. You would need to drive by to see the street and area if you find an interest. The property has been reduced and needs cosmetic updates, appliances but has a great deal of potential equity. The basement is dry but there is concern in the footer at the back of the garage. That would have to be looked at in a property inspection. The bank is looking for a offer on this property currently listed for $104,900. I would say we could start @ $90,000. and they might accept. This listing may be too early in your search but the advantage is that it has been on the market for a while, price has just been reduced again and is listed by a Realtor in the Dayton MLS. You can push a closing out 90 days. Cincinnati Realtors will not find this listing in Cincinnati's MLS. I drove the neighborhood 2 months ago when I found this home and showed the property. Let me know what you think and if you have a interest in walking through the property.
Listing #399542
$104,900 (LP)
Price/SqFt: 0.00
8632 PRINGLE Dr, Cincinnati, OH 45231 Active
Beds: 3Baths: 2 (1 1) (FH)Sq Ft: Lot Sz: 0sqft
Area: Out ofYr: 1956
Nice brick tri-level home located in beautiful quiet neighborhood. Vinyl replacement windows. 16' above ground pool with deck. Lg shed. Wooden play set. Gas fireplace in family room in lower level.
Subdivision
CountyHamilton
Style
Beds3Baths (FH)2 (1 1)
Year Built1956
Cross Street
Semi Annual Taxes$1207
Assessments$.
Bus.Distance to Trns.
Lot Dimensions70x143
Room Dimensions
Living Room21x14 Level: 1
Dining Room11x10 Level: 1
Kitchen11x10 Level: 1
Family Room21x10 Level: QL
Bedroom 113x11 Level: 2
Bedroom 213x11 Level: 2
Bedroom 312x10 Level: 2
Total Rooms#9
Baths Level 2#1
1/2 Bath Lower Level#1
Age20+ Years
LevelsTri Level
ConstructionBrick, Stone
RoomsFamily Room, Dining Room
Garage1 Car, Attached
BasementPartial, Crawl Space, Finished
FireplaceOne, Gas
Heating SystemGas Natural
CoolingCentral
UtilitiesCity Water
Inside FeaturesGas Water Heater
Outside FeaturesPatio
AppliancesDishwasher
ZoningResidential
Thank you for your time,
--
Betty Poynter
RE/MAX Real Estate Center
Indiana & Ohio Realtor
1151-1 Stone Drive
Harrison, OH 45030
Cell OH 513-623-3460
Cell IN 812-290-6182
Fax# 317-642-0977
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