cincinnati home buyers: Cincinnati Home Buyer Carolyn Has a New Address & New Puppy! - 01/21/14 05:45 AM
Cincinnati Home Buyer Carolyn Has a New Address & New Puppy!
by Dan Weis, Cincinnati Realtor, Home Buyer Specialist
Cincinnati, OH Real Estate
I believe the reason many people don't buy a home is because they don't know that they can - like my client, Carolyn.  She was 33, single and earned a very good income, but it seemed like every home she saw online within her price range was already sold by the time she found them.
Carolyn was pre-approved for a mortgage, so we met for an initial buyer consultation and I showed her how she could beat other buyers to the hot, new listings. … (2 comments)

cincinnati home buyers: Cincinnati Home Buying Tip: Short-Sale Listings Abound! - 04/10/08 09:46 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip: Put Spending Habits In A Deep Freeze! - 04/03/08 09:48 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip: Even If All Your Ducks... - 03/27/08 08:19 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #17 - Home Warranties Can Give Peace of Mind! - 03/20/08 10:15 AM
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 systemair conditioning systemplumbing systemwater heaterelectrical systemkitchen appliancesIt's … (0 comments)

cincinnati home buyers: Cincinnati Home Buying #16 - Constantly Changing Mortgage Rules! - 03/13/08 06:30 PM
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 … (1 comments)

cincinnati home buyers: Cincinnati Home Buying #15 - What To Know About FSBOs! - 02/28/08 05:29 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying #14 - Your Lender's Expertise Is Critical! - 02/16/08 10:04 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #13 - "Is This The One?" - 02/07/08 02:35 AM
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 … (2 comments)

cincinnati home buyers: Home Buying Tip # 12 - 3 Focus Points When Viewing Properties! - 01/31/08 05:20 PM
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 … (0 comments)

cincinnati home buyers: Home Buying Tip #11 - The Appraiser's Role In The Home Buying Process! - 01/24/08 06:52 AM
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 … (0 comments)

cincinnati home buyers: Home Buying Tip #10: Insights To Selecting Homeowner's Insurance! - 01/17/08 03:05 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #9 - 01/10/08 02:07 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #8 - 01/03/08 08:24 AM
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 nothingYes, 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 ownThis 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 … (0 comments)

cincinnati home buyers: Is A Condo A Good Fit For You? - 12/27/07 09:29 AM
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 … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #7 - 12/20/07 05:18 PM
ARMs Can Be Dangerous To Your Wealth!
In my opinion, most home buyers today should not sign up for an Adjustable Rate Mortgage (ARM), because there are too many downsides to them.An ARM assumes that you expect your income to continue to increase each year, so that when your mortgage interest rate adjusts, you can afford the additional payment increases. There are times when you may fall in love with a home and with a fixed rate mortgage, it's just out of your reach financially. Well, a mortgage lender then comes along and says that by getting an adjustable rate mortgage, … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #6 - 12/11/07 10:34 AM
Stay Alert About Your Credit!
Credit card companies are smart and sneaky! You have to be vigilant and make sure that you're paying attention to all of your credit cards. One mistake can cost you thousands of dollars in the long-term. Credit card companies are looking for you to make a mistake and then they'll be able to raise your interest rate. Here are some things to watch out for:
Don't pay your bills late or try to cut it too close - it may not get processed in time and then it could show up as a RED FLAG on … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #5 - 12/11/07 10:27 AM
Are You Protecting Yourself Legally?
One of the common mistakes home buyers make in the Cincinnati real estate market is not having access to legal counsel during their home buying process. While it's very common to not have real estate attorneys involved in a typical real estate transaction in the Cincinnati area, I believe there are at least 2 times, where their services should be utilized to protect your interests.
Have your real estate attorney review your purchase agreement prior to submitting an offer to the seller or write a contingency clause in your offer that allows your real estate attorney … (0 comments)

cincinnati home buyers: Cincinnati Home Buying Tip #4 - 12/11/07 10:19 AM
Surround Yourself With Professionals
When I began my real estate career in 1985, we used one page contracts...no property disclosures...no fax machines...MLS book came out once every 2 weeks...no property searches on a computer...we had to drive to real estate offices wherever they were to pick up a house key for a showing and then return it...So much has changed.But as time goes on, technology changes, the market changes, paperwork changes, etc. It all gets more detailed and complex. Expectations are raised. People want to know everything about a property...before making a decision.What this leads me to is the fact that … (0 comments)

cincinnati home buyers: Cincinnati Ohio area - Free Home & Condo Buyer Class - Dec. 5, 2007 - 11/16/07 04:16 PM
If you plan on starting your home search within the next 12 months, NOW is the time to start your learning process! So before you start looking, get 'educated' in the home buying and mortgage process - from start to finish.
     You will benefit from attending this educational class. Over 1,480 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 … (0 comments)