Ohio Real Estate Blog

Wednesday, 30 May 2012

If you are a homeowner who can no longer make your monthly mortgage payments, you still have opportunities to avoid foreclosure and the damage it will do to your credit. Although more complicated and more challenging, a "short sale" may prove to be the best alternative.

If you are unfamiliar with the term, a "short sale" can happen when your mortgage lender agrees to let you sell the home for less than you still owe on it and may forgive the difference. Why would a lender settle for such a sale? Quite simply, the lender may determine that they will still receive a higher amount of the remaining balance though a short sale than they would though the very costly and time-consuming process of foreclosure.

Why would a homeowner agree to sell the home for less than they owe? As already mentioned, a short sale keeps the homeowner out of foreclosure and reduce the damage to their credit and subsequent ability to purchase another home in the future.

In the middle is the real estate agent, helping the sellers, the lenders, and the buyers navigate the complexities of the transaction to reach a satisfactory conclusion for all involved. Homeowners can trust their representative to be honest and to provide a fair assessment of value for all parties. You need an experienced CDPE (Certified Distress Property Expert) real estate agent to be your champion and advisor during the negotiation. Their training and experience will provide you with the help you need to navigate the short sale process.

Posted by: Kathy Henne AT 09:24 am | Permalink | Email

Monday, 21 May 2012

Myth Busting: Sort Sales and Foreclosures

When a homeowner faces default on their mortgage, there may be two options: foreclosure or short sale.

Foreclosure can be devastating, both emotionally and financially. A short sale, or one in which the lender accepts a selling price less than the amount owed, is a better option for both the lender and the homeowner.

Regrettably, nearly seven out of ten homeowners proceed through foreclosure with ever listing their home for sale. This is due largely to perceived myths about the process, and we need to put a few of these misconceptions to rest.

First, homeowners assume the bank would rather foreclose than accept a short sale. Not true - foreclosure is often more costly for the lender, and short sales often sell for more than foreclosed listings. One reason is that during the short sale process the owner is usually required by the bank to have the utilities on and keep the home in presentable condition. The banks are trying anything possible, within reason, to avoid the foreclosure process.

Next, homeowners believe there is a stigma attached to short sale listings, and that buyers have not interest in such properties. Not true - to the contrary, many smart buyers are specifically seeking out such offerings for the value they present compared to traditional listings.

Finally, homeowners often assume that there's not enough time to close a short sale before the sheriff sale. Not true - foreclosure is a lengthy process and there is time to negotiate a better result, but you need to start today. You may be able to do a short sale on your home if you are behind on your mortgage payments, can prove a legitimate hardship and you have little or no equity in your home. Consult an agent with the CDPE (Certified Distressed Property Expert) designation who will be able to give you advice and guidance.

Posted by: Kathy Henne AT 12:23 pm | Permalink | Email

Monday, 07 May 2012

Raise the Curtains!

Staging your home can help generate more interest and offers, but you needn't spend thousands of dollars on improvements or professional consultants. You can take charge and improve your home's appeal.

Take a good look around your home and try to see it from the buyer's eyes. Begin by removing scatter rugs and knickknacks, and remove all kitchen appliances from the counter except the coffee maker and microwave. Set your dining table in a welcoming fashion, with pretty plates, flatware and napkins.

Don't relocate your clutter to the closets because the buyers will look there, too. Box everything up and place it into storage - out of the house. Focus on the "feature rooms" - the dining and living areas and master bedroom - keeping additional rooms as sparsely furnished as possible. Finally, do your spring cleaning - even if it's December!

Staging books advise that you can gain several thousands of dollars if your home is properly presented. Your real estate professional will be happy to give you guidance. Your home is likely your largest investment, and your valuable equity is your financial security. Don't gamble or take any chances when you prepare to sell. Consult an experienced real estate professional with a proven plan for successfully marketing your home's best features.

Posted by: Kathy Henne AT 11:14 am | Permalink | Email

Wednesday, 02 May 2012

New Listings Of Homes For Sale In Piqua, Ohio Area

Real Estate for sale in Piqua area

Homes for sale in Piqua Ohio

424 Spotted Doe, Piqua, 2 bed, 2 bath, $109,900

437 Kitt, Piqua, 3 bed, 1 bath, $65,000

For more information on these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com

Posted by: Kathy Henne AT 12:33 pm | Permalink | Email

Wednesday, 02 May 2012

Recent Piqua Area Real Estate Sales 5/1-5/31/12

Recent Piqua, Ohio area real estate sales

The local Multiple Listing Service lists these Piqua area homes as sold with real estate agents

525 Spotted Doe, Piqua, original list price $189,000, list price at sale $179,000, sale price $169,000, 225 days on market

1705 Parkway, Piqua, list price $116,900, sale price $112,000, 7 days on market

1013 South, Piqua, list price $77,000, sale price $76,400, 179 days on market

1003 New Haven, Piqua, list price $72,900, sale price $65,500, 32 days on market

2113 Fawn Court, Piqua, original list price $192,000, list price at sale $169,900, sale price $155,000, 576 days on market

1212 Lindsey, Piqua, list price $20,900, sale price $35,000, 4 days on market

529 High, Piqua, original list price $80,000, list price at sale $70,000, sale price $77,500, 42 days on market

1512 Madison, Piqua, list price $33,500, sale price $33,500, 11 days on market

500 Riverside, Piqua, list price $37,620, sale price $52,300, 11 days on market

322 Glenwood, Piqua, original list price $71,900, list price at sale $67,900, sale price $67,900, 158 days on market

917 Young, Piqua, original list price $41,250, list price at sale $36,500, sale price $32,500, 75 days on market

101 Janet, Piqua, list price $119,900, sale price $113,000, 142 days on market

1513 Fairfax, Piqua, list price $28,000, sale price $30,200, 14 days on market

Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sale price. For more information on these Piqua homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com

Posted by: Kathy Henne AT 12:27 pm | Permalink | Email