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Thursday, December 4, 2008
INTREST RATES MAY BE DROPPING BELOW 5% CALL US TODAY!
Tuesday, November 4, 2008
Cincinnati Mortgage market update.
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Friday, October 31, 2008
RE/MAX ELITE....$100.00 DOWN ON hud HOMES
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726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason OH 45150 (513)587-3599
Wednesday, October 1, 2008
Cincinnati Mortgage Market Update
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Thursday, September 4, 2008
Cincinnati Mortgage Market
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Monday, August 4, 2008
CINCINNATI MARKET UPDATE
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Monday, May 19, 2008
Seller Vs. Bank Short Sales
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Wednesday, April 23, 2008
10 Tips For New Landlords
2. Rent your house unfurnished. Provide only a stove, refrigerator and washer-dryer hookups.
3. Do your own repairs. Maintenance companies can chew up your profits.
4. Aim high. Neighborhoods near military bases are great places for income property because transient military families tend to rent instead of buy.
5. Specify. Use qualifiers in your for-rent advertising. Saying "no pets" or "good credit required" will save you time and effort in screening applicants.
6. Use word of mouth. Offer a tenant referral fee of $50 to $100 to your good tenants to fill your vacancies. Good tenants tend to know other good tenants.
7. Don't live in your own rental. As appealing as a duplex or four-plex might look on paper, neither you nor your tenants will feel comfortable in close proximity to each other.
8. Buy for you. Only buy income property in areas where you would want to live yourself.
9. Don't overlook niche markets. For instance, by making your door openings 36-inches wide and installing grab bars and a ramp, you can rent to people in wheelchairs. It's a great way to do some good -- and you'll always have tenants.
10. Don't convert the beloved family home to a rental. If you've lived in a home forever and raised your kids in it, sell it rather than rent it because you've got emotional attachments that will prevent you from treating it strictly as a business investment.
This report is presented by:
Jim Hood
RE/MAX Elite, Realtors
Office: (513) 826-1924
Fax/Voicemail: (513) 297-1882
Email: Jim@SouthernOhioMLS.com
Free online buyer & seller seminars. http://cincyhomesearch.com/online_real_estate_university.htm
Keep updated about homes on your street. http://cincyhomesearch.com/StreetWatch.htm
Tips &Tricks newsletter with great offers from local merchants. http://cincyhomesearch.com/Neighborhood_club.htm
Get available homes instantly emailed to you! http://cincyhomesearch.com/Homefinder_information.htm
How much is your current home worth? http://cincyhomesearch.com/Seller%20Seminar/e-valuation.htm
Tuesday, February 12, 2008
Sellers - How To Negotiate An Offer
Often, sellers make the mistake of only considering the price when the buyer makes an offer. Many people's gut reaction is that this is "too low" and immediately reject the offer.
That could be a mistake. If you listen carefully, hidden inside the offer may be pearls of information that would make you reconsider accepting less than full price. You don't want to reject any offer out-of-hand. Let us consider the deal carefully. It almost always consists of two parts. The first part is the price. The other part is the terms.
Price and Terms
First ask yourself what you want out of the deal. A less than full price offer would have to list terms that were appealing.
Good Terms a Buyer Might Offer
Higher-than-market-interest second (or first) mortgage in your favor
- The buyer will pay for all or part of your closing costs.
- Taking a problem house "as is" (not asking you to fix the problem).
- Quick close (short escrow).
- All cash deal (when other are asking you to accept "paper").
- Letting you rent back the house for a time (if you're having trouble finding a place to move to).
Items to Check Carefully in the Offer
1. Is the buyer pre-approved? You want to know how qualified the buyer is to make the purchase. While you may not care about the buyer's actual name, you're looking for a strong pre-approval letter from a lender saying that this buyer will get a mortgage sufficiently enough to make the deal. If the buyer is putting down a substantial amount of cash, say 20 percent of the price, you also want to see a letter from a bank, certifying that the buyer has sufficient funds on hand to close the deal. Some smart buyers these days will even come in with a credit report to show you.
2. How quickly can the buyer close the deal? A buyer who's ready to close in 30 days or less indicates strength. The buyer presumably has all his or her ducks in a row in terms of financing. A buyer who needs 45 or 60 days to close may be stretching, hoping to snag financing. Or this buyer may simply be trying to tie up your property as a kind of fall back position, while looking for other, better deals. Always question why a buyer needs extra time.
3. Are there any sweeteners? A sweetener is a term or condition that makes the deal sweeter for you. Usually, these are the first things that agents point out. For example, you want to stay in the house an extra 2 months while your kids finish school. and the buyer is willing to go along with this. That's a sweetener.
4. Are there any cash incentives? Is the buyer offering to pay you extra interest on a mortgage you're willing to carry back? Is the buyer willing to pay for any of your closing costs?
5. Is there another property involved? Some buyers are cash poor. Instead of offering a cash down payment, they may offer a mortgage on another property, or even that property itself. This complicates the deal, buy could be a real boon. Be sure you have a realistic appraisal of the other property as well as a title report listing any liens so you can judge the value of the offer.
6. Are there any negative terms? A negative term can be anything which makes the deal less attractive to you. Contingencies which favor the buyer are negatives. Some you can expect, such as demands for a professional inspection and disclosures. Others, such as a demand that the sale be contingent on the buyer not losing his or her job or that interest rates not climb beyond a certain point, may weaken the offer. Yet others, such as a demand that the offer be contingent upon the buyer's great uncle in North Dakota coming through with a promised gift of money, may make the offer frivolous.
7. Is the price acceptable? Note that the price is last on this list. You won't really know if the price is acceptable until you've read the entire offer and understand it. Only then can you make a determination about whether you'll accept the price. Don't let the price deter you from considering the overall deal. Again it is only one part of offer.
Take Your Time
When an offer is presented, a time limit may be attached to it. For example, a "Cinderella" deal is good only until midnight of the same day. You might receive it at 9 p.m. which leaves a window of three hours to either accept, reject or counter.
The idea behind this strategy is to force a seller to act swiftly. Most buyers will allow enough time for careful consideration. The important point here is to not be pressured by a deadline. You need to have enough time to feel comfortable with your decision. In other words, TAKE YOUR TIME! It is better to lose an offer than accept a bad one.
Always take enough time to fully consider the offer.
This report is presented by:
Jim HoodRE/MAX Elite, Realtors
Office: (513) 826-1924
Fax/Voicemail: (513) 297-1882
Email: Jim@SouthernOhioMLS.com
Thank you for requesting this report.
More assistance available to you:
Free online buyer & seller seminars. http://cincyhomesearch.com/online_real_estate_university.htm
Keep updated about homes on your street. http://cincyhomesearch.com/StreetWatch.htm
Tips &Tricks newsletter with great offers from local merchants. http://cincyhomesearch.com/Neighborhood_club.htm
Get available homes instantly emailed to you! http://cincyhomesearch.com/Homefinder_information.htm
How much is your current home worth? http://cincyhomesearch.com/Seller%20Seminar/e-valuation.htm
Distressed Homes http://cincyhomesearch.com/distressed_homes.htm