Are You Ready To Own Real Estate?

You’ve finally decided you want to buy a piece of real estate. What do you do now? Below are a few tips for getting the best deal for your money:

Check Out Your Credit
The first thing you’ll want to do is order a copy of your credit report from the three major credit bureaus: Experian, TransUnion, and Equifax. Look for inaccuracies in:
· Name
· Address
· Creditors
· Late payments
· Delinquencies

After you’ve reviewed your credit report and know your credit score, you’re ready to make improvements to your report. You can send a written “Notice of Correction” to the credit bureaus. It can be up to 200 words. If needed, you can explain why you fell behind on a particular debt, and every time a lender accesses the report, they’ll see your explanation.

It can take several months to for your credit score to go up. However, it's well worth the effort to get a better interest rate. It can save you thousands when you are ready to purchase your Central Ohio home.

What’s Next?
Before you start looking at properties, it’s a good idea to get a pre-approval letter from a lender. I suggest you check with 2-3 lenders, no more. If you need names and numbers of lenders please feel free to give me a call. The lender will take into consideration your income and credit history. Then they’ll determine what loan amount you can be approved for.

Most pre-approval letters list the maximum amount that you are approved for, not necessarily the amount you can afford. Look carefully at your budget so that you don’t get too excited about the number and get into more house than you can afford.

A pre-approval letter will give you and your agent an idea of what houses to look at, and no time is wasted seeing properties that you can’t afford. Prospective sellers may also give your bid more weight if you have a pre-approval letter.

Are you a first-time buyer? Do you need Down Payment Assistance? You have just made a fabulous decision for your future. There are tons of great buys in the Central Ohio real estate market. I'm a specialist in this community and would love to help you buy the home of your dreams. Call me now at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Columbus, Reynoldsburg, Gahanna, Canal Winchester, Pickerington, Worthington, New Albany, Ohio real estate
LINKS:
Credit report: https://www.annualcreditreport.com/cra/index.jsp
Pre-approval: http://loanlane.com/preapprove.php
Budget: http://financialplan.about.com/

Getting Approval For A Short Sale

If you are having trouble making the payments on your Central Ohio real estate mortgage, you may be worried about foreclosure. You don’t have to have foreclosure on your credit record for the next ten years. Your lender may accept a deed-in-lieu but usually before that agree to that they will request that you attempt to do a short sale of your property.

What Is A Short Sale?
A short sale refers to the lender accepting a discounted payoff amount, or accepting less money than due to satisfy the loan. Not all lenders will agree to a short sale. Here are some tips on how to get approved for a short sale.

Call Your Lender
Explain to your lender why you are unable to make the payments and why you should be allowed to have a short sale for your Central Ohio real estate. You may be asked to submit documentation of your financial difficulties, including bank statements and tax papers.

Send In Documentation
The lender will request that you send in proof of your income and assets. They’ll want to know if you have any money in a savings account or a money market account. You’ll have to tell them if you have any stocks, bonds or any other real estate that could be liquidated to pay off your debt.

Once you have approval to hold a short sale, you’ll still need to submit more paperwork to the lender. Your real estate agent will provide the preliminary net sheet that the lender requires. This form will show what you expect to sell the house for and what the net profit will be after all loans are paid off.

After a buyer is found you may still need to provide more documents showing the offer and a copy of the listing agreement. The lender maintains the option to refuse to approve the sale if the terms don’t meet their requirements or if your paperwork is not in order. That is why working with an agent experienced in the process can be a benefit.

A short sale may be your ticket to avoid foreclosure on your Central Ohio real estate.

Ready to work with a professional real estate agent who can guide you through the complicated process of a short sale? Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Columbus, Reynoldsburg, Gahanna, New Albany, Pickerington, Canal Winchester, Ohio real estate
LINKS:
1. Deed-in-lieu: http://www.nolo.com/definition.cfm/Term/3DEC1C75-225E-4AF0-8CB7B778DB615B27/alpha/D/
2. Assets: http://www.investopedia.com/rotate.aspx?sp=0&backurl=http%3A//www.investopedia.com/terms/a/asset.asp
3. Avoid foreclosure: http://www.hud.gov/foreclosure/

Home Inspection of Foreclosure and Short Sale Homes?

Home Inspection of Foreclosure and Short Sale Homes?

Since many short sales and Foreclosure homes are sold “As Is,” some people opt to forego formal home inspections, in an effort to hold down cost. If you've been thinking about investing in one of the many Central Ohio foreclosures, make sure the home you buy doesn't have major problems. However, before you spend the money for a home inspector, look at these common problem areas:

Ceilings
Usually, ceilings are made of plaster and plasterboard. While looking at the ceilings, keep an eye out for these issues:
Cracks, holes or uneven areas
Dampness or mold growth
Crumbling areas
Cracked or bulging areas

Walls
In general, walls are made of bonding plaster or plasterboard. You can look for the same problems as you would on ceilings, with the addition of a few more:
Loose skirting board
Soft, damp or rotten
Discolored decorations, blisters or other faults such as peeling wallpaper
Dangerous materials such as asbestos or gloss-painted polystyrene tiles. Asbestos can be hard to identify; if you think you have asbestos, get professional help.

Floors
No matter what material the floor is made of in the short sale or foreclosure, the structural supports are generally made of the same types of materials as other homes. Here are a few things to look for:
Uneven flooring
Movement, cracking, lifting or dampness
Loose floor covering, such as raised boards or lifted tiles
Large gaps between floorboards
Cracked or missing tiles

Plumbing
The kitchen and the bathroom may hold most of the plumbing, but some will go through the rest of the house as well. Look at the plumbing for:
Rust or leaks
Hammering or knocking pipes
Lead pipes
Improperly supported water tanks

Wiring
Faulty or old wiring can be a major hazard in any potential home. Although some wiring issues aren't easy to spot, there are signs:
Rubber cables or single-flex wiring twisted together with exposed insulation
Blackened or failing power sockets
Brittle or bare wiring
Plugs that get hot when used

No inspection should be considered finished until a licensed home inspector has come to the Central Ohio home that you're interested in. However, by using this guide, you'll only have to call an inspector once – to get a clean bill of health on your new real estate.

Want to get a great buy on foreclosed property? I specialize in this area and would be happy to guide you through the complicated process. Give me a call today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Columbus, Reynoldsburg, Gahanna, Pickerington, Canal Winchester, New Albany, Ohio Foreclosures
LINKS:
Home inspector - www.ashi.org/
Asbestos - http://www.epa.gov/iaq/asbestos.html
Wiring issues - http://www.thecircuitdetective.com/faq.htm

My website to check out current short sales and HUD homes: http://www.realliving.com/vanessa.simmons/.

Keep Your Pipes from Freezing In Your Home This Winter

You need to protect your Central Ohio home during cold weather. Frozen pipes can burst and cause water damage that is very expensive to repair. Here are a few things to think about before the cold weather harms your property.

Locate Your Pipes
If your pipes are located next to an outside wall, you’ll need to inspect that wall for cracks and other damage. To keep the cold air away from your pipes, thoroughly caulk all the damaged areas.

Protect Your Pipes
The best way to protect your pipes from freezing and bursting is to insulate the walls where the pipes are located. If that's too expensive, you can buy pipe jackets to cover the pipes. Pipe jackets can be made of plastic foam, wool felt, or fiberglass. They have a lengthwise split down the middle to make them easy to install.

If the area is too small for a pipe jacket, heat tape is a good alternative. Heat tape is applied to the pipe and then plugged into an electrical outlet. It can keep the entire length of the pipe warm, and can be used on faucets and valves as well.

If your Central Ohio home has pipes that are inside cabinets, it’s a good idea to open the cabinet doors to keep warm air circulating around the pipes.

When the weather is really cold, you can turn the water faucets on just slightly so water drips out. The open tap decreases the amount of air pressure that can build up when water freezes, and reduces the risk of your pipes bursting.

Drain Your Pipes
If you’re planning on taking an extended trip during the cold weather season, or if you have a vacant home, you should drain the water system. Just shut off the main valve, and turn on all the water faucets until the water stops running. When that’s done, leave one hot water faucet and one cold-water faucet open. Pour a little RV antifreeze into each drain and the toilet, and your Central Ohio home is ready for the cold weather.

If you're ready to buy a new home that is so well insulated you won't have to worry about bursting pipes, give me a call. I can help you find the perfect home to keep you warm this winter. Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

KEYWORD: Columbus, Reynoldsburg, Gahanna, Canal Winchester, Pickerington, New Albany,
LINKS:
1. 3. Protect our pipes from freezing and bursting: http://www.statefarm.com/learning/loss_prevent/learning_lossprevention_frozpipes.asp
2. Pipe jackets: http://www.plumbingrepairtips.com/insulating_pipes.html 3. Heat tape: http://www.mygreathome.com/fix-it_guide/heat_tape.htm

When Can You Buy Central Ohio Real Estate After Foreclosure?

If you lost your Central Ohio real estate because of foreclosure, you probably haven't given up on your dream of owning a home. You may be scared to try for financing - afraid you’ll be turned down and embarrassed in the process.

There are few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information will help you overcome your fears and qualify again for a mortgage.

Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Central Ohio real estate. Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer that came with a steep pay cut? Were you severely injured and temporarily disabled as a result?

You can add a memo to your credit report that explains any lapses in credit worthiness to potential lenders. This report can be up to two hundred words and will be shown to all who look at your credit report.

Many lenders will shorten the waiting period for documented extenuating circumstances. The customary waiting period after a foreclosure is at least seven years. But with documentation, the waiting period can be shortened to as little as three years.

Deed-in-Lieu Of Foreclosure and Short Sale
You may be wondering what the waiting period for financing is for deed-in-lieu of foreclosure or in the case of a short sale. Fortunately lenders aren’t quite as strict if you were able to avoid an actual foreclosure sale.

The waiting period for a deed-in-lieu of foreclosure is four to seven years. If there were special circumstances surrounding the deal, you may be able to qualify in as little as two years. The lender may require a certain down payment or credit score as a condition of approval.

Getting financing after a short sale is the easiest. Generally the lender will only require a two year waiting period before they’ll approve financing.

The good news about financing after foreclosure is that it is possible. Your dreams of owning [Central Ohio] real estate don’t have to end because you’ve had a foreclosure in your past. You may just have to be a little more patient.

Whether you're ready to buy your next home or simply have a question about Central Ohio real estate, I'd love to help. Give me a call today at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

KEYWORD: Central Ohio, Columbus Ohio, Pickerington Ohio, Reynoldsburg Ohio real estate

LINKS:
1. Foreclosure: http://www.hud.gov/foreclosure/index.cfm
2. Deed-in-lieu: http://www.nolo.com/definition.cfm/Term/3DEC1C75-225E-4AF0-8CB7B778DB615B27/alpha/D/
3. Short Sale: http://www.nolo.com/definition.cfm/Term/51715E63-5BC5-4DCE-B5E96F71DFF3D5AB/alpha/S/