Another first-time homebuyer

Congratulations, Brian! Another first-time homebuyer found a fantastic deal and has an unbeatable interest rate! I wish I had a picture of the back yard. This condo has a large deck on the back overlooking a pond with a fountain. It's a beautiful view!

First-time homebuyers

Congratulations, Pat and Holly! They just closed on their first house in Devonshire in the north end of Columbus. I know they are excited to get started on home improvement projects and move in over the next few weeks.

If you are thinking about purchasing a home and are eligible for the first-time homebuyer tax credit keep in mind that you must close by the end of November. Lenders have been much more strict than they have been in the past and the process of getting a loan is taking longer. Since the average time to close on a loan is now 45 days I am recommending to all of my buyers that they are in contract on a home by the first of October in order to have enough time to close, just in case lending gets delayed.

Homebuyer Protection

Recent Federal legislation is having an impact on how long you should reasonably expect the process to take between the time you write an offer on a house and the closing date. Two pieces of legislation are now making the normal time in contract 30-45 days.

Home Valuation Code of Conduct:

• Ensures that appraisals are done objectively without influence from parties involved in the transaction.
• The appraisal and selection of the appraiser is done by someone not directly involved in the origination of the mortgage.
• A copy of the appraisal must be given to the buyer/borrower at least 3 days before the closing.
• Appraisals may take weeks, not days to complete.
• Communication between the appraiser and the originating mortgage professional is prohibited. Agents involved in the transaction should be prepared at the time of inspection to offer supporting value information if warranted.

Housing and Economic Recovery Act:

• Designed to ensure that the borrowers involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.
• At the initial time of application no fees may be collected except a fee to cover the cost of obtaining a credit report.
• Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may close.
• Items that can trigger re-disclosure requirements include changes in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
• In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.

Price reduced and open house

The sellers at 868 Village Brook Way have just reduced their price to $174,900. It is an absolutely amazing deal! To celebrate and show everybody how great it is, I will be holding it open this Sunday, July 19th from 2-4. I've blogged about how great this condo is in past posts, so I won't bore you with that, but to give you an update the condo just received a brand new roof and new exterior paint. Come see it and tell your friends. These sellers are very motivated!

Real Estate Agents Get Creative

When a couple decided to sell their $10 million home in Fort Meyers their agent had to get creative. She wrote a press release optimized for social media to reach buyers everywhere, not just in the Fort Meyers area. Her press release included a link to a webpage where buyers could print a $1 million coupon off the price of the house. She also embedded a YouTube video with a tour of the home, a link to a webpage dedicated to that home, and plenty of social media tools to share the story. She planned to contact reporters to spread the word, but discovered that the reporters already found her press release and were able to get all of the information they needed from the website without wasting anyone's time making phone calls. At the time this article was written there was no news about the home being sold, but she is way ahead of the competition!

http://web2.sys-con.com/node/1031738

Catching up

Hi Readers,

Sorry it's been a little while since I've last written. Things have been busy lately! I've been helping two different first-time homebuyers. One is in contract on a home in Bethel Commons and the other chose a house in Devonshire. If you haven't owned a home in the last three years keep in mind that you need to close on a home before November 30th in order to qualify for the $8000 first-time homebuyer tax credit. Call me for more information. Have a happy 4th of July!

New Price!

40 W Deshler in the Brewery District has reduced their price to $264,900! It's a great deal in a fantastic neighborhood, Brewer's Gate. The location is amazing because you can walk to German Village and Brewery District shops, restaurants, and bars. It is easy to get on 71, 315, 670, and 70 to get around the city quickly. It is also right by the bike path to ride downtown, to OSU, or even all the way to Worthington! Enjoy Schiller Park, Lou Berliner Park, or the little park right across the street. It has a beautiful interior with 3 levels of living space that shows like a brand-new model home! It has plenty of windows to view the sunset, lots of storage space, and high-end finishes and appliances. The seller is highly motivated to move and ready to negotiate, so don't miss out on this deal!