News from Realtor Magazine about the foreclosure freeze

I found this article on the foreclosure freeze, it was very helpful and thought I would share!

 Have a great Holloween!!




Speaking of Real Estate Article

Toledo Foreclosure News For September

There are many changes as we approach fall and tons of great deals out there on foreclosure and pre-foreclosure homes! The rates are still low and it is a great time to buy or invest!

Check out the latest news on foreclosure here!

Click link

Toledo Market Trends

Tax Credit Extension For Home Buyers

Great news for both buyers and sellers!!!

I am so pleased to see the $8000 tax credit for first time home buyers extended and now it includes a $6500 credit for some repeat buyers as well!  The credit is being used by many of our purchasers to do improvements on foreclosure homes they have purchased or just regular updates like carpet and paint.

This is going to help so many families that need to sell a home as well. The buyer activity will stay active for a few more months. If you are moving into another home and you have owned your current residence for 5 years or more, you may also qualify for the $6500 credit !

Do you qualify for the new credit? Check on some details in the follwing article and as always call us if you have additional questions about buying or selling a home!

MSNBC Article

Where are all these Foreclosure Homes in Lucas and Wood County?

October is half over and my buyer clients keep wondering where all these foreclosure homes are that you see on the default lists. Well, good news for buyers! They are coming up soon!

Realty Trac is one my favorite  foreclosure sites I use to gather information about what is up and coming in the foreclosure market here in Lucas and Wood County. Realty Trac showed an increase in foreclosure auctions in Aug. of this year. Basicly put that means a lot of the properties were taken back by the banks in Aug. Since it takes a few months after the auction sale to get these homes back on the market, you will see an increase in available foreclosure properties soon!


Lucas County was the fourth largest county in Ohio for foreclosure auctions and filings in Aug, according to a recent report from Realty Trac. Ohio is among the top ten foreclosure states due to unemployement.


Now is the time to start viewing and investing in these properties! The prices are super low and the return after this mess is cleaned up will be great! Investors may want to consider rental property over "flips in this market. Both first time home buyers and move up buyers can find unbelievable deals! If you are planning a move, make sure you will be in the home for a few years to let the market recover.

Question? Please feel free to comment or contact me at 419-266-7911

Lucas and Wood Co Property Tax Reductions Due to Foreclosures

ARE YOU PAYING A HIGHER PROPERTY TAX THAN YOU NEED TO?

If you have bought a home or are considering a purchase, don't forget to have your taxes evaluated for todays market! You may be pleasanlty suprised to find out they should be lowered. Many purchasers are so busy managing their move when they close on a home that they forget to take this next step! It is easy to forget since property tax ussually becomes part of our mortgage payment. With property values decreasing at this time, it is impotant to make sure you aren't overpaying. Many of our clients have had great success getting the tax reduced on their homes.

Buyers should be careful if they are considering a foreclosure or short sale purchase. The price on the home may be affordable but if the tax is really high or way beyond your budget then it is always best to "plan for the worst and expect the best". You may be able to have the tax reduced for now but it could eventualy go back up when values return so make sure it will still be affordable if that should happen.

Once you have purchased a home, you may be able to have the taxes reduced by taking your closing statement and a recent appraisal or CMA (ask a Realtor to prepare) to the county auditors office.

Blade article on tax reductions in Lucas County

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20090315/NEWS16/903150329

Foreclosure Home Buyers-You Can and Should Have A home Inspection!

The typical REO or forelosure home can sit vacant for anywhere from 3 months to 2 years. We have many clients that don't realize they can and should have a home inspection on this type of property just like you would with any home. On most foreclosure properties the utilities are turned off and have been off for several months. When you first view this type of home-you may not be able to see some of the defects. The risk involved in buying a foreclosure home can be drastically reduced with a few simple steps. Even though these properties are sold "as is" the pruchaser has a right to a home inspection and can withdraw their agreement if the repairs needed are beyond what they had originally planned for.

1. Be sure to have an inspection period of 7-10 days written into your purchase agreement.
2. Find out if utilities will be turned on for the home inspection.
3. If there is a delay in the utilities being turned on for your inspection-be sure to ask for an extension of   the inspection period.
4. Read your foreclosure contracts carefully or have an attorney review them for you.

There are several other steps you can take to protect yourself with this type of purchase and we are always here to answer any questions you have! Foreclosure homes can be a great opportunity to save thousands and with opportunity there is always some risk. Navigated correctly and with the right guidence, these homes are well worth the effort!