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

Perrysburg and Toledo Rentals- Evicted Due to Foreclosure

You are thinking about renting a home, doing a lease option, or any type of seller financing, be sure to check on the seller as much as they check on you  


Example: You rent a home and pay your landlord on time every month and then suddenly you start to see notices coming from the bank, the sherriff shows up with an eviction notice, or you have a sudden eviction from the owner of the home.

Good Read from Legal Encyclopedia 
http://www.nolo.com/legal-encyclopedia/article-30064.html 

Your first question is, How can this happen? I can't be evicted if  I have followed all the rules of the lease-can I?

It does happen and there are resources to help when it does.

Many renters are unaware of the landlords financial situation when they sign a lease. You may pay rent to a landlord who is not paying their mortgage and they can get away with that for a long time before the bank forecloses on the home you are living in.

If you are thinking about renting a home, make sure you research the owner of the home as closely as they research you!

If you are able to buy a home, your investment will be more secure, however, if you are going to rent, lease option, do seller financing, or buy a home, hire an attorney to look into the contracts and title work so you don't end up with a landlord or seller that can't pay the bills.

I can help you with rentals as well as buying your first home!

What does the market look like for next year in Toledo?

I love this time of year! We have a great opportunity to learn and work on new systems to give our clients even better service next year. This week we will be making our favorite fall recipee Pumkin Apple Bread to deliver to our clients and friends for Thanksgiving!

Last week we learned some interesting news from Dave Liniger ceo of RE/MAX International about what we should expect the next year to look like for both buyers and sellers. Due to the 4 million plus foreclsoures still on the books to clear-it is going to take a couple more years for the housing market to recover.

Sellers need to be prepared to price their property to compete in todays market. Even with the current tax credit extension helping the market improve, todays seller should set reasonable goals to avoid frustration. The good news-if you have owned your current residence for 5 years-you may qualify for a tax credit as well!

Buyers and investors-this is still a great time to pick up incredible deals!  Save that Christmas cash for a long term investment and a new home!

We are going  to continue to provide great service and plan on ways to spoil our clients some more next year!

HAVE A GREAT THANSGIVING!

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

Tax Credit Possitive News For Extension

Beautiful home available in Rossford and you may still be able to get the TAX CREDIT!!! Check out the latest news!

Boston News reported that the senate has backed an extension of the 2009 tax credit and we are seeing the possibility of opening it up to more that just first time homes buyers! Great article to share!

http://www.boston.com/business/articles/2009/10/29/senate_leaders_back_extending_home_tax_credit/

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