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How to Avoid Common Buyer Mistakes

 August 18, 2010 • 1 Comment

buyer mistakes How to Avoid Common Buyer MistakesAre you a first time homebuyer wishing to buy your price of the American dream?  Or have you bought a Columbus home in the past and didn’t have a good experience?  Buying a home can a huge investment of your time, money and energy.  It’s easy to get caught up in all the craziness surrounding a home purchase.  Here are a few common buyer mistakes that you can easily avoid if you are aware of them ahead of time:

Finding a REALTOR® - When looking for the perfect real estate professional to help you with your Columbus real estate needs, ask lots of questions.  How long have they worked in the area?  Where can they tell you about the different neighborhoods in the city?  What do the schools have to offer their students?  Interview several agents before settling on “the one”.  It may take a little time to find just the right REALTOR® for your needs, but it’s worth the effort.

Interviewing Mortgage Lenders – Due to the predatory lending practices of some mortgage companies in the recent past, interviewing several mortgage lenders can be just as important as interviewing real estate agents.  Ask them about their lending practices and what kind of programs they offer before settling on one.  You can even ask for recommendations from your own agent.  Ask any question you may have so that you completely understand everything involved in your mortgage.  That way you won’t get blindsided by fees or other things in the future.

Only Look if You’re Going to Buy - While window shopping may be nice on a slow Saturday afternoon, being a looky-loo can hurt you if you’re purchasing a Columbus home in a highly sought-after neighborhood.  Popular areas are recession-proof.  It doesn’t matter what the rest of the country is doing if a community is highly desirable because, no matter what, everyone wants to live there.  If you aren’t serious about purchasing a home now and one happens to be available in the neighborhood you want to settle in, it may not be there when you are ready to buy it.  Being pre-approved can also increase your chances of providing a winning bid on a home.

Think Resale Value - Yes, the wood paneling will look great with your furniture and you can live with the smaller bedrooms because you love this house so much but will future buyers want to shell out their hard earned money for it when it comes time for you to sell it?  If you’re planning on living in the house for a long time, resale value may not mean much.  But, if you have decided that this is only the first step in your homeownership, you will want to consider whether or not the things you are fine with “settling on” aren’t things that can hinder a future sale.

By following these guidelines, you will be able to avoid common buyer mistakes and enjoy living in your Columbus home.  If you need help buying a Columbus OH home, feel free to contact me today!

Donald Payne, Certified Distressed Property Specialist, Helping You With Your Columbus OH Real Estate Vision

Family Fun in Columbus OH

 August 11, 2010 • 1 Comment

family Family Fun in Columbus OHAre you looking for something to do this weekend?  This Friday, August 13, 2010, enjoy some family fun in Columbus, OH.

Parent’s Night Out – Center of Science and Industry (333 W Broad Street), 6-10pm.  Parents get to enjoy date night to see the Titanic Artifact Exhibition while their children (ages 5-14) have dinner, learn the science and engineering behind flight and get to test their very own aircraft.

JazZoo: Gershwin Under the Stars – Columbus Zoo and Aquarium (9990 Riverside Dr), 8-10pm.  The Columbus Jazz Orchestra performs at the Water’s Edge Events Park.  Tickets are $30 for adults and $15 for students (price of admission to zoo is included in ticket price).

Dive-in Movie: Rugrats Go Wild – Zoombezi Bay (4850 W Powell Rd, Powell), 9pm.  Watch this Nickelodeon cartoon featuring the Rugrats and the Thornberrys.  Fun for the whole family.  Tickets are $29.99 for adults, $24.99 for seniors/kids 2-9 years old and free for kids under 2.

It’s important to spend quality family time together.  I hope you enjoy a great evening of family fun in Columbus OH.

Donald Payne, Certified Distressed Property Expert – What’s Your Vision for Columbus Real Estate?

Prepare Your Home to Sell on a Budget

 August 3, 2010 • 1 Comment

If you’re considering placing your home on the market, you need to make sure that it is in its the best condition possible so that you can get the best offers possible.  You don’t have to break the bank by totally renovating or remodeling your Columbus OH home.  If you want serious buyers that bring serious offers to the table, here are a few ways you can prepare your home to sell on a budget:

  • cleaning Prepare Your Home to Sell on a BudgetKitchens are king.  Even buyers who aren’t a big fan of cooking mark kitchens as a top priority in determining the home they want to buy.  Giving the room a new coat of paint, including the cabinets, can update and freshen the appearance quickly and easily.  Replace or add cabinet handles and drawer pulls.  You’ll be amazed at how different your kitchen can look simply by switching out the hardware.
  • Pay attention to the high traffic areas.  Look for dirt or scuff marks on the doors, hallways, window sills, baseboards, etc.  If good old elbow grease won’t clean them up, fresh paint can make trim look brand new.  And, believe me, buyers pay attention.
  • Don’t neglect the lawn.  As silly as this sounds, many sellers get so caught up in packing and getting the inside of their house ready to show that they forget about watering and mowing the lawn.  A dry, overgrown, weeded mess is not the first impression you want to make on a potential buyer.
  • Grubby grout.  Get up close and personal with your tub and tile grout.  If it’s dingy, it can bring down the overall look of a room.  If the grout can’t be cleaned up, consider completely re-grouting.  The pennies you spend doing this will translate into more dollars when it comes time for a buyer to place an offer.

You don’t have to spend your life savings to do a complete makeover on your Columbus OH home before selling it.  Follow these simple steps to prepare your home to sell on a budget.  The return on your investment will be well worth it!

Donald Payne, What’s Your Vision for Columbus OH Real Estate?

Homeowner Consequences of Foreclosure vs Short Sale

 June 29, 2010 • 4 Comments

home for sale Homeowner Consequences of Foreclosure vs Short SaleYou may already be aware of the difference between a foreclosure and a short sale: on a foreclosure, the bank takes back the property from the homeowner and a short sale is where the bank allows the homeowner to sell the property for less than is owed, forgiving part of the debt.  But, have you ever considered what the homeowner consequences are of a foreclosure vs a short sale are?  Let me break it down for you below:

Fannie Mae (primary residence) – If a homeowner loses a home to foreclosure, they will not be able to purchase a new home with a Fannie Mae mortgage for at least five years.  However, if a homeowner has sold their previous home through a short sale, they will be eligible to purchase a new home with a Fannie Mae mortgage after just two years.

Fannie Mae (non-primary residence) – If a homeowner loses a property in foreclosure, they will not be able to purchase a new investment property with a Fanne Mae-backed mortgage for seven years.  However, if a homeowner has sold their previous investment property through a short sale, they will be eligible to apply for a Fannie Mae-backed mortgage loan on a new investment property after two years.

Future Loans – If you have had a foreclosure, you will have to mark “Yes” for Section VIII, Question C on the Standard 1003 form for up to seven years, which will affect your interest rates.  There is no such question or request for disclosure about short sales.

Credit Score – A forecosure can ding your credit score anywhere from 250 to over 300 points for more than three years.  Since a short sale closure typically shows on a credit report as “paid as agreed” (or something similar), only the late payment will be shown.  That will only be around 50 points if all other payments are made.  This decrease in points will typically only last 12-18 months.

Credt History – A foreclosure remains on a homebuyer’s credit report for 10+ years.  A short sale is not reported to the credit reporting agencies, since there is no “short sale” in the terms of the credit report.

Current Employment – Employers check credit reports and can reassign or terminate your employment if you are in a sensitive position.  Since a short sale doesn’t get reported to a credit reporting agency, it has no affect on your current employment.

Future Employment – Most employers do a credit check as part of the hiring process.  A foreclosure is deemed one of the most harmful to your chances of getting hired.  Again, since a short sale doesn’t get reported to a credit reporting agency, it has no affect on your current employment.

These are just some of the homeowner consequences of foreclosure vs short sale.  As you can see, while not the idea scenario, a short sale is the lesser of two evils.  If there is anything you can do to avoid a foreclosure, that is the best route to go.  Please contact me if you need help with any of your Columbus OH real estate needs.

What’s your vision for Columbus OH real estate?  Donald Payne can help!

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