West Chester OH Real Estate: Anatomy of a Short Sale

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A short sale can be time consuming and complex

A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.

The basic process of a short sale is:

  • Although many believe that a borrower must be in arrears on loan payments this is not necessarily true
  • Borrower or broker contacts lender to discuss the possibility of a short sale
  • Potential buyer makes offer, knowing what is owed by borrower/owner of property
  • Lender reviews loan and offer
  • Borrower has to show/prove financial hardship
  • Lender and broker discuss value and condition of property and examine any offers
  • Lender makes final call

The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won’t make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  “Being in financial stress is not easy on anyone and and having received the CDPE designation will help me get the job accomplished in a more timely manner and help create a successful real estate transaction for my clients” said Eric Lowry.

West Chester, OH Real Estate: Home Buyer Tax Credit May Be Extended

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There has been a push in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded.  Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic and intelligence workers who have been working overseas.  This bill’s passage leaves many hopeful that an extension for regular first time home buyers will pass as well.  Much of the increase of real estate sales has been attributed to the First Time Home Buyer Tax Credit.

There is a strong sentiment to extend the First Time Home Buyer Tax Credit because the real estate market is not seen as completely stable yet.  The hope is that if the tax credit is extended then real estate sales will continue to improve.  If the credit gets opened up to include all home buyers, as some would hope, then real estate sales volume is expected to pick up quite a bit.

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?

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West Chester, OH Real Estate News: Home-A-Rama Starts Off This Weekend!

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Home-A-Rama, the luxury home show, starts this weekend and runs through September 27th at Carmelle in Mason.  The show is smaller in number of homes this year due to the current market conditions, but five homes listed between $600, 000 to $1 million should still be a pretty interesting show and the homes are certain to be full of fantastic amenities like granite kitchens, terrific finished lower levels and the finest in outdoor living spaces.

You can read the Cincinnati Enquirer article about Home-A-Rama that ran in today’s paper here.

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

 Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester, OH Real Estate: Why Use A Realtor?

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A Realtor can be an invaluable tool when buying or selling real estate

An often asked question is: Should I use a Realtor or not?  People often underestimate Realtors and their importance in a real estate transaction.  On both sides of a sale the right real estate professional can be an invaluable asset, helping to keep deals together and run more smoothly.

For sellers Realtors are valuable in a number of ways.  Realtors know the local market and how to evaluate the price your home should be listed for sale at and also can provide an estimate of what it will sell for.  A real estate professional will advertise, market and expose your home to other real estate professionals as well as the community at large, not to mention the large customer base that they may already have.  A Realtor can help you prepare your home for sale in today’s real estate market.  Realtors are indispensable when it comes to negotiating contracts and inspection issues as well as making sure each step is carried out to the seller’s best interest.

For buyers a real estate broker can be an incredibly helpful tool when looking for real estate.  The right Realtor knows his local West Chester, Beckett Ridge and Liberty Township, Ohio real estate market. He knows what is available and knows the community, its amenities and all that it has to offer.  The right Realtor will prepare a Comparative Market Analysis (CMA) of the home an offer is being prepared on and will write a contract for the benefit of the buyer when the buyer has found this ideal property. The right Realtor can make recommendations on financing and will help the buyer follow through with each step until closing.

In a nutshell, the right Realtor is incredibly helpful in diminishing the stresses involved with buying and/or selling real estate.  Contact an experienced Realtor in the area you are thinking of buying or selling property in today. Please let me know if I can assist you.

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

 Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

8116 Lesourdsville West Chester Road, West Chester, Ohio 45069

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New Listing On LowryTeam.com…

 

 
8116 Lesourdsville West Chester Road, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$205,000  – Four Bedrooms – Two Full Baths, One Half Bath

This Is A Beautiful Two Story Home In West Chester, Ohio:

  • Perfect For The 1st Time Homebuyer! 
  • Take Advantage Of The $8000 Tax Credit
  • Bright, Open Floor Plan
  • Warm, Inviting Family Room w/ Fireplace 
  • Island Kitchen w/ Breakfast Bay, Pantry & Planning Desk
  • Formal Living & Dining Rooms
  • Large Master w/ Adjoining Garden Bath
  • Three Full Baths On The Second Floor 
  • First Floor Laundry
  • Terrific Fenced Rear Yard
  • Covered Rear Deck + A Patio, Perfect For Entertaining 
  • Two Car Garage
  • One Year Home Warranty
  • Close To Schools, Shopping, Dining & Expressways

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

 Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester, Ohio Real Estate: Certified Distressed Property Expert

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ERIC LOWRY EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

 

Eric Lowry of Keller Williams Realty, West Chester, Ohio has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Cincinnati, Ohio area, an increasing number of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Eric Lowry. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Eric with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.