It also reiterated plans to support the mortgage market to the tune of $1.5 trillion.

In its press release, the FOMC noted that the U.S. economy is “picking up following its severe downturn” and that financial markets have “improved further”.

It’s the second consecutive post-FOMC statement in which the Fed appears somewhat optimistic — a signal that the recession will end soon, or has already ended.

That said, the economy still has some soft spots and the Fed made a point to single them out.  Each poses a distinct threat to economic recovery.

1. Ongoing job losses
2. Sluggish income growth
3. Tight credit conditions

Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to honor its $1.25 trillion commitment to the mortgage bond market.

However, the FOMC changed its timeframe on the mortgage-backed bond buys, extending its deadline to March 2010.  This move should help the Fed keep mortgage rates in the Dayton, Ohio area from rising too high as the economic expansion takes hold.

Market reaction to the Fed’s press release is positive.  After an early day sell-off that drove rates higher by about a quarter-percent, most of the pressure is easing.  Pricing is worse on the day overall, but well off its lows.

The FOMC’s next scheduled meeting is November 3-4, 2009.

Mortgage rates in Dayton and the nation are on the move…

Since Memorial Day, conforming mortgage rates have jumped by more than 1.125 percent, adding thousands of dollars to the annual cost of home buying a home in Dayton or any of the surrounding areas.  That is really not what we need in today’s challenging market.

To the casual observer, the moves may seem random or just more of the up and down we may have come to expect.  There’s a reason this is happening, however.

• It starts with inflation.
• As an economic force, inflation erodes the value of the U.S. Dollar.  Left unchecked, it drives up the Cost of Living as each dollar “buys less” at the supermarket, gas station, or anywhere else.
• But with respect to mortgage rates and what you will have to pay when you buy a home in the Dayton Ohio area, inflation’s impact is more immediate.  Because inflation devalues the dollar over the long-term, it renders long-term mortgage bonds a less attractive investment for traders.
• If bond investors are repaid in U.S. Dollars, after all, it would make the investment worth less if the dollar is in an inflationary free fall.
• Stay with me here… I know it is boring but if you are thinking of buying a home in Dayton or even selling a home in Dayton Ohio metro area this is stuff that impacts what you can afford to buy and or what your home may be worth…
• Therefore, in situations when inflation is likely to present, we find that traders often sell out of their mortgage bond positions which, in turn, drives down the bond prices.  Then, because bond yields move in the opposite direction of bond prices, rising rates are the inevitable result.

Lately, Wall Street is fearing inflation for a number of reasons:

1. Job losses are slowing, adding to consumer spending expectations
2. Gas prices have risen 41 days in a row
3. The federal government is increasing the money supply

These 3 factors — plus a few others — are all coming to a head around the same time and traders are getting defensive with their portfolios.  As a result, they’re selling their mortgage bond positions and it’s driving mortgage rates higher for Dayton, Ohio home buyers.

Rates may continue to trek toward 7 percent through July and August, or they may retreat toward 5 percent.  We can’t know for sure.  What we can know, though, is that volatility in rates should continue until the economic picture gets more clear. That could be next week, or next year.

For now, be ready to lock at a moment’s notice.  Mortgage rates are changing quickly.

So, if your loan officer says you may want to lock… consider the risks of not doing just that…

Ask Questions only a Cincinnati Short Sale Expert would know…

• How many short sale transactions do they handle a month?
  • The answer should be that they are working with several short sale transactions EACH month.  NOT that they did one or two last year, etc. 
• How long have they been working with clients in Foreclosure and handling short sales?
  • Hint: you don’t want to be the one the “learn” on.  If they have only been doing short sales for a few months or did some a few years ago they will just not have the contacts and experience necessary to help you as best possible.  Watch out for short sale scams…
• Can they explain the process and how their expertise successfully completes Cincinnati short sale transactions?
  • What training do they have?
  • What contacts and “back door” tools do they have and use?
  • What do they do to stand out from the literally thousands of other short sale packages?
• Do they submit a short sale package specific to a Cincinnati Ohio Short Sale?
  • Are they even from Ohio?
  • Can the tell you in DETAIL what goes into their package and how it will stand out from all the other Cincinnati Ohio short sale packages or even worse from all the other short sale packages all together?
• What training and experience do they have in COMPLETING Cincinnati area short sales? 
  • Are they a Certified Distressed Property Expert?  The gold standard in short sale training…
  • Any other designations or training?  I have 3 short sale designations and hours and hours of experience and additional training… they should too.
  • Have they or do they work with a coach / trainer to help them with staying on top of the ever changing short sale environment?
    • I have worked with several different coaches / trainers for the last 2 years to ensure we are on the cutting edge in terms of client service.
• Can they give you OTHER options to avoid foreclosure?  OR, is a Cincinnati Short Sale their ONLY recommendation to you?
  • Often a Cincinnati Short Sale is the best options… sometimes it is not.  You deserve to know and understand ALL the foreclosure avoidance options.
  • You MUST understand the options and pros and cons of each option. 
  • There is NO one perfect option for stopping foreclosure.  You are really picking the best of all the bad choices.
• Do they have a support team that works FOR them… not the front desk person or their inspector, etc. 
  • Cincinnati Short Sales, all really not just Cincinnati short Sale this post is just about Cincinnati…are just to difficult to handle effectively with just one person.  There is just too much to do if they are doing any volume of real estate business at all. 
  • Find someone that has the support staff to manage and SERVE you as you deserve.
• Will they even handle your Cincinnati Short Sale?
  • Often I am seeing Cincinnati short sale “experts” that farm out your transaction to outside companies that are out of state and as a whole have a very hit and miss record of performance.
  • The idea goes that they are experts and can better serve you.  The reality is that they pick the “easy” deals and leave the rest… They make enough money off the easy ones…
  • Will your home be the one to avoid foreclosure?  Or, will yours be a “hard” one that just adds to the number of Cincinnati Ohio foreclosures? 
  • Don’t leave your future to be outsourced…
• What literature, brochures, reports or books can they give you?
  • I offer many reports and actually co authored a book on the topic of short sales.

  • Can they give you anything?

This sounds like just bragging?  Why do I consider myself a Cincinnati area Short Sale expert?

This is sad but true, so many agents are now calling themselves Cincinnati Short Sale experts and they just simply are not.  They have little or no experience, little or no training, no support staff… really just looking to make a buck.  I have made it the mission of my real estate team to find and help as many Cincinnati area home owners that are in distress / foreclosure and offer our help as we can.  The Cincinnati area real estate market is really hurting and we want and need to do our part to help as many people as possible.  Please don’t fall for someone that just does not have the tools, training and experience necessary to really help you. 

I know, as you can tell from this web site…. My primary market area is Dayton.  Realize that I can be in most parts of the greater Cincinnati are in 20-45 minutes of leaving my office.  It is MUCH more important that you have a true professional working for you in a short sale transaction than it is how close the office is to your house.  I lived and worked in greater Cincinnati for years and know the area… more importantly I know how to save your house from foreclosure!

Call 513-235-9261 or 888-283-2648 with any questions or to set an appointment to discuss your options.

There are so many home owners in financial distress in the Dayton and surrounding areas that it is just sad that this is even a problem…  Unfortunately as a short sale expert I have to see the effects of what being mislead can do to a seller in foreclosure.

What is a Short Sale Scam?

There are really two kinds of short sale scams in my opinion…

1. Short sale scams where the person taking advantage knows they are harming the home owner in distress or foreclosure.
2. Short sale scams where the person, usually a Realtor or real estate agent that is just in over their head.  They just don’t understand all that is involved in successfully completing a short sale transaction and all the steps necessary to get the bank/lender approval.
3. OK, I guess there are three kinds… short sale scam #3  The real estate agent (usually) has some experience and may be able to “fumble” their way through some short sale transactions but just don’t know enough to know when they are over their head OR even worse they KNOW but don’t tell the seller that they are in a short sale transaction that is beyond their expertise…

OK, Short Sale Scam #1

This can be the most harmful situation of all… taken to the extreme the home seller is cheated out of even more money and the home still ends up in foreclosure.  They home owner things they are paying to stop foreclosure and may just be being taken.   What are some of the scams I see…

• The pay up front and we will stop foreclosure scam.
• We have a lawyer and they can find a “problem” with the mortgage and get you out of this… just pay us now…
• We will take over your payments you just pay us rent… then they never pay anything…
• Sign over the deed to your property and we will negotiate with the bank… they have to have title if they are going to do all that work you know… yea right!  Well they don’t do anything and now the home owner is no longer the LEGAL owner… they can not do anything to stop the foreclosure and even if they do they don’t own the house any longer…
• There can be so many other scams… ASK A LOT OF QUESTIONS!!!

Short Sale Scam #2

This is one of the most frustrating for me as true real estate professional and someone that takes my profession and the necessary education very seriously.  I have spent thousands of dollars and weeks of time in education classes making sure I and my team have the knowledge necessary to take good care of our clients.

What happens when an agent tells a home owner in distress or foreclosure they can help when they really don’t know what they are doing it not only giving them false hope but they are also violating the Realtor code of ethics, if they are a Realtor.  The code of ethics says they we are Realtors should not practice in an area beyond our expertise.  Just as I will not sell a 40 story office building (while legally I am licensed to do so) they should not be doing short sales until they get the necessary training.  And, NO that does not mean taking a 3 hour class in their office or that they “did one” 3, 4 or 20 years ago… Things today are so dramatically different then they were even 3-4 years ago.  The mortgage crisis has banks utterly buried under mounds of short sale files…

Short Sale Scam #3

This is slightly different that #2 in that they may actually be able to handle some of the easier transactions.  Not that there are really ANY EASY transactions when it comes to short sales… but maybe then can do it if they only have a few listings and a lot of time to make mistakes.  This is not the agent I would want handling my serious financial problems.   Worse yet, since they “don’t know what they don’t know” they won’t really even know when they are in over their heads… What will they do with an FHA loan, what if the appraisal or BPO come in too high or too low… how about seller counseling?  Need to get a variance?  Can the buyer ask for closing costs, repairs, home warranty etc?  Do they have contact at banks and other institutions they can fall back on to answer questions and overcome problems???

How to avoid a Short Sale Scam…

My best advice is to call me directly or submit a form here on our site… If you are in the greater Dayton or Cincinnati area we may be able to help you directly.  If you are beyond our service area we will help locate a certified professional that can help you.

• The most impressive, ethical and through training would be the Certified Distressed Property Expert (CDPE).  Ask the person you are talking with if they have the certification.
• Ask them LOTS of questions…
• Ask them how may SHORT SALES they have CLOSED in the last 6 month.  Hint… if that number is 1 or 2 … keep looking.  A real specialist will be closing that many each month…
• Ask for references.
• Ask them what SPECIAL short sale specific forms they have had their attorney prepare to protect you and them as the process move along.
• Do they have a team to assist them?  If they work alone they will just not have the time to do all that is necessary to complete a short sale.

I hope this helps, please call me with any questions.

Dayton, Ohio real estate can be a great buy…

If you are looking to buy a home in the greater Dayton Ohio area then buying a HUD home or foreclosure may be something you want to consider.  This is not something that you should do without thinking it through before you buy however.  Buying a HUD home or foreclosure is not something that you should just wake up on day and say I’m going to buy a HUD home or foreclosure in the Dayton area today… Buying a foreclosure or HUD house is different than buying a “regular” home…

Pro’s of buying a HUD house or Bank owned / REO in the Dayton area.

• You can save money on the purchase price.
• Wait… I’m still thinking….
• Yea… guess that’s about it???

Con’s of buying a HUD house in the Dayton area.

• Most likely the house will need some work and repair before you will want to move in.
• The process is more complicated and confusing then a “regular” deal…

• You may have to pay to have the house de-winterize and re-winterized to do inspections.

• You may have to get the utilities turned on at your expense to do inspections.  Generally HUD will not make repairs that are discovered by your inspections.
• There can be title issues that will delay closing.

So, should you buy a HUD house in the Dayton area at all?

Well, I think you should consider buying a HUD house or foreclosure if you are looking to buy a house in the Dayton area.  They can be a great deal.  What we tell our clients is that when dealing with HUD and bank owned/REO/foreclosures is that they are most likely going to get a deal… with that deal comes headache…  The bank or the government does NOT care about your deadlines… They will however penalize you if you miss one of their deadlines…

So, yes buy one but go into it with YOUR eyes open… understand that with a “deal” comes some trouble too.

Good luck and remember we are certified experts in dealing with HUD and bank owned homes or REO.  Please feel free to call us for help.  We are happy to work with you.

Nice Kettering, Ohio home for sale.   Features include a gas fireplace, skylights, and cathedral ceilings. The kitchen offers a stove, dishwasher, and garbage disposal. In the master bedroom you will find a sitting area and walk-in closet.  Situated on a cul-de-sac call now… great deal…

Are you interested in this Kettering Ohio HUD home home or other foreclosed homes?  We would love to help you bid on this Kettering HUD home, other REO properties or foreclosed homes.  If you would like to see more information on this Kettering HUD home follow this link.  Kettering HUD home

1568 DODDINGTON RD, DAYTON OH 45409 (MONTGOMERY county)
Price:	$140,000
Appraisal Date:	12/04/08
Bed/Bath:	3/1.5
Rooms:	7
Units:	1
Sqft:	1,360
Year:	2002
Type:	Detached
FHA Financing:	Insured with Repair Escrow (IE)
203K Eligible:	Yes

Kettering HUD home

]]> http://daytonohiorealestateandmortgages.com/2009/01/02/kettering-hud-owned-home-great-deal/feed/ 0 http://daytonohiorealestateandmortgages.com/2008/08/18/dayton-ohio-homes-for-sale-what-about-a-foreclosure/ http://daytonohiorealestateandmortgages.com/2008/08/18/dayton-ohio-homes-for-sale-what-about-a-foreclosure/#comments Tue, 19 Aug 2008 07:54:44 +0000 markryan http://daytonohiorealestateandmortgages.realestatetomato.com/2008/08/18/dayton-ohio-homes-for-sale-what-about-a-foreclosure/ Not all Dayton Ohio Real Estate Buyers want a Foreclosure

Real Estate research is in…

Trulia.com recently released s survey showing that most Americans are uncomfortable with the idea of buying a foreclosed house. Research showed that:

• About half of the home buyers would consider buying a foreclosure home.
• Of those 2/3 of them conceded that there were “negative aspects” related in a foreclosure purchase.
• Concerns of Dayton Ohio real estate home buyers could include: hidden costs, possibility the value with decline and others.

What else could this survey tell us about Dayton Ohio real estate home buyers? 

• Men are more likely to buy a foreclosure than women (57% vs. 51%)
• Young buyers (18-34) looking at Dayton Ohio homes for sale are more likely to buy a foreclosure home than older adults 55 and older (69% vs. 32%)
• 20% of the home buyers surveyed said that having a personal connection to the previous home owners of the foreclosure home would be a negative aspect.

Foreclosure vs. Short Sale… pros/cons?

So if you are searching for Dayton Ohio homes for sale and may want to consider a foreclosure home you should consider a short sale.  Short sales are also know as pre foreclosure homes.  That is exactly what they are… pre foreclosure.  When you buy Dayton Ohio real estate that is a short sale you get the home BEFORE the bank.  You get a deal and the home owner avoids foreclosure.  You also avoid many of the bad points to buying a foreclosure stated above. 

Think you may want to search Dayton homes for sale looking for a short sale?  If so, you need a Dayton Ohio real estate EXPERT that really understands short sales.  There are many unusual steps in the process of buying a short sale.  Not all Dayton Ohio real estate transactions are the same that is for sure… and short sales are certainly one of the exceptions.

Contact us now if you have questions on the process or also check out Dayton Ohio real estate short sale experts

About the new Dayton Ohio Real Estate Community

• Washington Township location
• Centerville School System
• 277 home sites
• Over 30 acres of green space and lakes
• Community center with open air clubhouse, pool, kiddie pool and more.
• Hiker/Biker trails connect neighborhoods.
• Outstanding landscaping, tree lined streets, themed by neighborhood section, vintage lighting for streets

Want more spceific neighborhood info or just have questions?

Who are the builders for Trails of Saddle Creek?

• R.A. Rhoads Custom Homes
• Zicka Walker Homes
• M.J. Coates Homes
• Traditional Custom Home Builders
• Tera Builders
• Homes by Bill Simms
• Tom Peebles Builders
• Dungan-Dunnington Custom Home

Want more info on area home builders?  Feel free to contact us and we will be happy to discuss building a new home and go over the builder options and the whole process with you.  At no cost to you at all…  Also consider visiting http://www.newhomesofdayton.com/ for the Dayton area home builders association.

Trails of Saddle Creek Neighborhoods/Sections

• The Ridings: Manor Homes priced from $750,000 to $2,000,000
• The Trails:  Estate Homes priced from $500,000 to $800,000
• The Paddocks:  Club homes priced from $500,000 to $800,000
• The Carriages:  Villa Homes priced from $350,000 to $600,000

General Dayton Ohio Real Estate Needs?

I really love the Trails of Saddle Creek for it’s beautiful home sites, quality builders, great location and more.  But, I know it is not right for everyone or you may just want to get general information on Centerville Homes for sale, Washington Twp / Centerville Ohio real estate, School info, anything…  We have an extensive relocation package that we are happy to offer home buyers looking to move into the Greater Dayton Ohio Real Estate market.  We can offer the items listed below, as well as, just about anyting you could want or need.  We are here as your personal Dayton Ohio Real Estate Consigier.

• Centerville Ohio School reports, or any Dayton area school system.
• Centerville Ohio real estate / community information.
• Ability to compare area communities.
• Specific neighborhood “snapshots” with market trends, pricing, etc.
• Area maps.
• Builder information.
• New construction community information.
• Customizable home search tools that YOU can control.  Start your Dayton Ohio Real Estate home search now…
• Crime statistics.
• Economic, education and other demographic information.

This is just a sample of some of the free information we are happy to provide to you as not cost or obligation.  We know from experience that once home buyers begin working with the Mark Ryan Group… they simply LOVE us.  We are here to by your Dayton Ohio Real Estate Experts.

I often get question on Dayton Ohio real estate related topics and from time to time I like to answer them here.  This helps buyers of Dayton Ohio homes for sale or owners attempting to sell Dayton Ohio real estate advice. 

So, what is a Dayton Ohio Real Estate FIXTURE… that is the question.

• We had a purchase agreement signed on a home and later found out that
  the basketball goal on the driveway was not included as it was not
  listed. I had assumed that since the basketball post was bolted to the
  base plate and foundation, there was no question about it not being a
  part of the house. What is the answer?

So, lets set the stage here..

So, which of these to basketball hoops stay with the Dayton OH homes for sale?  Answer… the one on the left does NOT stay and the one on the right does.  Maybe NOT exactly for the reason you think… The one on the left goes because it is portable, unless the real estate contract says it stays.  The one on the right stays since it is attached to the ground….  Why else??? 

Well you see if something basically becomes a part of the Dayton Ohio  real estate it is a fixture and stays.  Check out the photo… notice that the ground has been turned into a basketball court and would not make any since without the hoop… so even if you had the portable hoop from the left there it would be a Fixture.  So when you are shopping Dayton Ohio homes for sale keep this in mind.

Here can be one rule of thumb…

If is is nailed down it stays… So DON’T do this…