More than 10 million households in the U.S. have underwater mortgages – that is, homes that are worth less in value that the mortgage payer owes. These homeowners often cannot take advantage of lower rates on loans or refinancing deals and their homes are likely to go into foreclosure if the mortgages aren’t kept up. In most instance homeowners are turning to the banks for help in the form of Loan Modification or Short Sales, that is asking the banks to allow the homes to be sold requiring the banks to accept a reduced pay off. Some critics say it’s morally reprehensible to walk away from the mortgage and that it’s breaking a contract and failing to live up to your responsibilities. Others say, it’s their right under the terms of their mortgage. The fact of the matter is this is never a simple calculation and in all instances alternatives to foreclosure should be explored.

That said there are in fact three groups involved here, there are those who wish to keep their homes and simply can not afford the home under the current terms however, these individuals could afford the home if the loan term were to be extended out, or their interest rates were reduced and thus their payments were reduced by a couple of hundred dollars per month. The second group are those who truly can not afford their mortgage due to a financial hardship such as; a job loss, business failure, medical (health problems) etc. and for these individuals it’s just a matter of finding an early solution to getting the home sold while doing the least damage to their credit, in almost all instances the best option for these owners is a short sale. The final group are those individuals who have good income and can in fact afford to pay their mortgage but now see their house as a bad investment and a losing bet. These individuals think that if they have to pay off their mortgage, they’re going to pay far more than the house is ever going to be worth and for them, this is really a dilemma.

Consequenses of walking away from a mortgage?

Most homeowners, or homeowners as a group, don’t walk away… that is they don’t strategically default. Yet the fact is millions of Americans who are underwater, would in fact be financially better off if they did walk away, just like Morgan Stanley recently walked away from five properties in San Francisco, five buildings which were underwater. Morgan Stanley just gave the properties back to the bank.  They don’t so because of anticipatory shame and guilt and beecause of an exaggerative fear about the consequences of waking away from a mortgage.

These emotions of fear and shame and guilt are cultivated by the government, by the financial industry and, to some extent, the media. And they do this by cultivating a double standard, a standard in which Americans, average Americans are told to have a moral obligation to pay their mortgage and to meet their financial obligations, whereas corporations freely and frequently default when it’s in their financial best interest to do so.

And, in fact, these groups would be obligated to protect the interest of their shareholders and walk away from an underwater mortgage if it was a financially wise decision. My argument is that this norm asymmetry, the difference in norms between average Americans and banks leads to distributional inequalities whereby average Americans are bearing a disproportionate burden from the housing collapse.

If you divorce the decision from guilt and shame and make it purely a financial one. What homeowners need to understand is that a contract is not a moral document, it’s a legal document. And the law does not provide for punitive damages, for breach of a contract because it’s not considered to be a moral wrong.

In fact, the law encourages the efficient breach of contract… meaning people should default on a contract when it is in their economic interest to do so. And because sophisticated parties understand this, they generally decide in advance for the consequences for a default on a contract or breach of a contract. In the case of a mortgage contract, the bank is the sophisticated party, and the bank puts in the penalty. That penalty is if you default, then the bank gets the house back and that’s actually the agreement. And so, a homeowner who lets go of their house and gives it back to the bank is honoring the contract and is, in fact, doing nothing immoral. The contract provides the option for default and in fact, in a non-recourse state, the bank cannot come after an individual for deficiency judgment and their only recourse is to take back the property. For those states that are recourse states, the right to pursue homeowners for a deficiency judgment can in fact be waived as part of the short sale negotiations.

The banks consider this risk of default every time a mortgage application is taken, and they factor this risk into your loan and the rate they charge you for that loan.  As such, we tell people you have a contract, the contract gives you a right to walk away and you paid for that right to walk away by paying more money at closing.

How will my credit be affected?

The financial industry benefits from an exaggerated fear about credit scores and they are highly effective in their efforts to hold most Americans hostage using this tool. You hear language like - ”it’s going to destroy your credit”, “you won’t be able to get a loan” for this or a loan for that. The fact is, foreclosure will destroy your credit, however, alternatives to foreclosure such as loan modifications and short sales will only temporarily damage your credit and assuming an individual has otherwise good credit and continues to make payments on other loan obligations, their score can recover in as little as two to three years.

The homeowner has to be willing to miss at least two payments for the most part before the banks will agree to consider a loan modification (under new guidelines this is no longer the case for FHA Loan Modification requests) or a short sale, but again these options will have significantly less impact on a homeowner’s credit.

A short sale is not reported on your credit as a foreclosure, and rather is recorded as missed payments until the sale is executed at which point it will be reported a paid or settled.

If you are currently employed employers have the right, and are actively checking the credit regularly of all employees who serve a role in sensitive positions. In many cases a foreclosure is grounds for immediate reassignment or termination. Since a short sale is not reported on a credit report it is as a result not a challenge to employment. In the case of future employment many employers are requiring credit checks on all job applicants.  In most cases a foreclosure will challenge employment and is one of the most detrimental credit items an applicant can have.  As stated above because a short sale is not reported on a credit report it is not a challenge to employment.

Other factors to consider

The period for eligibility of a future loan differ greatly between a homeowner who loses a home to foreclosure and a homeowner who successfully negotiates and closes a short sale.

Effective May 21, 2008 the homeowner of a primary residence who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.  With a successfully negotiated and closed short sale a homeowner will be eligible for a Fannie Mae backed mortgage after only 2 years.  In a non-primary residence an investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.  In a successfully negotiated and closed short sale an investor will be eligible for a Fannie Mae backed investment after only 2 years.

Eligibility for a future loan with any mortgage company for a homeowner who loses a home to foreclosure will affect their future rates and will require the prospective borrower to answer YES to question C in Section VII of the stand 1003 application that asks “Have you had property foreclosed upon or given title or deed in lie thereof in the last 7 years?”   There is no similar question or declaration regarding a short sale. 

Almost any option is better than foreclosure

Simply stated, do everything you can before foreclosure occurs and do it as quickly as possible! Don’t sit back and keep thinking, “What can I do?” Instead, contact a specialist, that is a real estate agent who specializes in this arena before your options become more limited. Again, don’t just get any real estate agent to help you! You need an agent with significant short sale experience and one who is well versed and active in this market. They will know who to talk to, when to talk to them, and how to handle all the paperwork to get the deal done! They will help relieve some of the stress you’re going through and will explain the full range of solutions that are available. If you’re looking for a specialist in Columbus, Ohio please call me today for a confidential consultation. 

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

In addition, many real estate agents have little if any experience with these types of transactions and attempt to discourage their clients from considering these types of properties suggesting that they are not as deeply discounted as they may have heard, they can take months and months to close, or that they are typically in a state of disrepair and require significant improvements and carry additional expenses. This simply isn’t true and in fact most of these properties sell at discounts of 20% or more! While many foreclosed properties lack appliances and may require cosmetic improvements, there are loan products such as FHA’s 203K loans which allow buyers to include these costs in their mortgage. The banks are closing these transactions much more quickly these days and while it often took as long as 4 months to close a transaction, they can now be closed in as little as 60-90 days. The simple fact is these transaction are more labor intensive for the realtor and in most instances the banks offer reduced commissions on them, which means more work for less pay to the agent but also an opportunity for the agent to get their client an outstanding deal! 

 If you’re a buyer, or an investor, interested in purchasing short sale or foreclosure properties, please give us a call or send us an email as we’d be happy to assist you by sending over a an inventory of properties matching your criteria.

How to Set a List Price for Your Home

Setting the list price for your home involves evaluating your home as well as various market conditions and financial factors. During this phase of the home selling process, your Realtor will help you set your list price based on:

• pricing considerations
• comparable sales
• condition of your home  
• market conditions
• offering incentives

Pricing Considerations – Find a Balance Between Too High and Too Low

Buyer’s shop by comparison, they preview homes in the areas they are looking and the price range they can afford. Buyers typically base their selection of a home on what’s most appealing to their personal tastes but also what they feel is the best value based on all of the homes they’ve seen. So it’s important to consider this when setting a list price for your home. Please consider these additional pricing factors:

If you set the price too high, your house won’t be selected for showing. Even though yours may be much nicer,it needs to be priced appropriately and in comparison to other homes in the neighborhood. And while you may have told your Realtor ”Bring me any and all offers. As frankly, I’d take less.” What buyers and their agents see is a home that simply appears overpriced in comparison to other homes in the community, and too expensive to be considered.

If you price too low, you’ll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say “asking price”, which implies you’re willing to accept less and frankly don’t expect to get it. Instead confidently inform interested parties that your home is “priced at” whatever figure you and your agent come up with.

Price Against Comparable Sales in Your Neighborhood and Community

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.

Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your Realtor can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. Of course ultimately the decision about how much to ask, is always your own.

Competitive Market Analysis (CMA): The list of comparable sales your Realtor provides to you, along with data about other houses in your neighborhood that are presently on the market is used for a “Comparative Market Analysis” (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that are presently on the market as well as those which failed to sell in the past few months, along with their list prices.

A CMA differs from a formal appraisal in several ways. One significant difference is that an appraisal will be based only on past sales and will not take into account those homes currently listed, that is your competition. Also, an appraisal is done for a fee while the CMA is provided by your Realtor and will typically include properties currently listed for sale as well as those currently pending sale. For the average home sale, a CMA is all the information you’ll need to help you set a proper price.

Formal Written Appraisal: A formal written appraisal (which may cost a few hundred dollars) can be useful if; you have unique property, there hasn’t been much activity in your area recently, co-owners disagree about price, or there is/ are other circumstances that make it difficult to put a value on your home.

TIP: If you do order a market value appraisal, make it clear you don’t need an elaborate, or full narrative report, i.e., the kind that’s complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.

Market Conditions – Is it a Buyer’s Market or a Seller’s Market?

A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.

Your Realtor can tell you whether your area is currently in a buyer’s market or a seller’s market. In a seller’s market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer’s market, if you really need to sell promptly, offer an attractive bargain price.

If You Price High, Set a Schedule for Lowering the Price

Some sellers list at the rock-bottom price they’d really take, because they hate bargaining. Others add on thousands to the estimated market value “just to see what happens.” Our group does not recommend the latter strategy as the price at which a home eventually sells is inversely correlated to it’s time on the market and thus it is best that the home be priced appropriately from the start. Furthermore, homes typically receive the highest levels of traffic in the first 30 days they are listed and thus if the home is initially over priced you are missing out on the best opportunity to sell your home! However, if you want to try this strategy, have the luxury of time to feel out the market and are willing to take the risk, sit down with your Realtor and work out an advance schedule for lowering the price if need be.

If there haven’t been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn’t bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you’re tempted to dig your heels in.

Offering Incentives to Hasten a Sale

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be “cash poor.” You may offer to pay some or all of a buyer’s closing costs and discount points required by the buyer’s lending institution.

If you haven’t had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be “to the broker who brings a successful offer before Christmas.”

Estimating Net Proceeds

Once you’ve been given an estimate of market value by your Realtor, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.

To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.

Seller’s Costs: Subtract the following costs as applicable.

• payoff figure on your present loan(s)
• broker’s commission
• prepayment penalty on your mortgage
• attorney’s fees
• unpaid property taxes

Buyer’s/Seller’s Costs: Additionally, your Realtor can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.

• title insurance premium
• transfer taxes
• survey fees
• inspections and repairs for termites, etc.
• recording fees
• Homeowner Association transfer fees and document preparation
• home protection plan
• natural hazard disclosure report

Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your Realtor will assist you in estimating what your final closing costs will be.

How to Choose a Home

Searching for the perfect home can be overwhelming. To avoid wasting time looking at homes that aren’t right for your family, first set aside time to prepare a “wish list”. You’ll want to determine what you want and need in a home and categorize these items accordingly so your agent can focus on what’s most important to you. If you and your real estate agent have a clear idea of what you’re looking for, you’ll spend a lot less time visiting houses that don’t appeal to you.

When narrowing down your home search, consider the following:

• know what types of home you want to buy
• determine what age and condition of the house you want to buy
• consider resale potential
• use a features wish list to keep focused
• use a home search comparison chart to keep organized
• act decisively when you find the right home

Determine What Type of Home You Want to Buy

There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops.

Single-family homes: One home per lot.

Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they’ll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.

Condominiums: With a condo, you own “from the plaster in.” You also own a certain percentage of the “common areas” – staircases, sidewalks, roofs, etc. Monthly charges, also known as “Condo Dues” pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development. See our blog on condo vs. home for more information on this topic.

Co-ops: Though rare to Columbus, in some cities such as New York and Chicago, cooperative apartments are common. With co-ops, you purchase shares in a corporation that owns the entire building, and you receive a lease to your own unit. A board of directors, comprised of owners and elected by owners, supervises the building management. Monthly charges include your share of an overall mortgage on the building.

Decide What Age and Condition of Home You Want to Purchase

Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a “fixer-upper” that requires some work.

Consider Resale Potential

As you look at homes, you may want to keep in mind these resale considerations.

• One-bedroom condos are much more difficult to resell than units offerings two or more bedrooms.
• Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
• Homes with “curb appeal,” i.e. well-maintained, attractive and with a charming appearance from the street, are the easiest to resell.
• It’s usually not a good idea to buy the most expensive home in the neighborhood or an unusual home as these are often difficult to resell and thus do not represent good investments.
• Use a Features Wish List to Keep Your Search Focused

Use a Features Wish List to Keep Your Search Focused 

Make a features wish list to clarify which features are most and least important to you when looking for a home. Using this features wish list will keep your house hunt focused and effective.

Act Decisively When You Find the Right Home

Before you begin the home buying process, resolve to act promptly when you do find the right house. Every REALTOR® has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then decided to sleep on it, only to find someone else came in that evening with an offer that was accepted.

Resolve that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or underpriced.

Suppose you bought a house and later discovered, to your dismay, that the stucco exterior concealed a nasty case of dry rot. Or suppose that when you fired up the furnace in the winter, you discovered a cracked heat exchanger leaking gas into your home. The best way to avoid unpleasant surprises like these is to arrange for a home inspection before you buy.

You need to understand defects and disclosures before you evaluate the physical condition of the home you want to buy and decide how much you want to pay for it.

Defects

Pre-purchase home inspections target two kinds of defects: the kind you can see (a patent defect) and the kind you can’t see (a latent defect).

Patent defects are easy to spot: for example, water stains, ceiling cracks, sticky windows or sagging floors are patent defects. Latent defects are more elusive because they may be hidden: for example, faulty plumbing, asbestos ceilings or dry rot.

Some defects are trivial; others are more serious. An inspection can help you decide whether you need to act on the defects you find. Whether you are a buyer or seller, you’ll want to be sure to work out how all defects will be repaired or paid for during contract negotiations.

Disclosure

Disclosure is when a seller or real estate agent reveals a material fact about the physical condition of a property to a buyer.

A material fact is any information that can affect the price of the home or a buyer’s decision to purchase it at all, such as spring flooding in the basement or a highway project that will cut through the neighborhood.

Ohio Disclosure laws require a mandatory seller disclosure in the form of a questionnaire, Sellers can be held legally responsible for withholding information and not disclosing problems they are aware.

Finding an Inspector

Your real estate agent can recommend an experienced home inspector. We suggest that buyers choose an inspector who can provide proof of membership in the American Society of Home Inspectors (ASHI). While home inspection is fairly unregulated in most states, ASHI-certified inspectors meet stringent requirements and abide by a strong Code of Ethics.

Types of Inspection

A standard pre-purchase inspection covers a home’s major mechanical systems—electrical, plumbing, heating, and cooling—and its construction from roof to foundation, exterior to interior. Overall inspections do not cover soil, pools, wells, septic systems, building code violations or environmental hazards such as lead.

If you are a buyer, include an inspection contingency in your purchase contract; it should allow you up to two weeks to conduct an overall inspection plus any specialized inspections you (or your lender) require. Most inspections cost several hundred dollars. Specialized inspections usually involve an expert and can cost more. Remember, repairs or remedies are negotiable; they also can derail a deal.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

1. Price (or is it price range?) rules all In most cases, the reason a property doesn’t sell is the price. The ‘Right Price’ depends on market conditions, competition and the condition of your home. If your home doesn’t compare favorably with others in the price range you’ve set, it will not sell.You’ll get the facts when you see the statistics! To help you establish a realistic selling price for your home, ask your Realtor to provide an up-to-date competitive market analysis to give you: a review of comparable homes recently sold as well as those currently available for sale. Sold homes represent what homes are currently selling for while active listings represent your competition.

Here is the simple truth about pricing a home:

1. You must price it based on the current market.

2. You must effectively market and expose the home.

3. If it is priced right, it will sell. If it is priced to high, it won’t.

All else is commentary. The simple fact is the market is always right! If you attempt to argue with the market, the market will always win! If a home has been on the market, and it has been effectively marketed but has not sold, it is overpriced.

Pricing Luxury Homes - In today’s luxury real estate market, you can be priced perfectly, but if you’re in the wrong price range your property won’t sell. In other words, your property can be in perfect condition and in perfect alignment with the comparable sales and it can still sit on the market for months. The reason? The credit crunch.

The first-time-buyer market has been flourishing, largely due to the first-time-buyer tax credit of $8,000. Homes that require financing over and above the “conforming loan limits,” however, are languishing on the market. A conforming loan meets the guidelines to be purchased and securitized by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corp. (Freddie Mac).

Conforming loan guidelines include a maximum loan amount determined by geographical region as well as the requirements to meet certain down payment, credit and debt-to-income requirements.

If your property is too expensive to fit into the conforming loan category and you have a considerable amount of equity in your home, some sellers have been able to sell by carrying some, or all of the buyer’s financing. In fact, 35 percent of the properties in the U.S. are free and clear.

In most areas, the maximum amount that you can obtain for a conforming loan is $417,000. In certain expensive areas, the maximum loan amount that a borrower can obtain is $729,750 (through the end of 2010, unless these upper limits are extended).

Thus, if your property is priced more than $450,000, the reason it may not be selling is that buyers are unable to obtain financing to buy it. A second reason is that if your home is a “move-up” property rather than a first-time-buyer property, your potential buyers may be unable to sell their existing properties in order to buy your property.

There can be a wide variety of reasons for this, the most notable of which is their properties are worth less than they paid for them. In many cases, their properties may fall into the “short sale” category where they owe more on the mortgage than the property is worth. When a substantial number of sellers in a given area have no equity in their current properties, the move-up market will be dead.

2. Condition Does your house show like a model? Is it someone else’s idea of a dream home? How does the house look from the street? Is the landscaping attractive? Is the exterior well maintained? When buyer’s enter are they inspired? Is the house cluttered with your personal belongings or have you cleared out as much as possible? You need to get into the mindset that it’s not your house anymore. Your goal is to help the buyer imagine that your house is their future home.

Visit our home enhancement guide for advice on preparing your home for sale.

3. Marketing Gone are the days when all an agent had to do was put a sign in the front yard, place the home on the multiple listing service, run a well worded sales ad and wait for the offers to come in. Today’s agent must have an aggressive marketing plan that makes effective use of new innovative, non-traditional marketing approaches.

Is your listing being marketed on at least 25 major listing portals?

Does your agent know which real estate websites are the most visited online?

In addition to the local multiple listing service is your property on Realtor.com (is it a featured listing), Yahoo Real Estate, Zillow, HomeGain, Craigslist, Cyberhomes, or Trulia to name a few?

4. The Listing Agent Your listing agent is key to the sale of your home and will need to be able to completely and proficiently assist you in PRICING, ENHANCING and EXPOSING your home. You need an experienced and aggressive professional you can trust, and one whose expertise extends into cutting edge sales and marketing techniques.

If you’re having trouble selling you home carefully evaluate where you stand on each of these issues. If there’s an area that needs improvement, don’t wait… address these issues today and get your property sold tomorrow!

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Salesin;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

Columbus, Ohio MLS Search- Search the most updated MLS database for real estate listings in New Albany and throughout Columbus. If you’re looking for a home this is where you’ll want to start! View the area’s newest properties and open houses and be the first to see new homes on the market. 

Search for homes using any combination of criteria including; area, price range, school district, year built, number of bedrooms, etc. Search for residential and commercial properties.

The site also offers; the latest local market reports, tips on buying and selling, relocation assistance, luxury home sales, short sale and foreclosure lists, research area schools and neighborhoods, advice on how to choose a home, the steps to buying a home, advice for first-time home buyers, assistance arranging financing and much, much more. 

What if I find a home I’m interested in?

After you find a home you’re interested in simply write down the Listing or MLS Number (7-digit number), give us a call at (614) 332-6984, or contact us online and we can assist you in scheduling a private showing.  If you’d like we can setup an automated custom search to email you new listings matching your specified criteria as they become available.  If you’re interested in setting up a custom search please email or call us with this request!

Looking For Short Sales, Bank Owned Properties or Foreclosures? Email us for a list of properties in your area!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

This is your final reminder to take a few minutes from holiday merrymaking and get those last-minute tax moves done. You have until Dec. 31. After that, there’s little you can do to cut your tax bill.

Here’s what you can do before the end of the year to trim your 2009 tax bill. I’ll start with the simple things.

What you need to do now

Mortgage interest. Make your January mortgage payment Dec. 31. Send in a check or pay it online.

Remember to add the interest you paid to what your bank reports on its Form 1098. Your bank will get your payment in 2010 and won’t report it for 2009.

But because you paid it this year, it adds to your 2009 deduction. (The downside, of course, is that you won’t be able to deduct the payment from your 2010 return.)

Real-estate taxes. If you pay your own real-estate taxes, make any payments due in the beginning of 2010 by Dec. 31. My fourth-quarter real-estate taxes are due Feb. 1. By paying them Dec. 31, I get the deduction a year earlier. (Again, you can’t deduct payments made in 2009 from your 2010 return.)

A friendly warning: Taxes aren’t allowed as a deduction under the alternative-minimum-tax computation. If you expect to get hit by the AMT, don’t prepay.

Charitable donations. If you contribute to your church, your college, the local dog pound, United Way or organizations contributing to disaster relief, make these donations by Dec. 31. And make sure that before you file your tax return, you have a receipt from the organizations that benefited from your generosity.

If you don’t have the cash, find out if the organization can process a donation via credit card. As long as the donation is made by Dec. 31, it’s valid as a 2009 deduction.

Separately, any contributions of clothes or household goods must be in good condition or better to qualify for a deduction. If a single item has a value of $500 or more, you will need an appraisal. The Internal Revenue Service can deny deductions for items of minimal value.

Complicating any deductions will be new requirements on record keeping. This is important.

To deduct a cash donation, regardless of the amount, you must have a bank record or a written communication from the charity showing its name and the date and amount of the contribution. Acceptable bank records would include canceled checks or bank or credit union statements containing the name of the charity, the date and the amount of the contribution.

Medical and miscellaneous deductions. Medical expenses and miscellaneous itemized deductions have “floors.” For medical expenses, only those in excess of 7.5% of your adjusted gross income (AGI) count. Miscellaneous itemized expenses have to exceed 2% of your AGI to qualify.

An important point: Your health insurance premiums count so long as you’re not paying them out of a flexible spending account.

If you’re going to exceed the floor, accelerate your expenses. Prepay your orthodontist or your tax preparer. Send in your payment either online or via the U.S. mail by Dec. 31. Alternatively, if you’re not going to exceed your floors, defer the deductions to 2010. You may exceed your floors then.

Pension or IRA contributions. These are especially important if you are self-employed. Unless tax rates shoot up, you want to pay your tax “tomorrow” rather than today.

If you’re contributing to a retirement plan such as a 401(k) plan or a 403(b) plan, you can put in $16,500 this year and the same amount in 2008. If you’re 50 or older, you can put in an additional $5,500 as a catch-up contribution.

Cash gifts. If you might ever be subject to the estate tax, make your $12,000 tax-free gift before the end of the year.

Capital gains and losses. 2009 has been a volatile year for investors, if you are one of the lucky who have capital gains, remember that any net capital losses over the $3,000 allowed on your 2008 tax return should be carried forward to offset those 2009 gains. If you still have net losses, up to $3,000 may be used to offset ordinary income for 2007.

All net long-term gains are subject to a maximum 15% rate. If you’re in the 15% or lower tax bracket, your tax hit is softened to only 5%.

If you’re single with taxable income of $31,850 or less, you get the 5% rate. With a standard deduction of $5,350 and a $3,400 personal exemption, you can have as much as $40,600 in gross income and still qualify.

If you have net capital gains, sell losers to offset those gains. If you have more losers, sell at least enough to get the $3,000 offset against ordinary income. If you have shares of stock pregnant with gains and you don’t expect them to appreciate further, sell those shares and shelter the gains with the losses on your losers. Worst case: Pay the maximum 15% tax. You can’t go broke taking profits.

Tax-free IRA distributions to charities. If you’re 70 1/2 or older and looking to make a donation to a favorite cause using funds from your individual retirement account, this may be the year to do it. For 2009, you can distribute as much as $100,000 directly from your IRA without recognizing any income.

You don’t get a charitable-donation deduction (unless the distribution was from a Roth IRA), but the distribution does count toward your minimum-distribution amount.

A note: This provision will expire after Dec. 31 unless Congress renews it. A renewal is expected, however.

Demand rises and inventory declines as market nears stabilization

Home sales in the month of Oct. were up 25.6 percent from this time last year! The 2,021 sales last month represents the highest number of listings sold in the month of October since the housing boom in 2006! 

At a time when sales traditionally start to taper off, central Ohio home sales are actually increasing. The first time home buyer tax credit has obviously played a role and had an impact in this but, the fact that we have a solid inventory of homes available at very affordable prices and interest rates are still at record lows has also strengthened our housing market.

The number of homes in contract (but not yet closed) is also up. The 1,539 homes in contract is 17.2 percent higher than last year at the same time suggesting that November home sales will also be strong.

The month’s supply has dropped 30 percent from last year! Last year at this time, the months supply was 9.82 meaning that if no new homes were added to the market, it would take almost ten months to sell all remaining inventory. Today, that number is down to 6.86. A market is typically considered balanced with around a 6.5 to 7 months supply.

These numbers are a strong sign of stabilization. Demand has picked up, inventory continues to decrease, and the month’s supply is now very close to balanced. Furthermore, the $8,000 tax credit for new homebuyers was extended earlier this month and added to it was a $6,500 tax credit to benefit those homeowners who wish to purchase a new residence. This incentive will only further bolster the central Ohio housing market.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

Q. What are my options as a home seller when my property is in or heading toward default (foreclosure)?
A. In the event that you have been delinquent in paying your mortgage or anticipate that you will not be able to make payments moving forward, your options will vary based upon several factors or variables that are specific to you and your property. Always remember that each possible resolution will be evaluated on a case-by-case basis by all parties involved. When considering your options, you should take into account:

• the amount of equity you have in your property compared to the outstanding loan balance
• the additional financial resources you may be able to bring to bear
• whether or not you live in a homestead state, and the nature and amount of the homestead exemption
• and/or the amount of private mortgage insurance you have.

All of these factors should be taken into account along with many other variables and special conditions. The most important decision you need to make is to ‘make a decision.’  Typically, when homeowners avoid confronting the serious lifestyle and financial consequences of defaulting on their mortgage, they end up with a significantly more deleterious outcome than they would have, had they taken charge of their own destiny while they could. Homeowners need to understand that there is free help out there and all they need do is make a simple phone call!

Once you decide to take action, we recommend that you contact a counselor and a real estate agent qualified to assist with your special real estate needs (you may also want to contact an attorney if you have the resources to do so). We at The Opland Group are not just committed to helping you pursue the potential option of a short sale, but to encouraging you to fully consider all other options that may be available.

Early on in the potential foreclosure process, homeowners should contact an attorney if at all possible, but also research all potential guidance and assistance available from the government, including the U.S. Department of Housing and Urban Development (HUD). HUD’s Guide to Avoiding Foreclosure may be particularly helpful. HUD’s toll-free telephone number is (800) 569-4287. Not all homeowners, however, can qualify for certain HUD programs. Whatever guidance you seek as a homeowner, we recommend, at a minimum, that you also carefully consider each of the following questions and answers:

Questions What is a better or more likely outcome for me and why?

• A short sale or a foreclosure?
• A short sale or a repayment plan?
• A short sale or a forbearance plan?
• A short sale or a loan modification?
• In the case of an FHA loan, a short sale or a partial claim?
• A short sale or a short sale/assumption agreement?
• A short sale or a deed-in-lieu of foreclosure?
• A short sale or a bankruptcy?

Answers: Any and all of the above-mentioned options pursued by homeowners should take into account their:

• individual present and projected future financial circumstances
• short- and long-range lifestyle goals
• concerns over credit rating
• desire to remain living in their present home
• a complete understanding of the impact each available option might have in comparison to all other options being considered

In order to best contextualize or prioritize one’s various opportunities or limitations with all other options, it is advisable that an attorney or other suitable counsel be engaged. Such counsel is vital in order to properly weigh all legal, financial, tax and lifestyle implications surrounding each option. Since this article principally focuses upon the subject of short sales as just one alternative, it is important to note that short sales usually benefit home sellers because they not only stop mortgage foreclosure, but typically prevent the lender from suing for deficiency. Deficiency refers to the difference between the outstanding loan amount and what the net proceeds are from the sale of the home, or in some cases, simply what the proceeds are that the lender receives from the sale of the home. During their short sale negotiating process, it is vital that homeowners have their Realtor and/or attorney ensure that the lender agrees to forego suing for any monies that are written off due to the short sale.

Q. Within the short sale packet presented to the lender, there is a hardship letter that homeowners must provide. How important is this component in causing the lender to approve the short sale?
A. It is absolutely critical that the homeowner be able to document that they do not have the income or necessary assets to continue making payments on their home. Homeowners must be meticulously honest in documenting and presenting their “hardship letter” so they do not implicate themselves in mortgage fraud; mortgage fraud results from inconsistencies between what the homeowner is now representing compared to the information provided at the time of the original mortgage application.

Q. What types of hardships would a lender generally consider conducive to a short sale agreement?
A. In the context of consideration for short sale approval, “hardship” is not defined by law. As such, there is no one definitive definition upon which you can rely. One would, however, anticipate that a lender would expect a hardship to result from the loss of job or salary reduction, divorce or separation, debilitating illness, medical bills, business failure, excessive debt, mortgage payment increase or the recent loss of a close family member, such as a child or spouse. Consult with an individual lender to determine the duration of the hardship, as lenders are unique in this regard.

Q. What are the tax consequences of a short sale?
A. The tax consequences for individual homeowners regarding short sales are different depending upon your financial situation. For that reason, it is suggested that you consult with a Certified Public Accountant, however, before doing so we advise that you consult the Mortgage Forgiveness Debt Relief Act of 2007.

Q. What is the Mortgage Forgiveness Debt Relief Act of 2007?
A. Prior to the implementation of this act, the law required taxpayers to include discharges of mortgage indebtedness as income for the calculation of income tax. In December, 2007, Congress acted to protect many debtors from income tax liability associated with foreclosure avoidance. The Mortgage Forgiveness Debt Relief Act of 2007 states that homeowners will not be subject to income tax from release from mortgage liability if and to the extent the mortgage proceeds were used to buy or improve their primary residence. The act does not provide income tax shelter from foregiveness of mortgage debts for investment property, vacation homes, or mortgages used for businesses or to pay off credit card balances. The protection expires in December, 2012. You should speak with an attorney or CPA familiier with the new law to see if you qualify for income tax protection.

For those borrowers who do not qualify for protection of the new Act there is an insolvency exception to imputed income from the cancellation of mortgage debt. If a borrower is financially insolvent when he surrenders the mortgaged property to the lender voluntarily or through foreclosure there will be no imputed income. A borrower who files bankruptcy is presumed to be insolvent, so that a bankruptcy debtor cannot suffer imputed income tax liability because the bankruptcy discharges personal liability under a mortgage note.

Q: What effect will each alternative have on my immediate, mid-range, and long-term credit?
A: There is significant confusion regarding the precise and relative proportionality surrounding how various pre-foreclosure(short sales)/foreclosure and bankruptcy options affect one’s credit score. It is therefore advisable that all property owners first check with their lender(s)’, credit bureaus, future lenders, government agencies, and an attorney in order to best gauge how each prospective resolution may potentially affect their future credit rating.

Credit rating impact should also be evaluated contextually by considering the role of your credit rating regarding future financial and purchasing plans.

Q. How do I know if my property and I may be considered for a short sale?
A. Eligibility for a short sale resolution is determined by your lender’s short sale policy. Your lender will also direct you as to what you must do to comply with their process and procedure. You can either contact your lender directly or authorize an attorney, real estate agent or other representative to contact them on your behalf.

Q. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?
A. The foreclosure could be considered as a separate and distinct action taking place, even though the lender has agreed to the short sale proposal. This can easily occur when different departments of the same lending institution are seeking different outcomes, or simply because the bank, after agreeing to a proposed short sale outcome, but before signing a contract, believes that foreclosure would represent a more favorable outcome for the lender.

The submission of a short sale package/kit to the lender does not automatically stop a foreclosure action. Once a lender initiates a foreclosure action, the homeowner should consider that the lender will most likely retain this position until the lender has a signed contract in hand, has agreed to the short sale proposal, and has closed on the sale of the property.

At the time the lender agrees to the short sale proposal, the lender may or may not choose to terminate or postpone the foreclosure. A foreclosure may also proceed in the case of subordinate lien holders not having agreed to waive their lien on the property.

Because of the multiple stakeholders involved, and the complex nature of the regulatory environment, qualified, licensed counsel can be critical in taking steps to prevent a lender from not following through with the short sale process, especially in the case of a lender who has the intention of opting for a foreclosure-based resolution.

Q. How would I initiate the short sale process?
A. To initiate the short sale process, you may contact your lender(s) directly however, homeowners are strongly encouraged to contact a Real Estate Agent who specializes in short sales and allow this individual to handle this for them. Typically, the department to contact is your lender’s Loss Mitigation Department.

Either you or your authorized representative (Realtor) needs to ask the lender for a short sale package or kit. Most lenders will make their particular processing forms and procedures pertaining to their required short sale documentation available to homeowners.

Unlike what many people believe, SOME LENDERS will also allow you to apply and get approval for a short sale even when the homeowner has never been late or missed a mortgage payment. Please note however, that MOST LENDERS will typically only consider a short sale after the borrower has: missed two mortgage payments; has no means to continue paying the mortgage; provided all the necessary financial and hardship documentation to the lender; agrees that they will not derive any proceeds from the sale.

Q. Should I contact a real estate agent?
A. Absolutely. But before selecting a real estate agent to represent you, determine whether or not they are knowledgeable about preforeclosure(short sale), foreclosure and bankruptcy options. Your agent should not be giving you advice regarding your personal financial situation.

Any real estate agent who asserts that he or she is prepared to assist you as a homeowner in a potential short sale outcome must also be willing to follow the specific administrative procedures of the particular lender involved. In addition, the real estate agent should also acknowledge that they essentially confine their guidance to determining the property’s value and how to best market the property, versus advising the homeowner on the best preforeclosure(short sale)/foreclosure resolution.

Q. Should I contact an attorney?
A. Absolutely. We recommend that you contact an attorney with the understanding that the attorney needs to not only be well versed in real estate law and foreclosure law in your particular state or province, but also needs to be a proven negotiator on behalf of their clients. Not all short sales or other pre-foreclosure or foreclosure options are structured alike. Therefore, the role of a highly competent attorney in such matters-one who can skillfully negotiate on your behalf-can make a world of difference.

Q. How would multiple liens on my property impact short sale approval?
A. Each lender must recognize how it is in their best interest to approve a short sale resolution versus a more costly and protracted alternative. Here again, an attorney/lawyer or real estate agent who possesses experiential knowledge in this particular multiple-lien scenario can be instrumental in developing a multi-party resolution strategy satisfactory to all.

Q. Am I responsible to continue to make mortgage payments if I have intentions of applying for a short sale on my property?
A. Unless you have received information to the contrary from the lender in writing, you are responsible to continue to make mortgage payments.

Q. As a homeowner, what incentive do I have to assist in the sale of my property if I am not going to receive any proceeds from the sale?
A. We believe that homeowners first and foremost have an ethical responsibility to expend the necessary effort to support as high a sales price as possible-even though they will not experience a financial gain-when expecting the lender(s) to forgive any and all of the homeowner’s outstanding mortgage debt.

We also believe that the higher the realized sales price, the more likely the lender will be in granting a short sale outcome for the homeowner. Moreover, we also advise homeowners to be wary of any real estate agent who, for the sake of facilitating a guaranteed sale in order to collect a commission before a property is foreclosed (ruling out any possibility of a commission), demonstrates a less-than-professional marketing commitment. Such real estate agents will often justifies this lackluster attitude by saying to a homeowner, “No matter what the home sells for, it really doesn’t affect your pocketbook-only the lenders.” This disregard for marketing on behalf of some real estate agents seeking to facilitate a short sale at all costs (but not to them) is one that lenders readily recognize.

We find that this unprofessional approach to real estate marketing, notwithstanding the special circumstances surrounding a proposed short sale outcome, is to the detriment of well-intentioned homeowners who are hopeful of gaining lender cooperation. Lender cooperation is, without question, influenced by how honorable they believe both the homeowner and the real estate agent are, despite the difficult circumstances facing the homeowner and the challenging marketplace facing the agent.

Q. Does a “Listing Agent” represent me (as the homeowner) or the bank if I have intentions of gaining short sale approval from the lender?
A. The Listing Agent represents you the homeowner and does not represent the bank.

Q. Is there a real estate commission paid in a short sale and, if so, who pays it?
A. In the case of short sales, the home seller does not pay the commission. This is another incentive for a home seller to pursue a short sale remedy and use a qualified real estate agent. Moreover, many lawyers, although representing home sellers, are able to have the lender pay their fees. This makes it even more imperative that every homeowner considering any pre-foreclosure/foreclosure possibility-but especially where a short sale is the desired outcome-contact an attorney immediately. Homeowners should also encourage their attorney and their real state agent to meet as a group for the purpose of creating an effective overall short sale and marketing strategy.

Q. On average, how long does a short sale process take?
A. The time period will vary based upon circumstances, although the approval process and time to closing, in many/most cases, is longer than that associated with the sale of a property in a non “short sale” situation. That said, the average time frame once a buyer has been located is 60-90 days. 

Q. Which process has a more adverse affect on my credit rating: short sale: foreclosure; bankruptcy; or deed-in-lieu of foreclosure?
A. It is critical that homeowners, either personally or through a representative, research their individual situation with the various agencies that determine credit ratings. Be careful of categorical representations and sweeping generalizations regarding the credit rating consequences of short sales, foreclosures or other homeowner options. There exists wide-spread confusion, oversimplification, and inadequate guidance presently being offered, especially by individuals purporting to be experts.

Q. How important is the short sale package or kit when applying for a short sale to a lender?
A. Indispensible!

Q. On my own, can I prepare a short sale package/kit, and if so, how would I go about doing it?
A. The short answer is yes, you can prepare your own short sale proposal and submit it to your lender. Some lenders may even assist you in the process. Just like preparing your own taxes, however, you might need help in this critical process. Real estate agents experienced in short sales understand that the bank will want to find out what efforts have been made or could be made to market the property for the highest price and best use of the property. In addition, most lenders will require Broker Price Opinions and or Competitive/Comparative Market Analysis to determine benchmark pricing. Furthermore your lender will compensate a Realtor for their services and it is advisable to have a real estate agent assume this very time-consuming and administratively complex responsibility. Lenders, are very vigilant regarding the information they require pertaining to marketplace pricing and related real estate information, and rely heavily upon the expertise of high-caliber real estate professionals.

Q. In selecting a real estate agent, when the prospects of a short sale are desirable, is it more important to choose a real estate agent who is very competent in overall real estate sales and marketing, and not as knowledgeable in the short sale process, or is it better to select a real estate agent knowledgeable in the short sale process, but very inexperienced or ineffective in real estate sales and marketing?
A. Obviously, home sellers should want a real estate agent who possesses significant expertise in short sales and in real estate sales/marketing. The greatest emphasis, should be placed upon selecting a real estate agent who is highly competent in the areas of short sale marketing, merchandising (staging), negotiating, networking and information technology. The lender-required processes and information, are highly critical. The aforementioned skills are also indispensible in putting forth the best and most credible effort regarding the sale of the property.

Lenders can discern the difference between real estate agents who only represent pre-foreclosure strategic advice and assistance-ee.g., the performing of the required administrative tasks-from leading real estate agents who can perform the required administrative tasks and who possess short sale acumen while representing world class real estate marketing-related skills.

Lenders . . . Recoup . . . To recover all or part of a loss

Q. When a real estate agent deems it necessary to alert cooperating real estate agents that their listed property is a potential short sale, so that the buyer does not unknowingly enter into a conditional negotiating process, how does this announcement prior to a lender’s consent impact the marketing, property value, and ultimately the negotiating position of the lender?
A. This practice of announcing a potential short sale “Sale,” before a lender agrees to the short sale conditions is considered by many real estate practitioners who represent home sellers as a method of undermining the integrity and market value of that particular property.

Clearly, one can argue that by not providing this potential status to prospective buyer agents and thus, their clients, deprives them of a form of disclosure; this is why great debate exists surrounding the handling of a short sale situation.

Q. Should a lender do business with a so-called Short Sales Specialist who strategically advertises “Stop Foreclosures” to homeowners, when their intended approach is either most likely or solely a short sale outcome? Does the practice of labeling properties as possible short sales before they officially enjoy short sale status undermine the value of all homes within that marketplace?
A. We leave it to lenders to determine how they respond to the growing practice of homes for sale being labeled as members of either the troubled or the distressed property category, even though the property itself, and thus both the homeowner’s and the bank’s potential proceeds, is not troubled or distressed, but rather the homeowner and the lender. By categorizing properties as being distressed or troubled, it essentially undermines the underlying loan that supports the market value of the property.

Q. How can a lender best identify evidence within a short sale package/kit that the listing agent has placed much greater emphasis on supporting a lower short sale agreed-upon price than they have upon marketing for a greater selling price?
A. Lenders should respectfully challenge any real estate agent who supports any proposed sales price or offer as to the appraisal method they employ along with the specific and customized off- and online marketing methods they have designed for the subject property. In other words, evidence-based marketing versus merely evidence-based pricing.

Q. How can a lender best determine how dedicated a listing agent truly is to not just “Selling” a home but selling a home for more, in a climate where almost all low offers can be justified or rationalized as representing the best or the only possible offer that could be brought to the lender?
A. Simply ask the real estate agent what methods they employ to market homes for more. Otherwise, attention might be diverted to how they sell more homes versus how they sell homes for more. This is a powerful distinction that lenders must demand real estate agents respond to in order to best determine if the offer, which is part of the short sale kit, represents either optimum marketing or instead a convenient rationale for a significantly lower price.

Q. What can lenders do to prevent the real estate industry from becoming a “foreclosure-prevention” industry instead of an industry of world-class marketers dedicated to bringing back property values for both presently challenged and future home sellers?
A. Again, by communicating to the entire local real estate marketplace that any short sale packet being presented for short sale consideration must include an evidence-based marketing overview of the property, and not just a dazzling display of pricing data supporting a self-fulfilling prophecy of lower prices.

Q. When should a lender who holds a subordinate lien on the property being considered for short sale agree to or choose to resist a short sale resolution?
A. It would be presumptuous to suggest that lenders, given what is financially at stake for them, have not carefully considered the bottom-line implications of each and any lien position they hold as it relates to short-sale resolution and all other options available to the lender(s).

Q. Since a home seller does not stand to receive any money from the short sale, how can they best be motivated to enthusiastically support a marketing effort designed to realize an optimum sales price of their property?
A. As we responded to this question in the section for homeowners, we believe that homeowners first and foremost have an ethical responsibility when expecting the lender(s) to forgive any and all of the homeowner’s outstanding mortgage debt to, in return, expend the necessary effort to support as high a sales price as possible (even though there is not a financial gain to the homeowner). We also believe that the higher the realized sales price, the more likely the lender will be in granting a short sale outcome for the homeowner and possibly either fully or partially waiving a deficiency judgment. Moreover, we also advise homeowners to be wary of any real estate agent who-for the sake of facilitating a guaranteed sale in the hopes of generating a commission before a property is foreclosed (where they might not gain a commission)-demonstrates a less-than-professionalor lackluster marketing posture or commitment. Such agents justify this attitude by saying to a homeowner, “No matter what the home sells for, it really doesn’t affect your pocketbook, only the lender’s.”

This less-than-professional marketing commitment on behalf of some real estate agents seeking to facilitate a short sale at all costs (but not to them) is one that lenders readily recognize. We find that this unprofessional approach to real estate marketing, notwithstanding the special circumstances surrounding a proposed short sale outcome, is to the detriment of well-intentioned homeowners who are hopeful of gaining lender cooperation. Lender cooperation, without question, is influenced by how honorable they believe both homeowners and real estate agents are in spite of the difficult circumstances facing the homeowner and the challenging marketplace facing the agent.

If you’re facing foreclosure you’re facing some very important decisions. We want you know you’re not alone and we are here to help with any questions you may have to assist you in making the best decisions for your situation. There is no charge for this service and we are happy to help! We offer confidential and professional real estate advice.

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington