Real Estate Information

CURB OFFERS ONLY! Turn-key operation. Management in place. 100% occupied. Great location near shopping. Complex has 20-2 BR units, 4-1 BR units & 6 garages. Call for income, expenses & current rent roll. An absolute first class community in Gahanna. Complex has pool, club house & other amenities. $1,495,000. Visit TheJacksonTeam.net to see this and all of our listings.

Near OSU & on bus line. 2 newer furnaces, hot water tank, siding & insulated attic & sidewalls. 1st floor unit has 2 BR, LR, kitchen & bath. 2nd floor unit has 2 BR + walk-up 3rd floor. As of 11/1/07 2nd floor is leased. Off street parking. Great potential. Allow 48 hours to see occupied unit. $165,000. Visit TheJacksonTeam.net to see this and all of our listings.

Sold As-Is, where is. Fire damaged 4, 1 br units plus 3rd floor attic area. Each unit has LR, BR, kitchen & bath. Great opportunity to fix up & rent up. Could lease at $450+. Tax valuation $170,000. Steps from OSU & on bus line. Bring flashlight. Seller is a licensed real estate agent in Ohio. $99,500. Visit TheJacksonTeam.net to see this and all of our listings.

The pumpkin-give-away was a  major success this year. Thanks to the wonderful weather that we had on Sunday and our location on High St. the turn out was much better than expected. Thank you to everyone who came out and either made a monetary donation or canned good donation for Neighborhood Services, Inc.  We would also like to thank COVA for allowing us the use of their parking lot, Giant Eagle & Midwest Photo Exchange. You all helped to make this such a success.

Caveat emptor has always been an integral concept in free market economies. It’s a Latin phrase encompassing the understanding that consumers are sophisticated adults capable of engaging successfully in commerce. But the concept of buyer beware is predicated on truth and transparency amid the transaction, and is rendered impotent when fraud or misrepresentation strips buyers of their ability to utilize their skills and savvy as consumers. Unfortunately, fraud has played a significant role in the mortgage problems our nation now faces.

By now, we all know the magnitude of the mortgage crisis nationally, but no state has been as impacted as my own home state of Ohio, which recently had the dubious distinction of being ranked #1 in the nation in its percentage of houses in foreclosure. Ohio’s foreclosure rates have increased 138% since August of 2006, and the number of foreclosure filings has nearly quintupled since 1995. Ohio’s foreclosure rate is as much a symptom of the state’s anemic economic health as it is a cause of it.

But statistics and rankings cannot begin to convey the impact of the mortgage crisis on a human level; there is no means of quantifying the fear, anxiety, and devastation which results when a family loses its claim on homeownership. From a humanitarian or economic standpoint, America’s housing predicament cannot be tolerated.

The causes of the spike in foreclosure rates have been well-documented. Most who file for foreclosure still do so amid job loss, major illness, or divorce. For these Americans, the federal government must aggressively offer financial and credit counseling, and intervene early to help them avoid losing their homes. But a significant number of foreclosures stem from people who were victims of an overly aggressive subprime industry, or in many cases, predatory lenders.

For many Americans, the terms subprime and predatory have become synonymous. This is an unfortunate and misconceived perception. Lending has always been built upon risk, and the subprime industry has effectively placed millions of American families into homes whose credit was deemed too risky for conventional loans. Subprime lending expanded dramatically during the past decade. The public was sold the concept of homeownership as the cornerstone of the American Dream. Ownership rates rose to their highest levels in history, and the housing boom appeared endless. Subprime lenders helped to fuel this fire with interest-only loans, piggy back loans, adjustable rate mortgages with initial teaser rates, and “no-documents” and “ninja loans” (no income, no job, no assets), to get more and more Americans into homes. But at some point, we all knew the piper would need to be paid.

Buyers cannot beware when fraudulent lenders misinform the borrower or manipulate them through aggressive sales tactics. Predatory lending is not solely responsible for the myriad problems facing the mortgage industry and housing market, but it has contributed mightily to the plight. The FBI reports that mortgage fraud has risen 237% in the past five years, and according to the Treasury Department, mortgage fraud has increased more than 1400% since 1997. Predatory lending is, by definition, pernicious, and we must enhance regulators’ and law enforcement’s abilities to prevent it and increase the punishment for those who engage in it.

Predatory lenders must be given no quarter, but it is important that in our efforts to crack down on them, that we do not exacerbate the housing slump by restraining liquidity for future loans. Significant overhaul and regulation of the subprime industry will have a broad impact on the housing market, and could dry up credit to Americans who desperately need it.

Recognizing the dexterity needed in crafting legislation that will not adversely impact the housing market, last month, House Financial Services Committee Ranking Member Spencer Bachus, the late Congressman Paul Gillmor and I introduced the Fair Mortgage Practices Act, a bill to protect homebuyers from unscrupulous lenders or fraudulent lending tactics, while preserving the benefits that subprime lending has brought to low and middle-income Americans.

The bill targets the unsavory and predatory practices that have accelerated the problems in the mortgage industry. Most importantly, the bill authorizes $20 million for the Department of Justice to prevent, investigate, and prosecute mortgage fraud. It creates a national licensing process to increase professionalism and adherence to ethics among brokers. The bill also establishes a new Federal standard to prevent appraiser intimidation and protect an appraiser’s independence, helping ensure that a home’s value is properly estimated. It enhances the Federal oversight of State appraisal programs, improves appraiser licensing and educational standards, and prohibits “appraisal pressure” and coercion, extortion and bribery by lenders, realtors, brokers, and sellers of appraisers.

The comprehensive Fair Mortgage Practices Act protects consumers by better policing the mortgage industry and ensuring that borrowers are armed with simplified and transparent information to make informed and financially beneficial decisions.  The bill restricts prepayment Hybrid ARM penalties and requires subprime borrowers to have escrow accounts for taxes and insurance established at the time of consummation of the loan. The answer to America’s mortgage industry woes is consumer education, clear disclosure, and better regulation of mortgage brokers; our legislation will keep our housing markets strong, while helping ensure that the interests of homebuyers are being protected both at the point of sale and in the future.

Moreover, the market is already correcting itself. Lenders are tightening credit, requiring larger down payments, and ending some of their more creative and complicated financing mechanisms. In a sense, the industry is reverting to the some of the same, more conservative lending requirements it adhered to prior to the housing boom – a trend that should be welcomed by lawmakers.

As the drums continue to beat for Congress to remedy the mortgage crisis, we would all be wise to take heed of another Latin phrase, one reminding the Congress of the dangers of wielding an overly-aggressive regulatory hand: primum non nocere (first do no harm).

By SETH SUTEL

AP Business Writer

Reproduced with permission from The Daily Reporter

It’s no secret that foreclosures are on the rise as a result of the turmoil in the mortgage industry. But if you’re considering jumping in on a foreclosure auction, there are a number of things to watch out for.

First of all, be aware that there are two kinds of auctions: Ones run by the sheriff’s department after a borrower doesn’t make payments, and others run on behalf of lenders auction houses. Lenders often take back ownership of properties in default at sheriff’s auction if there are no other bids and try to sell them at auction to recoup the mortgage balance.

The auctions run by sheriffs can be a tough place for new-comer since you often have to pay for most or all of the price right away in cash or certified check. In the other kinds of auctions, you’ll have a chance to line up mortgage financing, but it’s a good idea to be pre-approved.

Ralph Roberts, founder of a Detroit-area brokerage Ralph Roberts Realty, and co-author of the book “Foreclosure Investing for Dummies,” recommends that potential buyers do lots of research on the property ahead of time, including a trip to city hall to look up public records at the building department to see if there are any outstanding building code violations. You can also pay for an appraisal, which usually goes for about $350 or so.

Even more important, Roberts says, is deciding ahead of time what is the maximum amount you’re willing to pay for a certain home and sticking to it. You can sign a “buyer broker” agreement with a real estate agent to counsel you in the auction process in exchange for a commission, usually about 3 percent of the purchase price, he says.

Another good idea is to bring someone you know and trust on the auction day itself, just to make sure you don’t get carried away in all the excitement and exceed your maximum price.

“People get trapped and bid too much because they caught up the word ‘foreclosure,’ “Roberts said. “They think it’s a automatically a good deal, but it could turn into a money pit.”

Among other things to look out for, you’ll want to see how long the home has been vacant to make sure it’s not run down, whether it’s had a termite or rodent problem and whether there are any outstanding code violations against it, such as an addition to the home that didn’t meet city code. In some cases, you can’t have an inspection beforehand.

Then there’s the question of a “reserve.” Some auctions have them, some don’t – so be sure to check beforehand if there is one, or if there is a provision saying that the final sale is subject to the seller’s approval.

In an auction, the “reserve” is the minimum price that the seller is willing to accept, but the tricky thing is that you won’t know what that price is until someone bids it at the auction, in which case the auctioneer will announce that the reserve has been “met,” meaning that the sale will definitely occur. If it isn’t, the sale will likely not occur. The other kind is an “absolute” auction, where the best price will be guaranteed to win.

Absolutely!  Even if you haven’t so much as picked out houses to visit yet, it’s important to see your mortgage profession first.  Why?  What can we do for you if you haven’t negotiated a price, and don’t know yet how much you want to borrow?

When we as a mortgage bank pre-approve you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you.  We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It’s short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you a Pre-Approval Letter that you can give to your Realtor.  It states that we have obtained documentation from you, checked your credit, have underwritten your loan and that your loan is approved subject to the appraisal on the home you are purchasing plus any other conditions which are outstanding, such as the sale of a present home.

When you find a house that catches your eye, and you decide to make an offer, being pre-approved for a mortgage will do a couple of things.  First, it lets you know how much you can offer. Your Realtor will help you decide on an appropriate offer to fit your circumstances, but being pre-approved gives you the confidence to know you can follow through.

More importantly, to a home seller, your being pre approved will make your offer stand out, and give you more clout.   You can always use the calculators on my web page (www.marketmortgage.com) to get an idea of how much you can afford, but it’s better to meet and get the pre approval out of the way.  If there are any issues or questions, we can get those resolved up front.  I can also look at many different programs and find the one that best fits your needs!  Please call:

Val Behre

Market Mortgage Co., LTD

614-848-5626

val@marketmortgage.com

By MELANIE MCINTYRE

Daily Reporter Staff Writer

Reproduced with permission from The Daily Reporter

The Ohio Housing Finance Agency recently announced that its Opportunity Loan Refinance Program guidelines have been expanded so borrowers with certain credit issues may take advantage of the program.

“The new, more flexible guidelines will allow us to help families who are facing the prospect of losing their homes as their payments begin to rise and become unaffordable,” said OHFA Executive Director Doug Garver.

“With these expanded underwriting guidelines, we hope to help hundreds of Ohio families keep the home they have worked so hard to obtain,” he added.

Under the new guidelines, borrowers are permitted to have up to one 60-day late payment and two 30-day late payments in the last 12 month on their existing mortgage payment history.

The maximum combined loan-to-value ratio permitted is 105 percent.

Prior to the changes, loan application approval was automated, said Joel Ghitman, director of homeownership for OHFA.

Applications were evaluated with a scoring model that assessed several factors, including credit, income, loan-to-value ratios and debt ratios, and approval was dependent on their strengths and weaknesses.

Now, “every last one of those loans has to be manually underwritten,” Ghitman said, explaining that a person reviews each application.

Ghitman echoed Garver’s remarks, saying “I’m really pleased we were able to incorporate those changes into the program. I think it will allow a lot more borrowers to participate in the program and remain in their houses.”

During the final week of August, the program’s 185 participating lenders were notified of the guideline changes.

On April 2, OHFA unveiled the Opportunity Loan Refinance Program, which offers a 30-year, fixed-rate refinancing alternative to borrowers in all 88 counties in Ohio.

The program is designed to assist homeowners who have a mortgage that is no longer suitable for their financial situation, such as an adjustable rate mortgage, Option ARM, interest-only mortgage or high-rate loan.

In addition, the Opportunity Loan may assist borrowers who have experienced an unforeseen circumstance that has hindered their ability to keep up with payments, such as divorce, a medical emergency or loss of employment.

To date, OHFA has taken about $14 million in reservations and closed 25 loans for about $3 million.

The Opportunity Loan also offers additional financial assistance in the form of a 20-year, fixed-rate second mortgage option funded with OHFA reserves.

That second mortgage is available at an amount up to five percent of the appraised value of the home and can cover expenses such as closing costs, escrow payments, pre-payment penalties or other financing charges associated with the existing mortgage.

To help borrowers make informed decision regarding their mortgages in the future, OHFA requires a total of four hours of homebuyer education (two hours during the initial interview and two hours of one-on-one counseling) with an agency approved by the U.S. Department of Housing and Urban Development.

Proof of education must be provided prior to closing.

Further, OHFA requires post-purchase counseling in the event that mortgage payment is 30 or more days late.

Opportunity Loan participants must have a household income that does not exceed 125 percent of the area median income – a condition that ensures the program serves low and moderate-income Ohioans.

Income limits vary by county, ranging from about $73,000 to $84,000, and no minimum credit score is required.

Also, unlike OHFA’s First Time Homebuyer Program, the Opportunity Loan program does not impose limits on loan amounts.

In addition to meeting income requirements, qualified borrowers also must live in the residences they are refinancing. Eligible owner-occupied properties include single-family detached housing, condominiums or townhouses. Currently, two- to four-unit properties and manufactured homes are ineligible.

Initially, the Opportunity Loan program is being made possible through the issuance of taxable bonds.

It has been estimated that OHFA’s first taxable bond issue will enable the agency to serve about 1,000 families, presuming that the aver loan amount is $100,000 per home.

If demand is decent, the agency will likely issue additional bonds or other forms of financing.

“We’re monitoring demand for the program and we will issue bonds according to that demand,” Ghitman said.

By Rick Adamczak

Daily Reporter Staff Writer

Reproduced with permission from The Daily Reporter

Where else would be better to celebrate Columbus Day weekend than in our own backyard of Columbus?

That's what officials at the city's travel and tourism bureau believe and this year they're rolling out their fourth annual Experience Columbus Days to mark the weekend with a theme of "Come Play In Our Backyard."

"When this started, the mayor charged us to reclaim Columbus Day. We are the largest city named Columbus and others were doing things. We decided to make it a celebration of our city," said Pete McGinty, vice president of marketing for Experience Columbus.

Experience Columbus Days starts Friday and ends Monday when Columbus Day officially is observed. It includes discounts to various events and attraction around Columbus.

The program not only benefits the users of the discounts, but the businesses and attractions, too.

“It drives a significant amount of increases in traffic to our attractions,” said McGinty. “I think every paid attraction in Columbus is on board.”

He noted that, for example, attendance at the Columbus Zoo has been much higher on Columbus Day weekend because of the discount program.

Last year 12,000 people, including visitors from 21 states, visited participating attractions and used the promotional discount. The total attendance at the attractions was 50,000, so the discount program accounted for nearly 25 percent of the total number of attendees.

The discount flyers are available at the event’s Web site, www.ExperienceColumbusDays.com. Users simply show the flyer at an attraction and can then keep it to use at other attractions.

“When we started this in 2004 we had a hodge-podge of discounts. They were all over the place and we thought it was confusing. The next year we made them all 50 percent off. The (attractions) know this is coming and they plan for it,” said McGinty.

This year for the first time there are discounts at many area restaurants. Dine Originals Columbus restaurants, a group of independently owned and operated restaurants, are offering 25 percent off the food bill for two people. Thirty restaurants are participating.

“This is the first time we’ve had restaurants participating to this degree. We’re thrilled they’ve agreed to be partners with us,” said McGinty.

He said that restaurants are hoping to befit from the program, especially since the Ohio State football team plays on Saturday night.

“Usually restaurants are quiet when the Buckeyes play a night game because people stay home to watch or are at bars, so they’re pretty excited because this is a good incentive to come out,” McGinty said.

They Buckeyes are not the only sports attraction this weekend.

Experience Columbus Days kicks off with the Columbus Blue Jackets’ home and season-opening game against the defending Stanley Cup champion Anaheim Ducks on Friday night. There will be $7 off admission tickets available for the game.

Also, the Columbus Crew will host FC Dallas in a Major League Soccer matchup at Crew Stadium on Saturday with $15 lower sideline tickets available.

For the first time, the Columbus Italian Festival will be held on Columbus Day weekend in conjunction with Experience Columbus Days.

The North Market Harvest Festival, which includes sales of locally-grown produce, live music, kids’ activities and cooking contests, also is scheduled for this weekend and the Short North’s Gallery Hop is scheduled for Saturday night.

The Herb Harvest, where visitors can learn about the uses for herbs and how to cultivate them along with samples of herb dishes, teas and desserts, in Gahanna will also be held on Saturday.

McGinty said the success of the event has made it easier in recent years to get attractions and businesses to participate.

“People get it now. It had to take some time to catch on and once it caught on, now it’s easier to get people (to participate),” he said.

Experience Columbus, meanwhile, has been using several marketing strategies to promote the weekend, including a “wallscape” billboard on a building at 439 N. High St. in downtown Columbus.

“We want people to come in their own backyard, but also visitors from out of town to come to our backyard,” said Patty Donahey Geiger, media relations manager for Experience Columbus.

Utilizing this year’s “backyard” them, a white picket fence has been used in many of the event’s promotions and real, temporary white picket fences will be erected near many of the weekend’s events.

McGinty said the group has used the Internet heavily to promote the weekend, including the use of keywords in search engines and at travel Web sites.

“Online has proven to be one of the more attractive tools for this,” he said.

The group also has used more traditional media, including 23 outdoor billboards, radio ads and print media ads, to promote the weekend.

There is over $24 billion dollars of unclaimed cash being held by the states. To find out if any of this money is yours, visit missingmoney.com and enter your first name, last name and the state you live in. If nothing shows up for you, you can follow-up with the state government and also try visiting the state’s website.