FHA Program Allows Former Home Owners to Buy Again Sooner

Normally an individual who sold his or her home through a short sale or lost it in a foreclosure would have to wait 36 months to purchase a home again ( primary residence ) with an FHA fixed-rate mortgage. However, the FHA Back to Work Program allows a buyer to purchase a new home just 12 months after a foreclosure, short sale or a deed in lieu of foreclosure. The program -- which was announced in 2013, and extended through Sept. 30, 2016 -- aims to fulfill a lofty goal: offering families a second chance at homeownership.

In order to qualify you'll need to demonstrate the financial problems that caused you to forfeit your prior home.

How You Can Qualify: The FHA Back to Work Program requires participants show that the loss of their previous home was truly due to circumstances beyond their control. Participants must demonstrate that since the financial calamity, the have re-established their income and have paid their other obligations as agreed. Unfortunately, the program does not consider previous loan modifications, adjustable-rate loan recasting, inability to rent a previous income property, or even divorce to be sufficient enough reasons to qualify.

Loss of Income: Participants must show a 20 percent loss of income or more for at least six consecutive months leading up to the event to qualify. For example, if the previous foreclosure, short sale or deed in lieu happened due to loss of income, you would meet this requirement if your pre-event income was $100,000, and dropped to $80,000 or lower for six consecutive months beforehand.

How to support your claim: The lender with whom you're applying will order a verification of employment. The verification of employment would support the dates of when the loss of income occurred. Other supporting documentation would include lower year-to-date earnings with pay stubs within the dates your income dropped. W-2s and/or tax returns that show lower reported wages for that time frame will also meet the FHA requirement.

Full Recovery With Satisfactory Credit: FHA wants you to demonstrate that you're back on both feet. You'll need to show that since the previous financial calamity, you have re-established your income and have paid your other obligations as agreed.

How to support your claim: Participants will need to have a credit score of at least 640, or to have gone through a HUD-approved counseling agency related to homeownership and residential mortgage loans. Tip: A 12-month favorable credit history on your other debt obligations would support the credit score requirement.

Missing the FHA Second-Chance Boat: These FHA requirements draw a clear line in the sand by asking for specific related documentation that led to the loss of the home. If a buyer who had a foreclosure, short sale or deed in lieu of foreclosure is unable to provide a clear, documented 20 percent loss of income for six consecutive months leading up to the event, it will be difficult for them to get qualified for this program. Here's why: The nature of lending in today's credit environment involves revealing all aspects of the borrower's credit, debt, income and assets. A simple letter of explanation detailing the circumstances that led to the event is simply not enough; for this program, supporting documentation needs to corroborate the story.

Post-Foreclosure Timelines

If the short sale, foreclosure or deed in lieu of foreclosure took place within the last 12 to 36 months ... Then a documentable loss of income of 20 percent or more for six months remains in effect.

If the short sale, foreclosure or deed in lieu of foreclosure took place 36 months ago or longer ... Then the previous loss of income documentation threshold does not apply, and a borrower would be eligible for a new FHA loan, as long as the credit, debt, income and assets are acceptable with the lender. A prior home loss does not automatically preclude your ability to qualify.

If the short sale, foreclosure or deed in lieu of foreclosure took place 36 months ago or longer... Then the lending requirements for other types of loans are as follows:

• Conventional loan -- You're eligible with 20 percent down (to avoid private mortgage insurance) seven years after the event, or three years after with documentable extenuating circumstances and a lender exception;
• VA loan -- 36 months out from the date of the event;
• USDA loan -- 36 months out from the date of the event;
• Jumbo mortgage (this is for loan amounts that exceed the maximum loan limit for a conventional loan in your area) -- most lenders require seven years from a foreclosure or a deed in lieu, for a short sale they want 30 percent down and 36 months out or longer.

Finally, your credit scores will most definitely have taken a hit after you lose your home. However, you can still get to work on rebuilding your credit, and establishing a good payment history on your other debts. You can start by checking your free annual credit reports and your credit scores. There are many programs that allow you to monitor your credit scores for free, including Credit.com, which also gives you an analysis of your credit, and can help you create a plan to get your credit back on track.

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 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235

Pulte Homes buys Land for Liberty Trace Subdivision in Powell

Pulte Homes plans to transform 115 acres in Liberty Township into 139 lots for single-family homes.

The land held by two Rush family trusts was sold to Dominion Homes which has since been acquired by Pulte Homes. Dominion Homes purchased the land in April for nearly $6 million, or $43,000 a lot before site development for each housing parcel that township trustees approved in a December zoning.


This is a premier Powell OH location, offering great visibility with Liberty Township Park across the street. The community will feed to the exceptionally rated Olentangy School District. The sale included two houses on the southeast edge of the property including 7201 Old Liberty Rd.

Dominion Homes had planned to build “enhanced” models from its Tradition Collection of housing models at the Liberty Trace subdivision, where prices were to begin in the low $400,000s. Dominion which had previously focused largely on first-time home buyers, was in the process of refining their efforts to offer homes to the second and third step-up buyer, and Pulte Homes will likely proceed with these plans for Liberty Trace as well as expansion into higher price points and the targeting of move-up home buyers.

Dominion also broke ground on the 44-lot Celtic Crossing subdivision close to Dublin Jerome High School. That development will include Tradition Collection houses starting in the mid-$400,000s.

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 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235

Understanding Home Inspections

Buying a home could be the largest single investment you will ever make. To minimize unpleasant surprises and unexpected difficulties, you’ll want to learn as much as you can about the newly constructed or existing house before you buy it. A home inspection may identify the need for major repairs or builder oversights, as well as the need for maintenance to keep it in good shape. After the inspection, you will know more about the house, which will allow you to make decisions with confidence.

A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.

While economical and useful, these reports have limits that must be acknowledged. Too often, the significance of this report is overstated, leaving the buyer and seller exposed to unreasonable expectations, which can lead to unhappy clients, disagreements, and even lawsuits. There are several important considerations home buyers need to understand about their home inspector.

1. Some home inspectors are not licensed

Some states, such as Ohio, have no licensing or state certification for home inspectors. While a license or credential is not a guarantee of competence, it is an indication the inspector has completed a minimum level of education.

There are a number of credentialing organizations, including: American Society of Home Inspectors, and the National Association of Home Inspectors. These organizations each have their own qualifications, exams, and code of ethics. Buyers should seek out an inspector certified by one of these major organizations which is as easy as visiting their websites and conducting a search for inspectors in your area. Do not accept so-called “company certifications,” which are simply in-house programs and not subject to any industry oversight.

2. Insurance is important

While it's rare, an inspector can occasionally miss an important item that could point toward a significant repair issue. In the event this occurs, consumers will be disappointed if the inspector is unable to pay for the necessary repair of the neglected item. Your client should hire an inspector with current liability insurance.

3. Occasionally a specialized expert is required

An inspector will sometimes report on a significant item that requires particular expertise. For example, if a question is raised regarding a crack in the home's foundation, you may need advice from a structural engineer. An architect or general contractor might be needed to determine how an unpermitted addition might be legitimized with the building department.

The home inspector is the first but not necessarily the last word on things. Consumers may want to bring in further expertise if the report indicates a problem.

4. Home inspectors do not eliminate all risk

The home inspection is only visual. The inspector cannot see inside walls to confirm that the framing is solid or that the plumbing or wiring was properly installed. Exterior finishes typically cover a home’s most important elements, so inspectors look for clues. However, the absence of cracks does not mean a wall is strong, and the absence of stains on the ceiling does not guarantee the roof is watertight.

The typical home inspection contract alerts consumers to these limitations. Be sure to read and understands this. This is critical to help remind you that the inspector will not tear open walls, expose the waterproofing of windows, or remove any part of the home. The risk of potential hidden problems remains, even after the best visual assessment of the property.

Buyers need to understand that a visual inspection (“AVID”) and the home inspection are not a 100% guarantee and protection from any problems with the home.

5. Pick the best, not the cheapest

Home inspection prices vary and it can be tempting to hire the cheapest. There may be a reason a company’s price is low. Are they new? Do they take far less time on the inspection? Do they have a poor reputation and need a catchy low price to get business? Home inspections are a minuscule cost relative to the total price of a home. We encourage our clients not to focus solely on price and hire the best available.

6. No Home is perfect

Reviewing all the inspection paperwork is a preventative measure to make sure you know what you're getting yourself into. It's always better to be safe than sorry, especially when it comes to one of the largest financial investments you'll ever make.


The first logical step would be to ask the seller to fix any problems. If the seller refuses, a buyer should work with their REALTOR® to negotiate a price reduction. If a solution cannot be reached, the buyer should look for another home.


In short, if you can't buy a home at the price you want and in the condition you want, you shouldn't buy that home.


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


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Mobile Devices Drive Today's Home Buyers Search Efforts

You see smartphone and tablets all around you... from business professionals in airport lounges, to teenagers waiting in lines, and distracted drivers waiting at red lights. People check their phones 150 times per day and mobile device usage has become ingrained in our daily lives, empowering us to get immediate answers, make use of otherwise unproductive time, and to interact and stay connect with others whenever we want through phone calls, video chats, and social media.


And mobile users love their apps. As smartphone and tablet users, we spend 89% of our media time on mobile apps, compared with just 11% browsing mobile websites. For home buyers, apps have become an instrumental medium to interact with consumers. There are many mobile resources available to home buyers for: searching, pricing, and comparing homes. Today's house hunters can integrate their mobile search efforts allowing them to immediately expand their knowledge about which homes are on the market, who the listing agent is as well as local open house locations and times. With a couple of texts or emails between buyers and agents, a real estate deal can and often is originated through a mobile device. 


The top 4 Real Estate websites now report over 50% of their monthly traffic comes directly from mobile devices. If you're considering buying or selling a home there's a very good chance you will utilize your mobile device and one of these real estate apps during your purchase or sale. We recently reviewed the top mobile real estate search apps in an article, What's the Best Mobile Real Estate Search App.


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

New Homes Less Expensive to Maintain than Existing Homes

Beyond the ability to make selections and personalize your house, one of the key virtues of a new  home is the savings that come from reduced energy and maintenance expenses.


For routine maintenance expenses, 26% of all homeowners spent $100 or more a month on various upkeep costs. However, only 11% of owners of newly constructed homes spent this amount. In fact, 73% of new homeowners spent less than $25 a month on routine maintenance costs.  The AHS classifies new construction as homes no more than four years old.

Similar findings are available for energy expenses. According to the 2011 AHS, on a median per square foot basis, homeowners spent 81 cents per square foot per year on electricity. Owners of new homes spent less: 68 cents per square foot per year. For homes with piped gas, homeowners spent on average 50 cents per square foot per year. Owners of new homes spent just 34 cents per square foot per year.


The 2011 data show similar results for various other utilities. For water bills, homeowners averaged 28 cents per square foot per year, while owners of new homes averaged 22 cents. 


These data highlight that a new home offers savings over the life of ownership due to reduced operating costs. And in fact, these reduced costs result in lower insurance bills as well. The median cost for all homeowners of property insurance is 39 cents per square foot, while it is only 31 cents per square foot for owners of new homes.


These reduced expenditures represent one of the many reasons that the current system of appraisals needs updating to reflect the flow of benefits that come from features in a new home.


If you, or someone you know is considering Buying or Selling a Home in Columbus and Central 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

Buying a Home After a Short Sale or Foreclosure

Until recently a consumer who sold their home in a short sale or lost it in a foreclosure would typically have to wait a full 36 months to purchase a new primary residence again using an FHA fixed-rate mortgage. However, the FHA Back to Work Program shortens this waiting period and allows a buyer to purchase a primary home just 12 months after a foreclosure, short sale or a deed in lieu of foreclosure. The program was announced in 2013, and extended through Sept. 30, 2016 and aims to fulfill a lofty goal: offering families a second chance at homeownership.

However, the caveat is that you'll need to specifically document the financial problems that caused you to forfeit your prior home in order to qualify.

How You Can Qualify: In order to qualify for the FHA Back to Work Program, you need to show that the loss of your previous home was truly due to circumstances beyond your control. Unfortunately, the program does not consider previous loan modifications, adjustable-rate loan recasting, inability to rent a previous income property, or even divorce to be sufficient reasons to qualify.

Loss of Income: You need to show a loss of income of 20 percent or more for at least six consecutive months leading up to the event to qualify. For example, if the previous foreclosure, short sale or deed in lieu happened due to loss of income, you would meet this requirement if your pre-event income was $100,000, and dropped to $80,000 or lower for six consecutive months beforehand.


How to support your claim: The lender with whom you're applying will order a verification of employment. The verification of employment would support the dates of when the loss of income occurred. Other supporting documentation would include lower year-to-date earnings with pay stubs within the dates your income dropped. W-2s and/or tax returns that show lower reported wages for that time frame will also meet the FHA requirement.

Full Recovery With Satisfactory Credit: FHA wants you to demonstrate that you're back on your feet. To do so you'll need to show that since the previous financial calamity, you have re-established your income and have paid your other obligations as agreed.

How to support your claim: You'll need a credit score of at least 640 or to have completed a HUD-approved counseling course related to homeownership and residential mortgage loans. Tip: A 12-month favorable credit history on your other debt obligations would support the credit score requirement.

Missing the FHA Second-Chance Boat: These FHA requirements draw a clear line in the sand by asking for specific related documentation that led to the loss of the home. If a buyer who had a foreclosure, short sale or deed in lieu of foreclosure is unable to provide a clear, documented 20 percent loss of income for six consecutive months leading up to the event, it will be difficult for them to qualify for this program and the reduced waiting period. Here's why: The nature of lending in today's credit environment involves revealing all aspects of the borrower's credit, debt, income and assets. A simple letter of explanation detailing the events that led to the event is simply not enough; for this program, supporting documentation needs to corroborate the story.

Post-Foreclosure Timelines

If the short sale, foreclosure or deed in lieu of foreclosure took place within the last 12 to 36 months ... Then a documentable loss of income of 20 percent or more for six months remains in effect.

If the short sale, foreclosure or deed in lieu of foreclosure took place 36 months ago or longer ... Then the previous loss of income documentation threshold does not apply, and a borrower would be eligible for a new FHA loan, as long as the credit, debt, income and assets are acceptable with the lender. A previous house loss does not automatically preclude your ability to qualify.

If the short sale, foreclosure or deed in lieu of foreclosure took place 36 months ago or longer... Then the lending requirements for other types of loans are as follows:

• Conventional loan -- You're eligible with 20 percent down (to avoid private mortgage insurance) seven years after the event, or three years after with documentable extenuating circumstances and a lender exception;
• VA loan -- 36 months out from the date of the event;
• USDA loan -- 36 months out from the date of the event;
• Jumbo mortgage (this is for loan amounts that exceed the maximum loan limit for a conventional loan in your area) -- most lenders require seven years from a foreclosure or a deed in lieu, for a short sale they want 30 percent down and 36 months out or longer.

Finally, your credit scores will most definitely have taken a hit after you lose your home. However, you can still get to work on rebuilding your credit, and establishing a good payment history on your other debts. You can start by checking your free annual credit reports and your credit scores. There are many programs that allow you to monitor your credit scores for free, including Credit.com, which also gives you an analysis of your credit, and can help you create a plan to get your credit back on track.


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


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The Vision that is New Albany Continues

When Jack Kessler explains how he and Leslie Wexner developed the fields of New Albany, OH into a growing city filled with million-dollar homes and a vast business park, he makes it sound so simple.

Wexner is the founder of Limited Brands, Kessler is a developer who joined Wexner to form the New Albany Co.

"Back then, Les and I lived in Bexley," Kessler said of the mid-1980s. "And Les said, 'I need to build a home in the country.'?"

The two began spending their weekends driving the perimeter of Columbus, scouting locations. Muirfield looked promising; so did Gahanna.

"Les said, 'Gahanna is great, but we can't do much to change it. It's already built. New Albany, we can change,'?" Kessler said.

They have indeed changed New Albany, turning it into a Shangri-La for Columbus and Central Ohio's wealthy, and a home for scores of businesses.



And now, say Kessler and William Ebbing, president of the New Albany Co., it's time for the next phase of the project: an expansion of the city's center. The goal is more restaurants and retail, and to better connect the heart of the city to the nearby homes and business park.

"The core is critical to our future, to further the economic development of the business park, attracting young professionals to the area, and to taking the business park to the next level?" says, Ebbing.

Building an urban like core in a suburban setting is the goal of several communities in central Ohio and beyond. Dublin's mixed-use Bridge Street Project is another example.

These developments are referred to as "edge cities" and they are becoming more common, said Bernadette Hanlon, a professor of urban planning at Ohio State University's Knowlton School of Architecture. There's this new found desire to create city centers and more walkable spaces out in the suburbs.

While New Albany is not unique in this goal, "In terms of privatization, it is pretty unique," Hanlon said. There aren't too many other communities created by just two men. New projects planned in New Albany at or near the intersection of Market and Main streets include:

• The $13 million Philip Heit Center for Healthy New Albany, a 55,000-square-foot hub for health and wellness programs. The city is building it in partnership with Healthy New Albany, Ohio State University's Wexner Medical Center and Nationwide Children's Hospital.

• The $6 million Market & Main building, a 27,000-square-foot office building that will include a restaurant and retail tenants on the first floor. It is a joint venture of the New Albany Co. and the Daimler Group, another local developer.

• Strait's Farm, a 51-home, $24 million residential development designed for homeowners looking to downsize and be closer to the city center. M/I Homes will develop the project on land purchased from the New Albany Co.

• A $3 million roundabout at Market and Main streets, designed to spur commercial growth.

• A $45 million school-expansion project.

All five projects are under construction and are expected to be completed by the end of the year.
"Infrastructure development in the core is so important," said Jennifer Chrysler, New Albany's director of community development. "We've spent $8 million so far, and counting."

The new projects are designed to develop "critical mass," said Courtney Orr, executive director of the New Albany Chamber of Commerce. "What's special here is this is a growing community."

Wexner and Kessler formed the New Albany Co. in 1986 and began buying large lots of land for a project initially dubbed Wexley. The New Albany Co. purchased more than 300 lots, Kessler said, dividing several into 1,800 smaller parcels for homes. About 1,400 Georgian-styled homes that have met specific design requirements have been built to date.



Wexner and Kessler built their own homes in New Albany. "We started selling lots to our friends, and we identified people we thought were leaders," Kessler said. "We got Bobby Rahal and John G. McCoy to live here." Rahal is a past Indianapolis 500 winner, and McCoy was the CEO of the former Banc One Corp., now part of JPMorgan Chase. Rahal's home was built in 1995 and recently sold for $2.25 million. The city has attracted successful entrepreneurs and executives.

"Then, we had to fix the school system," Kessler said. "Then we were worried about taxes, so we started a business park." They also built a golf course, designed by Jack Nicklaus, as well as a country club and an arts center.

The success of the company's New Albany Business Park has fueled the city's continued growth.
The business park generated $460 in tax revenues in 1997, the year it opened. The 2013 total was $11.6 million, money that is used in part to pay for the city's schools and infrastructure improvements.

The 3,000-acre business park in Franklin and Licking counties is home to companies such as Abercrombie & Fitch, Discover, Bob Evans Farms, and Accel. There are 12,000 employees, Chrysler said, adding that 3,000 acres remain available for development.

The Beauty & Personal Care Campus on the eastern edge of the business park has been the biggest addition in recent years. Beauty and health-care products are manufactured, packaged and shipped from the 1.4 million-square-foot facility, which includes about 10 companies and 1,500 employees.
"We very much tout ourselves as a community for entrepreneurs started by an entrepreneur," Chrysler said of Wexner.

"New Albany is way above both local and national (income) averages," said Bill LaFayette, owner of the local economics consulting firm Regionomics. The national and Franklin County median household incomes are $50,700 and $53,046 respectively, according to statistics compiled from the American Community Survey. The New Albany median income is $161,314.

New Albany seems poised for growth. In addition to the additional acreage in its business park, the New Albany Co. has about 400 empty lots available for homes. These homes will be expensive. The median sales price of a New Albany home in 2013 was $459,500, the highest in the area. "Because of the land costs and the architectural requirements, you can't build one for under $400,000," Kessler said.

The New Albany Co. owns an additional 40 undeveloped acres in the city center that Ebbing said will "be developed in a mixed-use way, with more of a focus on restaurants and medical services and other retail opportunities."

The success and continued growth of New Albany is due in large part to the vision and entrepreneurial spirit of its founders, he said. "Les is a visionary, and his image of what this community should be has allowed us to get here," Ebbing said.

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

Foreclosures Could Rise if Congress Doesn't Act

Residential Foreclosures have been dropping dramatically over the past two years, but without help from Congress they could begin to rise again. In 2007, Congress passed the Mortgage Debt Relief Act, a tax exemption for mortgage debt forgiveness. That exemption expired at the end of 2013 and has yet to be extended.

Eliminating this tax break would be a big blow to short sales and principal forgiveness and will make those forms of mortgage borrower assistance/relief a lot less attractive to distressed homeowners and those facing foreclosure.

The recent foreclosure crisis was one of the most dire episodes in U.S. housing history, but it could have been even worse had the banks not forgiven billions of dollars in mortgage debt. Much of which was mandated by legal settlements with the federal government and state attorneys general. Since 2007, banks have approved approximately 2.8 million short sales, according to Black Knight Financial Services. A short sale is when the home is sold for less than the amount of the mortgage.

There is support in Congress for an extension, as well as among state attorneys general and housing advocates. Several bills are being considered that could extend the tax relief through 2015 or 2016, but with the much broader move to overhaul the entire tax code, they appear to be getting lost in the shuffle.

It is difficult to put an exact number on principal reduction mortgage modifications, however, we've yet to see one. That said, through short sales billions of dollars were expunged on paper and not taxed as income, as they would have been prior to 2007. These foreclosure alternatives helped and continue to help bring down the number of homes being lost today.

Loans in the foreclosures process are down nearly 28% from just a year ago, according to Black Knight, but the pipeline, while no longer growing, is still large. More than 3 million borrowers are behind on their mortgage payments, and 1.24 million are in the foreclosure process. Many of those delinquent borrowers could avoid foreclosure through a short sale or principal reduction loan modification.

At our real estate office in Columbus, OH we offer private consultations at no cost to educate troubled borrowers on their options, options that may be shrinking.

If Congress fails to extend the Mortgage Debt Relief Act this is certain to prolong housing recovery. We know these folks can't afford their houses, they are forced to demonstrate financial hardship, so if they don't have the money to keep a roof over their head, how are they going to be able to pay the IRS?

A client whom we have been working on a short sale with for six months was recently approved last week, about five weeks too late to qualify for the tax exemption. Her home sold for $125,000 less than the amount he owed on the mortgage. Depending on his tax rate, she could owe Uncle Sam about $30,000. That is money she does not have.

"I'm nervous, I'll be honest with you. There have been some long nights these last three years, just having to figure out what's going to happen, and now if this debt relief act isn't extended, I'm really nervous now. I've stayed up late at night—I can't sleep at night, it's been a lot of stress."

Even banks and investors could get hurt if borrowers can no longer afford short sales. Short sales have helped to clear much of the distress properties from the housing market in an efficient manner, especially in states where the foreclosure process requires a judge. Those states have huge backlogs of delinquent loans.

"With fewer short sales, you're going to see longer liquidation timelines, so you're going to see more full foreclosures and REOs [bank repossessions]," said Sean Nelson of Fitch Ratings. "With longer timelines, you have more costs associated with liquidation of the properties. More costs translates to lower recoveries for investors.

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

Woods of Olentangy Market Report – Lewis Center, OH – 2014

Due in part to increased demand resulting from a loosening of mortgage underwriting guidelines making it easier for more buyers to get qualified for financing, as well as low interest rates and a decline in the inventory of distressed properties throughout Central Ohio, home values in the Woods of Olentangy have risen over the past 12 months, this while days on market for inventory has decreased dramatically. On average, the time to sell a home in  the Woods of Olentangy is now 46 days.

That said, mortgage interest rates are expected to rise above 5% in 2014 and average 5.3% by the end of 2015, this according to the Mortgage Banker’s Association’s forecast.  A 1% increase in mortgage interest rates is equivalent to a 10% increase in the purchase price of a home, or a 10% increase in their monthly mortgage payment. The treat of increasing mortgage interest rates is pushing buyer demand forward this year as buyers seek to identify a home to purchase so as to lock in today’s mortgage interest rates.  The MBA also indicated in it’s forecast that it expects home purchase applications for mortgages to rise 9% in 2014, as home sales and prices continue to post gains.

This is good news for sellers as it means that they can expect a rapid transaction for a well maintained, properly priced home. It is also good news for local property / real estate values in general as well as buyers who can rest assure they are buying into a stable community and that their investment is a sound one!

Looking for real estate in the Woods of Olentangy – Lewis Center, OH – Olentangy Schools? Look below or click to see active homes for sale in the Woods of Olentangy. Search the Columbus and Central OH MLS for Free.

ACTIVE LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8488 Olenbrook Dr	1,261	3	2.0	1999	39	179,900	179,900
PENDING LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8705 Olenbrook Dr	1,984	3	2.1	1999	125	207,500	209,900
SOLD LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Final List Price	Sales Price
8578 Olenbrook Dr	1,442	3	2.0	1999	35	179,900	172,000
8627 Olenbrook Dr	1,287	3	2.1	1999	216	159,900	151,500
342 Holly Grove Rd	1,240	3	2.1	2000	13	162,000	161,000
316 Meadow Ash Dr	1,240	3	2.1	2000	12	164,900	169,000
8720 Woodwind Dr	1,422	3	2.1	2001	44	187,900	180,000
8698 Olenbrook Dr	1,500	3	2.1	1999	23	189,900	188,000
8603 Olenbrook Dr	1,594	3	2.1	1999	117	189,900	181,000
8687 Olenbrook Dr	1,872	3	2.1	2000	19	193,000	190,000
348 Holly Grove Rd	1,856	3	2.1	2000	49	195,000	190,000
8693 Olenbrook Dr	1,700	3	2.1	2000	72	197,800	196,500
292 Meadow Ash Dr	2,106	3	2.1	2000	5	199,000	196,000
8531 Olenbrook Dr	1,752	4	2.1	1999	68	209,900	202,500
8723 Olenbrook Dr	1,740	3	2.1	1999	2	105,250	105,250
368 Amber Wood Way	1,240	3	2.1	2001	15	180,000	180,000
8723 Olenbrook Dr	2,140	3	2.1	1999	2	204,000	210,000
AVG	1,523				46		178,190
AVG Sold Price Per/SF	119.02			Range	2-216

The information presented is deemed accurate but not reliable or guaranteed. Reasonable precautions were taking in the preparation of and presentation of this information to ensure accuracy, but the author assumed no liability for any actions taken based on this information. Safe harbor for forward looking statements; some opinions expressed represent forecasts of economic conditions as they impact real estate values. All such information is solely conjecture and should be regarded as opinion only and not serve as the sole basis for any financial decision.