by Tammy Murphy | Apr 12, 2013 | Current Events, Neighbor Chat, Real Estate News, Real Homes to Love
I get emails from a LOT of people…just like many of you. However, I try to take from that rash of emails information that might be important to pass along to others. This is one of those instances:
Effective for all case numbers assigned on or after April 1, 2013 the monthly mortgage insurance premium on FHA 30 year fixed rate loans increased from a factor of 125 basis points to 135 basis points. On a $100,000 purchase with 3.5% down that’s a monthly increase of $7.91. Case numbers are assigned when a property goes into contract. (more…)
by Tammy Murphy | Apr 12, 2013 | Current Events, Neighbor Chat, Real Estate News
New Housing Development to Dramatically Transform Downtown Blocks
An $18 million student housing complex will be built in downtown Dayton at the site of the former Dayton Daily News building and adjacent property, Cox Media Group Ohio announced yesterday afternoon. The complex, which will be located on the corner of Ludlow and Fourth streets, will breathe new life into this portion of the center city while increasing housing options — a key strategy in the Greater Downtown Dayton Plan, a blueprint for the future of our center city. READ FULL ARTICLE HERE
by Tammy Murphy | Apr 8, 2013 | Current Events, Facing Foreclosure, For Rent, Neighbor Chat, Networking, Property Management, Real Estate News, Short Sale
It was truly an honor to be selected for The Marie Kindrick Fair Housing Award at this year’s Miami Valley Fair Housing Wrokshop. I enjoy working with people who are searching for their next “home” whether that would be a rental or purchase; but importantly, I want to help ensure that it is Affordable and What They Want / Need.
So we are often asked many questions – and this post is to provide some of those answers, as well as to provide websites, links and expert advice regarding Fair Housing.
Fair Housing Tips Disabilities
About Fair Housing with Children
Service Animal Policies
MVFHC brochure
Agencies for Fair Housing Issues
Avoid Predatory Loans
Loan Modification Scam Alert
by Tammy Murphy | Apr 4, 2013 | Neighbor Chat, Real Estate News
If you have any questions as to the type of deed you have or are going to receive with a purchase, a TITLE COMPANY is the best resource of information!
- Warranty Deed: With a warranty deed, the owner of a piece of property transfers all of his ownership rights, subject to any limitations that he lists on the deed, to the person he delivers the signed deed to. In addition to transferring the property, the owner also makes a promise that he actually has the title to the property to be able to transfer it. This promise, or warranty, is what makes it a warranty deed.
- Quitclaim Deed: Works like warranty deeds in that they transfer the ownership of property, but that’s all they do. When a seller or transferor signs a quitclaim deed, he gives up whatever rights he might have in the property, but also doesn’t promise that he has any. For this reason, quitclaim deeds are frequently used to remove someone from title, and they’re legally valid. In Ohio, they’re frequently used when property is being gifted.
- Specialty Deeds: Ohio uses other deeds to transfer ownership as well; A survivorship deed is like a grant or quitclaim deed, but is used when multiple unmarried people take ownership together. Under a survivorship deed, when owners die their rights pass to the other owners of the property without having to go through probate; Executor’s deeds are used to transfer properties from the estate of a person that passes away to the heirs; and Sheriff’s deeds are used when a property is sold through a foreclosure.
- Mortgage Deeds: While a mortgage doesn’t directly transfer property, it does give property rights to its holder. Typically, when someone takes out a home loan in Ohio, they will guarantee their performance by giving their lender a mortgage deed. The mortgage actually puts the lender on the title with limitations. If the borrower makes his payments, the lender can’t do anything with the mortgage. If the borrower doesn’t make the payments, the lender can use the mortgage to foreclose and take over ownership of the property.
by Tammy Murphy | Apr 2, 2013 | Current Events, Facing Foreclosure, Investor Relations, Neighbor Chat, Networking, Real Estate News
Personally, whenever there is a dilemma, a situation that just seems to overwhelm the current situation, I find that “thinking outside the box” is a good way to step back and get a better perspective as to the real issue and find a resourceful way to solve things. This article in the Cleveland Plain Dealer has some excellent points that the Cleveland area is using to solve vacant home, foreclosure and abandoned homes…
Here are a few clips from the article I think should resonate for other areas:
“A challenge of that magnitude requires a diverse response that combines strategic use of limited demolition dollars as well as innovative rehab…
Other successful land bank initiatives include the Owner Occupant Buyer Advantage Program, which has put handy homeowners willing to invest sweat equity into about 150 properties, according to Frangos.
There will never be enough demolition dollars to raze every abandoned property — nor should that be the goal. Luring private investments with creative approaches, as the loft-conversion project aims to do, is one way to make an impact in blighted neighborhoods.”
Click Here for FULL ARTICLE
by Tammy Murphy | Mar 21, 2013 | Current Events, Neighbor Chat
What ISN’T going on Downtown ?! Between the end of St Patricks Day festivities, the start of March Madness playoffs and the usual FOOD, FUN and MORE – there’s something for everyone to enjoy:
Click Here for the DOWNTOWN DAYTON EVENTS link
