sellmyhomecincinnati

How To Avoid Running Into Mortgage Paying Trouble for Cincinnati Homeowners

Fri, 11 Feb 2022 23:43:00 GMT

You may think it’s only the tenant who has a hard time paying the mortgage, but as a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on your end as well. Here are some things you can do to avoid facing difficulty in paying your mortgage each month.

Keep your properties full. While it may sound overly simplified, this is the most obvious method for ensuring you’ve got rent money coming in each month to cover your property mortgage payments. Don’t allow yourself to get slack on advertising for new tenants. And don’t put off screening applicants or filling your properties because you get busy or overworked. Recognize filling your vacancies as a major aspect of your REI business success and deal with it quickly and efficiently every time.

Do your best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key. By “good” it means they pay their rent on time, keep the property maintained and don’t abuse the lease. By using background and credit checks, you can find the best tenants available and thereby do what’s possible to keep your rental fees coming in regularly, which will help you pay the mortgage when it comes due.

Look for longterm tenants. Don’t assume that quality tenants will necessarily be longterm ones. Some good renters may know they can’t stay over a few months at most. They may be students or working a temporary job. They may just be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for longterm renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility.

Keep the property well maintained. If you want good tenants, longterm tenants and tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants’ calls quickly, or if you can’t be sure they know you’ll be unavailable for awhile.

Being a good landlord will go a long in way in developing lasting relationships with your tenants, which will in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact.

In a tough economy, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to an REI professional as it does to the average renter. These simple tips can help as you work to develop lasting, longterm, rent paying tenants to keep your properties bringing in the income you need every month.

How Does Foreclosure Work In OH?

Fri, 11 Feb 2022 23:43:00 GMT

If you find yourself facing foreclosure (or even threatened by the prospect of it), it’s absolutely critical to understand how the foreclosure process works in OH.

Understanding the Foreclosure Process in OH

What is foreclosure anyway?

Legally, foreclosure is the official process by which a mortgage lender attempts to take back real estate property (a home) securing a loan (a mortgage) – usually after a borrower (or a homeowner) stops making payments.

By no means is foreclosure fun, but it’s not the end of the world.

By knowing how foreclosure works in OH… you’ll be much better equipped to navigate it well and come out on the other end in the best position possible.

Stages of the Foreclosure Process

Foreclosure works differently in different states around the country, but there are a few stages that are important to any foreclosure process.

There are generally two ways different states use to foreclose upon a property: judicial sale or power of sale.

Connect with us through our contact page or by calling us at 513-712-8802 to have us walk you through the specific foreclosure process here in Cincinnati.

In either scenario, a foreclosure action typically doesn’t make its way to court until 3-6 months of missed payments. Usually (but not always), a lender will send out several notices letting you know that you’re overdue or behind in your payment.

Under Judicial Foreclosure:

Your mortgage lender must file suit in the court system.
You’ll get a letter from the court demanding payment.
You’ll have 30 days to bring payment to court to avoid foreclosure (sometimes that can be extended).
If you don’t pay after this period, a judgement will be entered and the lender can request the sale of your property – generally through an auction.
Once the property is sold, the local sheriff serves an eviction notices and you must vacate the property.

Under Power of Sale (Non-Judicial) Foreclosure:

The lender serves you with a notice demanding payment, and the courts are not required – although there may be some level of judicial review.
After the established waiting period has gone by, a deed of trust is drawn up and control of your property is transferred to a trustee.
The trusteed can then sell your property to the lender at a public auction (notice must be given).

So, What Happens After A Foreclosure Auction?

After a foreclosure is complete, the amount of the loan is paid off with the proceeds from the sale of the property.

Sometimes, if the sale of the property isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower. A deficiency judgement is where the bank gets a judgement against you, the borrower, for the remaining funds owned to the bank.

Some states limit the amount owed in a deficiency judgement to the fair value of the property at the time of the sale, while other states will allow the full loan amount to be asssesed.

Here’s a great resource that lists the state by state laws when it comes to deficiency judgements.

Generally, it’s best to try to avoid a foreclosure auction. Instead, call up the bank to negotiate, or work with a local, reputable real estate firm like us at Squires Real Estate Group to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.

Experienced invested can help you by negotiating directly with the banks – or even eliminate the prospect of a foreclosure, even if your home is worth less than you owe.

If you’re currently facing foreclosure and need to sell a property near Cincinnati, please let us know. We can help!

We buy houses in Cincinnati, OH like yours from people who need to sell fast!

Selling Your House For Cash In Cincinnati – Our Cash For Houses Program

Fri, 11 Feb 2022 23:43:00 GMT

We get it… the real estate industry can be confusing. These days, there are so many options for a homeowner to consider before deciding to sell a home in Cincinnati. Most homeowners might not even be aware that they can skip the entire process of fixing up their home, listing with an agent, and waiting for their home to sell.

Instead of all the headaches (and costs) associated with the traditional method of selling a house, there are numerous real estate investors like Squires Real Estate Group who will buy your Cincinnati home for cash and can close in as little as 7 days through our “Cash For Houses” program.

You can buy my house for cash in Cincinnati, OH?

Yes! Squires Real Estate Group is a local professional house buying firm. We buy houses for cash, fix up the property, and either hold them as investments or sell to another happy homeowner. We’re different from real estate agents or traditional homebuyers because we are buying your house directly, paying cash, and don’t require you to make repairs or fix up your home yourself.

Who should consider selling their Cincinnati home to an investor like Squires Real Estate Group ?

Great question – the local house sellers we tend to work with usually need to sell their house fast… and the fastest way to sell a house in Cincinnati is with a buyer who can pay cash. We’ve worked with homeowners in all types of situations: those trying to avoid foreclosure , inherited an unwanted property, have a property that requires too much work, etc.

These sellers are already in a predicament, and the costs and headaches associated with selling a house the traditional way may be too much – or take way too long. If you don’t have the time to wait that long, that’s where we come in. We can buy your Cincinnati house for cash, close quickly, and we pay all of the closing costs and fees associated with fixing up the property.

How do I find out more about selling my home to Squires Real Estate Group ?

Fill out the short form below, or give us a call anytime at 513-712-8802. We’ll get some basic information about your houses and within 24 hours can provide you with a no-obligation, fair-cash offer for your Cincinnati home. If this offer works for you, we’ll work with a local title company to put the paperwork together and set a closing date that fits your schedule!