As the headlines tell us, foreclosures continue to plague our communities and our economy at large. If you are one of the many homeowners struggling financially and confronting the possibility of a foreclosure, however, there are viable options you can pursue before relinquishing your home.
There are options worth pursuing for those facing possible foreclosure. Many banks, for example, offer loan modifications or other programs that can give homeowners a little more breathing room and a chance to get back on their feet.
An experienced, professional real estate agent or counselors certified by the Department of Housing and Urban Development (HUD) can help you explore available options, including:
Forbearance. A forbearance is a temporary suspension of payments sometimes offered if a borrower has lost a job but has a new one starting soon – or because medical bills or another crisis situation has caused a temporary cash shortage.
Repayment plan. Repayment plans offer a scheduled blueprint for making up missed payments over time.
Loan modification. A loan modification is a change in loan terms for a limited time, as when a subprime interest rate has jumped considerably.
It is critical that financially distressed homeowners to be extremely wary of anyone purporting to offer a “quick-fix” solution. According to the Federal Trade Commission, steer clear of anyone who:
• Guarantees to stop the foreclosure process
• Collects upfront fees
• Asks to be paid by wire or cashier’s check
• Tells you not to contact your lender or lawyer
• Wants you to make mortgage payments directly to him/her
• Suggests you sign over or “share” your property deed or title
• Proposes a lease-and-buyback arrangement
• Offers to fill out paperwork for you
• Pressures you to sign documents you do not fully understand
Unfortunately, there is a growing contingent of foreclosure scam artists preying on vulnerable homeowners. Financially distressed homeowners should consult a real estate professional, accountant or attorney who can point them in the right direction and offer sound guidance on the potential options that can save their home from foreclosure.
Thursday, September 30, 2010
Wednesday, September 22, 2010
Recollections of a Friend Gone too Soon
A Tribute to Our Friend Andy VonStein
It isn’t often that someone storms into your life, corporate or personal with as much gusto as Andy VonStein.
I remember the day as it was yesterday. We merged Andy’s firm, Broker’s Choice Realty in Ravenna into Cutler Real Estate. I traveled to Ravenna to meet Andy and his wonderful staff. From that day I knew we had something special. Andy had built a staff of Realtors that were real pros but he knew he needed to provide more support to them than his time and resources would allow. We had the systems in place that he needed so he looked to us to augment what he had built. It is difficult for a proud company owner to admit that they need help but Andy recognized that and never looked back. It wasn’t just for him that precipitated the merger; it was for his Realtors who he cared so deeply for. Our mantra, “Together We’re Better” could not have been more appropriate.
Andy was a consummate professional. His desire to help people was unmatched. Andy cared for and fought for his customers as he would for his family and his Realtors were his extended family. He was controversial but fair, aggressive but caring and to all of us he was a big lovable Teddy Bear. He adored the ladies in his life, his wife, Laura and daughters Brittany and Brooke.
For years at Cutler we celebrated our top producers’ successes with a cruise together. I vividly remember the times we spent with Andy and Laura. In the late evening if you heard uncontrollable laughter on the ship, you could be sure Andy and Laura were in the middle of it and not far behind was Christie Campbell, our dear Cutler Realtor who passed away shortly after our last cruise together and her husband Troy. They were the life of the party! I often wondered how they could be so chipper at breakfast the next morning.
Others could wax more eloquently about Andy than I. For me I want to conclude my thoughts by saying, Andy thank you for all you did for Cutler Real Estate, for your professionalism, your integrity, your willingness to give to others and the joy you brought to the lives of your Cutler Family. Most of all Andy, thank you for being our friend. May God bless you and keep you and may he watch over and care for your “special ladies”.
To my Cutler Family, please be safe! Think about how you conduct your real estate business and make changes where necessary to guard against a tragedy happening to you. For those of you questioning why this happened to Andy, I will share this thought “Never put a question mark where God put a period”.
Monday, September 20, 2010
Understanding the Risks of Using Unlicensed Workers in Your Home
Who's that working under your roof? Or on top of your roof ... or way, way up in your maple tree pruning branches? If it's an unlicensed worker you are facing unaffordable perils—both personal and financial.
Homeowners are exposing themselves to a wealth of financial and personal safety risk when using unlicensed workers. While using licensed contractors may cost more up-front, it will save you from unnecessary expenses down the road. Plus, you can't place value on peace of mind.
There are several risks involved in using unlicensed workers:
-You are exposing yourself to the risk of an unknown person entering your home. Someone purporting to be Mr. Fixit could, in reality, be casing your home for a later break-in, assault or home invasion. The likelihood of these horrors occurring is far less if you are dealing with a licensed contractor with ties to the community.
-You could lose thousands of dollars if the work is shoddy or incomplete. State licenses require contractors to have trade experience, often requiring performance tests to ensure competency, and they also require contractors to be knowledgeable about local home improvement laws.
-It's illegal! Unlicensed workers who perform work for you are committing a misdemeanor and can be arrested, which means you are out of luck in terms of any deposit you may have put down and may well be liable for any materials bought from stores or sub-contractors by the unlicensed contractor.
-You could be exposed to enormous damages in court if the unlicensed contractor is injured on the job. State courts have found that an unlicensed worker cannot, by definition, be an independent contractor—and if he's not a contractor, he must be your employee. This means he or she can sue you if injured on the job. In one instance in California an unlicensed worker, injured after only a few hours working on a roofing job, successfully won damages claiming he was an employee of the homeowner! In another case in West Virginia, a licensed cable installer won a $1,000,000+ settlement for injuries he sustained from a fall off a power pole attached to a home, claiming that work performed by an unlicensed electrician on the home's circuit breaker box was the cause of his injury.
"These risks are completely avoidable, if you adhere to the following tips for homeowners looking to hire workers for home improvement projects:
1. Ensure your contractor is licensed. The status of a contractor’s license can often be checked through the state’s Licensing Board Website or have the contractor show you a copy of the license.
2. Ask for references from customers and suppliers who have worked with the contractor; and check for complaints on file with your state's contractor office and the Better Business Bureau.
3. Check to make sure a contractor's insurance coverage is complete and up-to-date, and includes worker's comp, property damage and liability.
4. Pay by credit card if possible, or, if paying by check, make it out to a company, never to "cash."
5. Don't pay cash. Don't pay in full in advance. Don't buy "left over supplies". Don't make a final payment until a thorough inspection of the work is complete.
For more information, please contact Jim Bray at JBray@CutlerHomes.com, Cutler Real Estate or 330-491-2700.
Cutler Real Estate, founded in 1947, is a full service real estate company serving Stark, Carroll, Tuscarawas, Summit, Medina, Portage and Wayne counties. Cutler Real Estate is the largest locally owned real estate firm in Northeast Ohio and one of the 100 largest in the country. Cutler provides a one-stop shopping approach to the real estate market, and is one of only a few in the state providing in-house consumer resources including relocation, commercial investment, auction, new homes, insurance and mortgage and title services through affiliates Mortgage One and Title One. For more information visit their website at CutlerHomes.com
###
Homeowners are exposing themselves to a wealth of financial and personal safety risk when using unlicensed workers. While using licensed contractors may cost more up-front, it will save you from unnecessary expenses down the road. Plus, you can't place value on peace of mind.
There are several risks involved in using unlicensed workers:
-You are exposing yourself to the risk of an unknown person entering your home. Someone purporting to be Mr. Fixit could, in reality, be casing your home for a later break-in, assault or home invasion. The likelihood of these horrors occurring is far less if you are dealing with a licensed contractor with ties to the community.
-You could lose thousands of dollars if the work is shoddy or incomplete. State licenses require contractors to have trade experience, often requiring performance tests to ensure competency, and they also require contractors to be knowledgeable about local home improvement laws.
-It's illegal! Unlicensed workers who perform work for you are committing a misdemeanor and can be arrested, which means you are out of luck in terms of any deposit you may have put down and may well be liable for any materials bought from stores or sub-contractors by the unlicensed contractor.
-You could be exposed to enormous damages in court if the unlicensed contractor is injured on the job. State courts have found that an unlicensed worker cannot, by definition, be an independent contractor—and if he's not a contractor, he must be your employee. This means he or she can sue you if injured on the job. In one instance in California an unlicensed worker, injured after only a few hours working on a roofing job, successfully won damages claiming he was an employee of the homeowner! In another case in West Virginia, a licensed cable installer won a $1,000,000+ settlement for injuries he sustained from a fall off a power pole attached to a home, claiming that work performed by an unlicensed electrician on the home's circuit breaker box was the cause of his injury.
"These risks are completely avoidable, if you adhere to the following tips for homeowners looking to hire workers for home improvement projects:
1. Ensure your contractor is licensed. The status of a contractor’s license can often be checked through the state’s Licensing Board Website or have the contractor show you a copy of the license.
2. Ask for references from customers and suppliers who have worked with the contractor; and check for complaints on file with your state's contractor office and the Better Business Bureau.
3. Check to make sure a contractor's insurance coverage is complete and up-to-date, and includes worker's comp, property damage and liability.
4. Pay by credit card if possible, or, if paying by check, make it out to a company, never to "cash."
5. Don't pay cash. Don't pay in full in advance. Don't buy "left over supplies". Don't make a final payment until a thorough inspection of the work is complete.
For more information, please contact Jim Bray at JBray@CutlerHomes.com, Cutler Real Estate or 330-491-2700.
Cutler Real Estate, founded in 1947, is a full service real estate company serving Stark, Carroll, Tuscarawas, Summit, Medina, Portage and Wayne counties. Cutler Real Estate is the largest locally owned real estate firm in Northeast Ohio and one of the 100 largest in the country. Cutler provides a one-stop shopping approach to the real estate market, and is one of only a few in the state providing in-house consumer resources including relocation, commercial investment, auction, new homes, insurance and mortgage and title services through affiliates Mortgage One and Title One. For more information visit their website at CutlerHomes.com
###
Friday, September 17, 2010
News from the Ohio Association of Realtors Convention
Please join us in some special congratulations from the 100th Anniversary Celebration at the OAR convention in Cincinnati.
Meg Hudson, OAR President Elect from our Kent office was named 2010 Ohio Realtor of the Year. Meg won the award locally from the Portage County Association of Realtors. Meg begins here term as President of OAR in January, 2011. We congratulate Meg on her OAR Realtor of the Year Award and wish her well in her position of OAR President.
Sixty-seven of our Cutler Realtors were honored as members of the 2010 OAR President’s Sales Club, Including, Jeff Flickinger of the North Canton office who was honored as the #5 Realtor in the state in the number of closed transaction sides. Congratulations, Jeff for an outstanding accomplishment.
Jaime Prenatt, Fairlawn office, represented the Akron Area Board of Realtors as a Tomorrow’s Leader Today. Jaime also attended her first OAR Convention. Thanks, Jaime for representing Cutler Real Estate so well.
Congratulations to all the recipients, we’re very proud of you. Your successes in the face of one of the most challenging real estate markets in history are a testament to your dedication and professionalism
Meg Hudson, OAR President Elect from our Kent office was named 2010 Ohio Realtor of the Year. Meg won the award locally from the Portage County Association of Realtors. Meg begins here term as President of OAR in January, 2011. We congratulate Meg on her OAR Realtor of the Year Award and wish her well in her position of OAR President.
Sixty-seven of our Cutler Realtors were honored as members of the 2010 OAR President’s Sales Club, Including, Jeff Flickinger of the North Canton office who was honored as the #5 Realtor in the state in the number of closed transaction sides. Congratulations, Jeff for an outstanding accomplishment.
Jaime Prenatt, Fairlawn office, represented the Akron Area Board of Realtors as a Tomorrow’s Leader Today. Jaime also attended her first OAR Convention. Thanks, Jaime for representing Cutler Real Estate so well.
Congratulations to all the recipients, we’re very proud of you. Your successes in the face of one of the most challenging real estate markets in history are a testament to your dedication and professionalism
Friday, September 10, 2010
Moving Up in a 'Down' Market - What You Don't Know About Today's Real Estate Market
During the Great Depression of the 1930s, while most Americans struggled, there were some who also amassed vast fortunes. A wealth of opportunity also exists in today's real estate "recession," a time which offers buyers and investors an unprecedented chance to "move up”.
At Cutler Real Estate believe that those who believe that real estate is a tide that moves all boats equally are just plain wrong, The fact is, we may very well be in the single greatest move-up real estate market in decades. Today's market represents a rare opportunity for some to move up to their dream home at virtually unprecedented prices. If you have longed to move to another community, purchase a vacation home or create income through rental property, now might be your best chance to do so.
The following facts rarely appear in media coverage about the real estate market and are, therefore, unknown to most consumers:
• Prices of higher-priced homes have (generally) declined more, as measured in dollars and/or percentage of price, than have prices of lower-priced homes.
• Vacation property prices have also changed based upon their own local economics.
• If the price of your home has moved down less than the price of your ideal home, this may be the time to make your move.
We advise consumers to answer the following questions before considering a move-up home purchase:
1. What price could my home bring if put on the market today?
2. What is the price of my ideal home in today's market?
3. What will the difference in monthly costs be should I decide to move up?
4. What will my net costs be after tax?
5. What is the potential for immediate lifestyle enhancement and for long-term financial gain if I move up?
The answers to these questions are vital to making a more fully informed decision about the opportunities present in today's market. A professional real estate agent, your attorney, financial planner and/or accountant can help guide you through this decision-making process. Please contact one of our Cutler Real Estate market professionals to see how you can maximize the benefits brought on by the present “great” recession.
At Cutler Real Estate believe that those who believe that real estate is a tide that moves all boats equally are just plain wrong, The fact is, we may very well be in the single greatest move-up real estate market in decades. Today's market represents a rare opportunity for some to move up to their dream home at virtually unprecedented prices. If you have longed to move to another community, purchase a vacation home or create income through rental property, now might be your best chance to do so.
The following facts rarely appear in media coverage about the real estate market and are, therefore, unknown to most consumers:
• Prices of higher-priced homes have (generally) declined more, as measured in dollars and/or percentage of price, than have prices of lower-priced homes.
• Vacation property prices have also changed based upon their own local economics.
• If the price of your home has moved down less than the price of your ideal home, this may be the time to make your move.
We advise consumers to answer the following questions before considering a move-up home purchase:
1. What price could my home bring if put on the market today?
2. What is the price of my ideal home in today's market?
3. What will the difference in monthly costs be should I decide to move up?
4. What will my net costs be after tax?
5. What is the potential for immediate lifestyle enhancement and for long-term financial gain if I move up?
The answers to these questions are vital to making a more fully informed decision about the opportunities present in today's market. A professional real estate agent, your attorney, financial planner and/or accountant can help guide you through this decision-making process. Please contact one of our Cutler Real Estate market professionals to see how you can maximize the benefits brought on by the present “great” recession.
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