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  • Can You Sell A House With A Mortgage Still Owing?

    Can You Sell A House With A Mortgage Still Owing?

    Featured Image by Unsplash

    Mortgage loans have enabled many to have their own houses. However, paying them off is a hassle. This is especially true if you have to move, but the burden of that loan looms on you. However, you can sell a house with a mortgage still owing.

    In this article, we’ll take you through the nuances of mortgages and house sales so that nothing deters you from leaving that old house and starting a new life.

    Selling a House With a Mortgage

    The sales process involved proceeds in the typical manner. In this case, your goal is to sell a house at a higher price than your leftover mortgage limit.  

    As you get the payment for selling your house, you’ll have to pay the remainder of your mortgage balance first. Then, you’ll move on to pay the remaining closing costs associated with a home sale. This includes a realtor’s commission and taxes. The money left over is yours to take.

    Many times, if you’re unable to sell your house at a cost that’s letting you cover your mortgage, you’ll have to cover the balance using other funds. In the case of such sales – referred to as short sales – you will not have the final say over which offer to accept. Instead, you’ll need approval from your lender. This can be time-consuming unless you have sufficient external funds to make up for the difference in the loan amount. If you’ve been building up equity and paying portions of the loan on time, you may be able to persuade the lender to accept a loss. 

    How Home Cash Buyers Can Help With Mortgages

    In a typical selling process, you have to renovate your house, pay for all repairs and pay the commission fees to realtors. This will be burdensome if you have a mortgage to take care of: it can land you in more debt, especially if you arrange for another loan to pay off the mortgage in case of a short sale. Dealing with cash-buying companies is a much better way in this regard, especially if you want to sell the house fast.

    Companies like Ohio Cash Buyers let you sell your home no matter the state it’s in. Since you do not have to pay commission or repairs, you can save up and focus on paying that loan off. We won’t claim it’s the only solution – you may renovate the place and wait until you get a high enough offer. However, getting a cash deal is fast and leaves you with more flexible options and timelines.

    Endnote

    Not having paid the remainder of your mortgage loan should not be a factor stopping you from shifting to another place. To make sure that you do not end up in a short sale, renovate the area and wait for the best seasons to sell a house: spring and summer. However, if you want to get done with everything without investing more money into that property, working with a good cash home buying company is among your best options. Give them a call and see what they offer you.

  • Cincinnati & Dayton Real Estate Investors Want to Buy Your Multi-Family Properties For Their Portfolios

    Real estate investors in Cincinnati & Dayton regularly purchase not only single family homes, but also multi-family properties of varying sizes and shapes, especially when they’re looking to diversify and expand their portfolios. There are challenges that come with owning a multi-family rental property, and sometimes it might no longer be worth the extra effort and headaches to keep them around – that’s where we come in.

    Multi-family properties, which consist of two or more units in a single building, can be duplexes, triplexes, quadplexes, or large apartment complexes. The greater your number of “doors” aka “units,” the more you have to juggle, maintain, and oversee. For the normal mom-and-pop style of investor that might have accumulated anywhere from one to twenty rental properties, there will probably come a time when you’ll want to retire from the landlord biz and focus on other priorities (like traveling and relaxing, we hope). When that time comes, we’re here to take them off your hands.

    Pros & Cons of Investing in Multi-Family Homes & Complexes: 

    As explained above, multi-family properties are properties built to house multiple families or individuals. They have multiple dwelling units in each building, with complete living spaces for each family or individual living there. Multi-family properties are typically purchased by real estate investors looking for a steady stream of passive rental income.

    Pros:

    1. Higher Rental Income: With more units comes more rental income potential. For each building (and thus each payment of insurance, property taxes, utilities, etc), there are consolidated bills and revenue, creating a simpler way of managing investment properties. Investors will usually get more bang for their buck when dealing in a multi-family rental property.

    2. Diversification: Investing in multi-family properties can offer diversification since the investment is spread across multiple units, helping to balance out single family investments and other more traditional investment vehicles.

    3. Lower Vacancy Risk: It’s unlikely that all units in a multi-family property will be vacant at once, meaning there will almost always be cash flowing via rents, and the investor doesn’t need to worry about floating payments for months of potential vacancy on the bills that don’t disappear just because a tenant isn’t living in the home at any point in time.

    Cons:

    1. Higher Maintenance Costs: There are more individual parts and pieces in multi-family properties, which usually will lead to higher maintenance and improvement costs. If there are four units in a building, that often means there are four separate kitchens, HVAC systems, water heaters, etc to maintain or replace.

    2. More Difficult to Finance: Multi-family properties are harder to arrange financing for than single-family homes. Mortgage lenders are more cautious in approving loans for multi-family homes due to the increased risk of possible default. There are other options available than a traditional mortgage lender, but you might have to pay more in interest and points to secure these types of loans.

    3. Lower Appreciation: Multi-family properties tend to appreciate at a lower rate than single-family homes. This is due to the fact that multi-family properties are typically in lower demand among homebuyers.

    Here are ten things investors look at when buying multi-family properties:

    1. Location: It doesn’t matter what kind of property you’re buying, location is always crucial. Desirable neighborhoods, well-performing school districts, and low crime rates all increase property values and make for a better investment long-term.

    2. Number of units: The total number of units in a property factors into its appeal, and the occupancy vs vacancy rates is a big tell on how popular it is with local renters. The lower the vacancy rates and the longer the waiting lists, the more likely an investor will want to purchase the property.

    3. Condition of the property: Have the units been updated in the last decade? When was the roof last replaced? When were the windows installed? All of these things come into play when determining the current market value of a property.

    4. Rental income: Current cashflowing rental income will help paint a picture on what an investor can expect when purchasing a multi-family rental property – this can be demonstrated with rent rolls and current market valuation reports. Seasoned investors will be able to analyze a property without the seller having to produce a ton of complicated records and reports. They really just need the current basics on rent collection and expenses.

    5. Expenses: What is the monthly operating expense for the property? This includes insurance, property taxes, owner-paid utilities, and average repairs and maintenance costs. Don’t forget lawncare and snow removal! Ohio’s mowing season is usually from April through October, and snow removal is USUALLY during the winter months, but we all know there can be freak snowstorms in May sometimes around here.

    6. Cash flow: Investors will be interested in what the net cash flow will be on any given property, to see how it is performing currently and over time.

    7. Prices & Financing: Most investors will need to secure financing to purchase multi-family properties of 4+ units. Ohio Cash Buyers…. has, you guessed it, cash! We don’t need to finance our purchases from landlords like yourself. You can skip all the hassle and stress dealing with lenders and appraisals and whatnot when you work with us.

    8. Property management: Large portfolios will usually need a property management company of some kind to help oversee all units and keep things running smoothly. Sometimes investors might be licensed Real Estate Agents that manage their own properties. Ohio Cash Buyers has our own in-house brokerage and property management team, meaning we’ve already got all of that figured out.

    9. Tenants: Are your tenants stable renters who always pay in full and on time? Have there been any problems with violations, police presence on the property, neighbor disputes, or unpaid utilities? Sometimes you can screen tenants to the moon and back and still wind up needing to file an eviction. We buy properties with all kinds of tenants in place, it’s not a problem for us.

    10. Seller situation: What are you hoping to get out of selling your rental properties? What else can we help you achieve during this process? Some investors are not equipped to handle large multi-family deals, but we have purchased large apartment complexes several times over the last two decades all around Dayton and Cincinnati.

    Do you have single family or multi-family properties that you’re looking to sell? Consider your options well before making a decision on how to proceed – Reach out to Ohio Cash Buyers LLC to find out how we can help!

  • Short Sale vs. Foreclosure – What’s the Difference?

    Whether you’re a buyer or a borrower / seller, a short sale and foreclosure each present different advantages and difficulties.

    What Is A Foreclosure In Cincinnati & Dayton OH?

    In simple terms… “A foreclosed home is one in which the owner is unable to make his mortgage loan payments and the bank repossessed the home” (source).  If you stop making your house payments… your lender has the right to foreclose on your property so they can attempt to recoup their money that was lent to you. 

    A home is typically foreclosed on when a borrower fails to make mortgage payments. The lending institution assumes ownership and possession of the property, evicting the borrower. These properties are then sold at auction or more traditional means utilizing the service of real estate agents. A foreclosure can damage the credit rating of a borrower, and make it very difficult to obtain a mortgage for many years.

    Depending on the state that you live in… a foreclosure can work in different ways. Check out the foreclosure process information over here at the HUD Government website.

    What Is A Short Sale?

    In a short sale, the home is still owned by the borrower.

    The definition of a short sale is… “A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt” (source: Wikipedia)

    In some cases, a short sale is an option agreed upon by borrowers and lenders. In a short sale, the home is sold for less than the outstanding balance of the mortgage. The unpaid balance (known as the deficiency) may or may not still be owed by the borrower.

    This option typically takes some time, as a few different lending institutions may own the mortgage. All parties who have a stake in the property must agree to the terms of the sale, and a potential deal could fall through if even one lender doesn’t agree.

    Short Sale vs. Foreclosure – Your Options

    While both options can have ramifications, a short sale often has less of an impact on the borrowers creditworthiness. A foreclosure could impact a borrower’s credit score by 300 or more points, where a short sale may only dent the credit score by 100 points.

    Borrowers who are foreclosed on are often ineligible to purchase another home for 5-7 years with a traditional mortgage, where under certain circumstances, a short sale borrower can purchase immediately.

    As many Americans struggle with an economy that has yet to completely recover from the 2008 crash, folks are having a hard time making monthly mortgage payments. Choosing between being foreclosed and initiating a short sale (or a 3rd option…  selling your Cincinnati & Dayton house fast  )is an easy choice for a borrower having troubles paying their mortgage on time.

    Sometimes, lenders are willing to work with borrowers to complete a short sale, to avoid the fees and time consuming process of conducting a foreclosure.

    Our suggestion is always this.

    1. Talk with your lender and discuss ways that they can work with you on your loan. We offer this service where we can help guide you in the right direction if you run into issues with your lender… just reach out to us on our Contact page and we’ll discuss your situation.
    2. Attempt a short sale or other program your lender may have that forgives part of your loan, creates a new / more affordable monthly payment so you can get back on your feet, etc.
    3. If the bank isn’t willing to work with you very much… your best option may be to sell your house. Work with a local real estate house buyer service like Ohio Cash Buyers LLC to sell your house fast for an all-cash offer. If you’re interested we can look at your situation and make you a fair offer on your house within 24 hours. Just fill out the form on our website over here >>
    4. Foreclosure. Last resort is to let the house fall into foreclosure. This is the worst possible scenario. It’ll harm your credit and you could still be left with money owed to the bank even after the foreclosure is finished.

    By knowing your options, you may be able to dodge a significant impact to your credit score, allowing you to purchase a new home when your situation improves. A foreclosure on your credit report makes that possibility extremely difficult for 5-7 years, so if you have the opportunity, a short sale can be the better option.

    Have a pending foreclosure?  We’d like to make you a fair all-cash offer on your house.

    Give us a call anytime at or
    fill out the form on this website today! >>

  • Fur a Good Paws E-Card

    We wanted to share the adorable little e-card we received from Fur a Good Paws! Click on the card to visit their website and see the good work that they do for our furry friends.

  • Where Are the Profitable Investment Properties in Cincinnati & Dayton?

    Where Are the Profitable Investment Properties in Cincinnati & Dayton-Finding a profitable investment property in Cincinnati & Dayton can seem like a fruitless endeavor. You scour neighborhoods, look at countless homes and attend auctions. No matter how many properties you look at, there never seems to be enough of a margin for you to pull the trigger and be profitable. Are there no worthwhile investment prosperities in Cincinnati & Dayton? Unlikely.

    Follow these rules to help you discover the profitable investment properties in Cincinnati & Dayton.

    Where Are the Profitable Investment Properties in Cincinnati & Dayton?

    Meet the Competition

    Like any other industry, real estate investment is a very competitive arena. The pool of investors vying for the same small pool of properties makes it hard to compete – especially if you are new or not well funded. By understanding who you are bidding against for properties, you will get a better insight about how to compete for the good, profitable deals.

    It can’t hurt to join an investment club and meet the competition. Not only do you learn about them, you become colleagues. Investment clubs are great resources to help you learn, develop partnerships,  and build a bigger real estate investment portfolio. This will enable you to acquire profitable deals you may not otherwise have the funds or knowledge to close.

    Redo Your Math

    Profits are calculated by subtracting costs from the purchase price. It is that simple. If you are losing properties to other investors offering higher prices, look at the numbers again.

    Can the other investors do the rehab for less? If so, why?

    Are the sales prices closing higher than you would have expected because of a change in the market? If so, adjust your numbers allowing you to make higher offers.

    Take a look at all line items and determine if you are in the correct ranges for all costs. It may be that you could acquire a property and still make a profit but you aren’t using accurate calculations.

    Become a Better Negotiator

    It isn’t just the competition that you need to gain a better understanding of in dealmaking. Learn better negotiation skills to improve your chances of closing a property at a price that will be more profitable to you. Sellers have needs. Learn what makes sellers tick.

    Part of what makes a seller tick might be financial distress, a family death or job relocation. Knowing why a seller wants or needs to sell or why the property is distressed in the first place will give you trigger points to work into your conversations on price.

    For example, if the seller is dealing with a probate issue, explaining to them that you are willing to work a cash offer and talk directly to the estate executor could help alleviate stress on the seller. You are offering a solution to the existing problem and this often gets results especially if your offer is below what the seller was hoping to get.

    Find New Opportunities

    We’ve talked about real estate investment opportunities as being a numbers game. The more properties you have the opportunity to see and bid on, the better your chances are to find one that makes you a nice, worthwhile profit.

    Real estate investment clubs are one location to open up more opportunities and even find better deals. You can also talk to the local county clerk to get a list of properties behind on property taxes. In some states you can buy the tax lien certificate and make a few bucks to see if the property forecloses, giving you the first right to the property for pennies on the dollar.

    Street signs are also popular ways to attract sellers who may be in an urgent situation. This is a good opportunity to have them call you rather than you doing all the legwork.

    ARE YOU LOOKING TO SELL A PROPERTY IN Cincinnati & Dayton? WOULD YOU LIKE TO GET A FAST CASH OFFER AND CLOSE QUICKLY? FILL OUT OUR FORM ONLINE AND WE’LL CONTACT YOU AS SOON AS POSSIBLE!

  • Common Investment Property Mistakes Buyers Make in Cincinnati & Dayton

    Common Investment Property Mistakes Buyers Make in Cincinnati & DaytonMany people are diversifying away from stock market investments to more tangible portfolio assets. Real estate investments are certainly the most common tangible asset investors start with.

    However, real estate is costly and thus high-risk if you don’t know what you are doing. Avoid these common investment property mistakes buyers make in Cincinnati & Dayton.

    4 Common Investment Property Mistakes Buyers Make in Cincinnati & Dayton

    Underestimating Costs

    “If you buy it they will come,” seems to be the mentality of many first-time real estate investors. They think that just by getting the title on a property, renters will flood in and thus the money will flow. This isn’t the case.

    In fact, there are many costs first-time investors don’t anticipate that end up costing them because they didn’t factor those into potential rents. These include maintenance, advertising, and repairs. Unlike your own home where you might leave a repair for a while, landlords must fix things in a timely fashion.

    Additionally, tenants don’t always remain in the home and often trash the place while living there. You need to factor vacancy time and property rehab in between tenants.

    Poor Location Selection

    It has been said over and over when it comes to real estate, “Location! Location! Location!” Real estate investments are no exception. Buying a property that is in a less than desirable location makes it difficult to both rent and resell.

    Sure, great deals can be found in depressed markets and unsafe neighborhoods, but at what cost? You may have trouble making your money back after a rehab,  let alone making a profit on the deal.

    Rehabbing properties in high-risk neighborhoods can be profitable but you need to make sure you understand the risks. So make sure to research neighborhoods thoroughly that you are interested in investing in.

    Renting to those in high-risk neighborhoods can mean more problems with upkeep and maintenance, including vandalism, drug and gang issues.

    Not Understanding Financing

    Buying a personal property and buying an investment property follow two very different financing principals. You won’t get the same great financing programs and rates available to owner-occupied homes. In fact, everything from insurance to property taxes will increase with investment properties.

    Expect to have higher down payment requirements for investments and be prepared for higher interest rates. Conduct extensive market research to make sure your property will yield the rental income or sale proceeds to pay the higher costs and still have profit.

    Failing to Perform Due Diligence

    Just because you plan on rehabbing a property doesn’t mean you should ignore all the due diligence requirements of sound investing. This means pulling all title reports and having inspections and disclosures note anything that might be wrong with the property.

    Finding out there is a huge lien on the property transferred to you upon the sale could lead to foreclosure. Similarly, not paying attention to a potential foundation issue can lead to thousands in repairs you weren’t budgeting for.

    Buying a distressed property doesn’t always mean you’re buying a money pit; learn to assess properties to properly budget for repairs and prepare for unanticipated costs. There are always unanticipated costs when buying an investment property, even with sound due diligence.

    Start small with your first investment. There is no need to learn the ropes with a million dollar apartment complex. Buy a single family home or a small multi-family building for your first few deals. This way, in case you make a mistake, it will be a bit easier to recover from.

    IF YOU ARE AN INVESTOR IN Cincinnati & Dayton AND ARE LOOKING TO PARTNER ON A DEAL, CONTACT US TODAY!

  • 3 Smart Financing Strategies for an Investment Property in Ohio

    Smart Financing Strategies for an Investment Property in OhioPopular television shows make real estate investing seem easy with guaranteed profits. What these shows don’t show you are the behind-the-scenes tribulations that investors must go through in securing and rehabbing properties.

    If you are new to real estate investment property buying, use these three smart financing strategies for an investment property in Ohio to reduce your stress and improve chances of profitability.

    3 Smart Financing Strategies for an Investment Property in Ohio

    1. Consider Financing That Includes Rehab Costs

    Most investment properties need some level of fixing. Even if you are purchasing the property to rent out, there will most likely be things you need to do in order to prepare the property for rental. Highly distressed properties may need a complete gutting and rebuilding.

    Factor all costs of rehab into your budget. If the cost is considerable, include a contractor’s estimate for the cost of remodeling the property. Seek a mortgage lender that funds loans that include construction costs. There are some smaller, niche specific lenders that do this. Even the FHA has a lending program that includes construction costs as part of one, complete loan.

    Not only does securing funding with these costs help ensure you have the money to fix the property; it also keeps the entire loan under one note. This usually keeps interest rates lower with more manageable payments. Keeping your own cash in hand is ideal whenever possible.

    2. Make a Large Down Payment

    This may seem like a no-brainer, but many new investors think that they can get into a property with 0 to 5 percent down. While there may be some lenders willing to extend credit on an investment property for these terms, the rates are generally higher and only offered to experienced investors with track records and other assets to back the property.

    Lenders view investment properties as the first place a person will “let go” of assets if financial hardships occur. Simply put, if you were to face serious financial issues, you would most likely keep making payments on your personal home and stall any payments in investment properties. This makes investment properties foreclosure higher risks, thus coming in with 20 percent or more is imperative.

    Not only will most banks require at least 20 percent on investment property, the more you put down, the more favorable your interest and loan terms become. Of course, you still need to maintain enough cash and savings to protect your own personal finances and be able to prepare the property for rental or sale.

    Smart investors often use a home equity line of credit on their own home to make a large down payment and then refinance the equity line on the new property, paying off their personal HELOC. This is leverage debt and a common strategy among real estate investors.

    3. Ask for Owner Financing

    An investment strategy not always considered is owner financing. With loans advertised by every financial institution, it has become common practice for buyers to get a loan through a financial institution. However, historically owners often financed property sales.

    You might be able to find great investment properties where owners are willing to finance the transaction. A situation where an owner has the property free and clear of a mortgage but is moving to downsize or perhaps inherited the property might be a situation where owner financing is a very viable option.

    It is always wise to ask if the owner is willing to finance. The structure usually is a short-term loan with a moderate down payment and monthly payments for a fixed period of time. These are great deals but can be hard to come by.

    IF YOU ARE INTERESTED IN SELLING YOUR Cincinnati & Dayton PROPERTY, PLEASE CONTACT US FOR A CASH OFFER. WE ARE EXPERIENCED REAL ESTATE PROFESSIONALS AND CAN CLOSE QUICKLY AND PAINLESSLY.

  • 5 Overlooked IRS Tax Deductions for Investment Property in Ohio

    Overlooked IRS Tax Deductions for Investment Property in OhioBuying investment property has one specific intention: to make a profit. Of course, maximizing profits means limiting the amount of taxes you pay on revenues. While most property owners deduct the interest and repairs, most overlook other key legal deductions. Here are 5 overlooked IRS tax deductions for investment property in Cincinnati & Dayton.

    Be sure to maintain good records, keep all receipts and discuss all deductions with your tax advisor. Tax laws change frequently and should be reviewed annually.

    5 Overlooked IRS Tax Deductions for Investment Property in Ohio

    1. Insurance Premiums

    Insurance on investment properties is often more expensive than on personal properties because of the higher business exposure for loss. Unlike personal insurance premiums that cannot be deducted, investment property insurance premiums are deductible. Deductible premiums include those paid for property, liability, and flood and earthquake insurance. If you have regular employees who manage or maintain the property, you must also carry workers compensation, which is deductible too.

    2. Casualty and Theft Losses

    Speaking of losses, you can deduct those as well. There is one caveat: you can only deduct an amount over what the insurance company doesn’t pay. For example, assume you have a 10% deductible on the investment property and a fire burns it to the ground. If the value of the claim is $250,000, your deductible is $25,000. You can claim the $25,000 as a tax deduction.

    3. Independent Contractors

    When keeping investment properties maintained, it is an easy trap to find the cheapest help to do odds and ends work.  Often these handymen get paid cash. While this may save you a few bucks in ongoing maintenance and repairs, it doesn’t help with tax deductions. Any independent contractors that invoice you or provide a receipt become a deductible expense. Keep good records and pay with a business check to have further proof of this type of deduction.

    4. Home Office

    Most investment property owners don’t maintain a business office. If you did, that is certainly deductible. However, if you don’t, you are still able to deduct your home office. The IRS allows you to deduct space per requirements of dedicated use, meaning your kids don’t also do their homework at the desk. But if you have a dedicated space with a desk, computer, files, and other related items, you can deduct this.

    5. Local Travel Expenses

    How often are you going to and from the property, running to the home improvement store to get materials or stopping at the bank to make deposits? These are all business related activities and not part of your normal daily activities making them deductible as local travel expenses. Keep a mileage log and any receipts for gas, maintenance, and repairs on your vehicle. At the end of the year, determine if the standard mileage deduction or actual expense save you more money and take the appropriate deduction.

    Legal and Professional Services

    Don’t forget to deduct any legal and professional service costs you incur. It is common for property owners to deduct management company expenses, but don’t always consider the legal expenses for lease review, court costs for evictions and bookkeeping and accounting costs. All of these are deductible from property revenue. In fact, knowing these are deductible expense may sway you to actually employ the services of these professionals. Using professionals in these areas frees up your time to spend on the investment property and other things while you also can sleep better knowing these important things are handled properly.

    Professionals protect you and protect your assets.

    LOOKING TO DO A DEAL IN Ohio? CONTACT US TODAY FOR POSSIBLE PARTNERSHIPS!

  • Foreclosure Effects In Cincinnati & Dayton Ohio – What Sellers Need To Know

    foreclosure effects in Cincinnati & DaytonForeclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Cincinnati & Dayton Ohio and what local house sellers need to know. First we will look at the effects and the ways of easing them.

    Foreclosure Effects in Cincinnati & Dayton Ohio to Sellers

    • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in OH is of course the loss of the home to the bank.
    • Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
    • Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
    • House Values In Your Community – Another one of the big foreclosure effects in Cincinnati & Dayton OH is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.

    How You Can Ease The Effects Of Foreclosure In Cincinnati & Dayton

    For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.

    First…

    1. Call your bank and work with them:  Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house.  Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.
    2. Talk with a local real estate expert, like Ohio Cash Buyers LLC: We know the local Cincinnati & Dayton real estate market well and are very experienced in the foreclosure process here in OH.  Give us a call at and we can guide you toward the resources that can possibly help you.
    3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Cincinnati & Dayton houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house.  Just call us at or shoot us your details through this website. 

    With the above knowledge on foreclosure effects in Cincinnati & Dayton – what sellers need to know, you can guard yourself by calling Ohio Cash Buyers LLC at

    and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!

  • 5 Things You Should Know About Inheriting a Property in Cincinnati & Dayton

    5 Things You Should Know About Inheriting a Property in Cincinnati & Dayton

    How exciting! You’ve inherited a house!

    But wait, not so fast. 

    Without giving it much thought, many consider inheriting a house a windfall. However, the reality is that you may be inheriting a sinking ship that you’ll be responsible for, whether you can afford it or not. So while the best intentions may have motivated the inheritance of a property in Cincinnati & Dayton, it isn’t always financially beneficial. Often, properties left in wills are older and not in prime condition as the storms of time constantly batter structural features such as foundations and roofs and wear out appliances and systems in the home, like the HVAC. 

    In addition to the stress of handling the problems your benefactor may have left behind for you to clean up, including going through their belongings and cleaning out the property, you may be dealing with emotional strains as well. In many cases, there are multiple heirs, and emotions may rule their actions at this time, which only adds to the stress when you’re dealing with matters of such import.

    Read on as we explore five things you should know about inheriting a property in Cincinnati & Dayton.

    Debt

    Regrettably, many people inherit a great deal of debt along with inheriting a property in Cincinnati & Dayton from unpaid taxes to liens and multiple mortgages on the property. In addition, primary lien holders, such as equity lines of credit and federal tax liens, will receive payment first if selling the property. Therefore, assessing where you stand with any debtors, such as contracted workers holding mechanics liens against the property for improvements, judgment liens, and the mortgage, is the first step in dealing with your inheritance. 

    Taxes

    While inheriting a property in Cincinnati & Dayton doesn’t necessarily trigger more tax liability, you should know that your decisions about what you do with the property very well may. Should you make improvements, you can write these expenses off. There are also property taxes to consider; if they aren’t a part of an existing mortgage payment, be sure to familiarize yourself with any deadlines. Inherited property is subject to a step-up-basis adjustment in the value of the property upon which your capital gains taxes on any growth moving forward are based. 

    Maintenance Costs

    As houses age, maintenance costs are typically higher for older homes, as they are more susceptible to failure. Allowing routine maintenance to go unperformed can quickly escalate into significant issues. In addition, some homes have features that have become obsolete and require specialized knowledge for proper care. Hence, it’s better to call in an expert for unfamiliar equipment, which is vital to know about inheriting a property in Cincinnati & Dayton. 

    Repairs 

    Calls to repair specialists for more significant issues also increase as properties age, and this is another thing you should know about inheriting a property in Cincinnati & Dayton. Before deciding to take the house on as your own, you should have a professional inspection and estimates from at least three professionals, allowing you to see just what you’re up against if you hold onto the property. Often, when opening up a section of the house for one repair, other issues come to light, much like a domino effect, so keep extra funds on hand to cover unexpected expenses during the repair process. Remember, too, to request an estimate of the time you’ll be holding onto the property until it’s ready to be lived in or sold.

    Listing Costs

    A listing on the MLS isn’t an inexpensive venture between prepping, repairs, professional photographers, marketing, and showings, not to mention the inspections, real estate commissions, and closing costs. Real estate agents can’t provide a closing date, however, so another thing you should know about inheriting a property in Cincinnati & Dayton, you may end up waiting months for the phone to ring. 

    Or, you could avoid all of the expenses and contact a professional investor like the experts at Ohio Cash Buyers LLC, who will make you a cash offer for your house as-is. The professionals at Ohio Cash Buyers LLC will walk heirs through the process step by step, making this time a little easier on you. In addition, professional investors like those at Ohio Cash Buyers LLC offer guaranteed closing dates. At Ohio Cash Buyers LLC, we lay it all out on the table and compare what you’d profit from listing vs. selling directly, so you can make the best decision with your inheritance for your situation. We stop everything and take the time to listen at Ohio Cash Buyers LLC, answering any questions; our pros can help you overcome any hurdles you may feel stand in the way. Working with an expert like the professional investors at Ohio Cash Buyers LLC can help you learn more about your options if you decide it’s best to sell the property. It’s comforting to know experienced professionals will work with you as a guide like the professional investors at Ohio Cash Buyers LLC will. Contact Ohio Cash Buyers LLC at

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