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Chuck Patterson
"The Buyer's Agent"
Saxton Real Estate
5311 W. Broad Street
Columbus, Ohio 43228
614-878-6431 (Office)
614-302-0874 (Cell)
email: realestate@chuckpatterson.com




THE MARKET IS PAINFULLY
SLOW FOR SELLERS!


The only cure for what ails us right now is time.
We need time to get the low-priced, bank-owned, and or otherwise foreclosed homes off the market.

Too many times I am asked about listing a house
only to find that it was purchased in 1995 for $125,000 and then there was an equity
line taken out on it (to pay for those granite counters)
in 1998 for $20,000.

There was a re-finance loan in 2002 for $155,000
to pay off the equity line and the first mortgage and
now the house across the street with everything
but the granite counters is vacant, bank-owned
and on the market for $98,900.

I hate to walk away from business, but in this case
I would have no choice.  
The problem is that this case is far less
fictional than you might think!

Americans rode a wave for a few years.
Property values went up, up, up
until  confidence in the ability of borrowers to
repay all those re-financed, overly leveraged
loans came into question.
Suddenly the value went down but the debt secured by the property stayed where it was.  
That's where we are at this point.

Selling a home for what is owed on it is more
challenging than it has been in a long time.
Patience and  the willingness to
negotiate while understanding that the big profit
you had dreamed about is not possible
in most cases are essential elements to the process



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CENTRAL OHIO REAL ESTATE NEWS

THE $8000 TAX CREDIT EXTENDED
President Obama signed a measure that includes an extension of the $8000 first homebuyer tax credit that was set to expire at the end of November.  In addition, the bill creates a $6500 tax credit for homeowners who purchase a new residence.
GET DETAILS FROM CBR
=========================

IF YOU DON'T BUY A HOUSE NOW, YOU'RE STUPID OR BOKE

A Business Week article by Marc Roth

=========================


OHFA offering Mortgage Credit Certificate program for first-time homebuyers
Homebuyers who qualify for the program receive a Mortgage Credit Certificate from OHFA, which can be used to reduce their household's tax burden every year for the life of their mortgage loan. With an MCC, a percentage of what you pay in mortgage interest (20, 25, or 30%) becomes a tax credit that you can deduct dollar-for-dollar from your income tax liability.
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(March 23, 2009)
Several factors which influence sales, including falling mortgage rates and increased consumer activity point to a positive future, the Columbus Board of REALTORS® said today.

(March 26, 2009)
30-year fixed down nearly 2% from July
Columbus Board of REALTORS®

AFFORDABLE "GREEN" HOMES
NOW IN COLUMBUS, OHIO



COLUMBUS IS #6
"BEST BANG FOR THE BUCK"
CITY ACCORDING TO FORBES



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