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While it’s called a Home Buyer tax credit, the home seller of Cleveland area real estate will continue to benefit from the government sponsored program. In fact, you have double the benefits if you are selling and buying.

To understand the program, check out this video:

http://www.youtube.com/watch?v=1leN8E8BKTo

Contact us for any questions.

Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA.

Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

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A client of ours with real estate for sale in Chagrin Falls, recently asked us a question about a potential job transfer out of Ohio. Although we didn’t have the answer at our fingertips, we knew where to find it: LinkedIn.

Here are the results of our inquiry. Contact us if you are a home buyer in Cleveland Ohio, have any real estate questions, or would like to connect on LinkedIn.

Here is the discussion:

Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
See all Jim’s activity »
Loss of Home Equity Provision in Relocation Contracts
Our client has been offered a position out of state, and we will be selling his home.

Can you share a copy of the corporate relocation pages that offer a “loss of equity” provision in the relocation package? See link for details:

http://www.findingclevelandhomes.com/2009/11/16/relocation-program-loss-of-home-equity-a-question-from-your-cleveland-relocation-specialist/

If your company does not offer a “loss of equity” provision, we would appreciate your sharing that information with us. All information will remain confidential.
Posted 2 days ago | Delete discussion
Comments (4)
1.
Dave Foess
Global and Domestic Relocation Executive
See all Dave’s activity »
Stop following Follow Dave
1 example

Loss on Sale of Home
In the event an employee sustains a loss on the sale of his/her present residence as a result of relocation, the Company will reimburse the employee for the loss to a maximum of 10% of the original purchase price.
A loss on sale is considered to be the difference between the original purchase price of the home plus allowable capital improvements as defined by the IRS and the higher of the appraised value or sale price. The employee must provide copies of the original purchase agreement and bills sustaining the capital improvements. The improvements must have been installed in the five-year period immediately prior to the effective date of the transfer and have a minimum cost of $1,000 for each expenditure.
Loss on Sale Example:
$175,000 Purchase Price
$ 5,000 Capital Improvements (Deck)
$180,000
$170,000 Actual Sale Price or Appraised Value
$ 10,000
Maximum Reimbursement: 10% of original purchase price of $175,000 = $17,500
Payment: The less of the loss ($10,000) or 10% ($17,500) = $10,000
Posted 19 hours ago | Reply Privately
2.
Dillon Fries
Owner, Dillon H. Fries & Associates
See all Dillon’s activity »
Stop following Follow Dillon
It is kind of presumptuous to assume that the capital improvements added to market value. Often there are demolition costs, extraordinary costs, and higher profit margins on remodeling projects. Should a transferee be able to recoupe such improvements to their full extent?
Posted 10 hours ago | Reply Privately
3.
Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
See all Jim’s activity »
Dave,

Thanks for the detailed explanation. This is a very intersting approach. This will be very helpful for my client.

Many Blessings,

Jim
Posted 9 hours ago | Delete comment
4.
Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
See all Jim’s activity »
Dillon,

Dave’s example reflected a 100% return on the capital expenditure. This rarely happens for the homeowner, but you get what you negotiate if there isn’t a written policy.

Many Blessings,

Jim
Posted 9 hours ago | Delete comment
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Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

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The following is specific to one area of Cleveland Ohio real estate, the city of Aurora. If you are a home buyer or home seller, and especially if relocation to Cleveland is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are a luxury home buyer, 1st time home buyer, or trying to find lots for sale, this same type of analysis is an important part of learning the state of the market in the community or neighborhood of interest. Before you begin to negotiate, get the details. This study includes Aurora OH real estate, within the zip code 44202.

City of Aurora Ohio

INVENTORY REPORT FOR November 13, 2009

Price Range———–Active&Contingent———–Pending& Sold——-Current Inventory

$150,000 – $300,000 _ _ _ _ _ _ 109 _ _ _ _ _ _ _ 37 _ _ _ _ 18 months/last month 16

$300,001 – $500,000 _ _ _ _ _ 65 _ _ _ _ _ _ _ _26 _ _ _ 15 months/last month 14

$500,001 + _ _ _ _ _ _ _ _ _37 _ _ _ _ _ _ _ _ 5 _ _ _ _ 44 months/last month 46

….TOTALS…………………………………….211……………………………68

Total Homes for Sale 211
Average Sales/Month 11.3
Months of Inventory 18.7

This past month reflects reflects regression in the rate of sale of homes in the Aurora Oh real estate market. This was not the case for Bainbridge Ohio real estate or Chagrin Falls real estate as reported yesterday. If you need to know this information for your specific area, go to the CONTACT US button now in the upper right corner of our web page. The above numbers may be eye openers for many of you. If you are currently a home seller, you may not be aware of these recent changes. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. EVERY COMMUNITY IS UNIQUE.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most homes for sale by owner. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community.

If your interest is in the luxury home market, the above chart indicates an inventory of 44 months, a slight improvement of 46 months in October. If you are ready to negotiate, there are still excellent values available in every price range.

For families and individuals involved in a relocation home purchase, you’re timing is still very good. Homes in Cleveland Ohio are among the most affordable of the major metropolitan areas in the USA.

Our website contains information on mortgage rates, lenders,and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®