Cleveland Real Estate News

Where Are All the Houses: How you can find “hidden” listings.

The housing market in Cleveland is enough to drive any home buyer mad. You see a new listing. You schedule a showing. And boom… it’s already under contract. The good ones anyway.

Who is not completely frustrated at this point?!

I have a tip that might just help you win the real estate jackpot. Only the people who read my blog or follow my Facebook page will hear what I’m about to share.

It used to be when a real estate agent listed a home for sale on a Friday, they had until Monday to get the listing onto the real estate websites, most of which are populated automatically by the MLS (multiple listing service). That meant they could place a sign in the yard and take calls all weekend, while most of the general public who are searching online never knew about the listing. So if you didn’t happen to drive by, how would you know?

The MLS has since changed their rule and have implemented something called “Clear Cooperation,” which states that a realtor must put the listing into the MLS within 24 hours of marketing the home for sale. What that means is if an agent puts a sign in a yard on a Saturday morning, for example, the listing really doesn’t have to be online until Sunday morning. Faster than the old 3-day rule, but the agent still has time between yard sign and internet.

Do you know where I’m going with this?

I’ll tell you. 😉

You may drive around on a Saturday afternoon and see a house for sale by Keller Williams or some other brokerage that you’re not seeing online. The trick is to find them!

If you find one, you will get a jump on the listing. You can tour it immediately by calling any agent to show it to you. And you can even submit an offer. But you have to do your homework to find these properties (ie. drive around looking!). Who doesn’t love a drive around town on a beautiful Saturday afternoon?! You never know, you might find a hidden treasure.

This doesn’t just apply to Saturdays. This can happen any day of the week. Take a drive through your favorite neighborhoods and down your favorite streets. You may just find the next new listing before the general public and have an opportunity to jump on it before it goes live on the internet!

Good luck with your house-hunting.

Cleveland Real Estate News

Buying before Selling: How to manage it financially.

Recasting a mortgage loan can be a beneficial option for homeowners who are buying a new home before selling their current one. Mortgage recasting refers to the process of modifying the terms of an existing loan to adjust the monthly payment amount. By recasting their mortgage, homeowners have more financial flexibility during the transition period.

When buying a new home before selling the current one, homeowners may face the challenge of managing two mortgage payments simultaneously. Even without an existing mortgage, a homeowner typically needs the equity in their current home in order to finance their new home. Recasting the mortgage loan can help alleviate this financial burden. The way it works is –

  1. purchase your new home with a minimum down payment
  2. sell your existing home
  3. apply the proceeds from your existing home to your new mortgage, which is recasting and allows you to basically apply your down payment later!

Another advantage of recasting a mortgage loan is that it often involves minimal fees compared to refinancing or taking out a new loan. While refinancing requires going through the entire mortgage application process again, recasting typically only involves a modification to the existing loan. As a result, homeowners can save on closing costs and other fees associated with obtaining a new mortgage. This can be particularly helpful for homeowners who expect to sell their current home in the near future and want to minimize expenses while still securing a more affordable monthly payment on their existing mortgage.

In summary, recasting a mortgage loan when buying a new home before selling the current one can provide homeowners with several advantages. It allows for lower monthly payments, providing financial flexibility during the transition period. Additionally, recasting typically involves fewer fees compared to refinancing, helping homeowners save money. Ultimately, consulting with a mortgage professional is recommended to determine whether recasting is a suitable option based on individual financial circumstances and goals.