Friday, January 30, 2009

So You're Ready To Make An Offer

You've found "The House" and you're ready to take the leap and make an "offer to purchase". How do I and what is an offer to purchase?

First, an Offer to Purchase is just that, an "offer" it is not a contract (I'll explain in another blog or call/email/comment and I'll help).

There are many parts of an offer, here are the most important:

1. Description and address of the property you wish to buy.
2. The price you which you are prepared to pay (called the consideration by many).
3. Contingencies (See explanation below).
4. Earnest money (money which shows that the buyer, you, are serious about the purchase of
this property).
5. Acceptance/counteroffer signatures.

Here are a list of possible contingencies (things that must occur in order for this to become a contract).

- Financing
- Inspections
- Appraisal
- Sale of prior residence
- Approval by any clubs (condo or co-ops)

The more contingencies you add the greater possibility the seller will reject or counter your offer but, any of these could get you out of your signed contract if they are not met to your satisfaction. I've had a number of clients forgo inspections, but I highly recommend them because this enables you to get out of a money pit of a house or it gives the seller the chance to fix/repair any conditions that are not favorable to you. The cost of these inspections usually rest on your shoulders though, so be prepared.

If you would like me to explain anything above in greater detail call, email, or comment below and I'll get back with you soon.

Don't you just love the Darke County, Ohio weather?

Todd Finch

Thursday, January 29, 2009

Home Search- Where Do I Start?

Many of you are thinking of buying that first home or moving up because of a growing family. The newspaper used to be the first place to look or finding a trusted Realtor and looking through the books that he/she had. I did my first home search the second way but it was frustrating when a lot of those "new" listings were already a month old by the time I saw the book and either had sold or were under contract.

Now the Internet is the place to be when doing that home search. But, you may ask, where do I begin. Well here are some of the best places I've found when looking in the Darke County, Ohio area.

Here are a few of my favorites:

And my all-time favorites:
(yes, this is my personal one which is being updated)
(my brokerage's site)

Today though, to catch the latest listings you should find an agent with a lot of online presence who will search for properties that fit what you are looking for. These listings can then be emailed directly to you with all the details and pictures. Once you have a number of ones that sound interesting, drive by a take a look. This will give you an idea of the neighborhood and actually see the house (pictures can be deceiving). Then give your agent a call or email and let him/her know which ones you'd like to see and some good times for you. Your agent will then make all the arrangements and you'll be on your way to that ideal place.

Hope this helps. Let me know if I can be of any assistance.

Todd Finch

Tuesday, January 20, 2009

Here's a Great First-Time Homebuyer Place

If you're looking for a great starter home or to downsize in Greenville, Ohio then look no further.

221 Green St.
The list price on this move-in ready home is only $82,900 and the owner is willing to look at all offers. The highlights on this home is the owner's suite on the main level along with a generous size living room, kitchen, full bath, and dining area. Upstairs you'll find two bedrooms with storage. You'll even get a newer detached two-car garage with alley access. The front porch is large enough for a table and chairs or a nice swing to relax in. If you have school age children they can walk to school from this fantastic home.

If you'd like more information check it out @ , email me (, or give me a call 937-423-3316

If you want to do some searching on your own in the darke county, ohio area check out then give me a call with what you want to see.

I'd love to find you that home your looking for.

Keep That Credit Score Above 700!

Want to know how to save as much as 1% on a home mortgage?

I thought you might. Read on.

A lot of people today do not realize how much a good credit rating relates to buying a home in this day and age. With a credit rating of 700 or above you can save as much as 1% on a home mortgage. Doesn't sound like a lot? Well......

Let's do some math. You find a place that fits your needs and after putting some money down you'll need to get a loan for $100,000.

You have a credit score above 700 and you get an interest rate of 5%. Here's what your payments will look like:

30 year mortgage @5%

P&I (Principal & interest) = $536.82

Interest over the life of the loan = $93,256.49

If your credit score is lower than 700 and you get an interest rate of 6%.

30 year mortgage @6%

P&I = $599.55

Interest = $115,838.42

So over a 30 year time period you would have saved $22,581.93

Your FICO (credit) score is of great importance in saving you money and a low one can even keep you from getting a loan. Check one of my previous posts for more information on credit scores. If you have more questions let me know. You can leave a comment here, email me ( or give me a call 937-423-3316.

Thursday, January 15, 2009

First -Time Homebuyer Tax Credit

What an opportunity for a first-time homebuyer or someone who has not owned a principal residence for the past three years.

Tax Form 1040 Line 69 First-time homebuyer credit.
Must fill out form 5405 as well (can be downloaded from

The highlights:

- Claim 10% of the home cost or $7500 maximum credit
- Must start repaying the credit two years after it has been claimed
- Repayment time = 15 years
- Home must be purchased before July 1, 2009
- Must be single family, principal residence (no investment properties)
- There are income restrictions
- Home must be located in the U.S.

For more information regarding this tax credit check with your tax professional or you can get the site for more info.

Here's another site you can go to for more information

You can always email (, call me (937-423-3316) or better yet leave me a comment. I'd love to hear from you.

Wednesday, January 14, 2009

Home Buying On Your Mind?

Have you been waiting to buy that first home? Are you ready to move up because your family is growing but don't think you can sell your current home?


Some reasons I've been hearing are:

"Interest rates aren't changing enough for us to afford a house."
"I don't have much of a down payment."
"The timing isn't right."
"Not a good time to try and sell our house to be able to move up"


Interest rates are falling, yesterday (Jan. 13, 2008) there were rates in the Dayton area for as low as 4.50% for a 30 year fixed and even lower for 15 year loans.

FHA loans often require less of a down payment, as low as 3% of the loan amount. The federal government is offering first time home buyers up to a $7500 tax credit to be paid back over a period of 15 years, interest free! Sellers are sometimes willing to pay closing costs and or help with the down payment.

The time to buy a new house, first or move up, couldn't be better. There are still plenty of homes on the market and interest rates are approaching historic lows.

Yes, you might take a loss on the sale of your home but the savings you'll get on another could offset that loss. Remember, there are going to be more people looking.

Check with your local lender for more details on different types of loans and current rates. I can provide some resources and as always I'd love to assist you in finding that home of your dreams.

Give me a call (937-423-3316) or email ( or leave me a question or a comment. I'd love to hear what you have to say or answer your questions.