Katherine Stark
419-349-5202
Email: klstark8@gmail.com
How do we start?
With an in depth Comparative Market Analysis to determine the most likely selling range for your home. I will then market your home through a variety of mediums, including both traditional (MLS, Realtor, paper, open house, etc.) and non-traditional methods (I pride myself on staying innovative with new ways to do difficult jobs) for exposure to the widest audience. My unique experience owning a consignment furnishings shop for many years gives me the background to further suggest inexpensive ways to prepare your home to appeal to the masses. Finally, I understand profit and loss as well as anyone and will work hard to help you realize the former and mitigate the later.
I'm upside down and see no way out
This is a very difficult position to be in and I am here to help. I have received a short sale and foreclosure certification and can explain the available options and guide you through the process. If you have experienced a legitimate hardship and are in the position of owning a home where you owe more than what the home is worth, you may qualify for a short sale or home loan modification but you need an advocate. I'll be your voice with the banks.
There are so many real estate terms, what do they mean? I will define a few terms I am most commonly asked about given the market today, and very simply explain them.
1. Short sale- when the homeowner is trying to sell his/her home and they owe more than it is worth. The bank is being asked to accept a sale that is "short" of the mortgage amount owed. This is tricky as even if bank does accept, the homeowner could be slapped with a deficiency judgment, or issued a 1099 for the shortage amount. Ouch.
2. REO- Property the bank has foreclosed on and now owns. Banks typically hire asset managers who then hire Brokers to list the properties for sale.
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3. FHA loan- government insured loan (this is NOT exclusively for first time homebuyers which is a common misconception). This program makes sense for many homebuyers but can only be used on owner occupied properties. This is the best program for buyers who have very little funds for downpayment
4. Capitalization Rate- A measure of a property's overall return to an investor calculated by dividing the net operating income (the income after deducting for potential vacancies and collection losses as well as operating expenses) by the purchase price. Used more often in multi-family units versus single family homes
5. Leverage (The beauty and the beast j/k..sort of). Using other people's money or aka the ratio between the amount of financing and the amount of equity in real estate. So, if owner puts down 10K for a 100K home, she has a ten percent equity position. If the property increases in value by ten percent, the equity owner has doubled his position which is a one hundred percent return. (Nice) Or, if the real estate decreases in value by ten percent, the equity has been wiped out through reverse leverage (Yikes). Leverage, under such circumstances, has become one hundred percent.