Awesome 2 year new, 2-story home!  3 Bedrooms, 2 full and 1 half bath.  Walk-out lower level.  Large open foyer, spacious master suite.  Please click here for the full MLS listing sheet.  Call Nick Dailey at 859.344.5747 with any questions about this home, or any other for sale in Northern Kentucky.

Currently being offered at only $189,900!!

For more about Northern Kentucky Real Estate, please visit www.NickDailey.com. 

Only 4 Homesites left!!!!  Up to 1.25 acres in Fort Thomas!!  River Views.  Walk-out sites.  Surrounding homes from $500K-$1MM+.  Call Nick Dailey at 859.344.5747 for more information.  Or click here for one of the full MLS listings.  $120K-$150K.

You can bring your own builder, or use one of ours. 

For more information about these sites or any northern kentucky real estate, please visit  www.NickDailey.com.

I’m really excited to introduce an MLS search feature that ALL potential homebuyer’s will find helpful.  This is some pretty cutting-edge technology, and it’s FREE…and best of all, there is NO REGISTRATION required!  If you’re looking to search the Northern Kentucky MLS, there’s no better place to do it.  This feature is AWESOME!!

I’ll walk you through how to access the map search and how to take advantage of some of its features.  I highly recommend reading the entire post, but if at any time you feel like you’ve got a handle on it (Google Maps is the base), or you just want to work though some of it yourself, look for the Northern Kentucky MLS link posted beneath each picture.  Additionally, if the picture seems a bit too small, just click on it and a larger version will open up for you.

First, you’ll need to navigate to NickDailey.com.  Once you’re at the homepage, there are 2 ways to access the MLS Search.  (The results will encompass every listing currently active on the MLS, not just RE/MAX listings.)

HOMEPAGE

Northern Kentucky MLS

MAP SEARCH

Once you reach the MLS Search page, it will default to the ‘Quick Search’.  You’ll need to click on the ‘Map Search’ tab.  All of the red dots are cities where listings are available.  Look just above the map on the right-hand corner, and you’ll see how many cities are in each view.  You can zoom in and out, or drag the map around until you get to the area you’re interested in.  Or, you can enter your criteria into the search boxes above, and it will populate the map with only those specific properties.

Northern Kentucky MLS

SATELLITE & HYBRID MAPS

If you’d like, you can also view the map as a ’satellite’ image, or a ‘hybrid’ image that contains both satellite imagery and named streets.  This is easily accomplished from the menu directly above the map.  I guess now is a good time to mention the other choice here.  If you’d like to see your results in a more traditional manner, click the ‘List’ button and you’ll be able to view the listings that way, with all of the information below included…but it’s not as fun .

Northern Kentucky MLS

CITY/ZIP CODE FEATURE

When you move your curser over each of the dots, you will see a pop-up that tells you exactly how many houses are for sale in each city, and what the average asking price is.  Sweet!!  Click on the ‘click to search’ link, and it will take you to all of the available properties in that city.

Northern Kentucky MLS

LISTINGS

Once you have the area that you’d like to live featured on the map, you’ll see little blue (all listings) and red (RE/MAX listings) houses.  Each of these is an active listing.  When you move your mouse over each of the houses, you’ll see another pop-up.  That will give you the asking price, the number of bedrooms/bathrooms, a photo of the home and an option to get more information about the home or save it to your account.  (I told you this was AWESOME!!)

Northern Kentucky MLS

STREET VIEWS

After you’ve decided that you’d like more information about the home, and clicked through, you’ll be taken to a detailed listing page.  This will give you a better description, more photos (where avaiable), room sizes and a whole host of other options.  Want to know what the neighborhood is like…?  Clicking on the icon to the right will get you to a street view of the home that will let you navigate the entire area!!

Northern Kentucky MLS

BALLOON VIEWS

Curious as to whether or not there are neighbors behind your new home?  Or just how close the homes are?  Click on the ‘Balloon View’ icon.

Northern Kentucky MLS

NEIGHBORHOOD INFORMATION

The ‘Neighborhood Information’ icon will pull up some useful information as well.

Northern Kentucky MLS

RECENT HOME SALES

And lastly, but definately not least, you can pull the most recent home sales in the area by clicking on ‘Recent Nearby Home Sales’ icon.  This will pull a map of the immediate area with little pink signs on it.  Clicking on each of the signs will pull up information about that home.  Most importantly, it will identify the sales price, but it also gives you mortgage information, square footage, when it closed, bedrooms/bathrooms and the size of the lot!!!

Northern Kentucky MLS

That should give you a pretty good feel for this feature…I hope.  If there are any additional questions, either about my site, or the current real estate market here in NKY, feel free to contact me at any time.  You can find my # and email at NickDailey.com, your home for everything real estate.

Property Description:
Brand new construction located next to Boone County High School with visibility on KY 18.  Traffic counts of 17K+ VPD.  Still time left to build-out.  Plenty of parking with over 50 spaces available.  Great demos in one of KY’s fastest growing counties.  Available summer ‘08. CAM’s are currently being quoted at $2.50.

Location Description:
Plenty of rooftops to help your retail business thrive.  Located just minutes from both I-75 and I-275.  Rt 18 is a major through road for the county.

For more information about this property, please click Contact Me.  For more information about Northern Kentucky real estate, please visit www.NickDailey.com.

With all the gloom-and-doom articles out there, it’s pretty hard to feel confident about (fill-in-the-blank). In particular, real estate. You cannot go one day without seeing some sort of article about how bad things are.  Is it the best time to sell a house?  Maybe not.  Were there still over 2600 people that have successfully sold a home (single-family, condo, multi-unit) in NKY over the past six months?  Yes. 

The best advice I can give is to not pay attention to the national news media, and get in touch with a local real estate professional to give you up-to-date statistics on what is going on in your neighborhood.  You wouldn’t pay attention to the weather forecast for California to decide what to wear for the day, would you?  Why pay attention to their real estate market when it has nothing to do with whether or not your home will sell?   A successful home sale is still based on the same things: your asking price, your competition, and how well your home has been maintained.  Period.   The number of foreclosures in Tampa FL will not affect how quickly your home sells.  I promise.

Even some of the national media postings are contradictory.  Take the following graph for example.

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They’d like to have you believe that the little tail at the top of the graph indicates the end of the real estate world as we know it.  What they don’t take into account is the bulge that threw the entire scale off…  Everyone in the industry knew, even if they didn’t want to admit it at the time, that the boom couldn’t last forever.  But what does this graph really show?

It shows that we’re actually right about where we should be if you take out the egregious influx that we experienced.  As with anything you read, please take the national articles with a grain of salt.  And I’d like to reiterate, the most important and relevant information you can attain is from a local professional. 

For more on Northern Kentucky real estate, please visit my site at www.NickDailey.com.

Property Description:
Formerly Fudruckers. Approximately 5800 SF. Surrounded by other restaurants and retail.  High Traffic Counts/Easily Retrofitted to your needs/All Fixtures and Equipment Included/2 walk-in fridges and 1 freezer.

Location Description: 1355 Hansel Dr Florence KY 41042
Located in the heart of Florence KY (Boone County is KY’s fastest growing), and less than .5 mile from the Turfway exit of I-75. Immediate Neighbors include: Dick’s Sporting Goods, Linens’N'Things, Steak and Shake, O’Charley’s, Longhorn’s Steakhouse

Own this prime piece of real estate today!

Contact Nick Dailey about this property

Site Plans, Plats, and other docs available.

Please visit www.NickDailey.com for more about this commercial property, or any others in Nothern Kentucky or Greater Cincinnati.

**UPDATE: Please also see this post, as it provides more details and highlights a new map search feature**

NO REGISTRATION!!  For complete access to every home that is currently listed on the real estate market in the Northern Kentucky MLS, all you have to do is click the link to my website (NORTHERN KENTUCKY MLS) at the bottom of this post.  As a web consumer/surfer myself, I hate getting just close enough to the information that I want, only to see a pop-up asking me for my name, email, phone #, first-born child…  I want my past and potential clients to have easy access to the information that they need and want.

While most people search the MLS for residential, single family listings in Northern Kentucky, there is much more information available.  If you’re lucky enough to be looking for a high-end home in NKY, you can specifically search the Northern Kentucky MLS through my site for luxury homes.  If you’re looking to build a new home here in Northern Kentucky, you can search the MLS for land for sale; please also see my Northern Kentucky new construction page.  Additionally, you can search specifically for condos for sale in the Northern Kentucky MLS. 

Ok Nick, I got it!  Show me homes currently for sale on the NORTHERN KENTUCKY MLS.

Please see www.NickDailey.com for even more information related to the Northern Kentucky real estate market.

Please visit www.NickDailey.com for more information on the Northern Kentucky real estate market.

After a successful short sale has been negotiated, there is a potential liability out there that sellers need to be aware of.  Lenders, or even the PMI company, may come after the owner for a deficiency judgement.  This can be negotiated out, with varying degrees of success depending on the loan servicer, as part of the offer.  But remember, if the home is foreclosed on, it is pretty much guaranteed that a deficiency will be filed. 

So what is the difference between the two possible outcomes? 

A ‘release’ means that the the lender will offer to forego their interest in your property in exchange for less than you owe on their note.  This process allows the property to be sold without satisfying all of the original terms.  This does not mean that the account is satisfied though.  As with anything else, there are advantages and disadvantages.  The biggest plus to accepting a release is that you get to legally convey title to your buyer, and avoid a foreclosure.  The bad part is, you can still be liable for the difference and owe money to your lender after the sale.  This brings up the importance of your hardship letter.  Many people think this is a factor in determing wether or not the offer is accepted, and that’s not entirely true.  When determining whether or not to take your offer, the numbers are what the bank wants to see.  When determining whether or not to file a deficiency, the letter is what the bank wants to see.  Deficiencies are also based on a full understanding of the owners’ current financial status and the likelyhood of repayment.  After you are no longer the owner, the bank doesn’t have any leverage, or security, for their note. 

Since deficiencies are not secured by the property, the terms of the promissary note are usually fairly flexible.  They get you to a payment that they know you can afford, and they won’t normally charge any interest on the note either.  Theses notes can also be renegotiated after a certain amount of time; say 18-24 months.  If you’ve been paying on time, request that the note be marked as satisfied.  Or offer a small settlement if you can.

A ’satisfaction’ is when the lender agrees to release their lien entirely and no furter obligation is incurred.  This is the best-case scenario for owners, and something that I work very hard to make happen for my clients.  In fact, it’s in my cover letter that our offer is for payment in full.  The negative side, yes there is one, is that there may be some tax consequences.  The IRS looks at the forgiven debt as ‘phantom’ income, and they may issue the owner a 1099 at the end of the year.  This does not mean that you will be responsible for the entire amount.  For example: You owe $200K and an accepted offer is for $175K.  That $25K is what you would pay taxes on, not the amount you still owe.  Congress did pass HB3648 (The Mortgage Forgiveness Debt Relief Act of 2007) at the very end of last year to help owners combat this obligation. 

Hopefully this helps give a better understanding of what can happen after the sale.  Please also see my disclaimer post here.

The deeper I get into figuring out short sales, and how to sucessfully get them closed, the more I’m suprised how many people (including the “experts” that teach at our local board of Realtors) are unaware of how PMI plays into the equation.  There are 3 questions you need to ask your loss mitigator during your first discussion that are critical to your success.  1) “Does this loan have PMI?” 2) “What is the loss ratio?” 3) “Who is the investor?”

While it’s true that many borrowers were able to get around paying PMI due to the availablity of 80/20, 80/15/5, etc… products, there are still plenty of loans where this is a factor.  So why does this matter?  It’s pretty simple.  The bank that owns the note can be reimbursed by the insurer for a certain amount (loss ratio).  Usually this is around 20%-30%. 

Below is an example of how a loss mitigator can analyze your file and make a decision about which option is better for the bank.

(This formula is NOT how every bank makes their decision.  This is just an example of how PMI can play a role…)

You’ll notice that the Net Proceeds will be $3500 higher for the bank if mortgage insurance is not a factor.  Normally this means you’ll be getting a counter.  But with this example, the insurance makes the offer a better deal for the bank.  Knowing this can help you to work your offers in a more efficient manner.

For more information about Northern Kentucky real estate, please visit www.NickDailey.com.

For more information about the Northern Kentucky real estate market, including full MLS searches w/out registering, please visit www.NickDailey.com.

I just read an interesting post on this topic, and thought I’d share some of it with you.  It details some of the things homeowners can do to help mitigate the damage done to your credit scores after a short sale.

“The short sale can be reported as a foreclosure but more often it is reported as “paid – settled”. This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. It is a very good idea to do a short sale as compared to running out of savings and ruining your life just to maintain 50 points on a credit score, at least that is how I see it.

It is also possible for the bank simply to remove derogatory reporting. They may say they can’t remove something but in fact they can.

Or, they can substitute “unrated”, which is neither good nor bad. Unrated as an alternative to “paid – settled” is a great outcome but even if you can’t get the bank to agree to this, it is still important to try.

Then there is another move. You can write a letter to the bank demanding this as part of the conditions for the short sale, and then continue with the short sale and complete it. That way you can then challenge the derogatory credit report afterwards and you have a shot at getting it removed based upon your letter. The bank may not have the appetite or staff to handle the challenge, and depending upon your state laws, they may have to remove the derogatory report anywhere from 10 to 30 days later.”

As you can see, there are ways to combat the negative reporting.  Remember, the entire short sale process is a negotiation.  The bank does not have to accept your offer if it’s short.   They make a strategic decision about which outcome (short sale vs. foreclosing) is in their best interest.  In many cases, they’d rather not carry the property as an REO, and will agree to a short sale.  Knowing that you have a bargaining chip in that they don’t want the house, you can request things in return…like how you’d like the transaction reported to the credit bureaus.

For the full article quoted above, please click here.